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]

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating, projecting EPS for 2025-27 at RMB 0.96, 1.01, and 1.19 respectively [4][9]. Core Insights - The company is expected to see a revenue of RMB 1.93 billion in 2024, reflecting a year-over-year decrease of 2.9%, with a net profit attributable to shareholders of RMB 220 million, down 17.6% year-over-year [4][9]. - The report highlights that the company's performance is influenced by several factors, including a profit increase in 2023 due to fee reversals, a decrease in photovoltaic utilization hours, and lower finance expenses contributing positively to profits [4][9]. - The projected net profit for 2025 is estimated at RMB 410 million, representing an 87.5% year-over-year increase, driven by improved water inflow and reduced capital expenditures [4][9]. Financial Data and Forecast - Key financial metrics for the company include: - Revenue for 2023 is projected at RMB 1,990 million, with a significant decline of 23.8% [3]. - Net profit attributable to shareholders for 2023 is expected to be RMB 265 million, down 36.1% [3]. - The company anticipates a recovery in water inflow, estimating an increase in hydropower sector net profit by RMB 130 million in 2025 [4][9]. - The report also notes that the company's financial structure is expected to improve, with potential increases in dividends as a result of capital structure enhancements [4][9]. Comparable Company Valuation - The average PE ratio for comparable companies in 2025 is projected at 16.3x, with the report assigning a PE of 18.5x for the company, leading to a target price of RMB 17.76 [4][9]. - The report emphasizes the company's competitive positioning within the industry, particularly in relation to peers such as Guiguan Electric [4][9].

Investment Rating - The investment rating for the company is "Hold" [2] Core Views - The company is experiencing continuous expansion in photovoltaic installations and maintains stable dividends, with an active and comprehensive plan for 2025 [3] - The company's 2024 annual report shows a revenue of 1.933 billion yuan, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million yuan, down 17.59% year-on-year [4] - The company's total installed capacity reached 4.1056 million kilowatts by the end of 2024, with hydropower accounting for 3.2335 million kilowatts and photovoltaic power accounting for 872,100 kilowatts [5] - The average on-grid electricity price for hydropower in 2024 was 0.3052 yuan per kilowatt-hour, a decline of 3.6% year-on-year [5] - The company plans to distribute a cash dividend of 0.06 yuan per share for 2024, maintaining a stable dividend level [6] - The company is actively planning for green electricity trading in 2025, with expected related transactions amounting to 50 million yuan [6] Financial Summary - The company's revenue for 2024 is projected at 1.933 billion yuan, with a growth rate of -2.9% [9] - The net profit for 2024 is expected to be 218 million yuan, with a growth rate of -17.6% [9] - Earnings per share (EPS) for 2024 is estimated at 0.51 yuan [9] - The price-to-earnings (P/E) ratio for 2024 is projected at 30.2 [9] - The company anticipates net profits of 405 million yuan, 423 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.2, 15.6, and 14.8 [7]

Financial Performance - The company expects a net profit attributable to shareholders of 49.72 million to 53.77 million yuan, representing a growth of 330% to 365% compared to the same period last year, where the profit was 11.56 million yuan[3]. - The net profit after deducting non-recurring gains and losses is projected to be 48.64 million to 52.60 million yuan, also reflecting a growth of 330% to 365% year-on-year[3]. - Basic earnings per share are expected to be between 0.1163 yuan and 0.1258 yuan, compared to 0.0270 yuan per share in the previous year[3]. Electricity Generation - The electricity generation for Q1 2025 is reported at 1,463.32 million kWh, a 59.40% increase from 918.04 million kWh in the same period last year[5]. - The company experienced a 62.70% increase in water inflow compared to the same period last year, contributing to higher electricity generation and revenue[5]. - The electricity generation from various power stations includes: 47.03 million kWh from Guangzhao Hydropower Station and 39.87 million kWh from Dongqing Hydropower Station[5][6]. Earnings Forecast - The company has not yet audited the earnings forecast with an accounting firm[4]. - The earnings forecast is based on preliminary calculations by the company's finance department, with final figures to be confirmed in the Q1 2025 report[7]. - The earnings forecast period is from January 1, 2025, to March 31, 2025[3]. Investment Advisory - Investors are advised to be cautious regarding investment risks as the financial data is subject to change[7].

Core Viewpoint - Q1 2025 net profit attributable to shareholders is expected to be between 49.72 million and 53.77 million yuan, representing a growth of 330%-365% compared to the same period last year [1] Financial Performance - The net profit after deducting non-recurring gains and losses is projected to be between 48.64 million and 52.60 million yuan, also reflecting a growth of 330%-365% year-on-year [1] - Basic earnings per share are expected to be between 0.1163 yuan and 0.1258 yuan, compared to 0.027 yuan in the same period last year [1] Operational Metrics - The company's electricity generation for Q1 2025 is forecasted to be 1.463 billion kilowatt-hours, an increase of 59.40% from 918 million kilowatt-hours in the same period last year [1]

贵 州 黔 源电 力 股份 有 限 公司 内部控制审 计 报告 天职业字[2025]11944 号 目 录 内部控制审计报告 1 内部控制审计报告 天职业字[2025]11944 号 贵州黔源电力股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了贵州 黔源电力股份有限公司（以下简称"黔源电力"）2024 年 12 月 31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的 规定，建立健全和有效实施内部控制，并评价其有效性是黔源电力董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，黔源电力于 ...

贵 州 黔 源电 力 股份 有 限 公 司 控 股 股 东及 其 他关 联 方 资金 占 用 情 况的 专 项说 明 天职业字[2025]10389-1 号 目 录 控股股东及其他关联方资金占用情况的专项说明 1 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 2 控股股东及其他关联方资金占用情况的专项说明 天职业字[2025]10389-1 号 贵州黔源电力股份有限公司董事会： 我们审计了贵州黔源电力股份有限公司（以下简称"黔源电力"）财务报表，包括2024年12月31日 的资产负债表和合并资产负债表、2024年度的利润表和合并利润表、现金流量表和合并现金流量表、所 有者权益变动表和合并所有者权益变动表以及财务报表附注，并于2025年4月15日签署了无保留意见的 审计报告。 根据中国证监会、公安部、国资委、中国银保监会《上市公司监管指引第8号——上市公司资金往 来、对外担保的监管要求》（中国证券监督管理委员会公告[2022]26号）和证券交易所相关文件要求， 黔源电力编制了后附的2024年度非经营性资金占用及其他关联资金往来情况汇总表（以下简称"汇总 表"）。 编制和对外披露汇总表，并确保其真实 ...

贵 州 黔 源电 力 股份 有 限 公 司 审计报告 天职业字[2025]10389 号 目 录 审计报告 1 2024 年度财务报表 5 2024 年度财务报表附注 17 1 审计报告 天职业字[2025]10389 号 贵州黔源电力股份有限公司全体股东： 一、审计意见 我们审计了贵州黔源电力股份有限公司（以下简称"黔源电力"）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司所有者权益变动表，以及财务报表附注。 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 黔源电力 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于黔源电力，并履行了职业道德方面的其他责任。我们相信，我们获 取的审计证据是充分、适当的，为发表审计意 ...