Group 1 - The company is currently constructing coal power generation capacity of 8 million kilowatts [1] - It is expected that approximately 3 to 5 million kilowatts will be put into operation by 2025, with the remainder expected to be operational in 2026-2027 [1] - The company is also building gas power generation capacity of about 2.942 million kilowatts, which is anticipated to be operational in 2026-2027 [1]

格隆汇9月3日丨粤电力Ａ(000539.SZ)于近期投资者关系活动表示，2025年上半年，公司新增新能源装 机119.36万千瓦，其中风电50万千瓦，光伏69.36万千瓦；在建新疆克拉玛依等光伏项目合计装机容量 91.5万千瓦，在建山西、甘肃等风电项目20万千瓦；完成决策拟建的项目67.2万千瓦。 ...

Group 1: Company Performance - In Q2 2025, the company’s profitability has recovered due to the gradual release of power generation capacity, with the overall performance turning from a loss to a profit compared to Q1 2025 [2] - The company achieved a net profit of 3,248 million yuan in the first half of 2025, significantly down year-on-year due to a sharp decline in electricity prices amid intensified market competition [2][3] Group 2: Business Segment Performance - In the first half of 2025, the coal power segment reported a net profit of 2,910 million yuan, while the gas power segment incurred a net loss of 21,790 million yuan [3] - The hydro power segment recorded a net loss of 527 million yuan, whereas the renewable energy segment achieved a net profit of 10,288 million yuan [3] Group 3: Fuel Procurement and Cost - The procurement ratio of domestic and imported coal is approximately 50% each, with fuel costs decreasing by 11.48% year-on-year in the first half of 2025 due to falling coal prices [3] Group 4: Power Generation Capacity Plans - The company has 8 million kilowatts of coal power capacity under construction, with an expected 3-5 million kilowatts to be operational in 2025, and the remainder in 2026-2027 [3] - Approximately 294.2 million kilowatts of gas power capacity is also under construction, anticipated to be operational in 2026-2027 [3] Group 5: Renewable Energy Expansion - In the first half of 2025, the company added 119.36 million kilowatts of renewable energy capacity, including 50 million kilowatts of wind power and 69.36 million kilowatts of solar power [3] - Ongoing projects include 91.5 million kilowatts of solar capacity and 20 million kilowatts of wind capacity, with planned projects totaling 67.2 million kilowatts [3]

快查APP显示，粤电力相关公司广东能源茂名热电厂有限公司于2025年8月30日发布一则招标信息，项 目名称为2025年度全厂钢结构、检修平台腐蚀治理，预算金额为150.00万元。 快查股权穿透数据显示，该公司由粤电力持股，出资比例为46.54%。 （来源：快查一企业中标了） ...

Investment Rating - The report maintains a "Buy" rating for the company, citing expectations of profit recovery despite current challenges [4][7]. Core Views - The company's performance has been significantly impacted by a notable decline in electricity prices in Guangdong, leading to a substantial drop in revenue and net profit [1][2]. - The company is actively expanding its renewable energy capacity, which is expected to contribute positively to its financials in the future [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 23.141 billion yuan, a year-on-year decrease of 11.26%, and a net profit attributable to shareholders of 32.4742 million yuan, down 96.4% [1]. - The average on-grid electricity price in the first half of 2025 was 480.01 yuan per megawatt-hour, a decrease of 11.02% compared to the previous year [2]. - The total fuel cost for the first half of 2025 was 14.988 billion yuan, accounting for 71.07% of operating costs, with a year-on-year reduction of 19.44 billion yuan [2]. Renewable Energy Expansion - The company added 500,000 kilowatts of wind power and 690,000 kilowatts of solar power capacity in the first half of 2025, with wind and solar generation increasing by 0.89% and 90.61% respectively [3]. - Ongoing projects include a total of 915,000 kilowatts of solar and wind capacity under construction, indicating a strong commitment to energy transition [3]. Future Projections - Revenue projections for 2025-2027 are 56.895 billion yuan, 63.293 billion yuan, and 68.280 billion yuan, with expected growth rates of -0.5%, 11.2%, and 7.9% respectively [4]. - The forecasted net profit for the same period is 684 million yuan, 1.183 billion yuan, and 1.463 billion yuan, with corresponding EPS of 0.13 yuan, 0.23 yuan, and 0.28 yuan per share [4].

