经第十届董事会第二十五次会议审议，董事会同意聘任戴建炜先生为公司总 经理，任期自本议案获得公司董事会审议通过之日起至第十届董事会届满之日止。 戴建炜先生简历详见附件。 特此公告。 证券代码：002039 证券简称：黔源电力 公告编号：2025-034 贵州黔源电力股份有限公司 关于聘任总经理的公告 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。 贵州黔源电力股份有限公司（以下简称公司）于 2025 年 7 月 18 日召开第十 届董事会第二十五次会议，审议通过《关于聘任总经理的议案》，现将具体情况 公告如下。 戴建炜先生，1973 年出生，工学学士，历任贵州电力调度通信局调度员， 贵州电力调度通信局方式科专职工程师，贵州乌江水电开发有限责任公司安全生 产处专工，贵州乌江水电开发有限责任公司水电站远程集控中心专工，贵州乌江 水电开发有限责任公司水电站远程集控中心主任工程师、副主任、主任，乌江渡 发电厂厂长、党委委员，乌江渡发电厂党委书记、执行董事，贵州黔源电力股份 有限公司党委委员、副总经理，中国华电集团有限公司生产技术部副主任，现任 贵州黔源电力股份有限公司总 ...

证券代码：002039 证券简称：黔源电力 公告编号：2025-033 贵州黔源电力股份有限公司 第十届董事会第二十五次会议决议公告 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。 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）第十届董事会第二十五次会议 于 2025 年 7 月 18 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 7 月 9 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、苏春辉女士、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议案： 特此公告。 贵州黔源电力股份有限公司董事会 2025 年 7 月 19 日 董事会同意聘任戴建炜先生为公司总经理，任期自本议案获得公司董事会审 议通过之日起 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The major shareholder's increase in holdings demonstrates confidence and reaffirms the company's cash flow value [5] - The company has a significant cash flow potential, with an average annual distributable cash flow of 750 million RMB over the past five years, suggesting a reasonable market value exceeding 10 billion RMB under a 7% discount rate [7] - The company's short-term performance is influenced by rainfall, but the overall value remains stable due to consistent cash flow and debt repayment [7] Financial Summary - The company's market capitalization is approximately 7,037.61 million RMB [3] - The company's total assets are projected to be 15,563 million RMB in 2024, decreasing to 14,705 million RMB by 2027 [8] - The projected revenue for 2025 is 2,423 million RMB, with a year-on-year growth rate of 25.34% [6] - The projected net profit attributable to shareholders for 2025 is 413 million RMB, with a significant year-on-year growth rate of 89.41% [6] - The earnings per share (EPS) for 2025 is estimated at 0.97 RMB, with a price-to-earnings (P/E) ratio of 17.03 [6][8]

