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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance exceeded expectations, with a focus on year-end electricity price negotiations [5] - The company is expected to achieve a net profit attributable to shareholders of 2.3 billion, 2.4 billion, and 2.6 billion RMB for 2025-2027, corresponding to P/E ratios of 8, 7, and 7 times respectively [6] - The current valuation is at a historically low level, and new investment projects are expected to contribute incremental profits [6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 21.773 billion RMB, a year-on-year decrease of 3.41%, while the net profit attributable to shareholders was 1.906 billion RMB, a year-on-year increase of 20.43% [8] - In Q3 alone, the company achieved revenue of 8.587 billion RMB, a year-on-year increase of 0.56%, and a net profit of 0.824 billion RMB, a year-on-year increase of 60.95% [8] - The increase in profit is attributed to a decrease in coal prices and an increase in electricity demand within Anhui province [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 30.516 billion, 31.706 billion, and 31.858 billion RMB, with corresponding net profits of 2.312 billion, 2.418 billion, and 2.593 billion RMB [7] - The company’s earnings per share (EPS) are projected to be 1.02, 1.07, and 1.14 RMB for 2025-2027 [7] - The return on equity (ROE) is expected to be 13.34%, 12.80%, and 12.60% for the same period [7] Operational Highlights - The company is the largest thermal power operator in Anhui province, with a significant share of the province's thermal power generation capacity [8] - New power generation units are expected to contribute to profit growth, with several projects scheduled for completion between 2026 and 2027 [8]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

Market Performance - The Anhui state-owned enterprise reform sector rose by 1.73% compared to the previous trading day, with Waneng Electric Power leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Key Stocks in Anhui State-Owned Enterprise Reform Sector - Waneng Electric Power (000543) closed at 8.65, up 10.05%, with a trading volume of 1.0268 million shares and a transaction value of 870 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41%, with a trading volume of 295,300 shares and a transaction value of 634 million [1] - Tongguan Copper Foil (301217) closed at 32.10, up 6.05%, with a trading volume of 510,300 shares and a transaction value of 1.626 billion [1] - Jianghuai Automobile (600418) closed at 52.79, up 5.01%, with a trading volume of 721,100 shares and a transaction value of 3.777 billion [1] - Tongling Nonferrous Metals (000630) closed at 5.86, up 2.81%, with a trading volume of 3.9126 million shares and a transaction value of 2.299 billion [1] Capital Flow Analysis - The Anhui state-owned enterprise reform sector saw a net inflow of 156 million from main funds, while speculative funds experienced a net outflow of 231 million [2] - Retail investors contributed a net inflow of 74.36 million [2] Individual Stock Capital Flow - Jinghe Integrated (688249) had a main fund net inflow of 242 million, but a speculative fund net outflow of 42.99 million [3] - Jianghuai Automobile (600418) saw a main fund net inflow of 160 million, with a speculative fund net outflow of 166 million [3] - Waneng Electric Power (000543) experienced a main fund net inflow of 64.71 million, while speculative funds had a net outflow of 57.96 million [3]

Core Insights - The electricity sector experienced a rise of 1.51% on the previous trading day, with Waneng Power leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Electricity Sector Performance - Waneng Power (code: 000543) closed at 8.65, with a significant increase of 10.05% and a trading volume of 1.0268 million shares, amounting to a transaction value of 870 million yuan [1] - Other notable performers included: - Lide New Energy (code: 001258) at 8.22, up 10.04% [1] - Shanghai Electric (code: 600021) at 27.57, up 6.37% [1] - China Nuclear Power (code: 601985) at 9.47, up 4.18% [1] Capital Flow Analysis - The electricity sector saw a net inflow of 926 million yuan from institutional investors, while retail investors experienced a net outflow of 58.738 million yuan [2] - Key stocks with significant capital flow included: - China Nuclear Power with a net inflow of 585 million yuan, accounting for 14.63% of total capital [3] - Lide New Energy with a net inflow of 84.9323 million yuan, representing 19.99% [3] - Waneng Power with a net inflow of 64.7083 million yuan, making up 7.44% [3]

