Group 1: Coal Price and Supply - In Q2 2025, the company's coal price decreased compared to the same period last year due to a general decline in national coal prices [2] - The main coal suppliers are large state-owned enterprises, with the top three being Shanxi Coal, China Coal, and Guoneng Shenhua [2] - The company aims to optimize coal procurement strategies to reduce overall fuel costs [2] Group 2: Electricity Market and Pricing - The electricity spot market prices are influenced by supply-demand dynamics and generation costs [3] - The company is optimizing its trading strategies and pricing schemes in the electricity market to enhance efficiency [3] Group 3: Renewable Energy Projects - As of June 30, 2025, the company's photovoltaic projects have a total installed capacity of 644,100 kW, representing a year-on-year increase of 44.06% [4] - The company plans to focus on new energy sectors and technologies while ensuring energy supply security [4] Group 4: Power Supply and External Purchases - During the "14th Five-Year Plan" period, the proportion of renewable energy generation in Jiangxi Province is increasing, with a 3.5% growth in clean energy generation in Q1 2025 [5] - In 2024, the total external electricity purchase in Jiangxi Province was 22.767 billion kWh [5] Group 5: Project Profitability and Support - The Jiangxi Ganneng Shanggao 2×1,000 MW clean coal power project is expected to be operational in 2025, with profitability influenced by coal prices and electricity prices [5] - As of Q2 2025, the second largest shareholder, State Power Investment Corporation, holds a 33.22% stake in the company, providing support in governance and technology [6] Group 6: Capital Expenditure and Financing - In 2025, the company plans to rationally allocate capital expenditures based on operational needs, including investments in clean coal and new energy projects [7] - As of December 31, 2024, the company's debt-to-asset ratio was 65.96%, and future financing will be planned according to financial conditions [8] Group 7: Asset Management - The company has been managing the equity of Jiangxi Dongjin Power Co., Ltd. since January 2010, with operational stability in the managed assets [8]

证券代码：000899 证券简称：赣能股份 公告编号：2025-44 上述电量数据为公司初步统计结果，具体数据以公司2025年半年度报告为准， 请投资者注意投资风险。 江西赣能股份有限公司 关于 2025 年半年度上网电量的自愿性披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为便于广大投资者了解江西赣能股份有限公司（以下简称"公司"）生产经 营情况，公司所属电厂2025年半年度实现上网电量70.02亿千瓦时，较上年同期增 长0.81%，其中：市场化交易电量67.05亿千瓦时，占上网电量的95.75%。按发电 类型具体情况如下： | | | 2025年1-6月 | 2024年1-6月 | | | --- | --- | --- | --- | --- | | 类型 | 装机规模 | 上网电量 | 上网电量 | 同比增减 | | | （MW） | （亿千瓦 | （亿千瓦 | （%） | | | | 时） | 时） | | | 火电 | 3400.00 | 65.63 | 65.78 | -0.23 | | 水电 | 100.00 | 1.04 | 2. ...

Jiangxi Ganneng Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant increase in H1 2025 net profit attributable to shareholders and non-recurring profit/loss adjusted net profit, ranging from 17.70% to 42.34% year-on-year Key Financial Performance Indicators | Item | Current Reporting Period (million yuan) | Prior Year Period (million yuan) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **398.66 - 473.60** | 338.701 | | | **Year-on-year Growth: 17.70% - 39.83%** | | | **Net Profit After Deducting Non-Recurring Gains/Losses** | **403.97 - 478.91** | 336.4492 | | | **Year-on-year Growth: 20.07% - 42.34%** | | | **Basic Earnings Per Share (yuan/share)** | **0.4086 - 0.4854** | 0.3471 | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company's performance forecast financial data remains unaudited by an accounting firm - The financial data related to this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The company attributes its H1 2025 performance growth primarily to reduced fuel costs at its thermal power plants - The primary reason for the company's year-on-year performance growth in H1 2025 is the decrease in fuel costs for its thermal power plants compared to the prior year[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) Investors are advised that the disclosed profit figures are preliminary estimates, with final financial data to be provided in the 2025 semi-annual report - This performance forecast is a preliminary estimate, and specific financial data will be subject to the company's 2025 semi-annual report, advising investors to review it[6](index=6&type=chunk)

