详见同日于上海证券交易所网站（www.sse.com.cn）披露的《华能国际电力股份有 限公司2025年第一季度报告》。 二、同意《公司2025年第一季度报告》 证券代码: 600011 证券简称: 华能国际 公告编号: 2025-021 华能国际电力股份有限公司 第十一届董事会第十一次会议决议公告 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"）董事会，于2025年4月28日以通讯表决方式召 开第十一届董事会第十一次会议（"会议"或"本次会议"），会议通知和补充通知分别于 2025年4月11日和2025年4月25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以下决议： 一、同意《公司2025年第一季度财务报告》 该报告中的相关财务信息已经公司董事会审计委员会审议通过。 该报告中的相关财务信息已经公司董事会审计委员会审议通过。 详见同日于上海证券交易所网站（www.sse.com.cn）披露的《华能国际电力股份有 限公司2025年第一 ...

Financial Performance - Operating revenue for Q1 2025 was CNY 60.33 billion, a decrease of 7.70% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 4.97 billion, an increase of 8.19% year-on-year[4]. - Operating profit for Q1 2025 increased to CNY 8.16 billion, up 16.3% from CNY 7.01 billion in Q1 2024[16]. - Net profit for Q1 2025 reached CNY 6.96 billion, representing a 19.2% increase from CNY 5.84 billion in Q1 2024[16]. - The total comprehensive income for the first quarter of 2025 was CNY 6,955,186,112, an increase from CNY 6,137,488,318 in the same period of 2024, representing a growth of approximately 13.3%[17]. - The company reported a basic and diluted earnings per share of CNY 0.27 for Q1 2025, up from CNY 0.25 in Q1 2024, indicating a growth of 8%[17]. Cash Flow and Assets - Net cash flow from operating activities reached CNY 17.40 billion, up 43.26% from the previous year[4]. - The net cash flow from operating activities for Q1 2025 was CNY 17,395,885,484, compared to CNY 12,142,578,592 in Q1 2024, reflecting a significant increase of about 43.1%[19]. - The company’s total cash outflow from operating activities in Q1 2025 was CNY 48,129,432,776, compared to CNY 59,098,147,957 in Q1 2024, indicating a reduction of about 18.6%[19]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 22,555,550,463, compared to CNY 20,474,723,636 at the end of Q1 2024, marking an increase of approximately 10.2%[20]. - The company’s cash and cash equivalents increased to CNY 24.02 billion from CNY 19.93 billion at the end of 2024[14]. - Total assets at the end of the reporting period were CNY 588.49 billion, a slight increase of 0.28% from the end of the previous year[5]. - Total assets as of March 31, 2025, amounted to CNY 588.49 billion, slightly up from CNY 586.84 billion at the end of 2024[15]. - Current assets totaled CNY 96.80 billion, a marginal increase from CNY 96.30 billion at the end of 2024[14]. - The total equity attributable to shareholders increased to CNY 141.85 billion from CNY 137.41 billion at the end of 2024[16]. - Total liabilities decreased to CNY 378.58 billion from CNY 383.79 billion at the end of 2024[15]. Operating Costs and Expenses - The company reported a decrease in operating costs by 10.97%, primarily due to lower fuel costs[8]. - The company reported a decrease in total operating costs to CNY 52.95 billion, down 10.3% from CNY 59.03 billion in Q1 2024[16]. - Research and development expenses for Q1 2025 were CNY 234.95 million, an increase from CNY 205.86 million in Q1 2024[16]. - Profit from coal-fired power generation increased by 40.96% to CNY 3.98 billion[10]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 109,069[11]. Future Plans - The company plans to continue expanding its renewable energy projects and improve operational efficiency[9].

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。 關於變更公司住所並修訂公司章程的公告 根 據 公 司 實 際 情 況 及 經 營 發 展 需 要，公 司 擬 將 住 所 由「北 京 市 西 城 區復興門內大街6號（華 能 大 廈）」變 更 為「河 北 省 雄 安 新 區 啟 動 區 華 能 總 部」，最 終 以 市 場 監 督 管 理 部 門 核 准 登 記 為 準。 – 1 – 二. 修訂公司章程情況 根據上 述 住 所 變 更 情 況，公 司 擬 對 公 司 章 程 中 的 相 關 條 款 進 行 如 下 修 訂（「建議修訂」）： 本 公 告 由 華 能 國 際 電 力 股 份 有 限 公 司（「本公司」或「公 司」）根 據 香 港 聯 合 交 易 所 有 限 公 司（「香港聯交所」）證 券 上 市 規 則（「上市規則」）第13.51(1)條 而 作 出。 本公司第十一屆董事會第 ...

