Group 1: New Energy Capacity and Generation - As of March 31, 2025, the company's controlled installed capacity reached 41,149.45 MW, including 30,443.52 MW from wind power and 10,699.83 MW from solar power [1] - In the first quarter of 2025, the company added 36.25 MW of new installed capacity, comprising 34.75 MW from wind and 1.5 MW from solar [1] - In April 2025, the company generated 6,906,425 MWh of new energy, a year-on-year increase of 17.35%, with wind power generation increasing by 10.52% and solar power generation rising by 76.55% [1] Group 2: Resource Reserve and Development Indicators - In 2024, the company obtained development indicators totaling 14.72 GW, including 6.37 GW from wind and 8.35 GW from solar [2] - In the first quarter of 2025, the company added 3,178.9 MW in development indicators, consisting of 1,656.25 MW from wind and 1,522.65 MW from solar [2] Group 3: Research and Development Investments - The company's R&D investments focus on digital platform construction, wind power modeling, power forecasting technology, offshore wind technology development, and the integration of new energy with energy storage [2] Group 4: Dividend Policy - For the fiscal year 2023, the company increased its dividend payout ratio from 20% to 30% of net profit attributable to shareholders [2] - The company plans to maintain a dividend payout ratio of 30% for 2024, with a proposed dividend of RMB 0.2278 per share (pre-tax) [2] - A cash dividend plan for 2025-2027 has been established, ensuring a minimum annual cash dividend ratio of 30% of net profit attributable to shareholders [2] Group 5: Market Adaptation Strategies - Following the issuance of the "Document No. 136" in February 2025, the company is adapting to the marketization of new energy pricing by analyzing local policies and enhancing its core competitiveness [3] - The company is optimizing investment decision models and cost control measures to improve project resilience against price fluctuations [3] - During project construction, the company focuses on resource optimization, standardized management, and digital platform utilization to enhance project quality and reduce costs [3]

Investment Rating - The report assigns an "Overweight" rating to the electricity and utilities sector, indicating a positive outlook for the industry in the near term [4][8]. Core Views - The report highlights the recent policy initiatives aimed at promoting green electricity direct connections, which are expected to enhance the consumption of renewable energy and improve the overall market dynamics for the sector [3][36]. - The overall market performance of the sector has been subdued, with the industry index experiencing a slight decline of 0.18% during the reporting period [2][11]. - The report suggests that the long-term demand for electricity will remain stable, driven by the need for peak load regulation and supply assurance [7]. Summary by Sections 1. Market Performance - The industry valuation as of May 30, 2025, shows a Price-to-Earnings (PE) ratio of 17.29, slightly down from 17.3 the previous week, and a Price-to-Book (PB) ratio of 1.73, unchanged from the prior week [1][24]. - The sector's performance ranked 19th among 31 major industry categories, with individual segments like thermal power and hydropower showing varied performance [2][11]. 2. Industry and Company Dynamics - The National Energy Administration reported 4,415 new renewable energy projects added in April 2025, with a significant focus on solar and wind energy [3][36]. - Recent government policies aim to facilitate the direct supply of green electricity to consumers, mandating that at least 60% of renewable energy generated must be used on-site [3][36]. - The report emphasizes the importance of market mechanisms for carbon emissions and water rights, which are expected to enhance resource allocation efficiency [3][38]. 3. Key Data Tracking - As of May 30, 2025, the price of Shanxi mixed coal (5500) was reported at 613 CNY per ton, with no weekly change [44]. - The trading volume of green electricity certificates for wind and solar power reached 20.37 and 25.27 million certificates, respectively, during the reporting period [47][49]. - The report also tracks the carbon emissions trading data, with a total transaction volume of 65.9 million tons on May 30, 2025, at an average price of 68.69 CNY per ton [50][51].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report indicates that spot electricity prices may have bottomed out, leading to improvements in both valuation and performance [1] - The report highlights the increasing scarcity of large hydropower assets as the development of hydropower in China has largely been completed, except for the Tibet region [41][46] - The report anticipates that the approval of nuclear power projects will continue, with an expected national installed capacity of 110 million kilowatts by 2030, reflecting a CAGR of +11% from 2024 [3] - The report notes that the share of renewable energy in installed capacity has exceeded 40%, with significant growth expected in wind and solar power by 2030 [60][63] Summary by Sections Thermal Power - In northern regions, the higher proportion of renewable energy leads to better scarcity of thermal power, making prices easier to rise than to fall [3] - Recent increases in spot electricity prices in southern regions are attributed to previously low thermal power prices, which have severely impacted power plant profitability [3] Hydropower - The report states that the hydropower market in China has a relatively low electricity market share, with stable prices during the 13th Five-Year Plan and a slight increase expected during the 14th Five-Year Plan [46] - The scarcity of large hydropower assets is expected to become more pronounced as development enters its later stages [41] Renewable Energy - The report suggests that new policies for renewable energy will focus more on stabilizing electricity prices and controlling installed capacity growth, potentially leading to a slowdown in installation rates [3] - The report highlights that the marketization of renewable energy is progressing, but electricity prices are under pressure [64] Nuclear Power - Since 2019, the approval of nuclear power projects has become normalized, with over 10 units approved annually for four consecutive years [3] - The report projects that by 2030, the national installed capacity of nuclear power will reach 110 million kilowatts, indicating a robust growth trajectory [3] Financial Performance of Major Hydropower Companies - The report provides detailed financial metrics for major hydropower companies, indicating stable revenue and profit margins, with a focus on improving debt structures and reducing financing costs [54][55] - The dividend payouts of major hydropower companies have been steadily increasing, reflecting a commitment to returning value to shareholders [59]

