本公司及监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 导性陈述或者重大遗漏。 一、监事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届监事会 2024 年第 4 次会议（以下简称"本次会议"）通知和材料已于 2024 年 10 月 18 日以电子 邮件等形式发出。本次会议于 2024 年 10 月 22 日在北京以现场方式召开。会议 应到监事 3 人，实到 3 人。本次会议由公司监事会主席刘晋冀先生主持，公司部 分高管人员列席会议。本次会议的召开及表决程序符合《中华人民共和国公司法》 《龙源电力集团股份有限公司章程》《龙源电力集团股份有限公司监事会议事规 则》等有关规定。 二、监事会会议审议情况 证券代码：001289 证券简称：龙源电力 公告编号：2024-074 龙源电力集团股份有限公司 第五届监事会 2024 年第 4 次会议决议公告 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上和《中 国证券报》《证券时报》《证券日报》《上海证券报》上披露的《龙源电力集团 股份有限公司关于国家能源投资集团有限责任公司出具附条件生效的<关于避免 与龙 ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 控股股东出具附条件生效的承诺函的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为龙源电力集 团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机构，根据《证 券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（2024年修订）》 《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运作（2023年 修订）》《深圳证券交易所上市公司自律监管指引第7号—交易与关联交易（2023 年修订）》《深圳证券交易所上市公司自律监管指引第13号—保荐业务》《上市公 司监管指引第4号——上市公司及其相关方承诺》等有关规定，就公司控股股东国 家能源投资集团有限责任公司（以下简称"国家能源集团"）拟出具附条件生效的 《关于避免与龙源电力集团股份有限公司同业竞争的补充承诺函（二）》（以下简 称"《补充承诺函（二）》"）事项进行了核查，并发表如下核查意见： 一、承诺背景、内容及期限 1.3 本集团及有关附属企业向龙源电力发出拟注入资产的通知或出具上述第1.1 条所述的专项说明后，龙源电力将于接获通知或专项说明后一星期内向其独立非执 行 ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-073 1.审议通过《关于公司现金收购控股股东部分新能源资产的议案》 董事会同意公司以现金方式收购公司控股股东国家能源投资集团有限责 任公司（以下简称"国家能源集团"）全资子公司国家能源集团资产管理有限 公司（以下简称"国能资产管理公司"）持有的国家能源莒南新能源有限公司 64%股权、国能湖口风力发电有限公司 60%股权，国家能源集团甘肃电力有限 公司（以下简称"国能甘肃电力"）持有的甘肃国能风力发电有限公司 51%股 权、夏河国能新能源开发有限公司 100%股权、民勤国能风力发电有限责任公 司 51%股权、国能（武威）新能源有限公司 100%股权、金塔北山国能新能源 有限公司 100%股权，国家能源集团广西电力有限公司（以下简称"国能广西 电力"）持有的国能藤县能源发展有限公司 51%股权。交易价格以经国家能源 龙源电力集团股份有限公司 第五届董事会 2024 年第 9 次会议决议公告 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 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称" ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-076 龙源电力集团股份有限公司 关于国家能源投资集团有限责任公司出具附条件生效的《关于避免与 龙源电力集团股份有限公司同业竞争的补充承诺函（二）》的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 2022 年 1 月，龙源电力集团股份有限公司（以下简称"龙源电力"或"公 司"）通过换股吸收合并内蒙古平庄能源股份有限公司方式完成 A 股上市时，控 股股东国家能源投资集团有限责任公司（以下简称"国家能源集团"）出具《国 家能源投资集团有限责任公司关于避免与龙源电力同业竞争的补充承诺函》（以 下简称"《补充承诺函》"），将在龙源电力 A 股上市后 3 年内稳妥推进相关业务 整合以解决风力发电业务及火电业务的潜在业务重合问题。 因上述承诺事项预计无法在承诺期限内全部履行完毕，根据中国证券监督 管理委员会《上市公司监管指引第 4 号——上市公司及其相关方承诺》等相关 规定和要求，国家能源集团拟出具附条件生效的《关于避免与龙源电力集团股 份有限公司同业竞争的补充承诺函（二）》（以下简称"《补充承诺函（ ...

中国国际金融股份有限公司 关于龙源电力集团股份有限公司 收购资产暨关联交易事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为龙 源电力集团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则 （2024年修订）》《深圳证券交易所上市公司自律监管指引第1号——主板上市公 司规范运作（2023年12月修订）》《深圳证券交易所上市公司自律监管指引第7号 ——交易与关联交易（2023年修订）》《深圳证券交易所上市公司自律监管指引第 13号——保荐业务》等有关规定，基于公司提供的相关资料，保荐机构对于龙源电 力收购资产暨关联交易的事项进行了审慎核查，并出具核查意见如下： 一、关联交易概述 （一）关联交易的基本情况 公司的控股股东国家能源投资集团有限责任公司（以下简称"国家能源集团"） 为落实《国家能源投资集团有限责任公司关于避免与龙源电力集团股份有限公司同 业竞争的补充承诺函》约定，推动减少同业竞争，拟向公司注入部分新能源资产。 经公司结合业务发展规划、资金筹划安排、标的资产质量、合规性以及区域协 同性等因素 ...

