截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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 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10月2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 | ...

Core Viewpoint - Longyuan Power Group Co., Ltd. has conducted an investor relations activity involving nine institutions, focusing on specific research, analyst meetings, and roadshows [1] Group 1: Investor Relations Activity - The investor relations activity took place from August 20, 2025, to September 30, 2025, utilizing video conferences, phone communications, and in-person interactions [1] - Key executives from Longyuan Power, including the General Manager and other senior management, participated in the event [1] Group 2: Key Information Disclosed - In the first half of 2025, Longyuan Power added a net new renewable energy installed capacity of 2.053 million kilowatts, with wind power at 987,000 kilowatts and solar power at 1.096 million kilowatts, while reducing biomass capacity by 30,000 kilowatts [2] - As of June 30, 2025, the total installed capacity reached 43.1967 million kilowatts, comprising 31.3957 million kilowatts of wind power, 11.7949 million kilowatts of solar power, and 6,100 kilowatts from other renewable sources [2] - In August 2025, the company achieved a power generation of 5,273,319 MWh, a year-on-year increase of 15.53% excluding thermal power impacts, with wind power generation up by 7.42% and solar power generation up by 77.04% [2] - The company secured new renewable project development rights totaling 4.75 million kilowatts in the first half of 2025, including 2.98 million kilowatts of wind and 1.77 million kilowatts of solar [2] - The first batch of base projects, including Gansu Dunhuang and Guangxi Hengzhou, totaling 1.51 million kilowatts, have been completed on schedule [2] - The company maintains a long-term, stable, and sustainable dividend policy, with a proposed dividend payout ratio of 30% of net profit attributable to shareholders for 2024, and a mid-year dividend of 0.1 yuan per share for 2025 [2] - The average on-grid electricity price for wind power was 0.422 yuan/kWh, a decrease of 0.016 yuan/kWh year-on-year, while the solar power price remained stable at 0.273 yuan/kWh [2] - In the first half of 2025, the company completed green electricity transactions of 4.14 billion kWh, a year-on-year increase of 41.67%, and traded 4.232 million green certificates, up by 81.46% [2]

