近日，上海电力董事会收到副总经理、总会计师谢晶先生的书面辞职报告，由于工作调动，谢晶先生申请辞去公司副总经理、总会计师职务。原定任期至 2028年2月，提前2年离任。 | 姓名 | 离任职务 | | 原定任期 | | 是否继续在 上市公司及 | 具体职 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 离任时间 | 到期日 | 离任原因 | 其控股子公 | 务(如适 | 毕的公开 | | | | | | | 司任职 | 用) | 承诺 | | 谢晶 | 副总经理、 | 2026 年 2 | 2028 年 2 | 工作调动 | 合 | 不适用 | 元 | | | 总会计师 | 月４日 | 月 26 日 | | | | | 上海电力简介： 全称为上海电力股份有限公司（简称"上海电力"，股票代码：600021.SH），是国家电力投资集团有限公司（简称"国家电投"）核心的上市公司平台和重要 的国际化发展平台，同时也是上海市最主要的综合能源供应商和最大的供热企业。 公司起源于1882年，是中国电力工业的见证者，拥有超过百年的历史积 ...

长江商报消息 ●长江商报记者 沈右荣 国家电力投资集团旗下主要的上市平台之一，上海电力（600021.SH）经营业绩继续稳健增长。 1月30日晚，上海电力发布业绩预告。公司预计2025年度实现归母净利润25.11亿元到29.88亿元，继续保持两位数 增长。 此前的2022年至2024年，公司归母净利润持续保持高速增长，从2022年的3.34亿元增长至2024年的20.46亿元。加 上2025年，上海电力的归母净利润实现了连续四年快速增长。 上海电力解释，2025年，公司扎实开展提质增效工作，强化全要素挖潜，燃料成本、资金成本等持续下降。 近年来，上海电力持续加码清洁能源布局。2025年，公司完成合并口径发电量782.32 亿千瓦时，同比上升 1.41%，其中煤电完成510.06亿千瓦时，同比下降1.87%。清洁能源发电装机规模和发电量实现增长是公司发电量 增长的主要原因。 截至2025年末，上海电力控股装机容量为2632.13万千瓦，清洁能源占装机规模的 62.59%。 发电量增加净利延续增长 发电量、归母净利润双增长，上海电力保持着良好的发展势头。 根据最新发布的年度业绩预告，经财务部门初步测算，2025年 ...

Core Viewpoint - The renewable energy sector faces new challenges in ensuring the stable operation of the power grid and balancing supply and demand, necessitating continuous innovation in technology, business models, institutional mechanisms, and policy measures [1][2] Group 1: Technological Innovation - Continuous promotion of technological innovation in renewable energy is essential, with a focus on developing "grid-adaptive" technologies for wind power and creating "new-type" smart grids on the grid side [1] - The construction of a new power system should fully integrate digital and intelligent technologies to address issues related to the integration of renewable energy and supply-demand balance [1] Group 2: Utilization and Consumption - Exploration of new methods for the consumption and utilization of renewable energy is crucial, including the acceleration of virtual power plants, integrated smart energy systems, and the integration of source, grid, load, and storage [1] - There is a need to enhance the role of energy storage, shifting from "heavy allocation of storage" to "heavy utilization of storage," and promoting new ways to convert renewable energy into industrial products [1] Group 3: Institutional Reform - Deepening institutional and mechanism reforms is necessary, including improving the mechanisms for renewable energy participation in the electricity market and exploring more market trading models that suit the characteristics of wind and solar power [1] Group 4: Legal and Policy Framework - Continued improvement of the legal and policy framework supporting renewable energy development is required, including amendments to the Renewable Energy Law and Electricity Law to ensure land resource support for wind power and other renewables [2] - Under the new dual control mechanism of carbon emissions, there is a push to expand green energy consumption across various sectors and align policies for green energy and carbon reduction evaluations, enhancing the role of wind power in promoting a green and low-carbon transition [2]

Core Viewpoint - Shanghai Electric's stock price has surged, reaching a nearly 10-year high, driven by strong performance and strategic investments in renewable energy projects [2][5][6]. Stock Performance - Shanghai Electric's stock price increased by over 20% in the last three trading days, closing at 25.12 CNY per share on October 10, marking a significant rise from 19.68 CNY [2][4]. - The stock has more than doubled since August 2025, with a cumulative increase of over 150% [3][4]. - The company’s market capitalization is currently 70.87 billion CNY [4]. Financial Performance - In the first half of 2025, Shanghai Electric reported a net profit of over 1.9 billion CNY, nearing the total profit for the entire year of 2024 [2][9]. - The net cash flow from operations reached 6.149 billion CNY, reflecting a year-on-year growth of 41.59% [2]. Investment and Strategic Initiatives - The company plans to invest over 6 billion CNY in two new renewable energy projects [2]. - Shanghai Electric is positioning itself as a key player in the international energy market, following the establishment of a new subsidiary under the State Power Investment Corporation [6]. Energy Composition - As of June 2025, Shanghai Electric's installed capacity reached 25.8013 million kW, with clean energy accounting for 61.83% of the total [7]. - The company has diversified its energy sources, including coal, gas, wind, and solar power, with significant investments in renewable energy [7]. Market Demand and Growth - The company has experienced steady growth in operating performance, with revenue projections of 42.402 billion CNY and 42.734 billion CNY for 2023 and 2024, respectively [8]. - The demand for electricity in Shanghai has surged, with residential electricity consumption increasing by over 30% year-on-year [9].

