重要内容提示： 会 议 召 开 时 间 ： 2025 年 11 月 11 日 ( 星 期 二 ) 上 午 10:00-11:00 会议召开方式：视频会议直播 网络直播地址：小鱼易连（会议号 9035816200，无密码） 证券代码：600905 证券简称：三峡能源 公告编号：2025-064 中国三峡新能源（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 投资者可于 2025 年 11 月 7 日(星期五)前通过公司邮箱 （ctgr_ir@ctg.com.cn）进行提问。公司将在业绩说明会上对投资 者普遍关注的问题进行回答。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2025 年 10 月 31 日在上海证券交易所网站（http://www.sse.com.cn） 发布公司《2025 年第三季度报告》，为便于广大投资者更全面、 深入了解公司情况，公司拟于 2025 年 11 月 11 日召开业绩说明 会，就投资者关心的问题进行交流，具体如下。 一 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The 14th Five-Year Plan emphasizes the construction of a new energy system, increasing the proportion of renewable energy supply, and orderly replacing fossil energy. It aims to build a strong energy nation and implement dual control of carbon emissions [4]. - Green electricity trading volume reached 29 billion kWh, a year-on-year increase of 42.9%. The total electricity market trading volume in September 2025 was 573.2 billion kWh, up 9.8% year-on-year [4]. - The report highlights investment opportunities in undervalued thermal power, charging pile infrastructure, and the reassessment of photovoltaic and green electricity assets [4]. Industry Data Tracking Electricity Price - In November 2025, the average grid purchase price decreased by 2% year-on-year but increased by 1.8% month-on-month, averaging 401 RMB/MWh [38]. Coal Price - As of October 31, 2025, the price of thermal coal at Qinhuangdao Port was 770 RMB/ton, a year-on-year decrease of 9.31% [42]. Hydropower - As of October 31, 2025, the water level at the Three Gorges Reservoir was 174.01 meters, with inflow and outflow rates increasing by 75.68% and 122.06% year-on-year, respectively [51]. Electricity Consumption - From January to July 2025, total electricity consumption reached 5.86 trillion kWh, a year-on-year increase of 4.5% [12]. Power Generation - Cumulative power generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Thermal and hydropower generation saw declines of 1.3% and 4.5%, respectively [19]. Installed Capacity - As of June 30, 2025, the cumulative installed capacity of thermal power reached 1.47 billion kW, with a year-on-year increase of 4.7% [44]. Investment Recommendations - Focus on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, and consider companies like Jingtou Energy, Jingneng Power, and Datang Power [4]. - For charging pile equipment, companies such as Teruid and Shenghong Co. are recommended [4]. - The reassessment of photovoltaic and charging pile asset values is expected, with a focus on companies like Southern Power Grid Energy and Longxin Group [4]. - Green electricity growth potential is highlighted, with recommendations for Longyuan Power H, Zhongmin Energy, and Sanxia Energy [4]. - Hydropower is noted for its low cost and strong cash flow, with a recommendation for Changjiang Power [4]. - Nuclear power is expected to grow, with recommendations for China Nuclear Power and China General Nuclear Power [4].

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Core Insights - China is rapidly building a new power system dominated by renewable energy under the "dual carbon" goals, with pumped storage hydropower entering a golden period of development [1] - As of the end of 2024, China's cumulative installed capacity of pumped storage will reach 58.69 million kilowatts, accounting for over 30% of the global total, maintaining the world's leading position for nine consecutive years [1] - The industry faces challenges such as the need for enhanced capacity and technology, improved electricity pricing mechanisms, and insufficient collaboration within the supply chain [1] Functional Restructuring - Pumped storage is evolving from merely being a "regulator" to becoming a "stabilizer" for the entire power system, reflecting the strategic elevation of its technology [2] - The integration of high proportions of renewable energy has introduced new challenges, necessitating a shift in pumped storage's role to provide system stability support [2] - Pumped storage's advantages include large capacity, rapid response, and operational flexibility, making it essential for enhancing grid resilience [2] Regional Practices - Different regions in China showcase the diverse roles of pumped storage, such as ensuring power supply safety during extreme weather in Northeast China and peak shaving in North China during heating periods [3] - The operational model of pumped storage is transforming from simple cycles to more flexible operations, enhancing its adaptability to fluctuations in renewable energy output and load changes [3] Industry Chain Development - China has established a comprehensive pumped storage industry chain, with significant advancements in design, equipment manufacturing, and construction [4][5] - The industry is experiencing rapid expansion, but structural bottlenecks are emerging, including mismatches between capacity and demand, and challenges in talent and resource allocation [5] - The industry is transitioning from a focus on construction to a more balanced approach that includes operation and talent development [5] Path to Breakthrough - To address the challenges, a systematic approach is needed, including a planning system that balances resource allocation and demand, and fostering innovation in technology and equipment [6] - Enhancing cross-sector collaboration and comprehensive regulation is essential to avoid the pitfalls of focusing too heavily on construction [6] Development Paradigm - The pumped storage industry is at a crossroads, requiring a collaborative approach among policy, technology, and market forces to ensure sustainable development [7] - A robust policy framework, particularly the "two-part electricity price" mechanism established in 2021, is crucial for providing stability [7] - The industry must adapt to market changes, including the establishment of a composite revenue model that incorporates capacity fees and auxiliary service income [7][8] Future Outlook - The integration of digital technologies is transforming the entire industry chain, enhancing operational efficiency and system intelligence [8] - The acceleration of the national unified electricity market is reshaping the operational ecosystem for pumped storage, creating multiple revenue channels [8][9] - Future efforts should focus on refining market rules and establishing pricing mechanisms that reflect the system support value of pumped storage [9]

