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 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2025-47 甘肃电投能源发展股份有限公司 第八届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 1、会议通知的时间和方式：本次董事会会议通知以书面送达或电子邮件等 方式于 2025 年 8 月 1 日发出。 2、会议召开的时间、地点和方式：会议于 2025 年 8 月 13 日以现场和视频 相结合的方式在兰州市北滨河东路 69 号甘肃投资集团大厦 24 楼会议室召开。 3、出席人员：本次会议应到董事 9 人，出席董事 9 人，其中董事刘甜甜以 视频方式出席会议。 4、主持人和列席人员：会议由董事长卢继卿先生主持，公司高级管理人员 列席了会议。 5、会议的合法、合规性：本次会议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。 二、董事会会议审议情况 1、审议通过了《2025 年半年度报告全文及摘要》 本报告已经董事会审计委员会审议通过。 关联董事（在控股股东单位任职）卢继卿、李青标、向涛、李轶已回避本议 案表决。本报告已由独立董事 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section presents important disclaimers, outlines the company's non-distribution policy, and highlights various operational and market risks - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4](index=4&type=chunk) - Forward-looking statements in the report do not constitute substantial commitments to investors, who should be aware of related risks[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves during this reporting period[6](index=6&type=chunk) - The company highlighted multiple risks, including lower-than-expected returns from new projects, electricity market fluctuations, natural factors, monetary policy, environmental regulations, production safety, and coal supply and price changes[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides the company's profile and a comprehensive overview of its key financial performance and non-recurring items [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Gansu Electric Power Investment Energy Development Co., Ltd. (Gansu Energy, stock code 000791) is a company listed on the Shenzhen Stock Exchange, with Lu Jiqing as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Gansu Energy | | **Stock Code** | 000791 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Gansu Electric Power Investment Energy Development Co., Ltd. | | **Legal Representative** | Lu Jiqing | [Key Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue slightly increased by 0.19% year-on-year, while net profit attributable to parent company shareholders grew by 16.87%, and non-recurring adjusted net profit attributable to parent company shareholders surged by 190.41% Key Financial Performance Overview | Key Financial Indicators | Current Period (yuan) | Prior Period (Restated, yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | **3.93 billion** | 3,923,016,239.45 | 0.19% | | **Net Profit Attributable to Shareholders of Listed Company** | **824.75 million** | 705,682,226.36 | 16.87% | | **Non-recurring Adjusted Net Profit Attributable to Parent Company Shareholders** | **822.75 million** | 283,304,600.72 | 190.41% | | **Net Cash Flow from Operating Activities** | **2.22 billion** | 1,299,229,714.44 | 71.25% | | **Basic Earnings Per Share (yuan/share)** | 0.2543 | 0.2274 | 11.83% | | **Weighted Average Return on Net Assets** | 5.90% | 5.46% | Increased 0.44 percentage points | | **Total Assets (yuan)** | **36.66 billion** | 35,892,035,976.23 | 2.13% | | **Net Assets Attributable to Shareholders of Listed Company (yuan)** | **13.83 billion** | 13,567,157,314.65 | 1.95% | [Non-Recurring Gains and Losses](index=9&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **2.008 million yuan**, primarily from entrusted operation management fees and government subsidies Non-Recurring Gains and Losses Breakdown | Item | Amount (yuan) | | :--- | :--- | | **Gains/Losses from Disposal of Non-Current Assets** | 11,317.70 | | **Government Subsidies Included in Current Period Profit/Loss** | 774,144.67 | | **Custody Fee Income from Entrusted Operations** | 1,886,792.45 | | **Net Other Non-Operating Income and Expenses** | -325,993.69 | | **Other** | 382,675.47 | | **Total** | **2,008,016.78** | - The company classified **8.9026 million yuan** in value-added tax refunds as recurring gains and losses, as they are closely related to the company's normal operations and are recurring in nature[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's primary operations, core competencies, financial performance, investment activities, and significant risks with mitigation strategies [Principal Business and Operations Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves thermal, hydro, wind, and solar power generation, forming a multi-energy complementary power structure of 'wind, solar, hydro, thermal, and storage,' with all operations located within Gansu Province - The company's principal businesses include thermal, hydro, wind, and solar power generation, with all operations located within Gansu Province[28](index=28&type=chunk) Key Operating Performance | Operating Indicators | H1 2025 | Year-on-Year Change | | :--- | :--- | :--- | | **Power Generation** | **12.637 billion