Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [1][7] Core Insights - The company achieved a record high revenue of 3,453 million yuan in 2024, representing an 18.90% year-on-year growth, with a net profit of 675 million yuan, up 39.97% year-on-year [4][5] - The main contributions to the company's performance in 2024 came from the new energy and salt sectors, with new energy generation capacity reaching 1,946,400 kW and a generation volume of 3,814 million kWh, an increase of 81% year-on-year [5] - The company is focusing on optimizing its core business and resource allocation, planning to divest its natural gas business to enhance its core competitiveness in the new energy sector [6][7] Financial Performance - In Q1 2025, the company reported a revenue of 954 million yuan, a decrease of 2.12% year-on-year, and a net profit of 221 million yuan, down 38.03% year-on-year [4] - The projected net profits for 2025, 2026, and 2027 are 865 million yuan, 940 million yuan, and 1,045 million yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8] - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares, accounting for 45.01% of the 2024 net profit [4] Business Segments - The company operates in three main sectors: new energy, salt, and natural gas, with significant achievements in the new energy and salt sectors in 2024 [5] - The salt segment achieved a record production and sales volume of 1,780,000 tons in 2024, while the natural gas segment saw a 52% increase in sales volume to 386 million cubic meters [6]

Group 1 - The company has successfully connected the Qijiang City Malong District Zhuyuan Photovoltaic Project to the grid, achieving full capacity by April 30, 2025 [1] - The total installed capacity of the company's operational photovoltaic power stations has increased to 176,000 kilowatts, while the total installed capacity of all renewable energy sources, including wind and solar, has reached 1,996,400 kilowatts [1] - The project has an annual average power generation of 75.4521 million kilowatt-hours and an average full-load utilization hours of 1,283.3 hours [1] Group 2 - The completion of the project is expected to enhance the company's renewable energy capacity, strengthen its core competitiveness, and support the achievement of its "14th Five-Year" strategic development goals [2] - The project will also help alleviate regional power supply and demand gaps, promote local economic development, and contribute positively to Yunnan Province's dual carbon goals [2]

Group 1 - Yunnan Energy Investment Co., Ltd. announced that its wholly-owned subsidiaries obtained 4 utility model patents and 2 design patents from the National Intellectual Property Administration [1] - The acquisition of these patents is not expected to have a significant impact on the company's financial status or operating results for the current year, but it will enhance the company's intellectual property protection system and promote technological innovation [1] - The company emphasizes the importance of cautious decision-making for investors [1] Group 2 - The company provided a entrusted loan of RMB 1.47 million to its associate company, Tianmeng Company, which has now overdue [4] - The overdue loan amount is relatively small compared to the company's net assets and net profit, and the company has fully provisioned for bad debts, indicating minimal impact on current or future profits [4][7] - The company is taking measures to protect its legal rights, including the possibility of applying for bankruptcy liquidation of Tianmeng Company [4][8] Group 3 - The entrusted loan was initially provided to alleviate Tianmeng Company's financial pressure and support its business expansion, with a loan term from November 26, 2013, to November 24, 2015 [5][6] - Tianmeng Company has been facing severe financial difficulties due to market competition, leading to the suspension of its salt production facility in Laos [6][7] - The company has been actively pursuing debt recovery and exploring options such as debt-to-equity swaps, asset restructuring, and liquidation, but has not reached an agreement with other stakeholders [6][7]

证券代码：002053 证券简称：云南能投 公告编号：2025-067 云南能源投资股份有限公司 关于曲靖市马龙区竹园光伏项目全容量并网发电的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025年5月6日 2023年9月27日，公司董事会2023年第九次临时会议审议通过了《关于全资子公司马 龙云能投新能源开发有限公司投资建设曲靖市马龙区竹园光伏项目的议案》，同意全资子 公司马龙云能投新能源开发有限公司投资建设曲靖市马龙区竹园光伏项目。该项目场址位 于马龙区旧县街道旧县社区大山村、月望乡下营村委会积粮冲村附近的山坡地带，项目建 设规模为5万千瓦，年平均发电量为7,545.21万千瓦时，年平均满负荷利用小时数为1,283.3 小时。《关于全资子公司马龙云能投新能源开发有限公司投资建设曲靖市马龙区竹园光伏 项目的公告》（公告编号：2023-130）详见2023年9月28日的《证券时报》《中国证券报》 和巨潮资讯网（http://www.cninfo.com.cn）。 二、对公司的影响 本次曲靖市马龙区竹园光伏项目全容量并网发电，有利于进一步提升公司新能源装 ...

