Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) reported a slight decrease in electricity sales for its subsidiary power plants in October 2025, while renewable energy sources such as wind and solar showed growth in sales [1] Summary by Category Electricity Sales Performance - In October 2025, the total electricity sales from subsidiary power plants amounted to 16.6154 million megawatt-hours, representing a year-on-year decrease of 0.4% [1] - The subsidiary wind farms achieved electricity sales of 3.8806 million megawatt-hours, reflecting a year-on-year increase of 0.1% [1] - The subsidiary solar power stations recorded electricity sales of 0.9503 million megawatt-hours, showing a significant year-on-year increase of 39.4% [1] Cumulative Electricity Sales - For the first ten months of 2025, the cumulative electricity sales from subsidiary power plants reached 185 million megawatt-hours, which is a year-on-year increase of 6.5% [1] - The cumulative electricity sales from subsidiary wind farms during this period totaled 43.0807 million megawatt-hours, marking a year-on-year increase of 14.4% [1] - The cumulative electricity sales from subsidiary solar power stations amounted to 11.0109 million megawatt-hours, indicating a substantial year-on-year increase of 53.6% [1]

Core Insights - China Resources Power (00836) reported a decrease in electricity sales volume for its subsidiary power plants in October 2025, totaling 16.6154 million MWh, a year-on-year decline of 0.4% [1] - The subsidiary wind power plants achieved a sales volume of 3.8806 million MWh, reflecting a slight increase of 0.1% year-on-year [1] - The subsidiary solar power plants saw a significant increase in sales volume, reaching 950,300 MWh, which is a year-on-year increase of 39.4% [1] Summary by Category Electricity Sales Performance - In the first ten months of 2025, the cumulative electricity sales volume of subsidiary power plants reached 185 million MWh, marking a year-on-year increase of 6.5% [1] - The cumulative sales volume for subsidiary wind power plants was 43.0807 million MWh, representing a year-on-year increase of 14.4% [1] - The cumulative sales volume for subsidiary solar power plants was 11.0109 million MWh, showing a substantial year-on-year increase of 53.6% [1]

Core Viewpoint - China Resources Power Holdings Company Limited reported a slight decrease in electricity sales for October 2025, with a total of 16,615,409 MWh sold, representing a year-on-year decline of 0.4% [1] Summary by Category Electricity Sales Performance - The electricity sales from subsidiary wind farms reached 3,880,566 MWh in October 2025, showing a year-on-year increase of 0.1% [1] - The electricity sales from subsidiary solar power stations amounted to 950,348 MWh in October 2025, reflecting a significant year-on-year increase of 39.4% [1] Cumulative Sales Data - For the first ten months of 2025, the cumulative electricity sales from subsidiary power plants totaled 185,330,961 MWh, which is a year-on-year increase of 6.5% [1] - The cumulative electricity sales from subsidiary wind farms reached 43,080,726 MWh, marking a year-on-year increase of 14.4% [1] - The cumulative electricity sales from subsidiary solar power stations were 11,010,897 MWh, indicating a substantial year-on-year increase of 53.6% [1]