Financial Performance - Total operating revenue for the reporting period was CNY 60,334,914,635, a decrease of 7.70% compared to the same period last year[7]. - Net profit attributable to shareholders was CNY 4,972,738,942, an increase of 8.19% year-on-year[7]. - Basic earnings per share were CNY 0.27, up by 8.00% compared to the previous year[7]. - Operating revenue decreased by 7.70% due to a decline in domestic electricity generation and average grid settlement prices[13]. - Net profit attributable to shareholders increased by 8.19% primarily due to a decrease in domestic fuel costs[13]. - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 9.61% due to lower domestic fuel costs[13]. - Basic earnings per share remained at 8.00, attributed to a decrease in domestic fuel costs[13]. - Diluted earnings per share also remained at 8.00, due to the same reason as above[13]. - The company reported a total comprehensive income of CNY 6.96 billion for Q1 2025, compared to CNY 6.14 billion in Q1 2024[39]. - Earnings attributable to shareholders of the parent company in Q1 2025 were CNY 4.97 billion, an increase of 8.2% from CNY 4.60 billion in Q1 2024[38]. Cash Flow and Liquidity - Net cash flow from operating activities reached CNY 17,395,885,484, reflecting a significant increase of 43.26%[7]. - Cash flow from operating activities for Q1 2025 was CNY 17.40 billion, significantly higher than CNY 12.14 billion in Q1 2024, representing a 43.3% increase[42]. - Cash inflow from financing activities increased significantly to 49,211,319,443 in Q1 2025, up from 36,963,718,131 in Q1 2024, representing an increase of 33.5%[44]. - Cash outflow for debt repayment was 47,102,956,322 in Q1 2025, compared to 31,838,222,006 in Q1 2024, reflecting a 47.9% increase[44]. - The net increase in cash and cash equivalents for Q1 2025 was 3,954,444,187, compared to 4,324,088,804 in Q1 2024, showing a decline of 8.5%[44]. - The ending balance of cash and cash equivalents reached 22,555,550,463 in Q1 2025, up from 20,474,723,636 in Q1 2024, marking an increase of 10.2%[44]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 588,492,644,964, representing a slight increase of 0.28% from the end of the previous year[8]. - Total liabilities decreased to RMB 378.58 billion from RMB 383.79 billion, indicating a reduction of approximately 1.3%[32]. - Current assets totaled RMB 96.80 billion, compared to RMB 96.30 billion in the previous period, reflecting a growth of approximately 0.52%[29]. - The company's total non-current assets reached RMB 491.69 billion, slightly up from RMB 490.54 billion, indicating a growth of about 0.23%[30]. - The company's total liabilities and equity amounted to CNY 588.49 billion, slightly up from CNY 586.84 billion in the previous period[36]. Shareholder Information - Shareholders' equity attributable to the parent company increased to CNY 141,852,976,940, a rise of 3.23%[8]. - The company reported a total of 5,066,662,118 shares held by Huaneng International Power Development Company, making it the largest shareholder[25]. - The total equity of the company remains stable, with no significant changes reported in the ownership structure among the top shareholders[25]. Operational Efficiency - The company reported a decrease in operating costs to CNY 48.84 billion in Q1 2025 from CNY 54.86 billion in Q1 2024, improving operational efficiency[38]. - Cash flow from operating activities increased by 43.26% due to a decrease in fuel procurement expenses[20]. - Total profit from the coal-fired power segment increased by 40.96% compared to the same period last year[22]. Investment and R&D - Research and development expenses for Q1 2025 were CNY 234.95 million, up from CNY 205.86 million in Q1 2024, indicating a focus on innovation[38]. - Investment income rose by 37.63% mainly due to increased profits from joint ventures[20]. - The company received cash from investment income amounting to 935,752 in Q1 2025, a significant increase from 9,581,747 in Q1 2024, indicating a growth of 9.8%[43].

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） 曹 欣 （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 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） 2025年4月29日 证券代码: 600011 证券简称: 华能国际 公告编号: 20 ...

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） 曹 欣 （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 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） 2025年4月29日 证券代码: 600011 证券简称: 华能国际 公告编号: 20 ...

华能国际（600011）公告，2025年第一季度营收为603.35亿元，同比下降7.70%；净利润为49.73亿元， 同比增长8.19%。 ...

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]

4月24日，华能国际今日收盘7.18元，上涨1.41%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.12倍，总市值1127.12亿元。 从行业市盈率排名来看，公司所处的电力行业行业市盈率平均20.31倍，行业中值17.84倍，华能国际排 名第19位。 股东方面，截至2016年3月31日，华能国际股东户数106310户，较上次减少11835户，户均持股市值 35.28万元，户均持股数量2.76万股。 华能国际电力股份有限公司的主营业务是发电业务并销售电力。公司的主要产品是电力及热力、港口服 务、运输服务。公司及所属单位全年共有1021件发明专利、746件实用新型专利和316件国际专利获得授 权。 最新一期业绩显示，2024年年报，公司实现营业收入2455.51亿元，同比-3.48%；净利润101.35亿元，同 比20.01%，销售毛利率15.14%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)19华能国际11.1211.121.971127.12亿行业平均 20.3121.262.16387.82亿行业中值17.8419.131.52144.13亿1华电辽能-938.1047. ...

Core Viewpoint - The power sector is experiencing a fundamental improvement, with a recovery in electricity consumption growth and a narrowing decline in thermal power generation, alongside an increase in the contribution of clean energy [1][3]. Group 1: Electricity Consumption and Generation - In March, the national electricity consumption growth rate rebounded to 4.8%, with the secondary industry growth rate lower than the industrial added value growth rate, possibly due to a decline in electricity demand from high-energy-consuming industries [1]. - The total power generation in March increased by 1.8% year-on-year, with thermal power generation declining by 2.3% year-on-year but improving by 3.5 percentage points month-on-month [1]. - New installed capacity in January-February reached 55 GW, with wind and solar power contributing 9.3 GW and 39.5 GW respectively [1]. Group 2: Pricing and Market Dynamics - Capacity prices have slightly increased, with a year-on-year rise of 23.3%, 11.9%, and 6.1% in various provinces, offsetting the decline in electricity prices [2]. - The price of Qinhuangdao thermal coal has decreased to 663 RMB per ton, down 163 RMB year-on-year, while domestic LNG prices have dropped by approximately 20% since the beginning of the year [2]. Group 3: Investment Opportunities - The power sector is expected to transition from a weak dividend to a strong dividend, with a notable recovery in earnings per share (EPS) expectations [3]. - The sector is characterized by its defensive attributes, with stable demand and a high degree of market management, as evidenced by over 20 companies announcing increased dividend payouts for 2024 [3]. - Three investment portfolios are recommended: (1) Defensive water and regional energy assets; (2) Elastic thermal power stocks; (3) Policy-driven green energy investments [4].