中信证券股份有限公司 关于 华能澜沧江水电股份有限公司 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年五月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受华能澜沧江水电 股份有限公司（以下简称"华能水电"、"发行人"或"公司"）的委托，担任其向特定 对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《中华人民共和国公司法》 （以下简称"《公 司法》 "）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上市公司证券发行注册 管理办法》 （以下简称"《注册管理办法》"）等有关法律、法规和中国证券监督管理委员 会（以下简称"中国证监会"）、上海证券交易所（以下简称"上交所"）的有关规定， 诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具发 行保荐书，并保证所出具文件的真实性、准确性和完整性。若因保荐人为发行人本次发 行制作、出具的文件有虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，保 荐人将依法赔偿投资者损失。 在本发行保荐书中，除上下文另有所指，释义与《华能澜沧江水电 ...

Core Viewpoint - Haibo Technology (688411, SH) has reported strong financial performance for 2024, achieving significant growth in both revenue and net profit, marking three consecutive years of high growth in these metrics [1][3]. Financial Performance - In 2024, Haibo Technology achieved revenue of 8.27 billion yuan, a year-on-year increase of 18.44%, and a net profit of 648 million yuan, up 12.06%. The basic earnings per share were 4.86 yuan. The company plans to distribute a cash dividend of 11 yuan per 10 shares (including tax) [3]. - The revenue scale reached a new high, with 2024 revenue of 8.27 billion yuan, continuing to grow from 2.626 billion yuan in 2022 and 6.982 billion yuan in 2023, solidifying its position as an industry leader [3]. - The overseas market saw a breakthrough, with overseas revenue of 539 million yuan, accounting for 6.53% of total revenue. The company is focusing on Europe, North America, the Middle East, and Asia-Pacific, expecting significant growth in the European market [3]. Profit Structure and Optimization - The net profit of 648 million yuan was achieved despite a 27.03% year-on-year decline in domestic energy storage system prices, indicating enhanced resilience in profitability [4]. - The company emphasizes technology-driven cost reduction and does not engage in low-price competition. The bidding process typically takes 3-9 months, allowing for further cost reduction opportunities [4]. - Continuous high investment in R&D, particularly in integrating AI with energy storage, has led to improved product performance through a comprehensive data model covering the entire lifecycle of energy storage systems [4]. Technical and Market Position - Haibo Technology has established itself as a leading provider of electrochemical energy storage systems, with a comprehensive technical system covering the entire lifecycle of energy storage batteries [7][8]. - The company has developed strong partnerships with major state-owned enterprises and power grid companies, enhancing its market position and customer base [7]. - The focus on deep customization in R&D has allowed the company to enhance overall system performance and create competitive barriers, ensuring a leading edge in technology and market adaptability [9]. Industry Outlook - The demand for energy storage is expected to grow significantly due to the increasing integration of renewable energy sources and the need for grid stability [10]. - Haibo Technology plans to continue its deep R&D efforts in core storage technologies and expand its global market presence, aiming for faster growth in the coming years [10]. - The integration of AI technology into energy storage systems is expected to enhance operational efficiency and safety management, positioning the company for future advancements in the industry [11].

