Core Viewpoint - Huaneng International (600011) has shown a positive market response with a stock price increase of 1.3% to 7.03 yuan as of July 18, 2025, indicating investor confidence in the company [1]. Trading Information Summary - On July 18, 2025, the capital flow for Huaneng International was as follows: - Net inflow of institutional funds was 28.99 million yuan, accounting for 8.37% of the total transaction amount - Net outflow of retail funds was 4.60 million yuan, representing 1.33% of the total transaction amount - Overall, the trading volume was 495,200 hands with a total transaction value of 346 million yuan [2][5]. Company Announcement Summary - Huaneng International announced the issuance of its 12th medium-term note: - The company plans to issue debt financing tools up to 170 billion yuan until the end of the 2025 annual shareholders' meeting - The 12th medium-term note issuance for 2025 amounts to 2 billion yuan with a five-year term and an interest rate of 1.81% - The bonds are underwritten by a consortium led by Bank of China and will be publicly issued in the interbank bond market - The raised funds will be used for operational capital, debt restructuring, and repayment of bank loans and maturing bonds [3][5].

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.03 yuan, an increase of 1.30%, and a rolling PE ratio of 10.50 times, indicating a total market capitalization of 110.36 billion yuan [1] - The average PE ratio for the power industry is 24.01 times, with a median of 20.02 times, positioning Huaneng International at the 14th rank within the industry [1] - As of the first quarter of 2025, 23 institutions hold shares in Huaneng International, with a total of 128.10 million shares valued at 915 million yuan [1] Group 2 - Huaneng International's main business is power generation and sales, with additional services in port and transportation [1] - The company holds a total of 1021 invention patents, 746 utility model patents, and 316 international patents [1] - The latest financial results for the first quarter of 2025 show a revenue of 60.34 billion yuan, a year-on-year decrease of 7.70%, and a net profit of 4.97 billion yuan, reflecting a year-on-year increase of 8.19%, with a gross profit margin of 19.05% [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分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。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） ...

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分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。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 华能国际电力股份有限公司 2025 年面向专 业投资者公开发行科技创新可续期 公司债券（第一期）发行公告 联席主承销商/簿记管理人 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 ...

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分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。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） ...

Group 1 - Huaneng International has made progress in technological innovation by obtaining a utility model patent for a "detection device for power equipment," with the application number CN202421353416.7, officially authorized on July 18, 2025 [1] - The patent describes a detection device consisting of an upper box body, a lower box body, a control platform, and an innovative shielding mechanism that can switch between shielding and retracted states, enhancing operational safety by preventing external factors like rain from contacting the control platform [1] - The shielding mechanism includes a shielding plate and multiple auxiliary plates, which can rotate and slide, allowing for effective storage and portability of the device [1] Group 2 - Since the beginning of this year, Huaneng International has obtained 43 patent authorizations, a decrease of 59.43% compared to the same period last year [2] - Despite the reduction in patent authorizations, the company's R&D investment has increased, reaching 1.658 billion yuan, a year-on-year growth of 8.18% [2] - Huaneng International has invested in 208 enterprises and participated in 4,522 bidding projects, showcasing its extensive market activities [2] - The company holds 49 trademark registrations, 1,604 patent records, and 14 copyright registrations, along with 27 administrative licenses, indicating a strong accumulation and steady development across multiple fields [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's coal-fired power generation volume decreased by 3.46% year-on-year in Q2, but the decline was significantly narrower compared to Q1. Gas-fired power generation increased by 9.16% year-on-year. The average on-grid electricity price in Q2 was 0.482 yuan/kWh, a decrease of 0.017 yuan/kWh year-on-year. The average price of Qinhuangdao Q5500 thermal coal fell by 216.84 yuan/ton year-on-year, which will effectively alleviate the pressure from the decline in volume and price, leading to an expected improvement in coal-fired power performance in Q2. The rapid growth of renewable energy generation, driven by continuous capacity expansion, is also a positive factor for the company's performance outlook [2][12]. Summary by Sections Performance Overview - In Q2 2025, the company achieved an on-grid electricity volume of 99.049 billion kWh, a year-on-year increase of 1.44%. However, the total on-grid electricity volume for the first half of 2025 was 205.683 billion kWh, a decrease of 2.37% year-on-year. The average on-grid settlement price for the first half of 2025 was 485.27 yuan/MWh, down 2.69% year-on-year [6]. Cost and Pricing Analysis - The overall coal price has shown a downward trend in 2025, with the average price of Qinhuangdao Q5500 thermal coal at 631.61 yuan/ton in Q2, down 216.84 yuan/ton year-on-year. This significant reduction in costs is expected to alleviate the pressure from declining volume and price, leading to an improvement in the company's coal-fired power performance [12][12]. Renewable Energy Growth - The company added 1.0248 million kW of wind power and 2.8028 million kW of solar power in Q2 2025. By the end of June 2025, the total installed capacity for wind and solar power is expected to reach 20.04 million kW and 24.17 million kW, representing year-on-year growth of 21.31% and 60.18%, respectively. The rapid growth in renewable energy generation is anticipated to support stable performance in the company's renewable energy business [12][12]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.78 yuan, 0.84 yuan, and 0.91 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.02, 8.40, and 7.79 [12].

