公 告 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之內 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 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 本公告並不構成或組成認購或購買任何本公司短期融資券或其他證券 的 要 約、邀 請 或 招 攬 或 促 使 上 述 事 宜 的 要 約，而 分 發 本 公 告 亦 非 為 邀 請 作 出 任 何 有 關 本 公 司 任 何 證 券 的 要 約。 承董事會命 龍源電力集團股份有限公司 宮宇飛 完成發行超短期融資券 本 公 告 乃 由 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條及香港法例第571章《證 券 及 期 貨 條 例》 第XIVA部 項 下 內 幕 消 息 條 文 作 出。 茲提述本公司日期為2025年6月17日關於本公司股東批准發行債務融資 工具的本公司2024年 度 股 東 大 會 投 票 結 果 的 公 告。 本公 ...

Core Viewpoint - Longyuan Power (001289)(00916) has successfully completed the issuance of super short-term financing bonds totaling RMB 2 billion, aimed at refinancing existing debt and supplementing working capital [1] Group 1 - The total amount of the super short-term financing bond issuance is RMB 2 billion [1] - The bond has a maturity period of 180 days and a face value of RMB 100 [1] - The coupon rate for the bond is set at 1.56%, with interest starting to accrue from November 20, 2025 [1] Group 2 - The funds raised from this bond issuance are intended for replacing existing interest-bearing debt and enhancing liquidity [1]

Core Viewpoint - Longyuan Power (00916) has successfully completed the issuance of super short-term financing bonds totaling RMB 2 billion, aimed at refinancing existing debt and supplementing working capital [1] Group 1: Financing Details - The total amount of the super short-term financing bonds issued is RMB 2 billion [1] - The bonds have a maturity period of 180 days and a face value of RMB 100 each [1] - The coupon rate for the bonds is set at 1.56%, with interest calculations starting from November 20, 2025 [1] Group 2: Purpose of Fundraising - The funds raised from the bond issuance are intended for replacing existing interest-bearing debt and enhancing liquidity [1]

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之內 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 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 本超短期融資券由中國工商銀行股份有限公司和渤海銀行股份有限公 司 作 為 主 承 銷 商 公 開 發 售。本 超 短 期 融 資 券 所 募 集 資 金 擬 用 於置換存 量有息債務及補充流動資金。 – 1 – 本公告並不構成或組成認購或購買任何本公司短期融資券或其他證券 的 要 約、邀 請 或 招 攬 或 促 使 上 述 事 宜 的 要 約，而 分 發 本 公 告 亦 非 為 邀 請 作 出 任 何 有 關 本 公 司 任 何 證 券 的 要 約。 承董事會命 龍源電力集團股份有限公司 宮宇飛 董事長 公 告 完成發行超短期融資券 本 公 告 乃 由 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條及香港法例第571章《證 券 及 期 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-072 | 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2025 | | 年度第八期超短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 中国工商银行股份有限公司、渤海银行股份有限公司 | | | | | | | | | | 超短期融资券简称 | 龙源电力 25 SCP008 | | 期限 | 天 180 | | | | | | | 超短期融资券代码 | 012582813 | | 发行日 | 2025 | 年 | 月 11 | 19 | 日 | | | 起息日 | 2025 月 20 日 | 年 11 | 兑付日 | 2026 | 年 | 5 月 | 19 | | 日 | | 计划发行总额 | 20 亿元人民币 | | 实际发行总额 | 20 | | 亿元人民币 | | | | | 发行价格 | 100 票面利率 | 元/张 | | 1.56% | | | | | | 1 本 期 发 行 超 短 期 融 资 券 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-073 本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.shclearing.com.cn）上刊登。 特此公告。 龙源电力集团股份有限公司 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"公司"）于 2025 年 6 月 17 日召开 的 2024 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民 ...

Core Viewpoint - Longyuan Power (00916.HK) maintains a "Buy" rating despite a year-on-year decline in net profit due to high base effects from last year's asset disposals and fluctuations in green electricity prices, while revenue increased in Q3 2025 [1] Financial Performance - Q3 2025 revenue increased year-on-year, but net profit attributable to shareholders decreased due to high base effects from last year's thermal power asset disposals [1] - Operating cash flow significantly improved by 53.33% driven by accelerated recovery of national subsidies [1] - Wind power generation showed steady growth, while solar power generation saw a remarkable year-on-year increase [1] Market Position and Ratings - As of November 20, 2025, Longyuan Power's stock closed at HKD 6.99, with a trading volume of 12.49 million shares and a turnover of HKD 87.46 million [1] - The stock has received "Buy" ratings from six investment banks in the past 90 days, with an average target price of HKD 9.43 [1] - Longyuan Power's market capitalization is HKD 23.258 billion, ranking 7th in the power industry [1][2] Key Financial Metrics - Return on Equity (ROE): 8.08%, compared to the industry average of 0.1% [2] - Market capitalization: HKD 23.258 billion, above the industry average of HKD 18.23 billion [2] - Revenue: HKD 28.143 billion, slightly below the industry average of HKD 29.099 billion [2] - Net profit margin: 26.66%, higher than the industry average of 25.47% [2] - Debt ratio: 67.27%, compared to the industry average of 61.72% [2]

