申能股份:大华会计师事务所（特殊普通合伙）关于申能股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函的回复

Da Hua Certified Public Accountants Special General Partnership

7-2-1()

2025314

“”“”

1(4)

1200000

“135”“1#”

2“135”2

“1#”

315.68%

8.34%

7-2-2—7

51854

1135

135553282.39

60035.9810.85%

110000.00

357664.0764.64%

10847.391.96%-

22558.534.08%-

10014.551.81%-

16200.002.93%-

52884.649.56%-

16327.232.95%-

6750.001.22%-

553282.39100.00%110000.00

60035.98

1 43468.43 6.7MW 19780.177.7MW 23243.56

27838.545249.242025

32656.009621280

7-2-34 220KV 3454.00

220kV

52619.00

60035.98-

357664.07

1281938.08259571.84

237369.9932182.10

3120.00120

4 220kV 21350.00

5 220kV 16886.00

357664.07-

10847.39

6505.493531.91

110000.00

7-2-421#

1#389602.07

122271.2231.38%

46000.00

206367.2652.97%

6938.691.78%

21267.525.46%

10705.342.75%

3004.340.77%

16937.324.35%

2110.380.54%

389602.07100.00%46000.00

122271.22

1107163.0378571.3514208.00

210247.964723.883729.481500

3901.74600155.52

42437.891664.21300.91131.26

550.00

61470.61884.36353

122271.22-

206367.26

7-2-51177211.8557359.2555071.1011296.00

29059.28

2752.671540.93

1450.95

313363.4313130

835.95395.15

44274.61418.09443.10291.38

52458.09840522400

206367.26-

6938.691800

8004315.69

46000.00

1135

1135433.6356771.68

9388.57469.43

725226.3036261.32

46942.872347.14

447761.6222388.08

91033.324551.67

356728.3017836.41

7-2-6=*

135

1350MW 291600 kW·h

2160h 0.22 /kW·h

0.1947 /kW·h

= 291600 kW·h*0.1947

/kW·h =56774.52

2160

10%

2025

2296.82160

2025624

202561

50%

0.15

/—0.262/

7-2-70.22/

0.15/—0.262/

20222024

0.2003 /kW·h

0.1947 /kW·h

11668.53583.43

120485.006024.25

468836.2823441.81

124236.506211.82

725226.3036261.32

1108.6648.39

0.12%

0.08%

7-2-82

6210.00310.50

2800.00140.00

97975.004898.75

120485.006024.25

51000/49.35

0.20%6-105725/

1.16%11-156200

1.26%16-2066701.35%

202-60.20%

001258.SZ /80 7-11 0.50% +80

212-211.00%

252-60.10%

/100

000591.SZ +100

7-110.20%

2 12-16 0.30% - 300MW

0.40%

493511.87205%

23441.81

7-2-920

205%

437225.91

3.2%

200

2015612[2015]74

201571

50%

15%2030

25%

202023

7-2-1015.68%11.84

21#

788468.4731538.74

6927.05277.08

574502.4222980.10

207039.008281.56

45548.991821.96

161490.016459.60

[2025]17

“”

1#2025

0.4155/

[2025]29

7-2-11202561

0.4155/

207.168.29

1177.94

2025

1290

0.4155/

788468.47

31538.74

7-2-127022.39280.90

22141.33885.65

50691.502027.66

81562.363262.49

336548.2513461.93

76536.583061.46

574502.4222980.10

2%7022.39

0.25%885.65

2027.66/

40 /kW

1.2%

3262.49

354261.32

0.92%

7-2-132-60.2%7-110.5%12-211%

0.4%

354261.325%

336548.25

76536.58

3061.46

25%

8.34%14.93

7-2-143

56771.6831538.7488310.42

36261.3222980.1059241.42

23441.8113461.9336903.74

17836.416459.6024296.01

88310.4224296.01

36903.74

2024555214.03

6.65%

7-2-153

52025630“”

4.4

2“

135”“1#”

