国电电力发展股份有限公司2025 年半年度报告 公司代码：600795 公司简称：国电电力 国电电力发展股份有限公司 国电电力发展股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、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、 公司负责人唐坚、主管会计工作负责人刘春峰及会计机构负责人（会计主管人员）宋岩声 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 根据公司八届三十八次董事会审议通过的2025年半年度利润分配预案，拟每10股派发现金红 利1.00元（含税）。截至董事会召开日，公司总股本17,835,619,082股，预计分红金额17.84亿元， 占公司2025年上半年合并报表实现归母净利润的48.38%。该利润分配预案尚需公司2025年第二次 临时股东大会审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构 ...

在年初经历了国家发展改革委、国家能源局印发《关于深化新能源上网电价市场化改革促进新能源高质 量发展的通知》(下称"136号文")引发光伏"抢装潮"后，8月的光伏组件市场再度出现缺货与涨价现象。 多名经销商告诉记者，本轮缺货涨价与上半年的"抢装潮"的原因不同："抢装潮"时期主要因下游需求旺 盛且需短时间交货，而本轮下游组件需求并没有明显增加，涨价核心源于"反内卷"背景下上游多晶硅原 料涨价，叠加部分型号厂商产能较小、无法及时交货。 "抢装潮"期间，光伏组件装机量在5月份达到92.92GW，同比增长388%，环比增长105.5%，组件单价更 是在4月初达到约0.78元/W的高点。彼时经销商称，市场曾出现"付了钱也不给货"的情况，因厂商认为 囤积组件能卖出更高的价格，而当前市场仅需付款等待交期即可。 "比如现在715W/720W有现货，可能后面卖完了又要等期货，企业接单后就会排产。"一名经销商表 示。 根据记者拿到的一家头部企业生产计划表，目前仅有625W/630W/615W/640W等型号组件有现货， 715W/720W等型号的交期预计要到8月中下旬。 综合记者咨询的多家头部光伏组件经销商，目前一线组件企业组件对 ...

Group 1 - The domestic renewable energy installation has maintained rapid growth in the first half of the year, with new installed capacity for wind and solar power doubling compared to the same period last year [1] - Companies like China Shipbuilding Technology and Jiaze New Energy have announced significant investments in wind power projects, with China Shipbuilding planning to invest approximately 5.712 billion yuan in a 1.3 million kW wind power project in Xinjiang [1] - Wind power is expected to have a greater potential for profit compared to solar power in most provinces, as wind energy can better align with peak electricity demand times [1] Group 2 - The ongoing market-oriented reform of electricity pricing and the increasing demand for stable and flexible energy supply are enhancing the advantages of wind power [2] - The recognition of wind power in overseas markets is increasing, and the declining costs of wind energy in China are improving the competitiveness of domestic wind power companies internationally [2] - The promotion of green electricity direct connection and the integration of energy storage solutions are expected to become important strategies for enhancing self-consumption ratios in renewable energy projects [2]

Core Insights - The energy storage industry is becoming a strategic sector in the global capital market, driven by the dual forces of energy transition and digital technology revolution. The global energy storage system market is expected to reach $500 billion by 2025, with China leading the charge in building a new power system under its "dual carbon" goals [1]. Company Overview - Doudeng Co., as a benchmark enterprise in China's energy storage industry, is leveraging its technological accumulation, market layout, and customer resources to expand into emerging fields such as data centers and power storage, achieving significant results [2]. - Doudeng Co. has become the world's largest supplier of energy storage batteries for communication and data centers, emerging as a "hidden champion" in the global market [2]. Market Position - Doudeng Co. holds a 16.1% market share in the global data center energy storage market, establishing itself as a leader in this sector [6]. - The company has a 11.1% share in the global communication and data center energy storage battery market, ranking first based on 2024 shipment volume [7]. Technological Advancements - Doudeng Co. has developed a low-temperature intelligent sodium-ion battery in collaboration with Tsinghua University, capable of operating in extreme temperatures and offering a long cycle life, addressing industry pain points [9]. - The company has introduced the Power Warden 3.0 semi-solid liquid-cooled energy storage system, which optimizes space and operational efficiency, significantly improving investment returns [6]. Financial Performance - Doudeng Co. has seen its revenue grow from 4.072 billion RMB in 2022 to 4.499 billion RMB in 2024, with a notable increase in revenue from data center operations, which grew nearly 120% in the first five months of 2025 [10]. - The company maintains a positive operating cash flow for three consecutive years and keeps its debt ratio below 45%, significantly lower than the industry average [11]. Global Expansion - Doudeng Co. has successfully implemented a "technology going global" strategy, achieving a gross margin of over 30% in overseas markets, with significant margins in Europe, the Middle East, and Africa [12]. - The global energy storage market is projected to grow exponentially, with cumulative installed capacity expected to rise from 746.8 GWh in 2024 to 6,810.1 GWh by 2030, indicating substantial market potential [12]. Industry Outlook - The demand for energy storage batteries is expected to continue growing due to the global shift towards low-carbon energy, the expansion of 5G communication base stations, and the growth of data centers [13].