kWh** | Largely flat | | **Net Profit Attributable to Parent Company Shareholders** | **825 million yuan** | +16.87% | Controlled Installed Capacity by Type | Installed Capacity | Controlled Installed Capacity (MW) | | :--- | :--- | | **Thermal Power** | **4,000** | | **Hydropower** | **1,700.2** | | **Wind Power** | **1,103.5** | | **Solar Power** | **736** | | **Total** | **7,539.7** | - The company is actively expanding new energy projects, with approved (filed) projects including the Tengger Desert large-scale solar project and Qingyang 'East Data West Computing' new energy project, totaling **5,100.25 MW** of planned installed capacity[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in three areas: a multi-energy complementary power structure of 'wind, solar, hydro, thermal, and storage' with locational advantages and peak-shaving capabilities; a robust pipeline of large-scale new energy projects, including the Tengger Desert large-scale base, ensuring broad development prospects; and its unique position as the sole listed capital operation platform for its controlling shareholder, Electric Power Investment Group, offering significant growth potential - The company possesses an integrated energy structure encompassing thermal, hydro, wind, and solar power, with its thermal power projects being among the largest peak-shaving power sources in Northwest China, and new energy projects located in the resource-rich Hexi Corridor region[38](index=38&type=chunk) - The company has secured significant project indicators, including the **6,000 MW** Tengger Desert large-scale new energy project and the **1,000 MW** Minqin wind-solar integrated project, laying a solid foundation for long-term development[38](index=38&type=chunk) - As the sole listed platform of its controlling shareholder, Electric Power Investment Group (Gansu Province's leading power generation enterprise), the company possesses strong capital operation capabilities and significant development potential[39](index=39&type=chunk) [Principal Business Analysis](index=14&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue slightly increased by 0.19% year-on-year, primarily due to higher electricity sales prices Key Financial Performance Changes | Financial Indicators | Current Period (yuan) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | | **Operating Revenue** | **3.93 billion** | 0.19% | Increase in electricity sales price | | **Operating Cost** | **2.36 billion** | -7.62% | Decrease in fuel costs | | **Financial Expenses** | **215.61 million** | -26.51% | Lower financing interest rates, reduced interest expenses | | **Net Cash Flow from Operating Activities** | **2.22 billion** | 71.25% | Increase in electricity sales price and decrease in fuel expenses | Operating Revenue and Gross Margin by Product Category | Product Category | Operating Revenue (yuan) | Proportion of Total Revenue | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | **Hydropower Products** | **630.06 million** | 16.03% | 31.17% | +6.07% | | **Thermal Power Products** | **2.877 billion** | 73.19% | 43.66% | +11.12% | | **Wind Power Products** | **271.16 million** | 6.90% | 27.45% | -30.41% | | **Solar Power Products** | **142.47 million** | 3.62% | 23.77% | -12.75% | [Assets and Liabilities Analysis](index=16&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets amounted to **36.656 billion yuan**, a 2.13% increase from the end of the previous year Asset and Liability Structure Changes | Asset/Liability Item | Proportion of Total Assets at Period End | Proportion of Total Assets at Year Start | Explanation of Change | | :--- | :--- | :--- | :--- | | **Construction in Progress** | 15.04% | 8.49% | Increase in capital expenditures for ChangLe Company's Units 5-6 | | **Fixed Assets** | 65.59% | 68.91% | Decrease in asset value due to depreciation | | **Accounts Receivable** | 7.27% | 8.19% | Decrease in accounts receivable for electricity fees | - As of the end of the reporting period, **2.575 billion yuan** of the company's assets were restricted, primarily due to fixed asset mortgages and concession right pledges for securing borrowings[55](index=55&type=chunk) [Investment Analysis](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment amount remained largely consistent with the prior year - During the reporting period, Qingyang New Energy Company was newly established with a registered capital of **51 million yuan**, designated for investing in green power projects within the 'East Data West Computing' industrial park[58](index=58&type=chunk) Major Projects Under Construction Investment Details | Major Projects Under Construction | Investment Amount in Current Period (yuan) | Cumulative Investment Amount (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | **ChangLe Company 