Group 1 - Chinese assets are experiencing a resurgence, with NIO and Li Auto rising nearly 7% as foreign investment increases in A-shares [2] - The Invesco Global Sovereign Asset Management Research indicates a noticeable recovery in interest from international investment institutions towards the Chinese market, managing approximately $27 trillion in assets [2] - Several foreign institutions express optimism about Chinese assets due to the stable economic performance, policy benefits, and improved corporate earnings outlook [2] Group 2 - The U.S. House of Representatives has advanced cryptocurrency legislation, supported by President Trump, which has led to significant stock price increases for companies in the crypto sector [3] - Blue Ocean Interactive surged over 45% after announcing the establishment of LK Crypto, focusing on mainstream crypto asset management and RWA [3] - Hong Kong is actively developing stablecoin products, creating a dual regulatory framework that connects the U.S. dollar stablecoin with the mainland [3] Group 3 - The Hong Kong IPO market is witnessing a surge, with a significant increase in financing amounts, reflecting global capital's confidence in China's industrial upgrade and consumption potential [7] - On July 9, the Hong Kong Stock Exchange saw five companies queueing for listing in a single day, raising over 10 billion HKD [7] Group 4 - The domestic consumption and investment policies are being emphasized by the Chinese government to strengthen the domestic circulation [5][6] - Analysts highlight the urgency and necessity of promoting consumption as a core strategy for economic growth [6] Group 5 - The A-share market has seen an increase in financing balance for eight consecutive days, totaling an increase of 44.038 billion CNY, indicating positive market sentiment [10] - Analysts suggest that the current macro environment and market risk appetite signal potential for further market growth [10] Group 6 - The number of private equity MOM products registered this year has reached a new high, with 43 products registered by July 15, surpassing the total for the past nine years [14] - This trend indicates a strong interest in the MOM fund model, which allows for diversified asset management [14] Group 7 - The beverage brand Wahaha is facing a decline in sales following a family dispute involving its chairman, which has raised concerns among distributors [16] - The internal family conflict could potentially disrupt the competitive landscape of the Chinese beverage industry [16] Group 8 - The domestic electric vehicle market is seeing significant growth, with L2-level assisted driving penetration exceeding 50% [18] - The heavy truck sales in the first half of the year have increased by approximately 7%, with new energy heavy trucks being a major highlight [18] Group 9 - The stock market is experiencing fluctuations, with the Shanghai Composite Index slightly declining by 0.03% to 3503.78 points [19] - The Hong Kong market is also showing mixed performance, with the Hang Seng Index and the Hang Seng Tech Index experiencing slight declines and gains, respectively [19] Group 10 - The U.S. stock market has seen gains driven by positive economic data and corporate earnings reports, with the S&P 500 rising by 0.45% [20] - Approximately 88% of S&P 500 companies that have reported earnings exceeded analyst expectations, boosting investor confidence [20] Group 11 - Several foreign investment banks have expressed positive views on the Chinese market, with Citigroup raising its ratings for Chinese and Korean markets to "overweight" [21] - Citigroup projects the Hang Seng Index to reach 25,000 points by the end of the year and the CSI 300 Index to reach 4,200 points [21] Group 12 - The stock market's investment logic is shifting towards cash flow analysis in a low-interest-rate environment, with a focus on high-dividend and strong cash flow companies [22] - Analysts are optimistic about sectors such as automotive, electronics, and traditional high-growth areas like AI and pharmaceuticals [22]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including changes in control, asset sales, investments, and performance forecasts, which may present investment opportunities and risks for investors. Group 1: Control Changes and Major Transactions - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to two trading days [3] - Tiger Medical is selling 95.09% of its stake in Lixin Pharmaceutical for approximately $34.11 million [4] - ST Lifan announced that its operational situation has not changed significantly despite a stock price fluctuation of 42.54% over two trading days [9] Group 2: Investments and Acquisitions - Sdic plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity [5] - Dongfang Yuhong's subsidiary intends to acquire 100% of Chile's Construmart for about $123 million [6] - Huaitian Thermal Power has been recommended as the owner of a 700,000 kW wind power project, aligning with its investment strategy [7] Group 3: Performance Announcements - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, a year-on-year increase of 16.67% [14] - Tuojing Technology expects a net profit increase of 101% to 108% in Q2 2025, driven by new product breakthroughs [15] - Weicheng Bio anticipates a net profit of 30.06 million yuan for the first half of 2025, reversing a loss from the previous year [17] Group 4: Contracts and Strategic Partnerships - State Grid Information won contracts totaling 966 million yuan from the State Grid Corporation [21] - Beizhi Technology signed a contract worth 164 million yuan with a major client [22] - Mould Technology received a project letter of intent for exterior parts with an expected total sales of 2.044 billion yuan [23] Group 5: Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24% [25] - Yutai Micro's shareholder intends to reduce holdings by up to 3% due to personal funding needs [26] - Alter's controlling shareholder plans to reduce holdings by up to 3% [27]

