一、审议通过《关于拟变更会计师事务所的议案》 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | 江苏国信股份有限公司（以下简称"公司"）第六届董事会第二 十二次会议通知于 2024 年 11 月 18 日，以书面、通讯方式发给公司 董事，会议于 2024 年 11 月 29 日在公司会议室以现场与通讯相结合 的方式召开。本次会议应出席董事七名，实际出席董事七名。公司监 事、高级管理人员列席了会议。本次会议的召开符合《公司法》和《公 司章程》的规定。本次会议由董事长徐文进先生召集。与会董事经过 认真审议，做出如下决议： 证券代码：002608 证券简称：江苏国信 公告编号：2024-048 江苏国信股份有限公司 第六届董事会第二十二次会议决议公告 鉴于苏亚金诚会计师事务所（特殊普通合伙）被中国证券监督管 理委员会处以行政处罚，暂停从事证券服务业务 6 个月，为保证公司 2024 年度年报审计工作顺利开展，公司拟变更会计师事务所，改聘 中兴华会计师事务所（特殊普通合伙）为公司 2024 年度财务报告审 计和内部控制审计机构。2024 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 江苏国信股份有限公司（以下简称"公司"）第六届董事会第十 四次会议和2023年度股东大会审议通过了《关于<江苏信托未来12个 月（2024年6月-2025年5月）证券投资计划>的议案》，为提高自有资 金的盈利能力，在保障日常运营资金需求的前提下，公司控股子公司 江苏省国际信托有限责任公司（以下简称"江苏信托"）计划于2024 年6月至2025年5月期间运用自有资金开展证券投资，投资额度不超过 人民币10亿元（期限内任一时点的证券投资金额不超过10亿元），并 可在合适的条件下处置，授权公司管理层具体实施相关事宜。 具体内容详见公司于2024年4月12日刊登在《中国证券报》《上 海证券报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上 的《关于江苏信托未来12个月（2024年6月-2025年5月）证券投资计划 的公告》（公告编号：2024-013）。 现拟根据业务实际需求进行调整。 证券代码：002608 证券简称：江苏国信 公告编号：2024- 051 江苏国信股份有限公司 关于调整 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangsu Guoxin [4][6]. Core Views - Jiangsu Guoxin operates in dual sectors of energy and finance, benefiting from synergies between the two. The company has transitioned from shipbuilding to energy and trust services, with significant profit contributions from its financial segment [1][3]. - The company has a strong growth trajectory in thermal power generation, with substantial installed capacity and ongoing projects expected to drive future earnings [2][36]. - The financial segment, primarily through Jiangsu Trust, has shown robust performance, contributing significantly to overall profitability [3][76]. Summary by Sections 1. Energy and Finance Dual Business Model - Jiangsu Guoxin has transformed its core business from shipbuilding to energy and finance, with energy assets accounting for 64.31% and financial assets for 34.34% of total assets as of 2023 [1][18]. - The company reported a remarkable 3014% year-on-year increase in net profit for 2023, driven by falling coal prices and operational efficiencies [1][24]. 2. High Growth in Thermal Power Generation - As of 1H24, Jiangsu Guoxin has 15.45 GW of operational thermal power capacity and 5 GW under construction, positioning it as a leader in the province [2][36]. - The company’s thermal power plants are strategically located in Jiangsu, a major electricity consumption province, ensuring high utilization rates [46][51]. 3. Financial Segment as a Profit Anchor - Jiangsu Trust, the main financial arm, has maintained a leading position in Jiangsu, with total assets of 4310.33 billion yuan and a net profit of 25.43 billion yuan in 2023, representing 78.24% of the company's total profit [3][76]. - Investment income from Jiangsu Bank and Lianan Life Insurance is a core revenue source, contributing 20.26 billion yuan to Jiangsu Trust's profits in 2023 [3][76]. 4. Earnings Forecast and Investment Recommendations - The report forecasts revenues of 351.85 billion yuan, 413.28 billion yuan, and 469.82 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 29.90 billion yuan, 35.23 billion yuan, and 40.58 billion yuan [4][5].