2×1000 MW Coal-Fired Unit Expansion** | **1.934 billion** | **6.079 billion** | 80.89% | | **Yongchang Heqingtan 100 MW Photovoltaic Power Generation** | **338,963** | **338,963** | 0.31% | | **Qingyang 'East Data West Computing' Phase I 1,000 MW New Energy** | **9.507 million** | **9.507 million** | 0.27% | - In 2024, the company raised **1.882 billion yuan** in net proceeds from a share issuance for supporting funds, with **452 million yuan** utilized in the current period and **1.552 billion yuan** cumulatively utilized, representing an **82.48%** utilization rate, primarily for cash consideration payments and the ChangLe Company expansion project[63](index=63&type=chunk)[66](index=66&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the performance of major subsidiaries diverged Net Profit and Performance Changes of Major Subsidiaries | Company Name | Type | Net Profit in Reporting Period (million yuan) | Reason for Performance Change | | :--- | :--- | :--- | :--- | | **ChangLe Company** | Subsidiary | **1,000.22** | Power generation costs decreased, net profit increased by 57.59% | | **Darong Company** | Subsidiary | **94.98** | Electricity sales price increased, net profit increased by 429.15% | | **Bingling Company** | Subsidiary | **44.72** | Electricity sales price increased, net profit increased by 34.08% | | **Hexi Company** | Subsidiary | **37.28** | Electricity sales price increased, net profit increased by 543.90% | | **Jiudianxia Company** | Subsidiary | **-16.98** | Reduced water inflow led to decreased power generation, net profit decreased by 134.54% | | **Jiuhui Company** | Subsidiary | **24.76** | Decreased power generation and electricity prices, net profit decreased by 88.68% | | **Xiaosanxia Company** | Participating Company | **257.46** | - | [Risks and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces key risks including lower-than-expected returns from new projects, electricity price volatility due to intensified market competition, natural factors affecting power generation, monetary policy changes, stricter environmental regulations, production safety, and coal supply and price risks for thermal power operations - The company identified seven major risks: new project profitability risk, electricity market risk, natural factors risk, monetary policy risk, environmental policy risk, production safety risk, and coal supply and price risk[77](index=77&type=chunk)[79](index=79&type=chunk) - Countermeasures include: actively engaging in electricity market sales, thoroughly researching electricity market trading rules, enhancing economic operational efficiency, expanding financing channels to optimize debt structure, strengthening environmental and safety production management, and ensuring coal supply stability[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's corporate governance structure, including personnel adjustments, and outlines its environmental performance and social responsibility initiatives [Corporate Governance](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, several key positions, including directors, supervisors, and senior management such as the Chief Financial Officer and Deputy General Manager, experienced personnel changes due to work reassignments - During the reporting period, several key positions, including directors, chairman of the supervisory board, deputy general manager, and chief financial officer, experienced personnel changes[90](index=90&type=chunk)[91](index=91&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period[92](index=92&type=chunk) [Environmental and Social Responsibility](index=25&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) Among the company's major subsidiaries, only the thermal power enterprise ChangLe Company was included in the list of enterprises required to disclose environmental information by law - Subsidiary ChangLe Power Generation Company, as a thermal power enterprise, was included in the list of entities required to disclose environmental information by law and disclosed relevant information as per regulations[94](index=94&type=chunk)[95](index=95&type=chunk) ChangLe Company Environmental Performance | ChangLe Company Environmental Data (H1 2025) | Value | | :--- | :--- | | **Comprehensive Power Supply Coal Consumption** | 293.04g/kWh | | **Sulfur Dioxide Emissions** | **690.68 tons** | | **Nitrogen Oxides Emissions** | **1,235.99 tons** | | **Dust Emissions** | **43.146 tons** | - The company actively fulfilled its social responsibilities, engaging in activities such as water resource dispatch, community outreach, village assistance, and co-building civilized cities[98](index=98&type=chunk) [Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant related party transactions and the status of major