Core Viewpoint - Shanghai Electric Power Co., Ltd. has decided to terminate the acquisition of a 66.40% stake in K-Electric Limited in Pakistan, originally planned for $1.77 billion, due to unmet conditions and changes in the business environment [2][4]. Group 1: Acquisition Details - The acquisition process began in 2016 and involved multiple approvals from regulatory bodies, including the Pakistan Competition Commission and Chinese authorities [3][4]. - The deal faced challenges, including a new pricing mechanism in Pakistan that significantly reduced K-Electric's profitability and valuation [4]. - Shanghai Electric Power has been disclosing progress on the acquisition every 30 days since March 2017, indicating ongoing challenges and risks associated with the deal [4][5]. Group 2: Market Reaction - Following the announcement of the termination, Shanghai Electric's stock experienced significant volatility, initially dropping to the daily limit before rebounding to close at 22.01 yuan per share, a 5.87% increase [2]. - Over the past 60 days, the company's stock has seen a cumulative increase of 150.68% [2]. Group 3: Financial Performance - Shanghai Electric reported a net profit of 3.34 billion yuan in 2022, which is expected to grow to 20.46 billion yuan in 2024 [6]. - In the first half of 2025, the company achieved a revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit of 1.909 billion yuan, up 43.85% [6]. Group 4: Energy Portfolio - As of mid-2025, Shanghai Electric's installed capacity reached 25.8013 million kilowatts, with clean energy accounting for 61.83% of the total [7]. - The company has significant operations in various energy sectors, including coal, gas, wind, and solar power, with a notable increase in renewable energy generation [7]. Group 5: New Investments - Following the termination of the acquisition, Shanghai Electric is shifting focus to domestic clean energy projects, including a 500,000-kilowatt offshore solar project and a 400,000-kilowatt wind project in Heilongjiang [8].

Core Viewpoint - Shanghai Electric's operating performance continues to grow, with a projected net profit increase of 32.18% to 57.27% for the first half of 2025 compared to the previous year [1][2]. Financial Performance - The company expects a net profit attributable to shareholders of between 1.754 billion and 2.087 billion yuan for the first half of 2025, marking a significant year-on-year increase [1][2]. - In 2024, Shanghai Electric achieved an operating income of 42.734 billion yuan, a 0.78% increase year-on-year, and a net profit of 2.046 billion yuan, up 28.46% year-on-year [2]. - For the first quarter of 2025, the company reported an operating income of 10.443 billion yuan, a slight decrease of 1.56% year-on-year, but net profit and non-recurring net profit increased by 30.78% and 27.04%, respectively [2][3]. Operational Efficiency - The company has implemented measures to enhance quality and efficiency, resulting in a decrease in fuel and capital costs [3]. - Shanghai Electric's expense control has shown significant results, with the expense ratio dropping from 16.88% in 2021 to 10.99% in the first quarter of 2025 [3]. - The gross profit margin and net profit margin improved to 25.89% and 14.05%, respectively, in the first quarter of 2025 [3]. Clean Energy Transition - Shanghai Electric is focusing on green transformation and clean energy investments, with clean energy accounting for 61.83% of its installed capacity as of June 2025 [1][4]. - The company aims to complete a total power generation of 79.986 billion kilowatt-hours in 2025, with a total operating income target of 42.982 billion yuan [5]. Generation Capacity and Output - As of June 2025, Shanghai Electric's total installed capacity was 25.8013 million kilowatts, with coal power accounting for 38.17% and renewable sources (wind and solar) making up 47.8% [4][5]. - The company reported a total power generation of 37.848 billion kilowatt-hours in the first half of 2025, a year-on-year increase of 5.48% [5]. Financial Health - Shanghai Electric's debt ratio improved to 69.80% in the first quarter of 2025, down from 71.90% at the end of 2024 [6]. - The company's financial expenses decreased by 25.28% year-on-year to 671 million yuan in the first quarter of 2025 [6]. - The net cash flow from operating activities increased by approximately 47.53% year-on-year to 2.734 billion yuan in the first quarter of 2025 [6].

长江商报消息 ●长江商报记者 徐阳 上海电力（600021.SH）进一步优化业务结构，聚焦核心业务。 5月13日晚间，上海电力公告披露，公司拟将持有的上海明华电力科技有限公司（以下简称"明华电力"）77.8832% 股权协议转让至上海发电设备成套设计研究院有限责任公司（以下简称"成套院"）。 作为国家电力投资集团旗下主要的上市平台之一，上海电力近年聚焦主责主业，加快绿色转型及清洁能源投资， 为公司带来经营业绩上的增量。 2025年一季度，上海电力营收微降，但归属于上市公司股东的净利润（以下简称"净利润"）同比增30.78%至8.29 亿元。报告期内，公司经营活动产生的现金流量净额27.34亿元，同比增长47.53%。 作为此次交易的受让方，成套院为上海电力控股股东国家电力投资集团有限公司（以下简称"国家电投集团"）所 属子公司，故本次交易构成关联交易。 清洁能源装机占60.68% 据悉，转让明华电力77.8832%股权已征询国家电投集团绿能科技发展有限公司、上海庚烁科技合伙企业（有限合 伙）和上海庚浩科技合伙企业（有限合伙）放弃优先购买权的意向。 根据中汇会计师事务所（特殊普通合伙）以2024年6月30日为基 ...