Group 1: Project Developments - The first phase of the Qingyang Green Power Aggregation Pilot Project, a 1 million kW renewable energy initiative, has been approved and is progressing well [2][5]. - The company has several reserve projects, including the Tengger Desert Base (6 million kW) and Wuwei Minqin (1 million kW) renewable energy projects [2][9]. Group 2: Acquisition and Business Expansion - In 2024, the company acquired a 66% stake in Changle Company, enhancing its capabilities in peak-shaving thermal power and diversifying its energy mix [3][4]. - The total installed capacity reached 7.5397 million kW, a year-on-year increase of 113% [4]. Group 3: Financial Performance - The company achieved a net profit of 1.644 billion CNY in 2024, reflecting a year-on-year growth of 40.3% [4]. - Changle Company reported a net profit of 1.7143 billion CNY for 2024, exceeding its commitment of 1.1372 billion CNY, achieving a completion rate of 150.75% [11]. Group 4: Future Strategies - The company plans to leverage opportunities from national power system reforms and focus on enhancing operational efficiency and risk management [10]. - The 2025 strategy includes expanding renewable energy projects and maximizing the synergistic benefits of its diverse energy sources [10]. Group 5: Dividend Distribution - The company plans to distribute a cash dividend of 1.80 CNY per 10 shares, totaling approximately 583.89 million CNY, pending shareholder approval [12].

Dividend Plan - The company plans to distribute a cash dividend of 1.80 CNY per 10 shares based on a total share capital of 3,243,839,742 shares, amounting to a total cash dividend of 583.89 million CNY [1][2] Q1 2025 Performance - The estimated net profit for Q1 2025 is between 460 million CNY and 490 million CNY, representing a year-on-year growth of 26.21% to 34.44% [2] - The total electricity generation for Q1 2025 is projected to be 7.462 billion kWh, an increase of 266 million kWh compared to the same period last year [2] Installed Capacity and Distribution - As of the end of 2024, the company has a total installed capacity of 7,539.7 MW, with the following breakdown: - Thermal power: 4,000 MW - Hydropower: 1,700.2 MW - Wind power: 1,103.5 MW - Photovoltaic power: 736 MW [2] New Energy Project Reserves - The company has reserved several new energy projects, including: - 6 million kW project in Tengger Desert - 1 million kW project in Wuwei Minqin - Green electricity aggregation pilot project in Gansu Qingyang [2] Competitive Advantages - The company is a comprehensive energy power listed company with significant advantages in thermal, hydropower, wind, and photovoltaic sectors, particularly in Gansu province [3] Performance of Changle Company - In 2024, Changle Power Generation Co., Ltd. achieved a net profit of 1,714.3 million CNY after deducting non-recurring gains and losses, with a completion rate of 150.75% against the promised net profit of 1,137.2 million CNY [3] Project Commissioning Timeline - Units 1 and 2 of Changle Power Generation were commissioned in September and November 2020, respectively, while units 3 and 4 are expected to be commissioned in November and December 2023, with units 5 and 6 under construction and expected to be operational in the second half of 2025 [3] Disclosure Compliance - The investor relations activity did not involve the disclosure of any significant undisclosed information, and all participants signed a commitment letter as per regulations [3][4]

