按照深交所《深圳证券交易所上市公司自律监管指引第 7号——交易与关联交易》的要求，贵州黔源电力股份有限 公司（以下简称公司）通过查验中国华电集团财务有限公司 （以下简称华电财务公司）的《金融许可证》《企业法人营 业执照》等证件资料，并审阅包括资产负债表、损益表、现 金流量表等在内的华电财务公司的2025年上半年财务报表 （未经审计），对华电财务公司的经营资质、业务和风险状 况进行了评估，具体情况报告如下： 一、华电财务公司基本情况 华电财务公司是经国家金融监督管理总局批准，由中国 华电集团有限公司控股，华电集团系统内 6 家企业共同出资 组 建 的 一 家 全 国 性 非 银 行 类 金 融 机 构 ， 注 册 资 本 金 5,541,117,395.08 元。法定代表人：李文峰。公司住所为北 京市西城区宣武门内大街 2 号楼西楼 10 层（邮编：100031）。 金融许可证机构编码：L0024H211000001。统一社会信用代 码：91110000117783037M。华电财务公司股东方构成见下 表。 单位：万元 | | | 贵州黔源电力股份有限公司 关于中国华电集团财务有限公司的 风险持续评估报告 | ...

贵州黔源电力股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：杨焱 主管会计工作的负责人：金冬 会计机构负责人：曹华 单位：万元 | 非经营性资金占用 | 资金占用方 | 占用方与上 市公司的关 | 上市公司核算 | 2025年期初 | 2025年半年 度占用累计 | 2025年半年度 | 2025年半年度 | 2025年半年度 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | | 的会计科目 | 占用资金余 | | 占用资金的利 | 偿还累计发生 | 期末占用资金 | 因 | 占用性质 | | | | 联关系 | | 额 | 发生金额（不 | 息（如有） | 金额 | 余额 | | | | | | | | | 含利息） | | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实 ...

贵州黔源电力股份有限公司 关于聘任总法律顾问的公告 证券代码：002039 证券简称：黔源电力 公告编号：2025-040 王博先生简历详见附件。 特此公告。 贵州黔源电力股份有限公司董事会 2025 年 8 月 28 日 附件 王博先生，1980 年出生，文学硕士，历任贵州乌江水电开发有限责任公司 （中国华电集团有限公司贵州分公司）资产管理部资本运营科科长；贵州乌江水 电开发有限责任公司（中国华电集团有限公司贵州分公司）财务资产部副主任； 贵州黔源电力股份有限公司证券管理部副主任；贵州黔源电力股份有限公司证券 法务部（董事会办公室）主任；现任贵州黔源电力股份有限公司董事会秘书、总 法律顾问、证券法务部（董事会办公室）主任。 截至本公告日，王博先生未持有公司股份，除上述任职之外，最近五年，未 在其他公司担任董事、监事、高级管理人员职务，与其他持有公司 5%以上股份 的股东、实际控制人、公司其他董事、监事、高级管理人员不存在关联关系，未 受过中国证监会及其他有关部门的处罚和证券交易所纪律处分，不存在因涉嫌犯 罪被司法机关立案侦查或者涉嫌违法违规被中国证监会立案稽查，尚未有明确结 论的情形，未曾被中国证监会在证券 ...

