Group 1 - The Chongqing government has proposed a policy to support the promotion and application of hydrogen fuel cell vehicles, which includes subsidies for hydrogen refueling stations starting from January 1, 2025 [1] - Subsidies for hydrogen refueling stations will be 30% of the actual investment (excluding land costs), with a maximum subsidy of 3 million yuan per station [1] - Operational subsidies will also be provided for refueling stations selling hydrogen at or below 25 yuan per kilogram, offering 30 yuan per kilogram based on annual cumulative hydrogen volume, with a cap of 3 million yuan per station [1] Group 2 - The policy support is seen as a strong guarantee for the development of hydrogen refueling stations, with various governments worldwide implementing hydrogen energy development plans and policies [1] - These policies not only provide financial subsidies and tax incentives for the construction of refueling stations but also promote cooperation and win-win situations among upstream and downstream enterprises in the hydrogen energy industry chain [1] - The government is also focusing on establishing hydrogen energy standards and regulations to enhance safety supervision and operational guarantees for hydrogen refueling stations [1] Group 3 - Huabao Securities indicates that with the implementation of relevant policies, the hydrogen energy market is expected to see a dual increase in supply and demand across all segments, leading to an expansion of the market scale [2] - The improvement of hydrogen energy infrastructure is anticipated to enhance the scale of the entire industry chain, with a focus on the commercialization process of hydrogen refueling station construction, hydrogen storage and transportation, and core components of fuel cells [2] - Huayuan Securities suggests that the opening rate of green hydrogen projects is expected to gradually increase due to factors such as declining electricity prices, rising carbon prices, policy support, and growth in green fuel orders [2]

证券代码：524366.SZ 证券简称：25 吉电 K1 吉林电力股份有限公司 2025 年面向专业机构投资者 公开发行科技创新公司债券（第一期） 发行结果公告 发行人及其董事、监事、高级管理人员或履行同等职责的人员保证公告内容真实、 准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 吉林电力股份有限公司（以下简称"发行人"）公开发行不超过人民币 30 亿元科技创新公司债券已获得中国证券监督管理委员会《关于同意吉林电力股份 有限公司向专业投资者公开发行科技创新公司债券注册的批复》（证监许可 [2024]1329 号）注册通过。 根据《吉林电力股份有限公司 2025 年面向专业机构投资者公开发行科技创 新公司债券（第一期）发行公告》，吉林电力股份有限公司 2025 年面向专业机构 投资者公开发行科技创新公司债券（第一期）（以下简称"本期债券"）发行规模 不超过 10 亿元（含 10 亿元），期限为 3 年期，发行价格为每张 100 元，采取网 下面向专业机构投资者询价配售的方式。 本期债券发行时间为 2025 年 7 月 15 日，本期债券最终发行规模为 10 亿元， 票面利率为 1.77%， ...

证券代码：524366.SZ 证券简称：25 吉电 K1 吉林电力股份有限公司 2025 年面向专业机构投资者 公开发行科技创新公司债券（第一期） 票面利率公告 发行人及其董事、监事、高级管理人员或履行同等职责的人员保证公告内容真实、 准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 吉林电力股份有限公司（以下简称"发行人"）公开发行不超过人民币 30 亿元科技创新公司债券已获得中国证券监督管理委员会《关于同意吉林电力股份 有限公司向专业投资者公开发行科技创新公司债券注册的批复》（证监许可 [2024]1329 号）注册通过。吉林电力股份有限公司 2025 年面向专业机构投资者 公开发行科技创新公司债券（第一期）（以下简称"本期债券"）发行规模为不超 过 10 亿元（含 10 亿元），本期债券简称为"25 吉电 K1"，债券代码为"524366.SZ"， 期限为 3 年期。 2025 年 7 月 14 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.50%-2.30%。根据网下向专业机构投资者询价结果， 经发行人与主承销商充分协商和审慎判断，最终确定本期债 ...

