上海大屯能源股份有限公司2025 年半年度报告 公司代码：600508 公司简称：上海能源 上海大屯能源股份有限公司 上海大屯能源股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张付涛、主管会计工作负责人张成斌及会计机构负责人（会计主管人员）赵建 伟声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 扣除2025年上半年已分配的2024年度普通股股利144,543,600.00元，2025年6月底母公司可供股东 分配的利润为7,088,805,283.63元。 公司以2025年6月底总股本72,271.8万股为基数，拟向公司全体股东按每10股派发现金红利0.9 元（含税），共送出现金红利65,044,620.00元，母公司剩余可供股东分配的利润7,023,760,663.63 元用于以后年度分配。 六、 前瞻性陈述的风 ...

目前，该源网荷储一体化项目已完成方案编制、场址限制性因素排查、前期支持性文件获取及负荷企业 认定，并已获得通辽市能源局的批准同意。同时，用电负荷40万吨电熔镁砂项目正在进行可研报告编制 工作。 和镁新能源库伦旗30万千瓦源网荷储一体化项目场址位于通辽市库伦旗，负荷端为内蒙古和镁绿材科技 有限责任公司年产40万吨电熔镁砂项目，预计年用电量13.9亿千瓦时，用电负荷59.2万千瓦。该源网荷 储一体化项目规划建设风电30万千瓦、储能3万千瓦/6万千瓦时、1座220kV升压站及配套设施。 项目计划投资13亿元，将与用电负荷40万吨电熔镁砂项目同步推进。项目分两期建设，其中，一期工程 依托年产20万吨电熔镁砂项目建设风电15万千瓦、储能1.5万千瓦/3万千瓦时；二期工程依托年产20万 吨电熔镁砂项目建设风电15万千瓦、储能1.5万千瓦/3万千瓦时。预计一期2026年12月末前投产，二期 将根据项目整体开展情况安排建设。 8月21日，通辽市能源局向库伦旗、奈曼旗发改委下达《关于实施内蒙古和镁新能源有限责任公司库伦 旗30万千瓦源网荷储一体化项目等2个市场化新能源项目的通知》（简称《通知》）。《通知》指出， 按照有关文件要 ...

同时，公司立足增加网内电源配置，逐步实现多能互补，持续提高自有发电能力，总投资约12.77亿元 的涪陵白涛1×49万千瓦热电联产项目机组具备168h试运条件，并网线路具备电力送出条件。投资约 6500万元的万州武陵（二期）18.3兆瓦分布式光伏发电项目实现投运。公司投资约3.73亿元的黔江大山 6.5万千瓦风电项目完成建设方案优化调整，正在办理开工建设手续。 半年报显示，上半年公司还坚定"围绕大用户、开发大项目"的发展思路，聚焦重点区域、重要行业，开 发有产业协同效应的"源网荷储"一体化、能源站（岛）、能源托管等项目。公司中标总价约11.18亿元 的本钢板材高压作业区2×135兆瓦余气资源综合利用发电项目主体工程全面完工，整体形象进度近 90%。公司总投资约5亿元的万州经开区九龙园热电联产二期项目整体形象进度过半。公司总投资约 2650万元的重庆市第九人民医院两江分院天然气分布式能源项目主要设备安装基本完成。公司大力拓展 区域型风光火储多能互补项目，目前正在研究打造示范项目可行性。 （编辑 郭之宸） 本报讯 （记者冯雨瑶）8月21日晚间，重庆三峡水利电力（集团）股份有限公司（以下简称"三峡水 利"）公布202 ...

Core Viewpoint - The company reported stable revenue but a significant decline in profit due to various operational challenges, while continuing to focus on strategic development in the energy sector [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 4.896 billion yuan, which is approximately flat year-on-year [1] - The total profit amounted to 112 million yuan, with a net profit attributable to shareholders of 47.93 million yuan [1] Strategic Focus - The company aims to become a leading comprehensive energy listed company based on power distribution and sales, optimizing the electricity business environment [1] - It completed a record high power distribution volume of 6.802 billion kilowatt-hours during the reporting period [1] Operational Challenges - The decline in operating performance was attributed to factors such as reduced water inflow in the river basins of its hydropower stations, decreased investment income from affiliated enterprises, and tax payments from previous years [1] Development Initiatives - The company is committed to developing large projects and focusing on major users, with investments exceeding 1.277 billion yuan in integrated energy projects [1] - It is also working on enhancing its power generation capacity through multi-energy complementarity [1]

