信达证券研报指出，甘肃能源为省属龙头电力平台，火水风光多种电源共同发展。截至2025H1，公司 在运控股装机合计753.97万千瓦，其中火电/水电/风电/光伏控股装机分别为400/170.02/110.35/73.6万千 瓦。清洁能源为基筑底利润，火电注入大幅提高业绩。常乐电厂注入完成后业绩实现全年并表，2024年 公司营收大幅增加至86.95亿元，归母净利大幅增加至16.44亿元。2025H1公司实现营业收入39.31亿元， 实现归母净利润8.25亿元。常乐公司注入后，公司各项经营利润指标都有显著改善。甘肃能源作为甘肃 省内电力运营龙头旗下常规能源整合平台，背靠集团股东优势，火水风光多种电源协同发展，业绩稳定 性较强；叠加未来在建及注入项目持续落地，具有较高增长潜力。首次覆盖，给予"买入"评级。 ...

证券日报网讯 甘肃能源（000791）9月24日在互动平台回答投资者提问时表示，公司密切跟踪天气与水 情变化，切实加强值班值守、安全管控、预警防范、应急保障等各项工作，充分利用来水抢发电量，争 取发电效益最大化。 ...

Investment Rating - The investment rating for Gansu Energy is "Buy" [2]. Core Viewpoints - Gansu Energy is a leading provincial power platform under Gansu State-owned Assets, with diversified development in thermal, hydro, wind, and solar power [5][14]. - The company has a total installed capacity of 7,539.7 MW, with thermal power accounting for 4,000 MW, hydro power 1,700.2 MW, wind power 1,103.5 MW, and solar power 736 MW as of the first half of 2025 [5][14]. - The acquisition of a 66% stake in the Changle Power Plant significantly boosts revenue and profit, with projected revenues increasing to CNY 8.695 billion in 2024 and net profit to CNY 1.644 billion [5][20]. Summary by Sections 1. Gansu Energy as a Core Power Platform - Gansu Energy has transformed into a clean energy operator with a focus on thermal, hydro, wind, and solar power projects, supported by its major shareholder, Gansu Electric Power Investment Group [14]. - The company has seen steady growth in its clean energy segment, with revenues increasing from CNY 2.268 billion in 2019 to CNY 2.641 billion in 2023, representing a CAGR of 3.88% [20]. 2. Thermal Power - The Changle Power Plant is a key asset, with its first phase being the only supporting thermal power project for the "Long Electric into Hunan" initiative [31]. - The plant benefits from low fuel costs due to its proximity to Xinjiang coal sources, which are more stable and cheaper compared to other regions [31][39]. 3. Hydro Power - Gansu Energy's hydro power segment consists of small hydro plants, contributing to stable revenue and profit, with a total installed capacity of 1,700.2 MW [6][20]. - The company also holds a significant stake in Guotou Xiaoshanxia, which contributes approximately CNY 100 million annually to its investment income [6]. 4. New Energy - The company has a total of 1,103.5 MW of wind power and 736 MW of solar power installed, with significant growth potential in the future [8]. - Gansu Energy has secured approval for new energy projects totaling 6,100 MW, indicating strong future growth prospects [8]. 5. Potential Asset Injection - The parent company has additional thermal power assets totaling 4.67 GW, which could be injected into Gansu Energy, enhancing its capacity and profitability [8][9]. 6. Profit Forecast and Investment Rating - The forecasted net profits for Gansu Energy are CNY 1.971 billion, CNY 2.272 billion, and CNY 2.374 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.68, 9.27, and 8.87 [8][9].

Company Overview - Gansu Energy has seen a stock price increase of 11.28% year-to-date, with a recent price of 6.51 CNY per share and a market capitalization of 21.12 billion CNY [1] - The company primarily engages in hydropower, wind power, and photovoltaic power generation, with revenue contributions of 73.19% from thermal power, 16.03% from hydropower, 6.90% from wind power, and 3.62% from photovoltaic power [1] Financial Performance - For the first half of 2025, Gansu Energy reported a revenue of 3.93 billion CNY, representing a year-on-year growth of 218.34%, and a net profit attributable to shareholders of 0.83 billion CNY, up 187.58% year-on-year [2] - The company has distributed a total of 1.65 billion CNY in dividends since its A-share listing, with 0.86 billion CNY distributed over the last three years [3] Shareholder Information - As of September 19, 2025, Gansu Energy had 51,800 shareholders, a decrease of 0.76% from the previous period, with an average of 37,380 circulating shares per shareholder, an increase of 0.77% [2] - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders as of June 30, 2025 [3]

