[2025 Interim Results Overview](index=4&type=section&id=2025%20Interim%20Results%20Overview) [Summary of Operating Results](index=4&type=section&id=2.1%20Summary%20of%20Operating%20Results) Company reported H1 2025 consolidated operating revenue of **RMB 112.032 billion** (down 5.70%) and net profit attributable to equity holders of **RMB 9.578 billion** (up 23.19%), with **RMB 0.52** earnings per share H1 2025 Operating Results | Metric | H1 2025 (RMB billion) | YoY Change | | :--- | :--- | :--- | | Consolidated Operating Revenue | 112.032 | -5.70% | | Net Profit Attributable to Equity Holders | 9.578 | +23.19% | | Earnings Per Share | RMB 0.52 | - | [H1 Business Review](index=4&type=section&id=2.2%20H1%20Business%20Review) H1 saw improved operating efficiency, accelerated transformation, and significant new energy capacity growth, with stable overseas business - Company's H1 operating efficiency improved, transformation accelerated, and innovation released vitality, showing a good steady upward trend[11](index=11&type=chunk) [Power Generation](index=4&type=section&id=2.2.1%20Power%20Generation) H1 on-grid power generation decreased by 2.37% YoY, with reduced average utilization hours, while new energy capacity continued to grow H1 2025 Power Generation Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | On-grid Power Generation | 205.683 billion kWh | -2.37% | | Average Utilization Hours | 1,502 hours | -178 hours | | Market-based Transaction Power Ratio | 84.64% | -2.27 percentage points | - Company continued its green and low-carbon transformation, with wind and solar capacity growth driving new energy generation increase[12](index=12&type=chunk) - Coal-fired unit generation decreased due to overall loose supply-demand and national new energy capacity growth, leading to a decline in total generation[12](index=12&type=chunk) [Cost Control](index=4&type=section&id=2.2.2%20Cost%20Control) Company significantly controlled fuel costs in H1 through optimized procurement strategies, improving long-term contract performance, and purchasing low-priced spot coal H1 2025 Coal Procurement and Price Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Accumulated Coal Procurement | 87.14 million tons | -10.70% | | Domestic Tax-exclusive Standard Coal Unit Price for Power Generation | RMB 917.05/ton | -9.23% | [Energy Saving and Environmental Protection](index=4&type=section&id=2.2.3%20Energy%20Saving%20and%20Environmental%20Protection) Company strictly implemented national environmental requirements, completing ultra-low emission upgrades for all power plants and maintaining good energy consumption and pollutant emission indicators - All power generation enterprises completed ultra-low emission upgrades, ensuring pollutant emission levels meet requirements[14](index=14&type=chunk) H1 2025 Energy Efficiency Metrics | Metric | H1 2025 | | :--- | :--- | | Average Equivalent Availability Rate of Domestic Coal-fired Units | 93.52% | | Coal Consumption for Power Supply | 288.66 g/kWh | | Power Consumption Rate for Production | 4.26% | [Technological Innovation](index=5&type=section&id=2.2.4%20Technological%20Innovation) Company focused on national strategies, increased R&D investment, and achieved multiple key technological results and patent authorizations in CO2 capture, integrated PV energy, and virtual power plants - Company proactively deployed in cybersecurity, technology-driven safety, offshore wind power, and gas turbine autonomous O&M, continuously promoting high-quality technological achievement transformation[16](index=16&type=chunk) - "Advanced low-energy CO2 capture technology" was selected for the national key low-carbon technology catalog; Henan Anyang "PV + ecological construction" 100 MW integrated energy innovation demonstration project achieved full capacity grid connection[16](index=16&type=chunk) H1 2025 Patent Authorizations | Patent Type | H1 2025 Authorized Quantity | | :--- | :--- | | Invention Patents | 494 items | | Utility Model Patents | 45 items | | International Patents | 141 items | [Project Development and Construction](index=5&type=section&id=2.2.5%20Project%20Development%20and%20Construction) Company vigorously promoted new energy project construction, adding nearly 8 GW of controllable grid-connected power generation capacity in H1, with new energy accounting for over 6 GW H1 2025 Newly Grid-connected Controllable Power Generation Capacity | Newly Grid-connected Controllable Power Generation Capacity | H1 2025 (MW) | | :--- | :--- | | Total | 7,987.31 | | Coal-fired Power | 1,724.40 | | Wind Power | 1,928.45 | | Solar Power | 4,334.46 | - As of June 30, 2025, the company's controllable power generation capacity was **152,992 MW**, with low-carbon clean energy accounting for **39.12%**[17](index=17&type=chunk) [Overseas Business](index=5&type=section&id=2.2.6%20Overseas%20Business) Singapore Tuas Power's market share and pre-tax profit decreased due to ample market supply, while Pakistan's business pre-tax profit slightly increased H1 2025 Overseas Business Performance | Business Region | H1 2025 Market Share | YoY Change | H1 2025 Pre-tax Profit (RMB billion) | YoY Change (RMB billion) | | :--- | :--- | :--- | :--- | :--- | | Singapore Tuas Power | 18.61% | -1.79 percentage points | 1.363 | -0.360 | | Pakistan Business | - | - | 0.436 | +0.007 | [H2 Business Outlook](index=5&type=section&id=2.3%20H2%20Business%20Outlook) Company will focus on high-quality stable growth, deepening operational excellence, technological innovation, and green development, while optimizing asset and power source structure - Company will prioritize high-quality stable growth, aiming to achieve annual targets and build a world-class enterprise[19](index=19&type=chunk)[20](index=20&type=chunk) [Electricity Market Outlook](index=6&type=section&id=2.3.1%20Electricity%20Market%20Outlook) H2 electricity supply-demand is expected to be generally loose, with new energy curtailment pressure and intensified competition from spot markets, potentially lowering electricity prices - Overall loose electricity supply-demand will deepen, with new energy curtailment pressure in some regions; full market entry of new energy and spot markets, coupled with continuous new energy capacity growth, will impact market prices[20](index=20&type=chunk) - Company will strengthen analysis of regional weather changes and electricity supply-demand, seize peak demand periods, optimize generation timing and structure, and strive for high-price generation to maximize efficiency[20](index=20&type=chunk) [Coal Market Outlook](index=6&type=section&id=2.3.2%20Coal%20Market%20Outlook) H2 coal demand is expected to rebound seasonally due to peak summer/winter, potentially changing the overly loose supply-demand situation, requiring optimized procurement and inventory management - Coal demand will seasonally rebound during peak summer/winter and extreme weather, potentially changing the overly loose supply-demand situation[20](index=20&type=chunk) - Company will closely monitor coal market changes, implement national policies, continuously optimize procurement structure, leverage long-term contracts, seize market opportunities for spot coal, and strengthen inventory management to control procurement costs[20](index=20&type=chunk) [Capital Market Outlook](index=6&type=section&id=2.3.3%20Capital%20Market%20Outlook) Nation will implement moderately loose monetary policy to promote economic recovery, and the company will optimize financing structure and broaden channels to secure funds for energy supply and green transformation - 2025 will promote sustained economic recovery, implementing moderately loose monetary policy and strengthening coordination between monetary and fiscal policies[21](index=21&type=chunk) - Company will further strengthen analysis of policies, situations, and capital markets, closely monitor domestic and international capital market changes, actively respond to national support policies, continuously optimize financing structure, and broaden financing channels to secure funds for energy supply and green low-carbon transformation[21](index=21&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Overview](index=6&type=section&id=3.1%20Overview) Company is one of China's largest listed power generation companies, with significant controllable capacity and a growing share of low-carbon clean energy, reporting H1 revenue decline but substantial net profit growth - Company primarily develops, constructs, and operates power plants across China, being one of the largest listed power generation companies in China[21](index=21&type=chunk) Key Capacity Metrics | Metric | June 30, 2025 | | :--- | :--- | | Controllable Power Generation Capacity | 152,992 MW | | Low-carbon Clean