登录新浪财经APP 搜索【信披】查看更多考评等级 券代码：600644 证券简称：乐山电力 公告编号：2025-077 乐山电力股份有限公司 关于调增2025年度日常关联交易预计金额的公告 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。 二、关联方介绍及关联关系 重要内容提示： ●乐山电力股份有限公司（简称"公司"）本次调增2025年度日常关联交易预计金额已经公司独立董事专 门会议第五次会议、第十届董事会审计与风险管理委员会第二十六次会议和第十届董事会第二十二次临 时会议审议通过。 ●本次拟调增金额占公司最近一期经审计净资产的0.62%。根据《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第5号一一交易与关联交易》和《公司章程》等有关规定，本次调 增日常关联交易预计金额事项无需提交股东会审议。 ●本次调增2025年度日常关联交易预计金额事项对公司的影响：属于公司正常生产经营行为，有助于电 网电力电量的平衡，有助于新业务的拓展，不会损害全体股东的利益。 一、2025年度日常关联交易预计增加基本情况 因公司控股 ...

Core Insights - The Beijing Economic-Technological Development Area Management Committee has issued measures to accelerate the cultivation of the future energy industry, focusing on new energy storage, clean energy, low-carbon transition, and fusion energy [1][2] Group 1: Key Focus Areas - The document emphasizes support for four core directions: new energy storage, clean energy, low-carbon transition, and fusion energy, encouraging rapid completion of the full chain incubation from technology maturation to industrialization [1] - Companies are encouraged to utilize multimodal large model technology for R&D in key areas such as new energy storage materials, efficient photovoltaic components, and core components of wind power [1] Group 2: Innovation and Collaboration - Enterprises are urged to lead collaborations with research institutions and universities to deepen industry-academia-research cooperation, focusing on high-standard construction of industry R&D innovation platforms [2] - The initiative includes the establishment of common technology platforms for flexible perovskite battery components, new energy storage safety monitoring, and solid-state battery material research [2] Group 3: Infrastructure and Application - The plan aims to accelerate the large-scale production of core components, particularly in new energy storage (new batteries), advanced hydrogen equipment, and next-generation perovskite photovoltaic key components [2] - The development of a "Future Energy Town" is proposed to create a green and integrated demonstration scene, promoting the application of various advanced low-carbon technologies [2]

Group 1 - The core viewpoint of the articles highlights that Foshan has established itself as the largest industrial robot production base in China, with significant advancements in various industrial clusters [1][2] - Foshan is recognized as a national pilot city for the comprehensive reform of manufacturing transformation and upgrading, focusing on strengthening traditional industries while fostering emerging and future industries [1] - The city has ten industrial clusters with a scale exceeding 100 billion yuan, and the number of industrial enterprises above designated size has surpassed 10,000 [1] Group 2 - Foshan is leading in certain components required for humanoid robots, such as reducers and servo systems, supported by over 3,000 small and medium-sized robot enterprises [2] - In the semiconductor and integrated circuit sectors, Foshan has strategically positioned itself to develop this industry, successfully attracting significant projects including the only self-developed lithography machine production project in Guangdong [2] - Foshan has initiated over 200 new energy storage projects with a total investment exceeding 150 billion yuan, establishing the largest new energy storage station in the Guangdong-Hong Kong-Macao Greater Bay Area [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The demand from the terminal (energy storage + new energy vehicles) remains strong during the peak season, with the material production schedule basically flat and the flow of social inventory from upstream to downstream to the terminal being smooth. On the supply side, the production schedule in December has a slight increase, but the tight spot supply of spodumene restricts a significant resumption of production on the supply side. Overall, demand provides medium - term support for the lithium carbonate price, but there is significant pressure around the key level of 100,000 yuan [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 95,850 yuan with a daily increase of 2,500 yuan; SMM industrial - grade lithium carbonate has an average price of 93,350 yuan with a daily increase of 2,000 yuan [1] Lithium Futures Contracts - The closing prices and price increases of lithium carbonate futures contracts 2601 - 2605 range from 98,740 yuan to 100,600 yuan, with price increases between 0.78% and 1.35% [1] Lithium Ore - The average price of spodumene concentrate (CIF China) is 1,248 yuan with a daily increase of 25 yuan; lithium mica prices vary according to different Li₂O contents, and the prices of phospho - lithium - aluminum stone also vary by Li₂O content [1][2] Cathode Materials - The average prices of cathode materials such as lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) are 39,845 yuan, 162,800 yuan, 146,000 yuan, and 145,700 yuan respectively, with corresponding price increases [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,500 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 4,750 yuan with a change of 1,160 yuan; and there are also price spreads between near - month and consecutive contracts [2] Inventory - The total weekly inventory is 111,469 tons with a decrease of 2,133 tons, including 19,161 tons in smelters (a decrease of 1,606 tons), 42,738 tons in downstream (a decrease of 957 tons), and 49,570 tons in other (an increase of 430 tons); the daily registered warehouse receipts are 15,286 tons with a change of 26 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 99,567 yuan with a profit of - 5,047 yuan; the cash cost of purchasing lithium mica concentrate externally is 96,908 yuan with a profit of - 4,739 yuan [3] Industry News - The national new - energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan" and accounting for over 40% of the global total installed capacity. During the peak summer period this year, the peak call of new - energy storage exceeded 30 million kilowatts [3]

