Group 1: Financial Performance and Plans - The company plans to repay 1.6 billion CNY in loans by 2024, aiming to clear all debts within three years, with an annual net income of 1.6 billion CNY and a 400 million CNY dividend for shareholders [1] - The company has maintained a stable dividend policy since its listing, considering profitability, future funding needs, and shareholder returns in its profit distribution plan [1] - In Q1 2025, the company's water inflow was 62.70% higher compared to the same period last year [2] Group 2: Project Developments and Shareholder Actions - The company is conducting a feasibility study for the Guizhou Province mixed pumped storage power station project [1] - A plan for the controlling shareholder to increase their stake in the company was announced on April 16, 2025, with further details available in the announcement [2] - The company will disclose the progress of the stock increase by Huadian as per the requirements of the Shenzhen Stock Exchange [2]

出席本次说明会的人员有：公司董事长罗涛先生，公司财务负责人金冬先生， 公司董事会秘书王博先生，公司独立董事李晓冬先生。 为充分尊重投资者、提升交流的针对性，现就公司 2025 年第一季度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可在本 次季度网上业绩说明会召开前，登录深圳证券交易所提供的"互动易"平台 （http://irm.cninfo.com.cn/），在"互动易"首页点击"提问预征集"，输入 公司证券代码或证券简称进行提问。公司将在 2025 年第一季度网上业绩说明会 对投资者关注的问题进行回答。 欢迎广大投资者积极参与本次网上说明会。 特此公告。 证券代码：002039 证券简称：黔源电力 公告编号：2025-022 贵州黔源电力股份有限公司 关于举行 2025 年第一季度网上业绩说明会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 贵州黔源电力股份有限公司（以下简称公司）2025 年第一季度报告已于 2025 年 4 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露，公司将于 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-021 贵州黔源电力股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会。 2、会议方式：本次股东大会采取现场投票与网络投票相结合的方式。公司 通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形式的投 票平台，公司股东可以在上述网络投票时间内通过深圳证券交易所的交易系统或 互联网投票系统行使表决权。 4、会议地点：贵州省贵阳市都司高架桥路 46 号黔源大厦 4 楼会议室。 5、会议主持人：公司董事长罗涛先生主持本次会议。 6、会议的召集、召开与表决程序符合《公司法》《上市公司股东大会规则》 等法律、法规及《公司章程》的有关规定。 （二）会议出席情况 1、股东出席的总体情况： 参加本次股东大会现场会议和网络投票的股东及股东代理人 204 人，代表股 份 184,081,51 ...

全国优秀律师事务所 北京市炜衡（贵阳）律师事务所 关于贵州黔源电力股份有限公司 2024 年度股东大会 法律意见书 致：贵州黔源电力股份有限公司 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》《上市公司股东大会规则》及《贵 州黔源电力股份有限公司章程》（以下简称"《公司章程》"） 的规定，北京市炜衡（贵阳）律师事务所（以下简称"本所"） 接受贵州黔源电力股份有限公司（以下简称"贵公司"）的委 托，指派刘慧颖、胡世文（以下简称"本所律师"）出席贵公 司于2025年5月9日召开的2024年度股东大会（以下简称"本次 股东大会"），对本次股东大会召开的合法性进行见证，并出 具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集和召 开的程序、表决程序及出席本次会议现场会议的人员资格、召 集人的资格是否符合有关法律和公司章程的规定以及本次股东 大会审议的议案表决结果是否有效发表意见，并不对本次股东 大会所审议的议案内容以及议案所表述的事实或数据的真实性、 准确性、合法性发表意见。本所律师假定贵公司提交给本所律 地址：贵州省贵阳市观山湖区龙海路 101 号黔桂国际商务中心 ...

Investment Rating - The report maintains a "Hold" rating for the company [4][7]. Core Views - The company reported significant growth in Q1 2025, with operating revenue reaching 401 million yuan, a year-on-year increase of 53.88%, and net profit attributable to shareholders of the parent company at 52 million yuan, up 348.38% year-on-year [2][3]. - The increase in revenue and profit is primarily driven by a substantial rise in hydropower generation, which increased by 81.9% year-on-year [4][3]. - The report forecasts net profits for 2025, 2026, and 2027 to be 405 million, 423 million, and 446 million yuan respectively, with corresponding P/E ratios of 16.9, 16.2, and 15.4 [4][6]. Financial Performance Summary - In Q1 2025, the company achieved a total generation of 1.463 billion kWh, a 59.4% increase year-on-year, with hydropower generation at 1.363 billion kWh, up 81.9% [4][3]. - The report details specific hydropower station performances, highlighting significant increases in generation at several stations, while solar power generation saw a decline of 40.6% year-on-year [4][3]. - The company’s earnings per share (EPS) for 2025 is projected at 0.95 yuan, with a steady growth forecast for subsequent years [6][4].