Core Viewpoint - Nuclear hydrogen production utilizes heat generated from nuclear reactors as an energy source for hydrogen production, aiming for efficient, large-scale hydrogen generation while significantly reducing greenhouse gas emissions [1][2][4]. Industry Overview - Nuclear hydrogen production is a process that converts nuclear energy into hydrogen through various methods, including water electrolysis, thermochemical cycles, and high-temperature steam electrolysis, with the goal of minimizing CO2 emissions [2][4]. - The global nuclear hydrogen market is projected to exceed $450 million by 2024, driven by advancements in nuclear reactor technology and the hydrogen energy sector [1][13]. Current Technologies - The current mainstream technology for nuclear hydrogen production involves coupling nuclear energy with water electrolysis, while future directions include methane steam reforming, high-temperature steam electrolysis, and thermochemical cycles [6][7]. - Methane steam reforming is the primary industrial hydrogen production method, but it generates significant greenhouse gases. Coupling this process with nuclear energy can reduce natural gas consumption and CO2 emissions [6][7]. - High-temperature steam electrolysis, utilizing heat from nuclear reactors, can significantly lower the energy consumption required for hydrogen production compared to conventional methods [7]. - Thermochemical cycles involve multiple heat-driven chemical reactions that can be efficiently powered by nuclear reactors, enhancing hydrogen production efficiency [7][8]. Market Status - Major nuclear power countries, including the US, Japan, the UK, and China, have initiated nuclear hydrogen projects. The US Department of Energy began research in 2004, supporting demonstration projects at several nuclear plants [1][13]. - In Japan, significant advancements have been made in high-temperature gas-cooled reactors, demonstrating successful hydrogen production processes [1][13]. - China's nuclear hydrogen projects began during the "11th Five-Year Plan," with ongoing research and development in thermochemical cycles and high-temperature steam electrolysis [1][15]. Development Background - The hydrogen energy sector is rapidly growing, with hydrogen recognized as a key player in the transition to sustainable energy due to its zero-emission and high-efficiency characteristics [8][11]. - China is the world's largest hydrogen producer, with production expected to increase from 35 million tons in 2023 to 36.95 million tons in 2024 [8][11]. Policy Support - The Chinese government has implemented various policies to support the hydrogen industry, including the "Hydrogen Industry Development Plan (2021-2035)" and local government initiatives [15][17]. - These policies emphasize the development of advanced hydrogen production technologies, including nuclear high-temperature hydrogen production [15][17]. Future Recommendations - The nuclear hydrogen industry should focus on comprehensive planning, open collaboration, increased investment in advanced technologies, and the promotion of industrialization and market development [21].

Core Viewpoint - The development of the 620℃ ultra-supercritical steam turbine FB2 high/medium pressure rotor forging by China First Heavy Industries Group Co., Ltd. has achieved international advanced manufacturing technology, marking a significant breakthrough in China's core components for ultra-supercritical thermal power generation [1][2] Group 1 - The FB2 high/medium pressure rotor is a critical component that must operate stably under high temperature (620℃), high pressure, and complex stress environments, which imposes stringent requirements on material performance and manufacturing processes [1] - The technology verification meeting confirmed that the overall manufacturing technology of the rotor forging has reached international advanced levels, with some performance indicators being internationally leading [1] - The project team has mastered the entire thermal processing manufacturing technology, including smelting, ingot casting, forging, and heat treatment, which validates the mass production capability of domestic rotor forgings [1] Group 2 - The industrialization of this achievement is expected to significantly promote China's high-end heavy equipment to the high end of the global value chain, contributing to the construction of a new power system and the realization of the "dual carbon" goals [2] - Experts from major energy companies and academic institutions participated in the verification meeting, indicating a collaborative effort in advancing this technology [2]

增持回购潮来袭。 当前多方力量正在合力维护中国资本市场平稳运行。4月8日消息，浙江省国资委联合中国人民银行浙江省 分行、浙江证监局于4月7日召开省属国有上市公司股票回购增持工作座谈会，坚决维护资本市场平稳运 行，大力支持省属国有上市公司高质量发展。 为资本市场注入信心，多家央企密集宣布增持、回购。4月8日盘后，国家开发投资集团有限公司宣布，正 以更大力度开展股份增持、推动上市公司股份回购等市值管理工作。中国诚通公告称，拟使用股票回购增 持再贷款资金1000亿元，用于增持上市公司股票。 重磅会议 4月8日消息，浙江省国资委联合中国人民银行浙江省分行、浙江证监局于4月7日召开省属国有上市公司 股票回购增持工作座谈会，坚决维护资本市场平稳运行，大力支持省属国有上市公司高质量发展。浙江省 国资委、中国人民银行浙江省分行、浙江证监局有关负责人出席会议并讲话。 会上，中国农业银行浙江省分行、中国银行浙江省分行、中国建设银行浙江省分行、中信银行杭州分行负 责人分别介绍上市公司股票回购增持再贷款工作开展情况。4家省属国有上市公司大股东代表、9家省属国 有上市公司负责人作交流发言。大家表示，坚定看好中国资本市场发展前景，将积极 ...

