GEPIC(SZ:000791)2025-08-14 10:50Important Notice, Table of Contents, and Definitions This section presents important disclaimers, outlines the company's non-distribution policy, and highlights various operational and market risks - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility4 - Forward-looking statements in the report do not constitute substantial commitments to investors, who should be aware of related risks5 - The company plans no cash dividends, bonus shares, or capital increase from capital reserves during this reporting period6 - The company highlighted multiple risks, including lower-than-expected returns from new projects, electricity market fluctuations, natural factors, monetary policy, environmental regulations, production safety, and coal supply and price changes5 Company Profile and Key Financial Indicators This section provides the company's profile and a comprehensive overview of its key financial performance and non-recurring items Company Profile Gansu Electric Power Investment Energy Development Co., Ltd. (Gansu Energy, stock code 000791) is a company listed on the Shenzhen Stock Exchange, with Lu Jiqing as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Gansu Energy | | Stock Code | 000791 | | Listing Exchange | Shenzhen Stock Exchange | | Company Name | Gansu Electric Power Investment Energy Development Co., Ltd. | | Legal Representative | Lu Jiqing | Key Financial Indicators In the first half of 2025, the company's operating revenue slightly increased by 0.19% year-on-year, while net profit attributable to parent company shareholders grew by 16.87%, and non-recurring adjusted net profit attributable to parent company shareholders surged by 190.41% Key Financial Performance Overview | Key Financial Indicators | Current Period (yuan) | Prior Period (Restated, yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3.93 billion | 3,923,016,239.45 | 0.19% | | Net Profit Attributable to Shareholders of Listed Company | 824.75 million | 705,682,226.36 | 16.87% | | Non-recurring Adjusted Net Profit Attributable to Parent Company Shareholders | 822.75 million | 283,304,600.72 | 190.41% | | Net Cash Flow from Operating Activities | 2.22 billion | 1,299,229,714.44 | 71.25% | | Basic Earnings Per Share (yuan/share) | 0.2543 | 0.2274 | 11.83% | | Weighted Average Return on Net Assets | 5.90% | 5.46% | Increased 0.44 percentage points | | Total Assets (yuan) | 36.66 billion | 35,892,035,976.23 | 2.13% | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 13.83 billion | 13,567,157,314.65 | 1.95% | Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to 2.008 million yuan, primarily from entrusted operation management fees and government subsidies Non-Recurring Gains and Losses Breakdown | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 11,317.70 | | Government Subsidies Included in Current Period Profit/Loss | 774,144.67 | | Custody Fee Income from Entrusted Operations | 1,886,792.45 | | Net Other Non-Operating Income and Expenses | -325,993.69 | | Other | 382,675.47 | | Total | 2,008,016.78 | - The company classified 8.9026 million yuan in value-added tax refunds as recurring gains and losses, as they are closely related to the company's normal operations and are recurring in nature25 Management Discussion and Analysis This section provides an in-depth analysis of the company's primary operations, core competencies, financial performance, investment activities, and significant risks with mitigation strategies Principal Business and Operations Overview The company's main business involves thermal, hydro, wind, and solar power generation, forming a multi-energy complementary power structure of 'wind, solar, hydro, thermal, and storage,' with all operations located within Gansu Province - The company's principal businesses include thermal, hydro, wind, and solar power generation, with all operations located within Gansu Province28 Key Operating Performance | Operating Indicators | H1 2025 | Year-on-Year Change | | :--- | :--- | :--- | | Power Generation | 12.637 billion kWh | Largely flat | | Net Profit Attributable to Parent Company Shareholders | 825 million yuan | +16.87% | Controlled Installed Capacity by Type | Installed Capacity | Controlled Installed Capacity (MW) | | :--- | :--- | | Thermal Power | 4,000 | | Hydropower | 1,700.2 | | Wind Power | 1,103.5 | | Solar Power | 736 | | Total | 7,539.7 | - The company is actively expanding new energy projects, with approved (filed) projects including the Tengger Desert large-scale solar project and Qingyang 'East Data West Computing' new energy project, totaling 5,100.25 MW of planned installed capacity313236 Core Competitiveness Analysis The company's core competitiveness lies in three areas: a multi-energy complementary power structure of 'wind, solar, hydro, thermal, and storage' with locational advantages and peak-shaving capabilities; a robust pipeline of large-scale new energy projects, including the Tengger Desert large-scale base, ensuring broad development prospects; and its unique position as the