Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Insights - The company reported a revenue of 20.877 billion RMB in 2025, a year-on-year increase of 1.5%, but the net profit attributable to shareholders was 2.948 billion RMB, down 9.2% year-on-year, which was below previous expectations due to lower-than-expected new green energy installations and a significant decline in electricity prices [1][2] - The company plans to distribute a dividend of 0.18 RMB per share for 2025, including a special dividend of 0.0423 RMB per share, resulting in a dividend yield of 8.5% based on the closing price on March 27, 2026 [1][4] - The company is characterized by low valuation and high dividend yield, indicating potential for long-term value reassessment [1][5] Green Energy Segment - In 2025, the company’s wind and solar power revenue increased by 7.9% and decreased by 3.2% respectively, with operating profit declining by 4.5% and 0.1% respectively due to a drop in electricity prices [2] - The average on-grid electricity prices for wind and solar power are expected to decline by 8% and 11% respectively, leading to pressure on operating profits [2] - The company anticipates new green energy installations of 1.0 GW, 0.8 GW, and 0.6 GW for the years 2026-2028, with a compound annual growth rate of 6% for total green energy capacity [2] Gas Power Segment - The gas power segment reported a revenue increase of 2% in 2025, driven by a 1.3% increase in installed capacity, resulting in a generation of 19.02 billion kWh [3] - However, operating profit decreased by 13% due to credit impairment losses of 91.58 million RMB and increased maintenance costs [3] - The successful launch of an AI model for gas turbine operations is expected to enhance operational efficiency in the gas power business [3] Cash Flow and Dividend Policy - The company achieved positive free cash flow in 2025, recovering renewable energy generation subsidies amounting to 4.404 billion RMB, which is 2.96 times that of 2024 [4] - A shareholder return plan has been established, committing to a cash dividend payout ratio of no less than 42%, 44%, and 46% for the years 2025, 2026, and 2027 respectively [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026-2028 is 3.08 billion RMB, 3.17 billion RMB, and 3.24 billion RMB respectively, with adjustments made due to lower-than-expected new green energy installations and electricity price declines [5] - The target price for the company is set at 3.19 HKD, based on a price-to-book ratio of 0.63x for 2026 [5][7]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 北京京能清潔能源電力股份有限公司 | | 股份代號 | 00579 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之年度業績公告 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特別分紅 | | | 股息性質 | 特別股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.0423 RMB | | 股東批准日期 | 2026年6月25日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | --- | | 股票發行人現金股息公告 | | 發行人名稱 北京京能清潔能源電力股份有限公司 | | 股份代號 00579 | | 多櫃檯股份代號及貨幣 不適用 | | 相關股份代號及名稱 不適用 | | 公告標題 截至2025年12月31日止年度之年度業績公告 | | 公告日期 2026年3月26日 | | 公告狀態 新公告 | | 股息信息 | | 股息類型 末期 | | 股息性質 普通股息 | | 財政年末 2025年12月31日 | | 2025年12月31日 宣派股息的報告期末 | | 宣派股息 每 股 0.1377 RMB | | 股東批准日期 2026年6月25日 | | 香港過戶登記處相關信息 | | 派息金額及公司預設派發貨幣 HKD， 金額有待公佈 | | 匯率 有待公佈 | | 除淨日 2026年6月29日 | | 為符合獲取股息分派而遞交股份過戶 2 ...

