人民财讯9月3日电，长源电力（000966）9月3日晚间公告，2025年8月，公司完成发电量37.71亿千瓦 时，同比降低6.03%。其中火电发电量同比降低9.4%，水电发电量同比增长151.3%，新能源发电量同比 降低8.62%。公司2025年1—8月累计完成发电量245.9亿千瓦时，同比降低1.91%。 ...

公司2025年1-8月累计完成发电量245.90亿千瓦时，同比降低1.91%。其中火电累计发电量同比降低 1.89%，水电累计发电量同比降低27.30%，新能源累计发电量同比增长14.29%。 长源电力（000966）(000966.SZ)公告，2025年8月，公司完成发电量37.71亿千瓦时，同比降低6.03%。 其中火电发电量同比降低9.40%，水电发电量同比增长151.30%，新能源发电量同比降低8.62%。 ...

董秘： 您好！目前公司生产经营情况正常，不存在应披露而未披露的信息，公司若策划重大交易事 项，将按规定及时履行审批和信息披露程序，具体请以公司在指定媒体披露的信息为准。感谢您的关 注！ 截至2025年9月1日收盘，长源电力(000966)报收于4.52元，上涨0.0%，换手率1.04%，成交量33.92万 手，成交额1.53亿元。 董秘最新回复 投资者： 您好！请公司与东方电气签署战略合作协议！不要问为什么，思考一下你会绝对拍手！ 来自交易信息汇总：9月1日主力资金净流出634.06万元，游资资金净流入834.42万元。 投资者： 低价引进长期资本是否损害中小股东？ 董秘： 您好！公司于2024年12月完成了向特定对象发行股票项目，并成功引进了部分长期股东，长期 股东的引进有利于优化公司股权结构，进一步提升公司治理的稳定性。同时，公司将积极落实证监会和 国资委部署，强化市值管理工作，充分维护股东权益，增进长源电力的市场认同和价值实现。感谢您的 关注！ 当日关注点 9月1日主力资金净流出634.06万元；游资资金净流入834.42万元；散户资金净流出200.36万元。 以上内容为证券之星据公开信息整理，由AI算 ...

证券日报网讯 长源电力（000966）9月1日在互动平台回答投资者提问时表示，目前公司生产经营情况 正常，不存在应披露而未披露的信息，公司若策划重大交易事项，将按规定及时履行审批和信息披露程 序，具体请以公司在指定媒体披露的信息为准。 ...

证券日报网讯 长源电力（000966）9月1日在互动平台回答投资者提问时表示，公司于2024年12月完成 了向特定对象发行股票项目，并成功引进了部分长期股东，长期股东的引进有利于优化公司股权结构， 进一步提升公司治理的稳定性。同时，公司将积极落实证监会和国资委部署，强化市值管理工作，充分 维护股东权益，增进长源电力的市场认同和价值实现。 ...

Group 1 - The core viewpoint of the articles indicates that the company is experiencing a decline in revenue and profitability in the first half of 2025, primarily due to increased competition from renewable energy sources and changes in electricity trading policies [1][2][4] - In 1H25, the company reported a revenue of 6.614 billion yuan, a year-on-year decrease of 16.76%, and a net profit attributable to shareholders of 94.82 million yuan, a year-on-year decrease of 78.83% [1] - The company's coal-fired power generation segment saw a net profit of 316 million yuan in 1H25, down 34.9% year-on-year, with a generation volume decrease of 8.8% to 14.69 billion kWh [2] Group 2 - The company’s photovoltaic power generation increased by 21.7% year-on-year to 1.26 billion kWh in 1H25, while wind power generation decreased by 12.1% to 201 million kWh [3] - The overall net profit from the company's renewable energy projects was negative 93 million yuan in 1H25, compared to a profit of 68 million yuan in the same period last year [3] - The company plans to start new renewable energy projects totaling 200,000 kW and expects to put into operation 300,000 kW in 2025 [3] Group 3 - The target price for the company's stock is set at 5.32 yuan, maintaining an "overweight" rating despite downward adjustments in capacity and profit expectations for 2025-2026 [4] - The company’s expected net profit for 2025 is revised down to 428 million yuan, a decrease of 66.8% from previous estimates [4] - The company is backed by the National Energy Group, which provides stability in coal supply contracts, contributing to a relatively strong profitability in coal-fired power generation [4]

Core Viewpoint - Longyuan Power (000966) is focusing on enhancing its market recognition and value realization through various strategies, including improving operational performance, increasing dividend ratios, and enhancing ESG capabilities [1]. Group 1: Company Performance - As of August 27, 2025, Longyuan Power's stock closed at 4.6 yuan, down 1.71%, with a turnover rate of 2.36%, a trading volume of 770,000 shares, and a transaction value of 361 million yuan [1]. - On the same day, the net outflow of main funds was 939.97 million yuan, while retail investors saw a net inflow of 1,491.02 million yuan [2]. Group 2: Strategic Initiatives - The company successfully introduced some long-term shareholders through a specific stock issuance project completed in December 2024 [1]. - Longyuan Power plans to focus on the transformation and upgrading of traditional industries, prioritize wind power development, and selectively develop solar energy to enhance core competitiveness and promote sustainable high-quality growth [1].