Energy Capacity Share | 39.12% | H1 2025 Financial Highlights | Metric | H1 2025 (RMB billion) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 112.032 | -5.70% | | Net Profit Attributable to Equity Holders | 9.578 | +23.19% | | Earnings Per Share | RMB 0.52 | +RMB 0.12 | [Operating Results](index=7&type=section&id=3.2%20Operating%20Results) H1 operating performance showed a decrease in total on-grid power generation but significant growth in new energy generation, with reduced operating revenue offset by a substantial drop in fuel costs, driving double-digit net profit growth [H1 2025 Operating Performance](index=7&type=section&id=3.2.1%20H1%202025%20Operating%20Performance) H1 domestic regional power plants' total on-grid power generation decreased by 2.37% YoY, with coal-fired generation declining while wind and solar generation significantly increased H1 2025 On-grid Power Generation by Unit Type | Unit Type | Jan-Jun 2025 On-grid Power Generation (billion kWh) | YoY Change | | :--- | :--- | :--- | | Coal-fired | 158.363 | -7.06% | | Gas-fired | 13.255 | +7.47% | | Wind Power | 21.031 | +11.39% | | Solar Power | 12.243 | +49.33% | | Hydropower | 0.389 | -22.13% | | Biomass Power | 0.402 | +9.83% | | Total | 205.683 | -2.37% | - Singapore Tuas Power Ltd.'s market share of power generation was **18.61%**, a YoY decrease of **1.79 percentage points**[28](index=28&type=chunk) [Comparative Analysis of Operating Performance](index=11&type=section&id=3.2.2%20Comparative%20Analysis%20of%20Operating%20Performance) H1 operating revenue decreased due to lower domestic sales and Singapore market prices, but a significant reduction in fuel costs led to an overall decrease in operating costs, driving a 23.19% YoY increase in net profit attributable to equity holders [Operating Revenue and Taxes and Surcharges](index=11&type=section&id=3.2.2.1%20Operating%20Revenue%20and%20Taxes%20and%20Surcharges) H1 consolidated operating revenue decreased by 5.70% YoY, primarily due to lower domestic sales and Singapore market prices, while taxes and surcharges increased by 22.84% H1 2025 Operating Revenue and Taxes | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Operating Revenue | 112.032 | 118.806 | -5.70% | | Taxes and Surcharges | 1.105 | 0.900 | +22.84% | - China domestic business operating revenue decreased by **RMB 4.829 billion** YoY, mainly due to lower domestic sales volume and electricity prices[29](index=29&type=chunk) - Singapore business operating revenue decreased by **RMB 2.298 billion** YoY, mainly due to overall falling electricity market prices and lower retail contract volume[30](index=30&type=chunk) [Operating Costs and Expenses](index=11&type=section&id=3.2.2.2%20Operating%20Costs%20and%20Expenses) H1 total operating costs decreased by 9.77% YoY, mainly due to lower fuel prices in China, despite increases in repair, depreciation, and labor costs H1 2025 Operating Costs and Expenses | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Costs | 93.306 | 103.412 | -9.77% | | Fuel Costs | 58.305 | 68.114 | -14.40% | | Repair Expenses | 2.058 | 1.861 | +10.62% | | Depreciation | 13.560 | 12.735 | +6.47% | | Labor Costs | 9.019 | 8.685 | +3.85% | | Other Expenses | 10.365 | 12.018 | -13.75% | - China domestic business operating costs decreased by **RMB 8.670 billion** YoY, mainly due to lower domestic fuel prices[31](index=31&type=chunk) [Finance Costs](index=12&type=section&id=3.2.2.3%20Finance%20Costs) H1 finance costs decreased by 16.59% YoY, primarily due to lower interest expenses from reduced funding costs for interest-bearing debt in China and decreased loan principal and financing costs in Pakistan H1 2025 Finance Costs | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | 3.567 | 4.276 | -16.59% | - Interest expenses decreased by **RMB 0.540 billion** YoY, mainly due to lower funding costs for interest-bearing debt in China domestic business and reduced loan principal and financing costs in Pakistan business[38](index=38&type=chunk) [Share of Profits from Associates/Joint Ventures](index=12&type=section&id=3.2.2.4%20Share%20of%20Profits%20from%20Associates%2FJoint%20Ventures) H1 share of profits from associates/joint ventures was RMB 0.765 billion, a YoY decrease of 10.86%, mainly due to lower recognized investment income H1 2025 Share of Profits from Associates/Joint Ventures | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Share of Profits from Associates/Joint Ventures | 0.765 | 0.858 | -10.86% | [Income Tax Expense](index=13&type=section&id=3.2.2.5%20Income%20Tax%20Expense) H1 income tax expense increased by 22.73% YoY, primarily due to increased profits from China domestic business, while Singapore and Pakistan businesses saw reduced income tax expenses H1 2025 Income Tax Expense | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 2.388 | 1.946 | +22.73% | - China domestic business income tax expense increased by **RMB 0.541 billion** YoY, mainly due to increased domestic profits[40](index=40&type=chunk) [Net Profit Attributable to Equity Holders of the Company](index=13&type=section&id=3.2.2.6%20Net%20Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) H1 net profit attributable to equity holders increased by 23.19% YoY, mainly driven by lower fuel costs in China domestic business and profit growth in the new energy sector H1 2025 Net Profit Attributable to Equity Holders | Metric | H1 2025 (RMB billion) | H1 2024 (RMB billion) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Equity Holders | 9.578 | 7.775 | +23.19% | - China domestic business net profit increased by **RMB 2.081 billion** YoY, mainly due to lower fuel costs and expanded new energy scale[41](index=41&type=chunk) [Comparison of Financial Position](index=13&type=section&id=3.2.2.7%20Comparison%20of%20Financial%20Position) As of June 30, 2025, total assets increased by 1.17% YoY, total liabilities decreased by 0.19% YoY, and the asset-liability ratio decreased by 0.87 percentage points to 63.78%, indicating continuous optimization of the financial structure Financial Position Metrics | Metric | June 30, 2025 (RMB billion) | Change from Year-end | | :--- | :--- | :--- | | Total Assets | 6,025.52 | +1.17% | | Total Liabilities | 3,842.80 | -0.19% | | Asset-Liability Ratio | 63.78% | -0.87 percentage points | [Comparison of Key Financial Ratios](index=14&type=section&id=3.2.2.8%20Comparison%20of%20Key%20Financial%20Ratios) Company's debt-to-equity ratio decreased and interest coverage ratio significantly increased, reflecting enhanced profitability and improved solvency, despite net current liabilities of **RMB 73.249 billion** Key Financial Ratios | Item | June 30, 2025 | Dec 31, 2024 | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | :--- | :--- | | Debt-to-Equity Ratio | 2.59 | 2.68 | - | - | | Current Ratio | 0.57 | 0.54 | - | - | | Quick Ratio | 0.51 | 0.46 | - | - | | Interest Coverage Ratio | - | - | 4.61 | 3.43 | - Company and its subsidiaries' debt-to-equity ratio decreased compared to year-end 2024, mainly due to operating profits in H1 2025[44](index=44&type=chunk) - Interest coverage ratio increased compared to the same period last year, mainly due to increased profits in H1 2025[44](index=44&type=chunk) [Liquidity and Capital Resources](index=15&type=section&id=3.3%20Liquidity%20and%20Capital%20Resources) H1 net cash inflow from operating activities significantly increased, while net cash outflow from financing activities was mainly due to increased debt repayment, with ample bank credit lines and declared 2024 annual cash dividends [Liquidity](index=15&type=section&id=3.3.1%20Liquidity) H1 net cash inflow from operating activities increased by 30.27% YoY, primarily due to decreased revenue and reduced fuel procurement expenditures, with cash and cash equivalents balance of **RMB 21.947 billion** H1 2025 Cash Flow Summary | Item | H1 2025 (RMB billion) | H1 2024 (RMB billion) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 30.748 | 23.603 | +30.27% | | Net Cash Used in Investing Activities | (21.803) | (21.554) | +1.16% | | Net Cash (Used in)/Generated from Financing Activities | (5.760) | 1.981 | N/A | | Net Increase in Cash and Cash Equivalents | 3.346 | 4.176 | -19.88% | | Cash and Cash Equivalents Balance at Period End | 21.947 | 20.327 | +7.97% | - Company has long-term foreign currency borrowings, thus exposed to exchange rate risk, but closely monitors interest and foreign exchange markets to mitigate risk[47](index=47&type=chunk) [Capital Expenditures and Capital Resources](index=16&type=section&id=3.3.2%20Capital%20Expenditures%20and%20Capital%20Resources) H1 actual capital expenditure for infrastructure and renovation was **RMB 19.017 billion**, with a high proportion for new energy projects, supported by over **RMB 420 