Core Viewpoint - The report maintains a "Buy" rating for Longyuan Power (001289)(00916), highlighting revenue growth in Q3 2025 but a decline in net profit due to fluctuations in green electricity prices and high base effects from last year's disposal of thermal power assets [1] Performance Summary - In the first three quarters, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year increase of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, a year-on-year decrease of 21.02%. Operating cash flow increased significantly by 53.33% to 15.784 billion yuan [2] - In Q3 alone, the company reported operating revenue of 6.564 billion yuan, a year-on-year decrease of 13.98%, and a net profit of 1.018 billion yuan, down 38.19% year-on-year. The gross margin for Q3 was 34.91%, up 2.64 percentage points year-on-year but down 4.09 percentage points quarter-on-quarter [2] Operational Data - The wind power utilization hours for the first three quarters were 1511 hours, a decrease of 95 hours year-on-year. The company added 1.13 million kW of wind and 1.17 million kW of solar capacity in the first three quarters, with slower growth rates [3] - Total electricity generation was 56.547 billion kWh, a slight decrease of 0.53% year-on-year, with wind power generation up 5.30% and solar power generation up 77.98% year-on-year. In Q3, wind power generation increased by 3.33% and solar power generation surged by 88.61% [3] - Revenue from the wind and solar segments for the first three quarters was 19.144 billion yuan and 2.806 billion yuan, respectively, with year-on-year changes of -1.82% and +64.82% [3] Profit Forecast - Short-term performance is under pressure due to fluctuations in green electricity prices and high base effects from last year's thermal power asset disposal. However, the company’s offshore wind and large-scale projects are expected to support long-term growth. The company is anticipated to benefit from industry valuation recovery [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.690 billion yuan, 6.130 billion yuan, and 6.592 billion yuan, reflecting year-on-year changes of -11.4%, +7.7%, and +7.5%, respectively [4]

Core Viewpoint - The report from Xingzheng International maintains a "Buy" rating for Longyuan Power (00916), highlighting revenue growth in Q3 2025 but a decline in net profit due to fluctuations in green electricity prices and high base effects from last year's disposal of thermal power assets [1] Performance Summary - In the first three quarters, Longyuan Power achieved operating revenue of 22.221 billion yuan, a year-on-year increase of 17.29%, while net profit attributable to shareholders was 4.393 billion yuan, a year-on-year decrease of 21.02%. Operating cash flow increased significantly by 53.33% to 15.784 billion yuan [1] - In Q3 alone, the company reported operating revenue of 6.564 billion yuan, a year-on-year decrease of 13.98%, and net profit of 1.018 billion yuan, down 38.19%. The gross margin for Q3 was 34.91%, up 2.64 percentage points year-on-year but down 4.09 percentage points quarter-on-quarter [1] - The investment income for Q3 was -11 million yuan, compared to 514 million yuan in the same period last year due to the disposal of thermal power assets [1] Operational Data - In the first three quarters, the wind power utilization hours were 1511 hours, a decrease of 95 hours year-on-year. The newly installed wind and solar capacity was 1.13 million kW and 1.17 million kW, respectively, with a slowdown in growth [2] - The total electricity generation was 56.547 billion kWh, a slight decrease of 0.53% year-on-year. Excluding the impact of thermal power asset disposal, wind power generation increased by 5.30%, and solar power generation surged by 77.98% [2] - For Q3, wind power generation increased by 3.33% year-on-year, while solar power generation saw an impressive increase of 88.61% [2] Profit Forecast - Short-term performance is under pressure due to fluctuations in green electricity prices and high base effects from last year's thermal power asset disposal. However, the company’s offshore wind and large-scale projects are expected to support long-term growth [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 5.690 billion yuan, 6.130 billion yuan, and 6.592 billion yuan, reflecting a year-on-year change of -11.4%, +7.7%, and +7.5%, respectively [3] - The corresponding price-to-earnings ratios for the Hong Kong stock market as of November 18 are projected at 9.5x, 8.8x, and 8.2x for the respective years [3]

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.35% on November 19, with a trading volume of 49.83 million yuan, indicating a low level of financing balance compared to historical data [1][2]. Financing Summary - On November 19, Longyuan Power had a financing buy amount of 3.87 million yuan and a financing repayment of 2.50 million yuan, resulting in a net financing purchase of 1.38 million yuan [1]. - The total financing and securities balance for Longyuan Power reached 64.87 million yuan as of November 19, with the financing balance accounting for 0.07% of the circulating market value, which is below the 20th percentile level over the past year [1]. Securities Lending Summary - On November 19, Longyuan Power repaid 400 shares in securities lending, with no shares sold, resulting in a selling amount of 0.00 yuan [1]. - The remaining amount of securities lent was 20,000 shares, with a balance of 342,600 yuan, which is above the 60th percentile level over the past year, indicating a relatively high level of securities lending [1]. Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. The company specializes in power system and electrical equipment technology transformation, technical services, and production maintenance [2]. - The main business revenue composition includes 99.22% from power products and 0.78% from other sources [2]. Financial Performance - For the period from January to September 2025, Longyuan Power reported an operating income of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2]. Dividend Information - 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]. Institutional Holdings - As of September 30, 2025, Longyuan Power had 34,200 shareholders, 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 entities [3].