Core Viewpoint - The company, Qianyuan Power, is experiencing significant growth in its main business of hydropower generation, with a notable increase in revenue and net profit in the first quarter of 2025, indicating a strong performance despite rising costs and financial expenses [6]. Company Performance - In Q1 2025, Qianyuan Power reported a main revenue of 401 million yuan, a year-on-year increase of 53.88% - The net profit attributable to shareholders reached 51.8465 million yuan, up 348.38% year-on-year - The net profit after deducting non-recurring gains and losses was 51.2663 million yuan, an increase of 353.21% year-on-year - The company's debt ratio stands at 55.11%, with investment income at -1.2394 million yuan and financial expenses at 52.6612 million yuan, while the gross profit margin is 52.55% [6]. Industry Outlook - The integrated circuit testing industry is expected to grow rapidly due to the increasing domestic chip localization rate and the rising complexity and integration of chips, which will drive demand for testing services [2][3]. - The shift of the global integrated circuit industry towards domestic markets, supported by national policies, is anticipated to create significant opportunities for the domestic third-party testing market [3]. - The company aims to enhance its core competitiveness in the integrated circuit field through a strategy focused on market orientation and technological innovation [5]. Financial Forecast - Various institutions have provided profit forecasts for Qianyuan Power, with net profit predictions for 2025 ranging from 413 million yuan to 453 million yuan, and for 2026, predictions range from 423 million yuan to 530 million yuan [9]. - The average target price set by institutions for the stock is 18.81 yuan, with four institutions rating it as a buy and one as hold [7].

Group 1: Event Overview - The earnings briefing for Q1 2025 was conducted remotely on May 19, 2025, from 15:00 to 17:00 [1][2] - The event was hosted on the Shenzhen Stock Exchange's "Interactive Easy Platform" [2] Group 2: Key Participants - The meeting was led by the Chairman of Qianyuan Power, Luo Tao, along with the Financial Officer, Jin Dong, and the Secretary of the Board, Wang Bo [2] - Independent Director Li Xiaodong also participated in the event [2] Group 3: Investor Inquiries - Investors inquired about the impact of recent rainfall on operations, to which the company advised to refer to relevant meteorological information [3] - Questions regarding plans for mid-term dividends were directed to a prior announcement made on April 17, 2025, concerning the profit distribution plan for 2024 and the mid-term cash dividend for 2025 [3] - The company confirmed that there are currently no plans for asset injection or restructuring, and any significant developments will be disclosed in accordance with regulations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The improvement in water inflow is expected to enhance performance significantly, and the cash flow value continues to stand out [5] - The company is projected to maintain an average utilization hour of around 2500 hours from 2025 to 2027, with estimated net profits of 413 million, 453 million, and 476 million RMB for those years, respectively [6] Financial Performance Summary - The company reported a revenue of 401 million RMB in Q1 2025, representing a year-on-year increase of 53.88% - The net profit attributable to the parent company for Q1 2025 was 52 million RMB, a significant increase of 348.38% year-on-year [8] - The company achieved a gross profit of 211 million RMB in Q1 2025, with a gross margin of 52.55%, up 10.54 percentage points year-on-year [8] - The total revenue for 2025 is projected to be 2,423 million RMB, with a year-on-year growth rate of 25.34% [7] - The net profit for 2025 is expected to be 413 million RMB, reflecting a year-on-year growth rate of 89.41% [7] Cash Flow and Debt Management - The company reported an operating cash flow of 272 million RMB in Q1 2025, an increase of 63.94% year-on-year [8] - The debt ratio as of March 2025 was 55.11%, a decrease of 1.04 percentage points from December 2024 [8] - The company plans to reduce its debt ratio further to 54.14% by the end of 2025 through ongoing debt repayment [8] Future Projections - The company anticipates a total power generation of 8.785 billion kWh in 2025, with capital expenditures projected at 211 million RMB [8] - The estimated earnings per share (EPS) for 2025 is 0.97 RMB, with a price-to-earnings (P/E) ratio of 16.56 [7]

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]