Core Viewpoint - The company reported a decline in profit for the first half of 2025, primarily due to one-time non-cash losses and the impact of coal business, but core business performance remains resilient [1][3]. Financial Performance - In H1 2025, the company achieved revenue of HKD 50.267 billion, a year-on-year decrease of 1.67% [1]. - Shareholder profit was HKD 7.872 billion, down 15.92% year-on-year, while core profit attributable to shareholders was HKD 8.278 billion, a slight increase of 0.1% [1]. - The basic earnings per share were HKD 1.52, a decrease of 22.05% year-on-year [1]. - The return on equity (ROE) was 7.46%, down 2.89 percentage points year-on-year [1]. - The company declared a dividend of HKD 0.356 per share, with a cash dividend payout ratio of 23.42% [1]. Business Segments Coal Power Business - In H1 2025, coal power sales volume decreased by 1.4% due to a temporary slowdown in electricity demand and competition from new energy installations [3]. - The average coal price for the company's coal-fired power plants decreased by 11.8% to HKD 823.8 per ton, leading to a significant recovery in profitability [3]. - Core profit from pure coal power business increased by over 20% year-on-year, indicating a notable recovery [3]. Renewable Energy Business - In H1 2025, sales volume for wind and solar power increased by 15.5% and 31.3% respectively, contributing to a core profit of HKD 5.637 billion, up 1.5% year-on-year [4]. - The average selling price for wind and solar power decreased by 11.0% and 6.1% respectively, primarily due to the commissioning of grid parity projects [4]. - The company expects stable growth in renewable energy business driven by continuous installation and stable utilization hours [4]. Capacity and Projects - As of June 2025, the company's installed capacity reached 78,094 MW, with coal power accounting for 50.1% and renewable energy accounting for 49.9% [2]. - The company plans to add 10,000 MW of wind and solar capacity in 2025, with a capital expenditure of HKD 56.8 billion allocated for project development [2]. - The company has a robust pipeline of projects, with significant capacity under construction and approved for wind and solar energy [2]. Future Outlook - The company forecasts revenue growth of 1.68%, 6.17%, and 3.91% for 2025-2027, with net profit expected to fluctuate [5]. - The company maintains a balanced approach to shareholder returns and development, emphasizing a steady dividend policy [4].

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。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 海外監管公告 本公司全資附屬公司 華潤電力投資有限公司 2025年半年度財務報告公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 提述華潤電力控股有限公司（「本公司」）於2021年5月6日就華潤電力投資有限公 司（「華潤電力投資」）公開發行2021年公司債券（第一期）（「2021年公司債券」）的 公佈，本公司分別於2022年9月1日、2022年9月26日及2022年12月12日就華潤電 力投資公開發行2022年可續期公司債券（第一期）、（第二期）及（第三期）（「2022 年可續期公司債券」）的公佈，本公司分別於2024年8月12日、2024年9月19日就 華潤電力投資於中華人民共和國銀行間市場發行2024年中期票據（第一期）及（第 二期）（「2024年中期票據」）的公佈，本公司分別於2025年4月17日 ...

Core Viewpoint - China Resources Power has established a new wind power company in Heze with a registered capital of approximately 460 million RMB [1] Company Summary - The newly formed company is named China Resources Wind Power (Heze Mudan District) Co., Ltd. and is fully owned by China Resources Power New Energy Investment Co., Ltd. [1] - The legal representative of the new company is Zhao Baojian [1] - The business scope includes wind power generation technology services, solar power generation technology services, and investment activities using self-owned funds [1]

人民财讯8月29日电，企查查APP显示，近日，华润风电(菏泽牡丹区)有限公司成立，法定代表人为赵保 建，注册资本约4.6亿元，经营范围包括风力发电技术服务、太阳能发电技术服务、以自有资金从事投 资活动等。企查查股权穿透显示，该公司由华润电力新能源投资有限公司全资持股。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - The company's core business remains resilient despite a decline in net profit due to one-time non-cash losses and coal business impacts. The core profit showed a slight increase of 0.1% year-on-year, reflecting the robustness of the main operations [2][11]. - The company has a solid project reserve and orderly power generation construction, with a total installed capacity of 78,094 MW as of June 2025, split between thermal power (50.1%) and renewable energy (49.9%) [3]. - The company plans to invest HKD 56.8 billion in capital expenditures in 2025, focusing on renewable energy and thermal power projects, which will support future earnings growth [3][11]. Financial Performance - For the first half of 2025, the company reported a revenue of HKD 50.267 billion, a year-on-year decrease of 1.67%, and a net profit attributable to shareholders of HKD 7.872 billion, down 15.92% year-on-year [1][2]. - The company's earnings per share (EPS) for the first half of 2025 was HKD 1.52, a decrease of 22.05% year-on-year, with a return on equity (ROE) of 7.46%, down 2.89 percentage points year-on-year [1][2]. - The projected revenue for 2025 is HKD 107.056 billion, with a year-on-year growth of 1.68%, and a net profit of HKD 14.288 billion, reflecting a decline of 2.91% year-on-year [12]. Business Segments - The thermal power segment experienced a core profit of HKD 26.41 billion in the first half of 2025, a decrease of 2.7% year-on-year, but excluding coal impacts, the core profit from pure thermal power increased by 20.6% [2][10]. - The renewable energy segment saw significant growth, with wind and solar sales volumes increasing by 15.5% and 31.3% respectively in the first half of 2025, contributing to a core profit of HKD 5.637 billion, up 1.5% year-on-year [10][11].