billion** in unused bank credit lines H1 2025 Capital Expenditure by Type | Capital Expenditure Type | H1 2025 (RMB billion) | | :--- | :--- | | Total Actual Capital Expenditure for Infrastructure and Renovation | 19.017 | | Of which: Infrastructure Expenditure | 17.258 | | Wind Power Infrastructure Expenditure | 6.142 | | Solar Power Infrastructure Expenditure | 6.579 | | Coal-fired Power Infrastructure Expenditure | 4.105 | | Renovation Expenditure | 1.759 | - Company has over **RMB 420 billion** in unused bank comprehensive credit lines granted by commercial banks including Bank of China, China Construction Bank, and Industrial and Commercial Bank of China[49](index=49&type=chunk) Long-term Borrowings and Interest Rates | Item | June 30, 2025 (RMB billion) | Dec 31, 2024 (RMB billion) | | :--- | :--- | :--- | | Total Long-term Borrowings | 186.977 | 183.778 | | Annual Interest Rate Range for Long-term Bank Borrowings | 0.75%-9.04% | 0.75%-9.35% | - Company declared a cash dividend of **RMB 0.27** per ordinary share (tax inclusive) on June 24, 2025, totaling **RMB 4.238 billion**[50](index=50&type=chunk) [Performance of Significant Investments](index=16&type=section&id=3.4%20Performance%20of%20Significant%20Investments) Company's equity investment in Shenzhen Energy Group Co., Ltd. and its subsidiary Shenzhen Energy provided relatively stable investment returns - Company directly holds **991,741,659 shares** of Shenzhen Energy, approximately **25.02%** of its equity, providing relatively stable investment returns[51](index=51&type=chunk) [Welfare Policy](index=17&type=section&id=3.5%20Welfare%20Policy) As of June 30, 2025, the company had **55,350 employees**, with no significant changes in remuneration policies and training programs during the reporting period Employee Count | Metric | June 30, 2025 | | :--- | :--- | | Total Employees | 55,350 persons | - No significant changes occurred in the company's remuneration policies and training programs during the reporting period[52](index=52&type=chunk) [Guaranteed and Mortgaged Debts and Restricted Assets](index=17&type=section&id=3.6%20Guaranteed%20and%20Mortgaged%20Debts%20and%20Restricted%20Assets) As of June 30, 2025, the company provided multiple bank loan and long-term bond guarantees for subsidiaries and had several pledged and mortgaged borrowings, with restricted bank deposits amounting to **RMB 1.183 billion** Guarantees Provided | Guarantee Type | June 30, 2025 (RMB billion) | Dec 31, 2024 (RMB billion) | | :--- | :--- | :--- | | Guarantees for Domestic Subsidiary Bank Loans | 1.338 | 1.273 | | Guarantees for Overseas Subsidiary Long-term Bonds | 2.148 | 4.313 | Pledged/Mortgaged Borrowings | Pledged/Mortgaged Borrowing Type | June 30, 2025 (RMB billion) | Dec 31, 2024 (RMB billion) | | :--- | :--- | :--- | | Bank Borrowings (Bills Receivable Discounted) | 0.009 | 0.047 | | Short-term Borrowings (Machinery and Equipment Mortgaged) | 0.004 | 0.302 | | Long-term Borrowings (Fixed Assets Mortgaged) | 2.732 | 3.051 | | Long-term Borrowings (Electricity/Heating Fee Collection Rights Pledged) | 4.834 | 5.060 | - As of June 30, 2025, restricted bank deposits amounted to **RMB 1.183 billion**[57](index=57&type=chunk) [Risk Factors](index=18&type=section&id=3.7%20Risk%20Factors) Company faces market risks from loose power supply-demand and intensified competition, fuel procurement uncertainties, carbon market price volatility, stricter environmental policies, and power construction delays [Power Industry and Market Risks](index=18&type=section&id=3.7.1%20Power%20Industry%20and%20Market%20Risks) National new energy capacity growth far exceeds load growth, leading to overall loose electricity supply-demand and intensified competition from spot markets, potentially lowering electricity prices and affecting company earnings - Electricity supply capacity growth is expected to exceed demand growth in 2025, leading to overall loose supply-demand, with new energy curtailment pressure in some regions[58](index=58&type=chunk) - Full market entry of new energy, increased supply in mid-to-long term markets, and new energy's significantly lower marginal costs compared to coal power will impact market prices; electricity energy prices will trend downwards, potentially affecting overall company earnings[58](index=58&type=chunk) - Company will optimize investment regions and power source portfolios for maximum economic benefits, accelerate technological upgrades and transformation of coal-fired units, strengthen analysis of electricity supply-demand, and adjust pricing strategies to actively respond to market uncertainties[59](index=59&type=chunk) [Fuel Procurement Market Risks](index=18&type=section&id=3.7.2%20Fuel%20Procurement%20Market%20Risks) Coal demand will seasonally rebound during peak periods, potentially changing the overly loose supply-demand situation, and imported coal supply in coastal regions is subject to policy and international market uncertainties - Coal demand will seasonally rebound during peak summer/winter and extreme weather, potentially changing the overly loose supply-demand situation[60](index=60&type=chunk) - Coal supply in coastal regions, with a larger proportion of imported coal, is subject to policy and international coal market influences, posing certain uncertainties[60](index=60&type=chunk) - Company will fully leverage long-term contracts as a "ballast stone," improve performance quality, seize market opportunities for low-priced spot coal, grasp policy and international coal market trends for optimized imported coal, and strengthen inventory management to control procurement costs through multiple measures[62](index=62&type=chunk) [Carbon Market Risks](index=19&type=section&id=3.7.3%20Carbon%20Market%20Risks) National carbon market quota allocation continues to tighten, and quota carry-over policies may lead to market price volatility, requiring the company to accelerate energy saving and emission reduction and optimize carbon trading strategies - In the fourth compliance period (2024), quota allocation continues to tighten, and market prices may fluctuate due to quota carry-over policies[63](index=63&type=chunk) - Company will closely monitor national carbon market policy changes, accelerate energy saving and emission reduction upgrades, effectively control total carbon emissions, and optimize carbon trading strategies to reduce compliance costs[63](index=63&type=chunk) [Environmental Risks](index=19&type=section&id=3.7.4%20Environmental%20Risks) Stricter national environmental policies in key regions, particularly for water protection and dust control, may increase environmental expenses for grassroots enterprises, despite the company's completed ultra-low emission upgrades - Nation is continuously improving and deepening environmental policies in key regions, proposing new and stricter standards and requirements for water protection and dust control, which may increase environmental expenses for relevant grassroots enterprises[64](index=64&type=chunk) - All coal-fired power plants of the company have completed ultra-low emission upgrades, achieving ultra-low emission operation, and actively respond to central ecological environmental protection inspection requirements, striving to identify and effectively mitigate various environmental risks[65](index=65&type=chunk) [Power Construction Risks](index=19&type=section&id=3.7.5%20Power%20Construction%20Risks) Power construction may face risks such as extreme weather, rising labor costs, delays in project preliminary procedures, and prolonged land acquisition cycles, requiring strengthened organizational coordination - In power construction, the company may face risks such as extreme weather, rising labor costs, delays in project preliminary procedures, and prolonged land acquisition cycles[66](index=66&type=chunk) - Company actively responds to risks and challenges, takes proactive measures, strengthens organizational coordination, mobilizes all project participants, overcomes difficulties, and ensures projects proceed as planned[66](index=66&type=chunk) [Other Disclosures](index=20&type=section&id=3.8%20Other%20Disclosures) Company actively responded to the "Quality Improvement, Efficiency Enhancement, and Return Focus" initiative, promoting green and low-carbon energy transformation, achieving significant growth in net profit and EPS, and increasing its 2024 dividend payout ratio - Company focused on "Quality Improvement, Efficiency Enhancement, and Return Focus" to promote high-quality development and guide reasonable value return[67](index=67&type=chunk) H1 2025 Performance Highlights | Metric | H1 2025 | | :--- | :--- | | Newly Grid-connected Controllable Power Generation Capacity | 7,987.31 MW | | Of which New Energy