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (916 HK) with a target price of HKD 8.35, indicating a potential upside of 32.8% from the current price of HKD 6.29 [11]. Core Views - The report anticipates a weaker net profit for the third quarter, projecting a year-on-year decline of 22% to RMB 4.7 billion, which aligns with market expectations [2]. - There was a significant rebound in wind power generation in September, with a year-on-year increase of 29%, primarily due to improved wind speeds in coastal areas [1]. - The overall power generation for the third quarter is expected to rise by 6% year-on-year, driven by a 42% increase in solar power generation, while thermal power generation is projected to decline by 14% due to project sales [1][2]. - The report highlights that operational improvements and progress in acquisitions are key factors for valuation enhancement, with an upward adjustment of the valuation standard to 10.5 times the 2025 earnings [2]. Financial Summary - For the fiscal year ending December 31, 2023, the expected revenue is RMB 37.638 billion, a decrease of 5.6% year-on-year, while net profit is projected at RMB 6.355 billion, reflecting a 26.4% increase [3][12]. - The earnings per share (EPS) for 2024 is estimated at RMB 0.65, down 11.8% year-on-year, with a forecasted recovery in subsequent years, expecting EPS to rise to RMB 0.97 by 2026 [3][12]. - The report projects a gradual increase in installed capacity, with wind power expected to reach 30,754 MW by 2024 and 41,254 MW by 2026 [7][12]. - The report also notes a decline in the operating profit margin by approximately 6 percentage points due to falling on-grid electricity prices for wind and solar [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董事會會議召開日期 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 宣 佈， 本 公 司 將 於 二 零 二 四 年 十 月 三 十 日（星 期 三）舉 行 董 事 會 會 議，以 審 議 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公 司 截 至 二 零 二 四 年 九 月 三 十 日 止 九 個 月 的 季 度 業 績 及 發 佈 該 業 績 公 告。 承董事會命 龍源電力集團股份有限公司 宮宇飛 董事長 中 國 北 京，二 零 二 四 年 十 月 十 八 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 宮 宇 飛 先 生 和 王 利 強 先 生；非 執 行 董 事 為 唐 超 雄 先 生、王 雪 蓮 女 士、陳 傑 女 士 和 張 彤 先 生；及 獨 立 ...

2024年9月发电量数据公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 证券代码：001289 证券简称：龙源电力 公告编号：2024-072 龙源电力集团股份有限公司 注：本公告中提供的数字经过整数调整，因此若总计数字与所列各项之和出现尾数差异，皆 因整数调整所致。 以上发电量数据来自本公司内部统计。数据在月度之间可能存在较大差异， 其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。数据 可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖或使用以 上信息可能造成投资风险。 2 龙源电力集团股份有限公司 龙源电力集团股份有限公司（以下简称"本公司"）2024 年 9 月按合并报 表口径完成发电量 5,591,501 兆瓦时，较 2023 年同期同比增长 16.94%。其中， 风电发电量增长 28.64%，火电发电量下降 59.25%，其他可再生能源发电量增长 34.53%。火电发电量下降主要原因是本公司已完成对江阴苏龙热电有限公司的股 权转让，因此自 2024 年 9 月起不再计入其发电量。 截至 2024 年 9 月 30 ...

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (0916.HK) with a target price of HKD 10, representing a potential upside of 46% from the current price of HKD 6.84 [2][7]. Core Insights - The recent policy from the China Securities Regulatory Commission (CSRC) regarding mergers and acquisitions is expected to accelerate the restructuring of state-owned power enterprises, which will benefit Longyuan Power as it is positioned to receive quality clean energy assets from its parent company, State Energy Investment Group [5][9]. - The negative factors affecting green electricity have been fully reflected in the market, and the recent recovery in market sentiment is likely to support a valuation rebound for the green electricity sector, particularly for state-owned companies like Longyuan Power that have significant price discounts [6][10]. - The financial projections indicate a recovery in revenue and net profit, with expected revenues of RMB 39,286 million in 2024 and RMB 43,768 million in 2025, alongside a net profit of RMB 6,019 million in 2024 and RMB 7,212 million in 2025 [8][14]. Summary by Sections Investment Rating - Buy rating with a target price of HKD 10, indicating a 46% upside potential from the current price [2][7]. Financial Performance - Revenue projections for 2024 and 2025 are RMB 39,286 million and RMB 43,768 million, respectively, with a net profit of RMB 6,019 million in 2024 and RMB 7,212 million in 2025 [8][14]. - The report anticipates a recovery in net profit growth, with a projected increase of 19.8% in 2025 [8][14]. Market Context - The CSRC's new policies are expected to enhance the efficiency of mergers and acquisitions in the power sector, facilitating Longyuan Power's strategic asset injections [5][9]. - The green electricity sector is showing signs of valuation recovery due to improved market conditions and sentiment, which is particularly favorable for Longyuan Power given its current valuation [6][10].

