香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源 電 力 集 團 股 份有限公司2025年 半 年 度 報 告 摘 要（A股）、龍 源 電 力 集 團 股 份 有 限 公 司 2025年 半 年 度 報 告（A股）、龍 源 電 力 集 團 股 份 有 限 公 司2025年半年度財 務 報 告（A股），僅 供 參 考。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 龙源电力集团股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了 ...

Core Insights - The article discusses the challenges faced by small and medium-sized photovoltaic (PV) companies in Yiwu's international trade market, particularly in the context of a declining solar component price and increased competition from larger manufacturers [2][3][4]. Group 1: Market Dynamics - The Yiwu International Trade City features over 260 shops displaying solar products, primarily targeting markets in Africa, the Middle East, and Southeast Asia [2]. - The current "winter" in the photovoltaic industry has led to a significant drop in component prices, pushing many small companies to operate on razor-thin margins [2][3]. - Major brands like Longi and Jinko dominate the market, with smaller companies often relegated to the role of "brand porters," struggling to maintain profitability [2][9]. Group 2: Operational Challenges - Small PV companies, such as Yaozan Solar, rely heavily on contract manufacturing for larger firms, facing severe pressure on profit margins due to competitive pricing [3][4]. - The operational model of contract manufacturing has resulted in low utilization rates, with many companies unable to compete effectively against larger players [4][7]. - Financial constraints are exacerbated by unfavorable payment terms, where small manufacturers often receive payments much later than larger firms [7]. Group 3: Brand Influence and Market Positioning - Foreign buyers increasingly prefer well-known brands, which affects the sales strategies of smaller companies that primarily stock products from major manufacturers [8][9]. - The lack of brand recognition among smaller firms leads to high inventory levels, as they are hesitant to sell products at a loss [13]. - The market is characterized by significant price competition and quality inconsistency, with some companies resorting to selling counterfeit products, further complicating the landscape [13]. Group 4: Strategic Responses - Companies like Langkai New Energy are focusing on developing proprietary products with unique features to enhance competitiveness, while also providing services to international clients [19][20]. - The strategy includes creating value-added products and establishing overseas service centers to support clients in various countries, thereby differentiating from larger competitors [21]. - The overall approach of small and medium-sized enterprises in Yiwu is to leverage flexibility and service-oriented strategies to compete against larger firms that dominate the market [21].

Group 1 - The core viewpoint highlights the growth of solar energy and its contribution to carbon reduction and cost savings for companies in Guangdong [1] - Guangdong's green electricity trading volume reached 8.29 billion kilowatt-hours in the first half of 2025, marking a 60.2% year-on-year increase [1][2] - The total installed capacity of renewable energy in Guangdong exceeded 78.5 million kilowatts by June 2025, accounting for nearly 33% of the total [2] Group 2 - The number of trading entities in Guangdong reached 85,000, with market-based electricity transactions accounting for nearly 70% of total electricity consumption [2] - The introduction of a new pricing mechanism for renewable energy projects allows for market-driven electricity prices, moving away from the previous "guaranteed quantity and price" policy [2] - The green certificate trading volume has expanded significantly, with over 600 million certificates issued and transaction volumes exceeding 6 billion kilowatt-hours [3] Group 3 - The demand for green electricity in Guangdong is expected to exceed 12 billion kilowatt-hours in 2025, with major consumption concentrated in ten industries [5] - The integration of electric vehicles into the energy market is anticipated to create new trading opportunities, with plans for V2G charging stations to enhance grid stability and reduce costs [4] - Companies like He Shan Zhong Fu are leading the way in green transformation, achieving international certifications for zero-carbon factories [5]

Core Viewpoint - The company reported a revenue of 8.14 billion yuan for Q1 2025, reflecting a year-on-year growth of 0.92% in continuing operations, while net profit attributable to ordinary shareholders decreased by 21.82% compared to the previous year, primarily due to poor wind resource levels in certain regions [1][2]. Revenue and Profit Analysis - The decline in absolute revenue is attributed to the divestiture of two thermal power companies; however, after adjustments, revenue showed positive growth, with wind and solar power revenues reaching 7.368 billion yuan and 715 million yuan, respectively, reflecting year-on-year changes of -1.89% and +43.09% [2]. - The company's total power generation for Q1 was 20.3 billion kWh, a decrease of 4.42% year-on-year, but an 8.81% increase when excluding the impact of thermal power [2]. - Wind power generation increased by 4.37%, while solar power generation surged by 55.65% [2]. Installed Capacity and Efficiency - As of Q1 2025, the company had a total installed capacity of 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar power capacity at 10.7 million kW (up 65% year-on-year) [2]. - The increase in wind and solar installed capacity outpaced the growth in power generation, primarily due to a decline in wind resource levels in certain large-capacity areas [2]. - The wind power utilization hours for Q1 were 585 hours, a decrease of 55 hours year-on-year; however, adjusting for this, the wind power generation could have reached 19.45 billion kWh, indicating a year-on-year growth of 14.2% [2]. Future Outlook and Market Conditions - The company has transitioned to a pure renewable energy company, having divested all thermal power assets, and is expected to benefit from the injection of approximately 40 GW of unlisted renewable assets from its parent company [2]. - Recent regulatory changes from the National Development and Reform Commission and the National Energy Administration are expected to promote rational development in the renewable energy sector, enhancing market competition and addressing renewable energy consumption issues [2]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 6.794 billion yuan, 7.202 billion yuan, and 7.756 billion yuan for the years 2025 to 2027, respectively, with current stock prices corresponding to P/E ratios of 7.5, 7.1, and 6.6 times [2].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].