证券代码：000543 证券简称：皖能电力 公告编号：2025-59 安徽省皖能股份有限公司 关于控股子公司存续分立的公告 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。 （九）股权结构：钱营孜公司为公司控股子公司，其中，公司持有其50%股 权，安徽恒源煤电股份有限公司持有其50%股权。 （十）钱营孜公司最近一年经审计的主要财务数据： 单位：万元 2025年11月6日，公司十一届十三次董事会通过了《关于审议安徽钱营孜发 电有限公司分立事项的议案》，同意公司控股子公司安徽钱营孜发电有限公司（以 下简称"钱营孜公司"）实施存续分立。现将有关情况公告如下： 一、分立情况概述 钱营孜公司为公司控股子公司，公司持有其50%股权。为优化公司管理架构， 合理配置资源，提升运营效率，促进业务协同发展，公司拟对钱营孜公司进行分 立，分立完成后，钱营孜公司继续存续，另派生新设1家公司。 本次存续分立事项不构成关联交易，亦不构成重大资产重组；根据《深圳证 券交易所股票上市规则》《公司章程》等相关规定，本次分立事项在公司董事会 审议权限范围内，无需提交公司股东会审议。公司董事会授权公 ...

Core Viewpoint - The company plans to spin off its subsidiary Qianyingzi Company to optimize management structure and enhance operational efficiency [1] Group 1 - Qianyingzi Company is a controlled subsidiary of the company, with a 50% equity stake held by the company [1] - The spin-off aims to rationally allocate resources and promote business synergy [1] - After the spin-off, Qianyingzi Company will continue to exist, and a new company will be established [1]

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。 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 会第十三次会议于2025年11月6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5名，分别为张为义、彭松、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、关于公司经营层成员2024年年薪和2022-2024年任期激励收入考核结果 的议案 董事方世清为公司总经理，对该议案回避表决；董事李明、刘亚成、卢浩、 张为义、彭松、独立董事谢敬东、姚王信、孙永标同意该项议案。 证券代码：000543 证券简称：皖能电力 公告编号：2025-58 安徽省皖能股份有限公司 十一届十三次董事会会议决议公告 五、关于审议修订公司《制度管理规定》的议案 表决结果为：赞成9票，反对0票，弃权0票。 六、关于审议安徽钱营孜发电有限公司 ...

Core Viewpoint - The company has proactively positioned itself in the low-carbon transformation of coal power, with a successful development of ammonia co-firing technology and key equipment [1] Group 1: Company Developments - Anhui Energy (皖能电力) has made significant advancements in the field of low-carbon transformation for coal power [1] - The company's subsidiary, Ammonia Technology Co., Ltd. (氨邦科技有限公司), has successfully developed a complete set of technology and key equipment for ammonia co-firing in coal-fired power plants [1] - This achievement has been recognized by the National Energy Administration, as it was included in the third batch of major technological equipment (projects) in the energy sector [1]

Group 1: Company Overview - The company's installed capacity as of the end of Q3 is 17.87 million kW, with operational capacity at 14.67 million kW and 1.6 million kW under construction or approved [1][2] - The company's power generation for the first three quarters is approximately 46 billion kWh, reflecting a year-on-year growth of 0.71% [2] Group 2: Low-Carbon Initiatives - The company has proactively engaged in low-carbon transformation in coal power, with its subsidiary, Anbang Technology Co., successfully developing a complete set of technology and key equipment for ammonia co-firing in coal-fired power plants [2] - This technology has been recognized in the third batch of major technological equipment (projects) by the National Energy Administration [2] Group 3: Ongoing Projects - Current projects include a 300,000 kW wind power project in Anhui Province, an 800,000 kW photovoltaic base project in Xinjiang, and a 500,000 kW wind power project [2] Group 4: Market Conditions - Recent spot electricity prices have stabilized and shown positive trends [2] - There is anticipated downward pressure on utilization hours for the year [2] Group 5: Business Performance - The gas turbine business has remained profitable in the first three quarters [2]

