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。 截 至2025年10月31日，本 公 司2025年累計完成發電量62,151,880兆 瓦 時， 較2024年同期同比下降0.94%，剔除火電影響同比增長11.82%，其 中 風 電 同 比 增 長3.44%，光 伏 同 比 增 長75.45%。 – 1 – 2025年10月 本 集 團 發 電 量 詳 情 如 下： 業務板塊及地區分佈 2025年10月 發電量 2024年10月 發電量 10月同比 變化率 2025年 累計發電量 2024年 累計發電量 年累計發 電 量 同比變化率 （兆 瓦 時） （兆 瓦 時） (%) （兆 瓦 時） （兆 瓦 時） (%) 風電業務 4,607,716 5,244,503 -12.14 50,795,660 49,106,039 3.44 其 中：黑 龍 江 225,430 317,815 -29 ...

Core Insights - Longyuan Power (001289.SZ) reported a total power generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] - The company's wind power generation in October decreased by 12.14% year-on-year, while solar power generation increased by 52.86% [1] - As of October 31, 2025, the cumulative power generation for the year reached 62,151,880 MWh, a year-on-year decline of 0.94% compared to 2024, but excluding the impact of thermal power, there was an increase of 11.82% [1] - Wind power generation for the year showed a year-on-year growth of 3.44%, while solar power generation increased significantly by 75.45% [1]

Core Insights - Longyuan Power (001289.SZ) reported a total power generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] Summary by Category Power Generation Performance - The company's cumulative power generation for 2025 reached 62,151,880 MWh by October 31, 2025, which is a 0.94% decrease year-on-year compared to 2024 [1] - Excluding the impact of thermal power, the year-on-year growth in power generation is 11.82%, with wind power generation increasing by 3.44% and solar power generation rising significantly by 75.45% [1] Monthly Performance - In October 2025, wind power generation saw a year-on-year decline of 12.14%, while solar power generation experienced a substantial increase of 52.86% [1]

1 证券代码：001289 证券简称：龙源电力 公告编号：2025-068 龙源电力集团股份有限公司 2025年10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。 龙源电力集团股份有限公司（以下简称"本公司"）2025 年 10 月按合并报 表口径完成发电量 5,605,173 兆瓦时，较 2024 年同期同比下降 4.95%。本月风电 发电量同比下降 12.14%，光伏发电量同比增长 52.86%。 截至 2025 年 10 月 31 日，本公司 2025 年累计完成发电量 62,151,880 兆瓦时， 较 2024 年同期同比下降 0.94%，剔除火电影响同比增长 11.82%，其中风电同比 增长 3.44%，光伏同比增长 75.45%。 3 业务板块及地区分布 2025 年 10 月 发电量 （兆瓦时） 2024 年 10 月 发电量 （兆瓦时） 10 月同比 变化率 （%） 2025 年 累计发电量 （兆瓦时） 2024 年 累计发电量 （兆瓦时） 年累计发 电量 同比变化 率 （%） 风电业务 4,607,716 5,244,50 ...

Group 1: Company Overview - Longyuan Power Group Co., Ltd. is engaged in the technical transformation, service, and maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, and materials related to electricity [2] - The company was established on January 27, 1993, and was listed on January 24, 2022 [2] - The main business revenue composition is 99.22% from power products and 0.78% from other income [2] Group 2: Financial Performance - For the period from January to September 2025, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year decrease of 15.67% [2] - The net profit attributable to the parent company for the same period was 4.393 billion yuan, down 19.76% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 5.978 billion yuan, with 4.746 billion yuan distributed over the past three years [3] Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders is 34,200, a decrease of 16.42% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings for some [3] - On November 6, 2023, Longyuan Power's stock rose by 1.61%, with a trading volume of 136 million yuan [1]

Core Viewpoint - The renewable energy sector in China is poised for significant growth, with projections indicating that renewable energy generation could double in the next five years, potentially replacing fossil fuels in the energy supply [2] Group 1: Industry Trends - The electricity sector is experiencing a transformation, with power operators gaining renewed vitality and intrinsic value being reassessed due to ongoing reforms [3] - The demand for electricity is robust, driven by the urgent need for smart grid upgrades and infrastructure improvements, leading to a high growth cycle in grid investment [5] - The photovoltaic (PV) industry is witnessing a trend of reducing losses, with the third quarter showing signs of recovery and a potential for performance improvement [5][6] Group 2: Investment Recommendations - Investors are encouraged to focus on high-quality thermal power operators such as Huaneng International and Datang Power, as well as major hydropower companies like Yangtze Power and Guotou Power [3] - The electricity sector's basic fundamentals are solidifying, with recommendations to pay attention to long-cycle growth areas such as ultra-high voltage and smart grid technologies [4] - The PV industry is expected to benefit from a dual boost of performance improvement and structural changes, suggesting a favorable environment for investment in this sector [5][6]