绿能"风光"无限 8月18日，记者沿着施工通道走进信阳"空气充电宝"项目现场，看到连接地上场区和地下储气硐室的运输通道 已经完成，大山"肚子"内直径15米、总长1800米、总容量约31万立方米的空气压缩硐室已掘进过半，预计将 于2026年年底建成投产。 作为国家能源局新型储能试点示范项目，"空气充电宝"是国内最大的在建300兆瓦级人工硐室压缩空气储能项 目。"项目建成投用后，年发电量将达4.2亿千瓦时，相当于35万个普通家庭一年的用电量。"该项目负责人、 中储国能（河南）电力能源有限公司总经理闵一航介绍。 这是我省能源发展向"绿"向"新"、加速转型的一个缩影。"十四五"规划纲要提出，"建设清洁低碳、安全高效 的能源体系""加快发展非化石能源"。中部大省河南，抢抓"双碳"战略发展机遇，加快可再生能源高质量跃升 发展。 商城县黄柏山上的风电机高高矗立。 一个大号充电宝能有多大？一整座山。 这个正在建设的大号"空气充电宝"，是信阳300兆瓦先进压缩空气储能项目，就在新县的大别山深处。项目建 成后能把光伏、风力发的电能，稳定流畅地接入电网，存储备用，平衡电网供需。 实现碳达峰碳中和目标，能源绿色低碳发展是关键。河南加 ...

一个大号充电宝能有多大？一整座山。 这个正在建设的大号"空气充电宝"，是信阳300兆瓦先进压缩空气储能项目，就在新县的大别山深处。项目建 成后能把光伏、风力发的电能，稳定流畅地接入电网，存储备用，平衡电网供需。 实现碳达峰碳中和目标，能源绿色低碳发展是关键。河南加快推进能源结构战略性调整，积极推动能源替 代，2024年迎来"双超越双突破"：可再生能源装机超越火电、新能源装机超越煤电；可再生能源装机占比突 破50%、年发电量突破1000亿千瓦时。 在这场绿色变革浪潮中，老区信阳凭借得天独厚的自然资源禀赋，可再生能源装机占比达66.59%，高出全省 13个百分点以上，成为河南绿色发展的"尖子生"，也是观察区域绿色低碳转型的鲜活标本。 绿能"风光"无限 8月18日，记者沿着施工通道走进信阳"空气充电宝"项目现场，看到连接地上场区和地下储气硐室的运输通道 已经完成，大山"肚子"内直径15米、总长1800米、总容量约31万立方米的空气压缩硐室已掘进过半，预计将 于2026年年底建成投产。 作为国家能源局新型储能试点示范项目，"空气充电宝"是国内最大的在建300兆瓦级人工硐室压缩空气储能项 目。"项目建成投用后，年发电量 ...

格隆汇8月18日｜华源证券研报指出，算电融合持续推进，有望打开韶能股份增长空间。韶关作为粤港 澳大湾区唯一枢纽节点，绿电需求激增，数据中心集群源网荷储一体化项目有望快速落地。四大电信运 营商、华韶、鹰硕等算力中心项目已建成12万标准机架，腾讯、万国、中联等在建项目也如火如荼进行 中，预计未来韶关市用电需求快速增长。韶关市规划到2035年光伏装机达到8GW，风电装机4GW，并 计划多以源网荷储一体化的方式开展项目，降低数据中心运营成本，保障供电稳定。公司作为地处韶关 地区的清洁能源上市企业，当前正在积极发展新能源，在韶关地区能源规划和算力规划的大背景下，公 司有望加速推进源网荷储电力一体化项目，迎来持续增长。近日公司同步公告定增预案与分红承诺，定 增完成后实控人将变更为韶关市国资委，这意味着公司治理将得到理顺，有望迈入行业新征程。继续维 持"增持"评级。 ...

