一、董事会会议召开情况 次会议召开通知于 2025 年 7 月 24 日以书面形式发出。 证券代码：001896 证券简称：豫能控股 公告编号：临 2025-34 河南豫能控股股份有限公司 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。 为了加快构建新型电力系统，提高河南省电力供应稳定性，助推公司装机结 构调整，实现转型发展目标，公司及公司全资子公司河南豫能新能源有限公司拟 共同出资 10 亿元设立控股子公司豫能控股（濮阳）智慧能源有限责任公司（暂 定名，以市场监督局核准登记为准，以下简称"智慧能源"），出资比例分别为 本议案提交董事会审议前，已经公司董事会战略委员会全票审议通过。详见 刊载于巨潮资讯网 http://www.cninfo.com.cn 和《证券时报》 《上海证券报》的《关 室以现场结合通讯表决方式召开。 立董事史建庄、叶建华、赵剑英共 7 人出席了会议，其中董事王璞通过通讯表决 方式参加。 副总经理刘中显、郝笑辰，总会计师王萍，董事会秘书李琳。 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，会议合法有 效。 二、董事会会议审议情 ...

Investment Overview - The company plans to establish a new subsidiary, YN Holdings (Puyang) Smart Energy Co., Ltd., with a total investment of 1 billion RMB, aimed at enhancing the stability of electricity supply in Henan Province and facilitating the company's transition to a comprehensive energy enterprise [1][2] - The investment will be shared between the company (70%) and its wholly-owned subsidiary, YN New Energy Co., Ltd. (30%) [1][2] Company Structure and Governance - The new subsidiary will have a board of directors consisting of 5 members, including a chairman who will be the legal representative of the company [4] - An audit committee will be established within the board, comprising 3 members, while the functions of a supervisory board will be performed by the audit committee [4] Business Scope - The subsidiary will engage in various activities including power generation, electricity sales, energy conservation, and the development of renewable energy sources [3] - It will also focus on the construction and operation of charging facilities for new energy vehicles, as well as the development of smart energy management platforms [3] Strategic Importance - This investment is a significant step towards the company's goal of becoming a leading comprehensive energy enterprise and will contribute positively to national energy transition efforts and the sustainable development of the company [5] - The funding for this investment will come entirely from the company's own resources, ensuring no adverse impact on its financial and operational status [5]

Core Viewpoint - The report highlights the financial performance and strategic direction of Willfar Information Technology Co., Ltd., emphasizing its focus on IoT, chip technology, and artificial intelligence to drive digital transformation in energy and smart city solutions [1][3][8]. Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 was CNY 305,100,737.96, representing a 12.24% increase compared to CNY 271,823,688.69 in the same period last year [6]. - Total revenue for the first half of 2025 reached CNY 1,367,947,694.82, an increase of 11.88% from CNY 1,222,660,077.51 in the previous year [6]. - The company plans to distribute a cash dividend of CNY 2.5 per 10 shares, amounting to CNY 121,863,437.75, which is 39.94% of the net profit for the first half of 2025 [1]. Business Strategy - The company aims to enhance its core competitiveness by integrating IoT, chip technology, and AI, providing comprehensive digital solutions for energy and smart city management [3][9]. - Willfar Information is focusing on expanding its overseas business, particularly in ASEAN countries, the Middle East, and Africa, capitalizing on the demand for digital and intelligent infrastructure in these regions [3][8]. Industry Context - The global investment in power grids is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 12% from 2022 to 2030, driven by the dual carbon goals and the need for new power systems [15][16]. - The State Grid of China announced a record investment of over CNY 650 billion in 2025, indicating a strong commitment to upgrading power infrastructure and enhancing digital capabilities [16][17]. - The integration of renewable energy sources into the power grid presents challenges, necessitating advancements in grid intelligence and information technology to manage the variability and ensure stability [18][19].

格隆汇7月29日丨豫能控股（维权）(001896.SZ)公布，为了加快构建新型电力系统，提高河南省电力供 应稳定性，助推公司装机结构调整，实现转型发展目标，公司及公司全资子公司河南豫能新能源有限公 司(简称"豫能新能源")拟共同出资10亿元设立豫能控股(濮阳)智慧能源有限责任公司(暂定名，以市场监 督局核准登记为准，以下简称"智慧能源")，出资比例分别为70%、30%，主要负责推进豫能台前 2×1000MW煤电项目前期工作和新能源资源开发。 ...

（文章来源：每日经济新闻） 豫能控股（SZ 001896，收盘价：5.55元）7月29日晚间发布公告称，为了加快构建新型电力系统，提高 河南省电力供应稳定性，助推公司装机结构调整，实现转型发展目标，公司及公司全资子公司河南豫能 新能源有限公司拟共同出资10亿元设立豫能控股（濮阳）智慧能源有限责任公司，出资比例分别为 70%、30%，主要负责推进豫能台前2×1000MW煤电项目前期工作和新能源资源开发。 2024年1至12月份，豫能控股的营业收入构成为：发电企业占比89.34%，燃煤销售占比6.04%，风电企 业占比1.94%，其他业务占比1.76%，光伏占比0.91%。 ...