Group 1 - The electricity sector continues to rise, with companies such as Jingtou Energy (000600), YN Energy Holdings (001896), and Huadian Liaoning Energy (600396) hitting the daily limit up [1] - Other companies like Huayin Power (600744), Gan Energy (000899), Jiuzhou Group (300040), and Ningbo Energy (600982) also experienced significant gains [1]

Core Viewpoint - This week, 10 listed companies announced share buybacks and increases in shareholdings, with notable mention of Three Gorges Energy's controlling shareholder receiving a loan commitment of up to 2.7 billion yuan specifically for increasing its stake in the company [1][2]. Group 1: Companies Announcing Buybacks or Increases - Chongqing Pharmaceutical Holdings plans to repurchase shares worth 80 million to 100 million yuan, with a loan not exceeding 90 million yuan [2]. - Antong Holdings intends to increase its shareholding by 360 million to 720 million yuan [2]. - Renfu Pharmaceutical's shareholder received a loan commitment of 750 million yuan [2]. - ST Kelly's shareholder plans to increase its stake by no less than 14.39 million shares [2]. - Trina Solar has obtained a special loan commitment for stock repurchase [2]. - Suobede plans to repurchase shares worth 20 million to 30 million yuan for cancellation [2]. - Yanpai Co.'s controlling shareholder's concerted actor intends to increase holdings by 17 million to 34 million yuan [2]. - Hisense Home Appliances plans to continue increasing its holdings by 6.93 million to 13.86 million shares [2]. - Three Gorges Energy's controlling shareholder received a loan commitment of 2.7 billion yuan for shareholding increase [2]. - Xishan Technology's controlling shareholder plans to increase holdings by no less than 5 million yuan and no more than 10 million yuan [2].

Company Overview - Jiangxi Ganneng Co., Ltd. was established in 1997 and is listed on the Shenzhen Stock Exchange with a total share capital of approximately 976 million shares. The largest shareholder is Jiangxi Provincial Investment Group Co., Ltd. (holding 37.78%), followed by State Power Investment Corporation (holding 33.22%) [1] - The company has transformed from a traditional energy generation enterprise to a comprehensive power enterprise focusing on power generation, electricity sales, and integrated energy services [1] Operational Performance - In Q1 2025, the company achieved an operating revenue of 1.47 billion CNY, a year-on-year decrease of 13.23%. The net profit attributable to shareholders was 192 million CNY, down 5.19% year-on-year [3] - As of Q1 2025, the installed capacity was 4.1214 million kW, with thermal power at 3.4 million kW, hydropower at 100,000 kW, and photovoltaic power at 621,400 kW, reflecting a growth of 68.22% in photovoltaic capacity year-on-year [1][6] Coal Supply and Pricing - The average coal price for the company decreased in Q1 2025 due to a general decline in national coal prices. The main suppliers are large state-owned coal producers, including Shanxi Coal, China Coal, and China Energy [4] - The company is actively optimizing coal procurement strategies to reduce overall fuel costs [4] Capital Expenditure and Dividends - For 2025, the company plans to rationally allocate capital expenditure based on industry dynamics and project needs, focusing on energy efficiency and environmental improvements [5] - A shareholder return plan for 2023-2025 has been established, ensuring dividends are aligned with company growth and investor returns [5] New Energy Projects - As of March 31, 2025, the company’s photovoltaic projects had a total installed capacity of 621,400 kW, with plans to increase the share of renewable energy in its portfolio [6] - The company aims to develop new energy and storage technologies in line with its "14th Five-Year Plan" [6] Regional Power Supply and Demand - The power supply and demand situation in Jiangxi Province is characterized by a tight balance. In Q1 2025, total power generation increased by 1.7% year-on-year, with thermal, wind, and photovoltaic generation growing by 0.1%, 19.9%, and 50.6%, respectively [8] - Total electricity consumption in the province reached 51.26 billion kWh, reflecting a year-on-year growth of 3.3% [8] Market Management - The company emphasizes market value management and investor returns, aiming to enhance operational performance and maintain good interaction with investors [8]