sole listed capital operation platform for its controlling shareholder, Electric Power Investment Group, offering significant growth potential - The company possesses an integrated energy structure encompassing thermal, hydro, wind, and solar power, with its thermal power projects being among the largest peak-shaving power sources in Northwest China, and new energy projects located in the resource-rich Hexi Corridor region38 - The company has secured significant project indicators, including the 6,000 MW Tengger Desert large-scale new energy project and the 1,000 MW Minqin wind-solar integrated project, laying a solid foundation for long-term development38 - As the sole listed platform of its controlling shareholder, Electric Power Investment Group (Gansu Province's leading power generation enterprise), the company possesses strong capital operation capabilities and significant development potential39 Principal Business Analysis During the reporting period, the company's operating revenue slightly increased by 0.19% year-on-year, primarily due to higher electricity sales prices Key Financial Performance Changes | Financial Indicators | Current Period (yuan) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 3.93 billion | 0.19% | Increase in electricity sales price | | Operating Cost | 2.36 billion | -7.62% | Decrease in fuel costs | | Financial Expenses | 215.61 million | -26.51% | Lower financing interest rates, reduced interest expenses | | Net Cash Flow from Operating Activities | 2.22 billion | 71.25% | Increase in electricity sales price and decrease in fuel expenses | Operating Revenue and Gross Margin by Product Category | Product Category | Operating Revenue (yuan) | Proportion of Total Revenue | Gross Margin | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Hydropower Products | 630.06 million | 16.03% | 31.17% | +6.07% | | Thermal Power Products | 2.877 billion | 73.19% | 43.66% | +11.12% | | Wind Power Products | 271.16 million | 6.90% | 27.45% | -30.41% | | Solar Power Products | 142.47 million | 3.62% | 23.77% | -12.75% | Assets and Liabilities Analysis As of the end of the reporting period, the company's total assets amounted to 36.656 billion yuan, a 2.13% increase from the end of the previous year Asset and Liability Structure Changes | Asset/Liability Item | Proportion of Total Assets at Period End | Proportion of Total Assets at Year Start | Explanation of Change | | :--- | :--- | :--- | :--- | | Construction in Progress | 15.04% | 8.49% | Increase in capital expenditures for ChangLe Company's Units 5-6 | | Fixed Assets | 65.59% | 68.91% | Decrease in asset value due to depreciation | | Accounts Receivable | 7.27% | 8.19% | Decrease in accounts receivable for electricity fees | - As of the end of the reporting period, 2.575 billion yuan of the company's assets were restricted, primarily due to fixed asset mortgages and concession right pledges for securing borrowings55 Investment Analysis During the reporting period, the company's investment amount remained largely consistent with the prior year - During the reporting period, Qingyang New Energy Company was newly established with a registered capital of 51 million yuan, designated for investing in green power projects within the 'East Data West Computing' industrial park58 Major Projects Under Construction Investment Details | Major Projects Under Construction | Investment Amount in Current Period (yuan) | Cumulative Investment Amount (yuan) | Project Progress | | :--- | :--- | :--- | :--- | | ChangLe Company 2×1000 MW Coal-Fired Unit Expansion | 1.934 billion | 6.079 billion | 80.89% | | Yongchang Heqingtan 100 MW Photovoltaic Power Generation | 338,963 | 338,963 | 0.31% | | Qingyang 'East Data West Computing' Phase I 1,000 MW New Energy | 9.507 million | 9.507 million | 0.27% | - In 2024, the company raised 1.882 billion yuan in net proceeds from a share issuance for supporting funds, with 452 million yuan utilized in the current period and 1.552 billion yuan cumulatively utilized, representing an 82.48% utilization rate, primarily for cash consideration payments and the ChangLe Company expansion project6366 Analysis of Major Holding and Participating Companies During the reporting period, the performance of major subsidiaries diverged Net Profit and Performance Changes of Major Subsidiaries | Company Name | Type | Net Profit in Reporting Period (million yuan) | Reason for Performance Change | | :--- | :--- | :--- | :--- | | ChangLe Company | Subsidiary | 1,000.22 | Power generation costs decreased, net profit increased by 57.59% | | Darong Company | Subsidiary | 94.98 | Electricity sales price increased, net profit increased by 429.15% | | Bingling Company | Subsidiary | 44.72 | Electricity sales price increased, net profit increased by 34.08% | | Hexi Company | Subsidiary | 37.28 | Electricity sales price increased, net profit increased by 543.90% | | Jiudianxia Company | Subsidiary | -16.98 | Reduced water inflow led to decreased power generation, net profit decreased by 134.54% | | Jiuhui Company | Subsidiary | 24.76 | Decreased power generation and electricity prices, net profit decreased by 88.68% | | Xiaosanxia Company | Participating Company | 257.46 | - | Risks and Countermeasures The company faces key risks including lower-than-expected returns from new projects, electricity price volatility due to intensified market competition, natural factors affecting power generation, monetary policy changes, stricter environmental regulations, production safety, and coal supply and price risks for thermal power operations - The company identified seven major risks: new project profitability risk, electricity market risk, natural factors risk, monetary policy risk, environmental policy risk, production safety risk, and coal supply and price risk7779 - Countermeasures include: actively engaging in electricity market sales, thoroughly researching electricity market trading rules, enhancing economic operational efficiency, expanding financing channels to optimize debt structure, strengthening environmental and safety production management, and ensuring coal supply stability77787980 Corporate Governance, Environment, and Society This section details changes in the company's corporate governance structure, including personnel adjustments, and outlines its environmental performance and social responsibility initiatives Corporate Governance During the reporting period, several key positions, including directors, supervisors, and senior management such as the Chief Financial Officer and Deputy General Manager, experienced personnel changes due to work reassignments - During the reporting period, several key positions, including directors, chairman of the supervisory board, deputy general manager, and chief financial officer, experienced personnel changes9091 - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period92 Environmental and Social Responsibility Among the company's major subsidiaries, only the thermal power enterprise ChangLe Company was included in the list of enterprises required to disclose environmental information by law - Subsidiary ChangLe Power Generation Company, as a thermal power enterprise, was included in the list of entities required to disclose environmental information by law and disclosed relevant information as per regulations9495 ChangLe Company Environmental Performance | ChangLe Company Environmental Data (H1 2025) | Value | | :--- | :--- | | Comprehensive Power Supply Coal Consumption | 293.04g/kWh | | Sulfur Dioxide Emissions | 690.68 tons | | Nitrogen Oxides Emissions | 1,235.99 tons | | Dust Emissions | 43.146 tons | - The company actively fulfilled its social responsibilities, engaging in activities such as water resource dispatch, community outreach, village assistance, and co-building civilized cities98 Significant Matters This section details significant related party transactions and the status of major contracts, including entrusted management agreements and financing guarantees Significant Related Party Transactions During the reporting period, the company engaged in multiple daily operational related party transactions with its controlling shareholder, Electric Power Investment Group, and its subsidiaries, totaling 65.197 million yuan, which did not exceed the annual estimated limit - Actual daily related party transactions during the reporting period amounted to 65.197 million yuan, primarily for receiving services and purchasing raw materials, not exceeding the annual estimated limit of 137.2051 million yuan109110 Affiliated Finance Company Transactions | Dealings with Affiliated Finance Company | Balance at Period End (million yuan) | Interest Rate Range | | :--- | :--- | :--- | | Deposit Business | 795.4475 | 0.55%-1.75% | | Loan Business | 560.3396 | 1.85%-2.65% | - The controlling shareholder, Electric Power Investment Group, provided a full, unconditional, and irrevocable joint and several liability guarantee for the company's registration and issuance of medium-term notes not exceeding 1 billion yuan117 Major Contracts and Their Performance During the reporting period, to fulfill its commitment to avoid horizontal competition, the company was entrusted with managing certain clean energy power generation equity held by its controlling shareholder, Electric Power Investment Group, recognizing 1.8868 million yuan in custody income in the first half - The company was entrusted with managing certain clean energy power generation equity of its controlling shareholder, Electric Power Investment Group, recognizing 1.8868 million yuan in custody income in the first half of 2025119 Subsidiary Guarantee Information | Guarantee Status | Amount (million yuan) | | :--- | :--- | | Approved Guarantee Limit for Subsidiaries at Period End | 1,960.585 | | Actual Guarantee Balance for Subsidiaries at Period End | 1,130.585 | | Proportion of Total Actual Guarantees to Company's Net Assets | 8.17% | Share Changes and Shareholder Information This section details changes in the company's share structure, particularly the lifting of sales restrictions on certain