委任總會計師 茲提述華能國際電力股份有限公司（「本公司」）日期為2024年12月27日 的 公 告，內 容 有 關 本 公 司 原 總 會 計 師 朱 大 慶 先 生 因 工 作 調 動 辭 去 公 司 總 會 計 師 職 務，以 及 在 本 公 司 聘 任 新 任 總 會 計 師 之 前，由 本 公 司 董 事 兼 總 經 理 黃 曆 新 先 生 代 行 總 會 計 師 職 責。 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。 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： 本公司董事會（「董事會」）於2025年7月10日召開第十一屆董事會第十三 次會議，審議並一致通過了《關於聘任公司總會計師的議案》。根據該議案， 董事會同意聘任文明剛先生（「文先生」）為 公 司 總 會 計 師。該 議 案 已 由 董 事 會 提 名 委 員 會 及 審 ...

公司董事会于2025年7月10日以通讯表决方式召开第十一届董事会第十三次会议 （"会议"或"本次会议"），会议通知已于2025年7月7日以书面形式发出。本次会议的召开 符合《中华人民共和国公司法》和公司章程的有关规定。会议审议并一致通过了《关于 聘任公司总会计师的议案》，同意聘任文明刚先生为公司总会计师。该议案已经公司董 事会提名委员会和董事会审计委员会事先审议通过。 文明刚先生简历请见本公告附件。 特此公告。 华能国际电力股份有限公司董事会 证券代码: 600011 证券简称: 华能国际 公告编号:2025-038 华能国际电力股份有限公司 关于聘任公司总会计师的公告 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法律责任。 华能国际电力股份有限公司（"公司"或"华能国际"）于2024年12月28日披露了《华 能国际电力股份有限公司关于总会计师变动的公告》。公司原总会计师朱大庆先生因工 作调动已辞去公司总会计师职务。在公司聘任新任总会计师之前，由公司董事、总经理 黄历新先生代行总会计师职责。 1 附件：文明刚先生简历 文明刚，1970 ...

Group 1 - The company has received approval from its annual general meeting to issue debt financing instruments up to an equivalent of 170 billion RMB from the date of approval until the next annual general meeting [1] - The company has successfully issued its fifth phase of ultra-short-term financing bonds for 2025, amounting to 3 billion RMB, with a maturity of 99 days and an interest rate of 1.42% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital, adjust its debt structure, and repay bank loans and maturing bonds [1] Group 2 - The bond issuance documents have been announced on the China Money website and the Shanghai Clearing House website [2]

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 關於超短期融資券發行的公告 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。 公 司已於近日完成了華能國際電力股份有限公司2025年度第 五 期超短 期融資券（「本期債券」）的 發 行。本 期 債 券 發 行 額 為 人 民 幣30億 元，期 限 為99天，單 位 面 值 為 人 民 幣100元，發 行 利 率 為1.42%。 本期債券由渤海銀行股份有限公司和中國民生銀行股份有限公司 作 為 主 承 銷 商 組 織 承 銷 團，通 過 簿 記 建 檔、集 中 配 售 的 方 式 在 全 國 銀 行 間 債 券 市 場 公 開 發 行。本 期 債 券 募 集 資 金 將 用 於 補 充 公 司 營 運 資 金、調 整 債 務 結 構、償 還 銀 行 借 款 及 即 將 到 期 ...

公司已于近日完成了华能国际电力股份有限公司2025年度第五期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为99天，单 位面值为100元人民币，发行利率为1.42%。 本期债券由渤海银行股份有限公司和中国民生银行股份有限公司为主承销 商组织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。 本期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即 将到期的债券。 华能国际电力股份有限公司 关于超短期融资券发行的公告 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。 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）。 证券代码: 600011 ...

Group 1 - The maximum national electricity load reached 1.465 billion kilowatts, setting a historical record, which accelerates the construction of a new power system and enhances response capabilities [1] - The National Development and Reform Commission reported that the power supply capacity is being improved, with the power supply and demand situation for the summer peak being better than last year, ensuring overall balance [1] - The State Grid is deepening the application of "AI + repair" to enhance efficiency in energy management and fault recovery [1] Group 2 - In 2025, the total investment in the two grids is expected to reach a historic high of 825 billion yuan, with a focus on transmission grid investments [2] - The State Grid has initiated reforms to support incremental distribution reform trials and is actively researching virtual power plants and new energy storage [2] Group 3 - The Southern Power Market has transitioned to continuous settlement trial operation, allowing for daily trading and real-time cross-province electricity transactions [3] - The market now includes 220,000 market participants with daily trading volume of 3.8 billion kilowatt-hours, indicating a shift towards a more diversified electricity trading environment [3] - The upcoming summer peak demand and the acceleration of the national unified electricity market construction are expected to positively impact the electricity sector [3] Group 4 - Relevant Hong Kong stocks in the electricity sector include China Huadian Corporation (01071), Huaneng International Power Development (00902), China Power International Development (02380), China Resources Power (00836), Datang International Power Generation (00991), and China General Nuclear Power (01816) [4] Group 5 - Key companies in the power equipment sector include Dongfang Electric (01072), Shanghai Electric (02727), and Harbin Electric (01133) [5]

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.53 yuan, an increase of 1.76%, and a rolling PE ratio of 11.24, marking a new low in 181 days [1] - The total market capitalization of Huaneng International is reported at 118.207 billion yuan, with the company ranking 14th in the electricity industry's average PE ratio of 24.13 [1][2] - As of the first quarter of 2025, 67 institutions hold shares in Huaneng International, including 59 funds, with a total holding of 874,327.66 thousand shares valued at 60.503 billion yuan [1] Group 2 - Huaneng International's main business is power generation and electricity sales, with additional services in thermal power, port services, and transportation [1] - The latest financial results for the first quarter of 2025 show an operating revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, and a net profit of 4.973 billion yuan, reflecting a year-on-year increase of 8.19% [1] - The company's gross profit margin stands at 19.05% [1]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Group 1 - The Hong Kong power sector experienced a broad increase, with Huadian International Power rising nearly 3% [1] - China General Nuclear Power New Energy and China General Nuclear Power both saw an increase of nearly 2% [1] - Other companies such as Huaneng International Power, China Power, Datang Power, and China Resources Power also followed the upward trend [1]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]