7-2-162

11.92%17.06%19.55%22.45%

27201.92156725.34160091.81

98919.5421908.45

10118.3046119.6522908.433

1504606.993178447.79

4797930.16

893102.51995110.811008353.781

50%5

2.71%9.59%9.98%

5.05%

7-2-171

20251-6202420232022

558337.9421.39%1342776.7515.57%1309135.3110.68%1321384.830.04%

245183.0213.11%596687.3012.98%591770.9712.83%449196.6013.67%

172915.6316.83%338070.9924.61%282027.4027.65%228251.3232.84%

104464.613.59%283648.603.09%301276.572.40%464933.121.22%

153914.5154.30%279743.9753.04%270209.7351.86%263176.6756.72%

58807.1038.22%112867.2244.86%93703.0047.91%80611.7353.23%

1293622.8222.45%2953794.8319.55%2848122.9817.06%2807554.2711.92%

7-2-1820251-6202420232022

558337.94-10.38%1342776.752.57%1309135.31-0.93%1321384.83

21.39%6.87%15.57%4.89%10.68%10.64%0.04%

445430.82-2.49%1053403.9331.54%800814.75-3.88%833163.62

15.02%1.42%13.30%5.75%7.55%13.83%-6.28%

450694.70-11.66%1012393.34-26.50%1377340.752.35%1345676.15

8.32%-0.81%7.40%-4.37%11.76%18.06%-6.30%

20222023

2023

2024

20232022

7-2-1920222023

20251-6202420232022

245183.022.48%596687.300.83%591770.9731.74%449196.60

13.11%-1.64%12.98%0.15%12.83%-0.84%13.67%

565782.7137.88%974821.545.94%920169.2539.05%661733.69

15.46%0.55%8.42%-7.53%15.95%-1.17%17.13%

20232022

2023

2024

7-2-20228251.32

282027.40338070.99172915.63

32.84%27.65%24.61%16.83%

464933.12

301276.57283648.60104464.61

2023

7-2-2120251-6202420232022

153914.518.06%279743.973.53%270209.732.67%263176.67

54.30%0.06%53.04%1.18%51.86%-4.86%56.72%

39832.19-13.72%99499.862.15%97405.3313.74%85636.50

42.01%-2.93%45.41%-5.11%50.52%-2.69%53.21%

183933.4615.09%353325.808.36%326053.96-4.84%342620.38

59.86%1.52%57.66%3.03%54.62%-6.66%61.28%

7-2-2220251-6202420232022

58807.1010.43%112867.2220.45%93703.0016.24%80611.73

38.22%-2.47%44.86%-3.05%47.91%-5.32%53.23%

102746.1530.21%171102.2424.77%137138.0522.89%111596.81

27.28%-18.90%38.93%-9.56%48.49%-3.32%51.81%

75280.2619.74%141159.9815.46%122263.06-7.81%132616.65

47.93%-3.65%42.14%-8.15%50.29%-7.62%57.91%

464933.12301276.57283648.60

104464.6116.56%10.58%

9.60%8.08%

7-2-2320251-6202420232022

713.221818.861742.021634.61

204.46456.37438.86463.62

563.901341.361337.921134.14

“-”“--”“”“”“-”“-”

“-”“”“”“”“--”

“”“-”

14——[2017]22“

7-2-24”