Core Insights - The Three Gorges Project has generated over 423 billion kilowatt-hours of electricity in the five years since its completion, significantly contributing to flood control, power generation, navigation, and water resource utilization [1] Group 1: Flood Control - Flood control is the primary task of the Three Gorges Project, which has effectively conducted flood peak regulation and storage, achieving a total flood storage capacity exceeding 29 billion cubic meters over the past five years [1] Group 2: Power Generation - The Three Gorges Power Station has served as a key power source for China's "West-to-East Power Transmission" and "North-South Supply" initiatives, generating over 423 billion kilowatt-hours of electricity, equivalent to a reduction of 128 million tons of standard coal consumption and a decrease of 347 million tons of carbon dioxide emissions [1] Group 3: Water Resource Support - The Three Gorges Reservoir has provided essential water resource support during dry seasons, with a total of 82.4 billion cubic meters of water replenished over five years, ensuring the water needs for production, living, and ecological purposes in the middle and lower reaches of the Yangtze River [1] Group 4: Navigation Efficiency - The navigation efficiency of the Three Gorges hub has continuously improved, with a total cargo throughput of over 700 million tons over five years, and annual cargo volume exceeding 150 million tons for three consecutive years, peaking at 168 million tons in 2023 [1]

Core Insights - The Three Gorges Project has successfully completed its overall acceptance five years after its completion, demonstrating significant benefits in flood control, power generation, navigation, and water resource utilization [1] Flood Control - Flood control is the primary task of the Three Gorges Project, which has effectively conducted flood peak regulation and storage, achieving a total flood storage capacity exceeding 29 billion cubic meters over the past five years [1] Power Generation - The Three Gorges Power Station has generated over 423 billion kilowatt-hours of electricity in five years, equivalent to a reduction in standard coal consumption by 128 million tons and a decrease in carbon dioxide emissions by 347 million tons [1] Water Resource Management - The Three Gorges Reservoir has provided water resource support during dry seasons, with a total of 82.4 billion cubic meters of water replenished over five years, ensuring the water needs for production, living, and ecological purposes in the middle and lower reaches of the Yangtze River [1] Navigation Efficiency - The navigation benefits of the Three Gorges Hub have continuously increased, with a total cargo throughput of over 700 million tons in five years, and annual cargo volume exceeding 150 million tons for three consecutive years, peaking at 168 million tons in 2023 [1] - The Three Gorges Ship Lift has played a crucial role as a rapid passage for vessels, facilitating the passage of over 1.7 million passengers and more than 15 million tons of cargo [1]

Core Insights - The Three Gorges Project has achieved significant milestones in its five years since overall completion acceptance, demonstrating its comprehensive benefits in flood control, power generation, navigation, water resource utilization, and ecological protection [1][6]. Flood Control - The project has effectively collaborated with upstream reservoirs to manage flood control, achieving a total flood retention of over 29 billion cubic meters in the past five years, significantly alleviating flood pressure in the middle and lower reaches of the Yangtze River [3]. Power Generation - The Three Gorges Power Station has generated over 4,230 billion kilowatt-hours of electricity in five years, equivalent to a reduction of 128 million tons of standard coal consumption and a decrease of 347 million tons of carbon dioxide emissions [5]. Navigation - The Three Gorges ship lock has facilitated over 700 million tons of cargo transport in five years, with annual cargo volume exceeding 150 million tons for three consecutive years, peaking at 168 million tons in 2023 [5]. Water Resource Management - The Three Gorges Reservoir has provided critical water resource support during dry seasons, with a total water replenishment of 82.4 billion cubic meters over five years, effectively meeting the production, living, and ecological water needs of the middle and lower reaches of the Yangtze River [5]. Ecological Protection - The project has released 12.7 million rare fish such as the Chinese sturgeon and introduced 899 species of rare plants over five years, contributing to ecological restoration efforts [5]. Tourism - Over 11.5 million tourists have visited the Three Gorges Dam tourism area in the past five years, highlighting the project's role in promoting tourism [6]. Project Completion - The Three Gorges Project officially commenced construction on December 14, 1994, and completed all acceptance procedures by November 1, 2020, with the quality of construction meeting regulatory standards and design requirements [6].

