股票代码：000543 股票简称：皖能电力 公告编号：2025-52 安徽省皖能股份有限公司 关于 2024 年度第三期中期票据付息公告 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 MTN003（债券代码：102489001）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： 二、付息办法 托管在银行间市场清算所股份有限公司的债券，其付息资金由银行间市场清 算所股份有限公司划付至债券持有人指定的银行账户。债券付息日或到期付息日 如遇法定节假日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更， 应在付息前将新的资金汇划路径及时通知银行间市场清算所股份有限公司。因债 券持有人资金汇划路径变更未及时通知银行间市场清算所股份有限公司而不能 及时收到资金的，发行人及银行间市场清算所股份有限公司不承担由此产生的任 何损失。 三 、本次付息相关机构 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 年度第三期中期票据 ...

国浩律师（合肥）事务所 关 于 安徽省皖能股份有限公司 合肥市政务区怀宁路 200 号置地栢悦中心 12 层 邮编：230000 12th Floor, Land·Baylor Centre, No. 200 Huaining Road, Government District, Hefei, China 电话/Tel: +86 551 65633326 传真/Fax: +86 551 65633326 网址/Website: http://www.grandall.com.cn 二〇二五年九月 国浩律师（合肥）事务所 法律意见书 国浩律师（合肥）事务所 关于安徽省皖能股份有限公司 控股股东一致行动人增持公司股份 之 法律意见书 控股股东一致行动人增持公司股份 之 法律意见书 致：安徽省皖能股份有限公司 国浩律师（合肥）事务所（以下简称"本所"）依法接受安徽省皖能股份 有限公司（以下简称"皖能电力""公司"）的委托，根据《中华人民共和国 公司法》（以下简称"公司法"）、《中华人民共和国证券法》（以下简称 "证券法"）、《上市公司收购管理办法》（以下简称"管理办法"）、深圳 证券交易所（以下简称"深交所"）发布 ...

Core Viewpoint - The company, WanNeng Power (000543.SZ), has completed its share buyback plan, acquiring a total of 20,715,209 shares, which represents 0.9138% of the company's total share capital, with a total investment of 149.6642 million yuan [1] Summary by Categories Share Buyback Plan - The implementation period of the share buyback plan has expired [1] - The shares were acquired through the Shenzhen Stock Exchange via centralized bidding [1] - The total amount invested in the share buyback was 149.6642 million yuan [1]

Core Viewpoint - Anhui WanNeng Co., Ltd. announced the completion of the shareholding increase plan by its controlling shareholder, Energy Group's wholly-owned subsidiary, WanNeng Capital, reflecting confidence in the company's future development and value recognition [1] Group 1 - WanNeng Capital increased its holdings by 20,715,209 shares, accounting for 0.9138% of the total share capital, with an investment amount of 149.6642 million yuan [1] - Prior to the increase, Energy Group and its concerted parties held 56.74% of the shares, which increased to 57.65% post-transaction [1] - Legal experts confirmed the compliance of the increase in shareholding, indicating that it falls under the exemption from the mandatory tender offer, and the company has fulfilled its information disclosure obligations without altering the control rights [1]

Group 1 - The core point of the article is that WanNeng Power has completed a share buyback plan, acquiring approximately 20.72 million shares, which represents 0.9138% of the company's total share capital, with a total investment of about 150 million yuan [1] - As of September 12, 2025, WanNeng Power's revenue composition for the first half of 2025 is as follows: 79.28% from the power generation sector, 17.97% from the coal sector, 1.52% from the transportation sector, 1.09% from waste treatment, and 0.14% from other sources [1] - The current market capitalization of WanNeng Power is 16.3 billion yuan [1]

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Sheneng Co. and Huadian International for thermal power, and Yangtze Power for hydropower [4] Core Viewpoints - The report highlights the recent auction results for renewable energy pricing in Shandong, indicating a total of 94.67 billion kWh of selected projects, with wind power accounting for 59.67 billion kWh and solar power for 12.48 billion kWh [6][32] - It notes that the winning bid price for wind power was 0.319 yuan/kWh, which is an 8.9% discount from the auction ceiling, while solar power had a winning bid of 0.225 yuan/kWh, reflecting a 35.7% discount [6][33] - The report emphasizes the importance of the new market mechanisms being developed for renewable energy, including the support for a spot market for electricity [6][57] Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.86% while the ChiNext Index increased by 2.16% during the week of September 8-12 [12] - The carbon neutrality sector rose by 2.25%, while the coal sector saw a slight decline of 0.11% [12] Industry News - The report discusses the new guidelines for the continuous operation of electricity spot markets, which aim to enhance market competition and system operation [57] - It also mentions the new action plan for large-scale construction of new energy storage, targeting an installed capacity of over 180 million kW by 2027, with direct investments of approximately 250 billion yuan [58] Investment Recommendations - For thermal power, the report recommends focusing on leading companies in regions with tight supply-demand dynamics, such as Anhui Energy and Huadian International [62] - In hydropower, it suggests monitoring Yangtze Power due to stable electricity prices and regional supply-demand tightness [62] - For nuclear power, it highlights China National Nuclear Power as a key player due to expected increases in electricity generation and stable pricing [62] - In the renewable energy sector, it recommends Longyuan Power as a leading wind power operator [63] - The report also suggests focusing on urban comprehensive operation management service providers like Yuhua Tian [63]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [2] Core Views - The new pricing policy for nearby consumption of renewable energy is expected to balance cost sharing and catalyze the development of green electricity direct connection projects. The policy will be implemented on October 1, 2025, requiring that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption [5][10] - The recent surge in storage policies indicates a growing recognition of the value of regulatory power sources, with a target of adding over 100 million kilowatts of new storage capacity by 2027, leading to direct investments of approximately 250 billion yuan [5][10] - The implementation of AI in the energy sector is anticipated to create investment opportunities, with a focus on establishing a collaborative mechanism between computing power and electricity by 2030 [5][10] Summary by Sections Industry Views - The new policy for nearby consumption of renewable energy is expected to promote green electricity direct connection and address cost-sharing issues [5][10] - Storage policies are being introduced to enhance the value of regulatory power sources, with significant investment expected in new storage capacity [5][10] - The integration of AI in the energy sector is set to improve operational efficiency and create new investment avenues [5][10] Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.52%, while the CSI 300 Index closed at 4,522.00 points, up 1.38%. The CITIC Power and Utilities Index closed at 3,077.52 points, up 0.90%, underperforming the CSI 300 Index by 0.49 percentage points [55][56] Key Company Recommendations - Recommended stocks include New天绿色能源 (H), 龙源电力, 中闽能源, and 吉电股份 in the green electricity sector, and 华能国际, 华电国际, and 宝新能源 in the thermal power sector [6][7]

