安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董 事会第九次会议于2025年5月29日下午在公司会议室以现场结合通讯的方式召 开。本次会议应出席董事9人，实际出席董事9人（其中：委托出席的董事0人， 以通讯表决方式出席会议的董事3名，分别为谢敬东、姚王信和孙永标）。公司 部分高级管理人员以及其他相关人员列席会议。会议的召集召开符合《公司 法》《公司章程》的规定，所作决议合法有效。本次会议经记名投票表决，审 议通过了如下议案： 一、关于审议组织机构调整事宜的议案 证券代码：000543 证券简称：皖能电力 公告编号：2025-30 安徽省皖能股份有限公司 第十一届董事会第九次会议决议公告 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。 二〇二五年六月三日 表决结果为：赞成9票，反对0票，弃权0票。 同意公司将原运营管理部变更为合规运营部。 二、2024年度内控体系工作报告 表决结果为：赞成9票，反对0票，弃权0票。 安徽省皖能股份有限公司董事会 ...

Group 1: Company Overview and Background - 聚变新能（安徽）有限公司 was established two years ago, benefiting from increased support for controlled nuclear fusion from the capital market and government, with global funding reaching $7.1 billion [1] - The company completed a capital increase in June 2024, raising its scale from $50 million to $14.5 billion, attracting new shareholders [1] - The main task of 聚变新能 is to develop the BEST (Compact Fusion Experimental Device) according to the Anhui Province 2022-2035 action plan for commercial application of fusion energy [1] Group 2: Development Path and Project Management - The company has a three-step development path from BEST to CFETR and then to commercial reactors, focusing on transitioning from research to engineering and large-scale commercial fusion [2] - Two project departments are responsible for advancing the BEST and CFEDR projects, with CFEDR being a critical step towards commercial reactors [2] - The goal of the compact fusion experimental device is to achieve ignition and sustained burning capability [2] Group 3: Q&A Insights - Key project milestones include the start of assembly and subsequent equipment installation, with multiple major and minor nodes in the project timeline [2] - The core systems of the project, such as the magnet system, vacuum chamber, and filter, present high barriers to entry due to their complexity and precision requirements [2] - AI plays a role in controlling hardware systems and equipment operations, helping to mitigate issues during the scientific experimentation of controlled nuclear fusion [2] - The fusion industry alliance has evolved into an industrial federation with over 200 units, aiming to integrate more companies in the future [2] - Investor enthusiasm for equity investment in fusion companies remains high, with sufficient funding available for projects [2]

Summary of the Conference Call for WanNeng Electric Power Company Overview - The conference call pertains to WanNeng Electric Power, a company operating in the electric power industry in China, particularly in Anhui Province and Xinjiang region. Key Points and Arguments Electricity Generation and Demand - The company expects a positive growth in electricity generation for May, marking the first positive growth of the year, with June also anticipated to show good growth [2][3] - In April, electricity consumption in Anhui Province increased by 7.4%, with a cumulative growth of 2.62% from January to April [2][7] - The recovery in electricity demand is attributed to high temperatures and increased activity in sectors like information transmission and retail [7] Fuel Costs and Procurement - In April, the company's coal procurement costs significantly decreased, with a reduction exceeding 10% compared to the first quarter [2][4] - The coal price in Xinjiang dropped approximately 5% year-on-year from January to April, with expectations for further declines in May [2][8] - The company adjusted its forecast for coal utilization hours in Anhui to 4,700-4,800 hours, slightly lower for Xinjiang [4][15] Project Developments - The Qianjin Coal Power Phase II project commenced operations on March 30, with profitability exceeding 0.05 yuan per kWh, leading in the province [2][6] - Gas projects are now executing new gas price contracts, expected to turn losses into profits [2][6] - Significant progress is being made on renewable energy projects, including an 800,000 kW solar project in Xinjiang and a 300,000 kW wind project in Anhui [2][6] Financial Performance - The company anticipates a monthly profit of approximately 5 to 6 million yuan, with a quarterly total profit expected to reach 15 million yuan [19] - Overall, the company projects to break even or achieve a slight profit of 20 to 30 million yuan for the year [21] Taxation and Regulatory Environment - Xinjiang benefits from a preferential tax rate of 15%, while Anhui operates under a standard rate of 25% [18] - The company is preparing for summer peak demand with sufficient coal inventory [13] Market Conditions - The comprehensive electricity price for the second quarter is expected to remain stable, with long-term contract prices around 0.413 yuan per kWh [16] - The company is actively negotiating price adjustments for market agreement coal to manage price fluctuations [12] Future Outlook - The company plans to reduce capital expenditures significantly this year while focusing on returning value to shareholders through potential dividend increases [23] - The renewable energy sector is competitive, with limited profit contributions expected from new wind projects in the near term [24] Additional Important Information - The company is monitoring the impact of the 136 document on its operations, although no formal details have been released yet [27] - The group’s market value management assessment focuses on revenue and profit growth, with no specific quantitative targets currently established [28]

