Group 1 - Longyuan Power experienced a decline of 0.59% on September 18, with a trading volume of 92.06 million yuan [1] - The financing buy amount for Longyuan Power on the same day was 7.739 million yuan, while the financing repayment was 7.066 million yuan, resulting in a net financing buy of 0.673 million yuan [1] - As of September 18, the total balance of margin trading for Longyuan Power was 65.4641 million yuan, with the financing balance accounting for 0.08% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance related to power systems and electrical equipment [2] - As of June 30, Longyuan Power reported a revenue of 15.657 billion yuan for the first half of 2025, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [2] Group 3 - Longyuan Power has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders for Longyuan Power increased to 41,000, with an average of 0 circulating shares per person [3] - The top ten circulating shareholders include several ETFs and investment funds, with notable increases in holdings from various institutional investors [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the renewable energy (RE) sector in China, particularly the developments regarding subsidies for wind, solar, and biomass utilities [2][3]. Core Insights and Arguments 1. **Subsidy Collection Progress**: Recent developments indicate positive progress in the collection of overdue renewable energy subsidies from the Ministry of Finance (MoF). Several utilities, including Everbright Greentech and Longyuan, reported significant cash collections in July and August, with Longyuan collecting RMB1.9 billion in July compared to RMB250 million in the first half of 2025 [2][3]. 2. **Historical Context of Subsidy Deficits**: The RE Fund has been operating at a budget deficit since the 2010s, with subsidy commitments rising significantly due to the expansion of wind and solar energy. In 2022, the MoF allocated over RMB300 billion to settle outstanding subsidies, primarily benefiting state-owned utilities [3]. 3. **Future Expectations**: The expectation is that if the government intensifies its commitment to renewable energy investments, utilities may see increased cash settlements. The recent rise in bond issuance by the State Grid Corporation of China could facilitate this process [3][4]. 4. **Sector Implications**: The immediate de-gearing of utilities is viewed positively, although additional cash collections are likely to be reinvested into new RE capacity, which may limit dividend growth. This trend supports solar and wind installations projected for 2026, benefiting the supply chain amid ongoing supply consolidation [4]. 5. **Investment Recommendations**: The report recommends a "Buy" rating for Longyuan and Everbright, citing their high outstanding subsidies receivables as a percentage of equity value, making them attractive leveraged plays. GCL and Xinyi Solar are also highlighted as favorable investments due to expected corrections in upstream solar equipment overcapacity [5][8]. Additional Important Content 1. **Financial Estimates**: Longyuan's revenue for 2025 is estimated at RMB31.166 billion, with a projected net profit of RMB6.270 billion. The estimates reflect a slight decrease from previous projections due to lower expected tariffs and power generation [18][27]. 2. **Valuation Metrics**: The target prices for Longyuan have been adjusted to HKD8.80 and RMB21.60, reflecting a potential upside of approximately 9.7% and 22.7%, respectively. The report maintains a "Buy" rating despite near-term earnings risks [19][25]. 3. **Risks Identified**: Potential risks include lower-than-expected tariffs, weaker utilization rates, and possible impairments on renewable energy subsidies receivables. These factors could impact revenue generation and overall financial performance [25]. 4. **Longyuan's Transition**: Longyuan has significantly reduced its coal power capacity, with coal-related revenue dropping to approximately 19% in 2023, indicating a strategic shift towards renewable energy development [23]. 5. **Market Dynamics**: The report notes that the renewable energy sector is experiencing a consolidation phase due to existing policies aimed at reducing overcapacity, which could influence future market dynamics and investment opportunities [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the renewable energy sector in China, along with specific investment recommendations and associated risks.

目錄 | 中期業績主要數據 | 2 | | --- | --- | | 管理層討論與分析 | 6 | | 企業管治 | 67 | | 其他資料 | 69 | | 獨立審閱報告 | 74 | | 中期合併損益及其他綜合收益表 | | | （未經審計） | 76 | | 中期合併財務狀況表 | | | （未經審計） | 79 | | 中期合併權益變動表 | | | （未經審計） | 82 | | 中期簡明合併現金流量表 | | | （未經審計） | 84 | | 中期簡明合併財務信息附註 | 86 | | 境內外財務報表準則差異調節表 ... | 137 | | 名詞解釋 | 139 | | 公司資料 | 143 | 中期業績主要數據 龍源電力集團股份有限公司董事會在此宣佈其截至2025年6月30日止六個月未經審計的經營結果與 截至2024年6月30日止六個月（「2024年同期」）的經營結果的比較。截至2025年6月30日止六個月， 本集團取得合併經營收入人民幣156.57億元，比2024年同期的人民幣192.36億元（其中持續經營收 入人民幣151.86億元，非持續經營收入人民幣40.50億元）下降18.6%； ...