证券代码：002608 证券简称：江苏国信 公告编号：2024-046 江苏国信股份有限公司 关于持股 5%以上股东拟通过公开征集转让方式转让 公司部分股份的提示性公告 江苏国信股份有限公司（以下简称"公司"）于 2024 年 11 月 7 日收到华侨城资本发来的《关于拟通过公开征集转让方式转让公司部 分股份告知的函》，现将有关情况公告如下： 第 1 页 共 3 页 华侨城资本目前直接持有公司 391,376,106 股，占公司总股本 3,778,079,704 股的 10.36%，该部分股票来源于公司 2018 年非公开发 行的股票，均为无限售条件股。因资金需求，华侨城资本拟通过公开 征集转让的方式协议转让其持有的公司 278,066,700 股股份，约占公 司总股本的 7.36%（以下简称"本次公开征集转让"）。在此期间， 公司如有送股、资本公积转增股本等股本变动事项，公开征集转让股 份数量进行相应调整。 根据《上市公司国有股权监督管理办法》，本次公开征集转让的 价格不低于提示性公告日（2024 年 11 月 9 日）前 30 个交易日的每 日加权平均价格的算术平均值及最近一个会计年度公司经审计每股 净资 ...

Summary of Conference Call Company and Industry Overview - The company operates primarily in the energy and finance sectors, aiming to become a comprehensive energy service provider [1] - The company has seen significant development in recent years, particularly in response to changes in coal prices and electricity demand [1] Key Financial Performance - The company reported a revenue of over 27 billion in Shenzhen for 2024, benefiting from the operation of the Northern Unit of the Deep Hong Power Plant [1] - The financial performance in the energy and finance sectors has improved, with a 29.2% increase in economies of scale and a 48% year-on-year growth in overall profitability [2] - Jiangsu Bank's revenue increased by 10% year-on-year as of September 2023, contributing positively to the company's financial health [2] Future Outlook and Pricing - Concerns were raised regarding the long-term pricing expectations for electricity in Jiangsu, with predictions of potential downward pressure due to anticipated declines in coal prices [2][3] - The company believes that electricity prices will not see significant changes from 2024 levels, as coal prices are not expected to drop drastically [3][4] - The company anticipates that the electricity demand in Jiangsu will continue to grow, with a projected 20% shortfall in electricity supply [8][11] Investment and Expansion Plans - The company plans to commission six new 1 million kilowatt power units by 2025, with additional smaller units also in development [6][7] - The company is focusing on renewable energy projects, including solar and energy storage initiatives, to diversify its energy portfolio [7][14] Market Dynamics and Competition - The electricity supply in Jiangsu remains tight, with ongoing communication with neighboring provinces to meet demand [8][11] - The competitive landscape in Jiangsu's electricity market is evolving, with several companies expected to add new capacity [12][13] Regulatory and Policy Considerations - The company is adapting to national policies aimed at reducing carbon emissions and improving energy efficiency [36][37] - There is a focus on enhancing the carbon utilization efficiency of coal-fired power plants as part of the low-carbon transition [36][37] Financial Strategy and Shareholder Returns - The company aims to balance project investments with shareholder returns, considering potential increases in dividend payouts following the completion of major projects [18] - The financing costs for existing and new debts are being managed effectively, with a current debt ratio of 52-53% [35] Conclusion - The company is positioned to navigate the evolving energy landscape in Jiangsu, with a focus on expanding its capacity, improving profitability, and adhering to regulatory requirements while ensuring shareholder value [38]

Group 1: Financial Performance - The company achieved an operating revenue of 27.984 billion yuan, representing a year-on-year growth of 11.87% [1] - The net profit attributable to shareholders reached 2.921 billion yuan, with a significant year-on-year increase of 48.78% [1] Group 2: Project Development - The company is currently constructing six 1 million kilowatt ultra-supercritical coal-fired units, the largest number in the province [1] - The Guoxin Binhai Port Power Plant (2×1000 MW) and Guoxin Shazhou (2×1000 MW) projects are expected to be operational by the end of 2025, enhancing power supply capabilities [2] - The company is also investing in back-pressure units in Qidong and Huai'an, as well as several renewable energy projects [2] Group 3: Energy Supply and Procurement - The main sources of coal for the company's power plants in Jiangsu are Inner Mongolia, Shaanxi, and Shanxi, with ongoing efforts to expand coal procurement in Xinjiang [2] - The company has established a coal transfer base with a monthly capacity of 300,000 tons, enhancing its bargaining power in coal procurement [2] Group 4: Market Position and Electricity Supply - Approximately 21% of Jiangsu's electricity consumption comes from external sources, with the company's Shanxi plants supplying about 57% of the electricity to Jiangsu [3] - The electricity demand in Jiangsu grew by 10.3% year-on-year as of the end of September 2024, with the company's utilization hours exceeding the previous year's levels [3] Group 5: Future Outlook and Financing - The company plans to explore new energy, energy storage, and smart power plant projects while maintaining a low overall financing cost due to favorable market conditions [3] - There are considerations for increasing shareholder returns in the future as new projects come online [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's performance in the thermal power sector has improved due to increased electricity generation and stable pricing, leading to a significant rise in profits [3][4]. - The company reported a total revenue of 27.98 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.87%, and a net profit attributable to shareholders of 2.92 billion yuan, up 48.47% year-on-year [3][4]. - The company benefits from a strong demand for electricity in Jiangsu province, with a 12.4% year-on-year increase in electricity consumption in Q3 2024, which is higher than the national average [4]. - The company has six coal-fired power units under construction, which are expected to contribute to future earnings growth [4]. - Investment income has increased significantly due to the company's increased stake in Jiangsu Bank, with a year-on-year growth of 72.5% in Q3 2024 [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 10.21 billion yuan, a year-on-year increase of 5.32%, and a net profit of 970 million yuan, up 14.4% year-on-year [3][4]. - The company expects net profits of 3.01 billion yuan, 3.41 billion yuan, and 3.57 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.80, 0.90, and 0.95 yuan [4]. Operational Highlights - The company has a strong operational presence in Jiangsu, with approximately 70% of its coal-fired power generation units located there, benefiting from the province's electricity demand [4]. - The company has initiated a new energy project in Lianyungang, indicating a strategic move towards diversifying its energy portfolio [4]. Future Outlook - The company anticipates stable growth in its thermal power business due to a decline in coal prices and the gradual commissioning of new power units during the 14th Five-Year Plan period [4].

Financial Performance - Total revenue for Q3 2024 reached ¥10,207,342,302.52, an increase of 5.32% compared to ¥9,691,418,056.93 in the same period last year[2] - Net profit attributable to shareholders was ¥968,174,531.96, reflecting a 14.40% increase from ¥846,334,732.66 year-on-year[2] - Net profit excluding non-recurring gains and losses was ¥985,499,311.06, up 13.06% from ¥871,652,129.79 in the previous year[2] - Basic earnings per share for Q3 2024 were ¥0.2563, up 14.42% from ¥0.2240 in the same period last year[2] - Net profit for the period was ¥3,878,365,864.05, representing a significant increase of 37.9% from ¥2,811,357,507.00 in the same period last year[14] - The net profit attributable to the parent company's shareholders for Q3 2024 was CNY 2,920,614,699.26, an increase of 48.5% compared to CNY 1,967,113,884.20 in the same period last year[15] - The total comprehensive income for Q3 2024 reached CNY 4,666,390,937.78, up 59.0% from CNY 2,931,382,530.74 in Q3 2023[15] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.7730, compared to CNY 0.5207 in the previous year, reflecting a growth of 48.5%[15] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥3,727,413,475.50, a significant increase of 76.77% compared to ¥2,108,614,356.35 last year[6] - Cash flow from operating activities generated a net inflow of CNY 3,727,413,475.50, significantly higher than CNY 2,108,614,356.35 in Q3 2023, marking an increase of 76.8%[16] - Cash inflow from investment activities totaled CNY 14,799,561,119.29, a decrease of 30.4% from CNY 21,203,000,540.88 in the same quarter last year[16] - The net cash outflow from financing activities was CNY 2,133,968,710.66, compared to a net inflow of CNY 2,742,663,191.89 in Q3 2023[17] - The total cash and cash equivalents at the end of Q3 2024 amounted to CNY 9,891,301,011.71, a decrease from CNY 10,317,200,030.78 at the end of Q3 2023[17] - The company reported a total operating cash inflow of CNY 34,717,537,818.23, compared to CNY 31,556,045,287.32 in the previous year, indicating