Core Viewpoint - Guangdong Power A is advancing its business expansion by issuing an energy infrastructure investment asset-backed special plan (similar to REITs) with a maximum issuance scale of 3.801 billion yuan, aiming to enhance its operational capabilities and diversify its energy portfolio [1][2]. Group 1: Business Expansion and Investment Plans - The company plans to hold the Dongguan Ningzhou site as the underlying asset for the issuance, with a term not exceeding 30 years [1]. - Guangdong Power A will provide operational support of up to 4.3 billion yuan for its subsidiary, Binhai Bay Energy [1]. - The company aims to invest approximately 16.096 billion yuan in 2025, with one-third allocated to the renewable energy sector [2]. Group 2: Energy Generation Capacity - Currently, Guangdong Power A has 8 million kilowatts of coal power under construction, with 3 to 5 million kilowatts expected to be operational by 2025 [2]. - The company has a total installed capacity of 39.3657 million kilowatts, with wind and solar power accounting for 8.62% and 9.86% of the total, respectively [2]. - The company is accelerating its transition to renewable energy, with a total of 7.2759 GW in wind and solar power capacity by the end of 2024 [2]. Group 3: Financial Performance - In 2024, the company reported total revenue of 57.159 billion yuan, a year-on-year decrease of 4.27%, and a net profit of 964 million yuan, down 1.07% [3]. - The company anticipates a significant decline in net profit for the first half of 2025, projecting a range of 28 million to 36 million yuan, a decrease of 96.90% to 96.01% year-on-year [3]. - Despite the challenges, the company expects a recovery in profitability in the second quarter of 2025 as its power generation capacity gradually increases [3].

Core Viewpoint - Guangdong Power Development Co., Ltd. has approved several capital increases to its subsidiaries to enhance equity, mitigate risks, and promote sustainable development [5][10][14]. Group 1: Board Meeting Details - The board meeting was held on August 5, 2025, in Guangzhou, with all 10 directors present [2][3]. - The meeting was chaired by Chairman Zheng Yunpeng, and the procedures complied with relevant laws and the company's articles of association [4]. Group 2: Capital Increase Resolutions - The board approved a capital increase of 567 million yuan to Zhanjiang Zhongyue Energy Co., Ltd. to optimize its capital structure and reduce interest expenses [5][6]. - A capital increase of 1.596 billion yuan was approved for Guangdong Yue Electric Shaoguan Power Plant Co., Ltd. for similar purposes [10][11]. - A capital increase of 660 million yuan was approved for Lincang Yue Electric Energy Co., Ltd. to enhance its operational sustainability [14][15]. Group 3: REITs Issuance Plan - The board approved a plan to issue an asset-backed special plan (similar to REITs) with a scale of up to 3.801 billion yuan, using Dongguan Ningzhou project as the underlying asset [18][26]. - The plan includes providing operational support of up to 4.3 billion yuan to the subsidiary involved in the project [26]. - The issuance aims to revitalize existing assets, improve capital structure, and ensure sustainable development [35].

Group 1 - The company has approved the issuance of an energy infrastructure investment asset-backed special plan (similar to REITs) to revitalize existing assets and improve capital structure [1][2] - The issuance will involve a maximum scale of 3.801 billion yuan, with a term not exceeding 30 years, using the Dongguan Ningzhou site replacement power project as the underlying asset [1][3] - The company will subscribe to subordinate asset-backed securities up to 1 million yuan and provide operational support for the underlying asset [2][4] Group 2 - The underlying asset for this issuance is the Dongguan Ningzhou site replacement power project, with a total installed capacity of 2,484 MW [3] - The issuance aims to optimize the company's capital structure, reduce interest expenses, and lower the debt-to-asset ratio, contributing to sustainable development [4] - The project will not significantly impact the company's normal operations or harm the interests of shareholders, complying with relevant laws and regulations [4]

证券日报网讯 8月5日晚间，粤电力A发布公告称，公司第十一届董事会第六次会议审议通过了《关于向 湛江中粤能源有限公司增资的议案》等多项议案。 （文章来源：证券日报） ...

Core Viewpoint - The company aims to revitalize its existing assets, improve its capital structure, and ensure sustainable development through a series of financial maneuvers involving its subsidiary and asset-backed securities [1][2] Group 1: Asset Management and Financial Strategy - The company approved the issuance of an asset-backed special plan (similar to REITs) with a scale not exceeding 38.01 billion yuan, with a term of no more than 30 years, using the Dongguan Ningzhou site as the underlying asset [1] - The company will provide operational support and performance guarantees for its subsidiary, Guangdong Yue Electric Binhai Bay Energy Co., Ltd., not exceeding 4.3 billion yuan [1] - The company plans to invest up to 950 million yuan as a limited partner in a newly established limited partnership with Guangdong Yue Electric Linghang Energy Co., Ltd. and China Kangfu International Leasing Co., Ltd. [1] Group 2: Equity and Debt Structure Adjustments - The company will transfer 100% equity of Binhai Bay Energy Co., Ltd. to the limited partnership through a non-public agreement and adjust the subsidiary's equity and debt structure as needed [2] - The company will hold priority acquisition rights for the equity and debt of Binhai Bay Energy Co., Ltd., as well as for the priority asset-backed securities and limited partnership agreement shares [2] - After the issuance of the asset-backed securities, Binhai Bay Energy Co., Ltd. may issue entrusted loans to the company, not exceeding 1.3 billion yuan [2]