Group 1 - The company, Guangdong Power A, reported a revenue of approximately 23.141 billion yuan for the first half of 2025, representing a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders of the listed company was approximately 32.47 million yuan, showing a significant year-on-year decline of 96.4% [1] - The basic earnings per share were 0.0062 yuan, which also reflects a year-on-year decrease of 96.4% [1]

智通财经APP讯，粤电力A(000539.SZ)发布2025年半年度报告，报告期内，公司实现营业收入231.41亿 元，同比下降11.26%。实现归属于上市公司股东的净利润3247.42万元，同比下降96.40%。归属于上市 公司股东的扣除非经常性损益净亏损2187.18万元。基本每股收益0.0062元。 ...

广东电力发展股份有限公司内幕信息及知情 人管理制度 第一章 总则 第一条 为规范广东电力发展股份有限公司（以下简称"公 司"）的内幕信息管理，加强内幕信息保密工作，维护信息披 露的公平原则，保护广大投资者的合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司信息披 露管理办法》《上市公司监管指引第 5 号——上市公司内幕信 息知情人登记管理制度》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 5 号——信息披露事务 管理》等法律、法规、规范性文件和公司《章程》《信息披露 管理制度》的有关规定，制定本制度。 董事会秘书组织实施，并负责办理内幕信息知情人的登记 入档和报送事宜，董事会事务部具体负责公司内幕信息和知情 人的日常管理工作。董事长与董事会秘书应当对内幕信息知情 人档案的真实、准确和完整签署书面确认意见。 公司董事会审计与合规委员会对本规定的实施情况进行监 督。 第二章 内幕信息的含义与范围 第三条 内幕信息是指根据《证券法》相关规定，涉及上市 公司的经营、财务或者对公司股票及其衍生品种交易价格有重 大影响的尚未公开的信息。 第四条 本制度所称内幕信息包括但不 ...

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"）对关联交易的管理，维护公司及公司全体股东的合法权 益，保证公司与关联人之间的关联交易合法合规，根据《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》、公司《章程》等 有关规定，制定本制度。 （一）具有以下情形之一的法人，为公司的关联法人： （1） 直接或者间接地控制公司的法人（或者其他组织）； （2） 由前项所述法人（或者其他组织）直接或者间接控 制的除公司及其控股子公司以外的法人（或者其他组织）； （3） 持有公司 5％以上股份的法人（或者其他组织）及 其一致行动人； （4） 由以下第(二)项所列公司的关联自然人直接或间接 控制的，或者担任董事（不含同为双方的独立董事）、高级 管理人员的，除公司及其控股子公司外的法人（或者其他组 织）； 广东电力发展股份有限公司 关联交易管理制度 第二条 本制度所指关联人包括关联法人和关联自然人。 （5） 中国证监会、深圳证券交易所或公司根据实质重于 形式的原则认定的其他与公司有特殊关系，可能或者已经造 成公司对其利益倾斜的法人（或者其他组织）。 ...

广东电力发展股份有限公司 募集资金管理制度 第一章 总 则 第一条 为了规范公司募集资金的管理，提高募集资金使用效率，加强募集 资金的内部控制，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司募集资金监管规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关法律、法规、规范性文件以及《广东电力 发展股份有限公司章程》的规定，结合公司的实际情况，制定本制度。 第二条 本制度所称募集资金是指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 公司应当真实、准确、完整地披露募集资金的实际使用情况，出现严重影响 募集资金投资计划正常进行的情形时，应当及时公告，并在年度审计的同时聘请 会计师事务所对募集资金存放与使用情况进行鉴证。 公司财务部负责募集资金的日常管理，包括专户的开立及管理，募集资金的 存放、使用和台账管理；董事会事务部负责与募集资金相关的信息披露事务。 第二章 募集资金专户存储 第四条 公司按照保障安全、便于监管的原则选择信用良好、经营规范的商 业银行开设募集资金专项账户 ...