Market Overview - The A-share market opened with the Shanghai Composite Index down by 0.31%, the Shenzhen Component Index down by 0.34%, and the ChiNext Index down by 0.57% [1] Sector Performance - The satellite navigation sector was active at the beginning of the trading session, with Kaipu Cloud achieving a consecutive two-day increase and Shaanxi Huada hitting the daily limit up by 20% due to news that relevant authorities will soon issue satellite internet licenses [1] - Power stocks experienced a general rise, with Hunan Development (000722) increasing over 5% and Changyuan Power (000966) rising over 4% [1] - The semiconductor sector faced adjustments, with Shengke Communication dropping nearly 8%, and both Cambricon and Chipone falling over 5% [1] - Liquor stocks generally opened lower, with Jiu Gui Jiu (000799) and Gujing Gongjiu (000596) both declining over 2% [1]

Group 1 - The core viewpoint of the report indicates that Changyuan Power (000966.SZ) experienced a significant decline in both revenue and net profit for the first half of 2025, with revenue decreasing by 16.76% to 6.614 billion yuan and net profit dropping by 78.83% to 94.82 million yuan [1] - The company's net profit attributable to shareholders after deducting non-recurring gains and losses fell by 83.40% to 72.70 million yuan, with basic earnings per share reported at 0.0272 yuan [1] Group 2 - During the reporting period, the total power generation was 16.715 billion kilowatt-hours, reflecting a decrease of 8.30% year-on-year, with thermal power generation down by 8.83% to 14.690 billion kilowatt-hours, hydropower down by 33.89% to 0.564 billion kilowatt-hours, and wind power down by 12.11% to 0.201 billion kilowatt-hours [2] - In contrast, solar power generation increased by 21.70% to 1.260 billion kilowatt-hours [2] - The average on-grid electricity price (excluding tax) was 387.81 yuan per megawatt-hour, a decrease of 32.26 yuan per megawatt-hour compared to the previous year [2] - The decline in thermal power generation was primarily due to the rapid growth of installed capacity and generation from renewable energy sources within the province, as well as an increase in electricity purchases from outside the province, which squeezed the generation capacity of thermal power [2] - The decrease in hydropower generation was attributed to lower water inflow in the province during the first half of the year, while the reduction in wind power generation was linked to lower wind speeds compared to historical averages [2] - As of the end of June, the installed capacity of renewable energy sources grew by 28% year-on-year, and inter-provincial electricity imports increased by 45%, significantly impacting the generation space of existing power plants [2] - Changes in trading policies in Hubei province allowed centralized renewable energy to fully enter the market, replacing guaranteed consumption with medium- and long-term trading mechanisms, which introduced spot pricing linked to market supply and demand, affecting overall pricing [2]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating financial challenges [1][2] Financial Performance - The company's operating revenue was 6.614 billion yuan, a year-on-year decrease of 16.76% [1] - Net profit attributable to shareholders was 94.8221 million yuan, down 78.83% year-on-year [1] - The net profit excluding non-recurring gains and losses was 72.7002 million yuan, reflecting an 83.40% decrease year-on-year [1] - Basic earnings per share were 0.0272 yuan [1] Power Generation - Total power generation was 16.715 billion kWh, a decrease of 8.30% year-on-year [2] - Thermal power generation was 14.690 billion kWh, down 8.83% year-on-year [2] - Hydropower generation was 564 million kWh, a significant decline of 33.89% year-on-year [2] - Wind power generation was 201 million kWh, decreasing by 12.11% year-on-year [2] - Solar power generation increased to 1.260 billion kWh, showing a growth of 21.70% year-on-year [2] Heat Supply and Pricing - The total heat supply was 10.9889 million GJ, down 6.61% year-on-year [2] - The average on-grid electricity price (excluding tax) was 387.81 yuan per MWh, a decrease of 32.26 yuan per MWh year-on-year [2] Market Dynamics - The decline in thermal power generation was primarily due to rapid growth in installed capacity and generation from renewable energy sources, as well as increased electricity purchases from outside the province [2] - The drop in hydropower generation was attributed to lower water levels in the province during the first half of the year [2] - Wind power generation decreased due to lower wind speeds compared to historical averages [2] - The overall electricity market in Hubei province is experiencing an oversupply situation, influenced by a 28% year-on-year increase in renewable energy installed capacity and a 45% year-on-year increase in inter-provincial electricity imports [2] - Recent policy changes in Hubei province have allowed centralized renewable energy to enter the market, affecting overall pricing mechanisms [2]