Core Insights - The company reported a decline in revenue and net profit for the third quarter and the first three quarters of the year [1] Financial Performance - In the third quarter, the company achieved a revenue of 14.576 billion, a year-on-year decrease of 11.33% [1] - The net profit attributable to shareholders for the third quarter was 0.551 billion, down 2.25% year-on-year [1] - For the first three quarters, the company recorded a total revenue of 37.717 billion, reflecting a year-on-year decline of 11.29% [1] - The net profit attributable to shareholders for the first three quarters was 0.584 billion, showing a significant year-on-year decrease of 60.20% [1]

| 公司债券代码：149418 | 公司债券简称：21粤电02 | | | | | --- | --- | --- | --- | --- | | 证券代码：000539、200539 公司债券代码：149711 | 证券简称：粤电力 公司债券简称：21 | A、粤电力 粤电 03 | B | 公告编号：2025-47 | 广东电力发展股份有限公司 第十一届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 1、发出会议通知的时间和方式 广东电力发展股份有限公司第十一届董事会第八次会议于 2025 年 10 月 17 日以 电子邮件的方式发出会议通知。 2、召开会议的时间、地点和方式 董事会召开时间：2025 年 10 月 29 日 召开地点：广州市 召开方式：现场会议 3、董事会出席情况 会议应到董事 10 名（其中独立董事 4 名），实到董事 10 名（其中独立董事 4 名）。 郑云鹏董事长、李方吉董事、李葆冰董事、陈延直董事、张存生董事、张汉玉独立 董事、吴战篪独立董事、才国伟独立董事、赵增立独立董事亲自出席 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 14,575,816,774, a decrease of 11.33% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2025 was CNY 551,461,801, down 2.25% year-on-year, while the net profit for the first three quarters dropped by 60.20% to CNY 583,935,959[6][11]. - The average on-grid electricity price was CNY 473.34 per MWh, a decrease of CNY 59.92 per MWh or 11.26% year-on-year[10]. - The company achieved a cash flow from operating activities of CNY 6,789,804,495 for the year-to-date, down 37.52% compared to the previous year[6]. - Total operating revenue for the current period is ¥37.72 billion, a decrease of 11.8% from ¥42.52 billion in the previous period[19]. - Net profit for the current period is ¥871.49 million, a decline of 58.0% compared to ¥2.07 billion in the previous period[20]. - Operating profit decreased to ¥1.29 billion, down 54.4% from ¥2.83 billion in the previous period[20]. - Cash flow from operating activities is ¥6.79 billion, a decrease of 37.5% from ¥10.87 billion in the previous period[21]. Asset and Liability Management - The total assets at the end of Q3 2025 were CNY 182,315,970,300, reflecting a 4.09% increase from the end of the previous year[6]. - Current assets increased to CNY 33.07 billion from CNY 30.99 billion, marking a rise of about 6.7%[16]. - The company's cash and cash equivalents rose to CNY 17.10 billion, up from CNY 15.36 billion, indicating an increase of approximately 11.3%[16]. - Total liabilities amounted to CNY 144.85 billion, compared to CNY 139.19 billion at the start of the period, representing a growth of about 4.8%[17]. - The company's long-term borrowings increased to CNY 73.94 billion from CNY 69.54 billion, reflecting a rise of approximately 6.9%[17]. - The total equity attributable to shareholders reached CNY 23.43 billion, up from CNY 22.89 billion, indicating an increase of about 2.4%[18]. - The company reported a significant decrease in short-term borrowings, which fell to CNY 10.96 billion from CNY 14.11 billion, a reduction of approximately 22.8%[17]. Operational Efficiency and Market Conditions - The company reported a significant decline in gross profit margin due to increased competition and policy adjustments in the electricity market[11]. - The company is focusing on improving operational efficiency and has seen a rebound in on-grid electricity volume due to favorable conditions such as falling coal and gas prices[11]. - The company generated a total on-grid electricity of 352.06 billion kWh in Q3 2025, a 19.89% increase from Q2 2025, while the total for the first three quarters was 885.72 billion kWh, roughly unchanged year-on-year[10]. Research and Development - The company reported a decrease in research and development expenses to ¥630.51 million, down 16.3% from ¥753.72 million in the previous period[19]. Future Outlook and Strategic Initiatives - Future outlook indicates a projected revenue growth of 10% for Q4 2023, driven by increased demand for renewable energy solutions[24]. - The company plans to invest 300 million RMB in new technology development for smart grid solutions over the next two years[24]. - Market expansion efforts include entering two new provinces, aiming for a 5% market share increase in those regions by 2025[24]. - Guangdong Power is exploring potential acquisitions to enhance its renewable energy portfolio, targeting a 15% increase in capacity by 2024[24]. - The company has launched a new solar energy product line, expecting to contribute an additional 200 million RMB in revenue by the end of 2023[24]. - Strategic partnerships with local governments are expected to facilitate a 25% reduction in project approval times[24]. - The company is committed to achieving carbon neutrality by 2030, aligning with national energy policies[24].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

| | | 公司债券代码：149418 公司债券简称：21 粤电 02 公司债券代码：149711 公司债券简称：21 粤电 03 广东电力发展股份有限公司 股改限售股份上市流通公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、本次限售股份实际可上市流通数量为1,474,200股，占公司股份总数的 0.0281%。 2、本次限售股份可上市流通日期为2025年10月29日。 1 解除限售股份对应承诺的完成情况 一、股权分置改革方案概述 1、股权分置改革对价方案概述 广东电力发展股份有限公司（以下简称"公司"）股权分置改革方案实施股 份变更登记日登记在册的 A 股流通股股东每 10 股获付 3.1 股股份。 2、通过股权分置改革方案的股东会日期、届次 2005 年 12 月 9 日，公司召开 A 股市场相关股东会议，会议审议通过了公司 股权分置改革方案。 3、股权分置改革方案实施日期：2006 年 1 月 19 日。 二、本次可上市流通限售股份持有人作出的各项承诺及履行情况 1、本次申请解除股份限售的股东所作出各项承诺的履行进展，以及与本次 三 ...

