华能澜沧江水电股份有限公司 关于对中国华能集团香港财资管理有限公司 的风险持续评估报告 经营范围：在境外开展财资管理及投资业务。落实香港财资融资资源；在华 能集团统筹管理下，实施华能集团境外资金集中管理，建设华能集团跨境融资平 台；按照华能集团有关规定，开展境外投资业务。 华能澜沧江水电股份有限公司（以下简称"公司"）按照《上海证券交易所 上市公司自律监管指引第 5 号—交易与关联交易》（上证发〔2025〕42 号）相 关要求，通过查验中国华能集团香港财资管理有限公司（以下简称"香港财资"） 《公司注册证明书》《章程》等资料，并审阅包括资产负债表、利润表等在内的 香港财资 2025 年上半年度财务报表，对香港财资的经营资质、内部控制、业务 和风险状况进行了评估，具体情况报告如下： 二、香港财资内部控制的基本情况 一、香港财资基本情况 香港财资于 2018 年 2 月根据中国华能集团有限公司（以下简称"华能集团"） 《关于成立中国华能集团香港财资管理有限公司的批复》（华能人〔2017〕389 号）在香港注册成立，注册资本金 3.9 亿港元，香港财资控股股东为中国华能集 团香港财资管理控股有限公司，实际控制人为华 ...

Core Viewpoint - Guangdong Meiyan Jixiang Hydropower Co., Ltd. provided a detailed response to the Shanghai Stock Exchange regarding the valuation basis and goodwill risks associated with its asset acquisition, with a focus on the valuation methods used and the expected goodwill generated from the transaction [1] Valuation Methodology - The acquisition's assessment date was set for May 31, 2025, with the target company's net assets valued at 44.5941 million yuan. The valuation methods employed were the market approach and the income approach, yielding valuations of 173.3241 million yuan and 163.2287 million yuan respectively, resulting in premium rates of 288.67% and 266.03%. The income approach was ultimately selected, anticipating goodwill of approximately 76 million yuan [1] Revenue and Cost Projections - Revenue forecasts from 2025 to 2030 indicate that the expected revenue for 2025 will reach 204.477 million yuan, an increase of 33.926 million yuan from 2024, driven by growth in 3C products and new and existing customers. Projections for 2026 to 2030 will consider growth from existing customer businesses, including 3C, home appliances, vehicle maintenance, and telecom projects [2] - Operating costs include labor fees and telecom services, with predictions based on the characteristics of different cost items and business development trends. For instance, labor costs are estimated at 80% of revenue, with some expenses expected to either grow or remain stable [2] Comparison of Valuation Methods - The selection of comparable companies differed between the market and income approaches. The income approach focused on business relevance, while the market approach considered industry relevance and market liquidity. The final comparable companies selected for the market approach were Shunwang Technology, Wutong Holdings, and Runze Technology. The income approach valuation was 163.1179 million yuan, while the market approach valuation was 173.2543 million yuan [3] Goodwill and Risk Assessment - The previous equity transfer in 2021 was unrelated to this acquisition and was influenced by business transformation. The current transaction is expected to generate approximately 76 million yuan in goodwill, which will require annual impairment testing. If the target company's performance deteriorates, there is a risk of goodwill impairment affecting the company's financial results [4] Reasonableness of Income Approach - The static PE ratio for this acquisition is 21.94 times, and the dynamic PE ratio is 10.70 times, both within the range of comparable transaction price-earnings ratios. The valuation agency believes that the income approach accurately reflects the company's future profitability and is less affected by market fluctuations, making it suitable for this transaction assessment and ensuring fair pricing without undisclosed interests [5]