Capacity | Over 6,262 MW | | Low-carbon Clean Energy Capacity Share | 39.12% | | Net Profit Attributable to Equity Holders | RMB 9.578 billion (YoY increase of 23.19%) | | Earnings Per Share | RMB 0.52 (YoY increase of 30.00%) | - Company further increased 2024 dividend payout ratio, declaring a cash dividend of **RMB 0.27** per share (tax inclusive) to all shareholders, totaling over **RMB 4.2 billion**[68](index=68&type=chunk) [Share Capital and Shareholder Information](index=21&type=section&id=Share%20Capital%20and%20Shareholder%20Information) [Share Capital Structure](index=21&type=section&id=4.1%20Share%20Capital%20Structure) As of June 30, 2025, total issued share capital was **15,698,093,359 shares**, with domestic shares accounting for **70.06%** and foreign shares for **29.94%** Share Capital Breakdown | Share Type | Number of Shares | Percentage of Total Share Capital | | :--- | :--- | :--- | | Total Issued Share Capital | 15,698,093,359 shares | 100% | | Domestic Shares | 10,997,709,919 shares | 70.06% | | Foreign Shares | 4,700,383,440 shares | 29.94% | - Huaneng Power International Development Company holds **5,066,662,118 shares**, accounting for **32.28%** of total share capital[70](index=70&type=chunk) [Purchase, Sale or Redemption of Shares](index=21&type=section&id=4.2%20Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) Company and its subsidiaries did not purchase, sell, or redeem any of the company's shares or other listed securities in H1 2025, and held no treasury shares during the reporting period - Company and its subsidiaries did not sell, purchase, or redeem any of the company's shares or other listed securities in H1 2025[71](index=71&type=chunk) - As of June 30, 2025, and during the reporting period, the company held no treasury shares[71](index=71&type=chunk) [Major Shareholder Holdings](index=22&type=section&id=4.3%20Major%20Shareholder%20Holdings) As of June 30, 2025, Huaneng Power International Development Company was the largest shareholder with a **32.28%** stake, followed by HKSCC Nominees Limited and China Huaneng Group Co., Ltd Top Shareholders | Shareholder Name | Total Shares Held | Percentage of Shares Held (%) | | :--- | :--- | :--- | | Huaneng Power International Development Company | 5,066,662,118 | 32.28% | | HKSCC Nominees Limited | 4,203,258,330 | 26.78% | | China Huaneng Group Co., Ltd. | 1,555,124,549 | 9.91% | [Significant Interests and Short Positions](index=23&type=section&id=4.4%20Significant%20Interests%20and%20Short%20Positions) As of June 30, 2025, major shareholders held significant long positions, with BlackRock, Inc. also holding a small short position in H shares Significant Interests and Short Positions | Shareholder Name | Share Class | Number of Shares | Capacity | Approx. Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Huaneng Power International Development Company | Domestic Shares | 5,066,662,118(L) | Beneficial Owner | 32.28%(L) | | China Huaneng Group Co., Ltd. | Domestic Shares | 1,555,124,549(L) | Beneficial Owner | 9.91%(L) | | China Huaneng Group Co., Ltd. | H Shares | 603,596,000(L) | Beneficial Owner | 3.85%(L) | | Shanghai Ruijun Asset Management Co., Ltd. | H Shares | 520,101,000(L) | Investment Manager | 3.31%(L) | | BlackRock, Inc. | H Shares | 254,065,595(L) | Interest of Controlled Corporation | 1.62%(L) | | BlackRock, Inc. | H Shares | 13,448,000(S) | Interest of Controlled Corporation | 0.09%(S) | [Directors' and Supervisors' Rights to Purchase Shares](index=24&type=section&id=4.5%20Directors'%20and%20Supervisors'%20Rights%20to%20Purchase%20Shares) Company directors and supervisors confirmed compliance with the standard code for securities transactions in H1 2025, with no disclosable interests or short positions held by directors, chief executives, or supervisors as of June 30, 2025 - After inquiry with all directors and supervisors, they confirmed compliance with the relevant code in H1 2025[76](index=76&type=chunk) - As of June 30, 2025, no directors, chief executives, or supervisors held any interests or short positions in the shares, underlying shares, and/or debentures of the company and/or any associated corporations that need to be disclosed under Part XV Sections 7 and 8 of the Securities and Futures Ordinance[76](index=76&type=chunk) [Public Float](index=24&type=section&id=4.6%20Public%20Float) As of the announcement date, the company has maintained the public float as stipulated by the Listing Rules and agreed with the Hong Kong Stock Exchange - As of the announcement date, the company has maintained the public float as stipulated by the Listing Rules and agreed with the Hong Kong Stock Exchange[77](index=77&type=chunk) [Dividends](index=24&type=section&id=4.7%20Dividends) The Board of Directors decided not to declare any interim dividend for 2025 - The Board of Directors decided not to declare any interim dividend for 2025[78](index=78&type=chunk) [Disclosure of Major Events](index=24&type=section&id=Disclosure%20of%20Major%20Events) [Changes in Directors and Senior Management](index=24&type=section&id=5.1%20Changes%20in%20Directors%20and%20Senior%20Management) Multiple personnel changes occurred in the company's Board of Directors and senior management during the reporting period, including resignations and new appointments for directors and the general manager - Mr. Wang Zhijie resigned as Vice Chairman, Director, and member of relevant Board committees due to age[79](index=79&type=chunk) - Mr. Li Jin and Mr. Gao Guoqin were appointed as non-independent directors and members of relevant Board committees of the Eleventh Board of Directors[79](index=79&type=chunk) - Mr. Huang Lixin resigned as director, general manager, and member of relevant Board committees due to work adjustment; Mr. Liu Ancang was appointed general manager and nominated as a director candidate[80](index=80&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance) [Corporate Governance Practices](index=25&type=section&id=6.1%20Corporate%20Governance%20Practices) Company continuously strengthened and improved corporate governance, establishing a clear and balanced governance structure, complying with the Listing Rules' Corporate Governance Code, and standardizing financial management and internal control - Company has gradually formed a standardized, complete, effective, and suitable corporate governance system for its development, complying with all code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code[81](index=81&type=chunk)[82](index=82&type=chunk) - Company established an Information Disclosure Committee, implemented a regular information disclosure meeting system, and formulated multiple information disclosure related policies to ensure the truthfulness, accuracy, completeness, and timeliness of information disclosure[85](index=85&type=chunk) - Company formulated comprehensive accounting and financial report preparation regulations, strengthened fund management, and completed the design of the "Internal Control Manual" and "Internal Control Assessment Manual" to standardize and regulate internal control[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) [Directors' Securities Transactions](index=30&type=section&id=6.2%20Directors'%20Securities%20Transactions) Company strictly complied with regulatory restrictions on directors' securities transactions and adopted the standard code in Appendix C3 of the Listing Rules, with no directors, supervisors, or senior management holding company shares or material interests in significant contracts as of the announcement date - Company adopted the standard code in Appendix C3 of the Listing Rules regarding securities transactions by directors of listed issuers, and prohibited insiders from trading securities using inside information[93](index=93&type=chunk) - After specific inquiry with all directors, supervisors, and senior management, as of the announcement date, all directors, supervisors, and senior management held no company shares and had no direct or indirect material interests in any significant contracts[93](index=93&type=chunk) [Board of Directors](index=30&type=section&id=6.3%20Board%20of%20Directors) Company's Board of Directors consists of 15 directors, held 3 meetings during the reporting period with good attendance, regularly reviewing operating performance and making decisions, with independent non-executive directors actively fulfilling their duties - Company's Board of Directors consists of 15 directors (currently one vacancy), including executive directors, non-executive directors, and independent non-executive directors[94](index=94&type=chunk) - During the reporting period, the company's Board of Directors held 3 meetings, including regular and ad-hoc meetings, with all regular meeting notices