contracts, including entrusted management agreements and financing guarantees [Significant Related Party Transactions](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in multiple daily operational related party transactions with its controlling shareholder, Electric Power Investment Group, and its subsidiaries, totaling **65.197 million yuan**, which did not exceed the annual estimated limit - Actual daily related party transactions during the reporting period amounted to **65.197 million yuan**, primarily for receiving services and purchasing raw materials, not exceeding the annual estimated limit of **137.2051 million yuan**[109](index=109&type=chunk)[110](index=110&type=chunk) Affiliated Finance Company Transactions | Dealings with Affiliated Finance Company | Balance at Period End (million yuan) | Interest Rate Range | | :--- | :--- | :--- | | **Deposit Business** | **795.4475** | 0.55%-1.75% | | **Loan Business** | **560.3396** | 1.85%-2.65% | - The controlling shareholder, Electric Power Investment Group, provided a full, unconditional, and irrevocable joint and several liability guarantee for the company's registration and issuance of medium-term notes not exceeding **1 billion yuan**[117](index=117&type=chunk) [Major Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, to fulfill its commitment to avoid horizontal competition, the company was entrusted with managing certain clean energy power generation equity held by its controlling shareholder, Electric Power Investment Group, recognizing **1.8868 million yuan** in custody income in the first half - The company was entrusted with managing certain clean energy power generation equity of its controlling shareholder, Electric Power Investment Group, recognizing **1.8868 million yuan** in custody income in the first half of 2025[119](index=119&type=chunk) Subsidiary Guarantee Information | Guarantee Status | Amount (million yuan) | | :--- | :--- | | **Approved Guarantee Limit for Subsidiaries at Period End** | **1,960.585** | | **Actual Guarantee Balance for Subsidiaries at Period End** | **1,130.585** | | **Proportion of Total Actual Guarantees to Company's Net Assets** | 8.17% | [Share Changes and Shareholder Information](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share structure, particularly the lifting of sales restrictions on certain shares, and provides an overview of its shareholder base [Share Changes](index=37&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital of **3.244 billion shares** remained unchanged - **335,097,001** restricted shares issued to specific targets for supporting funds were lifted from sales restrictions on June 30, 2025[136](index=136&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Share Capital Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion Before Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | **Restricted Shares** | **1.643 billion** | **1.308 billion** | 50.66% | 40.33% | | **Unrestricted Shares** | **1.601 billion** | **1.936 billion** | 49.34% | 59.67% | | **Total Share Capital** | **3.244 billion** | **3.244 billion** | 100.00% | 100.00% | [Shareholder Information](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **54,133** common shareholders Top Shareholders and Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held | | :--- | :--- | :--- | :--- | | **Gansu Electric Power Investment Group Co., Ltd.** | State-owned Legal Person | 63.23% | **2.051 billion** | | **China Yangtze Power Co., Ltd.** | State-owned Legal Person | 12.54% | **406.91 million** | | **China State-Owned Enterprise Structural Adjustment Fund Phase II** | State-owned Legal Person | 1.63% | **52.91 million** | | **Hubei Provincial Railway Development Fund Co., Ltd.** | Domestic Non-State-owned Legal Person | 1.63% | **52.91 million** | [Bond-Related Information](index=42&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding non-financial enterprise debt financing instruments, including their terms, guarantees, and an analysis of the company's solvency [Non-Financial Enterprise Debt Financing Instruments](index=42&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) As of the end of the reporting period, the company had four outstanding medium-term notes with a total bond balance of **2 billion yuan** Outstanding Medium-Term Notes | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **22 Gansu Electric Power Investment GN001** | **500** | 3.50% | 2025-12-05 | | **23 Gansu Electric Power Investment GN001** | **500** | 4.10% | 2026-02-22 | | **24 Gansu Electric Power Investment MTN001** | **500** | 2.40% | 2027-06-21 | | **25 Gansu Electric Power Investment MTN001** | **500** | 2.25% | 2028-04-18 | - All outstanding medium-term notes are fully, unconditionally, and irrevocably guaranteed by the controlling