会议以记名投票方式审议并通过了以下报告和议案： （一）以 4 票同意、0 票反对、0 票弃权通过了《2025 年半年度报告及摘要》。 （请详见 2025 年 8 月 28 日刊登于巨潮资讯网上的《贵州黔源电力股份有限公司 2025 年半年度报告》及《贵州黔源电力股份有限公司 2025 年半年度报告摘要》。） 证券代码：002039 证券简称：黔源电力 公告编号：2025-037 贵州黔源电力股份有限公司 第十届监事会第十五次会议决议公告 本公司及监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。 一、监事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届监事会第十五次会议于 2025 年 8 月 27 日在公司 23 楼 1 号会议室以现场结合通讯（视频）的方式召开， 本次会议通知于 2025 年 8 月 14 日以书面形式送达各位监事，应出席监事 4 名， 实际出席监事 4 名。（其中监事余扬先生、黄光敏先生以通讯（视频）表决方式 进行了表决）。 本次会议由半数以上监事共同推举监事胡德江先生主持，会议召集、召开程 序符合《公司法》和《公司章程》的有关规定。 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-036 贵州黔源电力股份有限公司 第十届董事会第二十六次会议决议公告 一、董事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届董事会第二十六次会议 于 2025 年 8 月 27 日在公司 23 楼 1 号会议室以现场结合通讯（视频）的方式召 开，本次会议通知于 2025 年 8 月 14 日以书面形式送达各位董事，应出席董事 10 名，实际出席董事 10 名（其中董事赵刚先生、黄成节先生、祝韻女士、李晓 冬先生、王冠先生、程亭女士、汤世飞先生以通讯（视频）表决方式进行了表决）。 本公司监事及高管列席了本次会议。 本次会议由公司董事长杨焱先生主持。会议召集、召开程序符合《公司法》 和《公司章程》的有关规定。 二、董事会会议审议情况 会议以记名投票方式审议并通过了以下报告和议案： （一）以 10 票同意、0 票反对、0 票弃权通过了《2025 年半年度报告及摘 要》。（请详见 2025 年 8 月 28 日刊登于巨潮资讯网上的《贵州黔源电力股份有 限公司 2025 年半年度报告》及《贵州黔源电力股份有限公司 2025 年半年度报告 摘 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-041 贵州黔源电力股份有限公司 关于 2025 年半年度利润分配方案的公告 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。 一、审议程序 贵州黔源电力股份有限公司（以下简称公司）于 2025 年 8 月 27 日召开第十 届董事会第二十六次会议，以 10 票同意、0 票反对、0 票弃权审议通过了《关于 2025 年半年度利润分配方案的议案》；公司于 2025 年 8 月 27 日召开第十届监事 会第十五次会议，以 4 票同意、0 票反对、0 票弃权审议通过了《关于 2025 年半 年度利润分配方案的议案》。 公司于 2025 年 5 月 9 日召开 2024 年度股东大会，审议通过了《关于 2024 年度利润分配预案及 2025 年中期现金分红规划的议案》，授权董事会在公司满足 现金分红条件，且不影响公司正常经营和持续发展的情况下，结合未分配利润与 当期业绩等因素综合考虑，制定 2025 年具体的中期分红方案。本事项属于董事 会审批范围内，无需提交股东大会审议。 二、利润分配方案的基本情况 （一 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-041 贵州黔源电力股份有限公司 关于 2025 年半年度利润分配方案的公告 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。 一、审议程序 贵州黔源电力股份有限公司（以下简称公司）于 2025 年 8 月 27 日召开第十 届董事会第二十六次会议，以 10 票同意、0 票反对、0 票弃权审议通过了《关于 会第十五次会议，以 4 票同意、0 票反对、0 票弃权审议通过了《关于 2025 年半 年度利润分配方案的议案》。 公司于 2025 年 5 月 9 日召开 2024 年度股东大会，审议通过了《关于 2024 年度利润分配预案及 2025 年中期现金分红规划的议案》，授权董事会在公司满足 现金分红条件，且不影响公司正常经营和持续发展的情况下，结合未分配利润与 当期业绩等因素综合考虑，制定 2025 年具体的中期分红方案。本事项属于董事 会审批范围内，无需提交股东大会审议。 二、利润分配方案的基本情况 （一）利润分配方案的具体内容 根据公司2025年半年度财务报告（未经审计），2025年上半年，公司 ...

Core Insights - The company reported a revenue of 883 million yuan for the first half of 2025, representing a year-on-year increase of 1.23% [1] - Net profit for the same period was 127 million yuan, showing a decline of 4.54% compared to the previous year [1] Revenue and Profit Analysis - The decrease in net profit is attributed to lower water inflow, which was 23% less than the same period last year and 27.7% below the multi-year average [1] - Despite the reduced water inflow, the company's electricity generation increased to 3.201 billion kilowatt-hours, up from 3.152 billion kilowatt-hours in the previous year, marking a rise of 1.55% [1] Generation and Revenue Impact - The increase in electricity generation contributed to higher revenue and profit from power generation [1]