格隆汇8月5日丨粤电力Ａ(000539.SZ)公告称，公司第十一届董事会第六次会议审议通过了关于申报发 行能源基础设施投资资产支持专项计划(类REITs)的议案。公司将以全资子公司广东粤电滨海湾能源有 限公司持有的东莞宁洲厂址替代电源项目作为底层资产，发行规模不超过38.01亿元，期限不超过30年 的资产支持专项计划(类REITs)，并由公司认购次级资产支持证券，持有规模不超过100万元。此外，公 司作为运营保障机构将为滨海湾能源公司提供不超过43亿元的运营保障支持及履约支持。该发行事项无 需提交公司股东大会审议。 ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-29 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 关于2025年上半年发电量完成情况的 自愿性信息披露公告 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。 二、截至 2025 年上半年装机容量情况 2025 年上半年，公司拥有可控装机容量 4,315.31 万千瓦，其中控股装机 4055.93 万千瓦，参股权益装机 259.38 万千瓦。其中：燃煤发电控股装机容量 2,001 万千瓦，占比 49.34%；气电控股装机容量 1,184.7 万千瓦，占比 29.21%；风电 控股装机容量 389.50 万千瓦，占比 9.60%；光伏控股装机容量 457.45 万千瓦， 1 占比 11.28%；水电控股装机容量 13.28 万千瓦；生物质控股装机容量 10 万千瓦； 上述风电、水电、光伏、生物质等可再生能源发电控股装机容量合计 870.23 万 千瓦，占比 21.46%。 此外，公司受托 ...

[Expected Performance for the Current Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant decline in its 2025 first-half performance, with net profit attributable to shareholders projected to be RMB 28 million to RMB 36 million, and a non-recurring loss of RMB 15 million to RMB 23 million Key Financial Performance Indicators | Item | January 1 - June 30, 2025 | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: RMB 28 million - RMB 36 million | Profit: RMB 902.94 million | | Year-over-Year Change | **Decrease: 96.90% - 96.01%** | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: RMB 15 million - RMB 23 million | Profit: RMB 886.06 million | | Year-over-Year Change | **Decrease: 102.60% - 101.69%** | - | | **Basic Earnings Per Share** | Profit: RMB 0.0053/share - RMB 0.0069/share | Profit: RMB 0.1720/share | [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The significant year-over-year decline in first-half 2025 performance is primarily due to falling electricity prices, which reduced average power generation gross margins as revenue decreased more than costs - The primary reason for the significant year-over-year decline in first-half performance is the substantial decrease in electricity prices due to market and policy factors, leading to a greater reduction in revenue than costs and a decline in average power generation business gross margin[5](index=5&type=chunk) - Despite the overall weak performance in the first half, the company achieved a quarter-over-quarter turnaround in Q2 2025, primarily driven by the gradual release of power generation capacity and increased contributions from new energy businesses[5](index=5&type=chunk) [Other Information](index=1&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company states this performance forecast is a preliminary estimate by the finance department, unaudited by an accounting firm, with final data to be disclosed in the 2025 semi-annual report, urging investor caution - This performance forecast has not been pre-audited by an accounting firm[4](index=4&type=chunk) - The company advises that this forecast is a preliminary estimate by the finance department, with specific data subject to the final semi-annual report disclosure, urging investors to be aware of risks[7](index=7&type=chunk)

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Core Viewpoint - The supercritical power generation concept has seen a 2.20% increase, ranking 7th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 72 stocks within the supercritical power generation sector experienced gains, with Huayin Power, YN Energy, and Huadian Liaoning reaching the daily limit up [1]. - Notable stock performances include: - Guangdong Power A: +8.05% - Gan Energy: +7.45% - Jiantou Energy: +6.59% [1][5]. - The stocks with the largest declines include: - Shengde Xintai: -3.28% - ST Huaxi: -1.82% - Jiuli Special Materials: -1.59% [1][7]. Group 2: Capital Flow - The supercritical power generation sector attracted a net inflow of 544 million yuan, with 41 stocks receiving net inflows [2][3]. - The top stocks by net inflow include: - Rongfa Nuclear Power: 433.42 million yuan - Huadian International: 84.74 million yuan - Jingneng Power: 82.74 million yuan [2][3]. - The net inflow ratios for leading stocks are: - Inner Mongolia Huadian: 18.31% - Jingneng Power: 17.48% - Huadian Energy: 15.44% [3].