Market Overview - The electricity sector experienced a decline of 1.77% on the previous trading day, with JianTou Energy leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Tianfu Energy (600509) saw a closing price of 8.58, with an increase of 4.00% and a trading volume of 660,100 shares [1] - JianTou Energy (000600) reported a closing price of 9.12, down 5.00%, with a trading volume of 638,100 shares and a transaction value of 589 million yuan [2] - China Nuclear Power (601985) closed at 8.98, down 4.26%, with a trading volume of 3,121,600 shares and a transaction value of 2.84 billion yuan [2] Capital Flow - The electricity sector saw a net outflow of 1.027 billion yuan from main funds, while retail funds recorded a net inflow of 281 million yuan [2] - Tianfu Energy had a net inflow of 97.05 million yuan from main funds, but a net outflow of 88.32 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor types within the electricity sector [2][3]

Core Viewpoint - WanNeng Power, established in December 1993, is the largest thermal power operator in Anhui Province, primarily focusing on coal-fired power generation and benefiting from scale and regional advantages [1] Group 1: Business Performance - In Q3 2025, WanNeng Power achieved operating revenue of 21.773 billion yuan, ranking 12th in the industry, significantly lower than the top player Huaneng International at 172.975 billion yuan and the second player Guodian Power at 125.205 billion yuan [2] - The net profit for the same period was 2.853 billion yuan, also ranking 12th, far below Huaneng International's 19.436 billion yuan and Guodian Power's 12.233 billion yuan [2] - The main business composition includes power and related products at 10.453 billion yuan (79.28%), coal at 2.37 billion yuan (17.97%), transportation at 201 million yuan (1.52%), waste treatment at 143 million yuan (1.09%), and others at 18.4185 million yuan (0.14%) [2] Group 2: Financial Ratios - As of Q3 2025, WanNeng Power's debt-to-asset ratio was 63.00%, higher than the industry average of 61.62%, but down from 65.71% in the same period last year [3] - The gross profit margin was 16.67%, below the industry average of 18.24%, although it improved from 12.27% in the previous year [3] Group 3: Management and Shareholder Information - The chairman, Li Ming, has no disclosed salary data, while the general manager, Fang Shiqing, saw a salary decrease of 59,600 yuan year-on-year, with a 2024 salary of 650,200 yuan [4] - As of September 30, 2025, the number of A-share shareholders increased by 2.10% to 55,700, while the average number of circulating A-shares held per household decreased by 2.06% to 40,700 [5] Group 4: Future Outlook - According to Huayuan Securities, WanNeng Power is expected to achieve a net profit of 2.3 billion, 2.4 billion, and 2.6 billion yuan from 2025 to 2027, with corresponding PE ratios of 8, 7, and 7 times, and a projected dividend yield of 4.5% in 2025 [5] - Guosheng Securities forecasts operating revenues of 29.062 billion, 29.625 billion, and 29.575 billion yuan for 2025 to 2027, with net profits of 2.322 billion, 2.346 billion, and 2.409 billion yuan, respectively [6] - Business highlights include increased electricity demand and improved cost management supporting significant profit growth, as well as new projects contributing to growth potential [6]

Core Viewpoint - The stock of Anhui WanNeng Power has experienced fluctuations, with a recent decline of 2.01%, while the company shows a year-to-date stock price increase of 9.34% [1] Financial Performance - For the period from January to September 2025, WanNeng Power reported operating revenue of 21.773 billion yuan, a year-on-year decrease of 3.41%, while net profit attributable to shareholders increased by 20.43% to 1.906 billion yuan [2] - Cumulative cash dividends since the company's A-share listing amount to 4.618 billion yuan, with 1.333 billion yuan distributed over the past three years [3] Shareholder Information - As of October 10, 2025, the number of shareholders for WanNeng Power increased to 56,700, with an average of 40,011 circulating shares per person, a decrease of 1.71% [2] - The top ten circulating shareholders include South China CSI 500 ETF, which reduced its holdings by 308,700 shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 15.463 million shares [3] Market Activity - The stock's trading volume reached 131 million yuan, with a turnover rate of 0.69%, and a total market capitalization of 18.815 billion yuan [1] - The net outflow of main funds was 11.9944 million yuan, with significant selling pressure observed [1]