Investment Rating - The report rates the industry as "Overweight" [1][4] Core Insights - Northern thermal power shows resilience with significant profit growth, while hydropower maintains stable performance. Green energy faces pressure on earnings due to dual impacts of wind conditions and electricity prices, while nuclear power's profitability is affected by electricity pricing [1][2][4] Summary by Sections Northern Thermal Power - The report highlights that the profitability of northern thermal power plants is growing faster than that of southern plants, with a median net profit growth rate of 8% for national thermal power companies in Q1 2025. The median PE ratios for thermal power companies have decreased from 15.7 in Q1 2023 to 10.4 in Q1 2025, indicating a declining market focus on this sector [8][10][9] - The report anticipates a recovery in thermal power performance in Q2 2025 following a significant drop in electricity generation in Q1 2025 due to a warm winter [10][14] Hydropower - Hydropower companies have shown strong earnings growth, with a median net profit growth rate of 26% in Q1 2025, driven by optimized water storage and scheduling. The median PE ratios for hydropower companies have fluctuated, reaching 18.8 in Q1 2024 before slightly declining to 18.1 in Q1 2025 [19][20][22] - The report notes that the El Niño phenomenon is expected to positively influence water inflow during the main flood season in 2024, while the situation for 2025 remains uncertain as the climate shifts to a La Niña phase [19][20] Green Energy - Green energy companies are experiencing a decline in net profit growth, with median growth rates of -12% in 2024 and -4% in Q1 2025. The sector is facing challenges from falling electricity prices and poor wind conditions, leading to a situation where revenue is increasing but profits are not [2][4] - The report predicts a recovery in green energy performance in 2025, with an expected median net profit growth rate of around 12% as wind utilization hours improve [2][4] Nuclear Power - The nuclear power sector is experiencing mixed performance, with major companies like China Nuclear Power and China General Nuclear Power facing different challenges. The report indicates that profitability for China Nuclear Power is expected to decline significantly in 2024 due to accounting policy changes and tax implications, while China General Nuclear Power's profits are only slightly increasing despite new capacity coming online [2][4][5]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.00 per share, indicating a potential upside of 25% from the current price of HKD 6.41 [5][10]. Core Views - The company's Q1 2025 profit decline was influenced by poor wind resources and rising operating expenses, with revenue dropping by 19% year-on-year to HKD 81.40 billion and net profit decreasing by 22.07% to HKD 19.02 billion [7][8]. - The company plans to start new renewable energy projects totaling 5.5 GW in 2025, with 5 GW expected to be operational, including 3.2 GW of wind power and 1.7 GW of solar power [3][8]. - The company possesses high-quality existing assets that ensure stable performance, benefiting from favorable regulatory conditions in Shandong and Guangdong provinces [4][9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of HKD 81.40 billion, a 19% decrease year-on-year, and a net profit of HKD 19.02 billion, down 22.07% [7]. - The total power generation for Q1 was 202.86 billion kWh, a decline of 4.42% year-on-year, but a growth of 8.81% when excluding the impact of thermal power divestiture [7][8]. Project Development - The company aims to initiate 5.5 GW of new renewable energy projects in 2025, with 5 GW expected to be commissioned, including 3.2 GW of wind and 1.7 GW of solar [3][8]. - As of March 2025, the company’s total installed capacity reached 41.15 million kW, with wind power accounting for 30.44 million kW and solar power approximately 10.70 million kW [3][8]. Asset Quality - The company’s existing assets are of high quality, providing stable returns, supported by regulatory frameworks that ensure the profitability of existing projects [4][9]. - The company is positioned as a leader in the wind power sector, with a competitive advantage in market transactions due to its substantial existing asset base [4][9].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.00 per share, indicating a potential upside of 25% from the current price of HKD 6.41 [5][10]. Core Insights - The company's revenue for Q1 2025 decreased by 19% year-on-year to HKD 81.40 billion, and net profit attributable to shareholders fell by 22.07% to HKD 19.02 billion, primarily due to poor wind resources and rising operating expenses [7][8]. - The company plans to start new renewable energy projects totaling 5.5 GW in 2025, with 5 GW expected to be operational, including 3.2 GW from wind and 1.7 GW from solar [3][8]. - The company holds high-quality existing assets that ensure stable performance, benefiting from favorable regulatory conditions in regions like Shandong and Guangdong, which support the profitability of existing projects [4][9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a total generation of 202.86 billion kWh, a decrease of 4.42% year-on-year, but a growth of 8.81% when excluding the impact of thermal power divestiture. Wind power generation increased by 4.37% [7][8]. - The company’s operating expenses rose by 14% year-on-year, driven by higher depreciation, labor, and maintenance costs [7]. Project Development - As of March 2025, the company’s total installed capacity reached 41.15 million kW, with wind power accounting for 30.44 million kW and solar power approximately 10.70 million kW. The company has secured development indicators for 14.72 GW, including 6.37 GW for wind and 8.35 GW for solar [3][8]. Asset Quality - The company is positioned as a leader in the wind power sector, with a significant share of high-quality existing assets. The stability of revenue from these assets is expected to provide a competitive advantage in market transactions [4][9].

