吉林电力股份有限公司 关于公司副总经理辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 吉林电力股份有限公司（以下简称"公司"）董事会于 2025 年 7 月 29 日收到公司副总经理陈喜庆先生提交的书面辞呈，因工作变 动原因，陈喜庆先生申请辞去公司副总经理职务。辞职后，陈喜庆先 生不再担任公司任何职务。陈喜庆先生不持有公司股份，亦不存在应 当履行而未履行的承诺事项。根据《公司法》及公司《章程》的有关 规定，辞职报告自董事会收到之日起生效。陈喜庆先生的辞职不影响 公司的正常生产运营。 证券代码：000875 证券简称：吉电股份 公告编号：2025-052 吉林电力股份有限公司董事会 二○二五年七月二十九日 1 公司董事会对陈喜庆先生在任职副总经理期间为公司经营发展 所作的贡献表示衷心感谢。 特此公告。 ...

Group 1: Tianli Composite Materials - Tianli Composite is a leading company in the domestic layered metal composite materials industry, established in 2003 and listed on the Beijing Stock Exchange in 2023. The company has developed over fifty types of layered metal composite materials, which have been certified by major domestic and international manufacturers [2][4]. - The company achieved a revenue of 135.02 million yuan in Q1 2025, a year-on-year decrease of 22.74%, and a net profit of 9.44 million yuan, down 47.08% year-on-year. This decline is attributed to structural overcapacity in downstream industries, leading to reduced project construction demand and fewer major project orders [3][5]. - The application areas for layered metal composite materials include petrochemical, power, metallurgy, new energy, marine engineering, environmental protection, and aerospace. The industry has significant growth potential as these materials gradually replace traditional materials due to their performance and cost advantages [4][5]. Group 2: Banking Sector - In Q2 2025, the total market value of public funds' holdings in the banking sector reached 63.51 billion yuan, an increase of 27.12% quarter-on-quarter, with a holding ratio of 4.85%, the highest since Q2 2021 [8][9]. - The net inflow of northbound funds into the banking sector was 254.2 billion yuan in Q2 2025, a quarter-on-quarter increase of 11.69%, with a net inflow of 26.596 billion yuan [10]. - The banking sector is benefiting from the expansion of passive index funds and the optimization of performance benchmarks, indicating a positive outlook for the sector's fundamentals and potential performance recovery [11]. Group 3: Photovoltaic Industry - The CPIA has raised its forecast for China's new photovoltaic installations in 2025 to between 270GW and 300GW, reflecting a year-on-year growth of 2.52% [15]. - The photovoltaic manufacturing sector experienced a significant decline in production growth in the first half of 2025, with upstream polysilicon production down 43.8% year-on-year [14][15]. - The industry is undergoing a "反内卷" (anti-involution) movement, focusing on eliminating low-cost sales practices to enhance product quality and promote orderly competition [17][19]. Group 4: Dongpeng Beverage - Dongpeng Beverage reported a revenue of 10.74 billion yuan in H1 2025, a year-on-year increase of 36.4%, with a net profit of 2.37 billion yuan, up 37.2% year-on-year [26][27]. - The company is transitioning towards a comprehensive beverage group, with significant growth in energy drinks and electrolyte beverages, and an increase in the number of distribution points [27][29]. - The company is expected to maintain high growth trends in Q3 2025 due to accelerated network development and the introduction of new products [29][30]. Group 5: Luolai Life - Luolai Life focuses on home textile products, with a revenue of 4.559 billion yuan in 2024, a year-on-year decrease of 14.22%, but showing signs of recovery with a revenue of 1.094 billion yuan in Q1 2025, up 0.57% year-on-year [32][33]. - The company employs a multi-channel sales strategy, integrating online and offline channels to enhance market penetration, particularly in lower-tier cities [33][34]. - The company is actively optimizing its supply chain and enhancing operational efficiency through smart manufacturing initiatives [34][35].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The wind power sector is experiencing significant advancements, particularly with the launch of Goldwind's 16+ MW floating wind turbine, which is expected to accelerate the development of floating offshore wind technology globally [6][11] - The European solar photovoltaic (PV) market is projected to see a decline in demand in 2025, with a forecasted installation of 64.2 GW, marking a 1.4% decrease year-on-year, potentially the first negative growth since 2015 [6][7] - The report highlights the increasing uncertainty in domestic solar demand, with a notable decline in new installations and exports, emphasizing the need for supply-side reforms and new technologies as key investment opportunities [7] Summary by Sections Wind Power - Goldwind's 16+ MW floating wind turbine has been successfully launched, featuring a fully integrated water cooling system and 100% domestically sourced key components, capable of withstanding extreme weather conditions [6][11] - The wind power index rose by 3.21% during the week, outperforming the CSI 300 index by 1.52 percentage points, with a current overall PE ratio of 20.93 [5][12] Solar Power - The European Solar Power Association predicts a decline in EU solar demand, particularly in residential rooftop installations, due to a recovery from the energy crisis and delayed demand in traditional markets [6][7] - Domestic solar module exports saw a decrease of approximately 4% in the first five months of 2025, with a significant drop in new installations in June [7] Energy Storage & Hydrogen - The inverter export value from China increased by 8% in the first half of 2025, with Europe, Asia, and Latin America being the top markets [7] - The report suggests that there are promising opportunities in the overseas energy storage market, particularly for companies with competitive advantages in emerging markets [7] Investment Recommendations - For wind power, the report recommends focusing on domestic demand growth, profitability recovery, and advancements in floating wind technology, highlighting companies like Mingyang Smart Energy and Goldwind [7] - In solar power, it suggests monitoring structural opportunities within the industry, recommending companies such as Longi Green Energy and Aiko Solar [7] - For energy storage, it emphasizes the potential in non-U.S. markets and suggests companies like Sungrow Power Supply [7]

