| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-31 | | --- | --- | --- | | 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 关于将前次股东大会未通过议案 再次提交股东大会审议的说明公告 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。 公司与河北建投集团财务有限公司进行存贷款等金融业务，可优化 公司资金管理，提高资金使用效率，降低资金成本，进一步拓宽融资渠 道，为公司发展提供长期稳定的资金支持。公司为此建立了风险评估机 制，并制订了有关风险处置预案，可有效保证公司资金安全，经营风险 可控。财务公司为公司提供的金融服务定价公允，不存在财务公司利用 关联交易占用公司资金以及其他损害公司利益的情形。 一、前次股东大会未获通过议案的情况 公司第十届董事会于 2025 年 4 月 23 日召开第五次会议，审议通过 《关于与河北建投集团财务有限公司重新签订〈金融服务协议〉的议案》， 并将此议案提交公司 2024 年度股 ...

2．网络投票时间： | 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-32 | | --- | --- | --- | --- | --- | | 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 年第二次临时股东大会通知 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。 河北建投能源投资股份有限公司第十届董事会第十九次临时会议决 定于 2025 年 6 月 13 日召开公司 2025 年第二次临时股东大会，现将有关 事项通知如下： 一、召开会议基本情况 （一）会议召集人：公司董事会。本次股东大会的召集符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）会议时间： 1．现场会议召开时间：2025 年 6 月 13 日 14:30，会期半天。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 13 日的交易时间，即 9:15-9:25,9:30-11:30 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-30 | | --- | --- | --- | | 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 第十届董事会第十九次临时会议决议公告 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。 一、董事会会议召开情况 河北建投能源投资股份有限公司董事会于 2025 年 5 月 23 日分别以 送达和电子邮件的方式向全体董事发出召开第十届董事会第十九次临时 会议的通知。本次会议于 2025 年 5 月 26 日以通讯方式召开。公司本届 董事会现有董事 9 人，全部参与表决。 本次会议的通知、召开、表决程序符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 会议审议并经通讯表决，通过以下决议： （一）以 4 票同意、0 票反对、0 票弃权的表决结果，通过《关于将 〈关于与河北建投集团财务有限公司重新签订《金融服务协议》的议案〉 再次提交股东大会审议的议案》 ...

Group 1: Financial Performance - In 2024, the company achieved a total electricity generation of 50.366 billion kWh, an increase of 27.79% [1] - The average on-grid settlement price was 437.37 RMB/MWh, a decrease of 2.82% year-on-year [1] - The company completed a total heat sales volume of 71.666 million GJ, a year-on-year increase of 12.83% [1] - In Q1 2025, the company generated 12.958 billion kWh, a decrease of 7.23% year-on-year [2] - The main business revenue for Q1 2025 was 6.575 billion RMB, a decrease of 5.84% year-on-year [2] - The net profit attributable to the parent company for Q1 2025 was 443 million RMB, an increase of 75.94% [2] Group 2: Operational Insights - The average utilization hours of generating units in Q1 2025 were 1,059 hours, a decrease of 101 hours year-on-year [2] - The average comprehensive standard coal price was 775.12 RMB/ton, a decrease of 11.43% year-on-year [2] - The company expects a decrease in electricity generation in Q2 2025 due to maintenance after the heating season [3] Group 3: Future Development Plans - The company completed the acquisition of shares in Qin Electric Company and Jingtou Zhuneng Company, adding 1.32 million kW of controlled installed capacity in 2025 [4] - Ongoing projects include the construction of the Xibaipo Power Plant Phase IV (2×66 MW) and Renqiu Thermal Power Phase II (2×35 MW), expected to be operational by 2026 [4] - The company is also increasing investment in offshore wind projects, including two 250 MW projects [4] Group 4: Market and Pricing Strategy - The company has signed long-term coal contracts covering over 80% of its needs for 2025 [6] - The company is closely monitoring coal market trends to optimize procurement strategies and reduce costs [6] - Predictions indicate a loosening supply-demand balance for thermal coal in 2025, with prices expected to decline further [6] Group 5: Shareholder Returns - The company plans to increase the cash dividend payout ratio from 30% to 50% of distributable profits in the upcoming three years [6]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Group 1 - The 2024 Annual General Meeting (AGM) of Hebei Construction Investment Energy Company was convened by the board of directors, utilizing a combination of on-site and online voting methods [1][2] - A total of 435 shareholders and authorized representatives attended the AGM, representing 1,202,381,088 shares, which accounts for 66.4556% of the total voting shares [2][3] - The voting results showed that the proposals were overwhelmingly approved, with support ranging from 99.9468% to 99.9479% of the valid votes cast [3][4][6] Group 2 - The AGM's voting procedures were verified by legal counsel, confirming compliance with the Company Law, Shareholder Meeting Rules, and the company's articles of association [4][9] - The meeting included current directors, supervisors, executives, and legal representatives, all deemed eligible to attend [2][3] - The legal opinion concluded that the AGM's convening, attendance, and voting procedures were lawful and valid, resulting in effective resolutions for the company [9][10]

| 证券代码：000600 | 证券简称：建投能源 | | 公告编号：2025-29 | | --- | --- | --- | --- | | 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○二四年度股东大会决议公告 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。 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○二四年度股东大会于 2025 年 5 月 20 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435名，代表股份1,202,381,088 股，占公司有表决权股份总数的 66.4556%，其中：出席现场会议的股东 及授权委托代表 1 名，代表股份 1,175,905,950 股，占公司有表决权股份 总数的 64.9923%； ...

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Group 1: Financial Performance - The company reported a significant increase in profitability for Q1 2025, with a notable rise in profit levels due to reduced coal market prices and lower main business costs [6][8]. - The expected profit for Q2 2025 is anticipated to be higher than Q1, influenced by the coal market and electricity market trends [5][6]. - The company plans to distribute a cash dividend of 1.30 yuan per 10 shares, amounting to approximately 235 million yuan, which represents 44.28% of the net profit attributable to shareholders [18]. Group 2: Research and Development - In 2024, the company invested approximately 11.52 billion yuan in R&D, focusing on optimizing production technology and promoting energy efficiency [6][17]. - The R&D efforts are aimed at facilitating the digital and green transformation of the coal power industry, with key projects including enhancing the efficiency of large thermal power units [3][13]. - The company emphasizes that its R&D expenditures are aligned with production needs and do not adversely affect operational results [17]. Group 3: Strategic Goals and Market Position - The company aims to become a leading comprehensive energy service provider by focusing on low-carbon, clean, and flexible development strategies [4][15]. - It plans to maintain a long-term coal supply coverage rate exceeding 80% in 2025, which is crucial for stabilizing operational costs [15]. - The company is actively pursuing new energy projects, including solar and wind energy, to diversify its energy portfolio and enhance its market competitiveness [15][9]. Group 4: Market Dynamics and Challenges - The fluctuation of stock prices is influenced by various factors, including the company's fundamentals, macroeconomic conditions, and industry policies [10][12]. - The coal market's recent downturn has positively impacted the company's profitability, allowing for better cost management in power generation and heating services [9][18]. - The company acknowledges the challenges posed by high R&D costs compared to profits, but asserts that these investments are essential for long-term growth and competitiveness [6][17].

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].