Core Viewpoint - The company’s Changle project, a peak-shaving thermal power asset, is expected to have a stable and high net profit of 0.087 yuan per kilowatt-hour in 2024, indicating it is a quality asset within the thermal power sector, with potential for valuation upgrades [1] Investment Highlights - The company maintains a "Buy" rating, projecting EPS for 2025-2027 to be 0.58, 0.74, and 0.78 yuan respectively. Given the company's robust operational capabilities in thermal power and its significantly higher profit per kilowatt-hour compared to peers, a valuation premium is justified, assigning a 14x PE for 2025, leading to a target price of 8.12 yuan [2] - In the 2024 annual report, the company achieved operating revenue of 8.7 billion yuan, a year-over-year increase of 24.8%. The net profit attributable to shareholders was 1.64 billion yuan, up 40.3% year-over-year (after retrospective adjustments). The Changle peak-shaving thermal power contributed 1.11 billion yuan to net profit, an increase of 460 million yuan year-over-year, primarily due to the commissioning of units 3 and 4 in November and December 2023 [2] - The Changle peak-shaving thermal power operates under Hunan electricity prices, with coal sourced from Xinjiang, resulting in high profit per kilowatt-hour. The net profit per kilowatt-hour is calculated at 0.087 yuan, an increase of 0.014 yuan year-over-year. Revenue per kilowatt-hour is 0.312 yuan, down 0.008 yuan year-over-year, while cost per kilowatt-hour is 0.202 yuan, down 0.021 yuan year-over-year, influenced by underutilization of newly commissioned units and a decrease in coal prices [2] Future Performance Estimates - For 2025, assuming thermal power utilization hours increase to 5,500 hours and a decrease in electricity prices by 0.01 yuan, along with a 50 yuan/ton drop in benchmark coal prices, the net profit per kilowatt-hour is estimated at approximately 0.09 yuan. The net profit attributable to shareholders for Changle is projected at 1.3 billion yuan, with total net profit for the company expected to reach 1.89 billion yuan, corresponding to a PE valuation of 11.6 times as of April 9 [3] - Future growth includes two additional 1 million kilowatt thermal power units under construction, expected to be operational by the end of 2025, potentially contributing 340 million yuan to net profit in 2026. The company also has significant renewable energy projects in reserve, including a 6 million kilowatt project in the Tengger Desert and a 1 million kilowatt project in Wuwei Minqin, indicating substantial long-term growth potential in renewable energy [3]

证券代码：000791 证券简称：甘肃能源 公告编号：2025-34 甘肃电投能源发展股份有限公司 关于召开 2024 年度股东会的提示性公告 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。 甘肃电投能源发展股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日 在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn/）上披露了《关于 召开 2024 年度股东会的通知》（公告编号：2025-29），决定于 2025 年 4 月 22 日召开公司 2024 年度股东会，本次股东会采取现场投票与网络投票相结合的方 式召开，现将会议有关情况提示如下： 一、召开会议的基本情况 1、股东会届次：2024 年度股东会。 2、股东会的召集人：公司董事会，2025 年 3 月 27 日召开的公司第八届董 事会第二十五次会议审议通过了《关于召开 2024 年度股东会的议案》。 3、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、规范性文件、深交所业务规则和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议召 ...

Core Viewpoint - Gansu Energy has successfully completed a major asset restructuring, leading to significant improvements in its operating performance, with a notable increase in net profit and revenue in 2024 and the first quarter of 2025 [1][2][3]. Group 1: Financial Performance - In the first quarter of 2025, Gansu Energy expects a net profit attributable to shareholders of 4.60 billion to 4.90 billion yuan, representing a year-on-year growth of over 20% [1]. - For the year 2024, Gansu Energy reported an operating revenue of approximately 87 billion yuan, a year-on-year increase of 24.79%, and a net profit of 16.44 billion yuan, up over 40% [1][3]. - The company achieved a significant increase in net profit in the first quarter of 2025, with a growth rate of 793.16% to 851.41% compared to the same period last year [2]. Group 2: Asset Restructuring Impact - The acquisition of Changle Company, the largest peak-shaving thermal power project in Northwest China, has enhanced Gansu Energy's operational capabilities and diversified its energy portfolio to include thermal power alongside its existing clean energy sources [1][7][8]. - Changle Company exceeded its performance commitments, achieving a non-recurring net profit of 17.14 billion yuan in 2024, with a completion rate of 150.75% [5][6]. Group 3: Capacity and Production - As of the end of 2024, Gansu Energy's installed capacity reached 7.54 million kilowatts, with a significant increase in thermal power capacity following the acquisition of Changle Company [9]. - The company generated 29.02% more electricity in 2024, with a total output of 294.37 billion kilowatt-hours compared to 228.15 billion kilowatt-hours in the previous year [9]. Group 4: Dividend Policy - Gansu Energy plans to distribute a cash dividend of 5.84 billion yuan for 2024, with a dividend payout ratio of 35.51%, reflecting an increase in profitability and shareholder returns [9].

