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]

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 ...

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 ...

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.

Core Insights - Environmental risks are increasingly recognized as significant operational risks for listed companies, impacting both their development and public image [2][4] Group 1: Environmental Violations and Penalties - Lu'an Huanneng was fined 450,000 yuan for commencing production without obtaining environmental impact assessment (EIA) approval for its coal mining project [2][4] - Xinji Energy's subsidiary was penalized 334,000 yuan for failing to verify the qualifications and capabilities of a waste disposal contractor [4][5] - China State Construction was fined 400,000 yuan for not preparing a construction waste disposal plan [6] Group 2: Impact on Shareholders - The five listed companies involved in environmental violations are state-controlled and collectively have 645,600 shareholders, indicating potential investment risks for these stakeholders [2] Group 3: Regulatory Framework and Public Disclosure - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the need for companies to prioritize sustainable development and disclose environmental data [7] - The legal framework supports public access to environmental information, enhancing transparency and accountability in corporate environmental practices [7]

Investment Rating - The report maintains a "Buy" rating for key stocks in the power sector, including Huadian International, Huaneng International, Datang Power, and Jianou Energy, as well as leading fire power renovation equipment manufacturers like Qingda Environmental Protection [3][8]. Core Viewpoints - The Guangdong government has issued Document No. 136, focusing on incremental projects with a clear mechanism for a 90% electricity volume cap and long execution periods [3][12]. - Compared to Shandong's conservative approach to existing projects, Guangdong's plan emphasizes detailed competition for incremental projects, which is expected to enhance market-driven price formation [12][13]. - The report suggests paying attention to green power operators with a higher proportion of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages [3][12]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, with the Shanghai Composite Index closing at 3367.46 points, up 0.76%, and the CSI 300 Index at 3889.09 points, up 1.12% [58]. - The CITIC Power and Utilities Index closed at 2912.72 points, up 0.29%, underperforming the CSI 300 Index by 0.82 percentage points [58]. Key Developments - The Guangdong Provincial Power Trading Center has released draft rules for the sustainable development price settlement mechanism for new energy incremental projects, emphasizing competitive bidding [3][12]. - The report notes a decline in coal prices to 629 RMB/ton, which may impact fire power profitability [15]. - Water inflow at the Three Gorges Dam has decreased by 26.09% year-on-year, while outflow has dropped by 25.14% [31]. Market Trends - The report indicates a drop in silicon material prices to 37 RMB/KG and a decrease in mainstream silicon wafer prices to 1.12 RMB/PC, suggesting potential improvements in photovoltaic project returns [41]. - The national carbon market saw a price increase of 0.80% this week, with a total trading volume of 3.67 million tons and a total transaction value of 266 million RMB [53]. Recommended Stocks - The report recommends focusing on undervalued green power stocks, particularly those listed in Hong Kong, as well as wind power operators like Xintian Green Energy and Longyuan Power [3][8].

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]

广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

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 ...