20251-6202420232022

74186.8899782.5865256.70-11839.19

24732.6759782.5591468.6539016.60

-526.68--

---24.52

98919.54160091.81156725.3427201.92

7-2-2520251-6202420232022

27527.9034915.1218894.41-25869.91-

15068.7620133.4410865.48-9705.26

12459.1414781.688028.93-16164.65

46658.9864867.4546362.2714030.70-

6124.5710683.4211139.6311694.55

782.79-7867.42-21325.59-29972.28

3689.876776.608811.068602.06

3513.097538.437449.745697.73

6186.1311676.6910369.1213100.61

4681.828621.738610.989236.14

713.021657.533274.434021.12

20967.6925780.4718032.90-8349.23

74186.8899782.5765256.68-11839.21-

7-2-2620251-6202420232022

37671.9050333.6027163.70-24263.14

24918.2829563.3616057.86-32329.30

20415.2335611.4037132.1038981.83

14759.4827106.4035244.2434408.24

13903.2925039.8026102.7130652.44

12624.7623829.9821161.4726735.94

7169.5715384.5515203.5511628.02

1597.53-16055.96-43521.61-61167.92

1782.554143.838186.0810052.80

20251-6202420232022

14616.0022968.0020556.0019416.00

10090.0013510.0013350.0013440.00

-16549.3051551.57-

-2725.502610.203262.75

-2248.542241.542871.97

ETF - 1645.34 1159.34 -

26.67135.88-25.88

24732.6759782.5591468.6539016.60-

20232024

202351551.57

7-2-2720251-6202420232022

103558.43135289.55212639.99190147.33

81979.59112088.20150170.30148119.69

126175.20259848.09236418.53445218.32

390387.70570267.10452212.509981.10

2973700.004525700.003670200.005117100.00

20251-6202420232022

--4821.4430086.6233441.48

22908.4350941.09-19968.32-11533.03

22908.4346119.6510118.3021908.45-

21908.45

10118.3046119.6522908.43

2024

7-2-28ETF

1085445.30

1182873.911395602.091504606.99

12.07%12.56%13.73%14.37%

2025630202412312023123120221231

4.730.00%6.370.00%8.390.00%6.440.00%

459.180.03%945.850.07%1817.770.15%2904.330.27%

1504143.0899.97%1394649.8699.93%1181047.7599.84%1082534.5299.73%

1504606.99100.00%1395602.09100.00%1182873.91100.00%1085445.30100.00%

7-2-292025630202412312023123120221231

357354.4923.72%254816.6218.23%187682.3515.84%101080.839.30%

374486.3224.86%339352.0624.28%337416.4728.48%288168.8126.50%

59208.143.93%54164.013.88%30948.962.61%37206.943.42%

46443.593.08%48800.113.49%25333.292.14%81644.177.51%

19466.131.29%62181.524.45%37123.993.13%-0.00%

15076.001.00%13062.260.93%1758.560.15%-0.00%

7113.250.47%4006.390.29%188.070.02%5568.550.51%

521793.4334.63%521566.3537.32%432769.3436.53%412588.4737.94%

162009.4910.75%89240.866.39%53178.714.49%37061.473.41%

107645.467.14%108030.967.73%86401.157.29%67307.626.19%

26143.561.74%35415.932.53%27447.842.32%27591.472.54%

11557.480.77%37656.032.69%28879.452.44%1517.890.14%

15424.361.02%10292.500.74%6220.030.52%13058.461.20%

322780.3521.42%280636.2820.08%202127.1817.06%146536.9113.48%

2593.740.17%24493.281.75%2173.400.18%2621.090.24%

93888.056.23%71277.525.10%61769.525.21%59732.595.49%

25318.351.68%12585.420.90%29286.312.47%6034.410.55%

121800.148.08%108356.227.75%93229.237.86%68388.096.28%

56583.793.76%78835.835.64%159061.7113.42%139001.0812.78%

13422.720.89%24281.581.74%27163.642.29%74997.726.90%

17920.571.19%32150.412.30%21370.531.80%56293.715.18%

27559.271.83%23619.841.69%2739.490.23%8917.210.82%

14089.440.94%18912.631.35%5686.850.48%17878.291.64%

