中信证券股份有限公司 关于湖南能源集团发展股份有限公司 本次交易标的资产报告期内业绩真实性之专项核查意见 湖南能源集团发展股份有限公司（以下简称"公司"或"上市公司"）拟通 过发行股份及支付现金的方式购买湖南能源集团电力投资有限公司持有的湖南 湘投铜湾水利水电开发有限责任公司（以下简称"铜湾水电"）90%股权、湖南 湘投清水塘水电开发有限责任公司（以下简称"清水塘水电"）90%股权、湖南 新邵筱溪水电开发有限责任公司（以下简称"筱溪水电"）88%股权、湖南湘投 沅陵高滩发电有限责任公司（以下简称"高滩水电"）85%股权（以下合称"标 的资产"），并募集配套资金（以下简称"本次交易"）。中信证券股份有限公 司（以下简称"中信证券"或"独立财务顾问"）接受上市公司委托，担任本次 重组的独立财务顾问，对报告期内标的资产的业绩真实性进行了核查，现报告如 下： 一、企业基本情况和业务介绍 （一）铜湾水电 企业名称 湖南湘投铜湾水利水电开发有限责任公司 企业类型 其他有限责任公司 注册资本 33,000 万元 注册地址 中方县铜湾镇渡江坡村 主要办公地点 中方县铜湾镇渡江坡村 法定代表人 刘长富 成立日期 2003 年 ...

Summary of China Yangtze Power Conference Call Company Overview - **Company**: China Yangtze Power (CYPC) - **Industry**: Electric Utilities - **Market Cap**: Rmb681 billion (US$94.7 billion) as of 31 July 2025 - **Installed Capacity**: 71.7 GW, accounting for 17% of China's total hydropower capacity as of the end of 2023 [10][25] Key Financial Results - **1H25 Preliminary Results**: - Net profit: Rmb12.98 billion, up 14.2% YoY - Achieved 38% of consensus full-year forecasts, consistent with historical run-rate [2] - Implied 2Q25 net profit: Rmb7.80 billion, up 5.5% YoY and 50.6% QoQ [2] Hydropower Resource Insights - **Hydropower Generation**: - 2Q25 generation: 69.0 billion kWh, up 1.6% YoY - 1H25 generation: 126.7 billion kWh, up 5.01% YoY - Water inflow: Increased 9.0% YoY in Wudongde but decreased 8.4% YoY in Three Gorges [3] - **Outlook for 3Q25**: - Weak water inflow expected to continue, with a 35% YoY decline in July - 3Q historically represents 44% of full-year volume, potentially dragging down full-year power generation [3] Capital Expenditure Plans - **Capex Announcement**: - Rmb26.6 billion planned for Gezhouba shipping channel expansion - Estimated annual capex could reach Rmb3.5 billion over a 91-month construction period - Expected impact on total earnings post-completion: Rmb0.7-0.8 billion, including Rmb0.6 billion in incremental depreciation and Rmb0.16 billion in reduced power generation revenue [4] - **Additional Expansion**: - Considering Rmb7 billion capex for expanding Gezhouba power plant capacity, timeline not yet determined [4] Valuation and Investment Outlook - **Price Target Revision**: - DCF-based price target revised down from Rmb32.5 to Rmb31.0 due to increased capex and negative net profit impact anticipated 10 years later - Dividend yield remains attractive at 3.5% for 2026E [5] - **Investment Rating**: - Maintained "Buy" rating despite concerns over stable dividend payout, supported by over Rmb45 billion free cash flow by end-2024 [5] Financial Metrics - **Current Price**: Rmb27.84 as of 31 July 2025 - **12-Month Price Target**: Rmb31.00 - **52-Week Range**: Rmb31.11 - Rmb26.97 - **EPS Estimates**: - 2025E: Rmb1.36 - 2026E: Rmb1.45 - 2027E: Rmb1.55 [7][8] Risks and Considerations - **Downside Risks**: - Utilization downside from potential slowdown in domestic power demand growth - Fluctuations in water inflow in the Yangtze River - Possible further hydropower tariff cuts - Risks associated with overseas expansions [11] Additional Insights - **Market Return Assumption**: 6.7% - **Forecast Stock Return**: 14.8% including 11.4% price appreciation and 3.5% dividend yield [9]

