证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2025-21 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 第十一届监事会第三次会议决议公告 本公司及全体监事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。 一、监事会会议召开情况 1、发出会议通知的时间和方式 4、会议主持人为公司监事会主席杨海先生，公司高级管理人员、部门部长列席 了本次会议。 5、本次会议的召开和表决程序符合《公司法》等有关法律法规及公司《章程》 的规定。 二、监事会会议审议情况 1、审议通过了《关于〈2025 年第一季度财务报告〉的议案》 广东电力发展股份有限公司第十一届监事会第三次会议于 2025 年 4 月 16 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 监事会召开时间：2025 年 4 月 29 日 召开地点：广州市 召开方式：现场会议 3、监事会出席情况 会议应到监事 6 名（其中独立监事 2 名），实到监事 6 名（其中独立监事 2 名）。 杨海监 ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-20 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 第十一届董事会第四次会议决议公告 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四次会议于 2025 年 4 月 16 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 4 月 29 日 二、董事会会议审议情况 1、审议通过了《关于〈2025 年第一季度财务报告〉的议案》 本议案已经第十一届董事会审计与合规委员会 2025 年第一次通讯会议审议 通过，同意提交董事会审议。本议案经 10 名董事投票表决通过，其中：同意 10 1 票，反对 0 票，弃权 0 票。 2、审议通过了《关于〈2025 年第一季度报告〉的议案》 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 ...

第一章 总 则 第一条 为加强广东电力发展股份有限公司（以下简称"公 司"）市值管理工作，进一步规范公司市值管理行为，切实维护公 司、投资者及其他利益相关者的合法权益，依据《中华人民共和 国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市 规则》《上市公司监管指引第10号——市值管理》等有关法律法规 及公司章程规定，制订本制度。 第二条 本制度所指市值管理，是指公司以提高公司质量为 基础，为提升投资者回报能力和水平而实施的战略管理行为 第二章 市值管理的目的与基本原则 第三条 市值管理主要目的是牢固树立回报股东意识，采取 措施保护投资者尤其是中小投资者利益，诚实守信、规范运作、 专注主业、稳健经营，以新质生产力的培育和运用，推动经营水 平和发展质量提升，并在此基础上做好投资者关系管理，增强信 息披露质量和透明度，必要时积极采取措施提振投资者信心，推 动公司投资价值合理反映公司质量。 第四条 市值管理的基本原则： 广东电力发展股份有限公司 市值管理制度 （一）系统性原则。公司应遵循系统思维、整体推进的原则， 第 1 页 共 7 页 协同公司各业务体系以系统化方式持续开展市值管理工作。 （二）合规性原则。 ...