Core Viewpoint - Yunnan Energy Investment (002053) announced that its wholly-owned subsidiary, Malong Yun Energy Investment New Energy Development Co., Ltd., has completed the construction of the Zhu Yuan photovoltaic project in Qijiang City, Malong District, which will achieve full-capacity grid-connected power generation by April 30, 2025 [1] Group 1 - The total installed capacity of the company's operational photovoltaic power station projects will increase to 176,000 kilowatts [1] - The total installed capacity of the company's operational new energy projects, including wind and photovoltaic, will reach 1,996,400 kilowatts [1]

上述专利的获得不会对公司本年度财务状况、经营成果等产生重大影响，但有利于公司 进一步完善知识产权保护体系，发挥自主知识产权优势，促进技术创新，增强公司综合竞争 力。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 云南能源投资股份有限公司董事会 2025 年 4 月 30 日 云南能源投资股份有限公司 关于全资子公司取得专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 云南能源投资股份有限公司（以下简称"公司"）全资子公司会泽云能投新能源开发有 限公司、红河云能投新能源开发有限公司及云南省盐业有限公司近日取得国家知识产权局颁 发的 4 项《实用新型专利证书》和 2 项《外观设计专利证书》，具体情况如下： | 序号 | 专 利 号 | | 专利名称 | 专利类型 | | 专利申请日 | | 证 | 书 号 | 专 利 权 人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ZL 2024 2 | | 一种风电场的雷 | | 2024 | 年 01 ...

证券代码：002053 证券简称：云南能投 公告编号：2025-066 云南能源投资股份有限公司 关于向参股公司所提供的委托贷款逾期的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要提示： 云南能源投资股份有限公司（以下简称"公司"）按持股比例以同等条件向参股公司勐腊 天勐对外经济贸易有限责任公司（以下简称"天勐公司"）所提供的委托贷款人民币147万元 已逾期，公司按深交所相关规定每月公告一次进展情况。 上述委托贷款金额占公司净资产及净利润的比例均较小且已全部计提了坏账准备，不会 对公司本期利润或期后利润产生较大影响。 为维护公司的合法权益，公司将继续采取包括但不限于向法院申请天勐公司破产清算等 各种措施妥善解决该事项，敬请广大投资者注意投资风险。 二、采取的主要措施 一、委托贷款逾期情况 1 经2013年11月19日召开的公司董事会2013年第七次临时会议审议通过，2013年11月26 日，公司与天勐公司及交通银行股份有限公司云南省分行签署了《委托贷款合同》，为缓解 天勐公司的资金压力，支持其经营业务的拓展，促进其更好发展，在天勐公司按期归还公 ...

