北京天达共和律师事务所 关于广东电力发展股份有限公司 2025 年第二次临时股东会的 法律意见书 致：广东电力发展股份有限公司 北京天达共和律师事务所（以下简称"本所"）受广东电力发 展股份有限公司（以下简称"公司"）委托，指派陈滨宏律师和张 书杰律师（以下简称"经办律师"）参加了公司于2025年9月19日 下午14:30在广州市天河东路2号粤电广场南塔33楼会议室召开的 公司2025年第二次临时股东会（以下简称"本次股东会"）。 1 3、公司于2025年8月28日刊登于巨潮资讯网（www.cninfo.com.cn）等 的《广东电力发展股份有限公司关于召开2025年第二次临时股东会的 通知》； 4、公司本次股东会股权登记日的股东名册； 本所及经办律师根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》及《公司章程》的规定，对公 司本次股东会的召集人资格、召集和召开程序、出席会议人员的资格、 临时提案的提出、股东会的表决程序和表决结果等事宜进行审查和见 证后出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包 括但不限于： 1、公司现行有效的《公司章程》； ...

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2025-39 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 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 本次股东会无否决提案的情形，未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召开时间： （1）现场会议召开时间：2025年9月19日（星期五）下午14:30 （2）网络投票时间为：2025年9月19日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年9月19 日上午9:15至9:25，9:30至11:30，下午13:00至15:00；通过深圳证券交易所互联网投 票的具体时间为2025年9月19日9:15至15:00期间的任意时间。 2、现场会议召开地点：广州市天河东路2号粤电广场南塔33楼会议室 3、召开方式：本次股东会采取现场投票及网络投票相结合的方式 4、召集人：公司董事会 5、主持人： ...

Market Overview - The electricity sector experienced a decline of 1.49% on the previous trading day, with Shimao Energy leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the electricity sector included: - Lianmei Holdings (600167) with a closing price of 7.17, up 7.66% on a trading volume of 516,000 shares and a transaction value of 369 million yuan [1] - Hangzhou Thermal Power (605011) closed at 22.75, up 2.11% with a trading volume of 136,800 shares [1] - Guangdong Electric Power A (000539) closed at 4.78, up 1.70% with a trading volume of 594,100 shares [1] - Major decliners included: - Shimao Longyuan (605028) closed at 26.60, down 6.37% with a trading volume of 92,300 shares [2] - Tianfu Energy (600509) closed at 7.88, down 4.72% with a trading volume of 1,355,100 shares [2] - Tuo Ri New Energy (002218) closed at 3.78, down 4.30% with a trading volume of 743,500 shares [2] Capital Flow - The electricity sector saw a net outflow of 4.544 billion yuan from major funds, while retail investors contributed a net inflow of 3.035 billion yuan [2] - The capital flow for specific stocks indicated: - Three Gorges Energy (600905) had a net inflow of 92.86 million yuan from major funds [3] - Lianmei Holdings (600167) saw a net inflow of 53.20 million yuan from major funds [3] - Huadian International (600011) had a net inflow of 51.98 million yuan from major funds [3]

Core Insights - Dongguan Ningzhou Energy Investment Partnership (Limited Partnership) has been established with a capital contribution of approximately 4.746 billion yuan [1] - The managing partner is Meng Fei, and the business scope includes investment activities, energy management services, power generation technology services, and various technical services [1] - The partnership is jointly funded by China Kangfu, Guangdong Power A, and its subsidiary Guangzhou Guangdong Power Navigation Electric Power Co., Ltd. [1] Company Information - The newly established partnership focuses on utilizing its own funds for investment activities [1] - The operational areas include energy management, power generation, transmission, and distribution services [1] - The partnership's formation indicates a strategic move towards enhancing investment in the energy sector [1]

Group 1 - The establishment of Dongguan Ningzhou Energy Investment Partnership (Limited Partnership) with a capital contribution of approximately 4.7 billion yuan [1] - The business scope includes investment activities with self-owned funds, contract energy management, energy-saving management services, and power generation technology services [1] - The partnership is co-funded by Guangdong Electric Power A, China Kangfu International Leasing Co., Ltd., and Guangzhou Guangdong Electric Leading Power Co., Ltd. [1]

