由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年6月，甘肃省发电190.3亿千瓦时，同比增长8.8%。2025年上半年，甘肃省发电551.3亿千瓦时， 同比增长4.1%。分品种看，2025年上半年，甘肃省火力发电量566.4亿千瓦时，占总发电量的52.1%，同 比增长9.5%；甘肃省水力发电量118.9亿千瓦时，占总发电量的10.9%，同比下滑13.4%；甘肃省风力发 电量256.2亿千瓦时，占总发电量的23.6%，同比增长10.5%；甘肃省太阳能发电量145.92亿千瓦时占总 发电量的13.4%，同比增长6.1%。 数据来源：国家统 ...

Core Viewpoint - Gansu Energy's stock price has decreased by 1.83% as of August 15, 2025, reflecting a decline in market performance despite a modest increase in revenue and profit for the first half of the year [1] Group 1: Stock Performance - As of August 15, 2025, Gansu Energy's stock price is 6.45 yuan, down 0.12 yuan from the previous trading day's closing price [1] - The stock opened at 6.57 yuan, reached a high of 6.58 yuan, and a low of 6.44 yuan on the same day [1] - The trading volume was 417,021 hands, with a total transaction value of 270 million yuan [1] Group 2: Company Overview - Gansu Energy operates in the power industry, focusing on thermal, hydro, wind, and solar power generation [1] - The company has a diversified energy structure with a total installed capacity of 7.5397 million kilowatts, including 4 million kilowatts from thermal power, 1.7002 million kilowatts from hydro power, 1.1035 million kilowatts from wind power, and 736,000 kilowatts from solar power [1] Group 3: Financial Performance - For the first half of 2025, Gansu Energy reported a revenue of 3.931 billion yuan, a year-on-year increase of 0.19% [1] - The net profit attributable to shareholders was 825 million yuan, reflecting a year-on-year growth of 16.87% [1] - The total electricity generation for the company's power stations was 12.637 billion kilowatt-hours, with a sales volume of 12.160 billion kilowatt-hours, and 12.062 billion kilowatt-hours involved in market transactions [1] Group 4: Capital Flow - On August 15, 2025, the net outflow of main funds for Gansu Energy was 2.5626 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 20.3091 million yuan, representing 0.16% of the circulating market value [1]

盈利预测与估值 我们下调公司2025-2027 年归母净利润（ 0.22%/6.13%/7.48%） 至18.95/22.47/23.17 亿元，对应EPS 为 0.58/0.69/0.71 元。下调主要是考虑到风电、光伏电价在市场化推进过程中压力较大，我们下调公司 2025-2027年风电电价27.58%/28.13%/28.71%，光伏电价14.21%/14.63%/15.54%；2025 年归母净利润下 调幅度小于2026/2027 年主要系2025 年公司常乐电厂5-6 号机组并网时间早于预期。参考可比公司2025E PE 的Wind 一致预期为16.5x，考虑公司清洁能源电价波动性较可比公司更高，给予公司14.0x2025E PE，对应目标价8.18 元（前值8.37 元基于14.3x 2025E PE），维持 "买入"评级。 风险提示：来水不及预期，电价不及预期，特高压建设不及预期，煤价超预期。 1H25 火电板块量价齐升，度电净利润同比+3.7 分至11.3 分1H25 公司火电板块经营成果显著：上网电量 同比+5.46%至88.79 亿千瓦时，上网电价（含税）同比+2.30%至0.369 元/ ...