Group 1: New Energy Capacity and Generation - In the first half of 2025, the company added a net new installed capacity of 2,053 MW in renewable energy, with wind power at 987 MW and solar power at 1,096 MW [2] - As of June 30, 2025, the total installed capacity reached 43,196.7 MW, comprising 31,395.7 MW of wind power and 11,794.9 MW of solar power [2] - By August 2025, the company generated 5,273,319 MWh of electricity, a year-on-year increase of 32.97% after excluding coal power impacts, with wind power generation up by 22.38% and solar power by 74.41% [3] Group 2: Project Development and Resource Reserve - In the first half of 2025, the company secured new project development rights totaling 4,750 MW, including 2,980 MW for wind and 1,770 MW for solar [4] - The company is advancing major base projects, including the "Shagao Desert" renewable energy base, which has 2,000 MW of solar power operational and 1,000 MW of wind power under construction [5] - The Gansu Badan Jilin base is also progressing, with approvals received for the power source plan [6] Group 3: Dividend Policy and Shareholder Returns - The company maintains a stable dividend policy, with a payout ratio of 30% of net profit for 2024, translating to a dividend of RMB 0.2278 per share [6] - For 2025-2027, the company plans to keep cash dividends at no less than 30% of the annual net profit, with an interim dividend of RMB 0.1 per share, representing 24.77% of the first half's net profit [6] Group 4: Market Transactions and Pricing - In the first half of 2025, the average on-grid electricity price for wind power was RMB 0.422 per kWh, a decrease of RMB 0.016 per kWh compared to the previous year [7] - The average on-grid electricity price for solar power remained relatively stable at RMB 0.273 per kWh [7] - The company completed green electricity transactions of 4.14 billion kWh, a year-on-year increase of 41.67%, and traded 423.2 million green certificates, up by 81.46% [7]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the renewable energy sector in China, particularly the implications of new climate targets set for 2035 by the Chinese government [2][7]. Core Insights and Arguments 1. **New Climate Targets**: China aims to cut greenhouse gas (GHG) emissions by 7% to 10% from peak levels and increase the non-fossil fuel mix in energy consumption to over 30% by 2035, with a specific target of 25% for 2030 [2][7]. 2. **Renewable Capacity Expansion**: The goal is to expand wind and solar capacity to 3600 GW by 2035, a significant increase from 1700 GW in August 2025. However, the implied annual installation rate of approximately 180 GW from 2025 to 2035 is seen as underwhelming compared to the over 230 GW per year achieved from 2021 to 2025 [2][3]. 3. **Support for Non-Electrification Uses**: The National Energy Administration emphasizes the use of renewable energy (RE) for producing green hydrogen, methanol, and ammonia, which could drive additional demand for RE and aid in decarbonizing hard-to-abate sectors like cement and shipping [3][7]. 4. **Challenges and Solutions**: Near-term challenges such as weak power demand and grid curtailments are expected to be resolved as energy storage and grid capacity improve [3]. Investment Recommendations 1. **Top Picks in the Supply Chain**: - **GCL Technology Holdings (3800 HK)**: Target price of HKD 1.80, with a potential upside of 40.6% due to expected recovery in polysilicon and solar glass prices [4][11]. - **Xinyi Solar (968 HK)**: Target price of HKD 4.40, with a potential upside of 28.7%, benefiting from solar glass demand [4][20]. - **Longyuan Power (916 HK/001289 CH)**: Target prices of HKD 8.80 and RMB 21.60 for H and A shares respectively, with potential upsides of 13.7% and 28.2% [4][27]. Financial Highlights - **GCL Technology Holdings**: - Revenue expected to grow from CNY 15,098 million in 2024 to CNY 30,526 million by 2027 [12]. - Net profit projected to turn positive by 2026, reaching CNY 1,133 million [12]. - **Xinyi Solar**: - Revenue forecasted to increase from CNY 21,921 million in 2024 to CNY 28,103 million by 2027 [20]. - Net profit expected to rise to CNY 3,694 million by 2027 [20]. - **Longyuan Power**: - Revenue anticipated to grow from CNY 31,370 million in 2024 to CNY 37,362 million by 2027 [27]. - Net profit projected to reach CNY 8,646 million by 2027 [27]. Risks and Considerations - **GCL Technology Holdings**: Risks include significant drops in polysilicon prices and potential demand issues from international markets due to trade disputes [11]. - **Xinyi Solar**: Risks involve lower-than-expected average selling prices (ASPs) for solar glass and increased competition in the market [11]. - **Longyuan Power**: Risks include lower-than-expected tariffs affecting revenue and potential impairments related to renewable energy subsidies [11]. Additional Insights - The setting of official climate targets for 2035 is seen as a positive development, providing a clearer direction for the renewable energy sector [2][3]. - The focus on renewable energy applications beyond electrification is expected to create new growth opportunities in the sector [3][7]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction of the renewable energy industry in China and the investment opportunities within it.

Core Viewpoint - The article discusses the public tender results for the procurement of energy storage systems by Longyuan Power Group, highlighting significant opportunities in the energy storage sector with a total estimated tender scale of 1.36 GWh [2][3]. Tender Details - The tender consists of four segments with a total capacity of 1360 MWh, including: - Segment 1: 600 MWh of lithium iron phosphate battery systems using liquid cooling technology [2]. - Segment 2: 700 MWh of lithium iron phosphate battery systems with similar specifications [2]. - Segment 3: 10 MWh of semi-solid state battery systems [2]. - Segment 4: 50 MWh of sodium-ion battery cells [2]. Bidding Results - The first candidate for the tender is Xiamen Haichen Energy Technology Co., Ltd. with a bid of 31,104.262 million RMB [3]. - The second candidate is Jiangsu Trina Storage Co., Ltd. with a bid of 28,000 million RMB [3]. Industry Events - The 14th Energy Storage International Conference and Exhibition will take place from April 1-3, 2026, in Beijing, showcasing various energy storage technologies and applications [6].

