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： ...

安徽省皖能股份有限公司 2025 年第三季度报告 证券代码：000543 证券简称：皖能电力 公告编号：2025-56 安徽省皖能股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 安徽省皖能股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 8,587,444,363.31 | 0.56% | ...

Core Viewpoint - The company has a limited presence in the charging pile business, primarily focused on specific areas such as industrial parks [1]. Group 1 - The company, WanNeng Electric Power, confirmed through an investor interaction platform that its subsidiary has a small-scale involvement in the charging pile business [1]. - The charging pile business is mainly concentrated in localized regions, particularly in industrial parks [1].

Core Viewpoint - The recent investigation into three former executives of Anhui Energy Group, including the unexpected case of former chairman Fang Ping, highlights potential systemic corruption within the organization and raises concerns about regulatory oversight in state-owned enterprises [2][4][14]. Group 1: Investigation Details - Three executives, including Chen Xiang and Li Bo, were investigated after their retirement, with Fang Ping being particularly notable as he was investigated 17 years post-retirement [4][7]. - Chen Xiang, born in 1964, was removed from his position in April 2023 and subsequently investigated two months later, while Li Bo, born in 1958, was investigated in September 2023 after six years of retirement [4][5]. Group 2: Company Overview - Anhui Energy Group is responsible for 70% of the province's electricity supply, with total assets projected to reach 116.2 billion yuan and revenue of 37.3 billion yuan by the end of 2024, alongside a profit of 5.8 billion yuan [5]. - Wan Neng Electric, the only listed platform of Anhui Energy Group, is significant within the group, expecting revenue of 30 billion yuan and a net profit of 2.1 billion yuan in 2024 [5]. Group 3: Historical Context of Fang Ping - Fang Ping had a notable career, transitioning between government and corporate roles, and was appointed as the mayor of Bengbu City at the age of 35, later becoming the general manager of Anhui Energy Group [9][13]. - His tenure at Anhui Energy Group was marked by challenges, including significant losses for Wan Neng Electric in 2005 and 2021 due to rising coal prices, suggesting that his appointment was a response to financial distress [11][12]. Group 4: Implications of Corruption Investigations - The investigations into multiple former executives suggest a potential pattern of systemic corruption within Anhui Energy Group, indicating that previous measures to curb corruption, such as the sentencing of former chairman Bai Taiping in 2019, have not been effective [14]. - The ongoing investigations may serve as a warning to other officials involved in similar sectors, highlighting the risks associated with corruption in state-owned enterprises [7][14].

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

Market Review - The Shanghai Composite Index decreased by 1.47% and the ChiNext Index fell by 5.71% during the week of October 13-17, 2025. The coal sector increased by 5.66%, while the public utility sector rose by 0.05%. The environmental protection sector declined by 0.97%, and the carbon neutrality sector dropped by 3.14% [1][12]. Industry Insights - The coal price is expected to rise due to continuous abnormal autumn rain affecting production, along with safety and environmental inspections limiting supply. Despite October being a traditional off-peak season, traders are preparing for winter storage needs, leading to accelerated coal price increases post-National Day [4][31]. - The electricity demand is anticipated to increase as the peak winter season approaches, with NOAA predicting a 71% chance of La Niña occurring from October to December, which may lead to a colder winter [4][33]. - The annual long-term electricity price for 2025 has been locked in, and the capacity price mechanism is expected to stabilize electricity prices in the coming months [4][33]. Investment Recommendations - For the thermal power sector, it is recommended to focus on companies with power generation assets located in regions with tight supply-demand dynamics and favorable competition, such as Anhui Energy and Huadian International [4][65]. - In the hydropower sector, attention is drawn to leading operators like Yangtze Power, which is expected to benefit from stable electricity prices and regional supply-demand tightness [4][65]. - In the nuclear power sector, China National Nuclear Power is highlighted as a key player due to the expected increase in electricity generation and stable pricing [4][65]. - For renewable energy, the focus is on leading wind power operator Longyuan Power [4][65]. - In the environmental protection sector, the recommendation is to pay attention to urban comprehensive operation management service providers like Yuhua Tian [4][65]. Industry News - On October 15, 2025, Weiqiao Group announced the integration of its self-built power plant into the national grid, marking a significant shift towards collaboration and green transformation [4][59]. - The Gansu Electric Power Investment Company completed the commissioning of the largest million-kilowatt coal-fired power plant in the country, with a total installed capacity of 6 million kilowatts and an expected annual electricity generation of 33 billion kilowatt-hours [4][59]. - The National Development and Reform Commission issued a management method to support energy-saving and carbon reduction projects, including green methanol and sustainable aviation fuel production [4][60].