Core Insights - IDACORP, Inc. (IDA) reported second-quarter 2025 earnings of $1.76 per share, matching the Zacks Consensus Estimate and reflecting a 2.9% increase from $1.71 in the same quarter last year, driven by higher customer usage, continued customer growth, and rate changes [1][9] IDA's Total Revenues - Total revenues for Q2 2025 were $450.9 million, a decrease of 0.9% from the Zacks Consensus Estimate of $455 million and a slight decline of 0.04% from $451 million in the prior year [2] Highlights of IDA's Q2 Release - Customer growth rate in IDA's service areas increased by 2.5% year over year for the 12 months ending June 30, 2025, contributing an additional $5.5 million to operating income compared to the previous year [3] - Total operating expenses rose to $350.3 million, up 0.7% from the year-ago quarter, attributed to higher fuel, operations and maintenance, as well as depreciation and amortization expenses [3] Financial Performance - IDACORP's net income for the quarter was $96.1 million, representing a 7% increase from the prior year [4] - As of June 30, 2025, cash and cash equivalents stood at $474.5 million, up from $368.9 million as of December 31, 2024 [5] - Long-term debt increased to $3.45 billion as of June 30, 2025, compared to $3.05 billion at the end of 2024 [5] - Net cash provided by operating activities in the first half of 2025 was $301.2 million, up from $256 million in the same period last year [5] Guidance - IDACORP raised the lower end of its full-year 2025 earnings guidance to a range of $5.70-$5.85 per share, compared to the previous range of $5.65-$5.85, with the Zacks Consensus Estimate currently at $5.83 [6][9] - The company anticipates capital expenditures between $1 billion and $1.1 billion in 2025 and expects O&M expenses to be in the range of $465-$475 million [6] Hydropower Expectations - Management now expects to add hydropower capacity in the range of 7-8 megawatt-hours (MWh) in 2025, a reduction from the previous estimate of 7-8.5 MWh [7]

Group 1 - The article highlights the increasing demand for copper driven by infrastructure projects, particularly in Tibet, which is expected to boost copper prices [1] - Copper prices in the U.S. are nearing $6 per pound, raising questions about whether this marks the beginning of a bullish trend or a potential bear trap [1]

Core Insights - Google has agreed to pay over $3 billion for carbon-free hydropower from Brookfield Renewable Energy Partners to support its expanding data centers [1][2] - The deal includes 20-year power purchase agreements for 670 megawatts of capacity from two hydropower plants in Pennsylvania, with a total potential of up to 3 gigawatts [2][5] - This move reflects a broader trend among tech giants like Google, Meta, Amazon, and Microsoft to secure sustainable energy sources for their growing data center needs [3][4] Group 1 - The agreement is part of a framework that allows Google to source renewable energy, aligning with its net-zero targets while managing the carbon emissions from its data centers [5][6] - Brookfield Renewable Partners will upgrade its hydropower facilities, Holtwood and Safe Harbor, to meet new energy requirements [5] - The collaboration is seen as a significant step in ensuring a clean energy supply in the PJM region, emphasizing the reliability and cost-effectiveness of hydropower [6]

Core Strategy - Statkraft, Europe's largest producer of renewable energy, is focusing on its flexible hydropower fleet in the Nordics and expanding solar, wind, and battery activities in Europe and South America to strengthen its competitive advantages [1][2] - The company aims to prioritize near-term cash flow over volume growth, reducing complexity and costs while maintaining a strong focus on core activities [1][3] Investment Plans - Statkraft plans to invest NOK 16–20 billion annually in the coming years, targeting large hydropower capacity upgrades in Norway and onshore wind power developments in Sweden and Norway [3] - The company has a significant pipeline of projects in Europe and South America, although growth rates will be lower than previously planned [3] Project Development Adjustments - Statkraft will cease new hydrogen project developments and stop further activities in offshore wind projects, while continuing with the North Irish Sea Array (NISA) project [4][5] - The company will assess its investment position in solar, wind, and batteries in Poland and will halt development activities in Portugal, although market activities will persist in both countries [4] Cost Efficiency Measures - By focusing on fewer technologies and countries, Statkraft aims to reduce payroll and operating expenses by approximately NOK 2.9 billion annually by 2027, representing a 15% reduction compared to the 2025 estimate [7] - Specific cost efficiency measures, including potential redundancies, will be identified through the annual business planning process [7] Long-term Perspective - Despite ongoing geopolitical challenges that may delay the energy transition, Statkraft maintains a long-term perspective and believes in its strong position to contribute to energy security and the energy transition [9] - The company has delivered significant value creation, paying NOK 59 billion in dividends and more than doubling its equity value to over NOK 300 billion since 2018 [8]

Core Insights - Brookfield Renewable Corporation operates in 25 countries and has a significant presence in clean energy with approximately $126 billion in assets under management [1] - The company offers a forward-yielding dividend of 4.7%, making it an attractive option for income investors seeking passive income [2] - Brookfield Renewable has a strong track record of increasing its dividend, achieving a 6% compound annual growth rate from 2001 to 2024, with management targeting 5% to 9% increases in the coming years [5] Dividend and Income Potential - The company has declared dividends of $0.373 per share for the first two quarters of 2025, which could total $1.492 per share for the year [7] - To generate $5,000 in annual income from Brookfield Renewable stock, an investor would need to own 3,352 shares [7] Valuation and Market Performance - As of June 12, shares of Brookfield Renewable have increased by approximately 16% year to date and are currently valued at 10.4 times operating cash flow, above their five-year average of 5.7 [8] - Despite the premium valuation, the company's consistent generation of strong funds from operations supports its attractiveness for investors [8]