Core Insights - The evaluation results for information disclosure of listed companies in Shanghai and Shenzhen for the 2024-2025 period have been released, showing that 18.70% of companies received an "A" rating, while 66.46% received a "B" rating [1][2]. Group 1: Evaluation Results Overview - In the 2024 evaluation year, out of 5,095 listed companies, 953 received an "A" rating (18.70%), 3,386 received a "B" rating (66.46%), 622 received a "C" rating (12.21%), and 134 received a "D" rating (2.63%) [1][2]. - The total number of companies evaluated was 5,605, with 100% accounted for [2]. Group 2: Year-on-Year Changes - Compared to 2023, 26 companies improved their ratings by two levels, while 24 companies saw their ratings drop by two levels [3][7]. - A total of 540 companies experienced a one-level downgrade, while 560 companies improved by one level [3][7]. Group 3: Companies with Significant Changes - Notable companies that improved by two levels include Longyuan Power, which moved from "C" to "A," and several others that improved from "D" to "B" [4][5]. - Companies that dropped by two levels include Qianyin High-Tech and Guo Wang Xintong, which fell from "A" to "C" [6][12]. Group 4: Continuous Improvement and Decline - From 2022 to 2024, 18 companies have shown continuous improvement in their ratings, while 26 companies have consistently declined [15][17]. - Companies like Huylong New Materials and Jingtuo Co. have improved from "C" to "A" over the two years [15][16].

Summary of Electric Power Industry Q3 2025 Earnings Call Industry Overview - The electric power sector experienced an overall profit growth of 3.3% year-on-year, with varied performance across sub-sectors: thermal power benefited from declining coal prices, while hydroelectric power remained stable, and both renewable energy and nuclear power faced challenges due to costs and subsidy reductions [1][2][3]. Key Insights and Arguments Thermal Power - Thermal power's competitive advantage lies in cost control, with average coal prices dropping nearly 200 RMB to approximately 674 RMB, significantly enhancing profitability. Despite a nearly 6% decline in revenue, profits grew over 12% year-on-year [3][5]. - Companies like Huaneng and Huaren achieved a profit per kilowatt-hour of 1/5, indicating resilience against price pressures [3]. Hydroelectric Power - Hydroelectric power's stability is affected by regional water flow variations. The Yangtze River basin remained stable, while the Lancang River basin saw a 12% increase, and the Yarlung Tsangpo River basin experienced a 16% decline [4][7]. - The market is increasingly focusing on undervalued hydroelectric assets, with attractive interest rate spreads compared to ten-year government bonds [8]. Renewable Energy - The renewable energy sector faced profit declines due to rising depreciation costs and unfavorable market conditions, with a year-on-year profit drop of about 2%. Nuclear power profits fell by 15% due to reduced taxes and subsidies [5][9]. - The market's response has been cautious, with public fund holdings in the public utility sector reaching a historical low of 0.3%, primarily increasing positions in thermal power while significantly reducing stakes in hydro and renewable energy [5][10]. Nuclear Power - The nuclear power sector's holding proportion dropped to 2.7%, largely due to market risk aversion and negative performance from Southern Nuclear's interim results. However, long-term prospects remain strong, with the expected launch of the CNNC Zhangzhou Unit 2 in 2026 marking a new production cycle [11]. - The nuclear sector is viewed as a favorable investment option due to its anticipated growth over the next three to five years [12]. Additional Important Insights - The Hong Kong stock market pricing for thermal power is driven by long-term capital, focusing on high dividend yields, with leading companies offering yields exceeding 6% [6]. - The current investment environment is seen as a good configuration window for the electric power sector, with public fund holdings at a low of 1.6%. There is a recommendation to prioritize investments in nuclear power and consider undervalued renewable energy assets with alpha characteristics [12].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the divestment of thermal power assets in the previous year, although there was slight growth in continuous operating income [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 22.2 billion yuan, a year-on-year decrease of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, down 21.02% [1]. - In Q3 alone, revenue was 6.564 billion yuan, a decline of 13.98%, with net profit dropping 38.19% to 1.018 billion yuan [1]. - The company’s operating costs in Q3 decreased by approximately 300 million yuan compared to Q2, mainly due to the depreciation of old units reaching maturity [1]. Power Generation and Capacity - The total power generation for the first three quarters was 56.5 billion kWh, a slight decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2]. - Wind and solar power generation reached 46.2 billion kWh and 10.4 billion kWh, respectively, with year-on-year growth of 5.3% and 77.98% [2]. - As of September 30, 2025, the company’s installed capacity reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar capacities growing by 11% and 49% respectively [1]. Pricing and Market Conditions - The wind power on-grid price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase from Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decrease [2]. - The decline in wind utilization hours was attributed to reduced wind speeds, with the average utilization at 1511 hours, down 95 hours year-on-year [2]. Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan, aimed at funding wind power projects, which is expected to alleviate investment pressures in the wind sector [3]. - The current A-share valuation at 1.87x PB is significantly higher than the H-share valuation of 0.74x PB, suggesting a more efficient fundraising opportunity through A-shares [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 6.2 billion yuan, 6.3 billion yuan, and 6.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 9, 9, and 8 times [3].

Market Overview - In October, the Shanghai and Shenzhen 300 Index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 first-level industry categories, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to support the use of green low-carbon development in foreign trade, promoting the use of renewable energy and sustainable fuels in international shipping [2][17] - The guidelines encourage foreign trade enterprises to develop and utilize recycled resources and biodegradable materials [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - The hydropower sector's revenue was 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The photovoltaic sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to stable profitability [4][41] - In the renewable energy sector, companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings growth [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are entering a mature phase with improved cash flow [4][42]