Corporate Announcements - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to 2 trading days [3] - Tiger Med is selling 95.09% of its stake in Lixin Pharmaceutical to Charoen Pokphand Group for approximately $34.11 million [4] - Stik's wholly-owned subsidiary plans to invest about 509 million yuan in expanding high-end functional film production [5] - Oriental Yuhong's wholly-owned subsidiaries intend to acquire 100% of Chile's Construmart for approximately $123 million, which operates around 31 building material supermarkets [6] Performance Reports - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, a year-on-year increase of 16.67% [8] - Tuojing Technology expects a net profit increase of 101% to 108% for Q2 2025, with revenue projected between 1.21 billion to 1.26 billion yuan [9] - Microchip Biotech anticipates a net profit of 30.06 million yuan for H1 2025, reversing a loss from the previous year, driven by increased sales of specific products [10] - Zhongwei Company expects a net profit increase of 31.61% to 41.28% for H1 2025, with revenue around 4.961 billion yuan [12] - Qianyuan Power reported a net profit of 12.7 million yuan for H1 2025, a decrease of 4.54% year-on-year [13] - Xiamen Tungsten's net profit for H1 2025 was 972 million yuan, down 4.41% year-on-year, attributed to the absence of significant investment gains from the previous year [14] Major Contracts - State Grid Information Technology announced winning contracts totaling 966 million yuan from the State Grid Corporation for equipment procurement [16] - Beizhi Technology signed a contract worth 164 million yuan with Jushi Group for equipment procurement [17] - Mould Technology received a project letter for exterior parts from a luxury car client, with expected total sales of 2.044 billion yuan over five years [18] Shareholder Actions - Huasheng Lithium Battery's shareholder plans to reduce holdings by up to 2.24% of the company's total shares [20] - Hongta Securities intends to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 12.76 yuan per share [22]

一、2025 年半年度主要财务数据和指标 证券代码：002039 证券简称：黔源电力 公告编号：2025-032 贵州黔源电力股份有限公司 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：本公告所载 2025 年半年度的财务数据仅为初步核算数据，未经 会计师事务所审计，与半年度报告中披露的最终数据可能存在差异，请投资者注 意投资风险。 本次业绩快报是公司财务部门初步核算的结果，未经会计师事务所审计，与 半年度报告中披露的最终数据可能存在差异，具体财务数据将在 2025 年半年度 报告中详细披露。敬请广大投资者谨慎决策，注意投资风险。 | 单位：元 | | --- | 四、备查文件 | | | | 增减变动幅度 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | | | | | （％） | | 营业总收入 | 883,288,624.53 | 872,548,026.36 | 1.23 | | 营业利润 | 277,758,541.16 | 262,117,511.67 | 5.97 | | 利润总额 ...

[Key Financial Data and Indicators](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) Total operating revenue saw a slight increase, while net profit attributable to shareholders decreased by 4.54%, alongside stable total assets and growth in owners' equity Key Financial Data and Indicators for H1 2025 (Unit: RMB) | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 883,288,624.53 | 872,548,026.36 | 1.23 | | **Operating Profit** | 277,758,541.16 | 262,117,511.67 | 5.97 | | **Total Profit** | 278,152,721.63 | 258,625,689.18 | 7.55 | | **Net Profit Attributable to Shareholders of the Listed Company** | 127,158,591.31 | 133,213,125.43 | -4.54 | | **Basic Earnings Per Share (RMB)** | 0.2974 | 0.3116 | -4.56 | | **Item** | **Current Period End** | **Prior Period End** | **Change (%)** | | **Total Assets** | 15,534,712,638.64 | 15,563,450,198.12 | -0.18 | | **Owners' Equity Attributable to Shareholders of the Listed Company** | 4,019,056,589.08 | 3,910,082,422.29 | 2.79 | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Despite a 23% decrease in water inflow, total power generation slightly increased by 1.55% due to higher initial energy storage, driving revenue and total profit growth, though net profit attributable to shareholders declined by 4.54% due to parent company performance - Despite a **23.00% decrease** in water inflow compared to the prior year, total power generation slightly increased by **1.55%** to **3.201 billion kWh** due to higher initial energy storage, supporting revenue growth[6](index=6&type=chunk) - The **4.54% decrease** in net profit attributable to shareholders was primarily due to a decline in the parent company's net profit, outweighing the profit growth from subsidiary Guizhou Beipanjiang Power Co., Ltd[6](index=6&type=chunk) H1 2025 Power Generation Details by Power Station | Power Station Name | Type | Power Generation (10,000 kWh) | | :--- | :--- | :--- | | Dongqing Hydropower Station | Hydropower | 97,528.99 | | Guangzhao Hydropower Station | Hydropower | 78,699.10 | | Mamaya Hydropower Station | Hydropower | 48,356.37 | | Yinzidu Hydropower Station | Hydropower | 21,045.94 | | Shannipo Hydropower Station | Hydropower | 21,118.50 | | Puding Hydropower Station | Hydropower | 9,321.54 | | Yutang Hydropower Station | Hydropower | 8,529.28 | | Qingxi Hydropower Station | Hydropower | 2,146.46 | | Niudu Hydropower Station | Hydropower | 1,448.01 | | Mamaya Photovoltaic Power Station | Photovoltaic | 10,715.88 | | Guangzhao Photovoltaic Power Station | Photovoltaic | 10,491.78 | | Zhenning Bacao Phase I Photovoltaic Power Station | Photovoltaic | 5,509.00 | | Dongqing Photovoltaic Power Station | Photovoltaic | 5,179.30 | [Other Information](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E) The financial data disclosed in this announcement are preliminary and unaudited, with final figures subject to the company's half-yearly report, cautioning investors about investment risks - The financial data in this performance express report are preliminary results from the company's finance department, unaudited by an accounting firm, and may differ from the final half-yearly report[8](index=8&type=chunk) [Documents for Reference](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) Documents for reference include comparative balance sheets and income statements signed and sealed by the company's senior management - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[9](index=9&type=chunk)