北京德恒（兰州）律师事务所 关于甘肃电投能源发展股份有限公司 二〇二五年第五次临时股东会的 法律意见 关于甘肃电投能源发展股份有限公司 北京德恒（兰州）律师事务所 二〇二五年第五次临时股东会的法律意见 北京德恒（兰州）律师事务所 关于甘肃电投能源发展股份有限公司 二〇二五年第五次临时股东会的 法律意见 德恒 37F20250023-00010 号 致：甘肃电投能源发展股份有限公司 北京德恒（兰州）律师事务所（以下简称：本所）受甘肃电投能源发展股份 有限公司（以下简称：公司/贵公司）委托，就贵公司 2025 年第五次临时股东会 （以下简称：本次股东会）召开的有关事宜，根据《中华人民共和国公司法》（以 下简称：《公司法》）、《上市公司股东会规则》（以下简称：《股东会规则》）、 《甘肃电投能源发展股份有限公司章程》（以下简称：《公司章程》）的有关规 定，本所律师对本次会议的召集、召开程序、现场出席会议人员资格、表决程序 等相关事项进行见证，并发表本《法律意见》。 为出具本《法律意见》，本所律师出席了本次会议，并审查了公司提供的以 下文件，包括但不限于： 甘肃省兰州市城关区雁园路 601 号甘肃省商会大厦 A 座 1 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2025-62 甘肃电投能源发展股份有限公司 2025 年第五次临时股东会决议公告 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：本次股东会无否决提案、变更以往股东会已通过的决议的情形。 一、会议召开和出席情况 （1）召开时间：2025 年 9 月 19 日 15:00。 （2）现场会议地点：甘肃省兰州市城关区北滨河东路 69 号甘肃投资集团大 厦 24 楼会议室。 （3）召开方式：本次股东会采用现场投票与网络投票相结合的方式召开。 其中，通过深圳证券交易所交易系统投票的时间为 2025 年 9 月 19 日的交易时间， 即 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网投 票系统开始投票的时间为 2025 年 9 月 19 日上午 9:15，结束时间为 2025 年 9 月 19 日下午 3:00。 （4）召集人：公司董事会。 （5）主持人：公司董事长卢继卿先生。 （6）会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法 规、部门规章、 ...

Group 1 - The core incident involves Huaneng Gansu Energy Development Co., Ltd. Fanping Branch, which faced a railway traffic accident due to a non-compliant tipping machine during unloading operations on July 8, 2025 [3] - The accident was classified as a general Class D railway traffic accident, violating Article 25 of the Railway Safety Management Regulations [3] - As a result of the incident, the Lanzhou Railway Supervision Administration imposed a fine of 52,000 yuan on Huaneng Gansu Energy Development Co., Ltd. Fanping Branch, requiring corrective actions to be taken [3]

Company Overview - Gansu Energy has a current stock price of 6.45 CNY per share, with a market capitalization of 20.923 billion CNY [1] - The company primarily engages in hydropower, wind power, and photovoltaic power generation, with revenue contributions of 73.19% from thermal power, 16.03% from hydropower, 6.90% from wind power, 3.62% from photovoltaic power, and 0.26% from other products [1] Financial Performance - For the first half of 2025, Gansu Energy reported a revenue of 3.931 billion CNY, representing a year-on-year increase of 218.34%, and a net profit attributable to shareholders of 0.825 billion CNY, up 187.58% year-on-year [2] - The company has distributed a total of 1.654 billion CNY in dividends since its A-share listing, with 0.856 billion CNY distributed over the past three years [3] Shareholder Information - As of September 10, 2025, Gansu Energy had 52,200 shareholders, with an average of 37,095 circulating shares per shareholder, reflecting a slight increase [2] - The top ten circulating shareholders saw a change, with Hong Kong Central Clearing Limited exiting the list as of June 30, 2025 [3] Market Activity - Gansu Energy's stock has seen a year-to-date increase of 10.26%, but has declined by 4.30% over the last five trading days and by 1.53% over the last twenty days [1] - The stock experienced a net outflow of 7.474 million CNY in principal funds, with significant selling pressure from large orders [1]

Core Points - Gansu Energy announced the appointment of Li Haotian as the company's securities representative on the evening of September 16 [2] Company Summary - The ninth board of Gansu Energy has officially appointed Li Haotian to the position of securities affairs representative [2]

Group 1 - Gansu Energy held its first board meeting of the ninth session on September 16, 2025, in Lanzhou, where it reviewed the proposal for appointing a securities affairs representative [1] - For the first half of 2025, Gansu Energy's revenue was entirely derived from the electricity sector, with a 100% contribution from this industry [1] - As of the report date, Gansu Energy's market capitalization stood at 21.4 billion yuan [1]