证券代码：601669 股票简称：中国电建 公告编号：临 2025-058 中国电力建设股份有限公司 2025 年 1 月至 8 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2025年1月至8月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 3579 | 5162.40 | 14.30% | | 水电 | 692 | 1235.36 | 58.88% | | 其中：抽水蓄能 | 353 | 493.19 | -4.78% | | 风电 | 811 | 1662.56 | 61.27% | | 太阳能发电 | 724 | 1280.72 | -27.55% | | 火电 | 309 | 254.28 | -56.36% | | 新型储能 | 128 | 310.30 | / | | 其他 | 915 | 419.18 | / ...

Core Viewpoint - China Export & Credit Insurance Corporation (Sinosure) has issued specific contract insurance for China Energy Engineering Group's (China Energy) construction of the 2.0 GW solar project in Saudi Arabia, with a project amount of approximately $970 million [1] Group 1 - Sinosure is providing insurance for a significant renewable energy project, indicating strong support for international energy investments [1] - The project involves a substantial capacity of 2.0 GW, highlighting the growing trend of large-scale solar energy developments [1] - The total project amount of about $970 million reflects the increasing financial commitments in the renewable energy sector [1]

Core Points - The article discusses an administrative penalty imposed on China Water Resources and Hydropower Fifth Engineering Bureau Co., Ltd. for failing to conduct safety briefings before a construction project [1][2] - The penalty was issued by the North China Energy Regulatory Bureau, with a fine of 100,000 RMB due to safety management failures [1][2] Company Overview - China Water Resources and Hydropower Fifth Engineering Bureau Co., Ltd. is a key subsidiary of China Power Construction Group, which is ranked 100th in the 2022 Fortune Global 500 and 1st in the ENR "Top 150 Global Engineering Design Firms" [2] - The company holds various qualifications, including special-grade for water conservancy and hydropower construction, and has a registered capital of 1.991 billion RMB [2] - It operates with over 9,300 pieces of equipment, employs around 6,700 staff, and has total assets exceeding 23 billion RMB, with an annual marketing volume over 50 billion RMB and construction capacity exceeding 30 billion RMB [2]

Group 1 - The company Huadian Technology (601226) announced that its 2025 semi-annual performance briefing is scheduled for September 12, 2025 [1]

Group 1 - The core point of the article is that Nenghui Technology (301046.SZ) has completed the "Shaoguan Ground Power Station Construction EPC Project" and it has reached the predetermined usable status [1] Group 2 - The company has issued convertible bonds to raise funds for the project [1] - The project has been officially concluded following its successful implementation [1]

Group 1 - The core point of the article is that Haixing Electric has repurchased approximately 4.82 million shares, accounting for 0.99% of its total share capital, with a total expenditure of about 131 million RMB [1] - The share repurchase was conducted through centralized bidding, with the highest transaction price being 28.19 RMB per share and the lowest at 26.2 RMB per share [1] - As of the report date, Haixing Electric's market capitalization stands at 13.3 billion RMB [1] Group 2 - For the fiscal year 2024, Haixing Electric's revenue composition is as follows: power engineering services account for 96.14%, new energy for 3.03%, and other businesses for 0.83% [1]

Group 1 - The company's operating revenue for the first half of 2025 is 977 million, representing a year-on-year decrease of 1.88% [1] - The net profit for the same period is 31.26 million, showing a year-on-year increase of 3.13% [1]

Group 1 - The company, Shanda Electric Power (301609), has two main business segments: smart grid monitoring and renewable energy [1] - Zeyu Intelligent (301179) and Jingwei Co., Ltd. (301390) focus on power consulting design, system integration, and power engineering construction, indicating a diversified industry landscape [1] - Yinghantong is identified as an IoT technology company, and there is no competitive relationship with Shanda Electric Power [1]

Investment Rating - The investment rating for the company is "No Rating" [1] Core Insights - The company reported a 27.41% year-on-year growth in net profit after deducting non-recurring items, despite a 23.30% decline in total revenue and a 28.16% drop in net profit attributable to shareholders [1][3] - The equipment business showed significant recovery, with a 26.51% increase in revenue, driven by industry equipment upgrades and overseas market expansion [3] - The company successfully delivered its first batch of hydrogen electrolyzers, marking a significant milestone in its hydrogen energy business [3] - The company completed a share buyback of 100 million yuan, reflecting management's confidence in future growth [4] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 4.417 billion yuan, with a net profit of 285 million yuan and a net profit after deducting non-recurring items of 258 million yuan [1] - The operating cash flow increased by 86.67% year-on-year to 281 million yuan [1] - The company has a backlog of orders amounting to 1.66 billion yuan, with significant contributions from both environmental boiler equipment and traditional energy-efficient boilers [3] Business Segment Analysis - Equipment Business: Revenue reached 929 million yuan, up 26.51% year-on-year, with successful contracts in Indonesia and Iraq [3] - Engineering Business: Revenue from municipal environmental projects fell by 64.38% to 439 million yuan due to a strategic shift away from low-margin projects [3] - Operation Business: Environmental operation services revenue increased by 1.23% to 338 million yuan, while thermal power operation revenue decreased by 25.13% to 2.056 billion yuan [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 8.271 billion yuan, 8.628 billion yuan, and 9.185 billion yuan respectively, with net profits expected to be 637 million yuan, 668 million yuan, and 734 million yuan [6] - The company is expected to benefit from the successful validation of its coal-fired flexibility modification technology, which has shown a 40% reduction in NOx emissions [3]

Core Viewpoint - Suwen Electric's stock experienced a decline of 0.83% on August 26, with a trading volume of 136 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On August 26, Suwen Electric had a financing buy-in amount of 17.04 million yuan and a financing repayment of 15.59 million yuan, resulting in a net financing buy of 1.45 million yuan [1] - The total financing and margin trading balance for Suwen Electric reached 112 million yuan, which accounts for 2.68% of its circulating market value, indicating a low financing balance compared to the past year [1] Business Overview - Suwen Electric, established on April 3, 2007, and listed on April 27, 2021, is located in Jiangsu Wujin Economic Development Zone and specializes in providing services related to power and renewable energy projects [2] - The company's main business revenue composition includes: 68.53% from power engineering construction, 19.61% from power equipment supply, 5.92% from microgrids, 5.89% from power consulting and design, and 0.05% from other services [2] - For the first half of 2025, Suwen Electric reported a revenue of 716 million yuan, a year-on-year decrease of 11.55%, and a net profit attributable to shareholders of 35.34 million yuan, down 64.57% year-on-year [2] Dividend Information - Since its A-share listing, Suwen Electric has distributed a total of 387 million yuan in dividends, with 233 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Suwen Electric increased by 4.25% to 14,500, with an average of 13,337 circulating shares per person, a decrease of 4.07% from the previous period [2] - Among the top ten circulating shareholders, Guangfa Multi-Factor Mixed Fund is the eighth largest, holding 1.2352 million shares as a new shareholder [3]