Group 1 - The core point of the article is that Qianyuan Power (002039) reported its performance for the first half of 2025, showing a total operating revenue of 883 million yuan, which represents a year-on-year increase of 1.23% [1] - The net profit for the same period was 127 million yuan, reflecting a year-on-year decrease of 4.54% [1] - The primary reason for the decline in net profit is attributed to the decrease in the parent company's net profit compared to the same period last year, while its subsidiary, Guizhou Beipanjiang Power Co., Ltd., experienced an increase in net profit [1]

Suspension - Sinochem International plans to issue shares to acquire 100% equity of Nantong Xingchen, resulting in stock suspension [1] - Zhongsheng High-Tech is planning a change in company control, leading to stock suspension [2] Private Placement - Yuanwanggu plans to raise no more than 300 million yuan through private placement for the construction of RFID electronic tag production line, Xi'an Innovation Industrial Center, RFID electronic tag chip process upgrade, and to supplement working capital [3] Share Buyback and Increase - Ciwen Media has repurchased 31,700 shares of the company for the first time [4] - Qianyuan Power's controlling shareholder has increased its stake by 0.85% [5] External Investment and Daily Operations - Yanshan Technology's wholly-owned subsidiary Hainan Ruihong is jointly investing in Jiaxing Lanjing with Guoce Investment and others, with the fund directed towards Bytedance Ltd [6] - Bafang Co. plans to cancel 50,000 shares [7] - Bertley intends to invest 198 million yuan in a partnership enterprise, primarily for investing in high-growth unlisted companies in the humanoid robot sector [7] Performance Changes - Juxin Technology expects a net profit of 91 million yuan for the first half of the year, a year-on-year increase of 122.28%, driven by AI technology and increased market demand [8] - Jinli Permanent Magnet anticipates a net profit of 230 million to 265 million yuan, a year-on-year growth of 151% to 180%, focusing on electric vehicles and collaborating with international tech companies [8] - Tianyu Co. expects a net profit of 121 million to 171 million yuan, a year-on-year increase of 144.29% to 238.25%, through optimized product structure and cost control [8] - Guangku Technology forecasts a net profit of 48.56 million to 54.63 million yuan, a year-on-year growth of 60% to 80%, due to technological innovation and new product launches [8] - Sitwei anticipates a net profit of 360 million to 420 million yuan, a year-on-year increase of 140% to 180%, with deepened cooperation in the smartphone sector [8] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03%, with expanded overseas business and increased production capacity [8] - China Galaxy anticipates a net profit of 6.362 billion to 6.801 billion yuan for the first half of the year, a year-on-year increase of 45% to 55%, with growth in investment trading and wealth management [9] - Haineng Industrial expects a net profit of 64 million to 74 million yuan, a year-on-year increase of 92% to 122%, driven by recovering demand in the consumer electronics market [9] - Zhongji Xuchuang forecasts a net profit of 3.6 billion to 4.4 billion yuan, a year-on-year increase of 52.64% to 86.57%, due to strong capital expenditure and sales growth in high-end optical modules [9]