换肤

广州发展

i问董秘
企业号

600098

主营介绍

  • 主营业务:

    绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营。

  • 产品类型:

    燃煤发电、天然气发电、煤电热力、气电热力、加气混凝土、煤炭、油品、危化品仓储、天然气、光伏发电、风力发电、充电桩、储能及综合能源、房产租赁、金融业务

  • 产品名称:

    燃煤发电 、 天然气发电 、 煤电热力 、 气电热力 、 加气混凝土 、 煤炭 、 油品 、 危化品仓储 、 天然气 、 光伏发电 、 风力发电 、 充电桩 、 储能及综合能源 、 房产租赁 、 金融业务

  • 经营范围:

    商品零售贸易(许可审批类商品除外);商品批发贸易(许可审批类商品除外);企业自有资金投资;企业管理服务(涉及许可经营项目的除外);企业总部管理;煤炭及制品批发;石油制品批发(成品油、危险化学品除外);电气设备零售;通用机械设备零售;天然气的利用技术开发;太阳能光伏供电系统的研究、开发、设计;工程项目管理服务;节能技术推广服务;环保技术推广服务;可再生能源领域技术咨询、技术服务;市政设施管理;技术服务(不含许可审批项目)。

运营业务数据

最新公告日期:2026-04-22 
业务名称 2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31
输气量:天然气(立方米) 3.24亿 14.78亿 12.02亿 8.60亿 4.50亿
销量:管道燃气(立方米) 6.37亿 23.81亿 18.03亿 11.60亿 6.13亿
销量:管道燃气:分销与直供量燃气(立方米) 3.43亿 13.23亿 10.02亿 6.12亿 3.37亿
销量:管道燃气及LNG(立方米) 8.48亿 43.72亿 32.92亿 18.13亿 8.84亿
销量:管道燃气:商业用户燃气(立方米) 6541.00万 2.40亿 1.80亿 1.20亿 6152.00万
销量:管道燃气:居民与公福用户燃气(立方米) 1.27亿 4.21亿 3.27亿 2.41亿 1.24亿
销量:管道燃气:工业用户燃气(立方米) 1.01亿 3.97亿 2.94亿 1.87亿 9002.00万
上网电量(千瓦时) 56.36亿 230.37亿 181.53亿 113.72亿 -
上网电量:火力发电(千瓦时) 35.10亿 149.21亿 118.12亿 70.22亿 -
上网电量:风力发电(千瓦时) 14.52亿 56.91亿 42.20亿 - -
发电量(千瓦时) 58.77亿 243.76亿 189.15亿 118.47亿 -
发电量:光伏(千瓦时) 6.83亿 28.03亿 21.38亿 12.26亿 -
上网电价(元/千瓦时) 0.47 0.52 0.51 0.49 0.49
发电量:火力(千瓦时) 36.99亿 157.10亿 124.29亿 73.93亿 -
发电量:风力(千瓦时) 14.94亿 58.63亿 43.49亿 32.29亿 -
售电量:光伏发电(千瓦时) 6.74亿 27.77亿 21.20亿 - -
销量:LNG(立方米) 2.12亿 19.90亿 14.89亿 6.54亿 2.71亿
销量:煤炭(吨) 1237.00万 5202.00万 3596.00万 2224.00万 1068.00万
装机容量:新增装机容量:新能源(千瓦) - 134.67万 116.44万 - -
产量:热力(吉焦) - 682.58万 - - -
产量:电力(千瓦时) - 243.76亿 - - -
销量:天然气(立方米) - 35.98亿 - - -
销量:市场煤(吨) - 4801.25万 - - -
销量:成品油(吨) - 100.37万 - - -
销量:热力(吉焦) - 684.66万 - - -
销量:电力(千瓦时) - 233.89亿 - - -
供应量:天然气(立方米) - 58.50亿 - - -
上网电价:光伏发电(元/兆瓦时) - 412.12 - - -
上网电价:火电(元/兆瓦时) - 520.27 - - -
上网电价:风电(元/兆瓦时) - 435.24 - - -
上网电量:光伏发电(千瓦时) - 24.25亿 - - -
上网电量:境内(千瓦时) - 230.37亿 - - -
利用小时:光伏发电(小时) - 998.00 - - -
利用小时:火电(小时) - 3114.00 - - -
利用小时:风电(小时) - 2180.00 - - -
发电厂用电率:光伏发电(%) - 0.77 - - -
发电厂用电率:火电(%) - 4.68 - - -
发电厂用电率:风电(%) - 2.87 - - -
发电量:境内(千瓦时) - 243.76亿 - - -
售电价:光伏发电(元/兆瓦时) - 415.00 - - -
售电价:火电(元/兆瓦时) - 520.27 - - -
售电价:风电(元/兆瓦时) - 435.24 - - -
售电量(千瓦时) - 233.89亿 - - -
售电量:境内(千瓦时) - 233.89亿 - - -
售电量:火电(千瓦时) - 149.21亿 - - -
售电量:风电(千瓦时) - 56.91亿 - - -
用电量:发电厂用电量:光伏发电(千瓦时) - 1469.45万 - - -
用电量:发电厂用电量:火电(千瓦时) - 7.98亿 - - -
用电量:发电厂用电量:风电(千瓦时) - 1.76亿 - - -
装机容量:可控装机容量:光伏发电(千瓦) - 355.34万 - - -
