Core Viewpoint - Shanghai Electric's operating performance continues to grow, with a slight increase in revenue and a significant rise in net profit for 2024 [2][3] Financial Performance - In 2024, Shanghai Electric achieved operating revenue of 42.734 billion yuan, a year-on-year increase of 0.78% [3] - The net profit attributable to shareholders reached 2.046 billion yuan, reflecting a growth of over 28% compared to the previous year [2][3] - The company's net profit excluding non-recurring gains and losses was 1.895 billion yuan, up 26.57% year-on-year [3] - In Q4 2024, the company reported operating revenue of 10.168 billion yuan, a decline of 6.80% year-on-year, and a net loss of 413 million yuan [4] Quarterly Performance - For the first three quarters of 2024, the operating revenue was 10.608 billion yuan, 9.513 billion yuan, and 12.445 billion yuan, with year-on-year changes of 2.57%, -4.41%, and 11.13% respectively [3] - The net profit for these quarters was 634 million yuan, 693 million yuan, and 1.132 billion yuan, showing significant growth rates of 89.20%, 48.83%, and 67.57% respectively [3] Impairment Losses - In Q4 2024, the company recorded credit impairment losses of 286 million yuan, impacting the net profit for the quarter [5][6] - The impairment was related to the fuel procurement business of its subsidiary, which faced challenges in recovering amounts owed [5] Financial Costs - The financial expenses for Q4 2024 reached 1.023 billion yuan, the highest level for any quarter, increasing by 199 million yuan year-on-year [7] Dividend Distribution - Shanghai Electric plans to distribute cash dividends of 789 million yuan, accounting for 38.55% of the annual net profit [8] Green Energy Transition - The company is focusing on green transformation, with clean energy accounting for 60.05% of its installed capacity by the end of 2024 [9][11] - In 2024, the total power generation was 771.47 billion kWh, a year-on-year increase of 2.27%, with growth in gas, wind, and solar power generation [11] Investment and Expansion - Shanghai Electric is actively investing in renewable energy projects, with significant developments in wind and solar power across various regions [9][10] - The company has a total installed capacity of 24.6531 million kW, with ongoing projects in both domestic and international markets [10][11] Market Confidence - The stock market shows confidence in Shanghai Electric's future, with significant share purchases by institutional investors in 2024 [11]

Core Viewpoint - The electric power sector is identified as the leading market theme, expected to generate significant investment opportunities and growth potential in the coming years [1]. Industry Insights - The new electric power development guidelines released on March 18 emphasize the promotion of green electricity and aim to enhance China's international influence in the green power sector, providing clear direction and strong momentum for industry growth [3]. - The rapid advancement of AI technology is driving an exponential increase in demand for computing power, leading to a surge in electricity consumption by data centers, which opens up vast market expansion opportunities for the electric power industry [3]. - Major investments are being made in the electric grid, with State Grid expected to invest 700 billion yuan and Southern Grid 200 billion yuan by 2025 for equipment upgrades, marking a historical high in investment scale [3]. Company Highlights - Three low-priced electric power companies have attracted significant investment from high-level funds, indicating strong potential for growth: - Shanghai Electric, with a current stock price of 9 yuan, has seen high-level funds purchase 33.87 million shares, leveraging its top-tier qualifications and extensive experience in complex power projects [4]. - Huadian International, priced at 5 yuan, has had 76.24 million shares bought by high-level funds, being the largest power generation company in Shandong province with diverse generation capabilities [4]. - A third company, priced at 2 yuan, is recognized as a hidden champion in both computing and electric power, responsible for 100% of China's ultra-high voltage engineering design tasks and recently securing 48 billion yuan in related orders, indicating strong growth potential [5].

