According to the announcement from Leshan Electric Power (600644.SH), the Sichuan Provincial Development and Reform Commission recently issued the "Notice on the Implementation of Low Valley Electricity Price Policy for Residential Electricity Use in Local Power Grids" (Chuan Fa Gai Jia Ge [2025] No. 369). Due to the company's metering facilities and marketing systems not being ready, the implementation is planned to start from September 1, 2025.

The main contents of this electricity price policy are: 1. Residential users in the local power grid supply area who implement the "one household, one meter" tiered electricity price will execute the low valley period electricity price policy, while users with combined meters will not execute the low valley period electricity price policy. 2. For "one household, one meter" residential users during the abundant water period (June-October), the electricity price during the low valley period (23:00 to the next day 07:00, the same below) will be executed at 0.175 yuan/kWh; during the dry and normal water periods (November to the following May), the electricity price during the low valley period will be executed at 0.2535 yuan/kWh. The electricity consumption during the low valley period will be included in the calculation range of tiered electricity consumption, and the tiered electricity consumption and tiered price increase standards will be implemented according to the current policies of each local power grid. 3. The profits and losses incurred by local power grid enterprises due to the implementation of low valley electricity prices will be included in the overall adjustment of local power grid transmission and distribution price reform.

The implementation of low valley electricity prices for residential electricity use will have a significant impact on the company's operating performance. Preliminary estimates indicate that this adjustment is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025