Financial Performance - The company's operating revenue for 2024 reached ¥23.52 billion, an increase of 20.09% compared to ¥18.95 billion in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥531.16 million, a significant increase of 181.59% from ¥167.00 million in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥399.11 million, a dramatic increase of 5,401.22% compared to ¥7.25 million in 2023[20]. - The net cash flow from operating activities for 2024 was ¥3.77 billion, up 75.25% from ¥2.12 billion in 2023[21]. - Basic earnings per share for 2024 were ¥0.296, reflecting an increase of 181.90% from ¥0.093 in 2023[21]. - Total assets at the end of 2024 were ¥47.14 billion, representing a 9.45% increase from ¥38.49 billion at the end of 2023[21]. - The company reported a significant increase in government subsidies, totaling ¥70.74 million in 2024, compared to ¥52.92 million in 2023[27]. - The company achieved operating revenue of 23.517 billion yuan, a year-on-year increase of 20.09%[49]. - The net profit attributable to shareholders reached 531 million yuan, representing a year-on-year growth of 181.59%[49]. - The company completed a total power generation of 53.890 billion kWh, an increase of 11.624 billion kWh year-on-year[54]. Dividend Policy - The company plans to distribute a cash dividend of 1.3 CNY per 10 shares to all shareholders, with no bonus shares issued[5]. - The total cash dividend amount represents 100% of the distributable profit of 4,124,322,766.40 yuan for the reporting period[165]. - The profit distribution policy states that the company will distribute at least 30% of the available profit as cash dividends if there are profits and positive retained earnings[164]. - The company implemented the 2023 cash dividend plan in accordance with its profit distribution policy[164]. - The cash dividend distribution plan is compliant with the company's articles of association and shareholder resolutions[165]. Operational Efficiency - The company has experienced a substantial increase in cash flow from operating activities, indicating improved operational efficiency[21]. - The average utilization hours of power generation units were 4,579 hours, an increase of 103 hours year-on-year[54]. - The company completed 30 unit overhauls and implemented 135 technical renovation projects in 2024, enhancing operational efficiency and reducing energy consumption[56]. - The company achieved auxiliary service revenue of ¥61.46 million in 2024, indicating a focus on enhancing service offerings[56]. Market Expansion and Strategy - The company has a comprehensive strategy for market expansion and technological development in the energy sector[14]. - The company is focused on the energy sector, with a strategic shift from hotel commerce to energy project investment and management since 2004[19]. - The company plans to enhance its market presence through strategic expansions and technological advancements in clean energy[75]. - The company is actively expanding its renewable energy assets and developing flexible resources like pumped storage and new energy storage[106]. - The company is considering strategic acquisitions to enhance its portfolio, targeting firms with complementary technologies and services[139]. Technological Innovation - The company has obtained 80 patents in 2024 and has 19 subsidiaries certified as high-tech enterprises[47]. - A total of 224 technology research and development projects were implemented, resulting in 80 patent grants, including 27 invention patents[58]. - The company successfully launched the first grid-connected liquid air energy storage project in China, marking a significant technological advancement[59]. - The company is investing in new technologies, particularly in clean coal power generation and carbon capture, with an estimated budget of $50 million allocated for R&D[134]. Environmental Compliance - The company adheres to multiple environmental protection laws and standards relevant to its thermal power generation operations[179]. - The company achieved an average emission concentration for nitrogen oxides, sulfur dioxide, and particulate matter of 22.08 mg/Nm3, 14.37 mg/Nm3, and 1.91 mg/Nm3 respectively in 2024, which is better than the national ultra-low emission standards[182]. - The carbon emission intensity decreased by 3.09 grams/kWh year-on-year in 2024, reflecting the company's commitment to green and low-carbon development[186]. - The company has implemented an online monitoring system for air and wastewater emissions, ensuring real-time data transmission to environmental protection authorities[183]. Corporate Governance - The company emphasizes the importance of accurate and complete financial reporting, with key personnel affirming the integrity of the annual report[4]. - The company has established specialized committees within the board to enhance governance and oversight[119]. - The company maintains complete independence in personnel, assets, finance, and operations from its controlling shareholder, Hebei Construction Investment Group[121]. - The company has established a market value management system and disclosed a valuation enhancement plan[114]. - The company has a structured remuneration policy for its board members, ensuring transparency and compliance with regulations[145]. Human Resources - The company reported a total of 5,758 employees at the end of the reporting period, with 1,232 retirees[159]. - The company has established a comprehensive training system to ensure effective employee training[162]. - R&D personnel increased to 1,169 in 2024, a growth of 7.94% from 1,083 in 2023[76]. - The company has implemented stock incentive plans to align management interests with shareholder value[129]. Future Outlook - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new project developments and market expansion strategies[135]. - The company anticipates a 6% growth in national electricity consumption in 2025, reaching 10.4 trillion kWh[103]. - By the end of 2025, the total installed power generation capacity is expected to exceed 3.8 billion kW, with non-fossil energy accounting for 60%[103]. - The company aims to become a leading comprehensive energy service and supply provider by 2025, focusing on low-carbon, clean, and flexible development[105].

