Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese A-share market and its performance as of June 2025, highlighting improvements in market sentiment and liquidity leading to a rise in stock prices [1][4]. Core Insights and Arguments - **Market Performance**: Major indices such as the CSI 300, CSI 500, and CSI 1000 increased by 2.5%, 4.3%, and 5.5% respectively in June, while the Hang Seng Index rose by 3.4% [4]. - **Sector Returns**: - Information Technology led with a 9.7% increase YTD, driven by strong performance in tech hardware and AI-related stocks [2][6]. - Financials and Materials sectors also performed well, with increases of 7.3% and 6.9% respectively [2][6]. - Conversely, the Real Estate sector saw a decline of 1.0% YTD, reflecting ongoing challenges in the market [2][7]. - **Earnings Expectations**: By the end of June, the market's earnings expectations for the CSI 300 index for 2025 and 2026 remained stable at a year-on-year growth of 15.5% and 12.5% respectively [4][24]. - **Investment Trends**: There was a net outflow of $475 million from A-shares in the four weeks ending June 20, with the financial, industrial, and consumer sectors experiencing the most significant sell-offs [10][4]. Additional Important Insights - **Macroeconomic Indicators**: - Retail sales in May grew by 6.4%, supported by government policies, while fixed asset investment growth slowed to 2.9% [31][34]. - The trade surplus for May was reported at $103.2 billion, with exports increasing by 4.8% year-on-year [32][34]. - **Market Sentiment**: The report indicates a cautious sentiment regarding potential reforms from the upcoming political bureau meeting, with expectations for further financial market openings and industry policy adjustments [4][30]. - **Sector-Specific Challenges**: The daily consumer sector faced a decline of 3.4% due to regulatory measures affecting government officials and state-owned enterprise employees [7][6]. Conclusion - The Chinese A-share market is experiencing a mixed performance across sectors, with technology and finance leading gains while real estate and consumer sectors face challenges. Macroeconomic indicators suggest a cautious recovery, with potential for future reforms to stimulate growth.

广东电力发展股份有限公司公司债券 2024 年度受托管理事务报告 广东电力发展股份有限公司 （住所：广东省广州市天河东路 2 号粤电广场南塔 33-36 楼） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）《公司信用类 债券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规 则"）或《证券交易所公司债券挂牌转让规则》（以下简称"挂牌转让规则"）、 广东电力发展股份有限公司（以下简称"发行人"或"公司"）与中信建投证券 股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《债券受 托管理协议》（以下简称"受托管理协议"）、相关信息披露文件以及发行人提 供的资料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用 的财务数据，引自经致同会计师事务所（特殊普通合伙）审计的 2024 年度财务 报告和发行人出具的 2024 年度报告。本报告其他内容及信息均来源于广东电力 发展股份有限公司提供的资料或说明，请投资人关注并 ...

Core Points - Guangdong Power Development Co., Ltd. has announced its 2024 annual equity distribution plan, which was approved at the shareholders' meeting on May 28, 2025 [1] - The total cash dividend to be distributed amounts to 105,005,679.72 yuan, with a distribution of 0.2 yuan per 10 shares for all shareholders [1] - The equity distribution plan is based on a total share capital of 5,250,283,986 shares, including 4,451,875,986 A shares and 798,408,000 B shares [1] Equity Distribution Details - The A share cash dividend will be 0.2 yuan per 10 shares, with a net amount of 0.18 yuan for certain qualified foreign institutional investors and individual shareholders [1] - The B share cash dividend will be 0.18 yuan per 10 shares for non-resident enterprises and individuals holding pre-IPO restricted shares, with a differentiated tax rate for other shareholders [1][2] - The A share equity registration date is set for June 25, 2025, and the ex-dividend date is June 26, 2025 [2] Payment Method - Cash dividends for A share shareholders will be directly credited to their accounts through their securities companies on June 26, 2025 [2] - B share dividends will be credited on June 30, 2025, with provisions for shareholders who transfer their shares before this date [2] Additional Information - Shareholders who believe they have been incorrectly taxed on their dividends must contact the company by July 4, 2025, to resolve the issue [4] - The company has provided contact information for inquiries regarding the equity distribution [4]