Group 1 - The company expects a consolidated loss of no more than approximately 26 million HKD for the six months ending June 30, 2025, compared to a consolidated profit of approximately 4.5 million HKD for the same period in 2024 [1] - The decline in the permanent lifting boat business is attributed to a continued downturn in the Hong Kong construction industry, with multiple projects delayed until the second half of 2025, leading to reduced sales volume and profitability [1] - The company reported a loss in its electricity trading business in Shandong, China, due to abnormal fluctuations in wholesale electricity prices and increased purchasing costs, although improvements are expected in the second half of the year following regulatory changes [2] Group 2 - Administrative expenses have increased primarily due to the development of the green power energy business segment during the interim period [3]

《实施方案》明确，2025年6月1日前投产的存量新能源项目全电量参与市场交易后,机制电价水平按国 家政策上限执行，统一明确为每千瓦时0.3949元(含税)，单个项目机制电量上限原则上与现行具有保障 性质的相关电量规模政策相衔接，执行期限按照全生命周期合理利用小时数剩余小时数与投产满20年较 早者执行。2025年6月1日起投产的增量新能源项目，由山东省发展改革委会同有关单位明确机制电量规 模、执行期限，通过价格竞争方式确定机制电价水平。《实施方案》同时强调，各地不得将配置储能作 为新建项目核准、并网、上网等前置条件。 中国发展网讯记者尹明波、高杨报道近日，山东省发展改革委、国家能源局山东监管办、省能源局印发 《山东省新能源上网电价市场化改革实施方案》，明确提出推动新能源上网电价全部由市场形成。新能 源项目(风电、太阳能发电)上网电量原则上全部进入电力市场，上网电价通过市场交易形成，同时根据 电力市场建设及行业发展状况适时推动生物质发电等其他新能源参与市场交易。 山东此番出台《实施方案》有一个大的背景。今年2月，国家发展改革委、国家能源局印发《关于深化 新能源上网电价市场化改革促进新能源高质量发展的通知》，对新能 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating a positive outlook for the industry in the next 6 months [1]. Core Insights - The issuance of the Shandong 136 document enhances the certainty of returns for existing renewable energy projects and establishes a sound trading mechanism for the electricity market [4]. - The report highlights the importance of market-driven pricing mechanisms for renewable energy, which are expected to lead to high-quality development in the sector [4][5]. - The competitive bidding for incremental projects is set to begin in August 2025, with a total mechanism electricity scale of 9.467 billion kilowatt-hours, including 8.173 billion kilowatt-hours for wind power and 1.294 billion kilowatt-hours for solar power [4]. Summary by Sections Industry Trends - The report notes a projected increase in renewable energy project returns due to the implementation of the Shandong plan, which aligns with national policies aimed at promoting high-quality development in the renewable sector [4]. Market Mechanisms - The report outlines the establishment of a sustainable pricing settlement mechanism for renewable energy, which will allow for market-based pricing and ensure reasonable returns for participants [4][5]. - It emphasizes the need for a comprehensive market trading mechanism that includes mid-to-long-term market transactions, real-time market participation, and auxiliary service market rules [5]. Investment Recommendations - The report suggests focusing on high-quality green electricity operators and companies with strong offshore wind capabilities, as they are expected to benefit from the new policies and market conditions [5]. - It also recommends attention to companies that can leverage the multi-faceted value of thermal power as the electricity trading mechanisms evolve [5].