广东电力发展股份有限公司章程修正案 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程 指引》等法律、法规、规范性文件的规定，结合公司实际情况和经营需要，经广 东电力发展股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第 四次会议审议通过，董事会同意对公司《章程》及其附件《股东会议事规则》《董 事会议事规则》部分条款进行修订。具体修订内容如下： 一、《公司章程》修订对比表 | 修订前内容 | 修订后内容 | | --- | --- | | | 第一条 为维护广东电力发展股份有限公司 | | 第一条 为维护广东电力发展股份有限公司（以 | （以下简称"公司"）、股东、职工和债权人 | | 下简称"公司"）、股东和债权人的合法权益， | 的合法权益，规范公司的组织和行为，根据《中 | | 规范公司的组织和行为，根据《中华人民共和国 | | | 公司法》（以下简称"《公司法》"）、《中华 | 华人民共和国公司法》（以下简称"《公司 | | | 法》"）、《中华人民共和国证券法》（以下 | | 人民共和国证券法》（以下简称"《证券法》"）、 | 简称"《证券法》"）、《中国共产党章程》 | ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥10,573,002,085, a decrease of 17.33% compared to ¥12,789,410,415 in the same period last year[6] - The net profit attributable to shareholders was a loss of ¥382,893,805, representing a decline of 403.21% from a profit of ¥126,281,663 in the previous year[6] - The net cash flow from operating activities decreased by 26.49% to ¥1,998,978,028 from ¥2,719,506,027 year-on-year[6] - The company's gross profit margin declined due to intensified competition in the Guangdong electricity market and a significant drop in the average transaction price of bilateral negotiations[8] - The company's electricity generation volume decreased by 10% year-on-year, influenced by increased maintenance at power plants and reduced coastal wind intensity[8] - The company reported a basic and diluted earnings per share of -¥0.0729, compared to ¥0.0241 in the same period last year, reflecting a significant decline[6] - The company reported a net profit of -481,177,149 yuan, compared to a net profit of 296,517,543 yuan in the previous period, indicating a significant decline[17] - Operating profit was -440,184,847 yuan, a decrease from 451,578,280 yuan in the prior period[17] - Total comprehensive income amounted to -347,113,847 yuan, with a comprehensive income attributable to the parent company of -248,830,503 yuan[18] Assets and Liabilities - The company's total assets increased by 1.19% to ¥177,236,891,813 compared to ¥175,154,232,936 at the end of the previous year[6] - Total assets increased to ¥177,236,891,813, up from ¥175,154,232,936, representing a growth of 1.2%[14] - Total liabilities rose to ¥141,639,403,473, compared to ¥139,192,401,554, marking an increase of 1.8%[14] - Long-term borrowings increased to ¥74,027,488,370 from ¥69,541,559,406, reflecting a rise of 6.4%[14] - The company's total equity decreased to ¥35,597,488,340 from ¥35,961,831,382, a decline of 1.0%[14] Cash Flow - Cash flow from operating activities generated a net cash inflow of 1,998,978,028 yuan, compared to 2,719,506,027 yuan in the prior period[19] - Cash flow from investing activities resulted in a net outflow of -3,149,320,850 yuan, slightly improved from -3,426,971,984 yuan previously[19] - Cash flow from financing activities generated a net inflow of 2,384,039,770 yuan, up from 973,745,918 yuan in the previous period[19] - The company’s cash and cash equivalents at the end of the period totaled 13,065,202,081 yuan, an increase from 12,220,447,097 yuan at the end of the previous period[19] - Cash and cash equivalents at the end of the period reached ¥16,598,996,175, an increase of 8.0% from ¥15,361,820,831 at the beginning of the period[12] Costs and Expenses - Total operating costs amounted to ¥11,150,637,438, down from ¥12,482,302,299, reflecting a reduction of 10.7%[16] - Research and development expenses increased to ¥97,359,718, up from ¥82,411,766, indicating a growth of 17.5%[16] - The company reported a tax expense of 46,887,468 yuan, a decrease from 168,259,231 yuan in the previous period[17] Shareholder Information - The major shareholder, Guangdong Energy Group Co., Ltd., holds 67.39% of the shares, indicating strong control over the company[10] Other Income - Non-recurring gains and losses amounted to ¥33,909,862, primarily from compensation income related to supplier delays and land reclamation projects[7] - The company reported an investment income of ¥127,393,582, slightly up from ¥125,655,869, indicating a growth of 1.4%[16] - The company received 12,110,355,079 yuan in cash from sales of goods and services, down from 14,898,575,161 yuan in the prior period[18] - The company’s contract liabilities increased to ¥72,017,686 from ¥38,459,828, showing a significant rise of 87.5%[13]

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2025-19 | | --- | --- | --- | | 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 2021 年面向合格投资者 公开发行公司债券(第二期)2025 年付息公告 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。 特别提示： 广东电力发展股份有限公司2021年面向合格投资者公开发行公司债券(第二 期（以下简称 ) "本期债券"）将于 2025 年 4 月 28 日支付 2024 年 4 月 28 日至 2025 年 4 月 27 日期间的利息，为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广东电力发展股份有限公司 2021 年面向合格投资者公开发行 公司债券(第二期)。 2、债券简称：21 粤电 02。 3、债券代码：149418。 4、发行总额：15.00 亿元。 5、存续期限：本期债券为 5 ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-18 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年第一季度发电量完成情况的 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。 一、2025 年第一季度发电量完成情况 2025 年第一季度，公司累计完成合并报表口径发电量 252.92 亿千瓦时，同 比减少 10.32%；其中煤电完成 180.53 亿千瓦时，同比减少 15.71%，气电完成 47.83 亿千瓦时，同比增加 2.49%，风电完成 13.36 亿千瓦时，同比减少 9.79%， 光伏完成 8.82 亿千瓦时，同比增加 111.00%，水电完成 0.64 亿千瓦时，同比增 加 4.92%，生物质完成 1.75 亿千瓦时，同比增加 11.46%。 公司累计完成合并报表口径上网电量 240.00 亿千瓦时，同比减少 10.28%； 其中煤电完成 169.53 亿千瓦时，同比减少 15.82%，气电 ...

Group 1: Energy Capacity and Investment Plans - As of the end of 2024, the company has a coal-fired power installed capacity of 19.95 million kW, gas-fired capacity of 1.1847 million kW, and renewable energy capacity of 727.59 thousand kW. The total capacity of renewable projects under construction is approximately 2.079 million kW [1][2] - The company plans to invest 16.096 billion RMB in 2025, with about one-third allocated to renewable energy [1][2] - The company has 8 million kW of coal-fired capacity under construction, with an expected 4-5 million kW to be operational in 2025 [2] Group 2: Financial Performance and Debt Management - The company's asset-liability ratio for 2024 is 79.47%. Future plans include managing debt levels through operational efficiency and financing strategies [2] - The company plans to issue 888 million RMB in REITs in 2024 and will explore equity financing opportunities [2] Group 3: Market and Pricing Strategies - The company faces higher on-grid prices for gas-fired power (approximately 0.68 RMB) compared to coal due to market dynamics [2] - The company is actively managing costs through fuel procurement, energy conservation, and expenditure control to enhance profitability [7] Group 4: Corporate Governance and Market Management - The company is committed to improving investor relations and market management, with plans to enhance its market value through various strategies [5][6] - The company has a dividend distribution plan for 2024, proposing a cash dividend of 0.2 RMB per 10 shares, totaling approximately 105 million RMB [6] Group 5: Future Development and Industry Position - The company is focusing on balancing traditional thermal power and renewable energy development in line with carbon neutrality goals [3] - The company has no current plans for nuclear power projects but is exploring offshore wind power investments [9]

