Core Viewpoint - The new electricity pricing policy in Sichuan Province will lead to a decrease in the average selling price of residential electricity, impacting the company's operating performance in 2025 [1][2]. Summary by Relevant Sections Electricity Pricing Policy - The Sichuan Provincial Development and Reform Commission issued a notification on July 31 regarding the implementation of a low valley electricity price policy for residential users in local power grids, effective from September 1, 2025 [1]. - The policy includes a "one household, one meter" pricing structure for residential users, with low valley pricing applicable only to these users, while combined meter users will not benefit from the low valley pricing [1]. - During the abundant water period (June to October), the low valley electricity price will be set at 0.175 yuan per kilowatt-hour, while during the dry and normal water periods (November to May), it will be 0.2535 yuan per kilowatt-hour [1]. Impact on Company - The implementation of the new pricing policy is expected to lower the average selling price of residential electricity, which will have a negative impact on the company's operating performance in 2025 [2]. - Preliminary estimates suggest that the new pricing policy will reduce the company's net profit by approximately 5.55 million yuan in 2025 [2].

Core Viewpoint - The announcement by the Sichuan Provincial Development and Reform Commission regarding the implementation of a low valley electricity price policy for residential users starting from August 1, 2025, is expected to impact the company's operating performance in 2025 due to a reduction in net profit. Group 1: Policy Details - The policy will apply to residential users with "one household, one meter" who will benefit from low valley period electricity prices, while combined meter users will not be eligible [1] - During the abundant water period (June to October), the low valley period electricity price will be set at 0.175 yuan per kilowatt-hour, and during the dry and normal water periods (November to the following May), it will be 0.2535 yuan per kilowatt-hour [1] - The low valley period electricity consumption will be included in the calculation of the tiered electricity consumption, and the tiered pricing standards will follow the current local grid policies [1] Group 2: Financial Impact - The implementation of this electricity pricing policy is expected to lower the average annual sales price of residential electricity, which will have a certain impact on the company's operating performance in 2025 [1] - Preliminary estimates indicate that the new pricing policy will reduce the company's net profit attributable to shareholders by approximately 39.38 million yuan in 2025 [1]