Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's short-term performance is under pressure due to reduced water inflow, but the major shareholder's increase in holdings reflects confidence in the company's future [5][7] - The company reported a revenue of 883 million yuan in the first half of 2025, a year-on-year increase of 1.23%, while the net profit attributable to shareholders decreased by 4.54% [7] - The company has no approved projects under construction, and the water inflow in the first half of 2025 was 23% lower than the same period last year [7] Financial Performance Summary - Revenue forecast for 2023 is 1,990 million yuan, with a year-on-year decrease of 23.83%, and is expected to grow to 2,379 million yuan by 2025, reflecting a growth rate of 23.10% [6][8] - The net profit attributable to shareholders is projected to be 265 million yuan in 2023, decreasing by 36.09%, and expected to rise to 401 million yuan by 2025, with a growth rate of 83.77% [6][8] - The earnings per share (EPS) is forecasted to be 0.62 yuan in 2023, increasing to 0.94 yuan by 2025 [6][8] Market and Operational Insights - The company operates under the Guizhou region's clean energy platform, with a total installed capacity of 4.14 million kilowatts, including 3.23 million kilowatts from hydropower [7] - The major shareholder, China Huadian, plans to increase its stake in the company, indicating strong support for its future development [7] - The company has a stable cash flow, with an average distributable cash flow of 750 million yuan over the past five years, suggesting potential for increased dividends [7]

Group 1 - The company, Guizhou Qianyuan Power Co., Ltd., will hold a 2025 semi-annual performance briefing on September 12, 2025, from 15:00 to 17:00 [1][3] - The performance briefing will be conducted online through the "Interactive Easy" platform provided by the Shenzhen Stock Exchange, allowing investors to participate remotely [1] - Key personnel attending the briefing include the Chairman, General Manager, Financial Officer, Board Secretary, and an Independent Director [1] Group 2 - The company is inviting investors to submit questions in advance for the semi-annual performance briefing, aiming to enhance communication and address investor concerns [2] - Investors can submit their questions by logging into the "Interactive Easy" platform and selecting the "Pre-collection of Questions" option [2]

（文章来源：证券日报） 证券日报网讯 9月3日晚间，黔源电力发布公告称，公司将于2025年9月12日（星期五）下午15：00- 17：00举行2025年半年度业绩说明会。 ...

Core Viewpoint - Guizhou Qianyuan Power Co., Ltd. will hold an online performance briefing for the first half of 2025, allowing investors to participate and ask questions in advance [1][2] Group 1: Company Announcement - The company has disclosed its 2025 half-year report on August 28, 2025, on the Giant Tide Information Network [1] - The online performance briefing will be conducted via the "Interactive Easy" platform provided by the Shenzhen Stock Exchange [1] - Key personnel attending the briefing include the Chairman, General Manager, Financial Officer, Board Secretary, and an Independent Director [1] Group 2: Investor Engagement - The company is actively soliciting questions from investors prior to the briefing to enhance communication and address investor concerns [1] - Investors can submit their questions through the "Interactive Easy" platform by entering the company's stock code or name [1]

证券代码：002039 证券简称：黔源电力 公告编号：2025-043 贵州黔源电力股份有限公司 关于举行 2025 年半年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 年半年度报告已于 2025 年 8 月 28 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露，公司将于 2025 年 9 月 12 日（星期五）下午 15:00-17:00 举行 2025 年半年度业绩说明会， 本次业绩说明会将采用网络远程的方式举行，公司将通过深圳证券交易所提供的 "互动易"平台举行，投资者可登录"互动易"网站（http://irm.cninfo.com.cn/）， 进入"云访谈"栏目参与本次半年度业绩说明会。 出席本次说明会的人员有：公司董事长杨焱先生，公司总经理戴建炜先生， 公司财务负责人金冬先生，公司董事会秘书王博先生，公司独立董事王冠先生。 为充分尊重投资者、提升交流的针对性，现就公司 2025 年半年度业绩说明 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 ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Core Insights - The company reported a revenue of 883 million yuan for the first half of 2025, representing a year-on-year growth of 1.23%, while the net profit attributable to shareholders decreased by 4.54% to 127 million yuan [1] - The company experienced a significant decline in revenue and net profit in the second quarter, with revenue dropping by 21.22% to 482 million yuan and net profit decreasing by 38.09% to 75 million yuan [1] Group 1: Hydropower Performance - The total installed capacity of the company reached 4,138.5 MW, with hydropower capacity accounting for 3,233.5 MW [2] - The company faced a 23% decrease in water inflow compared to the same period last year, leading to a 1.55% increase in electricity generation to 320,090.15 million kWh [2] - The average on-grid electricity price for hydropower was 0.2713 yuan/kWh, a slight decrease of 0.18% year-on-year [2] Group 2: Photovoltaic Performance - The installed capacity for photovoltaic projects was 905 MW, with an increase of 98.6 MW year-on-year [3] - Photovoltaic generation decreased by 14.25% to 319 million kWh, while the average on-grid electricity price increased by 1.88% to 0.3357 yuan/kWh [3] - The performance of individual photovoltaic plants varied, with some showing significant declines in generation [3] Group 3: Strategic Developments - The company is optimizing its hydropower asset layout in response to the State-owned Assets Supervision and Administration Commission's directive for central enterprises to enhance the quality of listed companies [4] - The company has a significant hydropower asset base, with a total installed capacity of 2,286.9 MW at the subsidiary, Wujiang Hydropower [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 405 million, 423 million, and 446 million yuan, respectively, with corresponding PE ratios of 16.9, 16.2, and 15.4 [4]

贵州黔源电力股份有限公司 2025 年半年度财务报告 贵州黔源电力股份有限公司 贵州黔源电力股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 2025 年半年度财务报告 2025 年 8 月 28 日 1 编制单位：贵州黔源电力股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 194,488,455.90 | 172,611,439.64 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 366,747,078.38 | 110,010,725.99 | | 应收款项融资 | | 104,470,000.00 | | 预付款项 | 3,882,819.42 | 1,626,112.23 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 ...

贵州黔源电力股份有限公司董事会 贵州黔源电力股份有限公司 关于公司电子邮箱变更的公告 | 联系方式 | 变更前 | 变更后 | | --- | --- | --- | | 电子邮箱 | qydl@gzqydl.cn | qydl@chd.com.cn | 除上述内容变更外，公司联系地址、电话等其他信息均保持不变。敬请广大 投资者注意。对此带来的不便，敬请谅解。 证券代码：002039 证券简称：黔源电力 公告编号：2025-042 特此公告。 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）根据实际工作需要，对公司电 子邮箱进行变更，为便于投资者与公司联系，现将公司电子邮箱变更情况公告如 下： 2025 年 8 月 28 日 ...

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 | ...