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2025-28 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 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"或"本公司"）2024 年年度权益 分派方案已获 2025 年 5 月 28 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 特别说明：由于本公司为中外合资企业，境外个人股东可暂免缴纳红利所得 税。 向 B 股股东派发的现金红利，B 股股息折算汇率根据公司《章程》的规定及 2024 年年度股东大会决议，以公司 2024 年年度股东大会后第 3 个工作日（2025 年 6 月 3 日），本公司所在开户银行港币兑人民币的卖出价（1: 0.9183）折算成 港币 ...

Core Viewpoint - Guangdong Power Development Co., Ltd. (referred to as "the company") is facing significant losses in its coal and gas power segments while its renewable energy sector is generating modest profits, prompting a strategic shift towards renewable energy investments [1][2]. Financial Performance - In Q1, the company's coal power segment reported a net loss of approximately 1.42 billion yuan, and the gas power segment incurred a loss of about 2.27 billion yuan, while the renewable energy segment contributed a profit of around 36 million yuan [1]. - The company's overall revenue has declined due to increased competition in the Guangdong electricity market and a 10% year-on-year decrease in electricity generation [1][2]. Market Conditions - The average transaction price for bilateral negotiations in the Guangdong electricity market has decreased significantly, with the average price falling by 73.77 yuan per thousand kilowatt-hours compared to the previous year [2]. - The company is closely monitoring coal market prices and has a procurement structure where domestic and imported coal each account for about 50% of its total coal supply [2]. Investment Plans - The company has initiated a transformation plan with an annual investment of approximately 160 billion yuan, focusing on expanding renewable energy capacity alongside coal power expansion [1][3]. - By 2025, the company expects to add around 2 million kilowatts of new renewable energy capacity, with 120 million kilowatts already planned for 2025 [3]. Project Development - Currently, the company has 800 million kilowatts of coal power under construction, with an expected 300-500 million kilowatts to be operational by 2025 [3]. - The company has also planned investments in technological upgrades and acquisitions, with a focus on both thermal and renewable energy projects [3].

Group 1: Company Performance Overview - In 2025, the company faced significant operational pressure due to intensified competition in the Guangdong electricity market, leading to a substantial decline in the average transaction price of bilateral negotiations. This resulted in a 10% year-on-year decrease in the company's online electricity volume [1] - The company's first-quarter performance showed a loss, attributed to increased maintenance in its power plants and reduced offshore wind intensity in coastal areas, despite a slight decrease in coal prices [1] Group 2: Market Transaction Structure - In 2025, approximately 60% of the company's total budgeted online electricity volume was secured through long-term contracts, with the remainder consisting of medium- and short-term electricity volumes and spot electricity [1] - The average transaction price for long-term contracts was comparable to the annual average transaction price in Guangdong Province, while spot electricity prices fluctuated significantly based on current supply and demand conditions [1] Group 3: Business Segment Performance - In the first quarter of 2025, the coal power segment reported a net profit loss of approximately 142 million yuan, while the gas power segment incurred a net profit loss of about 227 million yuan. Conversely, the renewable energy segment achieved a net profit of around 36 million yuan [2] Group 4: Coal Procurement Structure - The company's coal procurement consists of approximately 50% domestic coal and 50% imported coal, primarily sourced from four major domestic coal enterprises. The imported coal mainly includes Indonesian coal, with Australian and Russian coal as supplementary sources [3] Group 5: Renewable Energy Expansion - As of now, the company has added approximately 1.2 million kilowatts of new renewable energy capacity in 2025, including about 500,000 kilowatts from wind power and 700,000 kilowatts from solar power. The total capacity of renewable projects under construction is approximately 1.115 million kilowatts, with an expectation to add around 2 million kilowatts of new capacity within the year [3] Group 6: Financial Management and Debt Control - The company plans to actively manage its debt levels by consolidating operational efficiency, controlling financing scale, and exploring equity financing opportunities to enhance its financial health [4]