shareholder or its parent company[153](index=153&type=chunk) Solvency Indicators Comparison | Solvency Indicators | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | **Asset-Liability Ratio** | 53.24% | 53.84% | -0.60% | | **Interest Coverage Ratio** | 6.31 | 4.13 | +52.78% | | **Cash Interest Coverage Ratio** | 10.41 | 5.68 | +83.27% | [Financial Report](index=45&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, along with detailed notes explaining key financial items [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The consolidated balance sheet shows total assets of **36.656 billion yuan**, total liabilities of **19.517 billion yuan**, and owners' equity attributable to the parent company of **13.832 billion yuan**[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The consolidated income statement shows total operating revenue of **3.931 billion yuan**, total profit of **1.391 billion yuan**, and net profit of **1.182 billion yuan** for the first half of 2025, with net profit attributable to the parent company being **825 million yuan**[170](index=170&type=chunk)[171](index=171&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **2.225 billion yuan**, net cash outflow from investing activities of **1.552 billion yuan**, and net cash outflow from financing activities of **790 million yuan**[178](index=178&type=chunk)[179](index=179&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed explanations for key items in the consolidated financial statements - The accounts receivable balance at period-end was **2.74 billion yuan**, of which **2.153 billion yuan** was from renewable energy subsidy funds, constituting the main component of accounts receivable[323](index=323&type=chunk)[325](index=325&type=chunk) - The construction in progress balance at period-end was **5.515 billion yuan**, a significant increase from **3.047 billion yuan** at the beginning of the period, primarily due to increased investment in the ongoing ChangLe Power Generation Units 5 and 6 project, which has a budget of **7.516 billion yuan** and a cumulative investment of **5.419 billion yuan**[370](index=370&type=chunk)[371](index=371&type=chunk)[373](index=373&type=chunk) - During the reporting period, the company's research and development expenses amounted to **1.257 million yuan**, all expensed, primarily for system optimization and combustion adjustment tests of ChangLe Power Plant units[508](index=508&type=chunk) [Other Submitted Data](index=138&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section provides a record of the company's investor relations activities, including surveys, communications, and interviews conducted during the reporting period [Investor Relations Activities](index=138&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) In the first half of 2025, the company conducted four investor relations activities, including three on-site institutional surveys and one annual performance briefing - The company hosted four investor survey and communication activities during the reporting period, engaging with multiple securities firms, funds, and wealth management companies[596](index=596&type=chunk) - Key issues of investor concern included: company performance, dividend plans, installed capacity structure, new energy project reserves, and the commissioning schedule for ChangLe Company's new units[596](index=596&type=chunk)

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Over 21% of the secretaries earned more than 1 million yuan annually, indicating a significant compensation level within the industry [1] Salary Distribution - The average salary for secretaries in the public utility and power sector is approximately 750,600 yuan, with the highest salary being 1.8562 million yuan and the lowest at 162,900 yuan [1] - The majority of secretaries (59%) earn between 500,000 and 1 million yuan, totaling 49 individuals [1] Salary Changes - The average salary in 2024 increased by 31,700 yuan compared to 2023, reflecting a 12% rise [3] - Notably, the salary of Fu Ying from Jin Fang Energy decreased by 514,000 yuan, marking a 41% decline, the largest drop in both absolute and percentage terms [3] Age Structure - The average age of secretaries is approximately 47.9 years, with the largest age group being 50-59 years, comprising about 47% of the total [3] - The oldest secretary is 62 years old, while the youngest is 33 years old [3] Educational Background - The distribution of secretaries by education level shows that 46 hold master's degrees, 32 have bachelor's degrees, 3 have associate degrees, and 1 has a secondary vocational education [5] - Average salaries by education level are 782,300 yuan for master's, 729,100 yuan for bachelor's, 670,300 yuan for associate, and 249,900 yuan for secondary vocational [5] Career