Meeting Overview - The second extraordinary general meeting of shareholders was held on August 27, 2025, at the company's conference room in Meizhou, Guangdong Province [2] - The meeting was convened by the board of directors and chaired by Chairman Zhang Nengyong, utilizing a combination of on-site and online voting methods [2][3] Attendance and Voting - All 7 current directors and 3 current supervisors attended the meeting, along with the board secretary and senior management [3] - There were no rejected resolutions during the meeting [2] Resolutions Passed - The election of Mr. Liu Dahong as an independent director of the 11th board of directors was approved [3] - The proposal to expand the company's business scope and amend the Articles of Association was also approved [3] Legal Compliance - The meeting was witnessed by lawyers from Junhe Law Firm, who confirmed that the procedures for convening and conducting the meeting, as well as the qualifications of attendees and voting procedures, complied with legal regulations and the company's Articles of Association [4]

Group 1 - The core viewpoint is that the energy consumption targets for the end of the 14th Five-Year Plan are expected to catalyze the demand for green electricity, and the establishment of a sustainable pricing mechanism for new energy will clarify future revenue expectations for the industry [1] - The report suggests seizing the turning point opportunities in the sector, particularly in hydropower and nuclear power, which have strong dividend attributes and long-term investment value [1] - The recent rebound in the market price of thermal coal indicates a potential shift, with the price rising to 704 RMB/ton, nearly 100 RMB/ton higher than the year's low, although it still shows a year-on-year decline of 129 RMB/ton [1] Group 2 - In the first seven months of 2025, the newly installed capacity for wind power reached 53.67 GW, a year-on-year increase of 79.4%, while solar power saw an increase of 223.25 GW, up 80.7% [1] - The total electricity consumption in the same period was 58,633 billion kWh, reflecting a year-on-year growth of 4.5% [1] - The cumulative installed capacity for wind and solar power as of the end of July was 574.87 GW and 1,109.60 GW, respectively, with year-on-year growth rates of 22.1% and 50.8% [2] Group 3 - In July, the growth rate of electricity consumption accelerated, with total consumption reaching 10,226 billion kWh, marking a year-on-year increase of 8.6% [4] - The industrial power generation in July was 9,267 billion kWh, showing a year-on-year growth of 3.1%, with thermal power generation increasing by 4.3% [3] - The growth rates for various power generation sources in July were as follows: thermal power +4.3%, wind power +5.5%, solar power +28.7%, while hydropower saw a decline of 9.8% [3]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of enhancing the political responsibility and historical mission of state-owned enterprises (SOEs) in supporting Tibet's development [1] - The meeting calls for SOEs to deepen industrial support for Tibet, encouraging them to develop highland characteristic industries and increase investment in infrastructure projects such as the Yaxia Hydropower Project and the Sichuan-Tibet Railway [2] - There is a focus on improving employment opportunities for graduates from Tibet, Qinghai, and Xinjiang through targeted recruitment activities and market-oriented employment projects [2] Group 2 - The meeting highlights the need for SOEs to strengthen targeted assistance, directing more funds towards grassroots initiatives and consumer support to benefit local farmers and herders [2] - It emphasizes the importance of promoting ethnic unity by integrating ethnic work with aid efforts, utilizing project construction, industrial cooperation, and cultural exchanges to enhance border stability and security [2]

Group 1 - The stock price of Guang'an Aizhong is reported at 5.57 yuan, down 0.13 yuan from the previous trading day, with a decline of 2.28%. The trading volume reached 1.2199 million hands, and the transaction amount was 679 million yuan [1] - Guang'an Aizhong's main business includes hydropower generation, power supply, natural gas supply, drinking water supply, new energy development, and equity investment. The core business focuses on hydropower, gas, and electricity, while new energy development and equity investment are considered growth businesses [1] - In the first half of 2025, the company achieved total operating revenue of 1.439 billion yuan, a year-on-year decrease of 0.32% [1] Group 2 - The semi-annual report for 2025 shows that the net profit attributable to the parent company in the first half was 77.6937 million yuan, a year-on-year decrease of 35.67%. The net profit after deducting non-recurring gains and losses was 62.7731 million yuan, down 41.99% year-on-year [1] - The net cash flow from operating activities was 71.4917 million yuan, a significant decline of 70.81% year-on-year [1]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Xinjiang Guannong Co., Ltd. in the first half of 2025, particularly in the tomato processing and cotton industries, while also outlining the company's strategic focus on enhancing product quality and market presence [1][12]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 1.83 billion yuan, a decrease of 24.66% compared to the same period in the previous year [2]. - The total profit for the period was about 317.59 million yuan, down 12.50% year-on-year [2]. - The net profit attributable to shareholders was approximately 299.96 million yuan, reflecting a slight decrease of 0.89% from the previous year [2]. - The net cash flow from operating activities was about 1.23 billion yuan, a decline of 21.19% compared to the previous year [2]. - The company's net assets increased by 6.50% to approximately 3.83 billion yuan by the end of the reporting period [2]. Industry Overview - The Chinese processed tomato industry is experiencing a downturn due to oversupply and declining international prices, with a projected 42.6% drop in production to 6 million tons in 2025 [4]. - Xinjiang is a key region for tomato processing, contributing significantly to China's export of tomato products, which account for 25% of global trade [4]. - The cotton industry in Xinjiang is expected to see a production increase of 3.5% in 2025, with total cotton production reaching approximately 6.5 million tons [4]. - The domestic market for fresh tomatoes and high-end products is growing, driven by the rise of fast food chains and e-commerce [4]. Business Operations - The company focuses on three main sectors: tomato processing, cotton processing, and sugar production, with a commitment to modernizing agriculture and enhancing product quality [12][13]. - The tomato processing capacity includes the ability to handle 16,000 tons of raw tomatoes daily, producing various tomato products [13]. - The cotton processing segment has a capacity of 130,000 tons, with products primarily serving the textile industry [15]. - The sugar production segment has a processing capacity of 5,000 tons of beets daily, with a focus on sustainable practices and resource efficiency [16]. Strategic Initiatives - The company aims to enhance its market presence through brand promotion and participation in trade shows, leveraging digital marketing strategies [18]. - There is a strong emphasis on technological innovation and digital transformation to improve operational efficiency and product quality [19]. - The company is committed to risk management and compliance, ensuring stable operations amid market fluctuations [20].