shares, and provides an overview of its shareholder base Share Changes During the reporting period, the company's total share capital of 3.244 billion shares remained unchanged - 335,097,001 restricted shares issued to specific targets for supporting funds were lifted from sales restrictions on June 30, 2025136139140 Share Capital Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion Before Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 1.643 billion | 1.308 billion | 50.66% | 40.33% | | Unrestricted Shares | 1.601 billion | 1.936 billion | 49.34% | 59.67% | | Total Share Capital | 3.244 billion | 3.244 billion | 100.00% | 100.00% | Shareholder Information As of the end of the reporting period, the company had 54,133 common shareholders Top Shareholders and Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held | | :--- | :--- | :--- | :--- | | Gansu Electric Power Investment Group Co., Ltd. | State-owned Legal Person | 63.23% | 2.051 billion | | China Yangtze Power Co., Ltd. | State-owned Legal Person | 12.54% | 406.91 million | | China State-Owned Enterprise Structural Adjustment Fund Phase II | State-owned Legal Person | 1.63% | 52.91 million | | Hubei Provincial Railway Development Fund Co., Ltd. | Domestic Non-State-owned Legal Person | 1.63% | 52.91 million | Bond-Related Information This section provides details on the company's outstanding non-financial enterprise debt financing instruments, including their terms, guarantees, and an analysis of the company's solvency Non-Financial Enterprise Debt Financing Instruments As of the end of the reporting period, the company had four outstanding medium-term notes with a total bond balance of 2 billion yuan Outstanding Medium-Term Notes | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | 22 Gansu Electric Power Investment GN001 | 500 | 3.50% | 2025-12-05 | | 23 Gansu Electric Power Investment GN001 | 500 | 4.10% | 2026-02-22 | | 24 Gansu Electric Power Investment MTN001 | 500 | 2.40% | 2027-06-21 | | 25 Gansu Electric Power Investment MTN001 | 500 | 2.25% | 2028-04-18 | - All outstanding medium-term notes are fully, unconditionally, and irrevocably guaranteed by the controlling shareholder or its parent company153 Solvency Indicators Comparison | Solvency Indicators | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 53.24% | 53.84% | -0.60% | | Interest Coverage Ratio | 6.31 | 4.13 | +52.78% | | Cash Interest Coverage Ratio | 10.41 | 5.68 | +83.27% | Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, along with detailed notes explaining key financial items Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for the first half of the year - The consolidated balance sheet shows total assets of 36.656 billion yuan, total liabilities of 19.517 billion yuan, and owners' equity attributable to the parent company of 13.832 billion yuan161162163 - The consolidated income statement shows total operating revenue of 3.931 billion yuan, total profit of 1.391 billion yuan, and net profit of 1.182 billion yuan for the first half of 2025, with net profit attributable to the parent company being 825 million yuan170171 - The consolidated cash flow statement shows net cash flow from operating activities of 2.225 billion yuan, net cash outflow from investing activities of 1.552 billion yuan, and net cash outflow from financing activities of 790 million yuan178179 Notes to Consolidated Financial Statement Items This chapter provides detailed explanations for key items in the consolidated financial statements - The accounts receivable balance at period-end was 2.74 billion yuan, of which 2.153 billion yuan was from renewable energy subsidy funds, constituting the main component of accounts receivable323325 - The construction in progress balance at period-end was 5.515 billion yuan, a significant increase from 3.047 billion yuan at the beginning of the period, primarily due to increased investment in the ongoing ChangLe Power Generation Units 5 and 6 project, which has a budget of 7.516 billion yuan and a cumulative investment of 5.419 billion yuan370371373 - During the reporting period, the company's research and development expenses amounted to 1.257 million yuan, all expensed, primarily for system optimization and combustion adjustment tests of ChangLe Power Plant units508 Other Submitted Data This section provides a record of the company's investor relations activities, including surveys, communications, and interviews conducted during the reporting period Investor Relations Activities In the first half of 2025, the company conducted four investor relations activities, including three on-site institutional surveys and one annual performance briefing - The company hosted four investor survey and communication activities during the reporting period, engaging with multiple securities firms, funds, and wealth management companies596 - Key issues of investor concern included: company performance, dividend plans, installed capacity structure, new energy project reserves, and the commissioning schedule for ChangLe Company's new units596