北京大成（武汉）律师事务所 关于湖北能源集团股份有限公司 法律意见书 北京大成（武汉）律师事务所 www.dentons.cn 武汉市江岸区建设大道 718 号浙商大厦 10 层（430015） Jiang'an District, 430015, Wuhan, China Tel: +86 27-82622590 Fax: +86 27-82651002 北京大成（武汉）律师事务所 关于湖北能源集团股份有限公司 致：湖北能源集团股份有限公司 根据《中华人民共和国证券法》 （以下简称"《证券法》"）、 《中华人民共和国 公司法》 （以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东会 规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求， 北京大成（武汉）律师事务所（以下简称"本所"）接受湖北能源集团股份有限 公司（以下简称"公司"）的委托，指派律师参加公司 2024 年度股东大会（以 下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人 员资格、召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会 所审议的议案、议案所涉 ...

北 京 大 成 （ 武 汉 ） 律 师 事 务 所 关 于 湖 北 能 源 集 团 股 份 有 限 公 司 2024 年 度 股 东 大 会 的 法 律 意 见 书 北 京 大 成 （ 武 汉 ） 律 师 事 务 所 www.dentons.cn 武汉市江岸区建设大道 718 号浙商大厦 10 层（430015） 10/F, Zheshang Tower, No.718, Jianshe Avenue Jiang'an District, 430015, Wuhan, China Tel: +86 27-82622590 Fax: +86 27-82651002 0 北京大成（武汉）律师事务所 关于湖北能源集团股份有限公司 2024 年度股东大会的法律意见书 致：湖北能源集团股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东会 规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求， 北京大成（武汉）律师事务所（以下简称"本所"）接受湖北能源集团股份有限 公司（以下简称"公司"）的 ...

Group 1 - The core point of the announcement is that Hubei Hongtai Group has applied for an extension of the stock repurchase transaction for its pledged shares in Hubei Energy Group, with the new repurchase date set for April 26, 2026 [1][2][3] - Hubei Hongtai Group pledged 350,000,000 shares of Hubei Energy Group to CITIC Securities, with the initial pledge date on April 26, 2023, and the original maturity date on April 26, 2024 [1][2] - As of the announcement date, there is no risk of forced liquidation for the pledged shares held by Hubei Hongtai Group, and it will not have a substantial impact on the company's operations and governance [4] Group 2 - The company has committed to timely information disclosure in accordance with relevant regulations if there are significant changes in the pledged situation [4] - The announcement includes a notice from Hubei Hongtai Group regarding the extension of the stock pledge and a detailed list from China Securities Depository and Clearing Corporation [5] - The board of directors of Hubei Energy Group guarantees the authenticity, accuracy, and completeness of the disclosed information [6]

证券代码：000883 证券简称：湖北能源 公告编号：2025-037 湖北能源集团股份有限公司 关于持股 5%以上股东进行股票质押式回购交易 延期购回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 | 股东 | 是否为 控股股 | | 占其所 | 占公司 | | 是否为 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其 | 本次质押数 | 持公司 | 总股本 | 是否为 | 补充质 | 质押起 | | 原质押 | | 延期购 | | 质权人 | 质押 | | 名称 | 一致行 | 量（股） | 股份比 | 比例 | 限售股 | 押 | 始日 | | 到期日 | | 回日 | | | 用途 | | | | | 例 | | | | | | | | | | | | | | 动人 | | | | | | | | | | | | | | | 湖北宏泰 | | | | | | | ...

Core Viewpoint - Hubei Energy is actively advancing its green and low-carbon transformation, with significant growth in renewable energy generation despite a decline in overall power generation [1][2]. Group 1: Renewable Energy Growth - In April 2025, Hubei Energy's total power generation was 3.358 billion kWh, a year-on-year decrease of 5.73%, while renewable energy generation increased by 54.91% [1][2]. - As of the end of April 2024, the company's renewable energy generation had increased by 55.67% year-on-year [1]. Group 2: Financial Performance - For the year 2024, Hubei Energy reported a revenue of 20.03 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 1.81 billion yuan, up 3.7% [2]. - In the first quarter of 2025, the company experienced a revenue decline of 19.65% year-on-year, totaling 4.183 billion yuan, and a net profit drop of 54.31%, amounting to 356 million yuan [2]. Group 3: Infrastructure Development - Hubei Energy is in the construction phase for three pumped storage power stations, with significant progress reported on the main engineering works [3]. - The company plans to enhance its energy structure by integrating traditional and innovative business models, focusing on renewable energy projects [3]. Group 4: Capital Market Activity - Hubei Energy intends to transfer 530 million shares of Changjiang Securities at a price of 8.20 yuan per share, which represents 9.58% of the total share capital, to optimize its asset structure and concentrate on its core energy business [4].