装机容量:可控装机容量:火电(千瓦) - 483.65万 - - -
装机容量:可控装机容量:风电(千瓦) - 258.07万 - - -
购电量:外购电量(千瓦时) - 9348.53万 - - -
购电量:外购电量:光伏发电(千瓦时) - 1952.98万 - - -
购电量:外购电量:境内(千瓦时) - 9348.53万 - - -
购电量:外购电量:火电(千瓦时) - 5814.67万 - - -
购电量:外购电量:风电(千瓦时) - 1580.89万 - - -
供气量:天然气(立方米) - - 44.94亿 - -
专利数量:申请专利(项) - - - 59.00 -
用户数:新发展居民用户:燃气业务(户) - - - 4.80万 -
装机容量:新并网项目(千瓦) - - - 90.00万 -
销量:天然气:境外(立方米) - - - 3.10亿 -
销量:异地管道气(立方米) - - - 1.80亿 -
销量:煤炭:境外(吨) - - - 92.00万 -
发电量:新能源业务(千瓦时) - - - 44.54亿 -
售电量:新能源业务(千瓦时) - - - 43.51亿 -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了163.09亿元,占营业收入的32.07%
  • 中国南方电网及其子公司
  • 中国石化销售股份有限公司及其附属企业
  • 国家电网公司及子公司
  • 内蒙古汇能集团通汇煤炭经营有限公司
  • 广东省电力工业燃料有限公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网及其子公司
78.57亿 15.45%
中国石化销售股份有限公司及其附属企业
37.11亿 7.30%
国家电网公司及子公司
20.61亿 4.05%
内蒙古汇能集团通汇煤炭经营有限公司
13.84亿 2.72%
广东省电力工业燃料有限公司
12.96亿 2.55%
前5大客户:共销售了72.34亿元,占营业收入的31.04%
  • 中国南方电网有限责任公司
  • 广东省电力工业燃料有限公司
  • 国家电网有限公司
  • 中国煤炭工业秦皇岛进出口有限公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司
34.96亿 15.00%
广东省电力工业燃料有限公司
12.21亿 5.24%
国家电网有限公司
9.62亿 4.13%
中国煤炭工业秦皇岛进出口有限公司
8.81亿 3.78%
深圳能源集团股份有限公司燃料物资分公司
6.74亿 2.89%
前5大客户:共销售了150.11亿元,占营业收入的31.09%
  • 中国南方电网有限责任公司
  • 广东省电力工业燃料有限公司
  • 国家电网有限公司
  • 中国煤炭工业秦皇岛进出口有限公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司
91.11亿 18.87%
广东省电力工业燃料有限公司
22.65亿 4.69%
国家电网有限公司
18.05亿 3.74%
中国煤炭工业秦皇岛进出口有限公司
9.31亿 1.93%
深圳能源集团股份有限公司燃料物资分公司
8.99亿 1.86%
前5大客户:共销售了76.68亿元,占营业收入的33.56%
  • 中国南方电网及其子公司
  • 广东省电力工业燃料有限公司
  • 国家电网及其子公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • SINOCHEM INTERNATION
  • 其他
客户名称 销售额(元) 占比
中国南方电网及其子公司
43.82亿 19.18%
广东省电力工业燃料有限公司
14.08亿 6.16%
国家电网及其子公司
9.82亿 4.30%
深圳能源集团股份有限公司燃料物资分公司
4.55亿 1.99%
SINOCHEM INTERNATION
4.41亿 1.93%
前5大客户:共销售了143.95亿元,占营业收入的30.78%
  • 中国南方电网有限责任公司及其子公司
  • 国家电网有限公司及其子公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • 广东省电力工业燃料有限公司
  • 中国煤炭工业秦皇岛进出口有限公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司及其子公司
96.09亿 20.55%
国家电网有限公司及其子公司
13.39亿 2.86%
深圳能源集团股份有限公司燃料物资分公司
12.93亿 2.76%
广东省电力工业燃料有限公司
12.42亿 2.66%
中国煤炭工业秦皇岛进出口有限公司
9.13亿 1.95%

董事会经营评述

  一、报告期内公司从事的业务情况
  公司从事绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营,是广东省重要的综合能源企业之一,为广大客户提供电力、煤炭、天然气、蒸汽、成品油等能源产品和能源管理服务,同时提供天然气、煤炭和油品装卸、运输和储存服务,金融业务主要为能源产业发展提供金融支持,实现产融结合。公司深耕华南,服务粤港澳大湾区,业务拓展到国内26个省市,外延至11个国家和地区,积极践行新发展理念和高质量发展要求,不断追求创新突破。
  公司以构建“大产业链”的思路,推动产能互融、多能互补、煤气电联动,建设能源产业支撑保障基地,形成产、购、销、储、运、用的综合能源产业链。公司... 查看全部▼

