公司名稱: 龍源電力集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00916 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 ...

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 primary industry sectors, 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 promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [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] - Hydropower sector revenue totaled 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 solar power 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 expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [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 seen as utility-like investment opportunities [4][42]

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year, primarily due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

融券方面，龙源电力11月3日融券偿还2100.00股，融券卖出4200.00股，按当日收盘价计算，卖出金额 7.12万元；融券余量1.72万股，融券余额29.17万元，低于近一年30%分位水平，处于低位。 资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 截至9月30日，龙源电力股东户数3.42万，较上期减少16.42%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，龙源电力 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported stable operations in the third quarter and plans to raise funds through a private placement of A-shares for wind power projects [6][8] - The company experienced a revenue decline of 17.29% year-on-year in the first three quarters, primarily due to the divestment of thermal power assets [8] - The company aims to alleviate investment pressure in wind power through a planned A-share issuance, which is expected to improve cash flow [8] Financial Performance Summary - Revenue for 2023 is projected at 37,642 million RMB, with a year-on-year decline of 5.6% [7] - Net profit attributable to shareholders is expected to be 6,249 million RMB in 2023, reflecting a year-on-year growth of 22.24% [7] - The company’s total installed capacity reached 43.42 million kilowatts by the end of September 2025, a year-on-year increase of 17% [8] Operational Highlights - The company generated 565 billion kilowatt-hours of electricity in the first three quarters, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [8] - Wind power and photovoltaic generation increased by 5.3% and 77.98% respectively in the same period [8] - The company plans to issue 361 million A-shares to raise 5 billion RMB for wind power projects [8] Earnings Forecast - The forecasted net profit for 2025 is 6,208 million RMB, with a corresponding PE ratio of 9 [7][8] - The company expects net profits of 6,338 million RMB in 2026 and 6,875 million RMB in 2027, with PE ratios of 8.7 and 8 respectively [7][8]

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙源电力（001289.SZ） [Table_Title] 风况偏弱限制主业经营，业绩增速受限高基数 报告要点 [Table_Summary] 三季度公司风电发电量同比增长 3.32%，增速环比降低 4.7 个百分点；光伏发电量同比增长 88.61%，增速环比提升 4.4 个百分点。若剔除火电剥离影响，三季度营业收入同比增长 5.15%， 新能源业务收入平稳增长。但利用小时数与电价的承压依然对当期业绩产生不利影响，三季度 公司毛利润同比降低 1.51 亿元。去年同期公司因江阴热电转让取得一次性投资收益 5.14 亿元， 受高基数的影响，三季度投资收益贡献同比降低 5.26 亿元。主业经营偏弱叠加去年一次性投资 收益推高业绩基数，三季度公司实现归母净利润 10.18 亿元，同比降低 38.19%。 分析师及联系人 张韦华 邬博华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490514040001 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 ...

Core Viewpoint - Longyuan Power has signed a framework agreement for a 3.53 million kilowatt renewable energy project with the government of Tieli City, Heilongjiang Province, focusing on a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][6] - The company has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technology services, project investment management, and sales of electrical equipment [6] Financial Performance - For the period from January to September 2025, Longyuan Power reported revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [7] - Since its A-share listing, the company has distributed a total of 5.978 billion yuan in dividends, with 4.746 billion yuan distributed over the past three years [8] Shareholder Structure - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9] Market Activity - On November 3, Longyuan Power's stock rose by 0.59%, with a trading volume of 82.8365 million yuan and a market capitalization of 141.782 billion yuan [1] - The stock has seen a net inflow of 999,300 yuan from major funds, ranking 43rd out of 102 in its industry [3][4]

Core Viewpoint - The article discusses the completion of the board of directors' re-election at Longyuan Power Group Co., Ltd., including the election of the chairman and the appointment of senior management personnel [1][2]. Group 1: Board of Directors - On October 29, 2025, Longyuan Power held its first extraordinary shareholders' meeting of the sixth board, electing two executive directors, three non-executive directors, and three independent directors, along with one employee representative director [2]. - The sixth board of directors consists of nine members, including Chairman Gong Yufei and General Manager Wang Liqiang [2][3]. - The term of the sixth board of directors is three years, and the composition complies with relevant laws and the company's articles of association [3][4]. Group 2: Specialized Committees - The specialized committees of the sixth board include the Strategy Committee, Sustainability Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with independent directors holding a majority in the audit and nomination committees [5]. - The chairpersons of the specialized committees are as follows: Gong Yufei for the Strategy Committee, Wang Liqiang for the Sustainability Committee, Zhao Feng for the Audit Committee, Gao Debu for the Nomination Committee, and Wei Mingde for the Compensation and Assessment Committee [5]. Group 3: Senior Management Appointments - The sixth board of directors has reappointed Wang Liqiang as General Manager, Yang Wenjing as Chief Accountant, and Ding Qian as Vice General Manager and Board Secretary, among others [6]. - The term of the senior management personnel aligns with that of the sixth board, and their qualifications have been reviewed and approved by the board's nomination committee [6][7]. Group 4: Changes in Board and Supervisory Roles - Following the re-election, Chen Jie has left her position as a director and will no longer hold any role within the company [8]. - The company has also dissolved its supervisory board, with former supervisors Liu Jinji, Hao Jingru, and Liu Jintao no longer serving in their roles [9]. Group 5: Acknowledgments - The board expresses gratitude for the contributions made by the previous board members, supervisors, senior management, and securities representatives during their tenure [10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The thermal power sector continues to show high growth in performance, with significant improvements in profitability and cash flow [7][10] - The report indicates that the current coal price increase is nearing its end, and the pessimistic expectations for electricity prices are easing [7] - The utility sector is currently undervalued, with a notable decrease in fund holdings, suggesting potential investment opportunities [7][14] Summary by Sections Thermal Power Performance - In Q3 2025, the thermal power sector's gross margin reached 18.9%, above the historical average of 17.8%, with a year-on-year increase of 3.6 percentage points [7][10] - Total revenue for sample companies in Q3 2025 was 314.4 billion yuan, a decrease of 2.1% year-on-year, while net profit attributable to shareholders was 24.7 billion yuan, an increase of 38.3% [10][12] - The average price of Q5500 thermal coal at Qinhuangdao Port was 715 yuan/ton, reflecting a 10.6% increase compared to the previous quarter [7][10] Fund Holdings and Market Performance - As of Q3 2025, the utility sector's fund holdings dropped to 1.15% of total fund equity investments, a decrease of 0.55 percentage points [14] - The utility sector index rose by 0.6% during the week, outperforming the CSI 300 index by 1.0 percentage points [47] Investment Recommendations - The report suggests focusing on high-quality dividend assets within the utility sector, particularly thermal power, hydropower, and nuclear power [7] - Specific stocks recommended include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7] - For hydropower, recommended stocks include Yangtze Power (600900) and Sichuan Investment Energy (600674) [7]