Group 1 - The Social Security Fund emphasizes the importance of long-term capital to support technological and industrial innovation while ensuring safe investment operations [1] - The fund aims to align its strategies with the "14th Five-Year Plan" and the central economic work conference's key tasks to promote high-quality development [1] Group 2 - The China Academy of Information and Communications Technology has launched the AI Product Security Vulnerability Database (CAIVD) to manage and verify security vulnerabilities in AI products [2] - This initiative aims to encourage AI product providers to promptly address security issues and foster a secure industrial ecosystem [2] Group 3 - Douyin has introduced a financial industry governance convention that prohibits non-certified accounts from publishing financial professional content [3] - The convention aims to regulate the dissemination of financial-related content and establish clear governance boundaries [3] Group 4 - Guangzhou's government has released a planning outline for the construction of a new power system, promoting the integration of electric vehicles and energy storage solutions [4] - The plan encourages the demonstration and large-scale application of various new energy storage projects [4] Group 5 - Counterpoint Research reports a projected 2.1% decline in global smartphone shipments next year due to memory shortages and rising costs [5] - The average selling price of smartphones is expected to increase by 6.9% as a result of overall component cost increases of 10% to 25% [5] Group 6 - The European Union plans to abandon the 2035 ban on internal combustion engines, allowing certain hybrid and fuel-extended electric vehicles to be sold [6] - The new proposal aims for a 90% reduction in emissions by the mid-2030s, compared to the original goal of 100% [6] Group 7 - Kunlun Core is nearing the completion of its share reform and is accelerating its efforts to go public, targeting over 2 billion yuan in revenue by 2025 [7][8] - The company plans to list on the Hong Kong stock exchange and is currently evaluating its potential spin-off [7][8] Group 8 - The Shanghai Market Supervision Bureau held a roundtable to understand the development of foreign-invested enterprises and improve the business environment [9] - The bureau aims to streamline the registration process for foreign enterprises to enhance their experience and satisfaction [9] Group 9 - The State Administration for Market Regulation is set to introduce new regulations for live e-commerce and food safety to ensure orderly development [10] - Upcoming regulations will include measures for live e-commerce supervision and food safety responsibilities for chain enterprises [10] Group 10 - China Energy Construction announced the launch of the world's largest integrated green hydrogen and ammonia project, with an investment of 6.946 billion yuan [11] - The project aims to produce 45,000 tons of green hydrogen and 200,000 tons of green ammonia annually, significantly reducing coal consumption and CO2 emissions [11]