一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 3 月 31 日 2、预计的经营业绩：同向上升 | 项 目 | 本报告期 | | 上年同期 | | | | --- | --- | --- | --- | --- | --- | | | | | 重述后数据 | 原报告数据 | | | 归属于 司股东 | 盈利：46,000 | 万元～49,000 万元 | 万元注 1 盈利：36,448.48 | 盈利：5,150.27 | 万元 | | 上市公 | 比上年同期增长 | 793.16%～851.41% | | | | | | （原报告数据） | | | | | | 的净利 | 比上年同期增长 | 26.21%～34.44% | | | | | 润 | （重述后数据） | | | | | | 扣除非 | 盈利：45,900 | 万元～48,900 万元 | 万元注 2 盈利：4,939.60 | 盈利：4,939.60 | 万元 | | 经常性 | 比上年同期增长 | 829.23%～889.96% | | | | | 损益后 | （原报告数据） | | | | | | 的净 ...

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 二〇二五年第二次临时股东大会的 法律意见 甘肃省兰州市城关区雁园路 601 号甘肃省商会大厦 A 座 15 层 电话：（0931）8260111 邮编：730011 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 二〇二五年第二次临时股东大会的法律意见 北京德恒（兰州）律师事务所 二〇二五年第二次临时股东大会的 法律意见 德恒 37F20250023-00005 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 年第二次临时股东大 会（以下简称：本次股东大会）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，本所律师就本次会议的召集、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 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2025-32 甘肃电投能源发展股份有限公司 2025 年第二次临时股东大会决议公告 一、会议召开和出席情况 1、会议召开情况 （1）召开时间：2025 年 3 月 31 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：本次股东大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 3 月 31 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 3 月 31 日上午 9:15，结束时间为 2025 年 3 月 31 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：本次股东大会的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 2、会议出席情况 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 ...

3月28日晚间，甘肃能源(000791)发布2024年年度报告。公司2024年实现营业收入86.95亿元，同比增长 24.79%；实现归属于上市公司股东的净利润16.44亿元，同比增长40.3%；实现归属于上市公司股东的扣 除非经常性损益的净利润7.2亿元，同比增长38.36%。 同日，公司公布了2024年度利润分配方案，拟以2024年末公司总股本3,243,839,742股为基数，向全体股 东每10股派发现金红利1.80元（含税），合计派发5.84亿元。公司连续12年以现金方式分红，推动公司 价值与投资者回报的协同发展。 公司表示，将把握国家电力体制改革、国企改革的机遇，坚持优结构、稳增长、强产业，抓好增量电源 项目建设，积极推进常乐电厂200万千瓦燃煤机组扩建项目建设工作，力争实现2025年下半年投产目 标。 加快建设甘肃庆阳东数西算产业园区绿电聚合试点项目一期工程100万千瓦新能源项目，加紧腾格里沙 漠大基地600万千瓦新能源项目、武威民勤100万千瓦新能源项目等新能源项目前期研究，开展可行性研 究及评审，在条件成熟时履行决策程序并积极推进项目建设，加力推动电力产业扩量提质。（秦声） 公司控股股东甘肃省 ...

常乐盈利能力扩张,风电电价逆势增长 华泰研究 年报点评 2025 年 3 月 29 日│中国内地 发电 证券研究报告 甘肃能源 (000791 CH) 得益于来水修复，2024 年公司水电上网电量同比+8.6%至 62 亿千瓦时；公 司水电电量大多数采用批复电价上网，因此 2024 年公司水电上网电价同比 -2.6%至 0.269 元/千瓦时（含税）主要系相对低电价水电站上网电量权重增 加；水电发电边际成本低，因此 2024 年公司水电净利润同比+75%至约 3.41 亿元。2024 年由于风况及光照条件同比偏弱，公司风电/光伏利用小时数同 比下降 21.7%/18.4%至 1527/1408 小时，得益于分时电价政策，公司风电 上网电价同比+4.1%至 0.52 元/千瓦时（含税）；2024 年公司风光净利润同 比-31%至 2.9 亿元。 优质火电资产注入完成，2024 年常乐公司度电净利润同比+1.4 分 截至 2024 年底，常乐公司注入已完成。常乐一期 400 万千瓦煤电机组 2024 年上网电量同比+44.1%至 195 亿千瓦时，主要系 2023 年为非完整投产年度； 2024 年上网电价（含税 ...