证券日报网讯 9月1日晚间，宝新能源（000690）发布公告称，公司将于2025年9月5日召开2025年第一 次临时股东大会。本次股东大会将审议《公司2025年半年度利润分配方案》。 ...

关于召开 2025 年第一次临时股东大会的提示性公告 证券代码：000690 证券简称：宝新能源 公告编号：2025-029 广东宝丽华新能源股份有限公司 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。 广东宝丽华新能源股份有限公司（以下简称"公司"）已于2025年8月19日在《中 国证券报》《证券时报》《上海证券报》《证券日报》《经济参考报》及巨潮资讯网 （http://www.cninfo.com.cn/）披露了《广东宝丽华新能源股份有限公司关于召开2025 年第一次临时股东大会的通知》。本次股东大会将采用现场表决与网络投票表决相结 合的方式，现将有关事项再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2025年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第十届董事会第五次会议、第十届监事会第五 次会议审议通过了关于召开2025年第一次临时股东大会的相关议案。本次股东大会会 议召开符合有关法律、行政法规、部门规章、规范性文件和公司《章程》的规定。 4、会议召开日期和时间： （1）现场会议召开的日期和时间： ...

Group 1 - The company, Baoneng New Energy (stock code: 000690), reported that as of August 20, 2025, the total number of shareholders is 80,389 [1]

Fundraising Overview - The company raised a total of RMB 5,828,645,675 by issuing 24,541,666 shares at RMB 237.50 per share, with net proceeds amounting to RMB 5,594,596,404.45 after deducting underwriting fees and other expenses [1][34]. - As of June 30, 2025, the company had a cash management balance of RMB 384,600,000 from temporarily idle funds [2][9]. Fund Management and Usage - The company has established a dedicated fund management system, including a special account for fundraising, to ensure compliance with regulations and protect investor interests [3][4]. - A total of 15 special fundraising accounts were set up, with funds managed under a tripartite supervision agreement with banks and the sponsor [4][6]. Changes in Fund Usage - The company approved the reallocation of part of the funds from the "Brand Digitalization Project" to invest in the "Digital Zero Carbon Industrial Park Project," with a total of RMB 66,907,000 being redirected [11][37]. - The company also decided to permanently supplement working capital with surplus funds from the "Portable Energy Storage Product Expansion Project," amounting to RMB 6,162,150 [40][41]. Audit and Compliance - The company plans to appoint Rongcheng Accounting Firm as the auditor for the 2025 fiscal year, replacing Tianjian Accounting Firm, to ensure independence and objectivity in the audit process [18][28]. - The company has confirmed that there are no significant issues in the use and disclosure of fundraising [16]. Shareholder Meeting - The company will hold its fourth extraordinary general meeting on September 9, 2025, to discuss various proposals, including the approval of the new auditor [45][46].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.357 billion yuan, representing a year-on-year increase of 17.33% [1] - The net profit attributable to shareholders reached 559 million yuan, marking a year-on-year growth of 52.62% [1] - The net cash inflow from operating activities was 1.282 billion yuan, an increase of 396 million yuan compared to the same period last year, achieving three consecutive years of growth and a year-on-year increase of 44.63% [1] Leadership - The chairman of the company is Zou Jinkai, born in 1967, with a university degree and qualifications as a senior architect and first-class registered architect [2] - Zou Jinkai has held various positions within the company since 1990, including roles as general manager and chairman of the supervisory board [2] - He has been the chairman of the board since April 2021 and will continue in this role until May 2024, also serving as the director of the strategic development committee and the nomination committee [2] Compensation - Zou Jinkai's compensation has increased from 1.8 million yuan in 2022 to 2.34 million yuan in 2024, with a notable increase of 11.43% last year [3] - The average industry salary for the same period was lower than Zou's compensation, indicating a competitive pay structure [3]

Core Viewpoint - The report from Tianfeng Securities highlights the significant differentiation in profitability among thermal power units in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. It also anticipates limited downward space for electricity prices by 2025, predicting a relatively stable overall electricity price level for coal power units in 2026 [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity prices [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profit per kilowatt-hour exceeding 0.01 yuan, and some units reaching over 0.02 yuan [2]. - Smaller capacity units, such as those below 300,000 kilowatts, are generally facing losses, indicating higher profitability pressure [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited potential for further decline. The average transaction price for electricity in 2025 is reported at 0.392 yuan per kilowatt-hour, with a downward adjustment of 15.67% [3]. - Starting in 2026, the capacity price for coal power units is set to be adjusted to 165 yuan per kilowatt per year, which is expected to stabilize overall profitability for coal power units in Guangdong [3].

Core Viewpoint - The report from Tianfeng Securities highlights a significant divergence in the profitability of coal-fired power plants in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. The long-term electricity price for coal power plants is expected to stabilize by 2026, with limited downside potential in the near term [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity price conditions [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. - The spot electricity prices in the Pearl River Delta region are notably higher compared to other areas, with the western region facing more pricing pressure [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profits exceeding 0.01 yuan/KWh [2]. - Smaller coal power units (30,000 kilowatts and below) are generally operating at a loss, indicating greater profitability pressure [2]. - Gas-fired power units face higher fuel costs and lower average utilization hours, contributing to their profitability challenges compared to coal units [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for further decline [3]. - The average transaction price for electricity in Guangdong is 0.392 yuan/KWh, with a downward adjustment of 15.67%, indicating proximity to the price floor [3]. - Starting in 2026, the capacity price for coal power units is set to increase to 165 yuan per kilowatt per year, which is expected to support stable profitability for coal power plants in the long term [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

证券日报网讯宝新能源8月20日在互动平台回答投资者提问时表示，截至2025年8月10日，公司股东总户 数为80249户。 （文章来源：证券日报） ...

据证券之星公开数据整理，近期宝新能源（000690）发布2025年中报。截至本报告期末，公司营业总收 入43.57亿元，同比上升17.33%，归母净利润5.59亿元，同比上升52.62%。按单季度数据看，第二季度 营业总收入23.77亿元，同比上升49.81%，第二季度归母净利润2.59亿元，同比上升60.51%。本报告期 宝新能源应收账款上升，应收账款同比增幅达74.01%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.78%，同比增12.41%，净利率12.82%，同比 增30.08%，销售费用、管理费用、财务费用总计1.15亿元，三费占营收比2.63%，同比减17.41%，每股 净资产5.7元，同比增4.69%，每股经营性现金流0.59元，同比增44.63%，每股收益0.26元，同比增 52.94% 经营活动产生的现金流量净额变动幅度为44.63%,原因:营业收入增加、原材料价格下降以及采购支付的 现金减少。 筹资活动产生的现金流量净额变动幅度为-313.57%,原因:本期无用于贷款质押的定期存款收回事项。 交易性金融资产变动幅度为694.7%,原因:期末持有的银行结构性存款增加。 其他应收款 ...