证券代码：002039 证券简称：黔源电力 公告编号：2025-020 贵州黔源电力股份有限公司 关于参加 2025 年贵州辖区上市公司投资者集体接待日活动 暨 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为加强上市公司与投资者的交流互动，便于投资者进一步了解公司 2024 年 度经营情况及其他关切问题，在贵州证监局指导下，贵州证券业协会联合深圳市 全景网络有限公司举办 2025 年贵州辖区上市公司投资者集体接待日暨 2024 年 度业绩说明会并征集相关问题，具体安排如下： 特此公告。 贵州黔源电力股份有限公司董事会 2025 年 4 月 29 日 一、业绩说明会的安排 召开时间：2025 年 5 月 12 日 15:40-17:40 召开方式：网络远程方式。 出席本次活动人员有：公司董事长罗涛先生，财务负责人金冬先生，独立董 事祝韻女士，董事会秘书王博先生。 参与方式：投资者可登录 http://rs.p5w.net 进入专区页面参与交流。 二、投资者问题提前征集 为广泛听取投资者的意见和建议、提升交流效率及针对性，本次业 ...

Core Viewpoint - Qianyuan Power reported a significant increase in net profit for the first quarter of 2025, driven by higher electricity generation [1] Financial Performance - The company's operating revenue for the first quarter reached 401 million yuan, representing a year-on-year growth of 53.88% [1] - The net profit attributable to shareholders was 51.8465 million yuan, showing a remarkable year-on-year increase of 348.38% [1] - The primary reason for the revenue change was an increase in electricity generation [1]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 401,357,746.95, representing a 53.88% increase compared to CNY 260,832,140.16 in the same period last year[5] - Net profit attributable to shareholders reached CNY 51,846,475.26, a significant increase of 348.38% from CNY 11,563,145.89 year-on-year[5] - The total profit for the period was CNY 116,497,181.28, marking a 588.04% increase from CNY 16,931,781.30 in the previous year[8] - Operating profit surged to ¥116,067,064.06, compared to ¥16,892,870.15 in the prior period, indicating a remarkable increase of over 586%[18] - Net profit for the current period was ¥98,451,920.61, up from ¥12,706,257.29, reflecting an increase of approximately 675%[18] - Basic and diluted earnings per share were both CNY 0.1213, reflecting a 349.26% increase compared to CNY 0.0270 in the same quarter last year[5] - Basic earnings per share rose to ¥0.1213 from ¥0.0270, representing an increase of approximately 348%[19] - The total comprehensive income for the current period was ¥99,073,454.79, compared to ¥13,211,974.64 in the previous period, indicating a growth of about 650%[19] Cash Flow - The net cash flow from operating activities was CNY 271,589,401.57, up 63.94% from CNY 165,659,671.17 in the previous year[5] - The company reported a net cash flow from operating activities of ¥271,589,401.57, compared to ¥165,659,671.17 in the previous period, marking an increase of about 64%[20] - The company generated CNY 1,544,000,000.00 in cash inflow from financing activities, a 5046.67% increase compared to CNY 30,000,000.00 in the same period last year[8] - Cash inflow from financing activities totaled 1,544,000,000.00, compared to 30,000,000.00 in the previous period[21] - Net cash flow from financing activities was -272,791,616.32, down from -81,138,978.58[21] - The net increase in cash and cash equivalents was -23,357,930.32, contrasting with an increase of 69,362,298.79 in the prior period[21] - Cash outflow for investment activities amounted to 24,968,032.67, compared to 15,182,696.73 previously[21] - Cash paid for debt repayment was 1,751,125,000.00, compared to 34,650,000.00 in the previous period[21] - Cash paid for dividends and interest was 55,991,900.37, down from 65,332,538.72[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,438,571,807.54, a slight decrease of 0.80% from CNY 15,563,450,198.12 at the end of the previous year[5] - Total current assets remained relatively stable at ¥403,204,110.43 compared to ¥403,245,942.40 at the beginning of the period[15] - Total liabilities increased to ¥4,117,772,151.04 from ¥3,824,033,199.69, showing a growth of 7.7%[15] - Total liabilities decreased to ¥8,507,504,251.81 from ¥8,737,847,981.83, a reduction of approximately 2.6%[16] - Long-term borrowings decreased to ¥3,986,294,900.00 from ¥4,505,694,900.00, a decline of 11.5%[15] - The total equity attributable to shareholders increased to ¥3,966,280,606.52 from ¥3,910,082,422.29, showing a growth of about 1.4%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 21,042[11] - The largest shareholder, China Huadian Group Co., Ltd., holds 15.89% of shares, totaling 67,952,510 shares[11] - The top ten shareholders collectively hold a significant portion of the company's equity, with the top three alone accounting for over 38%[11] Other Financial Metrics - The company reported a 109.19% increase in accounts receivable, totaling CNY 230,128,587.69, due to increased electricity settlement volumes[8] - The company reported a 124.03% increase in prepaid accounts, amounting to CNY 3,643,028.68, due to increased prepayments for daily expenses[8] - The company's cash and cash equivalents decreased to ¥149,253,509.32 from ¥172,611,439.64[14] - Accounts receivable increased significantly to ¥230,128,587.69 from ¥110,010,725.99, indicating a growth of 109%[14] - Short-term borrowings increased to ¥1,720,000,000.00 from ¥1,101,221,555.58, reflecting a rise of 56%[15] - The company’s financial expenses decreased to ¥52,661,199.81 from ¥65,997,875.08, a decline of approximately 20%[18] - The company has no preferred shareholders or significant changes in shareholder financing activities reported[13] Audit Information - The first quarter report was not audited[22]