Company Overview - Guangdong Electric Power Development Co., Ltd. is a large power generation company primarily engaged in the investment, construction, operation, and management of power projects, as well as the production and sale of electricity [3] - The company was established on February 5, 1996, and was listed on November 26, 1993 [3] - The main business revenue composition includes electricity (97.96%), heat sales (1.22%), other (0.53%), and fly ash sales (0.29%) [3] Stock Performance - As of September 18, the stock price of Guangdong Electric Power A increased by 2.13%, reaching 4.80 CNY per share, with a trading volume of 1.28 billion CNY and a turnover rate of 1.06%, resulting in a total market capitalization of 25.201 billion CNY [1] - Year-to-date, the stock price has risen by 6.43%, with a 2.56% increase over the last five trading days, a 1.05% increase over the last 20 days, and a 5.49% increase over the last 60 days [2] Financial Performance - For the period from January to June 2025, the company reported operating revenue of 23.141 billion CNY, a year-on-year decrease of 11.26%, and a net profit attributable to shareholders of 32.4742 million CNY, a significant year-on-year decrease of 96.40% [3] - The company has cumulatively distributed dividends of 13.334 billion CNY since its listing, with 21 million CNY distributed over the past three years [4] Shareholder Information - As of July 31, 2025, the number of shareholders for Guangdong Electric Power A was 85,500, a decrease of 28.34% from the previous period [3] - The average circulating shares per person remained at 0 shares, unchanged from the previous period [3] - As of June 30, 2025, the Southern CSI 500 ETF was the seventh-largest circulating shareholder, holding 13.3289 million shares, a decrease of 128,800 shares from the previous period [4] Market Activity - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on May 29 [3]

Core Insights - Dongguan Ningzhou Energy Investment Partnership (Limited Partnership) has been established with an investment amount of approximately 4.7 billion yuan [1] - The business scope includes investment activities with self-owned funds, contract energy management, energy-saving management services, and power generation technology services [1] - The company is jointly funded by Guangdong Electric Power A (000539), China Kangfu International Leasing Co., Ltd., and Guangzhou Guangdong Electric Navigation Power Co., Ltd. [1]

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 关于参加广东辖区2025年投资者 网上集体接待日活动的公告 | | | 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为2025年9月19日（周五） 15:30-17:00。 届时公司董事长郑云鹏先生，副总经理、财务负责人、董事会秘书刘维先生 等将在线就2025年半年度业绩、公司治理、发展战略、经营状况和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告 广东电力发展股份有限公司董事会 二○二五年九月十七日 1 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。 为进一步加强与投资者的互动交流，广东电力发展股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价值 领航——2025年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会"活 动，现将相关事项公告如下： ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Industry Overview - The electricity sales companies are categorized into five types: generation sales companies, grid enterprise sales companies, social capital investment distribution network companies, independent sales companies, and virtual power plants [1][2][3] - The midstream is the core link in the electricity sales industry, connecting production, sales, and consumption [5][7] - The electricity sales sector is crucial for balancing electricity production and consumption, requiring a state of equilibrium to enhance economic efficiency [7] Industry Development History - The development of electricity sales companies in China has gone through three stages: from 2002 to 2014, characterized by the separation of generation and grid, leading to a competitive generation landscape; from 2015 to 2021, marked by a new round of electricity reform that opened up the sales side; and from 2022 to the present, driven by carbon neutrality goals and green electricity trading [10][11] Policy Background - The electricity generation and sales sectors are vital for the national economy, with significant reforms initiated in 2015 to create a healthy market environment [13][14] - Key policies include the establishment of a unified electricity market system by 2025 and the promotion of renewable energy integration into the market [14][15] Current Industry Status - As of the end of 2024, the number of registered electricity sales companies in China exceeds 5,000, reflecting a nearly 17-fold increase since 2016 [16][17] - The market transaction volume has been increasing annually, with a projected total of 61,796 billion kilowatt-hours in 2024 [18][19] - The market transaction amount is expected to exceed 3 trillion yuan in 2024, showing a year-on-year growth of 5.92% [22] Competitive Landscape - In 2024, the State Grid is expected to account for approximately 70% of the market transaction volume, with Southern Power Grid at 16% [23] - The majority of registered sales companies are concentrated in Guangdong, Shanxi, and Sichuan provinces [26] Future Industry Outlook - By 2030, the market transaction amount is projected to exceed 4 trillion yuan, with average settlement prices expected to decline initially and stabilize later [28] - The electricity sales industry is undergoing a transformation towards market mechanisms and carbon neutrality, requiring companies to enhance their operational capabilities [29]