Investment Rating - The report maintains a "Buy" rating for Gansu Energy [6][5][4] Core Views - Gansu Energy's H1 2025 revenue reached 3.931 billion RMB, a year-on-year increase of 0.19%, with a net profit attributable to shareholders of 0.825 billion RMB, up 16.87% year-on-year [1] - The company's hydropower segment showed significant price advantages in spot trading, while the thermal power segment demonstrated strong profitability [1] - The report highlights a substantial increase in hydropower on-grid electricity prices, which rose by 39.99% year-on-year to 0.376 RMB/kWh, despite a decrease in hydropower generation due to lower water inflow [2] - The thermal power segment's on-grid electricity volume increased by 5.46% year-on-year, with a corresponding price increase of 2.30% to 0.369 RMB/kWh, leading to a net profit increase of 57.59% for the Changle company [3] - Wind and solar power segments faced price pressures, with on-grid electricity prices dropping by 33.80% and 17.17% respectively, resulting in decreased gross margins [4] Summary by Sections Financial Performance - H1 2025 revenue was 3.931 billion RMB, with a net profit of 0.825 billion RMB, reflecting a year-on-year growth of 0.19% and 16.87% respectively [1] - Q2 2025 revenue was 1.692 billion RMB, down 0.73% year-on-year and 24.40% quarter-on-quarter, with net profit at 0.345 billion RMB, a year-on-year increase of 1.16% but a quarter-on-quarter decrease of 28.04% [1] Hydropower Segment - H1 2025 hydropower on-grid electricity volume decreased by 21.07% year-on-year to 1.129 billion kWh, with Q2 2025 down 32.44% year-on-year [2] - The hydropower on-grid electricity price increased significantly, leading to a gross margin rise of 6.07 percentage points to 31.17% [2] Thermal Power Segment - H1 2025 thermal power on-grid electricity volume increased by 5.46% year-on-year to 8.879 billion kWh, with a net profit per kWh of 0.113 RMB, up 3.7 cents year-on-year [3] - The Changle power plant's net profit reached 1 billion RMB, benefiting from lower coal prices [3] Wind and Solar Power Segment - H1 2025 wind and solar on-grid electricity prices fell to 0.365 RMB/kWh and 0.3 RMB/kWh, respectively, with gross margins decreasing significantly [4] - No new renewable energy installations were added in H1 2025, with approved capacities of 1.25025 million kW for wind and 3.85 million kW for solar [4] Profit Forecast and Valuation - The report revises down the net profit forecasts for 2025-2027 to 1.895 billion RMB, 2.247 billion RMB, and 2.317 billion RMB, respectively, with corresponding EPS of 0.58, 0.69, and 0.71 RMB [5] - The target price is set at 8.18 RMB, based on a PE ratio of 14.0x for 2025E [5]

Core Viewpoint - Gansu Energy reported a net profit of approximately 825 million yuan for the first half of 2025, reflecting a year-on-year increase of 16.87% [1] Financial Performance - The company achieved an operating revenue of approximately 3.931 billion yuan in the first half of 2025, representing a year-on-year growth of 0.19% [1] - The net profit attributable to shareholders was about 825 million yuan, marking a year-on-year increase of 16.87% [1] Business Operations - Gansu Energy's main business activities include thermal power generation, hydropower generation, wind power generation, and photovoltaic power generation, without engaging in electricity sales [1] - The primary product of the company is electricity, with performance mainly derived from power generation revenue [1] Market Performance - As of the close on August 14, Gansu Energy's stock price was 6.57 yuan per share, with a total market capitalization of 21.31 billion yuan [1]

甘肃电投能源发展股份有限公司 2025 年半年度募集资金存放、管理与使用情况的专项报告 根据《上市公司募集资金监管规则》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关 法律、法规和规范性文件以及公司《募集资金使用管理办法》的相关规定，甘肃 电投能源发展股份有限公司（以下简称"公司"或"本公司"），编制了截至 2025 年 6 月 30 日止的《2025 年半年度募集资金存放、管理与使用情况的专项报告》。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意甘肃电投能源发展股份有限公司发行 股份购买资产并募集配套资金注册的批复》（证监许可〔2024〕1611 号）同意注 册，公司募集配套资金总额 1,899,999,995.67 元，扣除发行费用后的募集资金 净额为 1,882,212,168.34 元。大信会计师事务所（特殊普通合伙）对募集资金 的到位情况进行了验证，并于 2024 年 12 月 19 日出具了《甘肃电投能源发展股 份有限公司验资报告》（大信验字[2024]第 9-00015 号），确认募集资金总额 1,899,999,995 ...