长江电力（600900）今日晚间公告，公司上半年实现营业收入366.98亿元，同比增长5.34%；实现净利 润130.56亿元，同比增长14.86%。经营活动产生的现金流量净额239.91亿元，同比增长4.21%。 上半年，长江电力管理运行的乌东德、白鹤滩、溪洛渡、向家坝、三峡、葛洲坝（600068）六座梯级电 站安全生产保持"零人身伤亡、零设备事故"，110台机组实现"零非停"，创历史最好水平。上半年境内 所属六座梯级电站发电量达1266.56亿千瓦时，同比增发60.38亿千瓦时；单日发电量连续21天突破10亿 千瓦时，最大出力超5900万千瓦，顺利完成全国两会等重要保供任务，为社会提供稳定可靠的清洁能 源。 此外，公司控股股东中国三峡集团基于对公司未来发展的信心，计划未来12个月内增持公司股份，增持 金额不低于40亿元、不高于80亿元。截至2025年8月28日，三峡集团已通过集中竞价方式增持公司股份 3879.58万股，合计增持金额10.99亿元。 对外投资方面，公司围绕抽水蓄能、新能源等领域优化布局，上半年实现对外股权投资4.19亿元(含并 购)，投资收益约25.89亿元，为公司业绩提供补充支撑。 业务 ...

Group 1 - The core viewpoint of the news is that China Yangtze Power Co., Ltd. reported a positive financial performance for the first half of 2025, with significant increases in revenue and net profit [1] - In the first half of 2025, the company achieved an operating income of 36.698 billion yuan, a year-on-year increase of 5.34%, and a net profit of 13.283 billion yuan, a year-on-year increase of 14.60% [1] - The total power generation from the company's six domestic hydropower stations reached 126.656 billion kWh, an increase of 6.038 billion kWh compared to the previous year [1] Group 2 - China Yangtze Power is the largest publicly listed hydropower company globally, with a total installed hydropower capacity of 71.795 million kW, of which 71.695 million kW is in China, accounting for 16.29% of the national hydropower capacity [1] - On August 22, 2025, the company announced that its controlling shareholder, China Three Gorges Corporation, plans to increase its stake in the company through the secondary market within the next 12 months, with an investment amount between 4 billion yuan and 8 billion yuan [1] - As of August 28, 2025, China Three Gorges Corporation has already increased its holdings by 38,795,786 shares, with a total investment amount of 1.09922 billion yuan [2]

本报讯 （记者李如是）8月28日晚间，华能澜沧江水电股份有限公司（以下简称"华能水电"）发布2025年半年度报告。公 司上半年实现营业收入129.59亿元，同比增加9.08%；利润总额57.91亿元，同比增加9.78%；归属于上市公司股东的净利润 46.09亿元，同比增加10.54%。截至2025年6月底，公司总装机容量达3353.74万千瓦，较上年同期增加433.42万千瓦。 （编辑 郭之宸） 华能水电装机容量还在继续提升。公告显示，8月22日，华能水电所属硬梁包水电站1号、2号机组通过72小时试运行投入 商业运行，至此硬梁包水电站5台机组实现全容量投产发电。硬梁包水电站总装机容量111.6万千瓦，全容量投产，再度扩大了 公司水电装机规模。 对于业绩的增长，华能水电表示，一是新能源装机规模同比大幅提升，TB电站全容量投产，使得上半年公司完成发电量 527.52亿千瓦时，同比增加12.97%；二是上半年澜沧江流域来水较多年平均同比偏丰约一至二成，公司全力协调小湾和糯扎 渡"两库"水位消落，加快释放水电蓄能；三是"西电东送"电量同比增加。 ...

8月27日，当清晨的第一缕阳光洒在刘家峡水电站的坝体上，中控室里跳动的数字定格在"8800"，这个看似简单的数字背后，是国网甘 肃刘家峡水电厂连续安全生产8800天的非凡成就，创下该厂自投产发电以来的最高纪录。这座矗立在黄河之上的"能源心脏"，用半个多世 纪的坚守诠释着"安全"二字的千钧重量，为西北电网稳定运行和黄河安澜筑起了一道坚不可摧的防线。 坚守初心：在黄河涛声中铸就安全丰碑 8800个昼夜更替，24个春夏秋冬，刘家峡水电厂始终将"人民至上，生命至上"的理念镌刻在每台机组、每条线路、每次操作之中。作 为西北电网的重点调峰电源和黄河流域的枢纽电站，该厂承担着系统调峰调频及防汛防凌等重要任务，是保障西北地区电力供应的"压舱 石"。 在"双碳"目标引领下，新型电力系统建设加速推进，水电厂运维面临全新挑战。刘家峡水电厂主动适应这一变革，以"严"的主基调贯 穿安全生产全过程。2025年上半年，该厂精准完成开、停机操作2829次，较同期增加1045次，这一串数字折射出的是运维团队日复一日的 严谨与坚守。 防汛安全是刘家峡水电厂的生命线。面对2018年至2020年黄河上游连续三个丰水年的严峻考验，特别是2020年主汛 ...