Background - Secretaries with previous sell-side experience, such as Yang Ning from Jiazhe New Energy, have achieved higher salary levels, with their salaries being 1.6059 million yuan, 1.0349 million yuan, and 813,300 yuan respectively [7][8] Compliance Issues - A total of 7 secretaries received warnings or public notifications for compliance issues in 2024-2025 [8] - Specific cases include Hu Suping from Meiyan Jixiang, who received 4 warnings for failing to disclose related party transactions and misreporting financial data [9][10]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, indicating a significant role in capital operations [1][3] - The average salary increased by 31,700 yuan compared to 2023, reflecting a 12% growth [3] Salary Distribution - The average salary for secretaries in the public utility-electricity sector is approximately 750,600 yuan, with the highest salary being 1.8562 million yuan and the lowest at 162,900 yuan [1] - The majority of secretaries (59%) earn between 500,000 to 1 million yuan, totaling 49 individuals [1] Age and Experience - The average age of secretaries is 47.9 years, with the largest age group being 50-59 years, comprising 39 individuals (about 47%) [3] - The oldest secretary is 62 years old, while the youngest is 33 years old [3] Educational Background - The distribution of secretaries by education level shows 46 with master's degrees, 32 with bachelor's degrees, 3 with associate degrees, and 1 with a secondary vocational degree, with average salaries of 782,300 yuan, 729,100 yuan, 670,300 yuan, and 249,900 yuan respectively [5] Professional Background - Secretaries with previous sell-side experience, such as those from Haitong Securities and Industrial Securities, have achieved higher salary levels, with salaries of 1.6059 million yuan, 1.0349 million yuan, and 813,300 yuan respectively [7][8] Compliance Issues - A total of 7 secretaries received warnings or public notifications for compliance issues in 2024-2025 [8] - Specific cases include Hu Suping from Meiyan Jixiang, who received 4 warnings for failing to disclose related party transactions and misreporting financial data [9][10]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The average salary increased by 31,700 yuan compared to 2023, reflecting a growth rate of 12% [3] Salary Distribution - In the public utility and power sector, the average salary for company secretaries was approximately 750,600 yuan, with the highest salary being 1.8562 million yuan and the lowest at 162,900 yuan [1] - The majority of secretaries (59%) earned between 500,000 and 1 million yuan, totaling 49 individuals [1] Age and Experience - The average age of company secretaries is approximately 47.9 years, with the largest age group being 50-59 years, accounting for about 47% [3] - The oldest secretary is 62 years old, while the youngest is 33 years old [3] Educational Background - The educational distribution shows that 46 secretaries hold a master's degree, 32 have a bachelor's degree, 3 have an associate degree, and 1 has a secondary vocational degree, with corresponding average salaries of 782,300 yuan, 729,100 yuan, 670,300 yuan, and 249,900 yuan respectively [5] Professional Background - Secretaries with previous sell-side experience, such as Yang Ning from Jiazhe New Energy, received higher salaries, with Yang earning 1.6059 million yuan [7][8] - A total of 7 secretaries received warnings or public notifications for violations in 2024-2025 [8] Violation Cases - Hu Suping from Meiyan Jixiang received 4 warnings for violations, with a salary of 544,700 yuan, due to undisclosed related party transactions and premature revenue recognition [9][10] - Yuyongfang from Disen Co. received 3 warnings for incorrect disclosures related to enforcement actions, with a salary of 412,800 yuan [10]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，公用事业行业上市公司董秘2024年薪酬平均数约为75.84万元，其中2024年薪酬最高为大 众公用董秘赵飞，高达200万元，薪酬最低为大连热电（维权）董秘郭晶，仅16.3万元（最低薪酬统计 剔除了未完整就职2024全年的董秘）。从整体薪酬分布来看，薪酬在50-100万元人数最多，共计74人， 占比55%。 公用事业行业董秘的年龄平均数约为47.77岁，其中50-59岁最多，人数共57人，占比约42%。其中恒盛 能源余国旭为年龄最大，67岁，学历为高中，2024年薪酬为84.95万元；甘肃能源戴博文为年龄最小33 岁，2024年薪酬为29.33万元。 从董秘学历分布来看，硕士、本科、大专及以下分别为70人、57人、5人，整体硕士学历在董秘群体中 占比最大，约为53%，其次为本科，占比约43%，体现出行业对综合素养的较高要 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2025-46 甘肃电投能源发展股份有限公司 民勤南湖 100 万千瓦风电项目存在以下风险： 1、项目无法投资建设的风险。民勤南湖 100 万千瓦风电项目尚需履行公司 及润能公司的项目投资决策程序等，能否顺利实施存在不确定性，存在无法投资 建设的风险。 2、项目进度未达预期的风险。民勤南湖 100 万千瓦风电项目开工建设前尚 需办理规划许可、土地使用、资源利用、环境影响评价、安全生产、电网接入方 案设计等相关手续，同时建设过程中可能存在市场及政策变化、资金筹措等因素 的影响，项目建设进度存在一定的不确定性，存在项目进度未达预期的风险。 3、项目未达到预期收益的风险。民勤南湖 100 万千瓦风电项目可能受到包 括但不限于政策法规、宏观经济、行业竞争、行业周期、市场变化、投资成本、 价格波动、市场需求、经营管理等因素影响，存在未能达到预期收益风险。 特此公告。 关于腾格里沙漠大基地 600 万千瓦新能源项目中 民勤南湖 100 万千瓦风电项目获得核准的公告 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。 经公司 ...