15257.931.01%12258.840.88%16377.801.38%18063.131.66%

36044.822.40%40167.462.87%34665.792.93%41699.873.83%

180878.5412.02%230226.5916.47%267065.8122.53%356851.0132.81%

1504606.99100.00%1395602.09100.00%1182873.91100.00%1085445.30100.00%

7-2-302

4269495.45

4279091.484548177.294478500.14

7-2-312025630202412312023123120221231

779079.2617.40%804878.3917.70%940049.8821.97%772149.5118.09%

2191563.7148.94%2227761.6648.98%2047457.6747.85%1701421.1139.85%

634266.6314.16%596954.4613.13%774864.5318.11%978013.1822.91%

192457.824.30%315948.496.95%316329.517.39%316329.517.41%

681132.7215.21%602634.2913.25%200389.894.68%501582.1411.75%

4478500.14100.00%4548177.29100.00%4279091.48100.00%4269495.45100.00%

70.17%73.35%69.06%

67.40%

20251-6202420232022

-5485.4018778.8916456.6814058.62

1513175.001360820.891199963.501073640.89

0.73%1.38%1.37%1.31%

:20251-6

361

0.35%1.10%1.30%1.50%

20222024

2024

7-2-324

20251-6202420232022

15485.0019204.4221210.3216726.62

771492.24741149.53844077.06699317.01

54186.3365361.1460536.9758443.26

2243158.982260499.481897180.241569392.44

12722.348699.146693.2311176.93

678928.20431653.24277524.83502452.61

4778.668588.988970.008107.32

192507.59314127.76314193.80298794.35

16467.7420917.2832222.8937278.03

610023.43626095.73919446.45962932.87

103640.07122770.96129633.41131732.16

4496110.444373525.744252422.384032889.28

2.31%2.81%3.05%3.27%

LPR

2025.06.302024.12.312023.12.312022.12.31

LPR 3.00% 3.10% 3.45% 3.65%

3.27%3.05%2.81%

2.31% LPR

AAA

7-2-332025630202412312023123120221231/20251-6/2024/2023/2022

1034562.881021393.48922843.91825927.82

26209.0926282.6729741.4027997.66

1008353.78995110.81893102.51797930.16

1295792.972961932.602914161.222819311.85

38.91%33.60%30.65%28.30%

2025630

28.30%30.65%

33.60%38.91%

2025630202412312023123120221231

1510867.0549.38%489372.3547.91%509050.8955.16%541600.6165.57%

1-2173447.6716.77%175717.2717.20%171811.4518.62%126646.2215.33%

2-3157005.5015.18%159661.0915.63%109900.6911.91%76158.099.22%

3-484743.308.19%88062.968.62%56970.606.17%35765.384.33%

4-540869.523.95%40876.394.00%29721.173.22%21276.122.58%

567629.846.54%67703.426.63%45389.114.92%24481.412.96%

1034562.88100.00%1021393.48100.00%922843.91100.00%825927.82100.00%

90.13%85.69%80.75%81.32%

7-2-342

20251-6202420232022

575691.3044.43%1311668.3344.28%1214269.4841.67%1158986.0041.11%

148349.1011.45%289409.029.77%242400.808.32%175711.846.23%

110045.878.49%260838.318.81%243478.438.36%231182.278.20%

105362.778.13%286656.699.68%288908.359.91%340875.4012.09%

82632.656.38%270064.499.12%244518.208.39%266800.319.46%

1022081.6978.88%2418636.8381.66%2233575.2676.65%2173555.8277.10%

77%

2025630202412312023123120221231

1034562.881021393.48922843.91825927.82

352779.22433881.24390822.78412134.81

34.10%42.48%42.35%49.90%

2025930

7-2-354

2025630

843197.9981.50%24493.932.90%818704.05

191364.8918.50%1715.160.90%189649.73

53622.165.18%--53622.16

137742.7313.31%1715.161.25%136027.57

1034562.88100.00%26209.092.53%1008353.78

20241231

816411.3779.93%24567.513.01%791843.86

204982.1020.07%1715.160.84%203266.94

40690.933.98%--40690.93

164291.1716.09%1715.161.04%162576.01