Interim Results Key Data [Financial Performance Overview](index=3&type=section&id=1.1%20Financial%20Performance%20Overview) In H1 2025, the Group's consolidated operating revenue, profit before tax, net profit, and basic EPS decreased year-on-year, impacted by lower revenue and increased operating costs. 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB '000) | 2024 H1 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 15,657,018 | 19,236,132 | -18.6% | | Profit Before Tax | 5,149,453 | 5,855,739 | -12.1% | | Profit for the Period | 4,174,485 | 4,864,018 | -14.2% | | Net Profit Attributable to Equity Holders of the Company | 3,519,492 | 4,074,861 | -13.6% | | Basic and Diluted Earnings Per Share (RMB cents) | 42.10 | 48.74 | -13.6% | - As of June 30, 2025, net assets per share (excluding non-controlling interests) were **RMB 8.91**[3](index=3&type=chunk) [Operational Data Overview](index=4&type=section&id=1.2%20Operational%20Data%20Overview) In H1 2025, the Group added 2,053.54 MW of new energy controlled installed capacity, with significant growth in wind and solar power, and total power generation increased year-on-year, especially for solar. Controlled Installed Capacity (As of June 30, 2025) | Energy Type | June 2025 (MW) | June 2024 (MW) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 31,396 | 28,349 | 10.75% | | Thermal Power | 0 | 1,875 | -100% | | Solar Power | 11,795 | 7,620 | 54.79% | | Other | 6 | 36 | -83.33% | | **Total** | **43,197** | **37,880** | **14.03%** | Electricity Sales (January-June 2025) | Energy Type | Jan-Jun 2025 (GWh) | Jan-Jun 2024 (GWh) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 32,676 | 31,992 | 2.14% | | Thermal Power | 0 | 3,674 | -100% | | Solar Power | 6,096 | 4,469 | 36.44% | | Other | 3 | 6 | -50% | | **Total** | **38,778** | **40,138** | **-3.39%** | Management Discussion and Analysis [Industry Review](index=7&type=section&id=2.1%20Industry%20Review) In H1 2025, China's economy showed stable and positive growth, with increases in electricity consumption and installed generation capacity, particularly rapid growth in new energy capacity, while power market reforms deepened. - National electricity consumption was **4,841.8 billion kWh**, a **3.7% year-on-year increase**; industrial power generation above designated size was **4,537.1 billion kWh**, a **2.3% year-on-year increase**[18](index=18&type=chunk) - As of June 30, 2025, national installed generation capacity reached **3.65 billion kW**, a **18.7% year-on-year increase**, with wind power at **570 million kW** (up **22.7%**) and solar power at **1.1 billion kW** (up **54.2%**)[18](index=18&type=chunk) - Cumulative market-based electricity transactions reached **2.95 trillion kWh**, a **4.8% year-on-year increase**, accounting for **60.9%** of total electricity consumption; green power transactions were **154 billion kWh**, up **49.3%** year-on-year[19](index=19&type=chunk) [Operating Environment](index=7&type=section&id=2.1.1%20Operating%20Environment) The national economy maintained overall stability and positive momentum, with steady growth in production demand, stable employment, increased resident income, and strong growth in new drivers. - The national average utilization hours of power generation equipment were **1,504 hours**, a decrease of **162 hours** compared to the same period last year[19](index=19&type=chunk) [Policy Environment](index=8&type=section&id=2.1.2%20Policy%20Environment) National policies emphasize market-based pricing for new energy, inclusion of new entities in auxiliary service markets, and accelerated development of spot electricity markets. - The "Notice on Deepening Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy" (Document No. 136) mandates that all new energy on-grid electricity enter the power market, with prices determined by market transactions[21](index=21&type=chunk) - The "Basic Rules for Power Auxiliary Service Market" includes new entities like energy storage companies, virtual power plants, and smart microgrids, following the principle of "whoever provides, profits; whoever benefits, bears the cost"[22](index=22&type=chunk) - The "Notice on Comprehensively Accelerating the Construction of Spot Electricity Markets" aims for national coverage of spot electricity markets by the end of 2025, with continuous settlement operations[23](index=23&type=chunk) - The "2025 Energy Work Guidance Opinion" outlines three main goals: enhancing energy supply security, deepening green and low-carbon transformation, and improving development quality and efficiency[25](index=25&type=chunk) - The "Opinions on Promoting High-Quality Development of Renewable Energy Green Certificate Market" aims to establish a green certificate market system by 2027 and achieve international application by 2030[26](index=26&type=chunk) - The "Notice on Orderly Promoting the Development of Green Power Direct Connection" defines green power direct connection as direct supply from new energy to a single user via dedicated lines, requiring new energy installed capacity to be determined by load[27](index=27&type=chunk) [Business Review](index=12&type=section&id=2.2%20Business%20Review) In H1 2025, the Group adhered to its "stability, safety, innovation, and high-quality development" strategy, adding 2,053.54 MW of new energy capacity, with growth in both wind and solar power generation, and made progress in safety, development, engineering, marketing, digitalization, financing, and overseas expansion. - In H1 2025, the Group's net new controlled installed capacity for new energy was **2,053.54 MW**, including **986.95 MW** of wind power and **1,096.59 MW** of solar power[29](index=29&type=chunk) - As of June 30, 2025, the Group's controlled installed capacity was **43,196.74 MW**, comprising **31,395.72 MW** of wind power and **11,794.92 MW** of solar power[29](index=29&type=chunk) - The Group's cumulative power generation in 2025 reached **39,652,477 MWh**, with wind power generation at **33,502,617 MWh** (up **6.07%** year-on-year) and solar power generation at **6,146,915 MWh** (up **71.37%** year-on-year)[29](index=29&type=chunk) - In H1 2025, the Group's average on-grid tariff for all power generation businesses was **RMB 399/MWh** (excluding VAT), a decrease of **RMB 23/MWh** compared to the same period in 2024[46](index=46&type=chunk) - In H1 2025, green power transactions totaled **4.14 billion kWh**, a **41.67% year-on-year increase**; green certificate transactions reached **4.232 million certificates**, an **81.46% year-on-year increase**[47](index=47&type=chunk) [Safety Operations](index=13&type=section&id=2.2.1%20Safety%20Operations) The Group is committed to a "zero-start, zero-effort" safety philosophy, aiming for zero casualties, zero accidents, and zero losses through comprehensive safety management. - The Group comprehensively promotes the construction of a safety production management system, firmly establishing the "starting from zero, striving for zero" safety philosophy, with goals of zero casualties, zero accidents, and zero losses[30](index=30&type=chunk) - Safety management is innovated through "three-one" regular education and training, "three rectifications" to strengthen civilized production, "three links" to strictly control outsourced operations, and "three lines of defense" to strictly control accident risks[30](index=30&type=chunk) - No general or above accidents or ecological environment incidents occurred in H1[30](index=30&type=chunk) [Early-Stage Development and Resource Layout](index=18&type=section&id=2.2.2%20Early-Stage%20Development%20and%20Resource%20Layout) The Group actively promotes large-scale wind and solar power bases in desert areas and expands offshore wind power, aiming to create national landmark new energy bases with Longyuan characteristics. - The Group is fully promoting "desert, Gobi, and barren land" wind and solar power bases, strengthening offshore wind power expansion, and building national landmark new energy bases with Longyuan characteristics[39](index=39&type=chunk) - In H1 2025, the Group signed new development agreements for **1.24 GW**, including **1.04 GW** for wind power and **0.2 GW** for energy storage[39](index

