| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-35 | | --- | --- | --- | --- | --- | | 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 2021 年面向专业投资者公开发行 公司债券(第一期)2025 年付息公告 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。 特别提示： 由河北建投能源投资股份有限公司在 2021 年 6 月 18 日发行的河 北建投能源投资股份有限公司 2021 年面向专业投资者公开发行公司 债券（第一期）将于 2025 年 6 月 18 日（如遇法定节假日或休息日， 则顺延至其后的第 1 个交易日）支付 2024 年 6 月 18 日到 2025 年 6 月 17 日期间的利息，本次付息的债权登记日为 2025 年 6 月 17 日。 为保证兑付兑息工作的顺利进行，方便投资者及时领取利息，现将有 关事项公告如下： 一、本期债券的基本情况 1 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]

| 证券代码：000600 | 证券简称：建投能源 | | 公告编号：2025-34 | | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 01 | 建能 | | | 证券代码：149743 | 证券简称：21 02 | 建能 | | 河北建投能源投资股份有限公司 二○二五年第二次临时股东大会决议公告 出席本次大会的公司董事有：曹欣先生、王剑峰先生、邓彦斌先生、 1 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。 特别提示 一、会议召开和出席情况 河北建投能源投资股份有限公司二○二五年第二次临时股东大会于 2025 年 6 月 13 日以现场会议和网络投票相结合的方式召开。本次股东 大会由公司董事会召集。现场会议由公司董事长曹欣先生主持。本次股 东大会的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 出席本次股东大会的股东及授权代表493名，代表股份1,315,924,680 股，占公司有表决权股份总数的 72.7312%，其中：出席现场会议的股东 及授权委托代表 1 名，代表股 ...

吉律師(石家莊)事務所 L LAW FIRM (SHIJIAZHUANG 国浩律师(石家庄)事务所 关于河北建投能源投资股份有限公司 二〇二五年第二次临时股东大会的法律意见书 致:河北建投能源投资股份有限公司(简称"贵公司") 国浩律师(石家庄)事务所(简称"本所")接受贵公司的委托,指派敬 晓丹律师和廖婉婷律师参加了贵公司二〇二五年第二次临时股东大会,并 进行了见证工作。现根据《中华人民共和国公司法》(简称"《公司法》">《上 市公司股东会规则》(简称"《股东会规则》")以及贵公司《公司章程》的规 定,对贵公司二〇二五年第二次临时股东大会（简称"本次股东大会"）的召 集、召开程序、出席会议人员资格、表决程序等事项发表法律意见。 一、关于本次股东大会的召集、召开程序 本次股东大会是由贵公司董事会召集的。2025年5月26日贵公司第 十届董事会第十九次临时会议决定采用现场会议和网络投票相结合的方 式召开二〇二五年第二次临时股东大会。2025年5月27日贵公司董事会 在《中国证券报》、《证券时报》和巨潮资讯网发出了召开二〇二五年第二 次临时股东大会的通知。2025年6月13日本次股东大会现场会议在上述 通知所述公 ...

Group 1 - The core viewpoint is that with the continuous release of domestic thermal coal production capacity, the overall supply and demand for thermal coal is expected to be relatively loose by 2025, leading to a potential further decline in coal prices [1]

Group 1: Electricity Trading and Market Conditions - In 2025, the bilateral negotiation for electricity direct trading in Hebei South Network was completed, with a transaction volume accounting for approximately 80% [1] - The continuous settlement trial for the electricity spot market in Hebei South Network began on March 1, 2025 [1] - The company's electricity generation in Q1 2025 saw a slight year-on-year decline due to high demand in winter 2024 and slower growth in social electricity consumption in Hebei [1] Group 2: Coal Procurement and Pricing - The company expects a decrease in electricity generation in Q2 2025 due to maintenance after the heating season, but falling coal prices are anticipated to enhance profitability [2] - The main sources of coal procurement are local Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - The company is optimizing its coal procurement structure to reduce costs, closely monitoring market trends [2] - A general oversupply of domestic thermal coal is expected in 2025, leading to further price declines [2] Group 3: Capacity Expansion and Projects - The company completed the acquisition of 50% stakes in Qin Electric Company and Jiantou Zhuneng Company at the end of 2024, adding 1.32 million kW of controlled capacity and 1.195 million kW of equity capacity in 2025 [2] - Ongoing projects include the construction of the 2×660 MW Phase IV of Xibaipo Power Plant and the 2×35 MW Phase II of Renqiu Thermal Power Plant, with plans for commissioning in 2026 [2] - The company is also increasing investment in offshore wind projects, specifically two projects of 250 MW each in Tangshan [2] Group 4: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits as approved at the annual shareholders' meeting [3]

