非经营性资金占用及其他关联资金 往来情况专项说明 容诚专字[2025]230Z0916 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 / 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 关于安徽省皖能股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]230Z0916 号 安徽省皖能股份有限公司全体股东： 安徽省皖能股份有限公司 我们接受委托，依据中国注册会计师审计准则审计了安徽省皖能股份有限公 司（以下简称"皖能电力"）2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有者权 益变动表以及财务报表附注，并于 2025 年 4 月 23 日出具容诚审字[2025]230Z1209 号无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》的要求及深圳证券交易所《深圳 ...

一、主要会计数据和财务指标 10派3.19元(含税) 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 146076.81万股，累计占流通股比： 64.44%，较上期变化： -551.70万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股) | | 安徽省能源集团有限公司 | 124520.83 | 54.93 | 不变 | | 中国太平洋人寿保险股份有限公司-传统保险高分红股票管理组 | 5633.64 | 2.49 | 50.00 | | 合 | | | | | 安徽省皖能能源物资有限公司 | 4102.10 | 1.81 | 不变 | | 香港中央结算有限公司 | 2190.20 | 0.97 | -349.71 | | 交银趋势混合A | 2022.44 | 0.89 | -219.24 | | 基本养老保险基金一二零四组合 | 1877.58 | 0.83 | 558.09 | | 全国社保基金一一六组合 | 1839.26 | 0.81 | -910.80 | | 中国太平洋人寿 ...

Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 3.19 CNY (including tax) for every 10 shares based on a total of 2,266,863,331 shares[4] - The company implemented a cash dividend policy, distributing 3.19 CNY per 10 shares, totaling 723,129,402.59 CNY (including tax) for the reporting period[172] - The total cash dividend for 2024 is CNY 723,129,402.59, accounting for 37.92% of the distributable profits[173] - The dividend distribution plan is CNY 3.19 per 10 shares, based on a total share capital of 2,266,863,331 shares[173] - The board of directors has approved a dividend payout of 0.5 CNY per share, reflecting a 10% increase from the previous year[148] Financial Performance - The total revenue for the year was reported at 10 billion CNY, marking a 5% increase from the previous year[12] - The company's operating revenue for 2024 reached ¥30,093,871,084.44, representing a 7.99% increase compared to ¥27,866,767,123.95 in 2023[6] - Net profit attributable to shareholders for 2024 was ¥2,063,582,145.23, a significant increase of 44.36% from ¥1,429,509,728.37 in 2023[6] - The company achieved a year-on-year growth of 11.9% in electricity consumption in Anhui province, indicating strong demand for energy[28] - Total profit reached 3.446 billion yuan, marking an impressive year-on-year increase of 88.36%[49] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q1 2024[112] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q2 2024[115] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q3 2024[119] User Growth and Market Expansion - The company reported a significant increase in user data, with a year-over-year growth of 15% in customer accounts[12] - The company has expanded its user base, now serving over 5 million customers, which is an increase of 20% compared to the previous year[110] - User data showed a growth of 20% in active users, reaching 5 million by the end of Q1 2024[112] - User data showed a growth of 20% in active users, totaling 5 million by the end of Q2 2024[115] - User data showed an increase in active users by 10%, totaling 5 million users[118] - Market expansion efforts include entering two new provinces, aiming for a 20% increase in market share by the end of the next fiscal year[12] - Market expansion plans include entering two new provinces, projected to increase market share by 5%[112] - Future development will include expanding into new markets, particularly in Xinjiang and Shaanxi, through strategic project development and partnerships[106] Research and Development - The company is investing in new technology development, with a budget allocation of 500 million CNY for R&D in renewable energy solutions[12] - The company is investing heavily in R&D, allocating 1 billion CNY towards the development of new technologies and sustainable energy solutions[110] - Research and development expenses totaled ¥182,166,327.43, a decrease of 7.37% compared to ¥196,666,001.55 in 2023[72] - The company has allocated 200 million CNY for R&D in renewable energy technologies for the fiscal year 2024[113] - The company is investing 100 million CNY in R&D for new technologies aimed at enhancing operational efficiency[115] - Research and development expenses increased by 18%, totaling 150 million CNY, focusing on renewable energy technologies[120] Strategic Acquisitions - The company plans to pursue strategic acquisitions, targeting at least one acquisition in the renewable energy sector within the next 12 months[12] - The company has completed two strategic acquisitions in the renewable energy sector, enhancing its market position and operational capabilities[110] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 300 million CNY allocated for potential deals[112] - The company is exploring potential acquisitions to enhance its service offerings and market share[113] - The company completed a strategic acquisition of a local competitor, enhancing its operational capacity by 40%[121] Sustainability and Environmental Efforts - The company has set a target to reduce carbon emissions by 25% over the next five years as part of its sustainability strategy[12] - The management team has emphasized a commitment to sustainability, aiming for a 20% reduction in carbon emissions by 2025[148] - The company is committed to enhancing safety production measures and risk management protocols to ensure operational stability[102] - The company is focused on enhancing its environmental protection efforts in line with national policies aimed at optimizing the coal power industry[182] - The company has committed to implementing measures to prevent future emissions exceeding standards, aiming for zero excess emissions by 2025[190] Operational Efficiency - The company reported an operating profit margin of 12%, reflecting improved operational efficiency compared to the previous year[12] - The company aims to enhance operational efficiency and reduce unit power generation costs through digital transformation and improved management practices[104] - The company has implemented cost-cutting measures that are expected to reduce operational expenses by 8% in the upcoming fiscal year[110] - The company aims to reduce operational costs by 15% through improved efficiency measures by the end of 2024[113] - The company is investing in new technologies to improve operational efficiency and reduce costs by 10%[150] Governance and Management - The company has a clear and independent governance structure, ensuring compliance with legal and regulatory requirements[127] - The company has established a comprehensive risk management system to enhance its core competitiveness and profitability[125] - The company has maintained a stable management structure with no shareholding changes among directors and senior management during the reporting period[137] - The company is currently in the process of electing new independent directors and management personnel to fill the vacancies created by recent departures[138] - The company’s governance structure remains intact, ensuring compliance with regulatory requirements despite recent changes in personnel[138] Challenges and Market Conditions - The company faces challenges from fluctuating electricity demand, which directly impacts revenue and profitability[98] - The reliance on traditional coal-fired power generation poses transformation pressures under the "dual carbon" policy, despite recent coal price declines[98] - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on companies in the renewable energy sector[118] Employee Management - The total number of employees at the end of the reporting period was 4,983, with 2,777 in production, 1,192 in technical roles, and 105 in sales[167] - The company has established a comprehensive employee training mechanism to select and cultivate talent[169] - The company reported no retired employees requiring financial support, indicating a focus on current workforce management[167] - The company has a total of 174 employees with a postgraduate degree or higher, and 2,508 with a bachelor's degree[167] Environmental Compliance - The company operates in compliance with multiple environmental protection laws and standards, including the Environmental Protection Law and the Air Pollution Prevention and Control Law of the People's Republic of China[182] - The company has obtained nationwide pollutant discharge permits for its power generation enterprises, ensuring adherence to environmental regulations[182] - The company has established a framework for regular environmental assessments and compliance checks across its subsidiaries[182] - The company has actively engaged in rural revitalization efforts, conducting five consumption assistance activities with a total expenditure of ¥50,000[193]

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 电力 3 月用电增速 4.8%，重视煤电升级改造与灵活调节价值 本周行情回顾：本周（4.14-4.18）上证指数报收 3276.73 点，上涨 1.19%，沪深 300 指数报收 3772.52 点，上涨 0.59%。中信电力及公用事业指数报收 2836.30 点，上涨 1.11%，跑赢沪深 300 指数 0.52pct，位列 30 个中信一级板块涨跌幅榜 第 12 位。 本周行业观点： 增持（维持） 行业走势 -20% -10% 0% 10% 20% 30% 2024-03 2024-07 2024-11 2025-03 电力 沪深300 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 分析师 高紫明 执业证书编号：S0680524100001 邮箱：gaoziming@gszq.com 分析师 刘力钰 执业证书编号：S0680524070012 邮箱：liuliyu@gszq.com 研究助理 廖岚琪 执业证书编号：S0680124070012 邮箱： ...