证券代码：000543 证券简称：皖能电力 公告编号：2025-29 （1）现场会议时间：2025 年 5 月 22 日（星期四）14:30。 安徽省皖能股份有限公司 2024 年度股东大会决议公告 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： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （2）网络投票时间：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 5 月 22 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 5 月 22 日上午 9:15—下午 15:00。 2.现场会议召开地点：安徽省合肥市马鞍山路 76 号能源大厦三楼会议室。 3.召开方式：现场投票与网络投票相结合的方式。 4.召集人：公司董事会。 5.主持人：公司董事长李明先生。 6.会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章 程等规定 ...

国浩律师(合肥)事务所 关于安徽省皖能股份有限公司 2024 年度股东大会 法律意见书 國浩律師(合肥)事務所 GRANDALL LAW FIRM (HEFEI) 地址:安徽省合肥市政务区怀宁路 200 号置地 · 相悦中心 12 楼 电话: （0551）65633326 传真: （0551）65633323 国浩律师(合肥)事务所 关于安徽省皖能股份有限公司 2024 年度股东大会 法律意见书 一、关于本次股东大会的召集、召开程序 (一) 经核查, 公司董事会于 2025 年 4 月 25 日以公告方式在深圳证 券 交 易 所 （ http://www.szse.cn/ ） 和 巨 潮 资 讯 网 （ http： //www.cninfo.com.cn)上刊登了《安徽省皖能股份有限公司关于召开 2024 年度股东大会的通知》。 上述公告的内容包括会议召集人、会议召开的日期及时间、召开方式、 股权登记日、出席对象、会议地点、会议审议事项等。上述通知公告的内 容符合《公司法》《证券法》《上市公司股东会规则》等相关法律、法规、 规范性文件以及《公司章程》的有关规定。 (二)经核查,本次股东大会现场会议于 2025 ...

Group 1: Power Generation - In 2024, the total power generation of the controlling units is projected to be 60.155 billion kWh, representing a year-on-year increase of 17.34% [2] - In Q1 2025, the total power generation of the controlling units is 14.32 billion kWh, showing a year-on-year decrease of 6.7% [2] - The decline in power generation from existing units since Q2 is expected to show a narrowing trend compared to Q1 [2] Group 2: Electricity Pricing - The comprehensive electricity price for 2024 is expected to decrease by 5-6 cents per kWh, primarily due to the increased share of power generation from Xinjiang units [2] - In Q1 2025, the overall electricity price is 415 RMB/MWh, which is approximately 0.02 RMB lower year-on-year, attributed to the decline in provincial electricity prices and the increased share of Xinjiang units [2] Group 3: Coal Costs - The comprehensive standard coal price (excluding tax) for 2024 is approximately 915 RMB/ton, reflecting a year-on-year decrease of 7.5% [2] - In Q1 2025, the comprehensive standard coal price (excluding tax) has dropped to about 800 RMB/ton, a year-on-year decrease of 14%, mainly due to the increased power generation from Xinjiang units and the decline in provincial coal prices [2] Group 4: Power Generation Capacity - By the end of 2024, the installed capacity of controlling power generation units is expected to reach 1,736 MW, with 1,366 MW in operation and 210 MW under construction [3] - As of the end of Q1 2025, the installed capacity is projected to increase to 1,466 MW, with 110 MW under construction [3] - Two major renewable energy projects are under construction: an 800 MW solar project in Xinjiang and a wind power project in Anhui [3] Group 5: Profitability - The overall utilization hours for 2024 are estimated to be around 5,000 hours, with coal power utilization close to 5,200 hours [3] - The Changfeng gas power station is expected to incur losses in 2024 due to a 3-4 month commissioning period, but is projected to be profitable in 2025 [3] - The newly commissioned Qianyingzi project is anticipated to have a competitive profitability compared to existing units [3]