Financial Performance - For the year ending December 31, 2025, the company's revenue was RMB 20,877.0 million, an increase of 1.53% compared to the previous year[5]. - The operating profit for the same period was RMB 4,829.1 million, a decrease of 8.21% year-on-year[5]. - The basic and diluted earnings per share for the year were RMB 35.75 cents[5]. - The net profit for the year was RMB 3,086.8 million, down from RMB 3,420.9 million in the previous year[8]. - The total comprehensive income for the year was RMB 3,121.98 million, compared to RMB 3,367.87 million in the previous year[8]. - The company reported a decrease in other income to RMB 349.8 million from RMB 509.0 million year-on-year[6]. - The company’s financial expenses increased to RMB 1,249.4 million, up 9% from RMB 1,152.7 million[6]. - The reportable segment profit for gas power and heating was RMB 1,147,257,000 for 2025, down from RMB 1,312,809,000 in 2024, indicating a decrease of about 12.57%[22][24]. - The company reported a total of RMB 1,263,857,000 in other expenses for 2025, compared to RMB 1,159,472,000 in 2024, reflecting an increase of about 9%[38]. - The company's basic earnings per share for the year ended December 31, 2025, was RMB 358.00, down from RMB 393.00 in 2024, reflecting a decrease of about 8.9%[51]. Dividends - The board proposed a final ordinary dividend of RMB 0.1377 per share, totaling approximately RMB 1,135.3 million, and a special cash dividend of RMB 0.0423 per share, totaling approximately RMB 348.7 million, resulting in a total dividend of RMB 0.18 per share, a year-on-year increase of 25.87%[3]. - The company declared a final ordinary dividend of RMB 0.143 per share for the year ended December 31, 2025, totaling RMB 1,484,011,000, subject to shareholder approval[54]. - The total proposed dividends amount to RMB 0.18 per share, aggregating approximately RMB 1,484.0 million[123]. - The dividends will be paid in RMB for domestic shares and in HKD for H-shares, pending approval at the annual general meeting[123]. - The company will withhold a corporate income tax of 10% for non-resident corporate shareholders receiving the proposed dividends[124]. - Individual H-share shareholders will not be subject to Chinese personal income tax on the dividends due to the company's status as a foreign-invested enterprise[124]. - The company will suspend H-share transfer registration from June 22 to June 25, 2026, to determine eligibility for voting and dividend receipt[125]. Assets and Liabilities - Non-current assets increased to RMB 79,904.8 million from RMB 76,988.2 million year-on-year[9]. - Cash and cash equivalents rose to RMB 8,164.9 million, up from RMB 7,401.6 million in the previous year[9]. - The net current liabilities as of December 31, 2025, were RMB (5,485,056,000), compared to RMB (4,049,535,000) in 2024, reflecting an increase in liabilities[14]. - The total assets minus current liabilities amounted to RMB 74,419,776,000 as of December 31, 2025, up from RMB 72,938,670,000 in 2024[14]. - Non-current liabilities totaled RMB 35,097,112,000 in 2025, slightly down from RMB 35,455,895,000 in 2024[14]. - The company's net asset value increased to RMB 39,322,664,000 in 2025 from RMB 37,482,775,000 in 2024, showing a growth of approximately 4.91%[14]. - Trade receivables increased to RMB 12,415,173,000 in 2025 from RMB 14,059,596,000 in 2024, indicating a decrease of approximately 11.7%[56]. - The provision for credit losses on trade receivables rose to RMB 123,673,000 in 2025 from RMB 42,690,000 in 2024, representing a significant increase of approximately 189.5%[56]. - The total liabilities for the reportable segments as of December 31, 2025, were RMB 100,880,802,000, compared to RMB 94,318,551,000 in 2024, indicating an increase of about 6.98%[22][24]. - The total liabilities are expected to rise by 1.83% from RMB 63,570.7 million in 2024 to RMB 64,731.3 million in 2025[108]. Revenue Breakdown - Revenue from customer contracts in 2025 was RMB 20,841,736,000, compared to RMB 20,512,847,000 in 2024, indicating a year-over-year increase of about 1.60%[16]. - The breakdown of revenue from customer contracts includes RMB 18,677,233,000 from electricity sales, RMB 2,160,568,000 from heat sales, and RMB 3,935,000 from maintenance services in 2025[16]. - Revenue from a major external customer, State Grid Corporation of China, was approximately RMB 16,329,557,000 in 2025, accounting for 78% of total revenue, down from 83% in 2024[33]. - The revenue from the gas power and heating segment is projected to increase by 1.38% from RMB 12,410.3 million in 2024 to RMB 12,581.4 million in 2025, driven by an increase in installed capacity and sales volume[86]. - The wind power segment's revenue is expected to rise by 7.85% from RMB 4,709.3 million in 2024 to RMB 5,079.2 million in 2025, due