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： ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

事件：公司公布2025 年一季度业绩预告以及2024 年业绩快报。2025 年Q1公司实现归母净利润4.47 亿 元，同比+77.20%；实现扣非归母净利润4.37亿元，同比+78.83%，由于成本下降，公司业绩同比改善 超预期，其中Q1 对收购项目进行了追溯。此外公司2024 年实现归母净利5.31 亿元，同比+181.59%；实 现扣非归母净利3.99 亿元，同比+5401.22%。 一季度量价下跌，但煤价下跌仍拉动业绩大增。2024 年发电量上升、成本下降带动全年业绩增长，全 年上网电量同比+27.79%；平均标煤单价同比-10.07%。2025 年燃料煤成本下跌对业绩贡献更为明显， 2025Q1 秦港5500K均价721 元/吨，同比-20.0%，煤价进一步下跌；由于受到下游需求及新能源装机量 快速发展的影响，Q1 公司完成发电量129.58 亿千瓦时，同口径同比-7.23%，完成上网电量120.73 亿千 瓦时，同口径同比-7.22%。相比电量下降导致收入下降，煤价下跌带来的成本降低更为显著，致2025 年一季度公司业绩同比大幅增加。 Q2 煤价同比继续下跌，公司业绩有望继续释放。2025 年4 月 ...

河北建投能源投资股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 根据河北建投能源投资股份有限公司（以下简称"公司"）初步统计， 2025 年第一季度公司完成发电量 129.58 亿千瓦时，同口径同比减少 7.23%，完成上网电量 120.73 亿千瓦时，同口径同比减少 7.22%。 根据初步统计，2025 年第一季度公司完成供热量 4,040.41 万吉焦， 同比降低 2.94%，其中居民供热量完成 3，883.18 万吉焦，同比降低 3.93%， 工业供热量完成 157.23 万吉焦，同比增长 30.16%。 特此公告 | 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-15 | | --- | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 | 建能 | 01 | | | 证券代码：149743 | 证券简称：21 | 建能 | 02 | | 河北建投能源投资股份有限公司 2025 年一季度销售量完成情况公告 董 事 会 2025 年 4 月 14 日 1 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is approximately 44,700,000 CNY, representing a 77.20% increase compared to 25,225,070 CNY in the same period last year[4]. - The estimated net profit after deducting non-recurring gains and losses for Q1 2025 is approximately 43,700,000 CNY, reflecting a 78.83% increase from 24,436,600 CNY year-on-year[4]. - The basic earnings per share for Q1 2025 is estimated at 0.25 CNY, up from 0.14 CNY in the same period last year[4]. Operational Performance - The company experienced stable production and operations in Q1 2025, with a decrease in coal market prices leading to lower main business costs for its controlled thermal power companies[6]. - Investment income from associated thermal power companies also increased year-on-year, contributing to profit growth[7]. Financial Strategy - The company has implemented diversified financing channels and optimized debt structure to reduce funding costs and enhance efficiency[7]. Reporting and Risks - The financial data in this earnings forecast has not been audited by an accounting firm[5]. - The performance forecast is based on preliminary calculations by the company's finance department and should be confirmed by the official Q1 2025 report[8]. - Investors are advised to be aware of investment risks[9]. - The earnings forecast is based on retrospective adjustments to Q1 2024 data due to the acquisition of a 50% stake in a thermal power company[4].

