华润电力之母公司华润集团是香港与中国内地最具实力的多元化企业之一，迄今已有80多年历史。华润集团业务涵盖大消费、 综合能源、城市建设运营、大健康、产业金融、科技及新兴产业6大领域，下设25个业务单元，一家直属机构，实体企业近2,000 家。所属企业中有8家在港上市。华润以"引领商业进步，共创美好生活"为使命，通过不断创新生意模式，打造产品和服务品 牌，有效地促进了产业发展，为提高大众的生活品质作出了应有的贡献。目前，华润零售、啤酒、燃气、商业地产、制药和医 疗等经营规模在全国位居前列。电力、水泥业务的经营业绩、经营效率在行业中表现突出。华润置地是中国内地实力雄厚的综 合地产开发商之一。雪花、怡宝、华润万家、万象城、999、双鹤、东阿阿胶、江中等是享誉全国的知名品牌。在2025年《财 富》杂志公布的全球500强排名中，华润集团位列第67位。 华润电力之母公司华润集团是香港与中国内地最具实力的多元化企业之一，迄今已有80多年历史。华润集团业务涵盖大消费、 综合能源、城市建设运营、大健康、产业金融、科技及新兴产业6大领域，下设25个业务单元，一家直属机构，实体企业近2,000 家。所属企业中有8家在港上市。华润以" ...

Core Viewpoint - Citigroup downgraded China Resources Power's rating from "Buy" to "Neutral" due to revised profit forecasts and changes in coal price predictions [1] Financial Projections - Net profit forecast for 2026 was reduced by 8.3% and for 2027 by 7.9% [1] - The coal price forecast for 2026 was adjusted to a year-on-year decline of 3.5%, down from a previous estimate of 1.5% [1] - The unit fuel cost for coal-fired power plants was revised to a year-on-year decline of 1% for 2026, compared to a prior forecast of 3% [1] Valuation Adjustments - Based on DCF valuation method, the target price for China Resources Power was lowered from HKD 21.5 to HKD 19 [1] Industry Outlook - Citigroup expressed a more favorable outlook for Chinese power equipment suppliers over power generation operators, citing risks of declining profit margins for the latter due to falling market electricity prices [1]

Group 1 - Citi has lowered the target price for China Resources Power (00806) by 11.6%, from HKD 21.5 to HKD 19, and downgraded the rating from "Buy" to "Neutral" [1] - The reduction in coal-fired electricity price expectations is primarily due to contracts signed in Guangdong, with a forecast decrease of 3.5% for 2026 [1] - The unit fuel cost for coal-fired power plants has increased, leading to an 8.3% reduction in the 2026 net profit forecast and a 7.9% reduction in the 2027 net profit forecast [1] Group 2 - The downgrade to "Neutral" instead of "Sell" is attributed to a projected dividend yield of 6.4% for 2025, which, while acceptable, is still lower than the 8.5% yield of Huaneng International (600011) [1] - The payout ratio for China Resources Power is 40%, which is also lower than Huaneng's 50% [1] - For the 2026 forecast, there is a preference for Chinese power equipment suppliers over operators, as the latter may face declining profit margins due to a lack of electricity shortages in China [1]

Group 1 - Citigroup has downgraded the target price for China Resources Power (00806) by 11.6%, from HKD 21.5 to HKD 19, and changed the rating from "Buy" to "Neutral" [1] - The downgrade is primarily due to a reduction in expectations for coal-fired electricity prices, with a forecasted decrease of 3.5% for 2026, influenced by contracts signed in Guangdong [1] - The unit fuel costs for coal-fired power plants have increased, leading to an 8.3% reduction in the 2026 net profit forecast and a 7.9% reduction in the 2027 net profit forecast [1] Group 2 - The rating was lowered to "Neutral" instead of "Sell" because the expected dividend yield for 2025 is 6.4%, which, while acceptable, is still lower than the 8.5% yield of Huaneng International Power (00902) [1] - The payout ratio for China Resources Power is 40%, which is also lower than Huaneng's 50% [1] - For the 2026 forecast, there is a preference for Chinese power equipment suppliers over operators, as the latter may face declining profit margins due to a lack of electricity shortages in China [1]