Group 1 - The core viewpoint of the news is that Hangzhou Gaote Electronics Co., Ltd. has received approval for its IPO application on the ChiNext board, aiming to raise 850 million yuan, with 600 million yuan allocated for building a new energy storage battery management system production line and 250 million yuan for working capital [2][4]. Group 2 - Gaote Electronics specializes in the research, production, and sales of new energy storage battery management system products, maintaining a leading position in the large-scale energy storage BMS product shipment volume for three consecutive years [4]. - The company's financial performance has been declining, with a projected net profit of 98.42 million yuan for 2024, showing a significant decrease in growth rate from 64.1% in 2023 to 11.55% [4]. - Gaote Electronics has faced negative cash flow from operating activities for 2022 and 2023, with net outflows of 90 million yuan and 116 million yuan, respectively, and only a slight positive cash flow of 994.5 thousand yuan in 2024 [4]. - The company has a high customer concentration, with its top three clients, including the solar giant Artis, contributing over 300 million yuan in revenue for 2024, with Artis alone accounting for 21.61% [4]. - There are concerns regarding the fairness of related party transactions, as Artis is also a shareholder of Gaote Electronics [4]. - Prior to the IPO, Gaote Electronics was involved in a legal dispute over a share buyback issue, with the controlling shareholder facing court enforcement for unpaid buyback amounts totaling 7.4267 million yuan, which may raise questions about corporate governance [4]. Group 3 - The planned investment of 600 million yuan for a new production line aims to address the issue of overcapacity, as the production capacity utilization rate reached 112.09% in 2023, although the cost-effectiveness and capacity absorption capability of the new line remain uncertain [5].

Group 1 - The core viewpoint of the article indicates that despite a year-on-year decline in new energy storage installations in November 2025, there is a significant month-on-month recovery, suggesting a long-term positive trend in the market [1][2] - In November 2025, the total newly commissioned energy storage projects reached 3.51 GW/11.18 GWh, representing a year-on-year decrease of 22% in capacity and 7% in energy, but a month-on-month increase of 81% in capacity and 180% in energy [1] - The cumulative new installed capacity for the first eleven months of 2025 reached 39.5 GW, showing a year-on-year growth of 28%, with expectations that the total for the year will exceed that of the previous year [1][2] Group 2 - Independent energy storage systems accounted for over 70% of new installations in November, with a month-on-month growth rate exceeding 80% in power and 200% in energy [2] - Local energy groups contributed to 45% of new installations, surpassing major state-owned enterprises for the first time, indicating a diversification of market investment entities [2][14] - The article highlights the acceleration of various technologies beyond mainstream lithium batteries, including compressed air, flow batteries, and flywheel technologies, which are increasingly being applied in the industry [2][17] Group 3 - In November, the source-side new energy storage projects saw an installed capacity of 3.32 GW/10.62 GWh, with a year-on-year decrease of 15% in capacity and 1% in energy, but a month-on-month increase of 90% in capacity and 202% in energy [4] - The Northwest region accounted for over 40% of new installations, with Inner Mongolia leading in new capacity, reflecting the region's significant role in the national energy landscape [8] - The article notes that Inner Mongolia has implemented compensation policies for independent energy storage stations, which are expected to drive further growth in the sector [9]

Core Viewpoint - The article discusses the release of the "Management Measures for Industrial Technology Basic Public Service Platforms" by the Ministry of Industry and Information Technology, emphasizing the importance of these platforms in supporting industrial development and technological innovation [3][8]. Summary by Sections General Principles - The purpose of the measures is to implement the manufacturing power strategy, enhance the industrial support system, and cultivate authoritative and foundational public service platforms for industrial technology [10]. - The service platforms are defined as specialized institutions that provide essential support services across the entire chain of technological innovation activities, from research and development to industrialization [10]. Application - Applicants for service platforms must clearly define their service industry and scope, focusing on key sectors such as equipment, petrochemicals, steel, non-ferrous metals, construction materials, light industry, textiles, food, pharmaceuticals, new information technology, biotechnology, new energy, new materials, and more [13][14]. Basic Requirements - Applicants must have independent legal status and engage primarily in industrial technology basic services, with at least 60% of their business related to this area [14]. - They should have a strong reputation in the industry, a well-established operational mechanism, and a minimum of one year of relevant service experience [14]. - The platforms must also possess high-level professional talent, necessary infrastructure, and technical capabilities, including having equipment valued at no less than 10 million yuan or annual service revenue exceeding 10 million yuan [14]. Review and Publication - The Ministry of Industry and Information Technology will conduct annual reviews of the service platforms, with evaluations based on submitted annual reports and performance assessments [24]. - A third-party organization or expert group will be responsible for reviewing applications and conducting on-site evaluations if necessary [18]. Operation - Service platforms are required to strengthen their institutional norms, adhere to principles of fairness and integrity, and accept government guidance and social supervision [21]. - They must also enhance their operational capabilities, improve service quality, and adapt to industry trends and technological developments [22]. Dynamic Management - The Ministry will implement dynamic management of the service platforms, conducting annual evaluations and comprehensive reviews every three years [24]. - Platforms that fail to meet performance standards or engage in fraudulent activities may be removed from the official list and barred from reapplication for three years [25].