General Principles - The rules aim to standardize the decision-making process and operational procedures of the board of directors of Shanghai Electric Power Co., Ltd. to enhance strategic decision-making and risk management [1][2] - The board is responsible for the company's development goals and major operational decisions, safeguarding the legal rights of the company and all shareholders [1][2] Board Structure and Committees - The board has established specialized committees including the Strategy and Investment Committee, ESG Committee, Nomination Committee, Compensation and Assessment Committee, and Audit and Risk Committee, which are accountable to the board [2][3] - The Strategy and Investment Committee's main responsibilities include researching long-term strategic planning and major investment proposals [2][4] ESG Committee Responsibilities - The ESG Committee is tasked with reviewing the company's ESG development policies, supervising the implementation of ESG strategies, and ensuring compliance with national policies and regulations [3][4] Audit and Risk Committee Functions - The Audit and Risk Committee oversees external and internal audit work, evaluates financial reports, and supervises internal controls and risk management systems [4][5] Nomination and Compensation Committees - The Nomination Committee proposes the composition of the board and selects qualified candidates for directors and senior management [5][6] - The Compensation and Assessment Committee develops compensation plans and evaluates the performance of directors and senior management [6][7] Board Meeting Procedures - The board must hold at least four regular meetings annually, with significant proposals requiring in-person meetings [17][18] - A quorum for board meetings requires the presence of more than half of the directors [18][19] Decision-Making and Voting - Decisions require a majority vote from the directors present, with specific rules for related party transactions and other significant matters [20][21] - Directors must recuse themselves from voting on matters where they have a conflict of interest [21][22] Documentation and Record-Keeping - Meeting records must be comprehensive, including attendance, proposals discussed, and voting results, and must be signed by attendees [24][25] - The board secretary is responsible for maintaining meeting archives for at least ten years [26][27]

Core Viewpoint - The announcement details the revisions made to the Board of Directors' Rules of Procedure for Shanghai Electric Power Co., Ltd., aimed at enhancing corporate governance in accordance with new regulations and internal practices [1][18]. Summary by Sections Major Revisions - The revisions include the establishment of a decision-making authority for the Chairman and General Manager, requiring the Board to approve a list of authorized decision-making matters [1][3]. - The requirement for directors to personally sign written confirmations for periodic reports has been emphasized, prohibiting delegation of this responsibility [1][11]. Comparison of Revisions - The previous rule mandated that matters requiring Board decisions must be reviewed by the Board to ensure decision-making authority [2]. - The revised rule maintains this requirement while allowing the Board to authorize the Chairman and General Manager for specific decision-making within the scope of shareholder meeting authorizations [2][3]. Investment Authorization - Specific investment thresholds have been established for various projects, such as: - Investments in subsidiaries with registered capital below 500 million yuan require Board approval if the capital is below 30 million yuan [3][5]. - Investments in domestic infrastructure projects below 1.8 billion yuan require Chairman approval, while those below 100 million yuan can be approved by the General Manager [4][5]. - For mergers and acquisitions, transactions below 400 million yuan require Chairman approval [5][6]. Financial Management - The rules specify that the General Manager can approve annual operating expense plans after Board approval, ensuring that financial management aligns with corporate governance standards [8][9]. - The Chairman has the authority to adjust long-term loan limits by no more than 10% within the approved annual budget [8][9]. Governance Structure - The revisions include a new chapter dedicated to the appointment and dismissal of senior management, enhancing clarity in governance [10]. - The rules also stipulate that the Board must adhere to relevant laws and regulations when approving related party transactions [10][12]. Meeting Procedures - The revised rules outline procedures for convening Board meetings, including conditions under which meetings must be called within five working days [11][12]. - Proposals that are not approved cannot be re-evaluated within a month unless significant changes occur [14][15]. Conclusion - The revised Board Rules have been approved by the Board and are pending shareholder approval, reflecting a commitment to improved governance practices [18].

