花旗发表研究报告指，华能国际电力股份上半年业绩胜预期，净利润按年升23.2%至95.78亿元，较市场 及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进 一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提 升。因此，该行重申华能国电"买入"评级；基于煤价成本下调，将2025至27年净利润预测上调19至 23%，H股目标价升15%至6.2港元，A股目标价升14%至8.8元，当前股息收益率分别为7.8%及5.1%，具 吸引力。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

花旗指，华能国际电力股份2025年上半年以及第二季度盈利好于初步业绩，主要受惠于煤炭成本低于预 期。该行预计未来12-18个月现货煤价将因需求下降而进一步下跌，足以抵消煤炭行业供给侧改革带来 的潜在收益。该公司由于自由现金流的增长，从而增加派息比率。由于煤炭成本下降，该行对该公司 2025-2027年纯利预测19-23%，H股股息率7.8%、A股股息率5.1%具有吸引力。 花旗发布研报称，上调华能国际（600011）电力股份(00902)目标价14.8%，从5.4港元升至6.2港元，亦 上调对该公司A股(600011.SH)目标价14%至8.8元人民币，重申"买入"评级。 ...

花旗指，华能国际电力股份2025年上半年以及第二季度盈利好于初步业绩，主要受惠于煤炭成本低于预 期。该行预计未来12-18个月现货煤价将因需求下降而进一步下跌，足以抵消煤炭行业供给侧改革带来 的潜在收益。该公司由于自由现金流的增长，从而增加派息比率。由于煤炭成本下降，该行对该公司 2025-2027年纯利预测19-23%，H股股息率7.8%、A股股息率5.1%具有吸引力。 智通财经APP获悉，花旗发布研报称，上调华能国际电力股份(00902)目标价14.8%，从5.4港元升至6.2 港元，亦上调对该公司A股(600011.SH)目标价14%至8.8元人民币，重申"买入"评级。 ...

Group 1 - Huaneng (Shanghai) Energy Storage Technology Co., Ltd. has been established with a registered capital of 500,000 yuan [1] - The legal representative of the company is Zhu Ping, and its business scope includes power generation, transmission, and distribution services [1] - The company is wholly owned by Huaneng International, indicating a strong backing from a major player in the energy sector [1] Group 2 - The company is involved in various general projects such as energy storage technology services, electrical equipment repair, and software development [1] - It also offers technical services, consulting, and project management, which could enhance its operational capabilities in the energy sector [1] - The establishment of this company aligns with the growing trend of energy storage solutions in the industry, reflecting a strategic move towards innovation and sustainability [1]

长江商报消息 ●长江商报记者 徐佳 实习生 骆佳慧 燃料成本压降、新能源规模有序扩增，电力巨头华能国际（600011.SH、00902.HK）盈利能力持续向好。 7月29日晚间，华能国际发布的半年报显示，报告期，华能国际实现营业收入1120.32亿元，同比下降5.70%；归属 于上市公司股东的净利润（净利润，下同）92.62亿元，同比增长24.26%；扣除非经常性损益后的净利润（扣非净 利润，下同）88.06亿元，同比增长22.64%；经营活动产生的现金流量净额307.48亿元，同比增长30.27%。 燃料价格下行营业成本降10% 半年报披露，2025年上半年，华能国际实现营业收入1120.32亿元，同比下降5.70%；净利润92.62亿元，同比增长 24.26%；扣非净利润88.06亿元，同比增长22.64%；经营活动产生的现金流量净额307.48亿元，同比增长30.27%。 长江商报记者注意到，作为火电行业巨头，近年来华能国际的盈利能力持续回温。 其中，2023年，受境内燃煤价格下降、电量增长等因素影响，华能国际成功扭亏为盈，当期实现营业收入2543.97 亿元，同比增长3.11%；净利润和扣非净利润分别 ...

