3. 公司新能源项目资源储备情况？ 2025 年上半年，公司保持规模发展与质量效益并重，响应国家 重大发展战略，优化发展导向。全力推动"沙戈荒"风光大基地项 目，加强海上风电拓展，优先争取中东南部消纳有保障且电价相对 较优区域的竞配指标，精准科学合理实施"以大代小"项目，因地 制宜推进共享储能项目，充分发挥集团一体化优势，推进产业协同 发展，站高谋远推动深远海项目发展，稳妥推进新能源项目并购。 证券代码： 001289 证券简称：龙源电力 龙源电力集团股份有限公司投资者关系活动记录表 编号：2025-03 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） | | | 摩根大通、花旗、汇丰、中信证券、中金、大和证券、招商证券、 | | 参与单位名称 | 华源证券、兴业证券等 | | 时间 | 2025 年 08 月 20 日-2025 年 09 月 30 日 | | 地点 | 视频会议、电话交流、现场交流 | | | 执行董事、 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on operational turning points under comprehensive market entry [5] - The company reported a revenue of 15.657 billion RMB in the first half of 2025, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of 3.519 billion RMB, down 12.46% [7] - The company plans to distribute a mid-term cash dividend of 0.1 RMB per share, accounting for 24.77% of the net profit attributable to shareholders [7] - The decline in revenue is attributed to the divestment of thermal power, while the average on-grid electricity price for wind power decreased by 1.6 cents to 0.422 RMB/kWh [7] - The company has a significant focus on shareholder returns, committing to a cash dividend ratio of no less than 30% of the net profit attributable to shareholders for the years 2025-2027 [7] Financial Summary - The company’s projected revenue for 2025 is 32.408 billion RMB, with a year-on-year decrease of 12.6% [6] - The net profit attributable to shareholders is expected to be 5.982 billion RMB in 2025, with a projected P/E ratio of 8.8 [6] - The company’s total market capitalization is approximately 57.1 billion HKD, with a circulating market capitalization of about 22.7 billion HKD [3]

Core Viewpoint - The Chinese government is enhancing the "obtaining electricity" service level to create a modernized business environment for electricity use, aiming for lower costs, shorter processing times, and improved service quality [1][2][4]. Group 1: Reform Measures - The "zero investment" policy for low-voltage electricity connections will be expanded to include various private economic organizations, allowing individual businesses and farmers to enjoy free electricity connections [2]. - The processing time for low-voltage non-residential electricity applications will be significantly reduced from 15 working days to 5 working days for simpler projects [2][3]. - The government aims to establish a modernized electricity business environment by 2029, focusing on convenience, quality, green energy, inclusivity, and regulatory collaboration [2]. Group 2: Cost Reduction and Efficiency - The transition from "projects waiting for electricity" to "electricity waiting for projects" will help reduce electricity costs for enterprises, with a focus on efficient grid planning and construction [4]. - The State Grid Corporation is implementing measures to enhance electricity reliability and promote energy efficiency services for businesses, particularly in emerging industries [4][5]. - The introduction of AI technologies in electricity services aims to streamline the process of generating electricity supply plans, significantly reducing the time required for project applications [5]. Group 3: Rural Electrification and New Services - Significant investments have been made in rural electrification, with plans to further enhance infrastructure and service quality, aiming for a 40% reduction in average power outage time by 2024 [7]. - Innovative service models, such as "shared power sources" and "QR code electricity access," are being introduced to facilitate easier electricity access for rural users [8]. - The Southern Power Grid is focusing on integrating remote islands into the larger grid while ensuring reliable power supply through advanced technologies [8]. Group 4: Long-term Goals - The initiative to improve electricity service levels is a long-term and systematic task, with plans to develop cities and regions with strong international competitiveness in electricity business environments [9].

Core Viewpoint - The Southern Power Grid Company emphasizes the importance of stable electricity supply to support the growth of foreign trade, focusing on three main service areas: "quick electricity," "quality electricity," and "green electricity" [1][2]. Group 1: Quick Electricity Service - The company has introduced a "quick electricity" service model tailored to the fast-changing production needs of foreign trade enterprises, featuring dedicated high-end customer managers for personalized service [1]. - A specialized service team has been established to ensure that electricity is readily available to clients, minimizing wait times for electricity supply [1]. Group 2: Quality Electricity Service - The company has launched a "quality electricity" service mechanism to address the high-quality electricity demands of foreign trade enterprises, particularly in the high-end manufacturing sector [1]. - A team of "power quality customer engineers" has been formed to implement measures that ensure stable voltage and minimize production disruptions, supported by a published guideline on power quality services [1]. Group 3: Green Electricity Service - The company has established dedicated service centers in Guangzhou and Shenzhen to provide comprehensive "green electricity" services, covering the entire chain from generation to consumption [2]. - As of now, non-fossil energy installed capacity in the Southern Power Grid's operating area has reached 63%, with a generation share of 53%, ensuring sufficient green electricity supply for enterprises [2]. - In the first quarter of this year, over 10 million green certificates were traded in Shenzhen alone, highlighting the growing demand for green energy solutions [2].