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million to 600 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 11.82 yuan per share and a duration of up to 12 months [1] - The share repurchase reflects the company's confidence in its value and aims to enhance team cohesion and promote long-term development [1] Group 2 - Huaneng Hydropower reported a revenue of 12.959 billion yuan for the first half of 2025, representing a year-on-year growth of 9.08%, and a net profit of 4.609 billion yuan, up 10.54% year-on-year [2] - The growth in performance is attributed to a significant increase in new energy installed capacity, full capacity operation of TB power station, and favorable water conditions in the Lancang River basin [2] - The company effectively utilized water resources, achieving a power generation of 52.752 billion kWh, a year-on-year increase of 12.97% [2] Group 3 - Defang Nano reported a revenue of 3.882 billion yuan for the first half of 2025, a decline of 10.58% year-on-year, and a net loss of 391 million yuan, continuing its trend of losses [3] - The company has decided not to distribute cash dividends, issue bonus shares, or increase capital from reserves, likely to retain funds to address operational challenges [3] - Investors are advised to monitor the company's future efforts to improve profitability and enhance market competitiveness [3]

Core Insights - The article highlights the role of Guotou Chuangyi Industrial Fund in supporting rural revitalization through substantial investments in agriculture and resource development, managing over 50 billion yuan across more than 10 rural revitalization funds [1][2][3] Group 1: Investment Impact - Guotou Chuangyi has shifted the focus of agricultural investment from traditional methods to modern agricultural and resource development, significantly aiding in farmer income and employment [2][3] - The fund has supported projects that have created over 10 million job opportunities, contributing more than 1 trillion yuan in income for the employed population [2][3] - Investments in resource development projects in underdeveloped areas have proven to be more effective in driving local economic growth and attracting social capital [2][3] Group 2: Agricultural Technology - The fund emphasizes the importance of agricultural technology and has made significant investments in biotechnology, covering core enterprises and technologies in the sector [4][5] - The mechanization rate for major crops has exceeded 75%, with specific rates for wheat, corn, and rice surpassing 97%, 91%, and 88% respectively, indicating a shift towards full mechanization [4][5] Group 3: Future Challenges and Recommendations - The article discusses the ongoing challenges in agricultural modernization, particularly in underdeveloped regions, and the need for innovative mechanisms to enhance farmer participation and benefits [6][7] - Recommendations include strengthening project management, enhancing social service systems, and promoting technology and skills training for farmers to better integrate into modern industrial development [6][7] - Guotou Chuangyi faces the challenge of balancing technological innovation with job creation while ensuring sustainable market operations supported by national policies [6][7]

Core Points - The Three Gorges Ship Lift has been operational since 2016, facilitating nearly 50,000 vessel passages and transporting over 19 million tons of goods, while also receiving more than 2 million tourists, making it a crucial component of the Yangtze River Economic Belt development [1] - The annual maintenance inspection, lasting 35 days, is the fifth planned shutdown since the completion of the ship lift, aimed at eliminating equipment defects and enhancing operational reliability and safety [1][3] - This year's maintenance focuses on systematic repairs, particularly on the synchronous shaft, which is critical for the transmission system and affects the overall operational precision of the ship lift [3] Maintenance Innovations - The introduction of a large-scale laser cleaning device for the nut column, which is part of the safety system, significantly improves cleaning efficiency compared to previous manual methods, addressing issues of space, efficiency, and safety [5] - Extensive testing was conducted to optimize the laser parameters to ensure effective cleaning without damaging the surface roughness of the components [5] Operational Adjustments - During the maintenance period, vessels meeting the technical requirements can still pass through the Three Gorges double-line five-level ship lock, ensuring continuity in navigation and stability in shipping operations [7] - The Yangtze River Three Gorges Navigation Administration has proactively communicated with shipping companies to facilitate transportation planning during the maintenance period [7]

华能水电(600025.SH)发布2025年半年度报告，公司上半年实现营业收入129.59亿元，同比增长9.08%； 实现归属于上市公司股东的净利润46.09亿元，同比增长10.54%。 ...