Summary of the Conference Call for WanNeng Power Company Overview - **Company**: WanNeng Power - **Industry**: Power Generation, primarily coal and gas Key Points and Arguments 1. **Power Generation Volume**: In Q1 2025, WanNeng Power's total power generation decreased by 6.7% year-on-year, primarily due to a slowdown in electricity demand growth in Anhui Province and a decline in coal power generation. However, coal power generation in Xinjiang increased significantly by 55% due to new projects coming online [2][4][17]. 2. **Average Settlement Price**: The overall average on-grid settlement price decreased by 4.5% year-on-year, with a reduction of approximately 0.02 CNY per kWh. The decline was mitigated by active participation in the spot market, which helped control the price drop [2][5][6]. 3. **Coal Consumption and Pricing**: The coal consumption level in Q1 2025 was approximately 8 million tons, higher than the same period last year. The tax-inclusive benchmark coal price dropped by over 10% year-on-year, benefiting from the increased share of Xinjiang coal power and a decrease in local coal prices [2][7]. 4. **Gas Power Generation**: Starting in April 2025, gas power generation began executing new natural gas contracts, achieving nearly 100% free gas supply. This shift is expected to turn the segment profitable for the year, contrasting with losses from the previous year [2][8]. 5. **Profitability Outlook**: The profitability in Q2 2025 is expected to expand due to sustained reductions in coal prices and high inventory levels in local coal power plants. The demand for replenishing stocks ahead of peak summer is not significant at this time [2][9]. 6. **Impact of Electricity Demand**: The electricity demand growth in Anhui Province was only 1.1% in Q1 2025, leading to a 16% decline in local coal power generation. However, Xinjiang's coal power generation increased by 10 billion kWh, marking a 55% growth due to new projects [4][17]. 7. **Comparison of Profitability**: The profitability of the company's self-operated power plants is gradually improving and approaching that of its investee companies, which have seen a significant decline in generation and profitability due to unfavorable market conditions [2][11]. 8. **Future Projections**: The average utilization hours for electricity in Anhui Province are expected to be between 4,500 and 4,600 hours in 2025, while Xinjiang may drop below 4,500 hours due to increased competition and demand pressures [3][17]. 9. **Coal Price Trends**: The benchmark coal price is projected to continue declining, with April prices falling below 900 CNY per ton. The capacity fee collection rate has improved, reaching over 99% in the first four months of 2025 [12][17]. 10. **Gas Supply and Cost**: The gas supply for 2025 is entirely sourced from self-produced gas, which is expected to maintain lower cost levels compared to the previous year, enhancing profit margins [15]. Other Important but Overlooked Content - **Environmental Initiatives**: The company is expanding its waste incineration power generation segment, which has seen a 6% increase in output [4]. - **Regulatory Environment**: There are currently no directives regarding stockpiling or price controls for gas, indicating a stable regulatory environment for the time being [10]. - **Future Market Participation**: Gas peaking units are not expected to participate in market trading, remaining under grid dispatch control [16]. This summary encapsulates the critical insights from the conference call, highlighting the operational performance, market conditions, and future outlook for WanNeng Power.

Group 1 - The announcement is regarding the interest payment for the first phase of medium-term notes (MTN) for the year 2024 by Anhui Wan Energy Co., Ltd [1] - The bond in question is identified as 24 Wan Energy MTN001 with the bond code 102481999 [1] - The interest payment will be processed through the China Interbank Market Clearing House Co., Ltd, and any changes to the payment account must be communicated in advance [1] Group 2 - The announcement includes contact information for relevant personnel for inquiries regarding the interest payment [1]

股票代码：000543 股票简称：皖能电力 公告编号：2025-28 安徽省皖能股份有限公司 关于 2024 年度第一期中期票据付息公告 3.债券简称：24 皖能股 MTN001 4.债券代码：102481999 5.发行总额：11 亿元 6.本计息期债券利率：2.44% 7.付息日：2025 年 5 月 23 日 二、付息办法 安徽省皖能股份有限公司（以下简称"公司"或"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。 为保证 24 皖能股 MTN001（债券代码：102481999）付息工作的顺利进行， 方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 1.发行人：安徽省皖能股份有限公司 2.债券名称：安徽省皖能股份有限公司 2024 年度第一期中期票据 1.发行人：安徽省皖能股份有限公司 联系人：丁亚平 联系方式：0551-62225821 2.主承销商：兴业银行股份有限公司 联系人：刘媛 联系方式：010-89926507 3.托管机构：银行间市场清算所股份有限公司 联系人：谢晨燕、陈龚荣 联系电话：021-23198708 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is impacted by electricity consumption and coal inventory, but there is optimism for a recovery in electricity demand and coal price elasticity in Q2 [5] - The company reported a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [6] - The electricity price in Anhui province is expected to decline, which may affect revenue, but the company benefits from lower coal prices and new power generation units coming online [6] Financial Summary - Revenue projections for the company are as follows: 27,867 million yuan in 2023, 30,094 million yuan in 2024, and 30,516 million yuan in 2025E, with a growth rate of 8.26%, 7.99%, and 1.40% respectively [5] - Net profit attributable to shareholders is projected to be 1,430 million yuan in 2023, 2,064 million yuan in 2024, and 2,205 million yuan in 2025E, with growth rates of 186.37%, 44.36%, and 6.85% respectively [5] - The company’s earnings per share (EPS) are expected to be 0.63 yuan in 2023, 0.91 yuan in 2024, and 0.97 yuan in 2025E [5] Market Performance - The closing price of the company's stock is 7.53 yuan, with a market capitalization of approximately 17,069.48 million yuan [3] - The company's asset-liability ratio stands at 64.43%, and the net asset value per share is 7.12 yuan [3]