| 上海电力股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 独立董事潘斌 年度述职报告 | 2024 | | | | | 本人潘斌作为上海电力股份有限公司（以下简称"公 | | | | | | 司"）的独立董事，2024 年我严格按照《公司法》 | | | | | | 《上海证券 | | | | | | 交易所上市公司自律监管指引第 1 号——规范运作》 | | | | | | 《上市 | | | | | | 公司独立董事管理办法》《公司章程》等有关规定和要求， | | | | | | 本着"恪尽职守、勤勉尽责"的工作态度，认真出席股东大 | | | | | | 会和董事会会议，认真审议各项议案，切实维护了公司和全 | | | | | | 体股东的合法利益，对促进董事会的科学决策、公司的规范 | | | | | | 运作和高质量发展起到了积极作用。现将 2024 年度履行职 | | | | | | 责情况报告如下： | | | | | | 一、基本情况 | | | | | | 潘斌，男，1972 月出生，硕士研究生学历。现任 | 12 年 | | | | ...

（二）本次监事会会议通知和会议材料于 2025 年 3 月 21 日以电子方式发出。 （三）本次监事会会议于 2025 年 3 月 28 日以现场结合视频的方式召开。 证券简称：上海电力 证券代码：600021 编号：2025-023 上海电力股份有限公司 第九届监事会第二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 （一）上海电力股份有限公司第九届监事会第二次会议的召开符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 （四）会议应到监事 5 名，亲自出席监事 3 名，张海啸监事委托邱林监事行 使表决权，唐兵监事委托冯鸣监事行使表决权，符合《公司法》和《公司章程》 规定。 二、监事会审议及决议情况 （一）同意《公司 2024 年度监事会工作报告》，并提交股东大会审议。 该议案5票同意，0票反对，0票弃权。 （二）同意《公司 2024 年度财务决算及 2025 年度财务预算报告》，并提 交股东大会审议。 该议案 5 票同意，0 票反对，0 票弃权。 （三）同意《公司 20 ...

证券代码：600021 证券简称：上海电力 公告编号：2025-030 上海电力股份有限公司 关于召开 2024 年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 网络投票起止时间：自 2025 年 4 月 23 日 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 告 至 2025 年 4 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (七) 涉及公开征集股东投票权 无 二、 会议审议事项 融服务协议》暨关联交易的议案 则》的议案 除审议上述议案外，公司独立董事将向股东大会作 2024 年度述职报告。 上述议案已获得公司第九届董事会第二次会议和第九届监事会第二次会议 审议通过，相关内容已于 2025 年 4 月 1 ...