《细则》针对分布式光伏(尤其是户用项目)规模小、主体散的特点，创新设计"自主+代理"双参与模 式。其中，自主申报的自然人户用分布式光伏项目免除履约保函要求，显著降低了户用分布式光伏的竞 价门槛，使户用光伏业主能以更低成本、更小风险参与竞价。《细则》还要求分布式项目并网需满 足"四可"(可观、可测、可调、可控)条件，推动碎片化分布式新能源融入电力系统调度体系。 8月7日印发的《山东省新能源上网电价市场化改革实施方案》明确，全省风电、太阳能发电等新能源项 目上网电量原则上全部进入电力市场，上网电价通过市场交易形成。8月8日，山东省对外发布《山东省 新能源机制电价竞价实施细则》(下称《细则》)，形成了全流程标准化的机制电价竞价机制。该《细 则》是全国首个针对新能源增量项目机制电价竞价的省级实施细则。 《细则》采用"边际出清+动态调整"机制，将同类型项目按申报电价从低到高排序，以最后一个入选项 目报价作为统一机制电价，确保市场的竞争性和公平性；同时针对边际机组特殊情况设置50%的比例限 制——当边际机组入选电量不足申报量的50%时，取消其资格并以前一项目报价作为出清价，有效避免 边际项目因入选电量过少造成的经济损失。 ...

Core Viewpoint - Shandong Province has initiated a market-oriented reform of the on-grid electricity price for renewable energy, aiming to enhance market competition and provide a framework for investment in the sector [1][3]. Group 1: Implementation of Market Mechanism - The "Implementation Plan for Market-oriented Reform of On-grid Electricity Prices for Renewable Energy" was issued on August 7, establishing that all wind and solar power projects will enter the electricity market, with prices determined through market transactions [1]. - The "Bidding Implementation Details for Mechanism Electricity Prices" released on August 8 is the first provincial-level guideline in China for the bidding of incremental renewable energy projects, providing a reference for other provinces [1]. Group 2: Innovative Bidding Mechanism - The bidding mechanism employs a "marginal clearing + dynamic adjustment" approach, ensuring competitive and fair pricing by ordering projects based on their declared prices and using the last selected project's price as the unified mechanism price [1]. - A 50% threshold is set for marginal units; if the selected volume is less than 50% of the declared amount, the unit is disqualified, preventing economic losses due to insufficient selection [1]. Group 3: Support for Distributed Photovoltaics - The guidelines introduce a "self-declaration + agency" dual participation model for distributed photovoltaics, particularly benefiting small-scale household projects by removing the performance bond requirement, thus lowering entry barriers [2]. - Distributed projects must meet "four conditions" (observable, measurable, adjustable, controllable) to integrate into the power system, promoting their market participation and enhancing system compatibility [2]. Group 4: Stability of the Bidding Mechanism - A differentiated and refined performance bond system is established, requiring uncommissioned projects to pay bonds based on capacity and utilization hours, while commissioned projects are generally exempt [2]. - Agents managing multiple projects can consolidate bonds, significantly reducing operational costs and encouraging timely compliance from uncommissioned projects [2]. Group 5: National Implications - The release of the guidelines is a proactive response to national reforms in renewable energy pricing, addressing challenges in capacity recognition, qualification requirements, and bidding implementation [3]. - The "classified bidding + marginal clearing + credit management" system developed in Shandong provides valuable experience for transitioning the national renewable energy market from policy support to market competition, promoting high-quality development in the sector [3].

Core Viewpoint - The recent release of the "Implementation Details for the Competitive Pricing Mechanism of New Energy in Shandong Province" establishes a standardized competitive pricing mechanism for new energy projects, providing a framework for investment and serving as a reference for other provinces [1][2]. Group 1: Competitive Pricing Mechanism - The competitive pricing work is scheduled to begin in August this year, with subsequent annual competitions starting in October of the previous year from 2026 onwards [1]. - The mechanism will determine the pricing level for new energy projects starting from June 1, 2025, based on price competition [1][2]. - The competitive bidding will involve projects that are either already operational or expected to be operational by December 31 of the following year, excluding those previously included in the pricing mechanism [2]. Group 2: Bidding Process and Parameters - The bidding volume will be dynamically adjusted each year based on renewable energy consumption responsibilities and user affordability [2]. - The upper limit for bidding prices will be determined by factors such as reasonable cost returns, green value, and market supply-demand conditions, while the lower limit will initially reference advanced power station cost levels [2]. - The bidding will utilize a marginal clearing method to set the clearing price, where projects are ranked by their bid prices, and the highest bid among selected projects will set the mechanism price [3]. Group 3: Responsibilities and Compliance - Clear responsibilities are outlined for both bidding participants and organizing bodies, with penalties for violations including disqualification from future bidding for three years [3]. - The organizing body must ensure information security and confidentiality, prohibiting unauthorized access to sensitive information [3].