a growth of 6.9%[16] - The cash paid for purchasing goods and services was CNY 24,178,282,778.75, an increase from CNY 23,347,470,671.89 in Q3 2023[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥91,016,189,447.57, representing a 2.41% increase from the beginning of the year[2] - The company's total current assets amount to 26,439,665,770.76 RMB, a decrease from 29,910,702,453.75 RMB at the beginning of the period[11] - The total non-current assets increased to 64,576,523,676.81 RMB from 58,961,649,120.93 RMB[11] - The total liabilities decreased to ¥46,894,907,135.23 from ¥49,429,963,644.71, a reduction of approximately 5.1%[12] - The company's total equity increased to ¥44,121,282,312.34, up from ¥39,442,387,929.97, marking a growth of 11.5%[12] - The total assets of the company reached ¥91,016,189,447.57, compared to ¥88,872,351,574.68, an increase of 2.6%[12] Investments and Expenses - The company's construction in progress increased by 88.97% to ¥9,291,776,664.33, primarily due to investments in new power generation units[5] - Non-operating income surged to ¥287,682,032.28, a 2595.64% increase attributed to equity increases in joint ventures[6] - The company reported a 46.75% rise in income tax expenses, totaling ¥636,301,086.90, due to profitability adjustments in the power sector[6] - Research and development expenses rose to ¥1,231,144.46, compared to ¥542,638.43, indicating a 127.5% increase year-over-year[14] - Financial expenses decreased to ¥656,387,716.37 from ¥733,423,746.82, a decline of 10.5%[14] - Investment income for the period was ¥1,894,788,024.41, up from ¥1,682,697,183.14, reflecting a growth of 12.6%[14] - The company reported a significant increase in other income, totaling ¥18,624,404.47, down from ¥107,943,223.40, indicating a decrease of 82.8%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,708[7] - Jiangsu Guoxin Group Co., Ltd. holds 73.82% of shares, totaling 2,789,094,871 shares[8] - The company has no changes in the participation of major shareholders in margin financing and securities lending business[8]

Group 1: Company Performance and Market Opportunities - Jiangsu Guoxin's electricity supply from outside the province reached 73.352 billion kWh in the first half of 2024, accounting for 18.9% of the total electricity consumption in Jiangsu, with a year-on-year growth of 10.9% [3] - The construction of a unified national electricity market system presents opportunities for traditional power companies, including an expanded market space for thermal power companies and enhanced resource optimization [3][4] - The company is currently building six 1 million kW units, leading in the province, with projects expected to be operational between late 2024 and mid-2025 [4][5] Group 2: Challenges and Strategic Responses - Traditional power companies face challenges in adapting to market changes, requiring increased market sensitivity and flexible pricing strategies [3] - There is a need for technological innovation and transformation to integrate with renewable energy developments, aiming to reduce carbon emissions and improve energy efficiency [3][5] - Jiangsu Guoxin is committed to deep energy-saving transformations and has achieved ultra-low emissions across its thermal power plants, aligning with stricter environmental standards [5] Group 3: Investment and Dividend Policies - Jiangsu Guoxin emphasizes stable and continuous dividend policies, having distributed a total of 1.511 billion yuan in dividends from 2020 to 2023 [4] - The company is focused on enhancing shareholder returns while ensuring normal operations and long-term development [4] Group 4: Renewable Energy Initiatives - The company is increasing its investment in green energy, with ongoing projects such as a 70 MW photovoltaic project in Shanxi and various distributed photovoltaic projects in Jiangsu [5] - Jiangsu Guoxin holds a 2.17% stake in Jiangsu New Energy, participating in suitable renewable energy projects without direct competition [5]

江苏国信股份有限公司 证券代码：002608 证券简称：江苏国信 公告编号：2024-044 华侨城资本计划自本公告披露之日起15 个交易日后的3个月内， 通过侨新一号资管计划以集中竞价方式减持本公司股份不超过 28,571,400 股（占本公司总股本比例 0.76%）。 第 1 页 共 3 页 一、华侨城资本和侨新一号资管计划的基本情况 （一）减持主体名称：华润元大基金－深圳华侨城产业投资有限 公司－华润元大基金侨新一号单一资产管理计划 关于持股 5%以上股东减持股份的预披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 持有江苏国信股份有限公司（以下简称"本公司"）28,571,400 股（占本公司总股本 0.76%）的华润元大基金－深圳华侨城产业投资 有限公司－华润元大基金侨新一号单一资产管理计划（以下简称"侨 新一号资管计划"）为持有本公司 391,376,106 股（占本公司总股本 10.36%）的大股东深圳华侨城资本投资管理有限公司（以下简称"华 侨城资本"）设立的单一资产管理计划，华侨城资本对侨新一号资管 计划作并表处理。为严格 ...