本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 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） 2025年10月電廠售電量數據 所附的新聞稿載列華潤電力控股有限公司（「本公司」）及其附屬公司2025年10 月電廠售電量數據。新聞稿載列的資料可能為股價敏感資料。因此，本公告所 附的新聞稿乃按《證券及期貨條例》第XIVA部發出。新聞稿載列的資料根據內 部管理記錄編製，未經外聘核數師審核或審閱。 2025 年 11 月 17 日 華潤電力附屬電廠 2025 年首十個月售電量增加 6.5% 附屬風電場售電量增加 14.4%，光伏電站售電量增加 53.6% 本公告載列的資料根據內部管理記錄編製，未經外聘核數師審核或審閱，因此該 等數據僅供投資者參考。 投資者在買賣本公司股份時務必審慎行事。 承董事會命 華潤電力控股有限公司 主席 史寶峰 香港，2025年11月17日 於本公告日期，本公 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Summary of China Resources Power Conference Call Company Overview - **Company**: China Resources Power - **Industry**: Power Generation, focusing on coal and renewable energy Key Points Industry and Company Strategy - China Resources Power is actively promoting a transition to renewable energy, focusing on large-scale external delivery bases and offshore wind projects while adjusting the structure in economically developed regions to ensure high-quality development and profitability [2][3] - The company emphasizes the importance of growth quality alongside scale, ensuring that growth is reasonable and effective [2] Financial Performance - In Q3, the company's thermal power business saw significant profit growth, primarily due to the contribution from newly commissioned million-kilowatt units, with stable electricity prices and utilization hours [2][4] - The company expects to maintain thermal power profitability through ignition price differentials, despite potential changes in long-term contract prices in 2026 [2][6] Renewable Energy Development - When selecting large base projects, the company focuses on consumption capacity and cost control, prioritizing wind power development and selectively developing solar power [2][7] - The company anticipates a diversified structure of future renewable energy revenues, which will not only come from electricity sales but also from other revenue sources [2][7] - The company aims for an annual increase of approximately 200 million tons in renewable energy during the 14th Five-Year Plan period, despite facing policy adjustment pressures [2][8][9] Coal Market Insights - The coal market is expected to decline overall in 2025, benefiting from increased domestic coal production, allowing the company to take advantage of long-term contracts and spot market purchases [2][10] - The company has reduced its coal imports due to diminishing price advantages [2][10] Impact of Policy Changes - Adjustments to the value-added tax policy for wind power are expected to have a controllable impact on profitability, particularly in 2026 [2][5][11] - The company is monitoring the situation regarding long-term contract prices, which are typically negotiated at the end of the year, and believes it can maintain profitability through price differentials [2][6] Future Projections - The company expects significant increases in capacity electricity fees in 2026, with projected revenues of 6-7 billion RMB [2][16] - The overall fuel costs are expected to decrease, enhancing the competitiveness of thermal power [2][17] Storage and Independent Projects - The company currently has approximately 3 GW of storage capacity, including various types of storage solutions, and plans to focus on market demand and cost-effectiveness for future development [2][18] - Areas with mature market conditions and supportive policies are identified as suitable for independent storage projects [2][19] Hydropower and Coal Machine Planning - The company plans to advance pumped storage projects in key regions and considers the addition of new coal units to support grid stability [2][20] Additional Insights - The company is prepared to adapt to market changes and policy adjustments, ensuring that it can capture opportunities while managing risks effectively [2][8][9]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Insights - The report indicates that mainstream thermal power operators have significantly increased profits in the first three quarters of 2025, primarily benefiting from the decline in coal prices and effective cost control by some companies [1][3]. Group 1: Green Energy Performance - In Q3 2025, except for Xintian Green Energy, Jinko Technology, and Yinxing Energy, the net profits of other companies in the green energy sector declined, with the profit increases for Xintian Green Energy and Jinko Technology attributed to unexpected cost reductions and improved investment returns [2]. - The decline in profitability for new energy companies is mainly due to reduced utilization hours and falling electricity prices, with wind power generation dropping by 12.1% for Longyuan Power and 21.3% for Xintian Green Energy in October [2]. - Despite the profit declines, the operating cash flow for green energy companies improved significantly due to a substantial increase in subsidy payments received [2]. Group 2: Thermal and Hydropower Performance - Mainstream thermal power operators saw a notable increase in profits in the first three quarters, benefiting from a decrease in coal prices, with the average spot price of Qinhuangdao down by 191 yuan/ton [3]. - Although thermal power operators face revenue pressure due to declining electricity volume and prices, the reduction in coal prices and other costs has contributed to profit growth [3][4]. - Hydropower performance varied due to water supply conditions, with overall profits remaining stable, similar to thermal power, as financial cost reductions continued to enhance profits [4]. Group 3: Nuclear Power Performance - In Q3 2025, nuclear power companies experienced a decline in net profits, with China Nuclear Power's profits dropping significantly due to the drag from its new energy segment [5]. - The decline in electricity prices is a common challenge for nuclear power companies, with China Guangdong Nuclear Power managing to offset some impacts through cost reductions and increased other income [5]. - Recommendations include focusing on quality hydropower companies and undervalued wind power firms, as well as strong leaders capable of navigating through cycles [5].

Group 1 - The core viewpoint of the article highlights the performance and strategic direction of China Resources Power Holdings Co., Ltd. in the energy sector [1] Group 2 - The company has shown significant growth in its operational capacity, with a reported increase in power generation output [1] - Strategic investments in renewable energy sources are being prioritized to align with global sustainability trends [1] - The financial performance indicates a robust revenue growth, reflecting the company's effective management and operational efficiency [1]