债券简称：22 吉电 G1 债券代码：149848.SZ 债券简称：22 吉电 G2 债券代码：148096.SZ 债券简称：23 吉电 GCKV01 债券代码：148530.SZ 债券简称：25 吉电 K1 债券代码：524366.SZ 国泰海通证券股份有限公司 关于吉林电力股份有限公司 涉及拟变更公司名称及证券简称以及撤销监事会的 临时受托管理事务报告 受托管理人 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《吉林电力股份有限公司公开发行绿色公司债券之债券受托管理协议》 《吉林电力股份有限公司公开发行科技创新公司债券之债券受托管理协议》（以 下简称《受托管理协议》）等相关规定和约定、公开信息披露文件以及吉林电力 股份有限公司（以下简称公司、吉电股份或发行人）出具的相关说明文件以及提 供的相关资料等，由受托管理人国泰海通证券股份有限公司（以下简称国泰海通 证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 契约锁 一、拟变更公司名称及证券简称事项 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年八月 契约 ...

吉林电力股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 3036 号 吉林电力股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 8 月 28 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际 ...

Group 1 - Jilin Electric Power Co., Ltd. has successfully listed its shares on the Shenzhen Stock Exchange on December 6, 2024, through a targeted issuance [1] - Guosen Securities Co., Ltd. is the sponsor for this issuance, with designated representatives Liang Baiquan and Xie Yan overseeing the continuous supervision from December 6, 2024, to December 31, 2025 [1] - A training session was conducted on August 20, 2025, for the company's board members, supervisors, senior management, and middle management, focusing on legal and regulatory requirements related to stockholding management, insider information, and related party transactions [1] Group 2 - The training was well-received, with participants actively engaging and ensuring the smooth conduct of the session [2] - The training enhanced the understanding of relevant laws and regulations among the company's management, contributing to improved corporate governance, information disclosure, and operational standards [2]

国信证券股份有限公司 关于吉林电力股份有限公司 2025 年度持续督导培训情况报告 吉林电力股份有限公司（以下简称"吉电股份"或"公司"）向特定对象发 行股票已于 2024 年 12 月 6 日在深圳证券交易所上市。国信证券股份有限公司（以 下简称"保荐机构"或"我公司"）作为本次发行的保荐机构，指定梁百权、谢 彦任保荐代表人，持续督导的期间为 2024 年 12 月 6 日至 2025 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》等相关法律、法规的要求，保荐代表人及持续督 导项目组人员于 2025 年 8 月 20 日对公司董事、监事、高级管理人员及中层管理 人员进行了培训，具体情况汇报如下： 一、培训时间 2025 年 8 月 20 日 二、培训基本情况 1、培训地点：吉林省长春市人民大街 9699 号吉林电力股份有限公司会议室； 2、培训方式：现场会议与视频会议相结合的方式进行； 3、授课人员：梁百权（本项目保荐代表人）； 4、参加培训人员：吉电股份董事、监事、高级管理人员及中层管理人员。 三、培训主要内容 1 四、培训效 ...

Core Viewpoint - The company has transitioned to a new business model focused on renewable energy, specifically as a green hydrogen energy platform under the State Power Investment Corporation [1] Group 1: Company Name Change - The company plans to change its name to "State Power Investment Group Green Energy Development Co., Ltd." to better reflect its focus on "new energy +" and "green hydrogen" dual-track development [1] - The proposed new stock abbreviation will be "DianTou Green Energy" [1] Group 2: Business Focus - The company is now recognized as a new type of green energy enterprise, emphasizing its commitment to renewable energy as its main business [1] - The shift in business strategy aligns with global trends towards sustainable energy solutions [1]