Revenue and Profit - The total operating revenue for Huaneng International in the first half of 2025 was 1120.32 billion yuan, a decrease of 5.7% year-on-year. However, the net profit attributable to shareholders reached 92.62 billion yuan, an increase of 24.26% year-on-year. The non-recurring net profit was 88.06 billion yuan, up 22.64% year-on-year, indicating effective cost control by the company [1][10]. Quarterly Data - In the second quarter, the total operating revenue was 516.97 billion yuan, down 3.26% year-on-year. The net profit attributable to shareholders was 42.89 billion yuan, a significant increase of 50.09% year-on-year, while the non-recurring net profit was 40.07 billion yuan, up 43.0% year-on-year, further highlighting the company's improved profitability [2][10]. Profitability - Huaneng International's profitability has strengthened, with a gross margin of 19.6%, reflecting a year-on-year increase of 25.87%. The net profit margin was 10.99%, showing a year-on-year increase of 42.54%, indicating significant progress in cost control and operational efficiency [3][10]. Cost Control - The total sales, management, and financial expenses amounted to 65.94 billion yuan, accounting for 5.89% of revenue, a decrease of 1.69% year-on-year. The reduction in financial expenses was primarily due to a decrease in the cost of interest-bearing liabilities [4][10]. Cash Flow and Capital Structure - The operating cash flow per share was 1.96 yuan, an increase of 30.27% year-on-year. However, cash and cash equivalents amounted to 231.3 billion yuan, representing only 14.98% of current liabilities, indicating some cash flow pressure. Additionally, interest-bearing liabilities totaled 2951.37 billion yuan, with an interest-bearing asset-liability ratio of 49.4%, necessitating attention to the company's debt situation [5][10]. Accounts Receivable - Accounts receivable stood at 490.87 billion yuan, accounting for a high proportion of 484.31% of profit, which may impact the company's cash flow [6][10]. Main Business Analysis - The company's main business revenue primarily comes from electricity and heat, accounting for 96.29% of total revenue, with income of 1078.75 billion yuan. Other income sources, including leasing, fly ash and fuel, material sales, port income, and transportation income, contribute relatively small amounts [7][10]. Regional Distribution - Revenue from within China was 1002.93 billion yuan, accounting for 89.52% of total revenue, while revenue from Pakistan and Singapore was 117.39 billion yuan, making up 10.48% of total revenue [8][10]. Development Review - In the first half of 2025, the total electricity consumption in society grew by 3.7%, with a slowdown in growth. The company added controllable power generation capacity of 7987.31 megawatts, all from low-carbon clean energy projects, increasing the proportion of low-carbon clean energy capacity by 6.34 percentage points year-on-year. The company procured 8713.67 million tons of coal, a decrease of 10.70% year-on-year, with the domestic tax-exempt power generation coal price at 917.05 yuan/ton, down 9.23% year-on-year [9][10].

据证券之星公开数据整理，近期华能国际（600011）发布2025年中报。截至本报告期末，公司营业总收入1120.32亿元，同比下降5.7%，归母净利 润92.62亿元，同比上升24.26%。按单季度数据看，第二季度营业总收入516.97亿元，同比下降3.26%，第二季度归母净利润42.89亿元，同比上升 50.09%。本报告期华能国际盈利能力上升，毛利率同比增幅25.87%，净利率同比增幅42.54%。 该公司被2位明星基金经理持有，这些明星基金经理最近还加仓了，持有该公司的最受关注的基金经理是交银施罗德基金的杨金金，在2024年的证 星公募基金经理顶投榜中排名前五十，其现任基金总规模为89.63亿元，已累计从业5年86天。 本次财报公布的各项数据指标表现一般。其中，毛利率19.6%，同比增25.87%，净利率10.99%，同比增42.54%，销售费用、管理费用、财务费用 总计65.94亿元，三费占营收比5.89%，同比减1.69%，每股净资产3.95元，同比增10.94%，每股经营性现金流1.96元，同比增30.27%，每股收益0.5 元，同比增31.58% | 项目 | 2024年中报 | 2025年中报 ...

Group 1 - The article provides a list of companies listed on the Hong Kong stock market along with their dividend distribution dates and shareholder meeting dates [1][4][5] - Notable companies mentioned include China Railway, Green Town China, and Budweiser APAC, which are scheduled for dividend payments [4][5] - The document outlines various companies' actions regarding capital increases and dividend distributions, indicating ongoing corporate activities in the market [4][5]