Financial Performance - The company's operating revenue for 2024 reached ¥42,733,886,034.16, an increase of 0.78% compared to ¥42,401,756,975.54 in 2023[23] - Net profit attributable to shareholders for 2024 was ¥2,045,978,960.30, representing a significant increase of 28.46% from ¥1,592,660,430.89 in 2023[23] - The net cash flow from operating activities for 2024 was ¥8,172,473,975.07, up by 10.35% from ¥7,405,846,989.44 in 2023[23] - The total assets of the company as of the end of 2024 amounted to ¥189,377,708,919.86, reflecting a growth of 12.34% from ¥168,572,335,291.72 at the end of 2023[24] - The basic earnings per share for 2024 increased to ¥0.6172, a rise of 24.59% compared to ¥0.4954 in 2023[25] - The weighted average return on equity for 2024 was 9.33%, an increase of 1.19 percentage points from 8.14% in 2023[25] - The net profit after deducting non-recurring gains and losses for 2024 was ¥1,894,695,413.48, which is a 26.57% increase from ¥1,496,990,353.98 in 2023[23] - The company's net assets attributable to shareholders at the end of 2024 were ¥29,077,964,971.98, a 4.67% increase from ¥27,780,201,828.40 at the end of 2023[24] Quarterly Performance - The total operating revenue for the first quarter of 2024 was approximately CNY 10.61 billion, with a net profit attributable to shareholders of CNY 633.87 million[28] - In the second quarter, the operating revenue decreased to approximately CNY 9.51 billion, while the net profit attributable to shareholders increased to CNY 693.22 million[28] - The third quarter saw a significant increase in operating revenue to approximately CNY 12.44 billion, with a net profit of CNY 1.13 billion attributable to shareholders[28] - The fourth quarter reported an operating revenue of approximately CNY 10.17 billion, but a net loss of CNY 412.62 million attributable to shareholders[28] Cash Flow and Investments - The net cash flow from operating activities for the first three quarters was CNY 1.85 billion, CNY 2.49 billion, and CNY 3.17 billion respectively, with a drop to CNY 663.58 million in the fourth quarter[28] - The total balance of investments increased from CNY 1.79 billion at the beginning of the year to CNY 1.96 billion at the end of the year, reflecting a change of CNY 171.57 million[34] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[28] Renewable Energy and Capacity - As of the end of 2024, the company's installed capacity reached 24,653.1 MW, a year-on-year increase of 9.8%, with clean energy accounting for 60.05%, up 3.93 percentage points year-on-year[37] - The company achieved a total profit of CNY 5.196 billion in 2024, representing an 18% year-on-year growth, while the net profit attributable to shareholders was CNY 2.046 billion, up 28.46% year-on-year[41] - The company’s total electricity generation reached 77.147 billion kWh, and heat supply was 19.8819 million GJ, reflecting increases of 2.27% and 6.16% year-on-year, respectively[41] - The installed capacity of renewable energy generation in China reached 1.45 billion kW, surpassing that of thermal power for the first time[46] Cost Management - The company’s fuel cost decreased, with the price of standard coal at CNY 1,072.41 per ton, down 7.32% year-on-year[42] - The company’s comprehensive financing cost was 2.96% at the end of 2024, a decrease of 0.51 percentage points year-on-year[42] - Operating costs decreased by 1.21% year-on-year to 32.70 billion RMB, primarily due to a reduction in coal costs and improved internal cost control[67] Risk Management - The company has not identified any significant risks that could materially affect its operations during the reporting period[9] - The company has a risk management strategy in place to address market, performance, and legal risks associated with its derivative trading activities[108] - The company is aware of geopolitical risks affecting overseas investments and will implement thorough due diligence and risk management strategies[121] Corporate Governance - The company has received an A rating for its information disclosure practices, reflecting its commitment to transparency and effective communication with investors[124] - The company has established independent financial accounting departments and management systems to ensure operational independence[127] - The company has committed to avoiding any actual or potential competition with its controlling shareholder[128] Environmental and Social Responsibility - The company has invested approximately 282.57 million yuan in environmental protection during the reporting period, covering pollution control, ecological restoration, and environmental education[178] - The company achieved a total emission of 241 tons of particulate matter, 2,569 tons of sulfur dioxide, and 4,053 tons of nitrogen oxides in 2024[179] - The company has focused on achieving "carbon peak" and "carbon neutrality" goals as part of its new development strategy[179] Future Outlook - The company forecasts a 6% year-on-year growth in national electricity consumption by 2025, reaching approximately 10.4 trillion kWh[113] - The company aims to achieve a power generation target of 79.986 billion kWh and total revenue of 42.982 billion CNY for 2025[118] - The company plans to enhance operational quality by focusing on cost per kWh and profit per kWh, improving marketing capabilities, and optimizing fuel management[118]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

Core Points - The Shanghai Composite Index closed at 3357.02 points, above the six-month moving average, with a decline of 0.44% [1] - The total trading volume of A-shares reached 1,048.417 billion yuan [1] - A total of 41 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Stock Performance - Key stocks with high deviation rates include: - Kexin Technology (科信技术) with a deviation rate of 19.34%, closing at 15.89 yuan [2] - Zhongying Technology (中英科技) with a deviation rate of 10.41%, closing at 46.07 yuan [2] - Meijin Energy (美锦能源) with a deviation rate of 9.39%, closing at 5.06 yuan [2] - Other stocks with lower deviation rates that just crossed the six-month line include: - China Gold (中国黄金), Huadian Energy (华电能源), and Shanghai Construction (上海建工) [1]