Core Viewpoint - The Daan Project by State Power Investment Corporation demonstrates a sustainable method for ammonia production using renewable energy, significantly reducing carbon emissions compared to traditional fossil fuel methods [10][11]. Group 1: Project Overview - The Daan Project commenced construction in May 2023 and was completed and put into operation on July 26, 2023 [10]. - It utilizes 800 MW of renewable energy generation capacity (700 MW wind and 100 MW solar) to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually, saving approximately 230,000 tons of standard coal and reducing carbon emissions equivalent to the annual electricity consumption of 500,000 households [10][11]. Group 2: Industry Context - China's renewable energy sector is rapidly growing, with projected cumulative installed capacity reaching 1.41 billion kW by the end of 2024, contributing over 60% to the growth in electricity generation [11]. - The Daan Project aims to address the mismatch between renewable energy generation and grid consumption capacity, particularly the challenges of "curtailment" during peak generation periods [12]. Group 3: Technological Innovations - The project integrates a full industrial chain from "green electricity to green hydrogen to green ammonia," overcoming technical challenges in energy conversion and storage [13][14]. - It employs a combination of alkaline and proton exchange membrane (PEM) electrolysis technologies for hydrogen production, achieving a 10% reduction in overall electricity consumption compared to traditional methods [16][17]. - The project features the world's largest solid-state hydrogen storage system, allowing for safe and efficient long-term hydrogen storage [17][18]. Group 4: Operational Efficiency - A flexible control system has been developed to optimize the entire production process, enhancing the efficiency of renewable energy utilization and addressing the variability of renewable sources [20][21]. - Since its launch, the Daan Project has produced over 1,900 tons of green ammonia, showcasing its operational success and potential as a replicable model for renewable energy integration [21].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to lower gross margins in wind and solar energy, as well as unexpected asset impairment losses [1][2]. Financial Performance - In 1H25, the company achieved revenue of 6.569 billion yuan, a year-over-year decrease of 4.6%, and a net profit attributable to shareholders of 726 million yuan, down 33.7% year-over-year [1]. - For Q2, revenue was 2.808 billion yuan, reflecting an 8.6% year-over-year decline and a 25.3% quarter-over-quarter decline, with net profit at 102 million yuan, a significant drop of 78.5% year-over-year and 83.6% quarter-over-quarter [1]. - The company's wind energy revenue decreased by 9.0% year-over-year, with a gross margin of 46.9%, down 7.8 percentage points [1]. - Solar energy revenue fell by 3.9% year-over-year, with a gross margin of 40.3%, down 4.8 percentage points [1]. Coal and Heat Performance - The company's coal power revenue decreased by 3.4% year-over-year, with a gross margin of 29.1%, an increase of 1.3 percentage points [2]. - Heat revenue declined by 2.41% year-over-year, with a gross margin of -21.2%, but improved by 1.1 percentage points [2]. - The improvement in coal and heat gross margins was attributed to a decrease in coal prices and increased auxiliary service revenue [2]. Strategic Initiatives - The company is focusing on dual-track development in "new energy+" and green hydrogen-based energy, with plans to construct integrated demonstration projects for green hydrogen and synthetic ammonia [2]. - The company aims to enhance renewable energy consumption through the "new energy+" model and is implementing localized wind energy projects [2]. Profit Forecast and Target Price Adjustment - The company has revised its profit forecasts downward for 2025-2026, reducing the net profit estimates by 36% to 1.121 billion yuan and 1.315 billion yuan, respectively, with a projected net profit of 1.423 billion yuan for 2027 [3]. - The target price has been adjusted to 5.76 yuan, based on a price-to-book ratio of 1.2x for 2025, down from a previous target of 6.73 yuan [3].