Financial Performance - Total operating revenue for 2024 reached ¥23.52 billion, an increase of 20.09% compared to ¥19.58 billion in the previous year[6] - Operating profit surged to ¥816.22 million, reflecting a 276.13% increase from ¥217.01 million year-on-year[6] - Net profit attributable to shareholders was ¥531.16 million, up 181.59% from ¥188.63 million in the same period last year[6] - The net profit after deducting non-recurring gains and losses soared to ¥399.11 million, a staggering increase of 5401.22% from ¥7.25 million[6] Capacity and Production - The company achieved a total installed capacity of 503.66 billion kWh, a year-on-year increase of 27.79%[7] - The company completed a heat sales volume of 71.64 million GJ, a year-on-year growth of 12.78%[7] Asset and Equity - The total assets at the end of the reporting period were ¥47.14 billion, representing a 9.45% increase from ¥43.07 billion at the beginning of the period[6] - The weighted average return on equity improved to 5.01%, an increase of 3.16 percentage points from 1.85%[6] Pricing and Costs - Average on-grid settlement price was ¥437.34 per MWh, a decrease of 2.82% compared to the previous year[7] - The average comprehensive coal price for thermal power business was ¥822.02 per ton, down 10.07% year-on-year[7]

Group 1: Company Overview - Jingtou Energy operates 14 wholly-owned and controlled thermal power generation companies and 12 joint venture power companies, with a total controlled thermal power generation capacity of 11.77 million kW, accounting for over 20% of the total coal-fired generation capacity in Hebei's north and south grids [1] - In the first three quarters, the company generated a total of 202.36 billion kWh, a year-on-year increase of 16.70%, with thermal power generation accounting for 35.63 billion kWh, also up by 16.35% [1] Group 2: Financial Performance - The average utilization hours of the power generation units increased by 119 hours to 3,410 hours year-on-year [2] - The average on-grid settlement price was 397.17 RMB/MWh (excluding tax), a decrease of 0.77% year-on-year; the average comprehensive standard coal price was 847.03 RMB/ton, down by 8.53% [2] Group 3: Future Development Plans - The company aims to enhance its value creation capabilities and achieve mutual growth in company value and shareholder value, focusing on green and low-carbon development [2] - In 2025, the company plans to add 1.195 million kW of controlled installed capacity through acquisitions and ongoing projects, with several projects expected to be operational by 2026 [3] Group 4: Coal Supply and Pricing - The company sources its coal primarily from Shanxi, Shaanxi, Inner Mongolia, and local Hebei, with over 80% of coal procurement covered by long-term contracts in 2024 [2] - The demand for coal is expected to grow slightly due to stable domestic economic growth, while supply remains high, leading to a balanced coal supply-demand situation in 2025 [2] Group 5: Investor Relations and Dividends - The company has a stable profit distribution policy, committing to distribute at least 30% of the distributable profits as cash dividends annually [3] - Future efforts will focus on enhancing investor returns while balancing short-term and long-term interests [3]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-12 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：149743 | 证券简称：21建能02 | | 河北建投能源投资股份有限公司 关于公司 2025 年度第一期超短期融资券 发行完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 | 债券全称 | 河北建投能源投资股份有限公司 2025 | | | | | | 年度第一期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 债券代码 25 SCP001 | 冀能投 | | | | | | 012580432 | | | 发行总额 （亿元） | | 5.00 | | | | 票面年利率 | 2.00% | | | | 期限 | 付息频率 | 270 | 日 | | | | | 到期一次还本付息 | | | 起息日 | 2025 月 兑付日 20 ...

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-11 | | --- | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 | 建能 | 01 | | | 证券代码：149743 | 证券简称：21 | 建能 | 02 | | 河北建投能源投资股份有限公司 关于计提资产减值准备及核销资产的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或者重大遗漏。 根据《企业会计准则》《深圳证券交易所股票上市规则》等相关法 规规则及公司相关会计政策的规定，基于谨慎性原则，河北建投能源投 资股份有限公司（以下简称"公司"）对合并报表范围内截至 2024 年 12 月 31 日可能发生资产减值损失的相关资产计提减值准备，同时部分预计 无法收回的资产进行了核销，现就相关情况公告如下： 一、本次计提资产减值准备情况 根据《企业会计准则》以及公司会计政策的有关规定，基于谨慎性 原则，公司对截至 2024 年 12 月 31 日合并财务报表范围内的各项资产进 行了减值测试和分析，对预计存在较大可能发生减值损失的相关资 ...