Core Viewpoint - The company has successfully completed the conditions for the third unlock period of its 2020 restricted stock incentive plan, allowing 64 participants to unlock a total of 2,598,420 shares, which represents 0.5038% of the company's total share capital of 515,814,420 shares [2][16]. Summary by Sections Incentive Plan Overview - The 2020 restricted stock incentive plan was approved on November 29, 2020, with a total of 936,400 shares granted to 78 participants [3][5]. - The plan includes three unlock periods, with the third period set to expire on May 11, 2025, allowing for a 33% unlock of the granted shares [14][16]. Unlock Conditions - The conditions for the third unlock period have been met, and the shares will be available for trading starting May 30, 2025 [3][16]. - The total number of shares eligible for unlocking is 2,598,420, which will be distributed among 64 participants [2][16]. Share Repurchase and Cancellation - The company has previously repurchased and canceled shares from participants who did not meet performance criteria, including 327,436 shares in 2022 and 288,222 shares in 2023 [8][10][12]. - The repurchase price for these shares was adjusted multiple times, with the latest being 3.222 yuan per share [10][12]. Changes in Share Capital - Following the unlock and repurchase activities, the company's total share capital has been adjusted, with the latest total being 51,588,702 shares after the cancellation of 33,000 shares [12][20]. - The structure of the share capital will be confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. after the unlock is completed [20].

金融界5月27日消息，龙源电力发布公告，将于2025年6月17日召开年度股东大会，网络投票同日进行。 股权登记日为6月11日，当日收市后持有龙源电力股票的投资者可以参与投票。 会议地点：北京市西城区阜成门北大街6号(c幢)3层会议室。 作者：公告君 本次股东大会共计审计15项议案，具体如下： 2、《关于龙源电力集团股份有限公司2024年度董事会工作报告的议案》 3、《关于龙源电力集团股份有限公司2024年度监事会工作报告的议案》 4、《关于龙源电力集团股份有限公司2024年度经审计财务报表和决算报告的议案》 5、《关于龙源电力集团股份有限公司2024年度利润分配方案的议案》 6、《关于龙源电力集团股份有限公司2025年度预算安排报告的议案》 7、《关于龙源电力集团股份有限公司2025年度董事及监事薪酬方案的议案》 8、《关于龙源电力集团股份有限公司续聘2025年度境内审计会计师事务所的议案》 9、《关于龙源电力集团股份有限公司续聘2025年度境外审计会计师事务所的议案》 10、《关于龙源电力集团股份有限公司为控股子公司提供财务资助的议案》 11、《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 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-037 龙源电力集团股份有限公司 关于完成 2025 年度第六期中期票据发行的公告 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"公司"）于 2024 年 6 月 6 日召开 的 2023 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 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 公司已于 2025 年 5 月 26 日发行 2025 年度第六期中期票据，所募集资金将 用于补充日常流动资金及偿还发行人及其子公司有息债务。相关发行情况如下： 中期票据全称 龙源电力 ...

（H股股東適用） 本人╱吾等（附註2） ，地址為 為龍源電力集團股份有限公司（「本公司」） 股H股 的持有人， （附註3） 現委任大會主席，或（附註4） ，地址為 為本人╱吾等的代理人出席2025年6月17日（星期二）上午9時30分於中華人民共和國（「中國」）北京 市西城區阜成門北 大街6號（c幢）3層會議室舉行的本公司2024年度股東大會（「年度股東大會」）或其任何續會，並於 該會議或其任何續 會上代表本人╱吾等，依照下列指示就年度股東大會通告所列載之決議案投票。如無作出指示，則由本 人╱吾等的 代理人酌情決定投票。 與本委任代表表格有關之H股股份數目（附註1） 附註： 如未有填上數目，則委任代表表格將被視為與以 閣下名稱登記的所有本公司股份有關。 的本公司股份。 人姓名及地址。股東可委任一位或多位代理人出席及代其投票；受委託代理人毋須為本公 司股東。本委任代表表格的任何 更改，必須由簽署人簡簽示可。 何決議案，則請在「反對」欄內填上「?」或填上 閣下欲投反對票的股份數目。如欲就任 何議案投棄權票，請在棄權欄內填 普通決議案 贊成（附註5） 反對（附註5） 棄權（附 註5） 特別決議案 贊成（附註5） 反對 ...