证券代码：000899 证券简称：赣能股份 公告编号：2025-42 江西赣能股份有限公司 2024 年度第一期中期票据（科创票据）2025 年付息公告 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。 为保证江西赣能股份有限公司（以下简称"公司"）2024 年度第一期中期 票据（科创票据）（债券简称：24 赣能 MTN001（科创票据），债券代码：102483102） 付息工作的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 5、发行总额：5 亿元 6、本计息期债券利率：2.24% 7、付息日：2025 年 7 月 19 日（遇节假日顺延至下一个工作日） 二、付息办法 托管在银行间市场清算所股份有限公司的债券，其付息资金由银行间市场清 算所股份有限公司划付至债券持有人指定的银行账户。债券付息日如遇法定节假 日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更，应在付息前将 新的资金汇划路径及时通知银行间市场清算所股份有限公司。因债券持有人资金 汇划路径变更未及时通知银行间市场清算所股份有限公司而不能及时收到资金 的，发行人及银行间市场清算所股 ...

Core Viewpoint - The supercritical power generation concept has seen a 2.20% increase, ranking 7th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 72 stocks within the supercritical power generation sector experienced gains, with Huayin Power, YN Energy, and Huadian Liaoning reaching the daily limit up [1]. - Notable stock performances include: - Guangdong Power A: +8.05% - Gan Energy: +7.45% - Jiantou Energy: +6.59% [1][5]. - The stocks with the largest declines include: - Shengde Xintai: -3.28% - ST Huaxi: -1.82% - Jiuli Special Materials: -1.59% [1][7]. Group 2: Capital Flow - The supercritical power generation sector attracted a net inflow of 544 million yuan, with 41 stocks receiving net inflows [2][3]. - The top stocks by net inflow include: - Rongfa Nuclear Power: 433.42 million yuan - Huadian International: 84.74 million yuan - Jingneng Power: 82.74 million yuan [2][3]. - The net inflow ratios for leading stocks are: - Inner Mongolia Huadian: 18.31% - Jingneng Power: 17.48% - Huadian Energy: 15.44% [3].

Core Viewpoint - The pumped storage concept sector has shown a positive performance, with a 2.26% increase, ranking sixth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - As of July 7, the pumped storage concept sector increased by 2.26%, with 62 stocks rising, including Shaoneng Co. and YN Holdings reaching their daily limit [1]. - Leading stocks in the sector included Baobian Electric, which rose by 8.68%, Ganneng Co. by 7.45%, and Jiuzhou Group by 7.31% [1][2]. - The sector experienced a net inflow of 139 million yuan from main funds, with 31 stocks receiving net inflows, and five stocks exceeding 50 million yuan in net inflow [2]. Group 2: Fund Flow Analysis - Baobian Electric led the net inflow with 127 million yuan, followed by Shaoneng Co. with 65 million yuan and YN Holdings with 64 million yuan [2][3]. - The net inflow ratios for leading stocks were 66.58% for Shaoneng Co., 13.92% for Jidian Co., and 13.57% for Tianfu Energy [3][4]. - The overall fund flow in the pumped storage concept sector indicates strong investor interest, particularly in stocks like Baobian Electric and Shaoneng Co. [2][3].

Group 1 - The A-share power industry is experiencing a significant rise in stock prices, with Huayin Power achieving a remarkable five consecutive trading limits [1] - Several companies, including Shaoneng Co., Shimao Energy, YN Holdings, and Huadian Liaoning, have reached their daily price limits, indicating strong market performance [1] - The surge in electricity demand is attributed to ongoing high temperatures across multiple regions, driving up consumption [1]