sent at least fourteen days in advance[94](index=94&type=chunk)[96](index=96&type=chunk) H1 2025 Board Meeting Attendance | Name | Meetings Required to Attend | Meetings Attended in Person | Meetings Attended by Proxy | Attendance Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Wang Kui (Executive Director) | 3 | 3 | 0 | 100% | | Du Daming (Non-executive Director) | 3 | 3 | 0 | 100% | | Xia Qing (Independent Non-executive Director) | 3 | 3 | 0 | 100% | | He Qiang (Independent Non-executive Director) | 3 | 3 | 0 | 100% | | Zhang Liying (Independent Non-executive Director) | 3 | 3 | 0 | 100% | | Dang Ying (Independent Non-executive Director) | 3 | 3 | 0 | 100% | [Chairman and General Manager](index=33&type=section&id=6.4%20Chairman%20and%20General%20Manager) Company's Chairman and General Manager positions are separate, each fulfilling duties according to the Articles of Association, with clear division of responsibilities between the Board and management - Company's Chairman and General Manager positions are separate, each fulfilling duties according to the Articles of Association[98](index=98&type=chunk) [Non-executive Directors](index=33&type=section&id=6.5%20Non-executive%20Directors) Company Board members serve terms not exceeding three years, eligible for re-election, while independent non-executive directors serve a maximum term of six years - Company Board members serve terms not exceeding three years (inclusive) and are eligible for re-election; however, independent non-executive directors serve a maximum term of six years (inclusive) according to relevant CSRC regulations[99](index=99&type=chunk) Non-executive Directors' Terms | Non-executive Director Name | Term | | :--- | :--- | | Du Daming | 2023.12.5-2026 | | Zhou Yi | 2023.12.5-2026 | | Li Lailong | 2023.12.5-2026 | | Li Jin | 2025.6.24-2026 | | Cao Xin | 2023.12.5-2026 | | Gao Guoqin | 2025.6.24-2026 | | Ding Xuchun | 2023.12.5-2026 | | Wang Jianfeng | 2023.12.5-2026 | [Directors' Remuneration](index=33&type=section&id=6.6%20Directors'%20Remuneration) Company's Board of Directors established a Remuneration and Appraisal Committee, comprising seven directors (four independent non-executive), responsible for studying appraisal standards, remuneration policies, and plans for directors and senior management - The Remuneration and Appraisal Committee is primarily responsible for studying appraisal standards for the company's directors and senior management, conducting appraisals, and making recommendations; it is also responsible for studying and reviewing remuneration policies and plans for the company's directors and senior management[101](index=101&type=chunk) - The Eleventh Remuneration and Appraisal Committee consists of seven directors, with Mr. Zhang Shouwen, Mr. He Qiang, Ms. Zhang Liying, and Ms. Dang Ying serving as independent non-executive directors[101](index=101&type=chunk) - The committee meeting held on March 24, 2025, approved the "Report on the Company's 2025 Total Salary Budget"[102](index=102&type=chunk) [Director Nomination](index=34&type=section&id=6.7%20Director%20Nomination) Company's Board of Directors established a Nomination Committee, which follows a Board diversity policy and nominates directors based on merit, responsible for studying selection criteria and procedures for director candidates and senior management - The Nomination Committee is primarily responsible for studying selection criteria and procedures for the company's director candidates and senior management based on the "Company Law" and "Securities Law" requirements for director qualifications and the company's operational management needs, and making recommendations to the Board[104](index=104&type=chunk) - Company formulated a "Board Diversity Policy," considering various aspects of Board diversity, including but not limited to gender, age, cultural and educational background, professional experience, skills, knowledge, and length of service, when determining Board composition[104](index=104&type=chunk) - The Eleventh Board of Directors Nomination Committee currently consists of six directors, with Mr. Xia Qing, Mr. He Qiang, Mr. Zhang Shouwen, and Ms. Dang Ying serving as independent non-executive directors[105](index=105&type=chunk) [Appointment of Auditors](index=35&type=section&id=6.8%20Appointment%20of%20Auditors) BDO Limited and ShineWing Certified Public Accountants (Special General Partnership) were appointed as the company's international and PRC auditors for 2025, respectively - BDO Limited and ShineWing Certified Public Accountants (Special General Partnership) were appointed as the company's international and PRC auditors for 2025, respectively[106](index=106&type=chunk) [Audit Committee](index=35&type=section&id=6.9%20Audit%20Committee) Company's Board of Directors established an Audit Committee, composed of five independent non-executive directors, responsible for overseeing financial statement truthfulness, legal compliance, auditor independence, and related party transaction control - The Audit Committee's primary responsibilities include assisting the Board in overseeing the truthfulness of the company's financial statements, compliance with laws and regulatory requirements, the qualifications and independence of independent auditors, the performance of independent auditors and internal audit department, and the control and management of related party transactions[106](index=106&type=chunk) - The Eleventh Board of Directors Audit Committee consists of five independent non-executive directors, with Ms. Dang Ying serving as the chairperson[107](index=107&type=chunk) - During the reporting period, the Audit Committee held three meetings, gaining understanding and providing opinions and suggestions on the company's compliance with listing regulations, anti-fraud situation, internal control implementation and execution, and external auditor's audit[108](index=108&type=chunk) [Directors' Responsibilities for Financial Statements](index=36&type=section&id=6.10%20Directors'%20Responsibilities%20for%20Financial%20Statements) Company directors confirmed their responsibility for preparing the company's financial statements, ensuring compliance with relevant regulations and accounting standards, and timely publication - Company directors confirmed their responsibility for preparing the company's financial statements, ensuring compliance with relevant regulations and applicable accounting standards, and ensuring timely publication of the company's financial statements[110](index=110&type=chunk) [Shareholding Interests of Senior Management](index=36&type=section&id=6.11%20Shareholding%20Interests%20of%20Senior%20Management) Company's senior management held no company shares - Company's senior management held no company shares[110](index=110&type=chunk) [Strategy Committee](index=37&type=section&id=6.12%20Strategy%20Committee) Company's Board of Directors established a Strategy Committee, comprising six directors (two independent non-executive), responsible for studying long-term development strategic planning, major investment and financing plans, and overall risk management - The Strategy Committee's primary responsibilities include studying the company's long-term development strategic planning, major investment and financing plans, major production and operation decision projects, and being responsible for the company's overall risk management[111](index=111&type=chunk)[116](index=116&type=chunk) - The Eleventh Board of Directors Strategy Committee currently consists of six directors, with Mr. Wang Kui serving as the chairman, and Mr. Xia Qing and Ms. Zhang Liying serving as independent non-executive directors[111](index=111&type=chunk) - During the reporting period, the company's Strategy Committee did not hold any meetings[112](index=112&type=chunk) [Training for Directors and Senior Management](index=37&type=section&id=6.13%20Training%20for%20Directors%20and%20Senior%20Management) Company annually organizes directors and supervisors to attend regulatory training, with 20 participations by directors, supervisors, and senior management in H1, and regularly briefs independent directors on regulatory updates - Company annually organizes directors and supervisors to attend training organized by regulatory bodies; during the reporting period, directors, supervisors, and senior management participated in a total of **20 professional trainings**[113](index=113&type=chunk) - Company arranges its legal advisors to brief all independent directors of the Audit Committee semi-annually on updates to listing place regulatory regulations, applicability of relevant systems, and compliance with listing place regulations[113](index=113&type=chunk) [Review and Litigation](index=37&type=section&id=Review%20and%20Litigation) [Review