Core Viewpoint - The announcement provides an overview of the operational data for Guotou Electric Power Holdings Co., Ltd. for the fourth quarter and the entire year of 2025, highlighting a decrease in electricity generation and sales, alongside changes in average on-grid electricity prices. Group 1: Electricity Generation and Sales - In Q4 2025, the company's controlled enterprises achieved a total electricity generation of 33.142 billion kWh and on-grid electricity of 32.229 billion kWh, representing a year-on-year decrease of 14.22% and 14.43% respectively [1] - For the full year 2025, the total electricity generation was 158.093 billion kWh and on-grid electricity was 154.209 billion kWh, with year-on-year decreases of 8.12% and 8.06% respectively [1] - The average on-grid electricity price in Q4 2025 was 0.390 yuan/kWh, an increase of 8.03% compared to the same period last year [1] - For the full year 2025, the average on-grid electricity price was 0.355 yuan/kWh, reflecting a year-on-year decrease of 1.11% [1] Group 2: Reasons for Changes in Electricity Generation - The decrease in hydropower generation was primarily due to reduced water inflow in the Yalong River Basin and the upper reaches of the Yellow River [2] - The decline in thermal power generation was attributed to increased clean energy generation in certain regions and the impact of electricity exports [2] - Wind power generation saw a slight increase due to the addition of new wind power installations, although the growth was limited by insufficient wind resources and power restrictions [3] - Solar power generation increased due to the commissioning of multiple solar projects [4] Group 3: Installed Capacity - In Q4 2025, the company added 2.1471 million kW of installed capacity, including 152,100 kW from wind power, 1.84 million kW from solar power, and 155,000 kW from energy storage [6] - As of the end of Q4, the total installed capacity of the company's controlled enterprises reached 46.8956 million kW, comprising 21.3045 million kW of hydropower, 13.0748 million kW of thermal power (including waste-to-energy), 4.1403 million kW of wind power, 7.6894 million kW of solar power, and 686,600 kW of energy storage [6]

证券代码：600886 证券简称：国投电力 公告编号：2025-056 国投电力控股股份有限公司 2025 年三季度主要经营数据公告 2025 年 7-9 月,公司控股企业平均上网电价 0.334 元/千瓦时,与去年同期相 比减少 0.9%。2025 年 1-9 月,公司控股企业平均上网电价 0.346 元/千瓦时,与去 年同期相比减少 3.9%。 - 1 - 项 目 发电量 (亿千瓦时） 上网电量 （亿千瓦时） 本期 去年 同期 同比 增减 本期 去年 同期 同比 增减 四川 雅砻江水电 283.09 337.07 -16.02% 281.65 335.43 -16.03% 云南 国投大朝山 21.35 19.09 11.83% 21.23 18.97 11.90% 甘肃 国投小三峡 10.99 14.08 -21.90% 10.85 13.91 -21.99% 水电小计 315.43 370.24 -14.80% 313.73 368.31 -14.82% 天津 国投北疆 45.37 48.76 -6.96% 42.60 45.81 -7.01% 广西 国投钦州发电 20.45 28.72 -28.80% ...

Core Viewpoint - Hubei Energy reported a significant increase in electricity generation for August 2025, with a total of 50.2 billion kilowatt-hours, marking a year-on-year increase of 22.05% [1] Summary by Category Electricity Generation Performance - The company's electricity generation for August 2025 reached 50.2 billion kilowatt-hours, up 22.05% year-on-year [1] - Hydropower generation saw a remarkable increase of 140.49% year-on-year, while thermal power generation decreased by 4.29% [1] - New energy generation increased by 13.74% year-on-year [1] Year-to-Date Performance - For the year-to-date, the total electricity generation was 298.16 billion kilowatt-hours, showing a slight decrease of 0.06% year-on-year [1] - Hydropower generation year-to-date decreased by 29.69%, while thermal power generation increased by 6.52% [1] - New energy generation year-to-date increased significantly by 42.54% [1]

根据国投电力控股股份有限公司（以下简称公司）初步统计，2025 年 4-6 月，公司控股企业累计完成发电量 380.67 亿千瓦时，上网电量 370.74 亿千瓦时， 与去年同期相比分别增加 0.52%和 0.59%。2025 年 1-6 月，公司控股企业累计完 成发电量 770.59 亿千瓦时，上网电量 751.78 亿千瓦时，与去年同期相比分别减 少 0.54%和 0.25%。 2025 年 4-6 月,公司控股企业平均上网电价 0.350 元/千瓦时,与去年同期相 比减少 4.6%。2025 年 1-6 月,公司控股企业平均上网电价 0.353 元/千瓦时,与去 年同期相比减少 6.4%。 - 1 - 证券代码：600886 证券简称：国投电力 公告编号：2025-037 国投电力控股股份有限公司 2025 年二季度主要经营数据公告 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。 一、电量电价情况 部分火电所在区域清洁能源发电量增加，以及外送电量影响。 项 目 发电量 (亿千瓦时） 上网电量 （亿千瓦时） 本期 去年 同 ...

Core Viewpoint - The company reported a revenue of 9.598 billion yuan for 2024, an increase of 18.63% year-on-year, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year, although below the expected 2.465 billion yuan due to underperformance in thermal power [1][2] Financial Performance - In 1Q25, the company's revenue decreased by 8.70% year-on-year to 1.945 billion yuan, with a net profit attributable to shareholders of 543 million yuan, reflecting a year-on-year increase of 26.37%, but still below the expected range of 573-653 million yuan due to lower-than-expected power generation [1][2] - The company declared a dividend per share (DPS) of 0.205 yuan (tax included) for 2024, with a payout ratio of 70.77%, fulfilling its commitment to maintain a dividend payout ratio of no less than 70% for the year [1] Power Generation Breakdown - In 2024, the company's total power generation increased by 27.77% year-on-year to 36.424 billion kilowatt-hours, driven by a 44.94% increase in hydropower generation to 30.583 billion kilowatt-hours due to water recovery [2] - The company added 874,700 kilowatts of new energy capacity in 2024, with solar power accounting for 91% of the new installations, resulting in a 104.17% year-on-year increase in solar power generation [2] Future Outlook - The company anticipates further improvement in hydropower utilization hours in 2025, as the average utilization hours for hydropower in 2024 were only 90% of the average from 2017-2023 [1] - The target price for the company's stock is set at 7.79 yuan, maintaining a "buy" rating, despite a downward adjustment in profit forecasts for 2025-26 due to significant pressure on thermal power trading prices [3]