关于延长吉林电力股份有限公司 2025 年面向专业机构投资者 公开发行科技创新公司债券（第一期） 簿记建档时间的公告 吉林电力股份有限公司（以下简称"发行人"）公开发行不超过人民币 30 亿 元科技创新公司债券已获得中国证券监督管理委员会《关于同意吉林电力股份有 限公司向专业投资者公开发行科技创新公司债券注册的批复》（证监许可 [2024]1329 号）注册通过。 根据《吉林电力股份有限公司 2025 年面向专业机构投资者公开发行科技创 新公司债券（第一期）发行公告》，发行人、簿记管理人定于 2025 年 7 月 14 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果在预设的利率区间内确定本期债券的最终票面利率。 因近日债券市场变化较大，经簿记管理人、发行人及律师协商一致，现申请 将簿记建档结束时间由 2025 年 7 月 14 日 18:00 延长至 2025 年 7 月 14 日 19:00。 特此公告。 （以下无正文） (此页无正文,为《关于延长吉林电力股份有限公司 2025年面向专业机构投资 者公开发行科技创新公司债券(第一期)簿记建档时间的公告》之盖章页 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The wind power index increased by 2.83%, outperforming the CSI 300 index by 2.01 percentage points during the week of July 7 to July 11, 2025 [4][11] - The overall price-to-earnings ratio (PE TTM) for the Wind power index is 20.29 times [11] - GE is set to construct an 18MW offshore wind turbine prototype in Norway, indicating a significant step in offshore wind technology testing [5][10] - Domestic wind turbine manufacturers have surpassed their overseas counterparts in terms of single-unit capacity, with several companies already producing or installing 16-18MW offshore wind turbines [5][10] - Aiko Solar reported a turnaround in Q2 2025, achieving a net profit of 0.2-1.3 billion yuan, indicating improved operational conditions [5] - Shandong's new energy storage system set a record with a total capacity of 8.25 million kilowatts, highlighting the growing importance of energy storage in the power system [6] Summary by Sections Wind Power - GE Vernova's subsidiary will build an 18MW offshore wind turbine in Norway, part of its offshore wind technology testing plan [5][10] - The report notes that overseas companies face challenges in developing larger turbines due to long development cycles and financial conditions [5][10] - Domestic manufacturers are rapidly advancing in turbine capacity, creating a technological advantage for exports [5][10] Solar Power - Aiko Solar's Q2 2025 results show a significant improvement, with a net profit turnaround attributed to optimized product structure and increased overseas sales [5] Energy Storage & Hydrogen - Shandong's energy storage system achieved a record discharge capacity, emphasizing the critical role of energy storage in balancing power supply and demand [6] - The report anticipates a new market-driven business model for energy storage following the removal of mandatory storage policies [6] Investment Recommendations - In wind power, the report suggests focusing on domestic demand growth and investment opportunities in offshore wind turbine exports [6] - For solar power, it recommends monitoring structural opportunities within the BC industry [6] - In energy storage, it highlights potential in overseas markets and recommends companies with strong global competitiveness [6] - In hydrogen, it advises attention to companies involved in green hydrogen project investments [6]

Core Viewpoint - The credit rating of Jilin Electric Power Co., Ltd. is affirmed at AAA with a stable outlook, supported by strong backing from its actual controller, advantages in renewable energy scale, and robust profitability and cash generation capabilities [3][4][9]. Financial Overview - Total assets of Jilin Electric Power increased from 668.25 billion in 2021 to 810.46 billion in 2024 [4][28]. - Total liabilities rose from 524.72 billion in 2021 to 600.28 billion in 2024, indicating an upward trend in debt levels [4][28]. - Operating revenue decreased from 149.55 billion in 2022 to 144.43 billion in 2023, reflecting a year-on-year decline of 3.42% [4][10]. - Net profit increased from 11.84 billion in 2022 to 15.63 billion in 2023, showing a growth of 32.5% [4][10]. Operational Strength - The company has a significant installed capacity of 1,342.12 MW as of 2023, with a high proportion of renewable energy [7][18]. - The average utilization hours for thermal power units were 3,849 hours in 2022, which decreased to 2,697 hours in 2023, indicating operational challenges [21][19]. - The company’s renewable energy projects are distributed across 30 provinces, enhancing risk diversification [17][19]. Industry Context - The overall power supply and demand in China is expected to remain balanced in 2024, with a continued trend towards cleaner energy sources [15][16]. - The average utilization hours of power generation equipment are declining due to rapid growth in installed capacity outpacing demand [15][16]. - The industry is facing challenges such as high coal prices and uncertainties in water resources, which may impact the balance of power supply and demand [15][16]. Debt and Financing - The company’s debt levels are increasing, with total debt reaching 592.60 billion by 2024, reflecting a high financial leverage [4][28]. - The company has a strong financing capability, with total credit facilities from financial institutions amounting to 41.85 billion [29][32]. - The debt structure is primarily long-term, which is considered reasonable [27][28]. Cash Flow and Profitability - Operating cash flow decreased to 54.45 billion in 2023 from 73.28 billion in 2022, indicating a decline in cash generation [31][29]. - The company’s profitability has improved due to lower coal prices and reduced financial costs, with EBIT increasing to 33.59 billion in 2023 [4][26]. - The EBITDA interest coverage ratio improved to 4.48 in 2023, reflecting enhanced debt servicing capacity [31][30].

