Recent Events - The company held its first extraordinary shareholders' meeting of 2026 on February 5, 2026, where it approved the proposal regarding the execution of daily related transactions for 2025 and the expected daily related transactions for 2026. This proposal involves daily related transaction arrangements, which may impact the company's operations in the future [2]. Performance and Operating Conditions - The company's distribution network energy-saving business is currently undergoing a transition between old and new projects, leading to short-term pressure on performance. For the first three quarters of 2025, the company reported operating revenue of 2.278 billion yuan, a year-on-year decrease of 5.43%, and a net profit attributable to the parent company of 296 million yuan, a year-on-year decrease of 29.58%. The power grid business remains stable, with a sales volume of 3.464 billion kilowatt-hours in 2024, representing a year-on-year increase of 7.71% [3]. Strategic Advancement - As the only listed platform for distribution network energy-saving under the State Grid, the company is actively exploring new business areas such as energy storage and smart distribution networks to align with the policy direction of grid intelligence. As of the 2025 semi-annual report, the company had total monetary funds of 2.727 billion yuan, and its asset-liability ratio decreased to 18.36%, providing support for future capital expenditures [4].

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 04 年 月 日 涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元 ...

资金流向方面，主力资金净流入146.93万元，特大单买入1261.57万元，占比6.17%，卖出980.11万元， 占比4.79%；大单买入4530.31万元，占比22.15%，卖出4664.83万元，占比22.81%。 涪陵电力今年以来股价涨10.67%，近5个交易日跌0.48%，近20日涨10.08%，近60日涨8.81%。 资料显示，重庆涪陵电力实业股份有限公司位于重庆市涪陵区望州路20号，成立日期1999年12月29日， 上市日期2004年3月3日，公司主营业务涉及电力供应业务、配电网节能业务。主营业务收入构成为：电 网业务65.24%，节能业务34.76%。 涪陵电力所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：西部开发、中盘价值、 小盘股、中盘、国企改革等。 1月22日，涪陵电力盘中上涨2.37%，截至13:00，报10.37元/股，成交2.05亿元，换手率1.31%，总市值 159.34亿元。 分红方面，涪陵电力A股上市后累计派现11.56亿元。近三年，累计派现5.39亿元。 机构持仓方面，截止2025年9月30日，涪陵电力十大流通股东中，香港中央结算有限公司位居第六大流 通股 ...

截至9月30日，涪陵电力股东户数3.62万，较上期减少22.20%；人均流通股42431股，较上期增加 28.53%。2025年1月-9月，涪陵电力实现营业收入22.78亿元，同比减少5.43%；归母净利润2.96亿元，同 比减少29.58%。 分红方面，涪陵电力A股上市后累计派现11.56亿元。近三年，累计派现5.39亿元。 涪陵电力今年以来股价涨11.63%，近5个交易日跌1.60%，近20日涨10.11%，近60日涨10.34%。 资料显示，重庆涪陵电力实业股份有限公司位于重庆市涪陵区望州路20号，成立日期1999年12月29日， 上市日期2004年3月3日，公司主营业务涉及电力供应业务、配电网节能业务。主营业务收入构成为：电 网业务65.24%，节能业务34.76%。 涪陵电力所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：电力物联网、西部开 发、中盘、节能环保、社保重仓等。 1月20日，涪陵电力盘中下跌2.06%，截至13:00，报10.46元/股，成交2.33亿元，换手率1.43%，总市值 160.72亿元。 机构持仓方面，截止2025年9月30日，涪陵电力十大流通股东中，香港中央 ...

1月12日，涪陵电力涨5.06%，截至发稿，报10.17元/股，成交2.97亿元，换手率1.94%，总市值156.27亿 元。 资料显示，重庆涪陵电力实业股份有限公司位于重庆市涪陵区望州路20号，成立日期1999年12月29日， 上市日期2004年3月3日，公司主营业务涉及电力供应业务、配电网节能业务。主营业务收入构成为：电 网业务65.24%，节能业务34.76%。 从涪陵电力十大流通股东角度 数据显示，南方基金旗下1只基金位居涪陵电力十大流通股东。南方中证1000ETF（512100）三季度减 持9.47万股，持有股数843.39万股，占流通股的比例为0.55%。根据测算，今日浮盈赚取约413.26万元。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年68天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 234.52%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑： ...

Core Viewpoint - Fuling Power's stock price has shown a slight increase of 2.03% as of January 5, 2025, with a market capitalization of 14.689 billion yuan, indicating a stable performance in the utility sector [1]. Group 1: Stock Performance - As of January 5, 2025, Fuling Power's stock price is 9.56 yuan per share, with a trading volume of 1.88 billion yuan and a turnover rate of 1.29% [1]. - Year-to-date, the stock has increased by 2.03%, with a 5-day increase of 1.81%, a 20-day increase of 4.82%, and a 60-day increase of 0.74% [1]. Group 2: Financial Performance - For the period from January to September 2025, Fuling Power reported a revenue of 2.278 billion yuan, a year-on-year decrease of 5.43%, and a net profit attributable to shareholders of 296 million yuan, down 29.58% year-on-year [2]. - Cumulatively, Fuling Power has distributed a total of 1.156 billion yuan in dividends since its A-share listing, with 539 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Fuling Power has 36,200 shareholders, a decrease of 22.20% from the previous period, with an average of 42,431 circulating shares per shareholder, an increase of 28.53% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 23.0431 million shares, an increase of 11.3751 million shares compared to the previous period [3].