Core Viewpoint - The power sector is experiencing a significant upward trend, with several companies reaching their daily price limits, indicating strong market performance and investor interest [1] Company Performance - Anhui Energy and Lide New Energy have hit the daily price limit, showcasing robust investor confidence and market activity [1] - Shanghai Electric, Jingneng Power, Guodian Power, and China General Nuclear Power are among the companies with notable price increases, reflecting a positive sentiment in the power sector [1]

Core Insights - The company reported a revenue of 21.773 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.41%, while the net profit attributable to shareholders was 1.906 billion yuan, an increase of 20.43% [1] - In Q3 2025, the company achieved a revenue of 8.587 billion yuan, a year-on-year increase of 0.56%, and a net profit of 824 million yuan, a year-on-year increase of 60.95% [1] Revenue and Profit Analysis - Q3 saw a significant improvement in electricity generation, with coal prices remaining low, which boosted profit performance [1] - The company's revenue growth in Q3 was supported by a recovery in electricity demand, particularly in July and August, where electricity generation increased by over 9% year-on-year [1] - The operating cost in Q3 decreased by 5.07% year-on-year, primarily due to lower coal prices, which enhanced quarterly profit margins [1] R&D and Investment Performance - R&D expenses in Q3 increased by 13.56% year-on-year, a significant reduction in growth rate compared to the first half of 2025, which helped in profit release [2] - The company reported a net investment income of 350 million yuan in Q3, a year-on-year increase of 25.61%, contributing to the growth in performance [2] - The gross margin and net margin for Q3 were 17.32% and 14.34%, respectively, reflecting an increase of 4.91 percentage points and 5.5 percentage points year-on-year, indicating improved profitability [2] Project Development - Ongoing projects are progressing as planned, with the 500,000 kW Turpan wind power project expected to be fully connected to the grid by the end of September 2025, and the 800,000 kW photovoltaic project in Xinjiang expected to be fully operational by November 2025 [2] - Additionally, a 300,000 kW wind power project in the province is anticipated to be fully operational next year, laying a foundation for long-term growth [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 2.458 billion yuan, 2.631 billion yuan, and 2.780 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.09%, 7.05%, and 5.66% [3] - As of October 24, 2025, the company's stock price corresponds to a price-to-earnings ratio (PE) of 7.25, 6.77, and 6.41 for the years 2025, 2026, and 2027 [3]

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [3] Core Views - The quarterly electricity performance has contributed to revenue growth, and the "winter peak" is expected to support electricity prices next year [2] - The company has successfully managed costs, leading to stable overall performance despite a slight decline in revenue [2] - Future growth is anticipated from ongoing projects and the tight power supply-demand situation in Anhui province [2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 21.773 billion yuan, a year-on-year decrease of 3.41%, while net profit attributable to shareholders was 1.906 billion yuan, an increase of 20.43% [1] - In Q3 alone, revenue reached 8.587 billion yuan, up 0.56% year-on-year and 26.93% quarter-on-quarter, with net profit of 824 million yuan, reflecting a year-on-year increase of 60.95% [1][2] Growth Potential - The company is expected to see continued growth from its ongoing projects, including the Xinjiang Yingma Power Plant and Qianyingzi Phase II Power Plant, which are set to contribute to profits [2] - The company’s shareholder, Anhui Energy Group, is actively exploring new projects, which may further enhance future growth [2] Earnings Forecast - The report adjusts the net profit forecasts for 2025-2027 to 2.229 billion, 2.296 billion, and 2.378 billion yuan, respectively, with corresponding P/E ratios of 7.99, 7.76, and 7.49 times based on the closing price on October 24, 2025 [2][4]

Core Insights - The company reported a revenue of 8,587,444,363.31 yuan for the third quarter of 2025, representing a year-on-year growth of 0.56% [2] - The net profit attributable to shareholders of the listed company was 824,175,658.66 yuan, showing a significant year-on-year increase of 60.95% [2] Financial Performance - Revenue for Q3 2025: 8.59 billion yuan, up 0.56% year-on-year [2] - Net profit for Q3 2025: 824.18 million yuan, up 60.95% year-on-year [2]

安徽省皖能股份有限公司 十一届十二次董事会会议决议公告 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。 证券代码：000543 证券简称：皖能电力 公告编号：2025-57 2025年第三季度报告 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 二〇二五年十月二十五日 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 会第十二次会议于2025年10月23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4名，分别为张为义、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： ...