龙源电力2025中期报告

. . . . . . . . . . . . . .2. . . . . . . . . . . . . .6. . . . . . . . . . . . . . . . . . . .67. . . . . . . . . . . . . . . . . . . .69. . . . . . . . . . . . . . . . .74. . . . . . . . . . . . . . .76. . . . . . . . . . . . . . .79. . . . . . . . . . . . . . .82. . . . . . . . . . . . . . .84. . . . . . .86. . .137. . . . . . . . . . . . . . . . . . . .139. . . . . . . . . . . . . . . . . . . .143 20256 3020246 30202420256 30156.572024192.36151.8640.5018.6%51.49202458.5656.302.2612.1%35.19202441.0914.4%0.4220240.490.0720256308.91 1. 3. 6. . 2025 202548,4183.7%45,3712.3% 20256 3036.518.7%5.722.7%11.054.2%4.43.0% 20251-61,5041622.954.8%60.9%0.521,54049.3% 1. 2025113620256 120256 120256 1 20254 202542025 2. 20252202536260%20% 2025320272030+2030ESG 2025560%202530%203035%20% . 2025136 20252,053.54986.951,096.5930.0020256 3043,196.7431,395.7211,794.926.10202539,652,47733,502,6176.07%6,146,91571.37% 1. 2025 202539,652,47733,502,6176.07%6,146,91571.37%20251,10220246815 20252024 2. 2025 20251.241.040.24.752.981.77 3. 2025200MW/400MWh2025 20252,053.54986.951,096.5930.00 4. 202513617 202539920244222342220244381627320242785 5. 2025202541.441.67%423.281.46% 20253CCER8 6. 20251234 4 57202025 2025562121 7. 2025 2025461220 8. 202520256144 2025630124,9131,2603,864304,8601,2472,79971,6119361,418 . 1. + 2. 2025 3. 136 4. 5. . 202541.74202448.6446.801.8414.2%35.19202441.0914.4%42.10202448.746.64 1. 2025156.572024151.863.1%(1)2025138.262024140.512.251.6%(2)202517.02202410.286.7465.6% 2. 20256.4020246.242.6% 3. 202595.67202486.3310.8%(1)6.58(2)2.76 4. 202562.18202455.6111.8%(1)20241-64.4996.2%(2)20241-62.595.2% 5. 202521.28202420.434.2% 6. 20253.2020242.7217.6% 7. 20253.3920243.360.9% 8. 20255.6720244.4826.6% 9. 202567.30202471.776.2% 10. 202516.93202416.293.9% 11. 20251.1220240.8236.6%20252024 12. 20259.7520249.492.7% 13. 202541.74202446.8010.8% 14. 202420246 3062.261.84 15. 202535.19202441.0914.4% 16. 2025138.262024140.511.6% 202562.13202469.4510.5% 202517.02202410.2865.6% 20255.5020243.6451.1% 20255.1220244.826.2% 20251.4320241.0141.6% 17. 20256302,691.67202412312,576.49115.18(1)60.68(2)54.50 20256301,810.60202412311,717.3193.29(1)98.35(2)5.05 2025630745.15202412 31729.7515.402025 18. 2025630564.2220241231503.5460.68 2025630786.3220241231791.375.05 2025630222.1020241231287.836 5 . 7 320256300.72202412 310.640.08 1.94 19. 20256301,527.55202412311,470.2557.302025630551.19148.4629.98976.36291.811,394.0015.0788.5020256 30308.26354.81202563029.98 20. 2025630118.112024630124.795.4%59.6352.40 21. 20256 3063.08%2024123162.47%0.612025 22. 2025 23. 2025 24. 20256 3041.310.10 25. 20256 3010.1410.1420256 300.07 26. 20256 3020.242024123131.3311.09 202566.73202472.736.00 2025121.20 202543.28 . 20252025631 136 + 1993 . 202512355 1. 2. 3. 4. 5. .2025 11135 1234+AI+ . 2025514.491,400+18924.19 202555,3505,000502302050 C1 20251 120256 30C1C1 C320251 120256 30 20258 1520256 3020253420256 30 20256 308,359,816,1648,359,816,1641.00A5,041,934,164H3,317,882,000 20258 1920256 302025835,981,616.403,374,785,940.6324.77%8,359,816,164A5,041,934,164H3,317,882,00020250.1835,981,616.40202512 30 H 20256 30 20256 30XVXV78352 20256 30XV23 20256 30 2.4,908,598,141A4,602,432,800A212,238,141A93,927,200A 3.358,744,159H 325,604,642HCitigroup Inc.Citibank, N.A.5,932,129HCitigroup Inc.Citigroup Global Markets Hong Kong Limited9,750HCitigroup Inc.Citigroup Global Markets Inc.27,197,638HCitigroup Inc.Citigroup Global Markets LimitedCitigroup Inc.H 4.32,519,453H1,031,772HCitigroup Inc.Citibank, N.A.4,379,087HCitigroup Inc.Citigroup Global Markets Hong Kong Limited25,823,107HCitigroup Inc.Citigroup Global Markets Limited1,285,487HCitigroup Inc.Citigroup Global Markets Holdings Inc.Citigroup Inc.H 20256 307,6071+2+N 20256 30 20251 2320251 2320251 23 20251 23 761363434 2410 34 108 *66,155,656,00064,615,189,000 *26 1 6C 20 2006 2 34 22,209,505,00028,783,514,000 3 2 34 2410 3 21 4 1,319,150,000 4 4 (a) 52,469,000 (b) 2024630 80,620(289,345)166,341 (42,384) 5 4 5 (a) 8 5 (a) 5 (a) 5 (b) 5 (c) (i) (ii) 6 6 7 9 10 (a) 10 (a) (i)0%15%25% [2008]4650% 15% 10 (a) (ii)16.5% [2009]8225% 26.5%27%18% (iii)2025 11 (a) II. (b) 12 11,596,239,00012,270,207,0007,422,0001,824,0002,317,0001,602,000 13 3,833,482,0003,866,422,000466,298,000482,057,000 14 (a) 1530 14 (b) [2020]4[2020]5[2012]102 9 17 17 (a) (i)4,131,264,0004,439,235,00010,134,0004,020,000 (ii)20,006,00039,682,000 17 (b) 17 (c) (i) 75,2213,561,92229,105,78515,999,781 (i)24.32%4.57%95,090,029 715,500,000,0001.85%2.50%3101.95%2.60% 913,200,000,0003101.72%1.96%1.73%1.97% 1.54%1.94% (i) (ii)–Longyuan Mulilo De Aar Wind Power (RF) ProprietaryLimitedLongyuan Mulilo De Aar 2 North (RF) Proprietary Limited (iii) 20 381,903,000208,007,00020,134,00044,445,000 21 (a) (i) 0.120246 30 21