Group 1 - The company has approved a profit distribution plan for the fiscal year 2024, proposing a cash dividend of 1.30 yuan (including tax) for every 10 shares held [1][2] - The total number of shares for distribution is 1,809,299,376, resulting in a total cash dividend payout of approximately 235.21 million yuan (including tax) [1][2] - No bonus shares or capital reserves will be distributed, and any undistributed profits will be carried forward to the next fiscal year [1] Group 2 - The dividend distribution will be executed on June 18, 2025, directly credited to the shareholders' accounts through their custodial securities companies [3] - Eligible shareholders are those registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the close of trading on June 17, 2025 [2][3] - The company will not withhold individual income tax for certain categories of shareholders, with tax obligations determined based on the holding period of the shares [2]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-33 | | --- | --- | --- | | 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 2024年度分红派息实施公告 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。 一、股东大会审议通过利润分配方案情况 1、河北建投能源投资股份有限公司2024年度利润分配方案已获 2025年5月20日召开的2024年度股东大会审议通过，方案的具体内容为： 以实施权益分派股权登记日登记的总股本为基数分配利润，向全体股东 每10股派发现金股利1.30元（含税）。截至2024年12月31日，公司总股 本1,809,299,376股，以此计算合计拟派发现金红利235,208,918.88元（含 税）。2024年度，公司不送红股，不以公积金转增股本，剩余未分配利 润结转入下一年度。上述股东大会决议公告刊登于2025年5月21日的 《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.c ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [1]. Core Insights - The company benefits from a tight electricity supply-demand balance in Hebei Province, characterized as a "nuclear-poor" area, which is expected to sustain over the next three years [8][10]. - The report highlights the significant efficiency improvements from the combined heat and power (CHP) model, achieving thermal efficiency rates of 80%-90% [39]. - The company is positioned favorably due to its proximity to major coal-producing provinces, which enhances its cost structure amid declining coal prices [37]. Summary by Sections 1. Supply and Demand Dynamics - In 2024, the conventional power sources in Hebei Province are projected to consist of 63% thermal, 2% hydro, and 0% nuclear, significantly lower than the national averages of 67%, 14%, and 5% respectively [10][15]. - The report anticipates a sustained tight supply of conventional power in Hebei, with thermal power growth slightly exceeding the national average [20][26]. - The demand for electricity is expected to increase due to the "East Data West Computing" initiative, which is projected to release additional demand [27][28]. 2. Pricing and Revenue Projections - The average on-grid electricity price for 2024 is estimated at 438.22 RMB/MWh, reflecting a decrease of 12.57 RMB/MWh year-on-year [32]. - The report forecasts that the company's net profit attributable to shareholders will reach 1.34 billion RMB in 2025, with a year-on-year growth rate of 152.2% [1][10]. 3. Operational Efficiency - The company operates 14 thermal power plants, achieving a total generation of 538.90 billion kWh in 2024, an increase of 116.24 billion kWh from the previous year [32][33]. - The implementation of a stock incentive plan aims for significant growth in operating profit over the next three years, with targets set at 300 million RMB, 520 million RMB, and 630 million RMB for 2024, 2025, and 2026 respectively [10][39]. 4. Market Position and Competitive Advantage - The company is the largest thermal power operator in Hebei, with a total installed capacity of 1,177 MW as of 2025 [39]. - The strategic location near coal-rich provinces allows the company to optimize fuel procurement and manage costs effectively [37][39].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [1]. Core Insights - The company benefits from a tight electricity supply-demand balance in Hebei Province, characterized as a "nuclear-poor" area, which is expected to continue for the next three years [8][10]. - The report highlights the significant efficiency improvements from the combined heat and power (CHP) model, achieving thermal efficiency rates of 80%-90% [39]. - The company is positioned favorably due to its proximity to major coal-producing provinces, which enhances its cost structure [10][37]. - The report anticipates substantial growth in net profit, projecting a rise from 1.34 billion yuan in 2025 to 1.60 billion yuan in 2027, with corresponding P/E ratios of 10, 8, and 8 [1][10]. Summary by Sections 1. Supply and Demand Dynamics - The current supply in Hebei Province shows a conventional power source composition of 63% thermal, 2% hydro, and 0% nuclear, significantly lower than the national averages of 67%, 14%, and 5% respectively [15][20]. - The expected supply trend indicates a continuation of the "nuclear-poor" status, with thermal power growth slightly above the national average [20][26]. - The demand is bolstered by the "East Data West Computing" initiative, which is expected to release additional demand increments [27][28]. 2. Electricity Pricing - The report estimates that the annual long-term electricity price in Hebei will remain stable in 2025, with a projected decrease in coal prices by 15% [32]. - The average on-grid electricity price for 2024 is projected at 438.22 yuan per megawatt-hour, reflecting a decrease of 12.57 yuan per megawatt-hour year-on-year [32]. 3. Financial Projections - The company is expected to achieve a net profit of 1.34 billion yuan in 2025, with a year-on-year growth rate of 152.2%, followed by 1.56 billion yuan in 2026 and 1.60 billion yuan in 2027 [1][10]. - The report outlines ambitious profit growth targets for the company, with goals set for 3.0 billion yuan, 5.2 billion yuan, and 6.3 billion yuan in the respective years of 2024 to 2026 [10][39]. 4. Operational Efficiency - The company operates 14 thermal power plants, achieving a total generation of 53.89 billion kilowatt-hours in 2024, an increase of 116.24 billion kilowatt-hours year-on-year [32][33]. - The average utilization hours for generating units increased by 103 hours year-on-year, indicating improved operational efficiency [32].