金融界4月17日消息，A股三大指数收盘涨跌不一，中证1000公用事业指数 (1000公用，H30448)报 3151.51点。 数据统计显示，中证1000公用事业指数近一个月下跌0.62%，近三个月上涨3.49%，年至今下跌3.66%。 从指数持仓来看，中证1000公用事业指数十大权重分别为：吉电股份（6.89%）、金开新能 （5.33%）、林洋能源（5.24%）、涪陵电力（5.23%）、宝新能源（5.16%）、皖能电力（5.11%）、九 丰能源（4.79%）、洪城环境（4.68%）、晶科科技（4.51%）、中山公用（4.51%）。 从中证1000公用事业指数持仓的市场板块来看，上海证券交易所占比55.26%、深圳证券交易所占比 44.74%。 从中证1000公用事业指数持仓样本的行业来看，电力及电网占比72.26%、燃气占比15.98%、水务占比 10.17%、供热及其他占比1.59%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算 ...

新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 上次评级 - [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010 ...

盈利预测与投资评级：作为安徽省属国资旗下的核心电力龙头，皖能受益于安徽省良好的电力供需格 局，近年新投建的新疆机组盈利可观，同时大比例参股优质的煤电一体化及抽蓄资产，投资收益未来保 持稳健增长。我们预测公司2024-2026 年归母净利润分别为20.67/22.28/23.80 亿元，EPS 分别为 0.91/0.98/1.05 元，对应3 月31 日收盘价的PE 分别为8.18/7.59/7.11倍，首次覆盖给予"买入"评级。 安徽国资旗下核心电力平台，控参股优质火电资产。皖能电力是安徽省能源集团旗下唯一发电资产主业 的核心上市平台，旗下装机以火电为主。截至2024 年底，公司在运控股装机体量为1368.70 万千瓦（对 应权益量780.55万千瓦），参股在运装机1702 万千瓦（对应权益量720.86 万千瓦）；在建项目方面，公 司控股在建装机210 万千瓦（对应权益量147 万千瓦），主要参股在建项目包括596 万千瓦火电（对应 权益量190 万千瓦）以及3座抽水蓄能电站（装机容量368 万千瓦，公司对应权益量67 万千瓦）。 风险因素：煤电利用小时数大幅下滑及电价大幅下降的风险；在建及规划项目进展不及 ...

新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc ...

| Q：月度竞价交易电价和年度长协电价水平差不多吗？ | A：基本持平。 | | | | | --- | --- | --- | --- | --- | | Q：英格玛电厂和江布电厂的电量情况怎么样？ | A：合计电量同比增长。 | | | | | 二、 | 煤炭 | Q：新疆电厂的煤价怎么谈的？目前看下来新疆煤价相较于去 | | | | 年变动多少？ | A：执行长协机制，价格调整幅度不大。 | | | | | 三、机组 | Q：公司 | 年机组检修安排？ | 2025 | | | A：检修台次和计划天数与去年基本持平。 | | | | | | Q：新疆光伏在建情况？ | A：3 | 月上旬已复工。 | | | | 四、现货&辅助市场 | Q：辅助市场收益情况？ | | | | | A：2024 | 年省内调峰辅助服务市场收益 | 亿元，今年开始长 | 1.2 | 周期电力现货试运行，融合了调峰市场。 | | 无 | 附件清单（如 | | | | | 有） | | | | | 编号：2025-3 | | 特定对象调研  分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业 ...

企查查股权穿透显示，该公司由皖能电力旗下安徽省皖能能源交易有限公司、安徽金安农业开发有限公 司等共同持股。 人民财讯3月19日电，企查查APP显示，近日，安徽皖能金安风力发电有限公司成立，法定代表人为季 永，注册资本为500万元，经营范围包含：风力发电技术服务；太阳能发电技术服务；光伏设备及元器 件销售；工程管理服务；合同能源管理；储能技术服务等。 ...