吉林电力股份有限公司 大安风光制绿氢合成氨一体化示范项目 进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 目前，该项目各生产单元均调试成功，全系统流程已全线贯通， 项目于 7 月 26 日试运行投产。 证券代码：000875 证券简称：吉电股份 公告编号：2025-051 吉林电力股份有限公司（以下简称"公司"）于 2022 年 12 月 30 日、2023 年 1 月 18 日分别召开第九届董事会第五次会议、2023 年第一次临时股东大会，审议通过了《关于投资建设大安风光制绿 氢合成氨一体化示范项目的议案》，同意公司全资子公司——大安 吉电绿氢能源有限公司投资建设大安风光制绿氢合成氨一体化示范 项目，项目详情请见公司于 2022 年 12 月 31 日披露的《关于投资建 设大安风光制绿氢合成氨一体化示范项目的公告》（公告编号： 2022-106）。 吉林电力股份有限公司董事会 二〇二五年七月二十七日 2 由于项目从试运行投产到全面达产尚需一定时间，产能释放需 要过程，公司将持续关注项目进展，及时履行信息披露义务，敬请 广大投资者关注并注意投资风险。 特 ...

Core Insights - The Daan Project, a green hydrogen and ammonia integration demonstration project by State Power Investment Corporation, has been launched, marking a historic leap for China in the green hydrogen energy sector [1] - The project features four global firsts: large-scale green ammonia production, mixed hydrogen production, direct current microgrid, and solid-state hydrogen storage [1] - Jilin Electric Power Co., the only green hydrogen energy platform of State Power Investment Corporation, has signed sales agreements with multiple international companies, expanding green ammonia products to the international market [1] Company Developments - The Daan Project commenced production on July 26, showcasing China's advancements in green hydrogen technology [1] - Jilin Electric Power Co. has established partnerships with various domestic and international firms, including EDF China, China National Petroleum Corporation, Itochu Corporation of Japan, and Vopak of the Netherlands [1] - The first batch of green ammonia was officially dispatched to downstream markets on the day of production launch, indicating successful market entry [1]

Core Viewpoint - The launch of the Daan project marks a significant advancement in the green ammonia sector, showcasing a new model for local consumption of renewable energy through large-scale wind and solar projects [1][2]. Group 1: Project Overview - The Daan project is the world's largest single green ammonia project, with an annual production capacity of 180,000 tons of green ammonia and 32,000 tons of green hydrogen [1][3]. - The project utilizes a comprehensive design approach that integrates green hydrogen production, green ammonia synthesis, and renewable energy generation [1][2]. - The project is powered by 800 MW of renewable energy, consisting of 700 MW from wind and 100 MW from solar [4]. Group 2: Technological Innovations - The Daan project features four global firsts, including the largest single production of 180,000 tons/year of green ammonia, and the largest dual technology route for hydrogen production [3]. - It employs a proprietary "electric-hydrogen-chemical" flexible control system to address the challenges of renewable energy volatility and chemical production stability [3]. Group 3: Market and Sales Strategy - Prior to the project's launch, the company signed sales agreements with multiple international firms, including EDF China and Japan's Itochu Corporation, to ensure market absorption of the produced green ammonia [4]. - The project has received a pre-certification report from Bureau Veritas, confirming compliance with EU low-carbon fuel standards, facilitating international market expansion [5]. Group 4: Environmental Impact - The Daan project is expected to reduce carbon emissions by approximately 650,000 tons annually and save about 230,000 tons of standard coal, equivalent to the annual carbon emissions of nearly 500,000 average households [1].