Summary of the Conference Call for WanNeng Power Company Overview - **Company**: WanNeng Power - **Period**: First three quarters of 2025 - **Installed Capacity**: 17.87 million kW, with operational capacity at 14.67 million kW and 1.6 million kW under construction or awaiting approval [3][4] Key Financial Metrics - **Electricity Generation**: 46 billion kWh, a year-on-year increase of 0.7% [2][3] - **Average Selling Price**: 0.42 CNY per kWh, a decrease of 6% year-on-year [2][3][6] - **Coal Price**: Excluding tax, the benchmark coal price remained below 800 CNY/ton for two consecutive quarters, down over 15% year-on-year [2][3][11] - **Sales Volume**: Approximately 43.2 billion kWh, based on an average grid connection rate of 94% [4] Market Dynamics - **Electricity Price Trends**: The average selling price decreased due to intense competition, reduced long-term contract coverage, and decreased income from peak-shaving in Xinjiang [2][6] - **Xinjiang Wind Power Pricing**: Competitive pricing reached 0.252 CNY per kWh, higher than the benchmark price, with 50% of the revenue from a new wind project locked in through mechanism pricing [7][8] - **Spot Market Performance**: The Anhui spot market has been operational for nearly 10 months, with prices gradually recovering to near benchmark levels by October [2][17] Investment and Future Projects - **Investment Income**: Increased year-on-year, attributed to the commissioning of the Guoneng Shenwan Chizhou Power Plant Phase II and reduced impairment pressure from previous renewable projects [13] - **Nuclear Fusion Project**: WanNeng Power holds a 3.5% stake in a nuclear fusion project expected to be completed in 2027, with plans for further development in Hefei [14] Strategic Initiatives - **Long-term Contracts**: The company plans to sign long-term contracts to stabilize revenue and mitigate market volatility, with expected prices slightly above mechanism prices [8][9] - **Renewable Energy Strategy**: The company has made early investments in renewable energy, achieving a blending ratio of 10% to 35% in its 300,000 kW units [15] Dividend Policy - **Dividend Distribution**: Currently distributing 35% of net profit as dividends, with management considering an increase, pending approval from group leadership [4][20] Risks and Challenges - **Coal Price Fluctuations**: Anticipated increases in coal prices in Q4 may impact profitability [2][19] - **Market Uncertainty**: The company faces uncertainties regarding Q4 performance due to various factors, including coal prices and potential impairments [19] Regulatory Environment - **Long-term Contract Requirements**: The government may adjust long-term contract signing ratios based on electricity demand growth forecasts for 2026 [18] This summary encapsulates the key points from the conference call, highlighting the company's performance, market conditions, strategic initiatives, and potential risks.

Core Viewpoint - The thermal power industry is experiencing a recovery in profitability driven by a decline in thermal coal prices year-on-year and an increase in electricity demand during peak summer months, with companies like Jianneng Power and Jiantou Energy reporting significant profit growth [1][4]. Group 1: Company Performance - Jianneng Power reported a revenue of 26.16 billion yuan for the first three quarters, a year-on-year increase of 0.49%, with a net profit attributable to shareholders of 3.17 billion yuan, up 125.66% [2]. - Waneng Power's third-quarter revenue was 8.59 billion yuan, a 0.56% increase year-on-year, with a net profit of 824 million yuan, reflecting a 60.95% growth [2]. - Jiantou Energy expects a net profit of 1.583 billion yuan for the first three quarters, marking a 231.75% increase year-on-year, primarily due to lower coal prices and reduced operational costs [3]. Group 2: Market Dynamics - The decline in thermal coal prices and the increase in electricity demand during the summer are key factors contributing to the profitability recovery of thermal power companies [4]. - The stability of electricity prices in northern thermal power companies is expected to lead to performance growth that exceeds the industry average [4]. - The National Development and Reform Commission and the National Energy Administration have introduced guidelines to enhance the electricity market system, indicating a shift towards a more market-oriented approach [4]. Group 3: Coal Price Trends - As of October 24, the price of Shanxi-produced thermal coal reached 770 yuan per ton, the upper limit set by the National Development and Reform Commission for long-term coal prices [5]. - Analysts predict that the current round of thermal coal price increases may be nearing an end, but there are concerns about potential supply tightening due to ongoing production checks in coal mines [5]. - The execution of "anti-involution" policies may lead to unexpected increases in coal prices, which could impact the recovery pace of thermal power profitability [5].