Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
Stock code: 000037, 200037 Stock abbreviation: Shenzhen Nanshan Power A, Shenzhen Announcement No.: 2026-022
Nanshan Power B
Summary of the 2025 Annual Report of Shenzhen
Nanshan Power Co., Ltd.
I. Important notes
The summary of the annual report is extracted from the full text of the annual report. In order to fully understand the
Company's operating results, financial status and future development plans, investors should carefully read the full text
of the annual report on the media designated by the CSRC.
All the directors attended the board meeting for the review of this Report.
Prompt of a modified report
□Applicable ?Not applicable
Proposed profit distribution plan or the proposal for capitalization of reserves to increase share capital for the reporting
period deliberated by the Board of Directors
?Applicable □Not applicable
Whether to convert capital reserve into share capital
□Yes? No
The Company's profit distribution plan reviewed and approved by the Board of Directors this time is as follows: based
on 602,762,596 shares, a cash dividend of RMB 0.32 (tax included) will be distributed to all shareholders for every 10
shares, and 0 shares (tax included) will be given as bonus shares. The capital reserve will not be converted into share
capital.
Proposed profit distribution plan for preferred shares for the reporting period resolved by the Board of Directors
□Applicable ?Not applicable
II. Basic information of the Company
Shenzhen Nanshan Power A, Shenzhen
Stock abbreviation Stock code 000037, 200037
Nanshan Power B
Stock exchange Shenzhen Stock Exchange
Contact person
and contact Secretary to the Board of Directors Securities affairs representative
information
Name ZOU Yi LU Yindi
Office Address 16/F and 17/F, Hantang Tower, Overseas 16/F and 17/F, Hantang Tower, Overseas
Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
Chinese Town, Nanshan District, Shenzhen City, Chinese Town, Nanshan District, Shenzhen
Guangdong Province City, Guangdong Province
Fax 0755-26003684 0755-26003684
Tel 0755-26003611 0755-26003611
E-mail investor@nspower.com.cn investor@nspower.com.cn
The Company's main business is power generation and sales and integrated energy services. At the end of the
reporting period, the Company's Nanshan Power Plant had three sets of 9E gas-steam combined cycle generating
units with a total installed capacity of 540,000 kW. The power plant, located in the power load center of the Qianhai
Area of China (Guangdong) Pilot Free Trade Zone in Shenzhen, serves as a peak-shaving power source for the region.
The two sets of 9E gas-steam combined cycle generating units at the Zhongshan Nanlang Power Plant have been
shut down and withdrawn from dispatch operations, and the power generation unit equipment and related assets were
successfully listed for transfer in March 2025. During the reporting period, Nanshan Power Plant actively fulfilled its
responsibility to ensure power supply, firmly built a safety defense line, scientifically coordinated gas and power
matching, and dynamically adjusted its power marketing and fuel procurement strategies, completing an on-grid
electricity volume of 282 million kWh and a contracted electricity volume for settlement of 480 million kWh. Its
subsidiary, Shenzhen Nanshan Power Environmental Protection Company, made every effort to expand its electricity
sales business, acting as an agent for a total user electricity volume of 40.76 million kWh. The Zhongshan
Independent Energy Storage Power Station (Phase I) project of Shenzhen Nanshan Power Xiwan Company was
officially put into commercial operation in June 2025, with cumulative charging and discharging volumes of 82.1066
million kWh and 72.6871 million kWh respectively (including the discharging volume during commissioning in May),
and the annual cumulative frequency regulation mileage of 4,614,674 MW.
During the reporting period, the Company focused on the business development and market expansion of its
subsidiaries, made every effort to build an integrated platform of "investment, construction, operation, management,
and maintenance", and continued to enhance its full-chain business synergy and value creation capabilities: Shenzhen
Nanshan Power Engineering Company, leveraging its years of technical expertise and accumulated cooperation
resources in the field of gas turbine power station engineering and construction, concentrated on tackling engineering
and technical service business in the gas turbine field. Relying on its specialized and refined technical capabilities, it
successfully signed multiple contracts to provide high-quality technical services to clients. Shenzhen Nanshan Power
Environmental Protection Company delved into the new energy operation and maintenance service field, and
comprehensively developed integrated energy service projects such as operation and maintenance, and solar-storage-
charging, forming a diversified integrated energy service portfolio. Energy Technology Company closely followed the
Company's overall development strategy, and focused on the new energy engineering and construction field. With the
goal of "rapid integration, efficient synergy, and precise breakthroughs", it leveraged its professional EPC advantages
to cultivate the energy storage and photovoltaic fields, achieving rapid business implementation within half a year.
Server Company actively expanded its business scope, and focused on the property leasing and management service
business of SEC, significantly enhancing its market expansion capabilities, property management capabilities, and
profitability. Shenzhen Nanshan Power Xiwan Company completed the Zhongshan Independent Energy Storage
Power Station (Phase I) project with high quality and efficiency, and continued to strengthen its operation management
capabilities.
Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
(1) Major accounting data and financial indicators in the past three years
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□Yes? No
Unit: RMB
As at December 31, As at December 31, Changed over last As at December 31,
Total assets 2,313,750,813.45 2,012,736,635.59 14.96% 2,049,365,388.69
Net assets
attributable to
shareholders of the
listed company
Changed over last
year (%)
Operating income 401,681,583.10 442,971,955.85 -9.32% 589,780,190.71
Net profit attributable
to the shareholders 161,038,200.40 21,908,828.57 635.04% 4,158,797.10
of the listed company
Net profit attributable
to the shareholders
of the listed company -80,894,749.49 -87,508,091.57 7.56% -70,789,007.91
after deducting non-
recurring gain/loss
Net cash flow from
-16,801,521.85 -37,635,766.05 55.36% -100,371,976.92
operating activities
Basic earning per
share (RMB/Share)
Diluted gains per
share (RMB/Share)
Weighted average
ROE
(2) Quarterly main accounting data
Unit: RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 58,411,466.37 107,978,487.88 112,542,562.16 122,749,066.69
Net profit attributable
to the shareholders -12,305,181.65 -9,434,327.99 1,796,231.44 180,981,478.60
of the listed company
Net profit attributable
to the shareholders
of the listed company -15,484,838.12 -12,842,179.23 779,925.20 -53,347,657.34
after deducting non-
recurring gain/loss
Net cash flow from
-29,375,286.18 -32,878,479.33 12,587,586.30 32,864,657.36
operating activities
Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
Whether significant variances exist between the above financial index or the index with its sum and the financial index
of the quarterly report as well as semi-annual report index disclosed by the Company.
□Yes? No
(1) Number of ordinary shareholders, number of preferred shareholders whose voting rights have been
restored, and shareholdings of the top 10 shareholders
Unit: Share
Total
Total
number of
number of
preferred
Total ordinary
sharehold Total number of
number of sharehold
ers whose preferred shareholders
common ers at the
voting whose voting right is
sharehold end of the
ers at the month
have been the month before the
end of the before the
restored disclosure date of the
reporting disclosure
at the end annual report
period date of the
of the
annual
reporting
report
period
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Name of Number of share
Nature of Sharehold pledged/frozen
the Amount of restricted
sharehold ing ratio Number of shares held
sharehold shares held State of
er (%) Quantity
er share
HONG
KONG
Overseas
NAM HOI Not
Legal 15.28% 92,123,248 0 0
(INTERNA applicable
person
TIONAL)
LTD
Shenzhen
Guangju State- Not
Industrial owned applicable
Co., Ltd.
Shenzhen
Energy State- Not
Corporatio owned applicable
n
Domestic
ZENG Not
Natural 1.19% 7,159,600 0 0
Ying applicable
person
China
Merchants Overseas
Not
Securities Legal 0.91% 5,462,154 0 0
applicable
(HK) Co., person
Limited
GUOTAI Overseas
Not
JUNAN Legal 0.89% 5,379,880 0 0
applicable
SECURITI person
Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
ES
(HONG
KONG)
LIMITED
BOCI
Overseas
SECURITI Not
Legal 0.72% 4,310,566 0 0
ES applicable
person
LIMITED
LISHERY Overseas
Not
NZHANMI Natural 0.69% 4,163,600 0 0
applicable
NG person
Domestic
HUANG Not
Natural 0.64% 3,866,500 0 0
Yilong applicable
person
Domestic
ZHANG Not
Natural 0.55% 3,300,053 0 0
Yuexiang applicable
person
Explanation on 1. Shenzhen Energy Corporation holds 100% equity of HHONG KONG NAM HOI
shareholders (INTERNATIONAL) LTD.
participating in the 2. The Company is not aware of whether the other public shareholders mentioned above
margin trading business have any related party relationships or are persons acting in concert.
Shareholders
participating in margin
financing and securities None
lending business (if
any)
Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares in refinancing business and lending shares
□Applicable ?Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the
previous period due to refinancing lending/repayment
□Applicable ?Not applicable
(2) Total number of preferred shareholders of the Company and shares held by top 10 preferred shareholders
□Applicable ?Not applicable
The Company had no preferred shareholders during the reporting period.
Summary of the 2025 Annual Report of Shenzhen Nanshan Power Co., Ltd.
(3) Disclose the property rights and control relationship between the company and the actual owner in the
form of a block diagram
Shenzhen SASAC Finance Bureau of Nanshan District,
Shenzhen
Shenzhen Shenhuitong Investment Holding
Group Co., Ltd.
Shenzhen Kehuitong Investment Holding Co., Shenzhen Huitong Jinkong Fund Investment
Ltd. Co., Ltd.
Shenzhen Capital Holdings Co., Ltd.
Shenzhen Guangju Investment Holdings
(Group) Co., Ltd.
Shenzhen Energy (Hong Kong) International Shenzhen Guangju Energy Co., Ltd.
Co., Ltd.
Shenzhen Energy Corporation HONG KONG NAM HOI (INTERNATIONAL) Shenzhen Guangju Industrial Co., Ltd.
LTD
Shenzhen Nanshan Power Co., Ltd.
□Applicable ?Not applicable
III. Important matters
During the reporting period, there were no significant changes in the company's business operations. For details
on the company's business operations and management during the reporting period, please refer to the full text of the
company's 2025 Annual Report.
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