Group 1 - The core viewpoint of the article is that the recent rebound in coal prices primarily affects the spot market, and the impact on the company is limited [1] Group 2 - The company, WanNeng Electric Power (000543), stated that the recent fluctuations in coal prices have not significantly influenced its operations [1]

Group 1: Financial Performance - The overall profit per kilowatt-hour for the controlled power generation enterprises exceeded 0.05 yuan/kWh despite a decrease in electricity prices, due to improvements on the cost side [2] - The electricity consumption in Anhui province showed a good recovery, with a year-on-year growth rate of over 2.6% in July [2] - The profit level for the two power plants in Xinjiang is above 0.1 yuan/kWh [2] Group 2: Project Updates - Ongoing projects include 80 MW of external photovoltaic and 50 MW of internal wind power in Xinjiang, as well as 30 MW of wind power in Anhui, all progressing as expected [2] - The gas power plant turned a profit year-on-year due to receiving full capacity fees and a decrease in gas prices and consumption [2] Group 3: Market Outlook - The utilization hours for coal power in Xinjiang are expected to decline compared to last year [2] - There is anticipated downward pressure on next year's utilization hours and electricity prices [2] - The recent rebound in coal prices mainly affects the spot market, with limited impact on the company's costs [2] Group 4: Contractual Agreements - The company plans to follow government policies regarding electricity contract signing, which will include annual and monthly bilateral agreements, centralized transactions, and grid procurement [2]

Group 1 - The report highlights that the high-interest fixed deposits maturing in 2025-2026 amount to 112 trillion yuan, with 72 trillion yuan being high-interest deposits and 40 trillion yuan low-interest deposits [2][37] - The renewal rate for banks facing a large volume of maturing high-interest deposits exceeds 100%, indicating strong demand for renewal [2][37] - The report discusses the impact of maturing high-interest deposits on banks' liability management, noting a trend of "maintaining end-of-month balances rather than daily averages" [2][37] Group 2 - The report on Anhui Energy (皖能电力) indicates that the company achieved a revenue of 13.185 billion yuan in H1 2025, a decrease of 5.83% year-on-year, while net profit increased by 1.05% to 1.082 billion yuan [3][27] - The decline in coal prices has positively impacted the company's profitability, with a gross margin increase of 4.06 percentage points to 16.25% in H1 2025 [3][27] - The report projects the company's net profit for 2025-2027 to be 2.18 billion, 2.34 billion, and 2.51 billion yuan, respectively, with corresponding PE ratios of 7.55, 7.03, and 6.55 [3][27] Group 3 - The report on China Oil Engineering (中油工程) outlines a plan to raise 5.9 billion yuan through a private placement to strengthen its position in the Middle East market [4][33] - The company has secured a contract for the Iraq seawater pipeline project, which is expected to enhance its international competitiveness [4][36] - The funds raised will be used for project construction and to supplement working capital, improving the company's financial structure and risk management [4][37] Group 4 - The report on Huace Testing (华测检测) shows a revenue of 2.96 billion yuan in H1 2025, a year-on-year increase of 6.05%, with net profit rising by 7.03% to 467 million yuan [6][21] - The company is focusing on enhancing operational efficiency in its life sciences segment and expanding its international presence through strategic acquisitions [6][22] - The projected net profit for 2025-2027 is 1.03 billion, 1.16 billion, and 1.29 billion yuan, with corresponding PE ratios of 21, 19, and 17 [6][24] Group 5 - The report on Western Cement (西部水泥) indicates a significant increase in overseas sales, with revenue reaching 5.42 billion yuan in H1 2025, a 46% year-on-year growth [7][29] - The company achieved a net profit of 750 million yuan, reflecting a 93% increase, driven by overseas capacity expansion and recovery in domestic prices [7][29] - The report projects net profits for 2025-2027 to be 1.58 billion, 2.13 billion, and 2.90 billion yuan, with a target PE of 12 times [7][30]