1021393.48100.00%26282.672.57%995110.81

20231231

700949.2175.96%25437.853.63%675511.36

221894.7024.04%4303.561.94%217591.15

34613.313.75%--34613.31

187281.3920.29%4303.562.30%182977.84

922843.91100.00%29741.403.22%893102.51

20221231

612526.7274.16%26253.154.29%586273.57

213401.1025.84%1744.510.82%211656.59

81104.649.82%--81104.64

132296.4616.02%1744.511.32%130551.95

825927.82100.00%27997.663.39%797930.16

7-2-363.39%3.22%

2.57%2.53%

9.82%3.75%

3.98%5.18%

2025630202412312023123120221231

7.62%7.58%7.04%7.93%

1.28%1.42%0.70%1.69%

0.63%0.64%0.54%0.54%

6.74%7.70%7.87%1.71%

4.07%4.34%4.04%2.97%

2.53%2.57%3.22%3.39%

7-2-372025.06.30

150.21%35.52%56.96%59.00%49.38%

1-214.97%20.80%28.04%17.17%16.77%

2-37.78%18.74%10.00%9.50%15.18%

327.04%24.94%5.00%14.33%18.67%

100.00%100.00%100.00%100.00%100.00%

2024.12.31

156.93%35.54%58.04%62.48%47.91%

1-213.17%23.03%32.34%15.96%17.20%

2-35.56%20.24%3.61%10.09%15.63%

324.34%21.19%6.01%11.47%19.26%

100.00%100.00%100.00%100.00%100.00%

2023.12.31

162.09%41.16%63.57%60.80%55.16%

1-211.46%30.32%29.18%19.46%18.62%

2-310.36%21.94%5.92%10.17%11.91%

316.09%6.58%1.33%9.57%14.31%

100.00%100.00%100.00%100.00%100.00%

2022.12.31

163.00%54.86%74.81%66.53%65.57%

1-215.12%33.59%17.53%21.37%15.33%

2-38.46%7.07%5.62%6.97%9.22%

313.42%4.48%2.04%5.13%9.88%

100.00%100.00%100.00%100.00%100.00%

202563

27.04%

7-2-38202413%

20251-6202420232022

5.57%11.33%10.75%3.53%

5.05%9.98%9.59%2.71%

258063.48478475.73416908.78104925.40

207656.04394433.23345865.91108246.54

188436.59347841.09308439.5983042.45

20251-6202420232022

1295792.972961932.602914161.222819311.85

558337.941342776.751309135.311321384.83

292056.69580730.84538056.88337307.75

7-2-3920251-6202420232022

119410.13209080.45139778.83549.13

98919.54160091.81156725.3427201.92

258063.48478475.73416908.78104925.40

20232022311983.38

139229.70

129523.4220242023

61566.9569301.62

20222024

1321384.831309135.311342776.75“1”

202420232022

99782.5865256.70-11839.19

59782.5591468.6539016.60

526.68--

--24.52

160091.81156725.3427201.92

7-2-40“”20232022

2023

51551.57

2022202420251-9

20251-9202420232022

8.74%11.33%10.75%3.53%

8.35%9.98%9.59%2.71%

202220232024

2.71%9.59%9.98%

8.35%2025

7-2-411

52022202420251-9

7-2-421

7-2-434

2022202420251-9

3(1)

12025630

1020495.01

745786.192

7-2-4418

2025930

7-2-457-2-46

2025930

160040.0040.00%68811.611.67%

260000.0030.00%98934.522.41%

3128800.0040.00%201016.814.89%

4166310.0049.00%64715.991.57%

524000.0030.00%18288.090.44%

611760.0049.00%14608.260.36%

71500.0030.00%10310.650.25%

44557-2-47

81350.0045.00%2365.380.06%

912000.0012.00%12954.080.31%

103920.0049.00%3920.000.10%

114000.0020.00%4000.000.10%

1258950.0050.00%104784.732.55%

1350400.0035.00%47767.111.16%

1423970.0030.00%47812.451.16%

1520991.0030.00%33947.430.83%

163500.0035.00%3637.450.09%

44667-2-48

1726705.0049.00%37875.020.92%

1818000.0025.00%40315.350.98%

1921000.0025.00%27593.520.67%

2021924.7515.00%14310.000.35%

2129030.5220.00%16161.000.39%

2217161.1911.00%6687.000.16%

2313710.8535.00%16847.510.41%

2411472.0034.00%20605.920.50%

2528460.7030.00%39422.030.96%

2644100.0049.00%105279.352.56%

4477“”“”“”