to increased grid-connected capacity[87]. - The photovoltaic power segment's revenue is forecasted to decrease by 3.18% from RMB 3,086.4 million in 2024 to RMB 2,988.4 million in 2025, attributed to a decline in average electricity prices[88]. - The hydropower segment's revenue is anticipated to drop by 35.80% from RMB 294.1 million in 2024 to RMB 188.8 million in 2025, due to the shutdown of certain power stations[89]. Operational Highlights - The total operating revenue rose by RMB 3.87 billion, marking a 45.8% increase year-on-year[66]. - The total power generation for 2025 reached 42.45 billion kWh, reflecting a 6.1% increase compared to the previous year[69]. - Wind power generation increased to 15.97 billion kWh, a growth of 16.7% year-on-year, with equipment utilization hours at 2,276 hours, exceeding the national average by 297 hours[69]. - The installed capacity of renewable energy reached 38.9 million kW by the end of 2025, a 16.1% increase year-on-year[63]. - The total renewable energy generation was 4.0 trillion kWh, with a year-on-year growth of 15.0%[62]. - The cumulative electricity market transaction volume reached 6,639.4 billion kWh, a 7.4% increase year-on-year, accounting for 64.0% of total electricity consumption[64]. - The total installed capacity of the group reached 18.365 million kW by December 31, 2025, with an increase of 0.928 million kW during the year[70]. - The group completed a heating volume of 27.18 million GJ in 2025, successfully fulfilling energy supply tasks for winter heating in the capital[71]. - The group has developed 436,000 kW of photovoltaic projects, becoming the largest centralized photovoltaic project in Beijing[72]. - The group recovered approximately CNY 4.404 billion in renewable energy generation subsidies in 2025, which is 2.96 times that of 2024[73]. Strategic Initiatives - The company is focused on expanding its clean energy business, including wind, solar, and gas power generation, as part of its strategic growth initiatives[11]. - The company will focus on enhancing the operational stability and efficiency of gas power generation and heating segments, aiming to maximize revenue from electricity market transactions[78]. - The company plans to strengthen investment in green energy projects around the capital, with a focus on small and medium-sized green electricity projects[79]. - The company aims to improve management efficiency through digital tools and smart regulatory systems, enhancing data integration across various management systems[80]. - The company will implement a comprehensive risk prevention system to enhance operational risk management and ensure compliance with safety standards[81]. - The company is committed to optimizing its financing structure by leveraging green financing channels to support its clean energy projects[83]. - The company will enhance investor relations and improve information disclosure quality to boost market liquidity and shareholder returns[83]. - The company will focus on cost control throughout the project lifecycle to ensure project profitability and cash flow[79]. - The company aims to integrate production and operation management to enhance overall efficiency and reduce costs[80]. Future Outlook - The group aims to balance existing and new growth, focusing on service to the capital, green upgrades, digital empowerment, and lean management in its 2026 performance outlook[77]. - The comprehensive financing cost for the year was approximately 2.31%, down 0.36 percentage points from 2.67% in 2024[75]. - The estimated taxable profit for the group companies established in China is subject to a corporate income tax rate of 25% for both 2024 and 2025[46]. - The group benefits from a preferential tax rate of 15% for certain encouraged industries in the western region of China, effective until December 31, 2030[47]. - The audit committee has reviewed the annual performance and financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2025[130]. - The annual results announcement will be published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[131]. - The board of directors includes executive directors Chen Dayu, Li Minghui, and Zhang Wei[132]. - Non-executive directors include Zhou Jianyu, Guo Yao, and Zhang Yi[133]. - Independent non-executive directors are Zhao Jie, Wang Hongxin, Qin Haiyan, and Hu Zhiying[133].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 建議變更非執行董事 建議委任非執行董事 除上文所披露者外，並無有關建議委任王女士之其他資料須根據上市規則第 13.51(2)條予以披露，亦無任何事宜需提請股東垂注。 北京京能清潔能源電力股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣 佈，於2026年3月26日，董事會決議提名王婧女士（「王女士」）出任非執行董事， 待本公司股東（「股東」）於股東會批准後生效。 王女士獲委任為非執行董事的任期應自股東批准之日起生效，並於第五屆董事會 任期屆滿時終止。王女士亦獲委任為董事會薪酬與提名委員會成員，於股東批准 彼獲委任為非執行董事時生效。 待股東批准王女士的委任後，本公司將與王女士訂立服務協議。王女士將不會從 本公司收取任何薪酬。 王女士的履歷詳情載列如下。 –1– 王婧女士，42歲，自2026年1月起擔任中再資產管理（香港）有限 ...