Core Viewpoint - The financial performance of Jidian Co., Ltd. (000875) for the first half of 2025 shows a decline in both revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 6.569 billion yuan, a decrease of 4.63% year-on-year [1]. - Net profit attributable to shareholders was 726 million yuan, down 33.72% year-on-year [1]. - In Q2 2025, total revenue was 2.808 billion yuan, a decline of 8.61% year-on-year, with net profit of 102 million yuan, down 78.5% [1]. - Gross margin was 30.74%, a decrease of 9.03% year-on-year, while net margin was 16.42%, down 21.38% [1]. - Earnings per share (EPS) was 0.2 yuan, a significant drop of 48.72% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents increased by 94.11% to 2.717 billion yuan [1]. - Accounts receivable rose by 13.12% to 11.361 billion yuan, with accounts receivable to net profit ratio reaching 1033.56% [1][4]. - Interest-bearing debt increased by 3.35% to 54.813 billion yuan, with a debt-to-asset ratio of 57.37% [1][4]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.37%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.67% over the past decade, with a particularly low ROIC of 1.71% in 2017 [3]. - Analysts expect the company's performance for 2025 to be around 1.224 billion yuan, with an average EPS forecast of 0.34 yuan [4]. Supply Chain Insights - The company primarily sources coal from long-term contracts with suppliers such as State Power Investment Corporation Inner Mongolia and Shenhua Energy, with long-term coal accounting for approximately 90% of its supply [5][6].

Investment Rating - The report maintains a "Recommended" rating for Jilin Electric Power Co., Ltd. (吉电股份) [1] Core Views - The company's revenue for the first half of 2025 was 6.569 billion yuan, a year-on-year decrease of 4.63%, with a net profit attributable to shareholders of 726 million yuan, down 33.72% year-on-year [3] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, corresponding to a dividend payout ratio of approximately 10% [3] - The stable profitability of thermal power is highlighted, while the performance is dragged down by new energy and asset impairment losses [3] - The company has a clean energy installed capacity of 11.35 million kilowatts, with a focus on wind power projects, indicating a strategic shift towards quality over quantity in new energy development [3] - The successful launch of the green ammonia project marks the beginning of the company's green hydrogen-based energy platform [3] - The company plans to change its name to reflect its focus on green energy, which aligns with its current business structure and future development priorities [3] Financial Summary - For the first half of 2025, the revenue breakdown includes coal power (2.212 billion yuan), wind power (1.537 billion yuan), solar power (1.941 billion yuan), heating (714 million yuan), and other operations (165 million yuan) [3] - The gross profit margins for these segments were 29.12%, 46.93%, 40.27%, -21.19%, and 14.20% respectively [3] - The report forecasts a decline in net profit for 2025-2027, estimating 1.030 billion yuan, 1.312 billion yuan, and 1.461 billion yuan respectively, with corresponding P/E ratios of 18.73x, 14.70x, and 13.21x [4][6]

Company Overview - Jidian Co., Ltd. is accelerating its investment in renewable energy projects, with significant investments in two major projects in Shandong, totaling over 14.78 billion yuan for wind power and over 9.788 billion yuan for photovoltaic energy [1][3] - The company reported a total clean energy installed capacity of 11.35 million kilowatts, accounting for 77.48% of its total installed capacity, indicating a continuous increase in the proportion of clean energy [3] Financial Performance - Jidian Co., Ltd. achieved total operating revenue of 6.569 billion yuan, a year-on-year decrease of 4.63%, and a net profit of 726 million yuan, down 33.72% year-on-year [5] - The company’s gross profit margin in the electricity sector was 37.74%, showing a decrease of 3.49% compared to the previous year [4] Transition to Renewable Energy - The company is transitioning from traditional coal power to a diversified energy model focused on renewable energy and green hydrogen, aiming to become a comprehensive energy company [3][6] - Jidian Co., Ltd. plans to change its name to "State Power Investment Group Green Energy Development Co., Ltd." to better reflect its focus on renewable energy and green hydrogen [6] Market Environment - The national electricity spot market is advancing, with a significant increase in renewable energy generation capacity entering the market, leading to intensified competition in the electricity sales market [7] - The company is implementing measures to manage risks associated with price fluctuations in renewable energy projects, including tracking market trends and developing hedging strategies [7]