  一、报告期内公司从事的业务情况
  公司从事绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营,是广东省重要的综合能源企业之一,为广大客户提供电力、煤炭、天然气、蒸汽、成品油等能源产品和能源管理服务,同时提供天然气、煤炭和油品装卸、运输和储存服务,金融业务主要为能源产业发展提供金融支持,实现产融结合。公司深耕华南,服务粤港澳大湾区,业务拓展到国内26个省市,外延至11个国家和地区,积极践行新发展理念和高质量发展要求,不断追求创新突破。
  公司以构建“大产业链”的思路,推动产能互融、多能互补、煤气电联动,建设能源产业支撑保障基地,形成产、购、销、储、运、用的综合能源产业链。公司火力发电厂集中在粤港澳大湾区电力负荷中心,是华南地区大型发电企业之一;风力及光伏发电等新能源项目已覆盖全国20个省市。截至2025年12月31日,公司发电装机容量达到1,097万千瓦,其中火力发电可控装机容量为484万千瓦,涵盖燃煤发电、燃气发电、热电联产、分布式能源站,拓展售电、配电网、能源检修与技术服务,建设珠江电厂煤电环保替代项目、增城旺隆气电替代项目、金融城综合能源等项目;风力及光伏发电可控装机容量为613万千瓦,已建成第二个新能源百万基地;绿色低碳能源装机占比超77%。全资子公司燃气集团是广州市城市燃气高压管网建设和天然气购销的主体,拥有基本覆盖广州市全区域的高、中压管网,统筹全市高压管网建设和上游气源采购、下游天然气输配及分销,燃气全产业链全面贯通,资源掌控能力进一步提升。全资子公司能源物流集团是华南地区最大的纵向一体化煤炭经营企业,是全国有影响力的煤炭供应商之一,业务覆盖国内经济发达的20个省市及海外地区,被纳入首批国家电煤重点保供贸易企业;拥有67万立方米大型油库及配套8万吨级石油化工专业码头,是华南地区油品仓储行业的标杆和典范,是甲醇、生物质油料重要集散基地,是海关高级认证企业、郑州商品交易所指定交割油库;建成广州市危险物品卸载(仓储)南沙基地,广州市危险物品行业港前辅助物流平台建设稳步推进。储能集团在源网荷侧全面布局,已搭建一体化储能电站运维云平台,通过打造“技术研发-场景应用-产业生态”闭环,推动本地储能产业集群化发展。
  生产运营:公司电力、蒸汽主要通过所属火力发电机组、风力和光伏发电设备生产。
  采购模式:公司天然气、煤炭和成品油等通过外部采购,与国内外知名供应商建立长期战略合作关系,有效控制采购成本。
  销售模式:公司电力主要通过国家电网、南方电网销售给终端用户,积极推进发售电一体运营模式;天然气、煤炭、成品油、蒸汽等通过自有管网、销售平台及运输、批发、销售一体化的产业链等销售给终端用户,销售范围不断拓展。
  能源服务模式:公司依托涵盖电力、燃气、能源物流、新能源、储能等多元化的综合能源体系,提供源网荷储充一体化、能源托管、节能运维、碳资产管理等一体化服务,构建“投资-建设-运营-增值服务”全链条服务模式。
  产融结合:公司经营业绩稳步提升,融资渠道丰富。充分发挥财务公司和融资租赁公司专业的金融服务优势,绿色低碳产业基金加快产业布局,围绕主业创新投融资模式,积极推进REITs申报发行工作,打通资本资产“双循环”,实现“产融”紧密结合,促进公司资源整合和产业协同发展,为公司高质量和可持续发展提供强有力的金融保障。
  二、报告期内公司所处行业情况
  1.电力行业发展情况
  2025年,全国全社会用电量10.37万亿千瓦时,同比增长5.0%,增速较上年回落1.8个百分点。全国发电量10.42万亿千瓦时,同比增长4.9%,增速较上年回落1.8个百分点。全国6,000千瓦及以上电厂发电设备平均利用小时数3,119小时,同比降低312小时。
  2025年全国累计完成电力市场交易电量6.64万亿千瓦时,同比增长7.4%,占全社会用电量比重64%,同比提高1.3个百分点。全国绿色电力交易电量达3,285亿千瓦时,同比增长38.3%。全国累计交易绿证9.3亿个,同比增长1.2倍,全年交易量超过历年总和。
  截至2025年底,全国发电装机容量38.9亿千瓦,同比增长16.1%,新增装机以新能源为主,共计4.38亿千瓦,占新增发电装机总容量的80.2%。
  2.煤炭行业发展情况
  2025年,国内煤炭市场供需整体宽松,价格呈先跌后涨再回落的走势。秦皇岛港5,500大卡动力煤价格波动区间为618-831元/吨,均值为702.6元/吨,同比下跌7.6%。