Core Points - The company reported a total asset impairment provision of 562 million yuan for the period from January to September 2025, which includes provisions for receivables and long-term equity investments [27][33] - The company’s controlling shareholder, China Three Gorges Group, announced a plan to increase its stake in the company by no less than 1.5 billion yuan and no more than 3 billion yuan within 12 months [5] - The company has appointed a new auditing firm, Xinyong Zhonghe, for the 2025 financial audit, with an audit fee of 2.9 million yuan [10][37] Financial Data - The company has not audited its third-quarter financial statements for 2025 [1] - The company reported a net profit of 0.00 yuan for the merged entity prior to the merger [6] - The company’s financial statements for the first nine months of 2025 are unaudited [7] Shareholder Information - The total number of shareholders and the status of major shareholders have not changed significantly [5] - The company’s board of directors has approved the increase in shareholding by the controlling shareholder [5][37] Impairment Provision Details - The company has recognized a bad debt provision of approximately 311.1 million yuan for receivables, primarily due to renewable energy price-related bad debts [28] - A long-term equity investment impairment provision of approximately 250.5 million yuan was made based on the valuation of a subsidiary [30] Audit Firm Change - The previous auditing firm, Dahua, completed its service period after the 2024 financial audit, leading to the appointment of Xinyong Zhonghe [10][20] - The change in auditing firms was made to better align with the company’s business development needs [20][23] Upcoming Shareholder Meeting - The company will hold its third extraordinary general meeting of 2025 on November 27, 2025, to discuss various proposals [51][56] - The meeting will include both on-site and online voting options for shareholders [51][52]

Core Viewpoint - The stock price of China Three Gorges Energy has experienced a slight decline, with a current trading price of 4.29 CNY per share, reflecting a year-to-date decrease of 0.30% and a recent trend of minor fluctuations in the past trading days [1][2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 21.28 billion CNY, representing a year-on-year decrease of 2.20%. The net profit attributable to shareholders was 4.31 billion CNY, down 15.32% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 8.01 billion CNY, with 6.32 billion CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders stood at 504,400, a decrease of 5.15% from the previous period. The average number of circulating shares per shareholder increased by 5.43% to 56,678 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 528 million shares, which is a reduction of 333 million shares from the previous period [3]. Market Activity - On October 31, the stock experienced a decline of 2.05% during trading, with a total market capitalization of 122.64 billion CNY. The trading volume reached 550 million CNY, with a turnover rate of 0.45% [1]. - The net outflow of main funds was 47.80 million CNY, with significant buying and selling activity observed in large orders [1]. Business Overview - China Three Gorges Energy, established on September 5, 1985, focuses on the development, investment, and operation of wind and solar energy, with wind power contributing 67.50% and solar power 30.22% to its main business revenue [1]. - The company operates within the public utility sector, specifically in the electricity and wind power generation industry, and is associated with concepts such as green power, pumped storage, state-owned enterprise reform, carbon neutrality, and special valuation of central enterprises [1].

Core Viewpoint - The report from China Galaxy Securities indicates that during the "14th Five-Year Plan" period, the growth of new energy installations is expected to continue, with a focus on enhancing flexibility and cleanliness in coal power development [1][2]. New Energy Installations - The report anticipates that the average annual new energy installations will reach at least 180 million kilowatts during the "14th and 15th Five-Year Plans" [1]. - Factors such as improved flexibility in thermal power, ongoing grid construction, and the emergence of new models for green electricity consumption are expected to enhance the absorption of new energy [1]. - The report also notes a positive trend in electricity prices, driven by the implementation of regulatory measures and increasing demand for green electricity [1]. Coal Power Development - The main direction for coal power development during the "14th Five-Year Plan" is to enhance flexibility and cleanliness, transitioning to a revenue model that combines ignition price difference, adjustment value, and capacity value [2]. - The report highlights the potential for low-carbon transformation technologies in coal power, including biomass co-firing and carbon capture, utilization, and storage (CCUS) [2]. Hydropower Installations - The report suggests that hydropower installations will continue to grow, particularly in specific river basins, and emphasizes the long-term investment value of hydropower due to its stable profitability and strong cash flow [3]. - The report identifies key companies in the hydropower sector for investment consideration [3]. Nuclear Power Growth - The report indicates significant growth potential in nuclear power installations, with a focus on the development of hydrogen energy and nuclear fusion as future economic growth points [4]. - The report notes that the domestic market has seen a consistent approval of new nuclear power units, and the market pricing mechanism is becoming more rational [4]. Renewable Energy in Non-Electric Fields - The report highlights the expected growth in green hydrogen, ammonia, and biofuels during the "14th Five-Year Plan," driven by renewable energy consumption targets and external demand from markets like the EU [6]. - Companies involved in these sectors are recommended for investment consideration [6].