Core Viewpoint - Fuling Power's stock has shown fluctuations with a recent increase of 2.03%, while the company faces a decline in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - As of December 19, Fuling Power's stock price reached 9.57 CNY per share, with a market capitalization of 14.705 billion CNY [1]. - The stock has decreased by 8.86% year-to-date, with a slight decline of 0.10% over the last five trading days, but has increased by 3.46% over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Fuling Power reported a revenue of 2.278 billion CNY, a decrease of 5.43% year-on-year, and a net profit attributable to shareholders of 296 million CNY, down 29.58% compared to the previous year [2]. - Cumulatively, since its A-share listing, Fuling Power has distributed a total of 1.156 billion CNY in dividends, with 539 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Fuling Power was 36,200, a decrease of 22.20% from the previous period, while the average number of tradable shares per person increased by 28.53% to 42,431 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 23.0431 million shares, an increase of 11.3751 million shares from the previous period [3].

Core Points - The company reported a revenue of 1.416 billion yuan and a net profit of 167 million yuan for the first half of 2025, with a basic earnings per share of 0.11 yuan [2] - The company has maintained a stable profit structure, with net profits exceeding 500 million yuan for four consecutive years, indicating consistent profitability [2] - The company focuses on its core business, enhancing operational efficiency and maintaining a stable financial condition [2] Financial Performance - The revenue for the first half of 2025 was 1.416 billion yuan, with a net profit of 167 million yuan and a non-recurring net profit of 161 million yuan [2] - The company proposed a cash dividend distribution plan of 0.35 yuan per 10 shares, totaling approximately 53.78 million yuan, reflecting a cash dividend ratio of 32.24% [3] Business Segments - The company's power grid business is stable, with an increase in sales volume and revenue contribution [2] - The energy-saving business in the distribution network has seen a slight decline in revenue due to the completion of some projects, but overall profits remain stable [2] - The company has a strong investment capability and a solid foundation for sustainable development, with good debt repayment ability and asset quality [2]

| 主要会计数据 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | | (1-6月) | 调整后 | 调整前 | | 营业收入 | 1, 416, 345, 842. 75 | 1, 473, 178, 228. 70 | 1, 473, 178, 2 | | 利润总额 | 208, 208, 470. 57 | 249, 163, 938. 30 | 249, 163, 5 | | 归属于上市公司股东的 浄利润 | 166,809,986.07 | 196. 125. 567. 64 | 196, 125, 5 | | 归属于上市公司股东的 扣除非经常性损益的净 | 160, 739, 180. 55 | 190, 690, 935. 42 | 190, 690, | | 利润 | | | | | 经营活动产生的现金流 量净额 | 295,823,954.17 | 726, 320, 122. 85 | 726, 320, 1 | | | 本报告期末 | 上年度末 | | | | | 调整后 | 调整前 | | 归属于上市公司股东的 净资产 | 5,398,931, ...

Core Viewpoint - The company is focused on building a regional energy service ecosystem and leading innovations in smart grid development, with a strong emphasis on power grid operation and energy efficiency in distribution networks [1][2][3]. Group 1: Business Overview - The company primarily operates in the Fuling District of Chongqing, providing reliable power supply services and covering 20 provinces in energy efficiency management [1]. - The company’s revenue and net profit are projected to grow at CAGRs of 4.09% and 6.46% respectively from 2020 to 2024 [1]. - In 2024, the company expects to achieve revenue of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [1]. Group 2: Sales Performance - The total electricity sales volume in 2024 reached 346,384 million kWh, reflecting a year-on-year increase of 7.71% [2]. - The average selling price of electricity was 643.65 yuan/MWh, a slight decrease of 0.81% year-on-year, indicating stable pricing [2]. - Direct sales accounted for 94.94% of total sales volume, with an increase of 8.05% year-on-year, while bulk sales decreased by 5.68% [2]. Group 3: Business Expansion and Projects - The company is expanding its energy efficiency business in distribution networks, tailoring solutions based on regional grid characteristics [3]. - Significant projects in Xinjiang and Shanxi have been completed, with a new strategic partnership in Anhui aimed at enhancing energy efficiency in 16 cities [3]. - The Anhui project is expected to generate approximately 790 million yuan in revenue over an 8-year operational period, with the company holding over 50% of the investment and revenue share [3]. Group 4: Financial Projections - The company anticipates net profits of 524 million, 555 million, and 603 million yuan for 2025-2027, with year-on-year growth rates of 1.9%, 5.8%, and 8.8% respectively [3].