Financial Performance - For the six months ended June 30, 2024, the company reported consolidated operating revenue of RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion for the same period in 2023[3]. - The company's profit before tax for the same period was RMB 5.681 billion, down 18.9% from RMB 7.002 billion in 2023[3]. - Net profit attributable to equity holders of the company was RMB 4.020 billion, a decline of 21.6% from RMB 5.127 billion in the previous year[3]. - Basic earnings per share decreased to RMB 0.4767 from RMB 0.6001 in the same period last year[3]. - Operating profit for the first half of 2024 was RMB 7.145 billion, a decline of 17.1% from RMB 8.623 billion in the same period of 2023[60]. - The company achieved a net profit of RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[40]. - The wind power segment's revenue was RMB 13.781 billion, down 9.4% from RMB 15.215 billion year-on-year, primarily due to a decrease in average utilization hours and selling prices[41]. - The photovoltaic segment saw a significant increase in revenue to RMB 0.945 billion, up 98.9% from RMB 0.475 billion in the previous year, driven by increased installed capacity and generation[41]. - Operating expenses rose to RMB 12.363 billion, an increase of 3.9% from RMB 11.902 billion in the same period last year[46]. - The company recorded a credit impairment reversal of RMB 27 million in the first half of 2024, compared to a credit impairment provision of RMB 6 million in the same period of 2023[57]. Assets and Liabilities - As of June 30, 2024, the company's total assets amounted to RMB 242.628 billion, an increase from RMB 230.644 billion at the end of 2023[8]. - The total liabilities of the company were RMB 158.033 billion, up from RMB 148.422 billion at the end of 2023, resulting in a debt-to-equity ratio of 97%[8]. - The company's current assets amounted to RMB 49.092 billion, an increase of RMB 4.036 billion (3.0%) from RMB 45.056 billion as of December 31, 2023[99]. - The company's current liabilities as of June 30, 2024, were RMB 80.011 billion, up RMB 8.754 billion (12.3%) from RMB 71.257 billion as of December 31, 2023[101]. - The net current liabilities increased to RMB 30.919 billion as of June 30, 2024, from RMB 26.201 billion as of December 31, 2023, reflecting an increase of RMB 4.718 billion (18.0%)[101]. Renewable Energy Development - The company aims to enhance its compliance and regulatory framework to support the development of clean energy projects in response to new government policies[10]. - The company is focusing on expanding its renewable energy capacity and improving its market participation through the establishment of a green electricity trading mechanism[10]. - In the first half of 2024, the company added 47 new projects, with a total installed capacity of 2,286.73 MW, including 595.00 MW from wind power and 1,691.73 MW from solar power[13]. - The total electricity generation for the first half of 2024 was 40,081,845 MWh, representing a year-on-year increase of 0.84%, while wind power generation decreased by 4.60% to 31,584,604 MWh[15]. - The company is actively participating in the "Thousand Villages and Ten Thousand Towns Wind Action" initiative to promote wind energy development in rural areas, aiming to support rural revitalization and carbon neutrality[12]. - The company is committed to advancing its digital transformation and innovation strategies to support its growth objectives and enhance operational efficiency[13]. Environmental and Sustainability Initiatives - The company has implemented a waste-free enterprise initiative, focusing on the comprehensive utilization of ash, slag, and desulfurization gypsum as building materials and concrete admixtures[136]. - The company has established an emergency response plan for environmental incidents, including dynamic assessments of ecological risks and emergency resource investigations[137]. - The company has developed self-monitoring plans for environmental protection, ensuring compliance with national and industry standards through effective monitoring[139]. - The company has actively responded to local environmental protection requirements, voluntarily reducing the emissions of three major pollutants[142]. - The company invested RMB 3.18 million in paid assistance and RMB 18 million in free assistance for rural revitalization and poverty alleviation efforts in Shanxi Province, with a total of RMB 9.24 million disbursed for the first batch of assistance projects[144]. Corporate Governance and Management - The company has fully complied with the corporate governance code as per the listing rules from January 1 to June 30, 2024[147]. - The audit committee reviewed and confirmed the interim performance announcement for the six months ended June 30, 2024[150]. - The company has appointed three independent non-executive directors with appropriate professional qualifications[149]. - The independent review report concluded that the interim financial report was prepared in accordance with International Accounting Standard 34[172]. - The company has signed long-term strategic cooperation agreements with banks to optimize project financing management[37]. Market and Strategic Initiatives - The company is enhancing its market analysis capabilities to respond to market challenges and improve electricity pricing strategies[26]. - The company is committed to expanding its market presence by developing offshore projects and optimizing resource acquisition in onshore areas[129]. - The company is actively exploring new business models in energy storage and hydrogen production to enhance safety management capabilities[129]. - The company aims to enhance its strategic implementation capabilities to build a world-class renewable energy asset management platform, focusing on value creation and maintaining its leading position in the global renewable energy sector[128].