of Interim Financial Information](index=37&type=section&id=7.1%20Review%20of%20Interim%20Financial%20Information) Company's H1 2025 interim results were reviewed by the Audit Committee and by auditor BDO Limited in accordance with International Standard on Review Engagements 2410 - The 2025 interim results were reviewed by the company's Audit Committee[114](index=114&type=chunk) - The company's auditor, BDO Limited, reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410[114](index=114&type=chunk) [Litigation](index=37&type=section&id=7.2%20Litigation) As of June 30, 2025, the company and its subsidiaries were not involved in any significant litigation, but the Shengtong Rudong Offshore Wind Power Project has a ship collision damage liability dispute, with a claim amount of approximately **RMB 0.703 billion**, for which a provision of **RMB 0.070 billion** is maintained due to a retrial application - As of June 30, 2025, the company and its subsidiaries were not involved in any significant litigation or arbitration[115](index=115&type=chunk) - The Shengtong Rudong Offshore Wind Power Project has a ship collision damage liability dispute, with a claim amount of approximately **RMB 0.703 billion**, for which Shengtong Rudong made a provision for contingent liabilities of **RMB 0.070 billion** in 2023[284](index=284&type=chunk)[285](index=285&type=chunk) - In September 2024, the Shanghai High People's Court upheld the original judgment in the second instance; however, in May 2025, Shengtong Rudong received a retrial application for the lawsuit, considering the case still highly uncertain, and thus did not reverse the provision for contingent liabilities[285](index=285&type=chunk) [Documents Available for Inspection](index=38&type=section&id=Documents%20Available%20for%20Inspection) Documents available for inspection for this interim results report can be obtained at the company's designated addresses in China and Hong Kong or on the company's website - Regarding the 2025 interim results report, it can be obtained at designated addresses or by visiting the company's website[117](index=117&type=chunk) [Independent Auditor's Report](index=39&type=section&id=Independent%20Auditor's%20Report) BDO Limited reviewed the company's interim condensed consolidated financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, and found no matters indicating non-compliance with IAS 34 in all material respects - The auditor reviewed the interim condensed consolidated financial information in accordance with International Standard on Review Engagements 2410[120](index=120&type=chunk) - The auditor found no matters leading them to believe that the interim condensed consolidated financial information was not prepared in all material respects in accordance with International Accounting Standard 34[121](index=121&type=chunk) - The comparative interim condensed consolidated statements of comprehensive income, changes in equity, and cash flows for the six months ended June 30, 2024, and the comparative interim condensed consolidated statement of financial position as of December 31, 2024, were extracted from financial statements reviewed or audited by other auditors[122](index=122&type=chunk) [Interim Condensed Consolidated Financial Statements](index=41&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Financial Position (Unaudited)](index=41&type=section&id=10.1%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were **RMB 602.552 billion**, with non-current assets accounting for approximately **83.87%**, and total liabilities were **RMB 384.280 billion**, with equity attributable to equity holders of **RMB 148.305 billion** Interim Condensed Consolidated Statement of Financial Position | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Assets | 602,551,621 | 595,576,880 | | Total Non-current Assets | 505,379,735 | 499,277,225 | | Total Current Assets | 97,171,886 | 96,299,655 | | Total Equity | 218,272,083 | 210,579,046 | | Total Liabilities | 384,279,538 | 384,997,834 | | Total Non-current Liabilities | 213,858,155 | 206,259,767 | | Total Current Liabilities | 170,421,383 | 178,738,067 | [Interim Condensed Consolidated Statement of Comprehensive Income (Unaudited)](index=44&type=section&id=10.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) H1 2025 operating revenue was **RMB 112.032 billion**, net profit was **RMB 12.617 billion**, and net profit attributable to equity holders was **RMB 9.578 billion**, with basic and diluted earnings per share of **RMB 0.52** Interim Condensed Consolidated Statement of Comprehensive Income | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Operating Revenue | 112,032,083 | 118,805,858 | | Total Operating Costs and Expenses | (93,306,489) | (103,412,032) | | Operating Profit | 17,620,511 | 14,494,248 | | Profit Before Tax | 15,005,332 | 11,376,144 | | Net Profit | 12,617,492 | 9,430,464 | | Net Profit Attributable to Equity Holders of the Company | 9,577,971 | 7,774,991 | | Basic and Diluted Earnings Per Share | RMB 0.52 | RMB 0.40 | [Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)](index=47&type=section&id=10.3%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to equity holders of the company was **RMB 148.305 billion**, an increase from the beginning of the year, driven by current period profit, foreign currency translation differences, and issuance of other equity instruments Interim Condensed Consolidated Statement of Changes in Equity | Item | Balance as of June 30, 2025 (RMB thousand) | Balance as of Jan 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 148,305,158 | 138,763,115 | | Non-controlling Interests | 69,966,925 | 40,591,363 | | Total Equity | 218,272,083 | 179,354,478 | - For the six months ended June 30, 2025, total comprehensive income attributable to equity holders of the company was **RMB 9.987 billion**[140](index=140&type=chunk) - 2024 dividends paid amounted to **RMB 4.238 billion**[140](index=140&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows (Unaudited)](index=49&type=section&id=10.4%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) H1 2025 net cash generated from operating activities was **RMB 30.748 billion** (up 30.27%), with net cash used in investing activities of **RMB 21.803 billion**, and net cash outflow from financing activities of **RMB 5.760 billion** due to increased debt repayment Interim Condensed Consolidated Statement of Cash Flows | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 30,748,225 | 23,602,936 | | Net Cash Used in Investing Activities | (21,803,350) | (21,553,650) | | Net Cash (Used in)/Generated from Financing Activities | (5,760,078) | 1,980,766 | | Net Increase in Cash and Cash Equivalents | 3,345,896 | 4,176,107 | | Cash and Cash Equivalents Balance at Period End | 21,947,002 | 20,326,742 | - Net cash inflow from operating activities increased by **30.27%** YoY, mainly due to the combined effect of decreased revenue and reduced fuel procurement expenditures[45](index=45&type=chunk) - Net cash outflow from financing activities was **RMB 5.760 billion**, mainly due to the company's operating profits and increased debt repayment[45](index=45&type=chunk) [Notes to the Unaudited Interim Condensed Consolidated Financial Information](index=52&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Company Organization and Principal Activities](index=52&type=section&id=11.1%20Company%20Organization%20and%20Principal%20Activities) Huaneng Power International, Inc. primarily engages in power generation and electricity sales in China, Singapore, and Pakistan, with its registered address changed to Xiong'an New Area, Hebei - The company and its subsidiaries primarily engage in power generation and electricity sales in China, the Republic of Singapore, and the Islamic Republic of Pakistan[150](index=150&type=chunk) - The company's registered address changed from Huaneng Building, No. 6 Fuxingmennei Street, Xicheng District, Beijing, China, to Huaneng Headquarters, Xiong'an New Area, Hebei[150](index=150&type=chunk) - The directors consider the company's parent company and ultimate parent company to be Huaneng Power International Development Company and China Huaneng Group Co., Ltd., respectively[150](index=150&type=chunk) [Basis of Preparation](index=52&type=section&id=11.2%20Basis%20of%20Preparation) This interim financial information was prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, consistent with 2024 accounting policies, and despite net current liabilities of **RMB 73.249 billion**, directors believe the company can continue as a going concern due to ample bank credit lines - This interim financial information was prepared in accordance with the applicable disclosure requirements of the