Core Viewpoint - The environmental industry is transitioning from a phase of incremental expansion to one of optimization, as traditional infrastructure markets become saturated. Companies must adapt from construction to operational services to remain competitive [1][3]. Financial Performance - In the first half of 2025, the company reported a revenue of HKD 3.4 billion, a decrease of 3% year-on-year. However, the net profit attributable to shareholders was HKD 191 million, an increase of 33% year-on-year, with basic earnings per share at HKD 0.0923 and a proposed dividend of HKD 0.028 per share [1][2]. - The decline in revenue was primarily due to a decrease in construction revenue, while the increase in net profit was attributed to cost reduction efforts and decreased financial expenses [1][2]. Business Segments - The company's construction service revenue decreased by 4% year-on-year, while operational service revenue grew by 1%, increasing its share of total revenue by 4 percentage points. Operational service revenue now accounts for 94% of total revenue, up from 79% in 2022 [2]. - Despite a 4.1% decrease in biomass processing volume, the company saw a 3% increase in electricity generation and a 27.4% increase in steam sales, indicating improved operational efficiency [2]. Industry Trends - The traditional infrastructure market is becoming saturated, with ecological environment engineering investments expected to drop below 30% by 2025. Client demands are shifting towards long-term operational services, including maintenance and smart upgrades [3]. - The company plans to focus on enhancing its biomass utilization projects and developing high-value projects such as biomass gasification and zero-carbon parks, integrating various renewable energy resources [3]. Biomass Project Transformation - The company operates 54 biomass utilization projects, with a design capacity of approximately 120,000 tons per year. The net profit from biomass projects increased by 15% year-on-year to HKD 626 million, driven by growth in heating services and improved fuel quality [4][5]. - A notable project, the Anhui Dazhong biomass project, achieved profitability for the first time after transitioning from a pure power generation model to a combined heat and power model, capitalizing on local demand for heating [4][5]. Cost Management and Financial Strategies - The company is implementing various measures to control costs and enhance management efficiency, including targeted support for waste disposal projects and reducing operational expenses [5]. - Financially, the company successfully issued a national subsidy asset-backed security (ABS) of RMB 653 million, which helped lower domestic loan interest rates and improve accounts receivable management [5].

Core Viewpoint - The 10th Western Energy Storage Forum will be held on August 19-20, 2025, in Hohhot, Inner Mongolia, focusing on the integration of new energy and energy storage in China's western region, contributing to the national dual carbon strategy and the construction of a new power system [2][30]. Event Overview - The forum aims to create an innovative communication platform involving government, industry, academia, research, and application to explore new ideas for the development of new energy and energy storage in western China [2]. - The full agenda for the forum has been officially released, detailing various sessions and discussions [2]. Main Reports and Sessions - Keynote speeches will cover topics such as the new energy revolution and new energy storage technologies, the current status and trends of the new energy storage industry, and innovative practices in energy storage technology by major companies [10][11][12]. - The forum will feature multiple sub-forums focusing on new energy storage and electricity markets, innovative value creation in energy storage, and the exploration of unique energy storage markets in the western region [13][14][16]. Special Topics and Discussions - Discussions will include the integration of energy storage with renewable energy sources, innovative business models for zero-carbon parks, and the application of new energy storage technologies in data centers [19][22]. - A roundtable discussion will address the collaboration between large-scale energy storage and green hydrogen production, emphasizing the importance of stable green electricity supply [19]. Supporting Organizations - The forum is organized by several key institutions, including the China Energy Research Society, the Zhongguancun Energy Storage Industry Technology Alliance, and the Inner Mongolia Energy Storage Industry Promotion Association [24][30].

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 45.45 CNY for the next six months [4][6]. Core Insights - The company has successfully transformed its business model, with significant growth in its new energy sector, which now serves as a key growth driver, surpassing traditional elevator business revenue [1][21]. - The implementation of the 136 document is expected to enhance the value of energy storage, with the introduction of a capacity price mechanism in Gansu province, which could be adopted nationwide, providing stable revenue for the energy storage industry [2][54]. - The company is strategically positioned to benefit from the green electricity revolution driven by the surge in AI computing power, with initiatives in data centers and green energy projects [3][55]. Summary by Sections 1. Dual Business Model Driving High-Quality Development - The company has diversified into the new energy sector through the acquisition of Beijing Tianqi Hongyuan, focusing on energy storage system integration and new energy power station development [15][16]. - In 2024, the new energy business revenue grew by 103.61% to 879 million CNY, accounting for 34.76% of total revenue, with a gross profit contribution of 64.75% [21][28]. - The company has successfully balanced the cyclical fluctuations of the elevator industry by expanding its new energy business [21][28]. 2. Policy-Driven Energy Storage Value Recovery - The cancellation of mandatory energy storage requirements is expected to shift the industry from price competition to product quality competition [40][51]. - Gansu province has introduced a capacity price mechanism for independent energy storage, which is anticipated to stabilize investment returns and promote sustainable development in the energy storage sector [54][55]. 3. Integrated Energy Supply Solutions - The increasing energy consumption of data centers, driven by AI, presents a significant opportunity for energy storage solutions [55][56]. - The integration of green electricity supply and independent energy storage is expected to create a synergistic revenue model, enhancing profitability for energy projects [63][64]. 4. Proprietary Technology and Product Barriers - The company has established a strong product barrier through self-developed technologies and a decade of industry experience, focusing on high reliability and energy efficiency in its energy storage products [66][68]. - The company holds 39 patents related to energy storage and has made significant investments in R&D, ensuring a competitive edge in the market [68].