Core Viewpoint - Gansu Energy (000791.SZ) continues to achieve stable growth in operating performance, with expected net profit for the first half of the year reaching between 800 million to 830 million yuan, marking a historical high for the same period [1][3] Financial Performance - The company anticipates a year-on-year net profit growth of 178.95% to 189.41% for the first half of 2023, with a projected non-recurring net profit of 798 million to 828 million yuan, reflecting a growth of 181.68% to 192.26% [3][4] - In Q1 2023, Gansu Energy reported a revenue of 2.238 billion yuan, a year-on-year increase of 0.91%, and a net profit of 480 million yuan, up 31.59% compared to the previous year [3][4] - The expected net profit for Q2 2023 is projected to be between 320 million to 350 million yuan, indicating a significant increase of 36.17% to 48.94% compared to the previous year [3][4] Strategic Factors - The growth in performance is attributed to cost reduction measures and the consolidation of Changle Company, a major thermal power project in Northwest China, into Gansu Energy's financial statements [1][4] - Gansu Energy has a diversified energy portfolio, including wind, solar, hydro, and thermal power, enhancing its competitive edge in the market [10][11] Asset Acquisition - In November 2024, Gansu Energy completed a significant asset restructuring, acquiring a 66% stake in Changle Company for 7.628 billion yuan, which is expected to enhance its profitability [5][10] - Changle Company is projected to achieve a non-recurring net profit of 1.137 billion yuan, 1.173 billion yuan, and 1.199 billion yuan for the years 2024, 2025, and 2026, respectively [5] Renewable Energy Projects - Gansu Energy is actively developing several renewable energy projects, including a 6 million kilowatt solar and wind project in Tengger Desert and a 1 million kilowatt integrated wind-solar project in Minqin [11] - The company has a total installed capacity of approximately 7.54 million kilowatts, with a balanced mix of thermal, hydro, wind, and solar power [10][11] Dividend Policy - Gansu Energy has maintained a stable dividend policy, with a payout ratio slightly exceeding 30%, and plans to distribute cash dividends of 584 million yuan in 2024, reflecting a dividend rate of 35.51% [2][11]

Investment Rating - The report suggests that domestic thermal power companies have low PE valuations and potential for higher dividends, with overseas leaders like Duke Energy having PEs around 20 [2][10]. Core Insights - The report highlights that thermal power asset acquisition/sale transactions have PB valuations significantly higher than the secondary market valuations for thermal power stocks, indicating that thermal power stocks are undervalued [1][11]. - It notes that since 2022, there have been multiple asset transactions, primarily in northern and central regions, with 7 acquisitions (4 by power companies and 3 by coal companies) and 4 sales (all by power companies) [2][10]. - The median PB valuation for thermal power assets in these transactions is 1.3, while the median PB for listed thermal power companies is 0.9, suggesting a disparity in valuation [11][12]. - The median PE valuation for thermal power assets exceeds 10, with a range of 7.2 to 31.8 for the relevant transactions, indicating that industry capital values thermal assets at a premium [12]. Summary by Sections Investment Advice - Domestic thermal power companies are viewed as having low PE valuations with room for dividend increases, while international leaders are valued around 20 times PE [2][10]. Asset Transactions - The report details 11 acquisition/sale cases, with 3 having negative book values but acquired at a premium, and the remaining 8 having PBs ranging from 1.0 to 2.6 [11][12]. - The report emphasizes that the thermal power sector is experiencing significant asset transactions, particularly in the northern and central regions of China [2][10]. Valuation Metrics - The report indicates that the median PB for thermal power assets is 1.3, compared to 0.9 for listed companies, highlighting the undervaluation of thermal power stocks [11][12]. - The median PE for thermal power assets is noted to be over 10, with a range of 7.2 to 31.8, suggesting that industry capital values thermal assets at a higher level than the secondary market [12].