Group 1 - Wind power stocks are mostly active, with Jin Feng Technology rising by 4% to HKD 12.47, Datang New Energy increasing by 3.95% to HKD 2.63, and Longyuan Power up by 3.11% to HKD 7.96 [1] - GF Securities indicates significant results from the wind power industry chain's internal competition, with profits from the complete machine and cable segments expected to continue rising in the first half of 2025, and leading companies seeing a year-on-year doubling of net profit excluding non-recurring items [1] - The industry's return on equity (ROE) is stabilizing and recovering, with the wind turbine and gearbox segments having reached the industry's bottom, likely to see the first signs of profit recovery [1] Group 2 - According to Huachuang Securities, the wind power industry saw a double increase in installation bidding in the first half of this year, with continued optimism for the second half [1] - Benefiting from strong demand for cumulative winning orders, the newly installed wind power capacity in the first half reached 51.4 GW, a year-on-year increase of 98.9%, with offshore and onshore installations contributing 2.5 GW and 48.9 GW respectively, marking increases of 200% and 95.5% year-on-year [1]

消息面上，广发证券指出，风电产业链反内卷成效显著，2025年上半年整机与电缆环节利润占比持续提 升，龙头企业等扣非净利润同比翻倍。行业ROE企稳回升，该行认为风电机组和齿轮箱环节已进入行业 底部，有望率先出现盈利拐点。另据华创证券，今年上半年风电行业装机招标双增，下半年景气有望延 续。受益累计中标订单需求旺盛，上半年新增风电装机51.4GW，同比增加98.9%，其中海/陆分别新增 2.5/48.9GW，同比增加200%/增加95.5%。 智通财经APP获悉，风电股多数活跃，截至发稿，金风科技(02208)涨4%，报12.47港元；大唐新能源 (01798)涨3.95%，报2.63港元；龙源电力(00916)涨3.11%，报7.96港元。 ...