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) has signed strategic cooperation agreements with EDF (China) and China National Petroleum International Company to enhance collaboration in the green hydrogen energy sector, aiming to leverage each other's strengths for mutual benefits in technology and market expansion [1][2]. Group 1: Cooperation with EDF (China) - Jilin Electric Power Co. is positioned as a key player in China's green hydrogen energy development, responsible for the entire industry chain including R&D, investment, and marketing [1]. - The partnership with EDF (China) is expected to deepen collaboration in technology and global market synergy, establishing a solid foundation for future cooperation [1]. Group 2: Cooperation with China National Petroleum International Company - The company aims to implement a balanced growth strategy in collaboration with China National Petroleum International, focusing on green hydrogen products, carbon reduction, and international market expansion [2]. - The partnership will leverage China National Petroleum's global marketing network to promote green ammonia, green methanol, and green aviation fuel, accelerating the global application of green hydrogen products [2]. - Both companies will integrate their production, sales, and logistics resources to enhance cooperation in green electricity trading and carbon business projects [2].

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） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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）符合深圳证券交易所 债券上市条件，将于 2025 年 7 月 21 日起在深圳证券交易所上市，并面向专业投 资者中的机构投资者，交易方式包括匹配成交、点击成交、询价成交、竞买成交 和协商成交。债券相关要素如下： | 债券名称 | 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） | | | | | | 债券简称 | 25 吉电 K1 | | | | | | 债券代码 | 524366.SZ | | | | | | 信用评级 | 本期债券无评级，发行人有效主体信用等级为 AAA 级 | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 10 | | | | | | 债券 ...

Group 1: Coal Supply and Pricing - The company's main coal suppliers include State Power Investment Corporation Inner Mongolia, Shenhua Energy Northeast Trading Company, and Huaneng Hohhot Energy Development Company, with long-term contracts accounting for approximately 90% of coal supply [1] - Long-term coal prices are executed according to the National Development and Reform Commission's pricing policy, while market coal prices are determined through bidding or negotiation based on market fluctuations [1] Group 2: Power Generation and Market Mechanisms - All heating units of the company are cogeneration units that participate in market transactions [1] - The cross-provincial electricity market trading mechanism in Jilin Province is smooth, with inter-provincial trading plans organized by the Beijing Trading Center [2] - Currently, bilateral trading accounts for a relatively large proportion of the electricity market in Jilin Province [2] Group 3: Future Plans and Financial Metrics - The company will focus on "new energy+" and "green hydrogen-based energy" as dual tracks to continuously improve operational performance and promote high-quality development [2] - The company's basic requirement for project IRR is 8%, which will be determined based on market changes and project conditions [2] - The company plans to conduct dividends in the second half of 2025 and the third quarter, with cash dividends not exceeding 10% of the net profit attributable to shareholders for the corresponding period, provided that the company maintains profitability and positive undistributed profits [2]

Core Viewpoint - The recent milestones achieved by Jidian Co., Ltd. in its large-scale integrated demonstration project for green hydrogen synthesis from wind and solar energy mark a significant step towards establishing a benchmark for green low-carbon energy in the chemical industry [1][4]. Group 1: Project Milestones - The project has successfully achieved three critical milestones: successful power reception, stable production of high-purity green hydrogen, and consistent output of qualified nitrogen [1][4]. - The successful power reception from the external grid and the project's own renewable energy sources ensures a stable and reliable power supply for subsequent hydrogen production and chemical processes [2][4]. Group 2: Green Hydrogen Production - The first PEM electrolysis hydrogen production unit has successfully started operation, producing hydrogen with a purity of 99.999% at a capacity of 9,600 cubic meters per hour [3]. - This hydrogen production unit demonstrates excellent flexibility, operating efficiently across a load range of 30% to 100%, which aligns well with the intermittent nature of wind and solar energy [3]. Group 3: Nitrogen Production - The air separation unit has successfully produced high-purity liquid nitrogen and gaseous nitrogen, with an output capacity of 20,500 cubic meters per hour [4]. - The successful commissioning of the nitrogen production system is crucial for supplying raw materials for ammonia synthesis and hydrogen production, marking a significant achievement in the project's development [4]. Group 4: Environmental Impact - Upon full operation, the project is expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually, reducing carbon emissions by approximately 650,000 tons, equivalent to the annual emissions from 130,000 gasoline vehicles [5].