Summary of Key Points Core Viewpoint The announcement details the issuance of a technology innovation corporate bond by Jilin Electric Power Co., Ltd., with a total registered amount not exceeding 3 billion yuan and an issuance amount of up to 1 billion yuan. The bond is aimed at professional institutional investors and will be issued without any guarantees. Group 1: Issuance Details - The bond is named "25 Jidian K1" with a code of "524366.SZ" and will be issued in phases, with the first phase amounting to no more than 1 billion yuan [2][10]. - The bond has a term of 3 years, with a face value of 100 yuan, and will be issued at par [10]. - The bond will be issued without any guarantees, and the issuer's credit rating is AAA with a stable outlook [3][10]. Group 2: Investor Participation - Only professional institutional investors are allowed to participate in the bond issuance, while individual investors are excluded [2][18]. - The minimum subscription amount for professional institutional investors is 10 million yuan, and subscriptions must be in multiples of 10 million yuan [23][24]. - The interest rate for the bond will be determined through a book-building process, with an inquiry range set between 1.50% and 2.30% [4][18]. Group 3: Financial Metrics - As of March 2025, the issuer's net assets amounted to approximately 2.71 billion yuan, with a consolidated debt-to-asset ratio of 69% [3]. - The average annual distributable profit over the last three accounting years was approximately 893.12 million yuan [3]. Group 4: Use of Proceeds - The funds raised from the bond issuance will be used for project construction, repayment of prior loans, replacement of self-owned funds invested in projects, and repayment of interest-bearing debts [15][16]. Group 5: Regulatory Compliance - The bond issuance complies with relevant laws and regulations, and the issuer has committed to not engaging in any unfair practices or conflicts of interest during the issuance process [26][27].

吉林电力股份有限公司2025年面向专业机构投资者 公开发行科技创新公司债券 （第一期）更名公告 发行人于 2024 年 9 月 26 日获得中国证券监督管理委员会《关于 同意吉林电力股份有限公司向专业投资者公开发行科技创新公司债 券注册的批复》（证监许可[2024]1329 号），同意公司面向专业投资者 发行面值总额不超过 30 亿元科技创新公司债券。 由于本次债券分期发行，按照公司债券命名惯例，征得主管部门 同意，本次债券名称由"吉林电力股份有限公司 2024 年面向专业机 构投资者公开发行科技创新公司债券"变更为"吉林电力股份有限公 司 2025 年面向专业机构投资者公开发行科技创新公司债券（第一 期）"。 本次债券名称更变不改变原签订的与本次公司债券发行相关的 法律文件效力，原签署的相关法律文件对更名后的公司债券继续具有 法律效力。 特此说明。 （以下无正文） u (此页无正文,为《吉林电力股份有限公司 2025年面向专业机构投 资者公开发行科技创新公司债券(第一期)更名公告》之盖章页) 吉林电力股份有限公司 20V F1 are and 16 ( ti l में il (1) ff ar 14. 1 ...

(住所:吉林省长春市人民大街 9699 号) 2025 年面向专业机构投资者公开发行科技创新 公司债券(第一期)募集说明书 | 本次债券注册金额 | 不超过 30 亿元(含 30 亿元) | | --- | --- | | 本期债券发行金额 | 不超过10亿元(含 10亿元) | | 担保情况 | 本期债券无担保 | | 发行人 | 吉林电力股份有限公司 | | 牵头主承销商、簿记管理人、受托管理 | 国泰海通证券股份有限公司 | | < | | | 联席主承销商 | 华泰联合证券有限责任公司、中信建 投证券股份有限公司、中国银河证券 股份有限公司、兴业证券股份有限公 | | | 司、申万宏源证券有限公司 | | 发行人有效期内主体信用等级 | AAA | | 本期债券信用等级 | 无 | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 签署日期:2025年 7 月 / / 日 1 | 1 iti 吉林电力股份有限公司 rs 1 t ti ni 1 11 吉林电力股份有限公司 面向专业机构投资者公开发行公司债券 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、监事、 高级管理人员或履 ...

吉林电力股份有限公司 （住所：吉林省长春市人民大街 9699 号） 2025 年面向专业机构投资者公开发行科技创新 公司债券（第一期） 发行公告 | 本次债券注册金额 | 不超过 30 亿元（含 30 亿元） | | --- | --- | | 本期债券发行金额 | 不超过 10 亿元（含 10 亿元） | | 担保情况 | 本期债券无担保 | | 发行人 | 吉林电力股份有限公司 | | 牵头主承销商、簿记管理人、受托管理人 | 国泰海通证券股份有限公司 | | 联席主承销商 | 华泰联合证券有限责任公司、中信建 投证券股份有限公司、中国银河证券 股份有限公司、兴业证券股份有限公 | | | 司、申万宏源证券有限公司 | | 发行人有效期内主体信用等级 | AAA | | 本期债券信用等级 | 无 | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 签署日期：2025 年 7 月 11 日 发行人及其董事、监事、高级管理人员或履行同等职责的人员保证公告内 容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担 责任。 重要提示 1、吉林电力股份有限公司（以下简称"发行人"或"公司"） ...