Capacity and Generation - The total installed capacity of the company reached 4.1385 million kilowatts, with hydropower capacity at 3.2335 million kilowatts and photovoltaic capacity at 0.9050 million kilowatts[25]. - The company's electricity generation in the first half of 2025 was 32,009,015,000 kWh, an increase of 1.55% compared to 31,520,452,000 kWh in the same period last year[25]. - Total installed capacity increased to 413.85 million kW, up from 403.99 million kW year-on-year, representing a growth of 2.14%[27]. - Power generation reached 32.01 billion kWh, a slight increase of 1.56% compared to 31.52 billion kWh in the same period last year[27]. - The company experienced a 23.00% decrease in water inflow compared to the same period last year, and a 27.70% decrease compared to the multi-year average[25]. Financial Performance - The operating revenue for the first half of 2025 was 883,288,624.53 yuan, representing a year-on-year increase of 1.23%[18]. - The net profit attributable to shareholders of the listed company was 127,158,591.31 yuan, a decrease of 4.54% compared to the previous year[18]. - The basic earnings per share for the first half of 2025 was 0.2974 yuan, down 4.56% from 0.3116 yuan in the same period last year[18]. - The company achieved a net increase in cash and cash equivalents of 21.88 million yuan, a significant turnaround from a decrease of 23.91 million yuan in the previous year[32]. - The company reported a significant increase in cash and cash equivalents, totaling 1.2 billion yuan, up 9.4% from the last reporting period[134]. Assets and Liabilities - The total assets at the end of the reporting period were 15,534,712,638.64 yuan, a slight decrease of 0.18% from 15,563,450,198.12 yuan at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company increased by 2.79% to 4,019,056,589.08 yuan from 3,910,082,422.29 yuan at the end of the previous year[18]. - Total current assets increased to ¥588,070,535.95 from ¥403,245,942.40, representing a growth of approximately 45.8%[106]. - Total liabilities decreased to ¥8,599,368,429.48 from ¥8,737,847,981.83, a reduction of about 1.6%[108]. - The total liabilities at the end of the reporting period were CNY 44.93 billion, representing a liability-to-equity ratio of approximately 3.42[135]. Cash Flow - The net cash flow from operating activities was 494,766,139.26 yuan, an increase of 18.89% compared to 416,144,047.75 yuan in the same period last year[18]. - Cash inflow from financing activities was ¥3,314,207,600.00, a substantial increase from ¥710,000,000.00 in the first half of 2024[121]. - The ending cash and cash equivalents balance for the first half of 2025 was ¥194,488,455.90, compared to ¥229,417,901.84 at the end of the first half of 2024[121]. - The company reported a net cash inflow of ¥35,085,669.94 from operating activities for the parent company, compared to a net outflow of ¥3,702,388.63 in the previous year[124]. - Cash outflow from investing activities totaled ¥94,007,407.59, significantly higher than ¥36,461,215.17 in the previous year, resulting in a net cash outflow of ¥91,195,090.49[121]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, based on a total of 427,558,126 shares[4]. - The total number of common shareholders at the end of the reporting period is 19,585[96]. - The largest shareholder, China Huadian Group, holds 15.89% of shares, totaling 67,952,510 shares[97]. - The total number of shares before the recent change was 427,558,126, with a decrease of 1,200 shares due to the resignation of a director[93]. - The total number of restricted shares at the end of the period was 1,200, attributed to executive lock-up shares[94]. Strategic Initiatives and Future Outlook - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[127]. - The company is focusing on research and development of new energy solutions to align with market trends[127]. - Future guidance indicates an expected revenue growth of 10% for the next half of the year, driven by increased demand and operational efficiencies[134]. - The company has initiated a new capital reserve plan, aiming to strengthen its financial position and support future growth initiatives[138]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[132]. Risk Management - The company faces risks related to water flow fluctuations, environmental regulations, electricity price declines, and policy uncertainties, with measures in place to mitigate these risks[50][51]. - The company has implemented a strategy to optimize the operation of cascade power stations to improve electricity generation efficiency[50]. Corporate Governance and Compliance - There were significant changes in management personnel, including the appointment of a new chairman and general manager in mid-2025[55]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[57]. - The semi-annual financial report was not audited[65]. - There were no significant litigation or arbitration matters during the reporting period, with only three minor legal disputes totaling 618,000 yuan[67]. - The company reported no violations regarding external guarantees during the reporting period[64]. Accounting and Financial Reporting - The financial report was approved by the board of directors on August 27, 2025[144]. - The company follows the latest accounting standards issued by the Ministry of Finance, ensuring accurate reflection of financial status and operating results[148]. - The company’s accounting period runs from January 1 to December 31 each year[149]. - The company’s significant accounting policies include a materiality threshold for important construction projects set at RMB 50 million[152].

Group 1 - The core viewpoint of the article highlights the decline in China's hydropower generation, with a reported production of 139.1 billion kilowatt-hours in June 2025, representing a year-on-year decrease of 4% [1] - In the first half of 2025, China's cumulative hydropower generation reached 539.79 billion kilowatt-hours, showing a cumulative decline of 2.9% [1] - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the hydropower industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the hydropower sector include Changjiang Electric Power, Huaneng Hydropower, Guotou Power, Chuan Investment Energy, Gui Guan Electric Power, Qian Yuan Electric Power, Hubei Energy, Mindong Electric Power, Leshan Electric Power, and Hunan International Power [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]