安徽省皖能股份有限公司 十一届十二次董事会会议决议公告 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。 证券代码：000543 证券简称：皖能电力 公告编号：2025-57 2025年第三季度报告 表决结果为：赞成9票，反对0票，弃权0票。 安徽省皖能股份有限公司董事会 二〇二五年十月二十五日 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董事 会第十二次会议于2025年10月23日下午在公司会议室以现场结合通讯的方式召 开。本次会议应出席董事9人，实际出席董事9人（其中：委托出席的董事0人， 以通讯表决方式出席会议的董事4名，分别为张为义、谢敬东、姚王信和孙永标）。 公司部分高级管理人员以及其他相关人员列席会议。会议的召集召开符合《公司 法》《公司章程》的规定，所作决议合法有效。本次会议经记名投票表决，审议 通过了如下议案： ...

安徽省皖能股份有限公司 2025 年第三季度报告 证券代码：000543 证券简称：皖能电力 公告编号：2025-56 安徽省皖能股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 安徽省皖能股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 8,587,444,363.31 | 0.56% | ...

上市公司：深圳能源（000027），深南电A（000037），东旭蓝天（000040），川能动力（000155）， 珠海港（000507），穗恒运Ａ（000531），皖能电力（000543），太阳能（000591），建投能源 （000600），韶能股份（000601），宝新能源（000690） 2016-2025年1-8月电力、热力生产和供应业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国电力行业投资潜力研究及发展趋势预测报告》 2025年1-8月，电力、热力生产和供应业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为14689个，和上年同期相比，增加了1308个，同比增长9.78%，占工业总 ...

Core Viewpoint - The company has a limited presence in the charging pile business, primarily focused on specific areas such as industrial parks [1]. Group 1 - The company, WanNeng Electric Power, confirmed through an investor interaction platform that its subsidiary has a small-scale involvement in the charging pile business [1]. - The charging pile business is mainly concentrated in localized regions, particularly in industrial parks [1].

Core Viewpoint - The recent investigation into three former executives of Anhui Energy Group, including the unexpected case of former chairman Fang Ping, highlights potential systemic corruption within the organization and raises concerns about regulatory oversight in state-owned enterprises [2][4][14]. Group 1: Investigation Details - Three executives, including Chen Xiang and Li Bo, were investigated after their retirement, with Fang Ping being particularly notable as he was investigated 17 years post-retirement [4][7]. - Chen Xiang, born in 1964, was removed from his position in April 2023 and subsequently investigated two months later, while Li Bo, born in 1958, was investigated in September 2023 after six years of retirement [4][5]. Group 2: Company Overview - Anhui Energy Group is responsible for 70% of the province's electricity supply, with total assets projected to reach 116.2 billion yuan and revenue of 37.3 billion yuan by the end of 2024, alongside a profit of 5.8 billion yuan [5]. - Wan Neng Electric, the only listed platform of Anhui Energy Group, is significant within the group, expecting revenue of 30 billion yuan and a net profit of 2.1 billion yuan in 2024 [5]. Group 3: Historical Context of Fang Ping - Fang Ping had a notable career, transitioning between government and corporate roles, and was appointed as the mayor of Bengbu City at the age of 35, later becoming the general manager of Anhui Energy Group [9][13]. - His tenure at Anhui Energy Group was marked by challenges, including significant losses for Wan Neng Electric in 2005 and 2021 due to rising coal prices, suggesting that his appointment was a response to financial distress [11][12]. Group 4: Implications of Corruption Investigations - The investigations into multiple former executives suggest a potential pattern of systemic corruption within Anhui Energy Group, indicating that previous measures to curb corruption, such as the sentencing of former chairman Bai Taiping in 2019, have not been effective [14]. - The ongoing investigations may serve as a warning to other officials involved in similar sectors, highlighting the risks associated with corruption in state-owned enterprises [7][14].