第十一届董事会第二十二次会议决议公告 本公司董事会、全体董事及相关股东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。 广东梅雁吉祥水电股份有限公司（以下简称"公司"）第十一届董事会第二十 二次会议于 2025 年 8 月 26 日以现场及通讯表决的方式召开。会议应出席董事 7 名， 实际出席董事 7 名。公司以电子和书面方式发出召开会议的通知，会议的召集、召 开符合《公司法》和《公司章程》的有关规定。 会议由董事长张能勇先生主持，审议并以记名投票的方式通过如下决议： 一、审议通过公司《2025 年半年度报告》及其摘要。 表决情况：同意票 7 票，反对票 0 票，弃权票 0 票。 证券代码：600868 证券简称： 梅雁吉祥 公告编号：2025-043 广东梅雁吉祥水电股份有限公司 董事会 本议案在提交董事会审议前已经公司董事会审计委员会审议通过。 详见公司同日在上海证券交易所网站披露的《2025 年半年度报告》及其摘要。 二、审议通过《公司提质增效重回报行动方案的 2025 年半年度评估报告》。 表决情况：同意 7 票，反对票 0 票，弃权票 0 ...

华能澜沧江水电股份有限公司董事会 证券代码：600025 证券简称：华能水电 公告编号：2025-056 华能澜沧江水电股份有限公司 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。 近日，华能澜沧江水电股份有限公司（以下简称公司）所属硬梁包水电站 1 号、2 号机组同时通过 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，设计多年平均 发电量 51.81 亿千瓦时，相当于每年节约标准煤 155.4 万吨，减少二氧化碳排放 硬梁包水电站机组的全容量投产发电，扩大了公司清洁能源装机规模，有利 于提升市场占有率和竞争力，对保障区域能源安全和电力稳定供应，助力实现国 家"双碳"战略目标，调整能源结构，推动民族地区经济社会发展具有重要意义。 特此公告。 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-057 华能澜沧江水电股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年半年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间：2025 年 9 月 5 日（星期五）15:00-17:00 （二） 会议召开地点：上海证券交易所上证路演中心 （三） 会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 （网址 https://roadshow.sseinfo.com/） 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）将于 2025 年 8 月 29 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 9 月 5 日（星期五） ...

证券日报网讯 8月26日晚间，华能水电发布公告称，近日，公司所属硬梁包水电站1号、2号机组同时通 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，设计多年平均发电量51.81亿千瓦时，相当于每年节约标准煤155.4万吨，减少二氧化 碳排放407.1万吨。 （文章来源：证券日报） ...

Core Viewpoint - The article highlights the phenomenon of "style drift" in public funds, particularly focusing on the North Trust Ruifeng External Growth Flexible Allocation Mixed Fund, which has deviated significantly from its original investment strategy, raising concerns in the market [1]. Fund Manager and Strategy Changes - The current fund manager, Wang Yuque, took over in January 2024 and has shifted the fund's focus entirely to the hydropower industry, contradicting its original theme of "external growth" through mergers and business expansion [1][10]. - The fund has experienced frequent changes in management, with an average tenure of only 1.87 years for its five managers since inception [1]. Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings are exclusively in the hydropower sector, including companies like Changjiang Electric Power and Guiguan Electric Power, leading to extreme industry concentration [1][2]. - The total market value of the fund's holdings is approximately 11.28 billion yuan, with a significant portion allocated to public utility stocks, which reflects a defensive investment strategy [2]. Performance Metrics - The fund has shown poor performance, with a return of -1.27% in 2025, -1.21% over the past year, and -15.16% over the past two years, consistently underperforming against its benchmark and the CSI 300 index [4][7]. - Since its inception, the fund has achieved a total return of 47.20%, with an annualized return of only 4.25%, failing to deliver significant excess returns to investors [4]. Market and Manager Reflection - Wang Yuque acknowledged the mismatch between his investment strategy and market conditions, stating that his deep value approach based on net cash accumulation has not been suitable in the current environment [7][10]. - The fund's small size of 0.16 billion yuan puts it at risk of being liquidated, highlighting the challenges faced by mini funds under pressure to perform [8]. Implications of Style Drift - The case of North Trust Ruifeng External Growth Fund illustrates that frequent changes in fund management and persistent small fund sizes are more prone to style drift, raising concerns about adherence to investment themes [10].