Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including 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] - 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 transformation, service, and production related to electrical systems and equipment [6] Financial Performance - For the first half of 2025, 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 [7] - 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 [8] Shareholder Structure - As of June 30, 2025, the number of shareholders of Longyuan Power increased to 41,000, with an average of 0 circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9] Market Activity - On September 25, Longyuan Power's stock fell by 0.82%, with a trading volume of 67.6338 million yuan and a market capitalization of 140.863 billion yuan [1] - The stock has seen a net outflow of 1.5231 million yuan from main funds today, indicating a reduction in holdings over the past two days [4]

Core Viewpoint - The report from Dongfang Securities indicates that electricity consumption in August 2025 increased by 5.0% year-on-year, with expectations for sustained high growth in electricity demand driven by high-tech manufacturing as the base effect diminishes in the following months [1][2]. Electricity Consumption Analysis - In August 2025, electricity consumption by different sectors showed year-on-year growth rates of +9.7% for primary industry, +5.0% for secondary industry, +7.2% for tertiary industry, and +2.4% for residential use, reflecting a decline compared to July 2025 [2]. - The manufacturing sector's electricity consumption rose by 5.5% year-on-year, marking the highest monthly growth rate for 2025, with high-tech and equipment manufacturing growing by 9.1% [2]. Power Generation Insights - In August 2025, the electricity generation from large-scale power plants increased by 1.6% year-on-year, with a decline in growth rates for thermal, nuclear, and solar power, while wind power saw an acceleration in growth [3]. - Hydropower generation decreased by 10.1% year-on-year, attributed to weaker water inflow, but is expected to improve marginally in the last quarter of 2025 due to a low base effect [3]. Investment Recommendations - The public utility sector is viewed positively, with expectations for continued growth in the thermal power industry due to improved commercial models and rising capacity price compensation [4]. - Recommended stocks in the thermal power sector include Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH) [4]. - For hydropower, companies with strong basin advantages such as Yangtze Power (600900.SH) and Sichuan Investment Energy (600674.SH) are suggested for investment [4]. - In the nuclear power sector, China General Nuclear Power (003816.SZ) is highlighted for its strong long-term growth potential [5]. - Wind and solar sectors are expected to have significant growth opportunities under carbon neutrality expectations, with a focus on companies with high wind power ratios like Longyuan Power (001289.SZ) [5].

Group 1 - Longyuan Power's stock increased by 0.71% on September 24, with a trading volume of 85.70 million yuan [1] - The financing buy amount for Longyuan Power on the same day was 4.33 million yuan, while the financing repayment was 6.99 million yuan, resulting in a net financing outflow of 2.66 million yuan [1] - As of September 24, the total margin balance for Longyuan Power was 62.98 million yuan, with the financing balance at 62.71 million yuan, accounting for 0.07% of the market capitalization, which is below the 10th 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, focusing on power system and electrical equipment technology transformation, service, and production maintenance [2] - The company's main business revenue composition is 99.22% from power products and 0.78% from other sources [2] - For the first half of 2025, Longyuan Power reported operating 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 [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 top ten circulating shareholders of Longyuan Power included Hong Kong Central Clearing Limited, which increased its holdings by 174,100 shares [3] - Other notable shareholders include various ETFs, such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which also increased their holdings [3]

来源：新浪证券-红岸工作室 9月23日，龙源电力涨1.02%，成交额9121.49万元。两融数据显示，当日龙源电力获融资买入额646.03 万元，融资偿还717.78万元，融资净买入-71.74万元。截至9月23日，龙源电力融资融券余额合计 6564.57万元。 融资方面，龙源电力当日融资买入646.03万元。当前融资余额6537.08万元，占流通市值的0.08%，融资 余额低于近一年20%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 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, and has signed a significant cooperation agreement for a large-scale pumped storage project in Heilongjiang Province [2][3]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company was established on January 27, 1993, and listed on January 24, 2022. It is headquartered in Beijing and operates in the public utility sector, specifically in wind power generation [7]. Recent Developments - Longyuan Power has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt new energy generation project, including a 3 million kilowatt pumped storage project [2]. - The company currently has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3]. Financial Performance - For the first half of 2025, 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 [8]. - 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 [9]. Shareholder Information - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [8]. - The top ten circulating shareholders include various ETFs and investment funds, with notable increases in holdings from several entities [10].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while facing recent financial challenges reflected in its revenue and profit figures [2][7]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. - As of June 30, the company reported a total installed wind power capacity of 1.5908 million kW in Xinjiang [3]. Financial Performance - For the first half of 2025, Longyuan Power achieved operating 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 [7]. - 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 [8]. Market Activity - On September 22, Longyuan Power's stock price fell by 0.60%, with a trading volume of 80.0178 million yuan and a market capitalization of 139.609 billion yuan [1]. - The stock has seen a net inflow of 4.3813 million yuan from major investors today, with a total of 21.1085 million yuan in major transactions, accounting for 4.93% of total trading volume [4]. Shareholder Structure - As of June 30, the number of shareholders increased to 41,000, with an average of 0 circulating shares per person [7]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9].

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