Core Viewpoint - China Resources Power (00836) reported a significant increase in electricity sales for its subsidiaries in November 2025, indicating strong growth in renewable energy sectors, particularly in wind and solar power [1] Group 1: Electricity Sales Performance - The electricity sales volume for subsidiaries in November 2025 reached 18,866,666 MWh, representing an 8.6% year-on-year increase [1] - The subsidiary wind farms achieved sales of 5,260,109 MWh, marking a 29.5% year-on-year increase [1] - The subsidiary solar power stations recorded sales of 1,020,094 MWh, reflecting a substantial 71.2% year-on-year increase [1] Group 2: Cumulative Electricity Sales - For the first eleven months of 2025, the cumulative electricity sales volume for subsidiaries reached 204,885,875 MWh, which is a 7.1% year-on-year increase [1] - The cumulative sales from subsidiary wind farms totaled 48,340,837 MWh, showing a 15.8% year-on-year increase [1] - The cumulative sales from subsidiary solar power stations amounted to 12,069,023 MWh, indicating a remarkable 55.4% year-on-year increase [1]

Core Viewpoint - China Resources Power (00836.HK) reported a significant increase in electricity sales for its subsidiaries in November 2025, indicating strong growth in renewable energy segments, particularly in wind and solar power [1] Group 1: Electricity Sales Performance - The total electricity sales for subsidiaries in November 2025 reached 18,866,666 MWh, representing an 8.6% year-on-year increase [1] - The subsidiary wind power plants achieved sales of 5,260,109 MWh, marking a 29.5% year-on-year increase [1] - The subsidiary solar power plants recorded sales of 1,020,094 MWh, showing a substantial 71.2% year-on-year increase [1] Group 2: Cumulative Sales Data - For the first eleven months of 2025, the cumulative electricity sales for subsidiaries amounted to 204,885,875 MWh, reflecting a 7.1% year-on-year increase [1] - The cumulative sales from subsidiary wind power plants reached 48,340,837 MWh, which is a 15.8% year-on-year increase [1] - The cumulative sales from subsidiary solar power plants totaled 12,069,023 MWh, indicating a remarkable 55.4% year-on-year increase [1]

Core Viewpoint - China Resources Power (00836) reported a significant increase in electricity sales from its subsidiaries for November 2025, indicating strong growth in renewable energy sectors, particularly in wind and solar power [1] Summary by Category Electricity Sales Performance - The electricity sales volume for November 2025 reached 18,866,666 MWh, representing an 8.6% year-on-year increase [1] - The subsidiary wind power plants contributed 5,260,109 MWh, with a year-on-year increase of 29.5% [1] - The subsidiary solar power plants achieved sales of 1,020,094 MWh, marking a substantial year-on-year increase of 71.2% [1] Cumulative Sales Data - For the first eleven months of 2025, the cumulative electricity sales volume from subsidiaries totaled 204,885,875 MWh, reflecting a 7.1% year-on-year growth [1] - Cumulative sales from subsidiary wind power plants reached 48,340,837 MWh, with a year-on-year increase of 15.8% [1] - Cumulative sales from subsidiary solar power plants amounted to 12,069,023 MWh, showing a significant year-on-year increase of 55.4% [1]

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。 承董事會命 華潤電力控股有限公司 主席 史寶峰 香港，2025年12月11日 （股份代號：836） 2025年11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11 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。 本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 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。 （根據公司條例在香港註冊成立的有限責任公司） 於本公告日期，本公司的董事會包括四名執行董事，即史寶峰先生（主席）、王波 先生、宋葵先生及劉秀生先生；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 ...

Core Viewpoint - China Resources Power (00836.HK) announced the issuance of a new tranche of perpetual corporate bonds aimed at professional investors, with a total issuance amount of 1.8 billion yuan and a coupon rate of 3.93% [1] Group 1 - The company will pay interest and principal for the bonds on December 12, 2025, covering the period from December 12, 2024, to December 11, 2025 [1] - The bond is referred to as "22 China Resources Y4" with the code 148144.SZ [1]

Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) announced the issuance of its third tranche of publicly offered renewable corporate bonds aimed at professional investors, with a total issuance amount of 1.8 billion yuan and a coupon rate of 3.93% [1] Group 1 - The bond, referred to as "22华润Y4," has a total issuance amount of 1.8 billion yuan [1] - The bond will pay interest and principal from December 12, 2024, to December 11, 2025 [1] - The bond code for this issuance is 148144.SZ [1]