  全国煤炭消费量31.7亿吨标准煤,同比增长0.1%,增速较上年回落1.6个百分点;规模以上工业原煤产量48.5亿吨,同比增长1.4%,增速较上年回升0.1个百分点;进口原煤4.9亿吨,同比下降9.6%,由增转降(上年增长14.4%)。
  3.天然气行业发展情况
  2025年,国内LNG价格呈现震荡下行走势,整体波动幅度明显收窄。全国LNG市场均价为4,317元/吨,同比下跌6.9%,其中国产LNG出厂均价4,215元/吨,同比下跌8.4%;进口LNG出站均价4,418元/吨,同比下跌5.5%。进口气方面,气态天然气进口均价为1.86元/立方米,同比下跌6.3%;LNG进口均价为2.69元/立方米,同比下跌9.2%。
  2025年,全国天然气表观消费量4,266亿立方米,同比增长0.1%,增速较上年回落7.9个百分点。规上工业天然气产量2,621亿立方米,同比增长6.3%,增速较上年高0.1个百分点。进口天然气12,787万吨,同比下降2.8%,由升转降。其中,液化天然气(LNG)进口量约6,843万吨,同比减少10.6%;气态天然气进口量约5,943万吨,同比增加8.0%。
  4.新能源发电行业发展情况
  2025年,全国风电发电量1.13万亿千瓦时,同比增长13.1%,占全部发电量比重为10.8%,比上年提高0.8个百分点。太阳能发电量1.17万亿千瓦时,同比增长39.8%,占全部发电量比重为11.3%,比上年提高2.8个百分点。新能源发电量增速远高于同期全国发电量增速(4.9%),成为拉动非化石能源消费占比提升的主力。全国风电平均利用率94%,比上年下降1.9个百分点;全国太阳能发电平均利用率95%,比上年下降1.8个百分点。
  全国风电新增装机1.2亿千瓦,同比增长48.1%,增速较上年加快43.4个百分点,其中陆上风电新增1.1亿千瓦,海上风电新增659万千瓦;太阳能发电新增装机3.2亿千瓦,同比增长14.3%,增速较上年回落13.5个百分点,其中集中式光伏新增1.64亿千瓦,分布式光伏新增1.53亿千瓦。
  截至2025年底,风电累计装机容量6.4亿千瓦,同比增长22.9%,占总装机的比例为16.4%,其中陆上风电5.9亿千瓦,海上风电0.5亿千瓦;太阳能发电累计装机容量12.0亿千瓦,同比增长35.4%,占总装机的比例为30.9%,其中集中式光伏6.7亿千瓦,分布式光伏5.3亿千瓦。
  5.储能行业发展情况
  截至2025年底,全国已建成投运新型储能装机容量达到1.36亿千瓦/3.51亿千瓦时,同比增长84%,与“十三五”末相比增长超40倍,实现跨越式发展。平均储能时长2.58小时,较2024年底增加0.3小时。
  分地域来看,华北地区装机占比最大。分省份来看,新疆、内蒙古等省区发展迅速。从单站规模来看,10万千瓦以上的大型化发展趋势明显。从应用场景来看,独立储能占比提升。从技术路线来看,锂离子电池储能仍占主导地位,装机占比达96.1%。与此同时,新型储能调用水平进一步提升。
  三、经营情况讨论与分析
  2025年,公司以习近平新时代中国特色社会主义思想为指导,全面贯彻落实党的二十大和二十届历次全会精神,在绿色转型赛道上笃行不怠、在改革创新浪潮里奋楫争先、在服务民生使命中躬耕实干,推动存量提效、增量优拓、质量提升,实现经营业绩稳健增长、产业结构向绿向新、业务规模有效扩张、竞争优势显著增强、治理效能系统提升、党的建设全面加强,营业收入、利润指标均创历史新高。
  1.砥砺奋进“十四五”,发展成就硕果累累
  “十四五”以来,公司紧紧围绕“建设成为国内领先的绿色低碳综合智慧能源企业集团”发展愿景,牢牢锚定“两大定位”,稳步推进“三大转变”,持续发挥四大功能,深入实施五大战略,实现规模实力跃升、产业结构优化、区域协同拓展、核心功能增强,完成了“十四五”规划主要目标,为“十五五”高质量发展奠定了坚实基础。
  经过五年攻坚,公司规模效益实现翻番倍增:“十四五”时期累计投资为“十三五”期间的3.3倍;可控发电装机容量1,097万千瓦,突破千万千瓦,为“十三五”末的2.2倍,绿色低碳能源装机占比达77%;天然气供气量超58亿立方米,为“十三五”末的3.1倍;年售电量、售煤量、售气量较“十三五”末增长48%、43%、171%,高于行业平均水平。主要经营指标全面增长、连创新高,资产总额826.96亿元、较“十三五”末增长约91%;营业总收入、利润总额、净资产收益率较“十三五”末实现大幅增长,归母净利润连续四年创历史新高,经营现金流更加稳健,取得穆迪A3国际评级,连续26年进行现金分红,圆满完成非公开发行股票,公司抗风险能力、可持续发展能力大幅提升。