Hong Kong Stock Exchange Listing Rules and complies with International Accounting Standard 34 "Interim Financial Reporting"[151](index=151&type=chunk) - Except for the application of revised International Financial Reporting Standards effective January 1, 2025, the accounting policies adopted for preparing this interim financial data are consistent with those used for the 2024 annual financial statements[151](index=151&type=chunk) - As of June 30, 2025, the Group's net current liabilities were approximately **RMB 73.249 billion**; considering the Group has obtained unutilized bank credit lines exceeding **RMB 420 billion**, the company's directors believe the Group can repay debts due within the next 12 months, and prepared this interim financial information on a going concern basis[152](index=152&type=chunk) [Significant Accounting Policies](index=53&type=section&id=11.3%20Significant%20Accounting%20Policies) Accounting policies used to prepare this interim condensed consolidated financial statements are consistent with those used for the 2024 annual financial statements, with the first-time adoption of amendments to IAS 21 "Lack of Exchangeability" having no significant impact - Accounting policies used to prepare this interim condensed consolidated financial statements are consistent with those used to prepare the Group's annual financial statements for the year ended December 31, 2024, except for the first-time adoption of amendments to IAS 21 "Lack of Exchangeability" this period[153](index=153&type=chunk)[154](index=154&type=chunk) - These amendments had no significant impact on the Group's interim condensed consolidated financial statements[154](index=154&type=chunk) [Operating Revenue and Segment Information](index=54&type=section&id=11.4%20Operating%20Revenue%20and%20Segment%20Information) Company's operating revenue primarily comes from electricity and heat sales, with total revenue of **RMB 112.032 billion** in H1 2025, and China domestic business contributing the vast majority of revenue and non-current assets [Disaggregation of Operating Revenue](index=54&type=section&id=11.4.1%20Disaggregation%20of%20Operating%20Revenue) Company's H1 2025 total revenue was **RMB 112.032 billion**, primarily from electricity and heat sales, with the China Power segment contributing most of the revenue H1 2025 Operating Revenue by Type | Revenue Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Electricity and Heat Sales Revenue | 107,875,355 | 114,888,975 | | Coal and Raw Material Sales Revenue | 579,977 | 725,323 | | Port Services (External) | 103,406 | 122,941 | | Transportation Services (External) | 47,632 | 30,330 | | Lease Income | 653,215 | 729,116 | | Other | 2,772,498 | 2,309,173 | | Total | 112,032,083 | 118,805,858 | - Revenue from electricity and heat sales, and coal and raw material sales is recognized at the point control of goods is transferred, while revenue from port services, transportation services, maintenance services, and heating pipeline services is recognized over the service period, and lease income is recognized over the lease term[157](index=157&type=chunk) [Segment Information](index=55&type=section&id=11.4.2%20Segment%20Information) Company's operating segments include China Power, Overseas Power, and Other segments, with the China Power segment dominating in total revenue and segment assets, and State Grid Shandong Electric Power Company being a major customer - The company's operating segments are classified into China Power segment, Overseas Power segment, and Other segments (primarily including port and transportation businesses)[158](index=158&type=chunk) H1 2025 Segment Performance | Item | China Power Segment (RMB thousand) | Overseas Power Segment (RMB thousand) | Other Segments (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | H1 2025 External Transaction Revenue | 100,139,540 | 11,739,207 | 153,336 | 112,032,083 | | June 30, 2025 Segment Assets | 535,700,425 | 42,450,829 | 10,756,919 | 588,908,173 | H1 2025 Revenue and Non-current Assets by Region | Region | H1 2025 External Transaction Revenue (RMB thousand) | June 30, 2025 Non-current Assets (RMB thousand) | | :--- | :--- | :--- | | China | 100,292,876 | 471,739,628 | | Overseas | 11,739,207 | 23,188,629 | - For the six months ended June 30, 2025, the Group's revenue from grid companies under the common control of State Grid Corporation of China accounted for approximately **66%** of total revenue from external customers (H1 2024: **77%**); State Grid Shandong Electric Power Company accounted for **12%** of total revenue from external customers[173](index=173&type=chunk) [Property, Plant and Equipment](index=63&type=section&id=11.5%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of the company's property, plant and equipment was **RMB 406.889 billion**, with impairment losses of **RMB 0.254 billion** recognized in H1 due to unit shutdowns or conversion to emergency standby plans Property, Plant and Equipment Summary | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at Period/Year End | 406,888,506 | 402,936,461 | | Depreciation Provided | (12,862,233) | (25,392,315) | | Impairment Provision | (254,682) | (1,610,720) | - For the six months ended June 30, 2025, impairment losses on property, plant and equipment amounted to **RMB 254 million**, mainly involving Huaneng Qufu Thermal Power Co., Ltd. (**RMB 117 million**) and Huaneng Power International, Inc. Shang'an Power Plant (**RMB 137 million**)[177](index=177&type=chunk) - Two units of Qufu Thermal Power are expected to be shut down by April 2026, and Shang'an Power Plant plans to shut down its Phase I units by 2027 and convert Phase II units to emergency standby, leading to impairment indicators for the asset group[180](index=180&type=chunk)[188](index=188&type=chunk) [Financial Instruments](index=72&type=section&id=11.6%20Financial%20Instruments) Company's financial instruments measured at fair value include derivative instruments (Level 2) and other equity instrument investments (Level 3), with total fair value of financial assets at **RMB 0.627 billion** and financial liabilities at **RMB 1.139 billion** as of June 30, 2025 Fair Value Hierarchy of Financial Instruments | Item | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | – | 35,860 | 590,920 | 626,780 | | Total Liabilities | – | 1,139,266 | – | 1,139,266 | - Financial instruments classified as Level 2 include foreign exchange forward contracts, fuel swap contracts, and interest rate swap contracts; financial instruments classified as Level 3 include other equity instrument investments[202](index=202&type=chunk)[203](index=203&type=chunk) - As of June 30, 2025, the fair values of long-term borrowings and long-term bonds (both including current portion) were approximately **RMB 186.77 billion** and **RMB 48.40 billion**, respectively, largely consistent with their carrying amounts[208](index=208&type=chunk) [Goodwill](index=75&type=section&id=11.7%20Goodwill) As of June 30, 2025, the company's net carrying amount of goodwill was **RMB 15.030 billion**, an increase from the beginning of the year, mainly due to foreign currency translation differences Goodwill Carrying Amount | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Carrying Amount of Goodwill | 15,030,364 | 14,389,046 | - Changes in the net carrying amount of goodwill were mainly affected by foreign currency translation differences[209](index=209&type=chunk) [Other Non-current Assets](index=76&type=section&id=11.8%20Other%20Non-current%20Assets) As of June 30, 2025, the company's total other non-current assets were **RMB 22.645 billion**, mainly including finance lease receivables, input VAT to be deducted, prepaid construction costs, and intangible assets Other Non-current Assets Breakdown | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance Lease Receivables | 6,517,171 | 7,115,271 | | Input VAT to be Deducted | 9,100,591 | 8,976,289 | | Prepaid Construction Costs | 1,346,819 | 1,068,630 | | Intangible Assets | 935,248 | 832,572 | | Total | 22,644,937 | 22,345,178 | [Other Receivables and Assets](index=77&type=section&id=11.9%20Other%20Receivables%20and%20Assets) As of June 30, 2025, the company's net other receivables and assets were **RMB 13.381 billion**, a decrease from the beginning of the year, primarily comprising prepaid purchases, dividends receivable, input VAT to be deducted, and finance lease receivables Other Receivables and Assets Breakdown | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepaid Purchases | 3,022,780 | 4,453,979 | | Dividends Receivable | 346,442 | 241,970 | | Input VAT to be Deducted | 4,172,143 | 4,593,354 | | Finance Lease Receivables | 1,060,652 | 1,049,887 | | Total Net Amount | 13,380,727 | 14,546,074 | [Trade and Bills Receivables](index=78&type=section&id=11.10%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the company's net trade and bills receivables were **RMB 49.506 billion**, with most receivables due within 1 year and bills receivable maturing within 1 to 12 months Trade and Bills Receivables Summary | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 49,236,809 | 47,802,397 | | Bills Receivables | 418,344 | 419,949 | | Less: Provision for Bad Debts | 149,374 | 149,122 | | Total | 49,505,779 | 48,073,224 | Ageing of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 Year | 48,766,031 | 46,977,508 | | 1 to 2 Years | 279,596 | 401,481 | | 2 to 3 Years | 245,336 | 588,608 | | Over 3 Years | 364,190 | 254,749 | [Dividends on Ordinary Shares and Cumulative Distributions on Other Equity Instruments](index=79&type=section&id=11.11%20Dividends%20on%20Ordinary%20Shares%20and%20Cumulative%20Distributions%20on%20Other%20Equity%20Instruments) Company declared a 2024 cash dividend of **RMB 0.27** per ordinary share, totaling **RMB 4.238 billion**, and reported H1 net profit attributable to other eq