统一社会信用代码：91620000MA72PLKH1T 注册地址：甘肃省兰州市城关区北滨河东路 69 号甘肃投资大厦 25 层 企业类型：有限责任公司 甘肃电投能源发展股份有限公司 关于甘肃电投集团财务有限公司风险持续评估报告 根据公司与甘肃电投集团财务有限公司（以下简称"财务公司"）签订的《金 融服务协议》和《关于与甘肃电投集团财务有限公司办理存贷款业务的风险处置 预案》，结合《深圳证券交易所上市公司自律监管指引第 7 号-交易与关联交易》 的要求和财务公司提供的《金融许可证》《营业执照》等有关证件资料，公司审 阅了财务公司包括资产负债表、利润表、现金流量表等在内的 2025 年 6 月末财 务报表及相关资料，对财务公司的经营资质、内控制度建设、业务和风险状况及 经营情况进行了评估。现将有关情况报告如下： 一、财务公司基本情况 财务公司是经原中国银行保险监督管理委员会批准，于 2016 年 3 月 25 日在 甘肃省市场监督管理局注册成立的非银行金融机构。财务公司注册资本金 10 亿 元，其中：甘肃省电力投资集团有限责任公司出资 6 亿元，持股比例 60%；甘肃 电投大容电力有限责任公司出资 4 亿元，持股 ...

甘肃电投能源发展股份有限公司 2025 年半年度财务报告 甘肃电投能源发展股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 甘肃电投能源发展股份有限公司 2025 年半年度财务报告 一、审计报告 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 | 编制单位：甘肃电投能源发展股份有限公司 | 2025 年 06 月 30 日 | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 2,255,505,795.55 | 2,395,636,236.57 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 2,663,890,351.92 | 2,939,441,158.31 | | 应收款项融资 | | | | 预付款项 | 11,195,397.85 | 5,606,322.51 | | 应收保费 | | | | 应收分保账款 | | | | 应收分 ...

注：①表中非经营性占用部分，关联方范围依照《股票上市规则》确定。②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 法定代表人：卢继卿 主管会计工作负责人：吕庆年 会计机构负责人：张莉 上市公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：甘肃电投能源发展股份有限公司 单位：万元 | 非经营性资金占用 | | 占用方与上市公司 | 上市公司 | 2025 年期初往 | 2025 年 1-6 月往 | 2025 年 1-6 | 2025 年 1-6 月偿 | 2025 年 6 | 月末 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 的关联关系 | 核算的会 计科目 | 来资金余额 | 来累计发生金额 （不含利息） | 月往来资金的 利息（如有） | 还累计发生金额 | 往来资金余额 | | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 其附属企业 | | | | | ...

独立董事：方文彬、王栋、曹斌 1、我们已仔细审阅了关于甘肃电投集团财务有限公司风险持续评估报告及 财务公司相关资料，我们认为财务公司作为非银行金融机构，已取得原中国银行 业监督管理委员会开业的批复，具有合法有效的《金融许可证》《企业法人营业 执照》；能够按照《公司法》《银行业监督管理法》《企业集团财务公司管理办法》 和国家有关金融法规等有关规定建立健全内部控制体系，未发现财务公司风险管 理存在重大缺陷；不存在违反《企业集团财务公司管理办法》规定的情形，各项 监管指标均符合该办法第三十四条的规定要求。独立董事一致同意本议案，并同 意将本议案提交公司董事会审议。 2、经仔细审阅关于与控股股东签署代建代管协议的关联交易议案的相关材 料，本次关联交易是避免同业竞争的需要。代建代管期间，甘肃酒泉汇能风电开 发有限责任公司因履行代建代管协议所发生的合理费用由武威望舒新能源科技 有限公司据实承担，符合上市公司和全体股东的利益。独立董事一致同意本议案， 并同意将本议案提交公司董事会审议。 甘肃电投能源发展股份有限公司 独立董事专门会议审查意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳 证券交易所上 ...