Group 1 - The second extraordinary general meeting of shareholders was held on August 15, 2025, in Wuhan, Hubei Province [2][3] - The meeting was presided over by Director Liu Haibo, with attendance from 2 out of 11 directors and key management personnel [3][4] - All resolutions proposed during the meeting were approved, including the construction of the Gezhouba shipping capacity expansion project and amendments to the company's articles of association [4][5] Group 2 - The company announced the cancellation of its supervisory board, with the audit committee of the board of directors assuming the supervisory functions [6] - The decision to abolish the supervisory board was made in accordance with the resolution passed at the extraordinary general meeting [6] - The company expressed gratitude to all supervisors for their contributions during their tenure [6]

Core Viewpoint - Changjiang Electric Power is facing skepticism from small and medium investors regarding its recent decision to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about the economic viability and potential impact on future performance and dividends [1][7]. Investment Decision - The company announced a board resolution to invest about 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which is aimed at enhancing the shipping function of the Gezhouba dam, a major hydropower project on the Yangtze River [1][4]. - The project is expected to address the current overcapacity of the existing shipping facilities, which have been operating beyond their designed capacity of 50 million tons per year [4]. Financial Impact - The total construction period for the project is estimated to be 91 months, including a 12-month preparatory phase, with funding sourced from the company's own funds [4]. - In 2024, the expected cargo throughput through the Gezhouba lock is projected to reach 156 million tons, indicating a growing demand for shipping capacity [4]. Social and Environmental Benefits - The project is anticipated to reduce waiting times for vessels, leading to significant shipping efficiency gains and contributing to a greener transportation system [5]. - It is also expected to enhance the company's ESG (Environmental, Social, and Governance) ratings, particularly in water resource management [5]. Investor Concerns - Investors are worried about whether the large investment will affect the company's future performance stability, dividend distribution, and overall valuation [7]. - The company has not yet clarified whether the expansion will lead to increased electricity prices for the Gezhouba power station, as the current shipping through the lock is free [8]. Performance Metrics - For the year 2024, the company is projected to achieve a net profit attributable to shareholders of 32.496 billion yuan, representing a year-on-year growth of 19.28%, with a proposed cash dividend distribution of 23.074 billion yuan, which constitutes 71% of the net profit [9].

Core Viewpoint - Changjiang Electric Power (600900.SH) announced the approval of a proposal to invest in the Gezhouba Navigation Capacity Expansion Project, with an estimated investment of approximately 26.6 billion yuan [1] Group 1 - The sixth board of directors' 44th meeting is scheduled for July 30, 2025, to review the investment proposal [1] - The investment will cover the Gezhouba Navigation Capacity Expansion Project and related expenses [1] - The funding will be sourced from the company's own funds, with the final investment amount to be confirmed based on the preliminary design estimate approved by the state [1]

Core Viewpoint - The construction of the new Three Gorges Waterway project is a significant strategic initiative aimed at enhancing the shipping capacity and efficiency along the Yangtze River, addressing the urgent demand for increased cargo transport due to rapid economic growth in the upstream regions [3][16]. Group 1: Project Overview - The National Development and Reform Commission has approved the feasibility study for the Three Gorges Waterway New Channel project, which integrates water conservancy, shipping, and ecological functions [3]. - The project includes the construction of a new waterway and the expansion of the Gezhouba shipping capacity, with a total static investment of approximately 76.6 billion yuan and a construction period of 100 months [7]. - The new channel aims to double the throughput capacity from the existing 100 million tons to nearly 180 million tons, addressing the bottleneck caused by the current Three Gorges lock system [7][8]. Group 2: Economic Impact - The Three Gorges Waterway New Channel is expected to significantly boost the economic development of the Yangtze River Economic Belt, facilitating smoother material flow and industrial collaboration between regions [16]. - The project will particularly benefit the Chengdu-Chongqing economic circle, where over 90% of foreign trade goods rely on inland shipping, enhancing the shipping capacity of Chongqing port and reducing logistics costs [17]. - The automotive industry in Chongqing, which produced 2.54 million vehicles in 2023, will particularly benefit from improved shipping routes, allowing for faster and more cost-effective transportation of goods [18]. Group 3: Historical Context and Delays - Discussions about the need for a second lock at the Three Gorges began around 2016, but progress was delayed due to local economic interests and the development of the "bypass logistics" industry [13][14]. - The existing Three Gorges lock has been overwhelmed by cargo demand, with throughput exceeding 150 million tons annually since 2022, leading to significant delays and increased operational costs for shipping companies [9][10]. - The rapid economic growth in the upstream regions, particularly in the Chengdu-Chongqing area, has outpaced initial projections, necessitating the urgent development of the new waterway [8][12]. Group 4: Future Prospects - The new waterway is anticipated to serve as a "shot in the arm" for the Yangtze River Economic Belt, enhancing regional collaboration and economic integration [16]. - The project aligns with national strategies for infrastructure development and is expected to play a crucial role in the transformation of local industries towards greener and smarter operations [22][28]. - The Three Gorges Waterway New Channel is positioned to become a vital link in the global supply chain, particularly for the automotive sector, facilitating quicker access to international markets [21].