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 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 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。 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （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9月22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） 㜳ള䱻⭫࣑㛗Գᴿ䲆ޢਮ ᒪ䶘 ੇщѐ ...

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） 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9月22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） | 注册金额 | 不超过人民币 40 ...

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） 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9月22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） 发行人及董事会全体成员保证公告内容的 ...

Core Viewpoint - Huaneng International's stock has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 11.08%, indicating volatility in the market [1]. Financial Performance - For the first half of 2025, Huaneng International reported operating revenue of 1120.32 billion, a year-on-year decrease of 5.70%, while net profit attributable to shareholders increased by 24.26% to 92.62 billion [2]. - Cumulative cash dividends since the company's A-share listing amount to 678.62 billion, with 73.78 billion distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Huaneng International decreased by 11.52% to 96,500, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 41.30 million shares to 229 million shares [3]. Market Activity - On September 22, Huaneng International's stock traded at 7.22 yuan per share, with a total market capitalization of 1133.40 billion [1]. - The stock has seen a trading volume of 1.46 billion, with a turnover rate of 0.18% [1].

Core Insights - The "China Energy Outlook (2025-2060)" report indicates that the reduction and substitution of fossil energy will be crucial for China to achieve its carbon peak and carbon neutrality goals [1][2][3] Group 1: Carbon Emissions and Industry Impact - Energy activities account for nearly 90% of China's total carbon dioxide emissions and about 30% of global energy-related emissions, making it a key area for achieving "dual carbon" goals [1] - In 2024, carbon emissions from energy activities are projected to be approximately 11.2 billion tons, reflecting a 1.2% increase from the previous year, with the power generation, steel, chemical, and building materials industries contributing to about 80% of total emissions [1][2] Group 2: Future Projections and Trends - The report forecasts that coal consumption will peak between 2026 and 2028, while oil consumption will remain stable with a slight decline from its current plateau [2] - By 2030, energy-related carbon emissions are expected to reach a peak range of 11.4 to 11.6 billion tons, and by 2035, they are projected to decrease to around 10.8 billion tons, approximately 6% lower than the peak [2] Group 3: Long-term Carbon Neutrality Goals - The report suggests that through fossil energy reduction, large-scale development of carbon capture, utilization, and storage (CCUS), and forest carbon sinks, China can achieve carbon neutrality by 2060 [3] - From 2036 to 2060, carbon emissions are expected to decline rapidly, reaching approximately 9.5 billion tons in 2040, 6 billion tons in 2050, and 2.3 billion tons by 2060 [3] - By 2060, CCUS is anticipated to contribute to a reduction of about 1.3 billion tons of carbon emissions annually, alongside land-based forest carbon sinks capable of absorbing 1.5 to 2 billion tons per year, facilitating the achievement of national carbon neutrality [3]

Summary of Huaneng International Conference Call Company Overview - **Company**: Huaneng International - **Industry**: Power Generation Key Points Industry Dynamics - The power industry reform has significantly improved the profitability of thermal power companies, especially after 2021 when electricity prices were allowed to rise, alleviating cost pressures from coal price increases [2][3] - The implementation of coal price control policies in 2022, with new long-term price regulations (500-700 RMB/ton), effectively reduced fuel costs and enhanced profitability [2][3] - Capacity pricing policies have improved the competitiveness of thermal power by compensating for the decline in utilization hours caused by the growth of renewable energy [2][3] Company Performance - Huaneng International has a significant advantage in the thermal power sector due to its large installed capacity and competitive edge in eastern and central eastern regions, with coal consumption levels below the industry average [2][11] - The company's performance has exceeded market expectations due to its transformation and adjustments, including increased investment in renewable energy projects since the introduction of the "dual carbon goals" in 2021 [3][6] - In the first half of 2025, Huaneng International's profit per kilowatt-hour reached 4.5 cents, an increase of approximately 2 cents compared to the same period in 2024, positioning it as a leader in the industry [14] Financial Insights - Huaneng International's dividend policy is generous, with a commitment to a 50% payout ratio, and actual dividends exceeding this commitment, providing a strong investment safety net [4][31] - The company has undergone significant changes, including a reduction in impairment losses from 30 billion RMB in 2021 to 20 billion RMB in 2024, improving overall profitability [10] Future Outlook - The future development of thermal power assets will diversify beyond reliance on coal and electricity price differentials, with the introduction of capacity markets and auxiliary service markets enhancing competitiveness [15][16] - Huaneng International plans to continue increasing its renewable energy capacity, with expectations of adding 800,000 kilowatts annually, contributing approximately 800 million RMB to performance [23] - The company’s renewable energy business currently accounts for about 30-40% of total revenue, with plans to increase this share as part of its energy transition strategy [17][21] Market Conditions - The current market environment is favorable for Huaneng International, with more stable electricity prices and a potential slight increase in coal prices by year-end, benefiting thermal power operations [30] - The introduction of the 136 document in 2025 will regulate new capacity projects through competitive bidding, which is expected to stabilize the market and improve profitability [25][27] Investment Considerations - Huaneng International's stock has shown recovery due to improved profitability and favorable market conditions, with a strong dividend yield making it an attractive investment option [6][31] - The company’s strategic positioning and early investments in renewable energy provide a solid foundation for future growth and resilience against market fluctuations [29][30]