Investment Rating - The report initiates coverage with an "Outperform" rating and sets a target price of RMB 5.61, based on a PE of 16.5x for 2025 [1][13]. Core Views - The company is expected to see revenue growth in 2024 of RMB 20 billion, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of RMB 1.81 billion, up 3.8% year-on-year [1][13]. - In Q1 2025, the company reported revenue of RMB 4.18 billion, a decline of 19.7% year-on-year, and a net profit of RMB 360 million, down 54.3% year-on-year, primarily due to poor water inflow affecting hydroelectric generation [1][13]. - The report highlights the long-term value release of the company's power generation assets, particularly with the expected transition of the Hubei spot market by June 2025 [1][13]. Financial Summary - The company’s financial performance shows a projected revenue increase from RMB 20.03 billion in 2024 to RMB 20.05 billion in 2025, with a slight growth forecast for subsequent years [3][5]. - Net profit attributable to shareholders is expected to rise from RMB 1.81 billion in 2024 to RMB 2.23 billion in 2025, reflecting a year-on-year growth of 23% [3][5]. - The report indicates that the company’s hydroelectric net profit is expected to decline due to lower utilization hours, while thermal power profits may increase with a decrease in coal prices [1][13]. Segment Performance - In 2024, the hydroelectric segment's net profit increased by RMB 380 million to RMB 1.12 billion, driven by higher generation in Peru and reduced purchase costs [1][13]. - The thermal power segment achieved a net profit of RMB 870 million, an increase of RMB 690 million, attributed to the new Yicheng plant's contribution [1][13]. - The new energy segment's net profit decreased by RMB 260 million to RMB 320 million, impacted by lower prices for wind and solar energy [1][13]. Construction and Future Outlook - The company has two 660,000 kW thermal units under construction, expected to commence operations by the end of 2025 and mid-2026, each projected to contribute RMB 110 million in annual net profit [1][13]. - The report anticipates a net profit of RMB 2.2 billion for 2025, with a PE ratio of 13.6x, reflecting a positive outlook for the company's financial performance [1][13].

Q1 来水不佳，湖北现货即将转正 湖北能源(000883) 2024 年报及 25Q1 季报点评 | [table_Authors] 吴杰(分析师) | 胡鸿程(研究助理) | [Table_Target] 目标价格： | 5.61 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880525040109 | S0880125042225 | | | 本报告导读： 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： 风险提示。来水不及预期、电价下行、新能源盈利性下滑。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/-)% | -9.3% | 7.3% | 0.1% ...

2024 年报及 25Q1 季报点评 股票研究 /Table_Date] 2025.05.12 2025-05-13 首次覆盖：Q1 来水不佳，湖北现货即将转正 湖北能源000883 [Table_Industry] 电力/公用事业 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 5.61 [Table_CurPrice] 当前价格： 4.66 [Table_Market] 交易数据 总市值（百万元） 30,292 总股本流通A 股（百万股） 6,500/6,480 本报告导读： 请务必阅读正文之后的免责条款部分 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/)% | 9 ...

湖北能源集团股份有限公司 关于 2025 年 4 月发电情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为便于投资者及时了解公司生产情况，现将湖北能源集团股份有 限公司（以下简称公司）2025年4月发电量情况公告如下： 2025年4月，公司完成发电量33.58亿千瓦时，同比减少5.73%。 其中水电发电量同比减少61.66%，火电发电量同比增加35.66%，新能 源发电量同比增加54.91%。 公司本年累计完成发电量133.32亿千瓦时，同比减少7.38%。其 中水电发电量同比减少50.83%，火电发电量同比增加6.99%，新能源 发电量同比增加55.67%。 公司2025年4月发电情况表 证券代码：000883 证券简称：湖北能源 公告编号：2025-036 单位：亿千瓦时 | 项目 | 本月发电量 | 同比变动 | 本年累计发电量 | 同比变动 | | --- | --- | --- | --- | --- | | 水电 | 6.18 | -61.66% | 24.97 | -50.83% | | 火电 | 19.67 | 35. ...