2007

30%

7-2-4918““””“”

2016

40%

181

“”

2025930

68811.61

1.67%

7-2-507-2-51

2025930

1219000.0012.50%324227.737.88%

264559.4612.00%94880.402.31%

310000.0010.00%56555.791.38%

450000.005.00%33174.710.81%

51052.067.08%9700.000.24%

55007-2-52

61046.296.74%1046.290.03%

71100.0010.00%550.000.01%

857.510.79%57.510.001%

950.007.69%62.500.002%

55111

2024116

[2024]205

5%20239

181“”

7-2-532025930

33174.710.81%

2000200

2025

93057.51

0.001%

2025930

33232.22

0.81%

3(1)“2”

7-2-542

2025930

600027.SH 11849.99 60316.45 1.47%

600000.SH 7339.80 87343.60 2.12%

510810.SH ETF 54844.56 53286.97 1.30%

201587

[2015]1864141800

71.47260

160

7-2-551994

202593011849.99

60316.451.47%

2013

7-2-5620156

97.33%

20156

2016

20259307339.80

87343.602.12%

ETF

ETF 2016 7 70

201712

1370.00 ETF 19522.40

ETF ETF 2018 10

3219.67 ETF 36693.90

ETF

7-2-57ETF

ETF

202593054844.56

ETF 53286.97

1.30%

ETF

182.34%7000.007000.002024.027000.000.17%

246.67%7000.006533.332022.1210252.560.25%

7-2-581

20239

8501

700082.34%2024

82.34%7000.007000.00

17.65%1500.001500.00

0.01%1.001.00

100.00%8501.008501.00

“”

2179.569.18%

1347.6911.13%

7-2-592024

2024

NFPP

20256

2138.90

181

7-2-601

202211

1500014000

202212

6533.33

46.67%7000.006533.33

25.67%3850.003593.33

20.00%3000.002800.00

6.67%1000.00933.33

1.00%150.00140.00

100.00%15000.0014000.00

“”

202411

“”

1.8182%

7-2-6133839.000.74%

2025930

10252.560.25%

2025815

7-2-6282.34%

46.67%

30%

40%

7-2-635%

181

2025930

7-2-64111900.02--

2193509.43--

31062971.2868811.611.67%

4738454.50244431.795.94%

ETF

513852.11--

2020687.34-313243.407.62%

202593011900.02

2025930193509.43

2025930

1062971.28

3(1)1

7-2-65”

2025930

68811.611.67%

2025930

738454.50

ETF

3.1

“3(1)”“1

”

2025930

ETF

244431.795.94%

7-2-662025930

13852.11

2025930

313243.407.62%

30%

118

22025930

7-2-6712025930

ETF 313243.40

7.62%

181

3(2)

7-2-682

20256202420232022

1080469.461093137.43943156.22908497.40

1156943.451161708.611036718.901140031.49

908497.40943156.221093137.431080469.46

1140031.49

1036718.901161708.611156943.45

0.1%-1%

0.45%-3.2%

1.9%-4.7%

7-2-693

20206302019

2020-

2022150

200

20235232022

150

200

7-2-703

48——

7-2-716

“”20228

“”

7-2-7273

2023536120246434

20250011004632

7-2-732

20256202420232022

578600.58512715.75683933.18897105.10

897105.10683933.18512715.75578600.58

2.37%-5.88%

20215282020

2002023523

2022

200

7-2-741

7-2-7575

7-2-767-2-777-2-787-2-797-2-80

行情