  2.稳进提质强根基,经营质效稳步提升
  面对复杂严峻的外部环境和能源行业的深刻变革,公司在“固本、兴新、拓外”上全面发力,全年实现营业总收入508.83亿元,同比增加5.29%,实现利润总额、归属于母公司的净利润分别为30.51亿元和23.19亿元,同比增加27.96%和33.93%,归属于母公司的净利润连续四年创历史新高,年末公司总资产826.96亿元,比上年末增加8.09%。实现“一利五率”持续优化,经营形势稳中提质、稳中向好。
  (1)电力业务
  持续完善发售一体模式,以售电牵引经营方式变革,电力交易服务水平显著提升。中长期交易和现货市场协同发力,属下主要电厂售电均价高于全网平均水平,容量电费获取率超97%。深化煤电协同,运用数智化手段优化用煤结构,入炉不含税标煤单价同比下降。深化气电协同,珠江LNG电厂二期实现双路气源保障,引入中海油年度合同气及管道增量气,增发效益电量约5亿千瓦时。报告期内,合并口径火力发电企业完成发电量157.10亿千瓦时,上网电量149.21亿千瓦时,受省内电力供需形势偏宽松、珠江电厂煤电环保替代关停机组等因素影响,同比下降7.87%和7.77%。
  (2)能源物流业务
  深化煤炭业务区域布局与模式转型,推动产品、市场多元化发展。全面布局西北煤炭市场,实现疆煤、焦煤等销售量627万吨。成功在浙江落地供应链服务业务,推动煤炭业务从规模化向供应链化升级。深化与煤炭供应商合作,新增上下游客户129家。全年实现煤炭销售量5,202万吨,同比增长20.9%。油品业务深化“贸仓联动”,打造柔性仓储,生物类油租赁量同比增长54%。危化品仓储业务聚焦2,025种经营品种深化布局,海关查验、保税仓、出口集拼、仓配一体化服务模式初见成效,出租率稳步攀升。
  (3)燃气业务
  强化多元化资源池供应体系,创新商业销售模式,国内外“两个市场”协同发力,实现天然气供气量58.5亿立方米,连续多年保持增长。加快构建多元化资源池,参与竞拍中石油现货气,引入质价双优川气资源;新增摩科瑞五年期LNG长协资源,年供应量40万吨。打通“资源-管输-终端”全链条,大鹏、国家管网、互联互通各类销售途径协同发力,异地售气量约3.8亿立方米,同比增长33%。车载气批发突破外部市场,广州LNG应急调峰气源站实现液态外输常态化。深挖“广燃优选”增值空间,开拓非居民及团销新渠道,全年燃气保险、燃气具销售额超过8,000万元。
  (4)新能源业务
  新能源开发建设多向发力。抢抓重点时间窗口,年度新增新能源装机超130万千瓦,其中自建项目规模超120万千瓦,新增规模创历史新高。立足基地化战略,第二个百万千瓦基地落地粤西。河南柘城100MW风电、宁夏中卫40MW风电项目完成收购,天津西青风电项目全面推进建设。深化区域化管理变革与数字赋能,设备效率稳步提升,13个站场获评中电联5A电站,连续多年优胜率居全国前列。积极拓展绿色能源资产增值空间,全年完成绿电交易约11亿千瓦时,同比增长86%;自营及代购绿证交易超3,200万张,同比增长377%。搭建“广州充联网”,推进充电桩“统建统服”“一键报桩”,行业排名跻身前列。报告期内完成发电量86.66亿千瓦时,售电量84.68亿千瓦时,同比增长26.55%和26.48%。
  (5)储能业务
  加快提升新型储能产业规模,积极布局抽水蓄能、半固态/固态电池等新型储能项目。全年新增新型储能规模超1GWh,佛山高明208MW/416MWh储能项目、河北邯郸大名200MW/400MWh储能项目全容量并网,江苏惠然实业100MW/300MWh储能项目部分并网运行。
  参与竞拍云南富民、禄丰抽水蓄能项目股权,实现水能资源开发重大突破。
  (6)能源金融业务
  创新资本运作,拓展产融结合新路径。财务公司以专业金融服务,保障重大项目资金需求,年末绿色信贷产品余额34亿元;拓展保函品种,助力产业高质量发展。融资租赁公司围绕主业新增内部项目投放金额7.7亿元;实现氢能金融领域“零的突破”,推动102台氢燃料电池汽车融资租赁项目落地。绿色低碳产业基金完成山东、云南等地风电项目立项超100万千瓦。积极推进公募REITs申报工作,已报送至国家发展改革委审核,已通知封卷。优化资金管理,有效降低融资成本,获批政策性金融工具贷款9.2亿元;发行中期票据、超短期融资券等公司信用债48亿元;获批新一期80亿元中期票据、60亿元超短期融资券注册。