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

Market Review - The Shanghai Composite Index decreased by 1.47% and the ChiNext Index fell by 5.71% during the week of October 13-17, 2025. The coal sector increased by 5.66%, while the public utility sector rose by 0.05%. The environmental protection sector declined by 0.97%, and the carbon neutrality sector dropped by 3.14% [1][12]. Industry Insights - The coal price is expected to rise due to continuous abnormal autumn rain affecting production, along with safety and environmental inspections limiting supply. Despite October being a traditional off-peak season, traders are preparing for winter storage needs, leading to accelerated coal price increases post-National Day [4][31]. - The electricity demand is anticipated to increase as the peak winter season approaches, with NOAA predicting a 71% chance of La Niña occurring from October to December, which may lead to a colder winter [4][33]. - The annual long-term electricity price for 2025 has been locked in, and the capacity price mechanism is expected to stabilize electricity prices in the coming months [4][33]. Investment Recommendations - For the thermal power sector, it is recommended to focus on companies with power generation assets located in regions with tight supply-demand dynamics and favorable competition, such as Anhui Energy and Huadian International [4][65]. - In the hydropower sector, attention is drawn to leading operators like Yangtze Power, which is expected to benefit from stable electricity prices and regional supply-demand tightness [4][65]. - In the nuclear power sector, China National Nuclear Power is highlighted as a key player due to the expected increase in electricity generation and stable pricing [4][65]. - For renewable energy, the focus is on leading wind power operator Longyuan Power [4][65]. - In the environmental protection sector, the recommendation is to pay attention to urban comprehensive operation management service providers like Yuhua Tian [4][65]. Industry News - On October 15, 2025, Weiqiao Group announced the integration of its self-built power plant into the national grid, marking a significant shift towards collaboration and green transformation [4][59]. - The Gansu Electric Power Investment Company completed the commissioning of the largest million-kilowatt coal-fired power plant in the country, with a total installed capacity of 6 million kilowatts and an expected annual electricity generation of 33 billion kilowatt-hours [4][59]. - The National Development and Reform Commission issued a management method to support energy-saving and carbon reduction projects, including green methanol and sustainable aviation fuel production [4][60].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Group 1 - The former Party Secretary and General Manager of Anhui Energy Group, Fang Ping, is under investigation for serious violations of discipline and law [1] - Fang Ping has held various significant positions, including Deputy General Manager and General Manager of Hefei-Jiulong Railway Company, and has served in multiple roles within the Anhui provincial government [1] - Fang Ping served as the Party Secretary and General Manager of Anhui Energy Group from April 2006 until his retirement in 2008 [2] Group 2 - Several former officials of Anhui Energy Group have been investigated, including former Deputy General Manager Li Bo and former Party Secretary and Chairman Chen Xiang [2] - In July 2019, former Party Secretary and Chairman Bai Taiping was sentenced to 12 years and 6 months in prison for bribery, along with a fine of 1.6 million RMB [2] - Anhui Energy Group, established in November 1985, is a state-owned enterprise with a registered capital of 10 billion RMB, focusing on the production and sale of electricity, heat, and gas, as well as investment and asset management in coal, logistics, and finance [2]

Core Viewpoint - The Chinese energy storage industry is experiencing a paradox of intense competition and rapid growth, with over 280 new storage companies registered daily, while many others are exiting the market [2]. Group 1: Industry Overview - As of the third quarter of 2025, there were 27,406 newly registered energy storage-related companies, representing a year-on-year growth of 17.46%. In total, 77,294 new companies were added in the first three quarters, marking an 18.37% increase year-on-year [2][13]. - The cumulative number of energy storage-related companies in China has surpassed 380,000, with 51,711 of these in a state of abnormal operation, accounting for 13.47% [13]. - The peak registration month for new energy storage companies was April 2025, with 10,048 new registrations [16]. Group 2: Key Players and New Companies - China FAW Group has established a new company, FAW Energy (Changchun) Technology Co., Ltd., with a registered capital of 200 million yuan, focusing on energy storage technology services [3][4]. - Yan'an Waneng Electric Power Co., Ltd. was founded with a registered capital of 500 million yuan, backed by Anhui Energy Group, Sunshine Power, and Guoxuan High-Tech, focusing on solar, wind, and energy storage services [6][9]. - Longi Green Energy has also launched a new energy storage company, Guangxi Liuzhou Source Storage New Energy Co., Ltd., with a registered capital of 1 million yuan, indicating a strategic move into energy storage technology services [10][11]. Group 3: Company Registration Trends - The majority of new energy storage companies are private enterprises, with 72,942 registered in the first half of the year, accounting for approximately 94.37% of total registrations [18]. - Companies with registered capital under 1 million yuan are the most common, totaling 32,896, which is about 42.56% of all new registrations [21]. - The second quarter of 2025 saw the highest number of new registrations, with 28,095 companies added [13].