龙源电力集团股份有限公司 审计报告 众环审字(2025) 0201249号 目 录 起始页码 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.g 众环审字(2025) 0201249 号 龙源电力集团股份有限公司全体股东: 一、审计意见 我们审计了龙源电力集团股份有限公司(以下简称"龙源电力")财务报表,包括 2024 年 12 月 31 日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司现金流 量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 龙源电力 2024年 12月 31 日合并及公司的财务状况以及 2024年度合并及公司的经营成果和 现 ...

中信证券股份有限公司 关于 龙源电力集团股份有限公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 龙源电力集团股份有限公司 2025 年度向特定对象发行 A 股股票 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券""保荐人"或"本保荐人"） 接受龙源电力集团股份有限公司（以下简称"龙源电力""发行人"或"公司"） 的委托，担任龙源电力向特定对象发行股票项目（以下简称"本次发行"）的保 荐人，为本次发行出具发行保荐书。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保 荐业务管理办法》、《上市公司证券发行注册管理办法》（以下简称"《发行注册管 理办法》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽 责，严格按照依法制订的业务规则、行业执业规范和道德准则出具发行保荐书， 并保证所出具文件的真实性、准 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while also engaging in carbon trading initiatives [2][8]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2][3]. - The company was established on January 27, 1993, and was 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 signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, for a 3.53 million kW renewable energy project, which includes a collaboration to develop a 3 million kW pumped storage project [2]. - The company has been involved in the national carbon market since its inception in 2021, successfully executing the first trade and contributing to the market's diversification [2]. Financial Performance - As of September 30, 2025, Longyuan Power reported a revenue 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 [8]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [9]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 34,200, a reduction of 16.42% from the previous period [8]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9].

来源：新浪证券-红岸工作室 1月5日，龙源电力涨1.00%，成交额6403.87万元。两融数据显示，当日龙源电力获融资买入额510.11万 元，融资偿还459.90万元，融资净买入50.21万元。截至1月5日，龙源电力融资融券余额合计1.01亿元。 融资方面，龙源电力当日融资买入510.11万元。当前融资余额1.01亿元，占流通市值的0.13%，融资余 额超过近一年80%分位水平，处于高位。 截至9月30日，龙源电力股东户数3.42万，较上期减少16.42%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，龙源电力实现营业收入222.21亿元，同比减少15.67%；归母净利润43.93亿元，同比减 少19.76%。 分红方面，龙源电力A股上市后累计派现68.14亿元。近三年，累计派现55.82亿元。 融券方面，龙源电力1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量7000.00股，融券余额10.63万元，低于近一年10%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 ...

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 截至月份: 2025年12月31日 狀態: 新提交 | 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 | | 3,317,882,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

证券代码：001289 证券简称：龙源电力 公告编号：2025-087 龙源电力集团股份有限公司 关于公司 2025 年第十四期超短期融资券发行的公告 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。 | 超短期融资券全称 | 龙源电力集团股份有限公司 | 2025 | | 年度第十四期超短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 上海浦东发展银行股份有限公司 | | | | | | | | 超短期融资券简称 | 25 龙源电力 SCP014 | 期限 | 14 天 | | | | | | 超短期融资券代码 | 012583180 | 发行日 | 2025 | 年 | 12 月 | 30 | 日 | | 起息日 | 2025 年 12 月 30 日 | 兑付日 | 2026 | 年 1 | 月 | 13 日 | | | 计划发行总额 | 亿元人民币 25 | 实际发行总额 | 22 | 亿元人民币 | | | | | 发行价格 | 100 元/张 | 票面利率 ...

Group 1 - The company Longyuan Power (001289)(00916) has completed the issuance of super short-term financing bonds on December 30, 2025 [1] - The total amount of the super short-term financing bonds issued is RMB 2.2 billion, with a maturity period of 14 days and a face value of RMB 100 [1] - The coupon rate for the bonds is set at 1.70%, with interest starting to accrue from December 30, 2025 [1] Group 2 - The funds raised from the issuance will be used to supplement the company's working capital and repay interest-bearing debts of the issuer and its subsidiaries [1]

Group 1 - The company, Longyuan Power (00916.HK), has completed the issuance of ultra-short-term financing bonds on December 30, 2025 [1] - The total amount of the ultra-short-term financing bonds issued is RMB 2.2 billion, with a maturity period of 14 days [1] - The face value of each bond is RMB 100, and the coupon rate is set at 1.70%, with interest starting to accrue from December 30, 2025 [1]