  3.项目攻坚提速增效,市场开拓多点突破
  公司重大工程项目积极推进。增城旺隆气电及配套管线工程、天津西青风电、四川冕宁风电等重点项目建设进入加速冲刺阶段;综合能源产业稳步拓展,广州金融城综合能源项目交通枢纽冷站基本具备调试条件,临2站完成应急冷源建设并实现供冷,全域供冷管网建成70%以上;江苏惠然储能、白云恒运管线工程等项目如期开工建设;珠江电厂煤电环保替代、西北部应急联络线工程等项目稳步推进;新能源项目建设跑出加速度,超70个项目并网,形成“谋划一批、开工一批、投产一批”的滚动发展格局。
  加快融入全国统一大市场,积极开拓省外电力零售业务,获取甘肃、广西、湖北、四川等地售电资质,实现甘肃省零售电量破“亿”。海外市场开拓实现新突破,国际贸易气量进一步提升在海南自贸港设立天然气贸易公司,成立国际航运公司,筹备设立印尼代表处;开拓西非航线、国际航运业务实现营业收入2.2亿元;完成国际煤炭贸易量超300万吨,通过境外平台香港国际公司全年进口煤销售超4,000万美元。系统发力氢能全产业链,完成氢燃料电池汽车推广任务,稳步推进南沙龙穴岛、珠电路加氢站建设,加快推进城市燃气掺氢输配和燃气电厂掺氢燃烧示范应用;绿电、绿证、碳配额等新型能源资产交易规模持续扩大。
  4.创新驱动赋能升级,数智转型走深走实
  加速创新机制改革,制定实施公司科技创新改革(1+N)方案,逐步打造涵盖科技管理、技术研发、技术服务、成果转化、人才培养、产业孵化“六位一体”的科技创新生态体系。加大技术攻关,围绕绿色低碳、新型能源、综合智慧能源、AI等领域组织实施研发项目800余项。深化产学研融合,与华南理工大学共建联合实验室,建成“广东省博士后创新实践基地”。搭建高水平研发平台,参建国家工程研究中心通过验收并备案,全年新增省级工程技术研究中心4个、广州市制造业创新中心1个,形成以国家工程研究中心为引领的“国家—省—市”三级联动的科技创新平台体系。
  强化数智赋能,构建人工智能+底座,制定实施“人工智能+”三年行动方案,公司“融合人工智能的新能源功率预测和电力交易模型研究”项目完成大模型本地化部署。智慧应用多点开花,财务共享服务中心启动建设,智慧法务系统、智慧工程安全管控平台、新能源集中监视平台等全面上线,智慧电厂、智慧港口、智慧燃气等项目稳步推进,自主开发煤炭贸易等审计模型,实现抽样到全检的数智化审计关键转变。
  5.精益管理固本强基,改革治理效能跃升
  构建大安全体系,提升本质化安全水平。深入开展“安全生产治本攻坚”和“隐患排查治理年”专项行动,推动安全管理数智化转型升级,深化双重预防机制建设和安全主体责任落实。至2025年底,实现连续安全生产6,403天,安全生产形势保持总体稳定向好。
  坚持精益管理,持续挖潜增效。以“课题管理”为抓手,常态化开展“双增双降”专项活动,单位业务量固定成本费用全面下降。长效化开展“合理化建议6000”全员活动,累计征集合理化建议超9,700条。加大“两金”管控力度,库存余额、应收账款余额有效控制。加强投资动态评估,有效管控投资风险。优化采购策略,释放集采效益。
  全面深化改革,加强队伍建设。深入实施国企改革深化提升行动,46项改革任务全面完成。贯彻落实新《公司法》,完成全资企业取消监事会、重要子企业董事会建设工作。创新工资总额预算决定分配管理机制,实施“专项激励”等激励办法,深入推进工资总额周期制管理。加强市值管理,制定并披露公司估值提升计划;信披实现“零差错、零违规、零问询”,连续四年上交所信息披露工作评价为A;ESG治理水平提升,在各主要ESG评级机构中的排名均位居行业前列。
  四、报告期内核心竞争力分析
  1.合理的产业布局优势。公司以电力为核心,煤电、气电、分布式能源、风、光、储、充均衡布局,更好适应新型电力系统需求。公司电力结构按高碳、低碳、零碳进行均衡配比,各类电力供应实现互补平衡。
  2.完善的供应链和产业协同发展优势。公司已形成电力、能源物流、燃气、新能源、储能、能源金融等业务协同发展“1+6+N”能源产供储销体系,积极打造煤电联营产业链、气电联营产业链、传统能源与新能源联营产业链,推动多能互补、煤气电联营,形成局部最优、整体最佳的发展策略。
  燃气产业链持续完善,已建立涵盖上游气源、LNG接收站、燃气管网、城市燃气、燃气电厂用户等燃气上下游一体化产业链。通过“云大物移智”打造智能化、数字化的智慧燃气管理体系,从传统单一的城市燃气服务商转变为城市燃气运营商和天然气供应商,依托一体化产业链布局珠三角天然气供应核心地位。