董事會會議召開日期 北京京能清潔能源電力股份有限公司（「本公司」）董事會（「董事會」）兹通告謹定 於二零二六年三月二十六日（星期四）舉行董事會會議，以考慮及通過本公司及其 附屬公司截至二零二五年十二月三十一日止年度的全年業績及建議之末期股息 （如有），以及處理其他事項。 承董事會命 北京京能清潔能源電力股份有限公司 陳大宇 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 董事會主席 中國，北京 二零二六年三月十二日 於本公告刊發日期，本公司的執行董事為陳大宇先生、李明輝先生及張偉先生； 非執行董事為周建裕先生、郭堯先生及張軼女士；獨立非執行董事為趙潔女士、 王洪信先生、秦海岩先生及胡志穎女士。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京京能清潔能源電力股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00579 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,829,676,800 | RMB | | 1 RMB | | 2,829,676,800 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,829,676,800 | RMB | | 1 RMB | | 2,829,676,800 | | 2. 股份分類 | 普通股 | ...

根据电力销售框架协议，公司已同意向京能集团及╱或其联系人提供发电量及╱或发电权。电力销售框 架协议项下之电力销售服务于截至2028年12月31日止三个年度各年之年度上限分别为人民币760.0百万 元、人民币780.0百万元及人民币820.0百万元。 格隆汇2月27日丨京能清洁能源(00579.HK)宣布，于2026年2月27日，公司与京能集团订立电力销售框架 协议及电力购买框架协议，该等协议将于公司及京能集团之法定代表人或授权代表签署後生效(即于 2026年2月27日)，并将于2028年12月31日届满。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 公告 持續關連交易 電力銷售框架協議及電力購買框架協議 於2026年2月27日，本公司與京能集團訂立電力銷售框架協議及電力購買框架 協議，該等協議將於本公司及京能集團之法定代表人或授權代表簽署後生效 （即於2026年2月27日），並將於2028年12月31日屆滿。 根據電力銷售框架協議，本公司已同意向京能集團及╱或其聯繫人提供發電量 及╱或發電權。電力銷售框架協議項下之電力銷售服務於截至2028年12月31日 止三個年度各年之年度上限分別為人民幣760.0百萬元、人民幣780.0百萬元及 人民幣820.0百萬元。 根據電力購買框架協議，京能集團及╱或其聯繫人已同意向本集團提供發電量 及╱或發電權。電力購買框架協議項下之電力購買服務於截至2028年12月31日 止三個年度各年之年度上限分別為人民幣30.0百萬元、人民幣50.0百萬元及人 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 公告 持續關連交易 京能集團為本公司之控股股東，直接及間接持有本公司已發行股本約68.68%， 故根據上市規則第14A.07(1)條為本公司之關連人士。據此，電力銷售協議項下 之交易構成本公司持續關連交易。 根據上市規則第14A.81條，如有連串關連交易全部在同一個12個月期內進行， 又或相關交易彼此有關連，該等交易將合併計算，並視作一項交易處理。電力 銷售協議的交易對手方為京能集團的聯繫人，而該等交易性質相若。因此，電 力銷售協議須合併計算。由於電力銷售協議總合同價的最高適用百分比率高於 0.1%但低於5%，故電力銷售協議項下交易須遵守上市規則第14A章項下的申 報、年度審閱及公告規定，惟獲豁免遵守獨立股東批准的規定。 –1– I. 本公司及交易對手方的背景和一般資料 1. 本公司及其附屬公司的背景和一般資料 本公司是中國領先的風力 ...