Group 1 - Longyuan Power's stock price remained unchanged at 0.00% on September 17, with a trading volume of 76.74 million yuan [1] - The financing buy-in amount for Longyuan Power on the same day was 7.27 million yuan, while the financing repayment was 6.95 million yuan, resulting in a net financing buy-in of 318,800 yuan [1] - As of September 17, the total balance of margin trading for Longyuan Power was 64.77 million yuan, with the financing balance accounting for 0.08% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving power system and electrical equipment technology transformation, service, and production maintenance [2] - As of June 30, Longyuan Power reported a revenue of 15.66 billion yuan for the first half of 2025, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.38 billion yuan, down 11.82% year-on-year [2] Group 3 - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders of Longyuan Power included Hong Kong Central Clearing Limited, which increased its holdings by 174,100 shares, and several ETFs that also saw increases in their holdings [3]

Core Insights - The National Data Bureau of China has officially released the first batch of high-quality data set typical case lists during the 2025 China International Big Data Industry Expo, highlighting the importance of high-quality data sets in various industries [1][4] - The State Energy Group has successfully had multiple projects selected, showcasing its leading capabilities in the application of data elements and digital transformation within the energy sector [1][3] Group 1 - The "Basin Water Disaster Monitoring and Prevention High-Quality Data Set" and the "Wind Power Equipment Diagnosis and Safety Prevention Data Set" have been recognized as national typical cases, indicating their significance in the energy sector [1][3] - The "Large-Scale High-Quality Hydropower Basin Dispatch Data Set" and the "High-Quality Data Set for the Wind Power Industry" have been included in the first batch of national high-quality data set construction pilot projects, emphasizing the focus on enhancing data quality and operational capabilities [1][3] Group 2 - The projects rely on the data center pilot construction in the hydropower business field, aiming to improve the construction and application of high-quality data sets, thereby promoting the development and implementation of large model applications in the hydropower sector [3] - The "Wind Power Equipment Diagnosis and Safety Prevention Data Set" integrates multi-source heterogeneous data to create a comprehensive operational status profile for wind power equipment, transitioning from reactive fault handling to preventive maintenance [3] - The "High-Quality Data Set Construction Project for the Wind Power Industry" focuses on systematic data governance across seven core business areas, facilitating data asset aggregation, governance, sharing, and trading throughout the entire lifecycle and industry chain [3][4]

Market Overview - The electricity sector experienced a decline of 0.59% on the previous trading day, with Jiaze New Energy leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the electricity sector included: - Hengtong Co., Ltd. (600226) with a closing price of 4.07, up 6.54% and a trading volume of 2.8267 million shares, totaling 1.147 billion yuan [1] - Hangzhou Thermal Power (605011) closed at 22.69, up 5.88% with a trading volume of 145,600 shares, totaling 330 million yuan [1] - Changqing Group (002616) closed at 7.24, up 4.62% with a trading volume of 386,000 shares, totaling 276 million yuan [1] - Conversely, significant decliners included: - Jiaze New Energy (6191919) closed at 4.42, down 5.15% with a trading volume of 2.068 million shares, totaling 926 million yuan [2] - Huami Environmental Energy (600475) closed at 17.00, down 4.92% with a trading volume of 475,900 shares, totaling 829 million yuan [2] - Shanghai Electric Power (600021) closed at 21.07, down 2.81% with a trading volume of 2.047 million shares, totaling 4.379 billion yuan [2] Capital Flow - The electricity sector saw a net outflow of 2.127 billion yuan from major funds, while retail investors contributed a net inflow of 1.566 billion yuan [2] - Specific stock capital flows included: - Luxiao Technology (002617) with a net inflow of 19.8 million yuan from major funds, but a net outflow of 36.984 million yuan from retail investors [3] - Hangzhou Thermal Power (605011) had a net inflow of 21.272 million yuan from major funds, while retail investors contributed a net inflow of 120,050 yuan [3]

Core Viewpoint - Longyuan Power's stock price has shown a year-to-date increase of 9.55%, but has recently experienced a decline of 5.09% over the past five trading days, indicating volatility in its market performance [2]. Financial Performance - As of June 30, Longyuan Power reported a revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [3]. - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [4]. Stock Market Activity - On September 16, Longyuan Power's stock price fell by 2.02%, trading at 16.96 yuan per share, with a total market capitalization of 141.782 billion yuan [1]. - The stock has seen a net outflow of 4.8777 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Composition - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [3]. - The top ten circulating shareholders include notable institutional investors, with increases in holdings for several ETFs [4].