  煤炭纵向一体化产业链优化升级。公司拥有煤矿、北方码头堆场、航运公司、南方煤炭码头、堆场、电厂用户等完整产业链,已形成全国性营销网络,建立海外资源与销售渠道,具有优秀的资源组织能力、丰富的市场渠道和扎实的信用管理经验,加快发展为现代化煤炭供应链卓越服务商。
  3.构建特色新能源生态圈。打造新能源“风光储充运”一体化产业链,深耕华南、优拓全国,走向海外。在智能运维、系统集成、技术创新、降本增效等方面拥有丰富的经验。“新能源+农林渔药”融合发展自成特色,搭建“广发生态时令”展销平台实现价值链延伸。作为新能源“链主”企业,推动成立广州市分布式光伏投资建设运营平台,与产业链龙头企业形成战略合作。项目储备丰富,多主体发力加速实现新能源产业规模化、特色化发展。
  4.良好的资金保障能力及不断深化的产融协同体系。公司资产负债率处于行业较优水平,多年保持稳定的AAA主体信用评级和穆迪A3国际信用评级,融资能力强且渠道多元化。发挥财务公司和融资租赁公司的功能优势,提高资金集聚效应,降低资金成本,纵深推进产业+金融模式,为公司高质量发展提供专业的财务支持和金融服务。
  5.科技创新蓄势赋能。广州发展研究院以“科技管理+科技研发+技术服务”业务模式,打造高水平产业创新集群。与多家高等院校及科研院所开展深度合作,已建成20个市级及以上研发平台,14家省级专精特新中小企业、4家创新型中小企业、19家高新技术企业,着力推进可燃冰、氢能等重点课题研究和成果转化,培育新质生产力,夯实“换道领跑”的潜力基础,引入AI技术建设能源综合管理平台,着力打造新兴技术策源地和产业转型升级的新引擎。
  6.良好的区位优势及战略机遇。粤港澳大湾区消费能力强,能源保障要求高,为公司产业体系持续发展提供广阔市场空间。粤港澳大湾区建设、南沙方案等国家重大战略,为公司提供了重要战略机遇,为公司依托区位优势,着力打造绿色低碳能源基地提供有利条件。
  五、报告期内主要经营情况
  2025年,公司营业总收入508.83亿元,营业总成本492.91亿元,实现归属于母公司所有者的净利润23.19亿元。
  六、公司关于公司未来发展的讨论与分析
  (一)行业格局和趋势
  1.全球能源结构加速向清洁低碳转型
  全球能源消费“东进”、供应“西移”的态势持续强化,叠加地缘政治事件和极端气候频发问题,部分国家或地区短期能源供应出现危机、发生重大停电事故,各国开始重新审视高碳能源(特别是煤电等系统支撑性电源)的减量化发展路径及节奏,同时明显重视加强电网安全韧性,加大系统调节性资源建设力度。能源科技创新推动产业化转型加速,一方面已成熟的清洁能源技术加速规模化落地,效率持续突破;另一方面生物燃料、碳捕集利用与封存(CCUS)等技术仍面临成本瓶颈。
  能源领域碳排放占碳排放总量的80%左右,为实现碳达峰碳中和目标,能源需求侧要贡献55%的减排量,是“十五五”乃至中长期的关键发力点。近年来,国际绿色贸易规则不断升级,行业头部企业从产品出口、供应链采购等环节广泛地、实质性地推动产业链上下游企业节能降碳,需求侧市场萌生了大规模绿电以及能碳协同治理的需求。
  2.国内能源发展形势
  面对全球绿色低碳转型和能源安全的双重挑战,我国明确提出新型能源体系和新型电力系统建设要求。2025年9月,习近平总书记宣布新一轮国家自主贡献目标,推动我国能源转型进入系统性推进、全面提速的新阶段。“十五五”时期,是我国实现碳达峰的攻坚期,要在习近平总书记提出的“四个革命、一个合作”能源安全新战略指引下,加速推进建设新型能源体系、加快建设新型电力系统。
  具有中国特色的能源绿色低碳转型引领全球能源转型发展:一是能源需求在经济发展驱动下保持强劲增长态势。二是能源结构清洁低碳调整跑出“加速度”。三是能源供应安全保障水平提升。四是能源消费绿色低碳转型持续深入。五是能源新质生产力展现巨大潜力。六是能源电力市场化改革持续深化。
  (二)公司发展战略
  “十五五”期间,公司将以习近平新时代中国特色社会主义思想为指导,深入贯彻党的二十大、二十届历次全会和习近平总书记视察广东重要讲话重要指示精神,践行“四个革命、一个合作”能源安全新战略,锚定能源强国和碳达峰碳中和目标,坚持稳中求进工作总基调,深度融入新型能源体系和新型电力系统建设,加速绿色低碳转型,推动高质量发展取得显著成效。