Group 1 - The core viewpoint of China Huaneng Group is to maintain confidence in the long-term stable growth of the Chinese economy and to actively support its listed companies in seizing opportunities for comprehensive green transformation and development [1] - China Huaneng Group emphasizes the importance of enhancing the quality of its listed companies to improve their medium to long-term investment value and to conduct stock repurchases to achieve mutual benefits for all parties involved [1] - Inner Mongolia Huadian, a company controlled by China Huaneng, has announced a stock buyback, reflecting the group's commitment to increasing shareholder returns [1]

股票代码：600025 股票简称：华能水电 华能澜沧江水电股份有限公司 2024 年度向特定对象发行 A 股股票 发行方案的论证分析报告 （修订稿） 二〇二五年二月 | 目 求……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | --- | | 释 义 … | | 一、本次发行的背景与目的………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3 | | (一) 本次向特定对象发行的背景 ……………………………………………………………………………………………………3 | | (二) 本次向特定对象发行的目的… | | 二、本次发行证券及其品种选择的必要性 . | | (一) 本次发行证券的品种选择和发行方式 | | (二) 本次发行证券的必要性 | ...

股票代码：600025 股票简称：华能水电 华能澜沧江水电股份有限公司 2024 年度向特定对象发行 A 股股票预案 （修订稿） 二〇二五年二月 华能澜沧江水电股份有限公司 向特定对象发行 A 股股票预案（修订稿） 公司声明 1、本公司及董事会全体成员保证公告内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完整 性承担个别和连带的法律责任。 2、本预案按照《上市公司证券发行注册管理办法》等法规及规范性文件的 要求编制。 3、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相悖 的声明均属不实陈述。 4、本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行 负责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审核机关对于本次向特定对象发行股票相关事 项的实质性判断、确认或批准，本预案所述本次向特定对象发行 A 股股票相关 事项的生效和完成尚待取得有关审批机关的批准或核准。 1 华能澜沧江水电股份有限公司 向特定对象发行 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-012 华能澜沧江水电股份有限公司 关于更换公司非独立董事的公告 华能澜沧江水电股份有限公司董事会 2025 年 3 月 1 日 附：非独立董事候选人简历 李进先生，1966 年 4 月出生，中共党员，硕士研究生，正高级经济师。现 任中国华能集团有限公司专职董监事。历任中国华能财务有限责任公司副总经理、 总经理、党组成员，永诚财产保险股份有限公司总经理、党委委员，华能资本服 务有限公司副总经理、总经理、副董事长、党委书记。 华能澜沧江水电股份有限公司（以下简称公司）收到控股股东中国华能集团 有限公司函件，因上级工作调动，建议杨友林先生不再担任公司非独立董事及战 略与决策委员会委员，拟推荐李进先生为公司非独立董事候选人。公司董事会对 杨友林先生在董事任职期间的工作给予充分肯定，对其作出的贡献表示衷心感谢。 2025 年 2 月 28 日，公司召开董事会提名委员会 2025 年第一次会议、第四 届董事会第五次会议，分别审议通过了《关于更换公司非独立董事的议案》。经 董事会提名委员会审查通过，董事会同意提名李进先生为公司第四届董事会非独 立董事候选人， ...

关于华能澜沧江水电股份有限公司向特定对象发行 A 股股票 摊薄即期回报填补措施的承诺 为确保华能澜沧江水电股份有限公司(以下简称"华能水电")本次向特定 对象发行 A 股股票摊薄即期回报的填补措施得到切实执行,维护中小投资者利 益,华能水电控股股东、实际控制人中国华能集团有限公司(以下简称"华能集 团")作出如下承诺: 1. 华能集团不越权干预华能水电经营管理活动,不侵占华能水电利益。 2. 自本承诺函出具之日至华能水电本次向特定对象发行 A 股股票实施完毕 前,若中国证监会作出关于填补回报措施及其承诺的其他新监管规定的,且本承 诺函的承诺不能满足中国证监会该等规定时,华能集团承诺届时将按照中国证监 会的最新规定出具补充承诺。 3. 若华能集团违反该等承诺并给华能水电或者投资者造成损失的,华能集 团愿意依法承担对华能水电或者投资者的补偿责任。 (以下无正文) (本页无正文,为《华能澜沧江水电股份有限公司控股股东、实际控制人关于华 能澜沧江水电股份有限公司向特定对象发行 A 股股票摊薄即期回报填补措施的 承诺》之签章页) 华能澜沧江水电股份有限公司控股股东、实际控制人 根据《关于首发及再融资、重大资产重组摊薄即 ...