Core Viewpoint - The article highlights the challenges and measures taken by State Grid Shandong Electric Power to ensure stable electricity supply during the winter season, particularly in response to severe cold weather and increased demand for heating. Group 1: Electricity Demand and Supply - Shandong experienced its first large-scale rain and snow weather this winter, leading to a significant increase in electricity demand, with the highest load reaching 111 million kilowatts, a 4.7% increase compared to last winter's peak [1] - The company has implemented a "double removal" action to address the impact of snow and ice on wind and solar power generation, ensuring rapid recovery capabilities for 17 million kilowatts of installed wind and solar capacity [1][2] Group 2: Energy Storage and Grid Stability - The large-scale deployment of new energy storage has bolstered winter supply capabilities, with 144 new energy storage stations collectively discharging a maximum power of 8.389 million kilowatts, setting a new record for provincial grid energy storage [2] - The company has enhanced its grid's "anti-freezing" capabilities through infrastructure upgrades, including the successful energization of the 1000 kV Quanle double line, which mitigates risks associated with severe weather [2][3] Group 3: Equipment Maintenance and Monitoring - A total of 2,656 maintenance tasks for transmission and transformation equipment have been completed, including significant upgrades to high-voltage lines, ensuring robust support for winter operations [3] - The company employs a combination of manual and drone inspections to monitor critical transmission lines, enhancing the ability to detect potential issues in real-time [3] Group 4: Customer Management and Forecasting - The company has implemented a tagging management system for 3.65 million "coal-to-electricity" customers, utilizing a three-color warning mechanism to monitor electricity usage and manage outage risks effectively [4] - Forecasts indicate that the peak load for Shandong's grid this winter and spring will reach 116 million kilowatts during midday and 104 million kilowatts during the evening peak [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The demand from the terminal (energy storage + new energy vehicles) remains strong during the peak season, the production schedule of the material end is basically flat, and the chain of social inventory movement from "upstream - downstream - terminal" is smooth. In terms of supply, the production schedule in December has a slight increase, and the tight spot supply of spodumene restricts the large - scale resumption of production on the supply side. Overall, demand provides medium - term support for the lower price of lithium carbonate, but there is significant pressure near the key level of 100,000 [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 94,500 with a rise of 2,500; SMM industrial - grade lithium carbonate has an average price of 92,000 with a rise of 2,000 [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 1,220 with a rise of 10; lithium mica (Li20:1.5% - 2.0%) has an average price of 1,680 with a rise of 15; lithium mica (Li20:2.0% - 2.5%) has an average price of 2,605 with a rise of 15; phospho - lithium - aluminum stone (Li20:6% - 7%) has an average price of 9,175 with a rise of 115; phospho - lithium - aluminum stone (Li20:7% - 8%) has an average price of 10,450 with a rise of 175 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 39,520 with a rise of 240; the average price of ternary material 811 (polycrystalline/power type) is 162,350 with a rise of 250; the average price of ternary material 523 (single - crystal/power type) is 145,550 with a rise of 400; the average price of ternary material 613 (single - crystal/power type) is 145,250 with a rise of 300 [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,500; the price spread between battery - grade lithium carbonate and the main contract is - 3,220 with a change of 2,160; the price spread between the near - month and the first - continuous contract is - 380 with a change of - 200; the price spread between the near - month and the second - continuous contract is - 240 with a change of 20 [2] Inventory - The total inventory (weekly, tons) is 111,469 with a decrease of 2,133; the inventory of smelters (weekly, tons) is 19,161 with a decrease of 1,606; the inventory of downstream (weekly, tons) is 42,738 with a decrease of 957; the inventory of others (weekly, tons) is 49,570 with an increase of 430; the registered warehouse receipts (daily, tons) is 15,050 with an increase of 300 [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 97,832, and the profit is - 4,649; the cash cost of purchasing lithium mica concentrate externally is 94,715, and the profit is - 3,869 [3] Industry News - The installed capacity of new - type energy storage in China has exceeded 100 million kilowatts, which is more than 30 times that at the end of the "13th Five - Year Plan" and accounts for more than 40% of the global total installed capacity. During the peak summer period this year, the peak call of new - type energy storage in China exceeded 30 million kilowatts [3]