广发证券股份有限公司关于广东电力发展股份有限公司 股权分置改革部分限售股份解除限售的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为广东 电力发展股份有限公司（以下简称"上市公司""粤电力"）股权分置改革的保荐 机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司 股权分置改革的指导意见》《上市公司股权分置改革管理办法》等相关法律、法 规及规范性文件的要求，对上市公司股权分置改革部分限售股份解除限售的事项 进行了核查，具体情况如下： 一、上市公司股权分置改革方案的相关情况 2005年12月9日，上市公司股权分置改革方案已经上市公司股权分置改革相 关股东会议审议通过。2006年1月19日，股权分置改革方案实施。 根据股权分置改革方案，方案实施股份变更登记日（2006年1月18日）登记 在册的流通A股股东每持有10股流通A股将获得非流通股股东支付的3.1股股份 的对价，非流通股股东需向流通A股股东支付121,357,577股的对价总额。 二、相关股东履行股权分置改革各项承诺及执行情况 本次申请解除其所持股份限售的股东在股权分置改革中所作承诺及承诺履 行情况如下： 1 | ...

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2025-46 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21 02 | 粤电 | | 公司债券代码：149711 | 公司债券简称：21 03 | 粤电 | 特此公告。 广东电力发展股份有限公司董事会 二 O 二五年十月二十五日 1 广东电力发展股份有限公司 关于变更股权分置改革持续督导保荐代表 人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广东电力发展股份有限公司（以下简称"公司"）于近日收到股权分置改革 保荐机构广发证券股份有限公司（以下简称"广发证券"）出具的《关于变更广 东电力发展股份有限公司股权分置改革持续督导保荐代表人的函》。广发证券委 派的原持续督导保荐代表人邵丰先生因工作变动原因，不再负责公司的持续督导 工作，广发证券现委派保荐代表人叶铭芬先生（简历详见附件）接替邵丰先生担 任公司股权分置改革持续督导保荐代表人，继续履行相关责任。 本次保荐代表人变更后，公司股权分置改革的持续督导保荐代表人为 ...

Core Viewpoint - The stock price of Guangdong Power Development Co., Ltd. (粤电力A) has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 5.10%, indicating volatility in the market [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 23.141 billion yuan, a year-on-year decrease of 11.26% [2]. - The net profit attributable to shareholders was 32.4742 million yuan, reflecting a significant year-on-year decline of 96.40% [2]. Shareholder Information - As of July 31, 2025, the number of shareholders decreased by 28.34% to 85,500 [2]. - The average circulating shares per shareholder remained at 0 shares, indicating a lack of liquidity among shareholders [2]. Dividend Distribution - Since its listing, the company has distributed a total of 13.334 billion yuan in dividends, with 21 million yuan distributed over the past three years [3]. Stock Market Activity - The stock has seen a net outflow of 17.0252 million yuan in principal funds recently, with significant selling pressure observed [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last occurrence on May 29 [1].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Core Viewpoint - The company reported a slight decrease in total power generation and on-grid electricity for the first three quarters of 2025, with notable growth in renewable energy sources such as solar and wind power [1][2]. Group 1: Power Generation Data - The total power generation for the first three quarters reached 93.363 billion kWh, a year-on-year decrease of 0.61% [1] - Coal power generation was 65.925 billion kWh, down 3.65% year-on-year; gas power generation was 19.334 billion kWh, remaining stable; wind power generation increased by 10.84% to 3.976 billion kWh; solar power generation surged by 82.09% to 3.203 billion kWh; hydro power generation rose by 14.45% to 0.388 billion kWh; biomass power generation increased by 8.48% to 0.0537 billion kWh [1] - The total on-grid electricity was 88.572 billion kWh, a decrease of 0.52% year-on-year [1] Group 2: Installed Capacity - The company has a controllable installed capacity of 43.1531 million kW, with 40.5593 million kW being held directly and 2.5938 million kW being equity-held [2] - Coal power accounts for 49.34% of the controllable installed capacity at 20.01 million kW; gas power accounts for 29.21% at 11.847 million kW; wind power accounts for 9.60% at 3.895 million kW; solar power accounts for 11.28% at 4.5745 million kW; hydro power accounts for 0.1328 million kW; biomass accounts for 0.01 million kW [2] - Renewable energy sources (wind, hydro, solar, biomass) account for a total of 21.46% of the controllable installed capacity, totaling 8.7023 million kW [2] Group 3: New Capacity Additions - In the first three quarters of 2025, the company added 500,000 kW of wind power and 693,600 kW of solar power, along with an increase of 60,000 kW in coal power capacity through technical upgrades [2]