Core Insights - The rapid advancement of digital technology is driving the development of the data industry, with an increasing number of companies emerging to explore data value [1][3] - Data is becoming an essential internal demand for enterprises, necessitating a shift towards data-driven management to enhance the efficiency of industrial chains [3][4] - There is a growing consensus across various sectors on the importance of activating data value, with nearly 500 digital technology companies established by central enterprises and about 66% of industry leaders having purchased data [3][4] Group 1 - The National Energy Investment Group is leveraging data to empower the entire industrial chain, focusing on coal, electricity, transportation, and chemicals to achieve high-quality intelligent development [3][4] - The company is developing industry-specific large models, such as the "Qingyuan" model for the power generation sector, which covers critical business areas like safety, environmental protection, and equipment maintenance [4] - The group is also utilizing high-quality data to support typical applications, including coal quality testing, energy meteorology integration, and smart chemical processes, aiming to create a new blueprint for data application [4]

Core Viewpoint - China Huaneng has established the world's first 5 megawatt commercial-grade perovskite photovoltaic demonstration base in Qinghai Province, marking a significant transition of perovskite photovoltaic technology from laboratory to large-scale application [1]. Group 1 - The project utilizes advanced photovoltaic components to validate the performance and reliability of perovskite photovoltaics under high ultraviolet radiation conditions [3]. - China Huaneng aims to build a comprehensive "technology research and development - technology services - achievement transformation" system for perovskite photovoltaics, supporting the construction of large-scale renewable energy bases [3]. - The initiative positions China Huaneng as a "national team" for technological breakthroughs in perovskite photovoltaics, contributing to the high-quality development of the national photovoltaic industry [3].

Group 1 - The announcement from Shanghai Clearing House indicates that Huaneng International Power Co., Ltd. is set to issue its 14th medium-term note for the year 2023, with a total issuance amount of RMB 2 billion [1] - The interest start date for this bond is September 8, 2023, and it has a maturity period of 2+N years, with a total outstanding amount of RMB 2 billion [1] - The total principal and interest repayment amount due on September 8, 2025, is RMB 61 million, with provisions for payment delays if the due date falls on a public holiday [1]

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.45 yuan, an increase of 1.78%, and a rolling PE ratio of 9.79, marking a 12-day low [1] - The total market capitalization of Huaneng International is reported at 116.95 billion yuan, with the company ranking 13th in the electricity industry based on PE ratio, which averages 23.61 and has a median of 20.33 [1][2] - As of the 2025 semi-annual report, 71 institutions hold shares in Huaneng International, including 63 funds, with a total shareholding of 881,329.34 thousand shares valued at 62.93 billion yuan [1] Group 2 - Huaneng International's main business is power generation and electricity sales, with the latest performance showing a revenue of 1120.32 billion yuan, a year-on-year decrease of 5.70%, and a net profit of 92.62 billion yuan, reflecting a year-on-year increase of 24.26% [1] - The company's sales gross margin stands at 19.60% [1] - The PE ratios of other companies in the electricity sector range from 8.03 to 12.18, with Huaneng International's PE ratio being one of the lowest in comparison [2]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Core Viewpoint - China Huaneng has successfully established the world's first 5 megawatt commercial-grade perovskite photovoltaic demonstration base in Qinghai Province, marking a significant transition of perovskite photovoltaic technology from laboratory to large-scale application [1] Group 1: Project Overview - The project aims to validate the performance and reliability of advanced perovskite photovoltaic technology under strong ultraviolet high irradiation conditions [1] - This initiative supports the iterative upgrade of China's perovskite photovoltaic technology [1] Group 2: Future Plans - China Huaneng plans to further develop a "technology research and development - technology service - achievement transformation" system for perovskite photovoltaics [1] - The company aims to build a national team for tackling key technological challenges in perovskite photovoltaics, contributing to the high-quality development of the national photovoltaic industry [1]

8月25日，沪深两融数据显示，华能国际上周累计获融资净买入额2498.06万元，居两市第477位，上周 融资买入额3.73亿元，偿还额3.48亿元。 华能国际所属概念板块包括：电力行业、河北板块、中特估、标准普尔、富时罗素、MSCI中国、证金 持股、沪股通、上证180_、融资融券、机构重仓、HS300_、AH股、超超临界发电、绿色电力、一带一 路、央国企改革、风能、太阳能、核能核电。 天眼查商业履历信息显示，华能国际电力股份有限公司，成立于1994年，位于保定市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本1569809.3359万人民币，实缴资本814725.4623万人民 币。公司法定代表人为王葵。 通过天眼查大数据分析，华能国际电力股份有限公司共对外投资了208家企业，参与招投标项目4561 次，知识产权方面有商标信息46条，专利信息1604条，此外企业还拥有行政许可27个。 资金流方面，华能国际近5日主力资金流入1093.40万元，区间涨幅0.34%；近10日主力资金流出3357.84 万元，区间跌幅0.57%。 ...

Group 1: Regulatory Developments - The National Development and Reform Commission, along with the State Administration for Market Regulation and the National Internet Information Office, has drafted the "Rules for Pricing Behavior of Internet Platforms" and is seeking public opinion. The rules focus on guiding operators to set prices independently, clarifying price labeling requirements, regulating price competition behavior, and establishing a collaborative governance mechanism [1][2] - The rules prohibit platform operators from forcing or indirectly forcing platform operators to sell goods below cost, which disrupts market competition. It emphasizes that long-term free services provided by platform operators that promote innovation and enhance welfare are not considered predatory pricing [1][2] Group 2: Energy Sector Insights - As of July 2023, the total installed power generation capacity in China reached 3.67 billion kilowatts, a year-on-year increase of 18.2%. Solar power generation capacity grew by 50.8% to 1.11 billion kilowatts, while wind power capacity increased by 22.1% to 570 million kilowatts [2] - The average utilization hours of power generation equipment from January to July were 1,806 hours, a decrease of 188 hours compared to the same period last year [2] Group 3: Technological Advancements - The 2025 China Computing Power Conference was held in Datong, Shanxi, focusing on the theme "Building the Foundation of Computing Power to Lead the Future." The conference marked the launch of the China Computing Power Platform, which has integrated sub-platforms from ten provinces and regions [3] - China Huaneng has established the world's first 5-megawatt commercial-grade perovskite photovoltaic demonstration base in Qinghai Province, marking a significant step in the commercialization of perovskite solar technology [3] Group 4: Market Trends - Online sales of computers, smart wearables, and mobile phones increased by 29.9%, 28.4%, and 20.3% respectively from January to July. Service consumption also saw rapid growth, with online sales in tourism, dining, and entertainment rising by 24.8%, 16.6%, and 11% [2] - The Shanghai Export Container Freight Index was reported at 1,415.36 points, reflecting a 3.1% decrease, indicating a slight downturn in the export container transportation market [3]