Group 1 - Huaneng International's subsidiary, Julu County Tengfeng New Energy Technology Co., Ltd., has received environmental approval for a 100 MW wind power project with a total investment of 564 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that four listed companies recently exposed environmental risks [1] Group 2 - Huaneng International's main business segments include electricity and heat supply (96.29% of revenue), with other income sources contributing minimally [3] - For the first half of 2025, Huaneng International reported a revenue of 1,120.32 million yuan, with a net profit attributable to shareholders of 92.62 million yuan [4] - The company's gross profit margin improved to 19.60% in the first half of 2025, compared to 12.12% in 2023 [4]

Group 1 - Huaneng International's stock price decreased by 2.09% on September 16, trading at 7.49 CNY per share with a total market capitalization of 117.58 billion CNY [1] - The company experienced a net outflow of 25.91 million CNY in principal funds, with large orders showing a buy of 42.31 million CNY and a sell of 43.53 million CNY [1] - Year-to-date, Huaneng International's stock price has increased by 15.23%, but it has seen a decline of 3.48% over the last five trading days [1] Group 2 - As of June 30, Huaneng International reported a total revenue of 112.03 billion CNY for the first half of 2025, a decrease of 5.70% year-on-year, while net profit attributable to shareholders increased by 24.26% to 9.26 billion CNY [2] - The company has distributed a total of 67.86 billion CNY in dividends since its A-share listing, with 7.38 billion CNY distributed over the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 11.52% to 96,500, with the average circulating shares per person remaining at 0 [2][3]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Core Insights - The article discusses the "2025 Green Methanol Industry Analysis Report," which includes an overview of the industry and analysis of 100 green methanol projects, focusing on their construction units, recent developments, technical routes, capacities, and project summaries [2]. Industry Overview - The report outlines the definition and industrial chain of the green methanol industry, emphasizing its significance in achieving carbon neutrality goals [10]. - The green methanol industry has seen major breakthroughs, including the first large-scale green hydrogen coupled biomass project being put into operation and multiple companies signing international orders for green methanol [10]. Recent Events - The National Energy Group's Guohua Nanle green methanol phase one project was filed in October 2024, and the Yunnan green hydrogen and liquid sunlight methanol demonstration project construction began in December 2024 [5]. - The Dragon Source (Huan County) New Energy Co., Ltd. launched a key technology development project for biomass gasification coupled with green hydrogen to produce green fuel in March 2025 [5]. - The Yunnan green hydrogen and liquid sunlight methanol demonstration project has an investment of 3.42 billion yuan, with a planned annual production capacity of 60,000 tons of green methanol [5]. Key Projects - The Yunnan green hydrogen and liquid sunlight methanol demonstration project will utilize wind and solar power for hydrogen production and capture industrial CO2 for green methanol synthesis [5]. - The biomass gasification coupled green hydrogen project in Gansu Province has an investment of 196.1 million yuan, with a planned annual production of 2,000 tons of green methanol and 60 tons of green fuel [6]. - The Guohua Nanle green methanol project in Henan Province has been filed but is no longer being implemented, with a focus shifting to the "Green Aviation Fuel" project [7]. Upcoming Forum - The "2025 Liquid Sunshine Industry Development Forum" will be held from September 24-26, 2025, in Dalian, focusing on macro trends in the green methanol industry, key technologies for large-scale production, and ecological construction [10][9].