Core Viewpoint - The power industry in China is facing challenges in high-quality development amid evolving energy supply and demand dynamics, with Yunnan province playing a crucial role in energy supply for southern regions like Guangdong and Guangxi [2] Group 1: Energy Supply Challenges - Yunnan province is experiencing a "three shortages" dilemma: lack of electricity, wasted electricity, and insufficient adjustment capacity, leading to structural contradictions in power supply [3] - By the end of 2024, Yunnan's installed capacity of renewable energy has surpassed 54 million kilowatts, but the lack of peak regulation capacity results in both annual power shortages and difficulties in timely consumption [3] Group 2: Solutions and Innovations - Yunnan Energy Investment Group is constructing two shared energy storage power stations with a total capacity of 400 megawatts, expected to reduce wasted wind and solar energy by over 500 million kilowatt-hours annually [3] - The company is also implementing an intelligent scheduling system that utilizes AI algorithms to predict weather changes and optimize power generation plans, achieving a prediction accuracy of 92% [3] Group 3: Integrated Energy Development - Yunnan Energy Investment Group aims to create an integrated base for wind, solar, and hydropower, with a total controlled power generation capacity of 7.9 million kilowatts, of which wind and solar account for 46% [4] Group 4: Green Transformation of Coal Power - Coal power still accounts for nearly 60% of total power generation in China, playing a significant role in energy security and flexibility [5] - The introduction of advanced technologies in coal power generation, such as a 700MW ultra-supercritical circulating fluidized bed unit, has reduced coal consumption to 265 grams per kilowatt-hour, resulting in a carbon dioxide emission reduction of 500,000 tons annually [6] Group 5: Digital Energy Ecosystem - The digital energy market in China is projected to reach $15.2 billion in 2024 and expand to $88.1 billion by 2029, indicating accelerated investment and development in this sector [7] - Yunnan Energy Investment Group is advancing 19 major digital initiatives in 2024, achieving significant results in technological innovation and digital empowerment [7] - The implementation of a coal procurement platform has reduced transaction cycles from 15 days to 72 hours, while a blockchain-based platform has integrated over 2,000 suppliers, significantly lowering transaction costs [8]

Core Viewpoint - Yunnan Energy Investment (云南能投) reported a decline in revenue and net profit for Q1 2025, while actively pursuing growth in its renewable energy sector and optimizing resource allocation through strategic investments [2][5]. Financial Performance - In Q1 2025, the company achieved operating revenue of 954 million yuan, a year-on-year decrease of 2.12% - The net profit attributable to shareholders was 221 million yuan, down 38.03% year-on-year - The net cash flow from operating activities was 243 million yuan, indicating overall good financial performance despite the decline in profits [2][5]. Business Strategy - The company is focusing on enhancing its core business in renewable energy by advancing projects and increasing resource acquisition - A significant investment was made in Yunnan Province's natural gas subsidiary, which will no longer be included in the consolidated financial statements, allowing the company to concentrate on its renewable energy initiatives [2][4]. Renewable Energy Development - Yunnan Province has made significant progress in clean energy trading since initiating market reforms in 2014, positioning the company to capitalize on these developments - The company aims to increase its market share in renewable energy, with 93.26% of its total electricity generation participating in market transactions in 2024 [3][4]. Project Pipeline - The company is actively working on the construction of 670,000 kW wind power expansion projects and several solar power projects, aiming for early completion and operation [3][4]. Market Conditions - The market price for clean energy in Yunnan has seen a slight decline due to increased supply and insufficient system adjustment capacity, but this is expected to improve with the introduction of energy storage projects [3][4]. Institutional Ratings - In the last 90 days, two institutions have rated the stock as a buy, with a target price averaging 16.32 yuan [5][6].

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of CNY 954 million and a total profit of CNY 236 million, with net profit attributable to shareholders being CNY 221 million [2] - The net cash flow from operating activities was CNY 243 million [2] - The company is actively promoting the capital increase of its subsidiary, Yunnan Natural Gas Co., Ltd., which will no longer be included in the consolidated financial statements after the completion of the capital increase [2][4] Group 2: New Energy Development - The company is focusing on enhancing its core business in green energy and is accelerating project construction and resource acquisition [2] - In 2024, the proportion of new energy participating in market transactions was 93.26% of the total grid electricity [3] - The company plans to advance the construction of wind power expansion projects and photovoltaic projects in 2025, aiming for early completion and operation [3][4] Group 3: Market Conditions and Strategies - Yunnan has made significant progress in clean energy trading and market mechanism innovation since initiating power market transactions in 2014 [2] - The company is committed to strengthening its competitive advantage in the national electricity market by seizing opportunities in new energy development [2] - The trading price of clean energy in Yunnan has slightly decreased due to insufficient system adjustment capacity, but this is expected to improve with the commissioning of energy storage projects [3]