Core Viewpoint - Statkraft is seeking a license to construct a new Aura power plant in Sunndal, Norway, with a budget of 6 billion NOK, which will significantly enhance the region's power supply capacity [1][2]. Group 1: Project Details - The new Aura power plant will increase the maximum capacity from 310 MW to approximately 810 MW, representing a 2.5 times increase in output [5]. - The upgrade will enable the plant to produce an additional 130 GWh of electricity annually, sufficient to power over 130,000 Norwegian households [6]. - The current Aura facility has been operational since 1953 and contributes over 25% of the electricity in the Møre og Romsdal region [4]. Group 2: Strategic Importance - The new power plant is part of Statkraft's largest hydropower investments in decades, aimed at modernizing existing facilities and meeting future energy demands [1][8]. - The project is expected to create significant local investment and job opportunities for contractors and suppliers [7]. - Statkraft plans to upgrade four other major hydropower plants, potentially increasing its installed capacity in Norway by 1,500 to 2,500 MW, which is over a 20% increase [8]. Group 3: Environmental and Community Engagement - The capacity upgrades will require substantial investment and are only marginally profitable, necessitating careful consideration of environmental impacts and community engagement [9]. - The company emphasizes the importance of local dialogue and engagement in the planning and execution of these projects [9].

Core Viewpoint - Statkraft reported strong underlying results in Q1 2025, achieving record-high power generation despite lower power prices [1][8]. Financial Performance - Power generation reached 21.7 TWh, an increase of 12% from 19.4 TWh in Q1 2024, marking the highest quarterly generation in Statkraft's history [6][8]. - Net operating revenues were NOK 15.8 billion, down from NOK 19.6 billion in the same quarter last year [6]. - Underlying EBITDA decreased to NOK 10.9 billion from NOK 15.1 billion, while underlying EBIT fell to NOK 9.0 billion from NOK 13.5 billion [6][9]. - Net profit remained stable at NOK 6.8 billion, unchanged from the previous year, supported by positive currency effects [13]. Market Development - Average system price in the Nordic region was 46.0 EUR/MWh, down 12.3 EUR/MWh from Q1 2024, while the German market saw an increase to 112.5 EUR/MWh, up 44.9 EUR/MWh year-on-year [4][5]. - Power prices in the Nordic region fell by 21%, while prices in Germany rose by 67% compared to the same quarter last year [6]. Investment and Development - Construction began on the new Svean hydropower plant, part of a broader capacity upgrade and modernization program [3][8]. - Statkraft made investment decisions for the Blåsjø-Saurdal headrace tunnel (NOK 900 million) and submitted license applications for the Moifjellet wind farm and Nore hydropower plant upgrades (both around NOK 4 billion) [6][8]. - The company signed long-term contracts with Alcoa Norway for a total delivery of up to 1800 GWh [6]. Strategic Adjustments - Statkraft is sharpening its strategy by focusing on fewer technologies and markets, divesting non-core assets, and halting new green hydrogen project developments due to increased market uncertainty [15][16]. - The company aims to adapt to the volatile geopolitical environment while maintaining a long-term perspective on energy transition [18].

Core Viewpoint - Statkraft is applying for a license to upgrade the Nore hydropower plants with a budget of 4 billion NOK to enhance electricity production and stabilize prices in Norway [1][2]. Company Overview - Statkraft is a leading international hydropower company and Europe's largest generator of renewable energy, with operations in over 20 countries and around 7,000 employees [14]. Project Details - The Nore hydropower plants consist of Nore I, operational since 1928 with a capacity of 212 MW and annual production of 1150 GWh, and Nore II, operational since 1946 with a capacity of 60 MW and over 300 GWh annual production [10]. - The upgrade aims to nearly double the capacity from 274 MW to 500 MW and increase annual production from approximately 200 GWh to about 1700 GWh under the preferred alternative [6]. - An alternative plan would increase the combined capacity by 65 MW and production by around 150 GWh [6]. Future Plans - Statkraft plans to build a next-generation hydropower system and initiate five major upgrades by 2030, with the Nore plants upgrade being a significant step [2][8]. - The company aims to increase its installed capacity in Norway by over 20 percent, providing an additional 1500 to 2500 MW of capacity through various upgrades [8]. Environmental and Economic Considerations - Upgrading existing hydropower plants is seen as a way to enhance capacity and energy production while considering environmental impacts [3][9]. - The company acknowledges that such upgrades require substantial investments and are often only marginally profitable, necessitating careful assessment of various factors [9]. Licensing Process - The license application will be processed by the Norwegian Water Resources and Energy Directorate (NVE), followed by a hearing process, with the Ministry of Energy making the final decision [13].