Core Viewpoint - Morgan Stanley has raised the profit forecast for Longyuan Power (001289)(00916) for the fiscal years 2025 to 2027, reflecting the wind power trends observed this year and the operational situation in the second quarter [1] Group 1: Profit Forecast and Target Price - The profit forecast for Longyuan Power for the fiscal years 2025 to 2027 has been increased by 5% to 6% based on operational trends observed in the second quarter of 2025 [1] - Morgan Stanley has raised the target price for Longyuan Power by 16% to HKD 8.8, using a target price-to-book ratio of 0.85 (previously 0.75) [1] Group 2: Long-term Outlook and Regulatory Environment - The newly announced target of 3,600 GW for wind and solar capacity by 2035 enhances Longyuan Power's long-term outlook, as it is the largest wind farm operator in China [1] - There is uncertainty regarding electricity price regulation and power rationing, but improvements are expected as regulatory bodies aim to attract capital expenditure [1]

Core Viewpoint - Morgan Stanley has raised the profit forecast for Longyuan Power (00916) for the fiscal years 2025 to 2027, reflecting the wind power trends and operational performance observed in the second quarter of this year [1] Group 1: Profit Forecast and Target Price - The profit forecast for Longyuan Power for the fiscal years 2025 to 2027 has been increased by 5% to 6% based on operational trends observed in Q2 2025 [1] - The target price for Longyuan Power has been raised by 16% to HKD 8.8, using a target price-to-book ratio of 0.85, up from the previous 0.75 [1] Group 2: Long-term Outlook and Regulatory Environment - The newly announced target of 3,600 GW for wind and solar capacity by 2035 in China enhances the long-term outlook for Longyuan Power, which is the largest wind farm operator in the country [1] - There is uncertainty regarding electricity price regulation and power rationing, but improvements are expected as regulatory bodies aim to attract capital expenditure [1]

来源：市场资讯 （来源：快查一企业中标了） 快查APP显示，龙源电力相关公司海南国能龙源新能源有限公司于2025年9月29日发布一则招标信息， 项目名称为龙源电力海南国能龙源新能源有限公司海南东方CZ8场址50万千瓦海上风电环境监测及竣工 环保验收项目招标公告，预算金额为560000.00万元。 快查股权穿透数据显示，该公司由龙源电力持股，出资比例为60%。 ...

Core Viewpoint - Morgan Stanley has raised the profit forecast for Longyuan Power for the fiscal years 2025 to 2027, reflecting the wind power trends and operational performance in the second quarter of this year [1] Group 1: Financial Projections - The new target for wind and solar capacity by 2035 has been set at 3600 GW, enhancing Longyuan Power's long-term outlook [1] - The target price for Longyuan Power has been increased by 16% to HKD 8.8, based on a target price-to-book ratio of 0.85, up from the previous 0.75 [1] Group 2: Regulatory Environment - Uncertainties regarding electricity price regulation and power rationing may improve as regulators seek to attract capital expenditure [1]

Core Viewpoint - Longyuan Power has shown a positive stock performance with a year-to-date increase of 14.65% and a recent uptick of 2.01% in its share price, indicating strong market interest and potential growth opportunities in the renewable energy sector [1][2]. Group 1: Stock Performance - As of September 29, Longyuan Power's stock price reached 17.75 CNY per share, with a trading volume of 94.14 million CNY and a market capitalization of 148.39 billion CNY [1]. - The stock has increased by 6.29% over the last five trading days, 6.86% over the last 20 days, and 7.17% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.66 billion CNY, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.38 billion CNY, down 11.82% from the previous year [3]. - The company has distributed a total of 5.98 billion CNY in dividends since its A-share listing, with 4.75 billion CNY distributed over the last three years [4]. Group 3: Shareholder Structure - 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 significant institutional investors, with Hong Kong Central Clearing Limited holding 3.87 million shares, an increase of 174,100 shares [4].