Group 1: Industry Outlook - Hydropower is recognized as a renewable and clean energy source, supported by national policies aimed at promoting sustainable development and improving energy structure [3] - The company focuses on the development and management of hydropower stations in Guizhou, emphasizing the "Two Rivers and One River" (Beipan River, Furong River, and Sancha River) for clean energy development [3] Group 2: Company Performance - The company has shown significant improvements in operational metrics, with water consumption rates and machine efficiency exceeding benchmarks set by China Huadian [3] - The company has been recognized as a leading example in sustainable development practices, being selected as a best practice case for 2024 [3] Group 3: Financial Performance - In Q1 2025, the company reported a profit forecast, with specific details available in the earnings announcement released on April 18, 2025 [4] - The company has maintained a stable dividend policy, balancing shareholder returns with future development needs [6] Group 4: Employee Compensation and Management - Employee compensation has increased significantly, with 2024 salaries reaching 177 million, accounting for 18.2% of operating expenses, compared to 83 million (7.16%) in 2015 [7] - Management expenses have also risen, indicating a focus on maintaining employee resources and development opportunities [7] Group 5: Taxation Issues - The company faced a tax penalty of nearly 40 million, which accounted for about 10% of its net profit, marking the second such incident [6][7] - The company has been urged to improve its compliance to avoid repeated penalties [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to improve due to favorable water inflow, which will enhance earnings flexibility. The major shareholder's increase in holdings reflects confidence in the company's future [5][7] Financial Performance Summary - In 2024, the company achieved revenue of 1,933 million RMB, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million RMB, down 17.59% year-on-year, aligning with market expectations [7] - The company forecasts a significant increase in net profit for Q1 2025, estimating between 50 to 54 million RMB, representing a year-on-year growth of 330% to 365% [7] - The company plans to distribute a cash dividend of 0.06 RMB per share for 2024, with total dividends for the year accounting for 31.35% of the net profit [7] - The major shareholder, Huadian Group, plans to increase its stake in the company by 0.85% to 1.7% [7] Revenue and Profit Forecast - Revenue projections for 2025 are estimated at 2,423 million RMB, with a year-on-year growth rate of 25.34% [6] - The net profit attributable to shareholders is expected to reach 411 million RMB in 2025, reflecting an 88.42% increase compared to 2024 [6] - The earnings per share (EPS) is projected to be 0.96 RMB in 2025, with a price-to-earnings (P/E) ratio of 16.76 [6] Operational Data - The company has a total installed capacity of 4,106 MW, with hydropower accounting for 3,234 MW and photovoltaic power for 872.1 MW [7] - In 2024, hydropower generation is expected to be 6.33 billion kWh, a 3.35% increase from 2023, while photovoltaic generation is projected to decline by 12.3% [7] - The average utilization hours for hydropower from 2014 to 2024 are around 2,500 hours [7] Financial Health - The company's total assets are projected to be 15,563 million RMB in 2024, with a debt-to-asset ratio of 56.14% [3][8] - The company aims to reduce its debt-to-asset ratio to 54.14% by 2025 through ongoing debt repayment [7] Market Position - The company serves as the hydropower listing platform for Huadian Group, which is committed to enhancing shareholder returns and supporting the company's high-quality development [7]