  十五五”时期,公司将以“一个愿景”,即“面向2030年后碳中和阶段,将公司打造成为国内一流的能碳聚合企业集团,“十五五”时期建成国内领先的绿色低碳综合智慧能源企业集团。”为发展目标,打造“两个优势”:“产供储销全链条联动协同”“源网荷储全环节智能融合”优势。通过“三大工程”:规模效益增长及结构转型工程、支撑能力强化工程、治理体系升级工程推进能力建设与价值创造,最终实现“四大转变”:经营模式、价值创造方式、发展方式、生产方式转变重塑企业形态.并坚持以“五大战略”创新驱动战略、数智化战略、国际化战略、产业资本双驱动战略及人才强企战略作为未来可持续高质量发展的战略引领。
  (三)经营计划
  2026年是“十五五”开局之年,公司将全面贯彻党的二十大和二十届历次全会精神,深入落实中央经济工作会议部署安排,完整准确全面贯彻新发展理念,坚持稳中求进工作总基调,加快建设新型能源体系,着力优化产业生态、提升产业能级,锚定全年目标,推动“十五五”开好局、起好步。
  1.锚定目标全力攻坚,决战决胜再创佳绩
  公司2026年主要经营计划:实现营业总收入552.30亿元,火力发电上网电量171.32亿千瓦时,风力、光伏发电售电量105.40亿千瓦时,燃气供气量72.04亿立方米,煤炭销售量5,623万吨,整体经营实现效益更好、质量更实、效率更高、基础更牢、动力更足,做到存量增效、增量做优、成本领先、晋位升级,“一利五率”实现“一增一稳四提升”。
  2.深化改革激发活力,协同联动提质增效
  因时而变、因势而动,以改革创新激发活力。一是聚焦战略定位,围绕组织架构、管理模式、运行机制改革创新,提升治理效能。二是聚焦目标导向,围绕增强动力、释放活力、传导压力改革创新,推动经营目标达成。三是聚焦能力建设,围绕核心竞争力、价值创造力、盈利能力提升改革创新,锻造竞争优势。四是扩大和深化业务联动产业协同,推动煤炭业务、天然气业务和火力发电业务的优势互补、联动发展,进一步提升协同效率,实现整体利益最大化。
  3.紧扣国家发展战略,培育壮大新兴动能
  聚力广州市“12218”现代化产业体系及现代能源发展方向,在战略性新兴产业上开启“加速跑”,以新动能推动能级新跃升。争取参与能源大项目、大基地投资建设;打造储能产业新增长极;推进新疆地区综合能源开发利用;积极参与绿证、绿电、碳资产等新型绿色权益市场交易,提升绿色资产收益;围绕“源网荷储”和“多能互补”两个一体化,大力推广综合智慧能源服务,深化云大物移智等现代信息技术在新能源领域应用。
  4.强化科技创新驱动,数智赋能产业转型
  深化科技创新体制机制改革,完善适应市场化的创新体系。加大科技创新研发投入力度,加强新型储能、氢能、智慧能源、燃机检维修等前沿技术攻关、示范和产业化应用。进一步提升数智化水平,推动业务与数据融合,提升数智能力和数字价值。加大“高精尖缺”人才培育,为新业态发展、重大科技攻关、重要成果应用提供人才支撑。
  5.守牢安全合规底线,精益管理提升价值
  强化双重预防机制,提高隐患排查治理质量,以高水平安全保障高质量发展。压实压细合规主体责任,注重强化合规意识、履行合规义务,完善合规管理体制机制。进一步完善投资决策评价模型,做到投资项目优中选优。持续抓好精益管理,常态化开展、长效化推进“合理化建议6000”“双增双降”“课题管理”等专项活动。全面实施市值管理方案,做好价值传递和价值维护工作。
  (四)可能面对的风险
  国际地缘政治格局动荡,外部环境更趋复杂严峻,对国际能源通道安全与大宗商品价格带来冲击,国际经贸秩序和产业链供应链承受更大压力,国际市场波动风险进一步加剧。同时,我国能源行业正经历一场系统性、结构性的深刻变革,围绕“双碳”目标,新型能源体系与新型电力系统构建、电力市场化改革、全国碳市场建设等加快推进,对能源的绿色、稳定、高效、经济供给提出了更高要求,也为公司产业发展带来全新的战略需求与落地场景。
  (五)其他
  公司于2025年8月制定《估值提升计划》,经第九届董事会第十七次会议审议通过。计划从经营提升、优化治理结构、并购重组、股权激励、现金分红、投资者关系管理、信息披露、股份回购及股东增持等八个方面进一步提升公司投资价值和股东回报能力。截至目前,上述计划实施效果较好,阶段性解决破净问题。 收起▲

产品价格

数据截至(20260515)
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20260515,7.24,2.96,-0.68587105624142,2.2805805114029,20260515
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