Market Overview - The Shanghai Composite Index rose by 0.05% on April 2, with 18 out of 28 sectors experiencing gains, led by textiles and apparel (1.45%) and beauty and personal care (1.01%) [1] - The sectors with the largest declines were defense and military (1.17%) and non-ferrous metals (0.87%), with public utilities ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 8.051 billion yuan across the two markets, with 9 sectors seeing net inflows [1] - The non-bank financial sector led with a net inflow of 1.787 billion yuan and a daily increase of 0.58%, followed by the telecommunications sector with a net inflow of 963 million yuan and a daily increase of 0.97% [1] - A total of 22 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.759 billion yuan, followed by the electronics sector with a net outflow of 2 billion yuan [1] Public Utilities Sector Performance - The public utilities sector declined by 0.80% with a net outflow of 1.09 billion yuan, comprising 132 stocks, of which 20 rose and 106 fell [2] - Among the stocks in this sector, 44 saw net inflows, with the top three being Shaoneng Co. (39.724 million yuan), Guangdong Electric Power A (27.7136 million yuan), and Hunan Development (20.6605 million yuan) [2] - The stocks with the highest net outflows included China General Nuclear Power (1.399735 billion yuan), Qianyuan Electric Power (1.218559 billion yuan), and China Nuclear Power (1.042745 billion yuan) [2] Public Utilities Sector Capital Inflow Rankings - The top stocks by capital inflow included: - Shaoneng Co. with a rise of 3.67% and a turnover rate of 17.31%, net inflow of 39.724 million yuan [3] - Guangdong Electric Power A with a rise of 1.95% and a turnover rate of 3.20%, net inflow of 27.7136 million yuan [3] - Hunan Development with a rise of 10.00% and a turnover rate of 0.70%, net inflow of 20.6605 million yuan [3] Public Utilities Sector Capital Outflow Rankings - The stocks with the highest capital outflows included: - China General Nuclear Power with a decline of 1.89% and a turnover rate of 0.44%, net outflow of 139.9735 million yuan [4] - Qianyuan Electric Power with a decline of 4.70% and a turnover rate of 6.81%, net outflow of 121.8559 million yuan [4] - China Nuclear Power with a decline of 0.96% and a turnover rate of 0.37%, net outflow of 104.2745 million yuan [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance is under pressure due to declining electricity prices, with expectations for improvement in profitability per kilowatt hour [1][2] - The coal-fired power segment is significantly impacted by falling electricity prices, while renewable energy segments show growth potential [2][6] - The company plans to continue expanding its coal and gas power projects, with a focus on increasing electricity generation capacity [3][4] Financial Performance Summary - In 2024, the company achieved operating revenue of 57.16 billion yuan, a year-on-year decrease of 4.27%, and a net profit attributable to shareholders of 964 million yuan, down 1.07% year-on-year [1] - The fourth quarter of 2024 saw a single-quarter operating revenue of 14.64 billion yuan, a year-on-year increase of 0.75%, but a quarter-on-quarter decrease of 10.93% [1] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, totaling 105 million yuan [1] Segment Performance Summary - The coal power segment reported a net profit of 278 million yuan, while the gas power segment achieved a net profit of 483 million yuan [2] - The renewable energy segment generated a net profit of 171 million yuan, and investment income contributed 810 million yuan [2] - The overall gross margin for electricity sales decreased by 1.14 percentage points year-on-year, with coal and gas power margins declining by 3.69 and 1.50 percentage points, respectively [2] Future Outlook - The company is expected to see a continued decline in electricity prices in Guangdong, which may pressure performance in 2025 [3][6] - The company has ongoing projects with a total capacity of 800,000 kilowatts for coal power and 194,200 kilowatts for gas power, which are anticipated to be operational between 2024 and 2026 [3] - The renewable energy segment is projected to grow significantly, with plans for an additional 1.4 million kilowatts of installed capacity during the 14th Five-Year Plan [6] Financial Projections - Revenue is projected to reach 58.19 billion yuan in 2025, with a net profit of 878 million yuan, reflecting a year-on-year decrease of 8.9% [5] - The company's EPS is expected to be 0.17 yuan in 2025, with a P/E ratio of 26.90 times [5][6] - The net profit forecast for 2026 and 2027 is 1.15 billion yuan and 1.20 billion yuan, respectively, with corresponding EPS of 0.22 yuan and 0.23 yuan [5][6]