Group 1: Market Overview - In 2025, the average transaction price for bilateral negotiation, annual listing, and centralized competitive trading in Guangdong's electricity market decreased, with bilateral negotiation transaction volume at 3310.08 billion kWh and an average price of 391.87 RMB/kWh, down by 73.77 RMB/kWh year-on-year [1] - The increase in electricity supply from the west and the commissioning of new units have enhanced competition among market units in Guangdong [1] Group 2: Coal Procurement Structure - The company's coal procurement structure consists of approximately 50% domestic coal and 50% imported coal, primarily sourcing domestic coal from four major coal enterprises and focusing on Indonesian coal for imports, supplemented by Australian and Russian coal [1] Group 3: Operational Performance - The intensified competition in the Guangdong electricity market led to a significant drop in the average transaction price for bilateral negotiation, resulting in substantial operational pressure for the company; the first quarter saw a decline in electricity generation due to increased maintenance at power plants, leading to a year-on-year decrease in on-grid electricity volume [2] - Despite a drop in coal prices, it was insufficient to offset the adverse effects of declining operating revenue, resulting in a loss in the coal-fired business for the first quarter [2] Group 4: Future Plans - The company has 300-500 thousand kW of coal-fired capacity under construction, with approximately 800 thousand kW expected to be commissioned within the year, while the remaining capacity is anticipated to be operational in 2026-2027; additionally, about 194.2 thousand kW of gas-fired capacity is under construction, expected to be commissioned in 2026 [2] - For 2025, the company plans to invest approximately 160.96 billion RMB, focusing on coal-fired power, renewable energy, technological upgrades, and project acquisitions [2]

关于 广东电力发展股份有限公司 治理结构发生变更的 临时受托管理事务报告 | 债券简称：21 | 粤电 | 03 | 债券代码：149711.SZ | | --- | --- | --- | --- | | 债券简称：21 | 粤电 | 02 | 债券代码：149418.SZ | 受托管理人 2025年6月 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 2 中信建投证券作为21粤电03、21粤电02的受托管理人，根据《公司债券发行 与交易管理办法》《公司债券受托管理人执业行为准则》等相关规则，与发行人 《广东电力发展股份有限公司2024年度股东大会决议公告》，现就公司债券重大 事项报告如下： 一、 重大事项 根据发行人2025年5月28日披露的《广东电力发展股份有限公司2024年度股 东大会决议公告》，发行人发生的重大事项如下： （一）原监事会人员 广东电力发展股份有限公司原监事会成员如下： 1 重要声明 本报告依据《公司债券发行与 ...

Group 1 - The A-share power sector showed strong performance at the beginning of trading, with notable gains in stocks such as South Network Energy and Guangdong Power A reaching the daily limit [1] - Companies like Xiexin Energy Technology, Jiangsu New Energy, Shenzhen Nanshan A, and Jiuzhou Group also experienced significant increases in their stock prices [1]

Group 1 - The stock of Guangdong Power Development Co., Ltd. (referred to as "the company") experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on May 28 and May 29, 2025 [2] - The company conducted an investigation regarding the abnormal trading and confirmed that there were no undisclosed significant information or major events that could have impacted the stock price [3][4] - The company reported a net profit of -383 million yuan for the first quarter of 2025, representing a year-on-year decline of 403.21%, but stated that its main business operations remain normal [3] Group 2 - The company confirmed that there are no undisclosed matters that should have been reported according to the Shenzhen Stock Exchange's listing rules, nor any significant events in planning or negotiation stages [4] - The company has not found any violations of fair information disclosure during its self-examination [5]