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分內容 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。 海外監管公告 關於中期票據發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 華能國際電力股份有限公司（「公 司」）2024年年度股東大會 於2025年6月24 日 通 過 決 議，同 意 公 司 自2024年年度股東大會批准時起至2025年年度股東 大 會 結 束 時 止，在 中 國 境 內 或 境 外 一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 等 值 於 人民幣1,700億元的境內外債務融資工具（即在前述授權期限內的任 一 時 點，公 司 發 行 的 處 於 有效存續期內的境內外債務融資工具本金餘額 不超過1,700億元等值人民幣），包 括 但 不 限 於 境 內 市 場 的 公 司 債 券、企 業 債 券 和 銀 行 間 債 券 市 場 發 行 的 超 ...

华能国际电力股份有限公司 关于中期票据发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-040 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意公司自2024年年度股东大会批准时起至2025年年度股东大会结 束时止，在中国境内或境外一次或分次滚动发行本金余额不超过等值于1700亿元 人民币的境内外债务融资工具（即在前述授权期限内的任一时点，公司发行的处 于有效存续期内的境内外债务融资工具本金余额不超过1700亿元等值人民币）， 包括但不限于境内市场的公司债券、企业债券和银行间债券市场发行的超短期融 资券、短期融资券、中期票据等境内债务融资工具，以及境外市场的离岸人民币 债券、境外美元债券和其它外币债券等境外债务融资工具。 公司已于近日完成了华能国际电力股份有限公司2025年度第十二期中期票 据（"本期债券"）的发行。本期债券发行额为20亿元人民币，期限为五年，单位 面值为100元人民币，发行利率为 ...

Core Viewpoint - The company is actively enhancing energy supply security in response to the ongoing high-temperature weather, ensuring stable electricity supply and supporting economic operations during peak summer demand. Group 1: Energy Supply Measures - China Huaneng is prioritizing energy security by implementing multiple strategies, including equipment reliability management, fuel supply enhancement, and emergency response measures to ensure stable electricity supply during peak summer demand [1] - Huaneng Shandong Company has been operating 56 coal-fired units at full capacity, achieving a daily electricity generation of approximately 300 million kilowatt-hours, playing a crucial role in the province's energy supply [1] - The Huaneng Binzhou 850,000-kilowatt solar project has generated over 6.22 million kilowatt-hours in a single day and over 125 million kilowatt-hours in a month, contributing significantly to renewable energy supply [1] Group 2: Operational Strategies - Huaneng Shandong is utilizing drone technology for equipment inspections and monitoring temperature changes in critical components to ensure stable green electricity supply [1] - Huaneng Gansu Company has all 28 units of its thermal power plants operational, enhancing clean energy output through a smart operation platform that monitors the status of various energy sources [2] - Huaneng Gansu's coal inventory is sufficient for over 30 days, ensuring stable power generation and supply [2] Group 3: Risk Management and Emergency Preparedness - Huaneng Northern Company is conducting comprehensive risk assessments and implementing a full-process tracking system for safety measures, with a total electricity generation of over 4.19 billion kilowatt-hours from July 1 to 15 [3] - Huaneng Inner Mongolia is enhancing transportation safety and emergency response capabilities in anticipation of extreme weather events, ensuring the stability of the electric and thermal power systems [4] - Huaneng Luohuang Power Plant is optimizing coal procurement and management strategies to maintain adequate fuel supply during peak summer and flood prevention periods [4] Group 4: Response to High Electricity Demand - Jiangsu's electricity grid has reached a record high load of 152 million kilowatts due to high temperatures, with Huaneng's compressed air energy storage plant adapting its operation to meet peak demand [6]