天眼查工商信息显示，近日，华润风电（菏泽牡丹区）有限公司成立，法定代表人为赵保建，注册资本 约4.6亿人民币，经营范围包括风力发电技术服务、太阳能发电技术服务、以自有资金从事投资活动 等。股东信息显示，该公司由华润电力新能源投资有限公司全资持股。 ...

华润电力(00836)发布公告，华润电力投资有限公司2022年面向专业投资者公开发行可续期公司债券(第 一期)，简称"22华润Y1"，将于2025年9月1日支付自2024年9月1日至2025年8月31日期间的利息和本期债 券本金。 本期债券票面利率为2.78%，每手面值1000元的本期债券本次兑付兑息金额为1027.80元(含税)。债券摘 牌日：2025年9月1日。 ...

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。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 以下為華潤電力控股有限公司（「本公司」）就本公司全資附屬公司華潤電力投資有 限公司於2025年8月28日在深圳證券交易所網站(http://www.szse.cn)刊發的資料全 文，僅供參閱。 承董事會命 華潤電力控股有限公司 主席 史寶峰 香港，2025年8月28日 於本公告發表日期，本公司的董事會包括三名執行董事，即史寶峰先生（主席）、 王波先生及宋葵先生；三名非執行董事，即周波先生、李傳吉先生及曾俊先生； 及六名獨立非執行董事，即梁愛詩女士、錢果豐博士、蘇澤光先生、楊玉川先 生、陳克勤先生及陳勇先生。 债券代码：149862.SZ 债券简称：22华润 Y1 华润电力投资有限公司 2022 年面向专业投资者公开发行可续期公司债券（第一期） 2 ...

星展发表研究报告指，华润电力上半年发电量增长3.6%，低于预期。该行下调全年发电量增长预测8.4 个百分点，预计2025及26年发电量按年增长4%至9%。受惠于燃料成本节省，预期2025上半年盈利增长 6%。基于收益率及估值具吸引，该行维持润电"买入"评级，目标价由24港元降至22.6港元，并下调2025 及26年盈利预测4%，预计盈利增长分别为7%及13%。 ...

Group 1 - The report highlights the increase in user stickiness and the upward revision of annual guidance for Duolingo, with Q2 2025 revenue reaching $252 million, a year-over-year increase of 41.46% [3][4] - The company achieved a gross profit of $183 million in Q2 2025, with a gross margin of 72.38%, benefiting from reduced AI-related costs [4][5] - Duolingo's adjusted EBITDA for Q2 2025 was $79 million, exceeding previous guidance by 27.7%, with a margin of 31.19% [4][5] Group 2 - The report indicates that Yingjia Gongjiu's H1 2025 total revenue was 3.16 billion yuan, a year-over-year decrease of 16.51%, with a net profit of 1.13 billion yuan, down 18.02% [8][9] - In Q2 2025, the company reported revenue of 1.11 billion yuan, a decline of 23.81%, and a net profit of 302 million yuan, down 35.22% [9][10] - The company is focusing on its core product line and optimizing its pricing strategy to manage performance pressures [9][10] Group 3 - China Resources Power's H1 2025 revenue was 50.27 billion HKD, a decrease of 3.1%, with a net profit of 7.87 billion HKD, down 15.9% [12][13] - The decline in net profit was attributed to the absence of subsidiary acquisition gains and increased impairment losses [13][14] - The company plans to maintain stable operations with a focus on coal and renewable energy segments [13][14] Group 4 - Li Ning's H1 2025 revenue was 14.82 billion yuan, a year-over-year increase of 3.3%, while net profit decreased by 11% to 1.74 billion yuan [15][16] - The company experienced growth in e-commerce and licensed distribution channels, but direct sales faced challenges [16][17] - Li Ning's cash flow remains strong, with a net operating cash flow of 2.41 billion yuan, supporting future strategic investments [17][18] Group 5 - Beike-W reported Q2 2025 revenue of 26 billion yuan, an increase of 11.3%, with a net profit of 1.30 billion yuan, down 31.2% [19][21] - The company continues to expand its network of stores and agents, with a total of 60,500 stores, a year-over-year increase of 31.8% [22][23] - Beike is diversifying its business model, focusing on traditional brokerage, home decoration, and rental services [23][24] Group 6 - Wanwu Xingsheng's Q2 2025 revenue reached 4.99 billion yuan, a year-over-year increase of 32.2%, driven by the government's electronic product recycling subsidy policy [25][26] - The company reported a gross margin of 20.7%, slightly down from the previous year, but maintained a positive operating profit [26][27] - Future revenue projections for 2025-2027 are optimistic, with expected growth rates of 28%, 25%, and 22% respectively [27]