豫能控股（001896）公告，公司及全资子公司豫能新能源拟共同出资10亿元设立豫能控股(濮阳)智慧能 源有限责任公司，出资比例分别为70%、30%。智慧能源将负责推进豫能台前2×1000MW煤电项目前期 工作和新能源资源开发。本次投资旨在构建清洁低碳安全高效的新型电力系统，促进公司向一流综合能 源企业转型发展。 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Core Viewpoint - The event focused on the development path of user-side energy storage under the new power system construction, providing solutions for energy transition in load center areas through the release of research results and discussions on multi-scenario applications [1][6][30]. Group 1: Event Overview - The "User-side Energy Storage Application Salon" was held in Suzhou, Jiangsu, organized by the Zhongguancun Energy Storage Industry Technology Alliance and supported by Goodwe Technology Co., Ltd [1]. - The event included a research results release session, highlighting the collaboration between the Zhongguancun Energy Storage Industry Technology Alliance and the Natural Resources Defense Council [7][4]. Group 2: Research Findings - Four research reports were released, focusing on low-carbon supply assurance and flexibility resource potential in the eastern and southern regions of China [7][10]. - The reports analyzed the potential of new energy storage, demand-side resources, and inter-provincial cooperation in optimizing resource allocation for power supply and green transition [9][10]. Group 3: Regional Insights - In the eastern region, the potential for three types of resources to ensure supply could reach approximately 30% of the maximum electricity load by 2026-2027, with specific targets for new energy storage and demand-side adjustment capabilities [9][8]. - The southern region is expected to achieve a similar potential, with projections for new energy storage capacity and demand-side resources by 2030 [10][11]. Group 4: Market Dynamics - The new market environment requires energy storage companies to enhance technical performance, intelligent operation, and safety, with a focus on user needs and high-value solutions [4][6]. - The transition from single price difference arbitrage to diversified investment models is driven by policy changes, with a need for market mechanisms to reshape the value assessment of energy storage [29][30]. Group 5: Expert Discussions - Experts discussed the increasing demand for flexibility in the power system due to high proportions of renewable energy, emphasizing the need for reliable and economically viable energy storage solutions [19][21]. - The role of virtual power plants in aggregating distributed resources for system regulation was highlighted, along with the importance of establishing industry standards and optimizing communication technologies [27][29].

Core Viewpoint - The development of pumped storage hydropower in China is entering a new phase focused on high-quality exploration, emphasizing its role as a crucial component for the stability and safety of the new energy system [2][3]. Industry Development Status - The pumped storage capacity in China exceeds 60 million kilowatts, with significant ongoing construction, showcasing a trend of diversified investment and multiple application scenarios [3]. - Despite rapid growth in scale, the industry faces challenges in innovation, particularly in planning, equipment upgrades, and the application of new technologies [3]. Economic Viability of Projects - The new management measures for pumped storage project development aim to standardize the development order and eliminate extra burdens, gradually restoring investment value [4]. - The economic characteristics of pumped storage projects are complex due to their public good nature, where benefits are shared across various stakeholders, making precise benefit allocation challenging [4]. - Investment costs are influenced by factors such as contingency fees and interest during construction, which can exceed 20% of project estimates, necessitating a comprehensive evaluation of economic viability [4]. Relationship with New Energy Storage Technologies - New energy storage technologies have seen rapid development, surpassing pumped storage in installed capacity, but they do not hinder the growth and innovation of the pumped storage sector [6]. - Both technologies should develop synchronously, considering their unique characteristics and application scenarios, to avoid resource misallocation [7]. New Generation Pumped Storage Research - The new generation of pumped storage technology aims to overcome industry shortcomings and achieve safe, economical, reliable, and efficient development [8]. - This new technology focuses on expanding regulation types, enhancing quality, and optimizing costs, with an emphasis on innovation across various operational aspects [9]. Future Development Initiatives - The company plans to deepen research in critical areas such as design, equipment manufacturing, and operational control, promoting collaborative innovation across the industry [9]. - There is a commitment to demand-oriented development, tailoring power station functions to meet specific system needs and enhancing adaptability [9]. - Efforts will be made to improve policies that attract resources and investment, fostering a conducive environment for the growth of pumped storage projects [9].

Core Viewpoint - The successful development and testing of the 300 MW variable-speed pumped storage unit's AC excitation system marks a significant advancement in China's energy technology, breaking foreign monopolies and enhancing the construction of a new power system [1][2]. Group 1: Technological Advancements - The newly developed AC excitation system is ten times the capacity of conventional fixed-speed pumped storage units, ensuring precise control and output capabilities for variable-speed units [1]. - The variable-speed pumped storage unit can adjust its power output by nearly 50% through a 7% change in speed, making it more efficient in storing and utilizing intermittent renewable energy [2]. - The innovative "device series + branch parallel" technology route was adopted to overcome technical challenges, achieving output current and voltage levels that are three times and ten times higher than those of fixed-speed units, respectively [2]. Group 2: Project Implementation - The 300 MW and 400 MW domestic variable-speed pumped storage units have been included in the list of major technological equipment in the energy sector, reinforcing the technological and equipment support for green energy transition [3]. - The construction of the two projects, located in Zhaoqing and Huizhou, is progressing with plans for commissioning in 2026 and 2027, respectively [3].