公 告 2025 年第二次臨時股東會通過決議案 及 派發中期股息 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之任何損失承擔 任 何 責 任。 00991 大 唐 國 際 發 電 股 份 有 限 公 司（「本公司」）於 2025 年 10 月 28 日（星 期 二）上 午 9 時 30 分 在 中 華 人 民 共 和 國（「中 國」）北 京 市 西 城 區 廣 寧 伯 街 9 號本公司 1616 會 議 室舉行 2025 年 第 二 次 臨 時 股 東 會（「臨時股東會」）。臨 時 股 東 會 的 召 開 符 合 中 國《公 司 法》和 本 公 司《公 司 章 程》的 要 求。 於 臨 時 股 東 會 舉 行 之 日，有 權 於 臨 時 股 東 會 上 對 所 提 呈 的 除 第 3 項決議案以 外的決議案投票的本公司已發行股份總數為 18,506,710,504 股（「股 份」），有 權 於臨時股東會上對第 3 項決議 ...

Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that cost optimization is leading the thermal power operations, with a strong outlook for performance in both hydropower and renewable energy sectors [5][13]. - In Q3, the company's coal-fired power generation decreased slightly by 0.50% year-on-year, while gas-fired generation fell by 2.17%. The average on-grid electricity price was RMB 0.409 per kWh, down approximately RMB 0.021 per kWh year-on-year. However, the significant drop in coal prices, which decreased by 175.63 RMB per ton year-on-year, is expected to improve the company's thermal power operations [5][13]. - Hydropower generation increased by 11.71% year-on-year in Q3, while wind and solar power generation grew by 23.08% and 40.06%, respectively. The simultaneous improvement in both thermal and clean energy sectors contributes to an optimistic performance outlook for Q3 [5][13]. Summary by Sections Company Performance - As of September 30, 2025, the company completed approximately 206.24 billion kWh of on-grid electricity, a year-on-year increase of 2.02%. The average on-grid electricity price was RMB 430.19 per MWh, down about 4.32% year-on-year [5][13]. - In Q3, the company generated 555.34 billion kWh from coal-fired units, a slight decrease of 0.50% year-on-year, and 61.83 billion kWh from gas-fired units, down 2.17% year-on-year. The stability in thermal power generation is attributed to equipment expansion and favorable regional supply-demand dynamics [5][13]. Cost and Pricing - The report indicates that despite a slight increase in coal prices in Q3 due to seasonal demand, the average coal price remains significantly lower than the previous year, which positively impacts the company's cost structure [5][13]. - The Q3 average coal price at Qinhuangdao port was 672.46 RMB per ton, down 175.63 RMB per ton year-on-year, contributing to a favorable cost environment for the company [5][13]. Clean Energy Growth - The company has seen robust growth in clean energy generation, with hydropower output reaching 138.78 billion kWh in Q3, up 11.71% year-on-year. Wind and solar power generation also showed strong growth, with respective increases of 23.08% and 40.06% in Q3 [5][13]. - The company continues to expand its renewable energy capacity, with wind and solar installations reaching 10.34 million kW and 6.49 million kW, respectively, by the end of September 2025 [5][13]. Profit Forecast - The report adjusts the profit forecast, estimating EPS for 2025-2027 to be 0.35 RMB, 0.37 RMB, and 0.39 RMB, respectively, with corresponding PE ratios of 10.51x, 9.82x, and 9.29x [5][13].

Core Viewpoint - The Datang Danzhou 1.2 million kW offshore wind power project is progressing with the first phase (600,000 kW) already in operation and the second phase (600,000 kW) under construction, expected to provide 3.66 billion kWh of clean electricity annually for Hainan Province upon full completion [2] Group 1 - The first phase of the Datang Danzhou offshore wind power project has been commissioned and is generating electricity [2] - The second phase of the project is currently under construction [2] - Once fully operational, the project is projected to supply 3.66 billion kWh of clean energy each year to Hainan Province [2]

Industry News - The National Energy Administration approved 307 energy industry standards, including the "Evaluation Method for High-Temperature Foaming Agents for Steam Injection" and 35 foreign versions of energy industry standards, as well as three revised standards [2] - During the "14th Five-Year Plan" period, the total water consumption in the country is controlled within 600 billion cubic meters, with 171 cross-province and 546 intra-province key rivers and lakes having ecological flow targets confirmed [2] Company News - The "Taihang 7" gas turbine generator set achieved a record of 25,000 hours of operation, generating 122 million kilowatt-hours, surpassing its design lifespan [3] - The Guangxi Nanning pumped storage power station's upper reservoir project passed pre-storage acceptance, with construction completed, paving the way for full production by the end of the year [3] - The first self-made satellite from Xiong'an, "Xiong'an No. 1," has been produced, focusing on key technological innovations to address computing power, energy constraints, and propulsion efficiency [3] - A large strontium mine was discovered in Jiangsu, with inferred resource amounts reaching 545,550 tons and an average grade of 48.65% [4] - In the first three quarters, the production of new energy vehicles in Beijing increased by 150%, with significant growth in lithium-ion batteries and wind power generation [4] - A total of 196 public institutions in Beijing signed contracts for green electricity procurement, totaling 213 million kilowatt-hours, with green electricity accounting for over 95% [4] - The State Energy Group reported a cumulative power generation of over 1 trillion kilowatt-hours for the year, an increase of 610 million kilowatt-hours year-on-year, maintaining its position as the industry leader [6] - Datang Power reported a 36.76% year-on-year increase in photovoltaic grid-connected electricity generation, with a total of approximately 206.24 billion kilowatt-hours generated in the first three quarters [6]

Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]

Core Viewpoint - Recently, Datang (Zhangzhou) Offshore Wind Power Co., Ltd. has been established, indicating a strategic move into the offshore wind energy sector by Datang Power (601991) [1] Company Summary - Datang (Zhangzhou) Offshore Wind Power Co., Ltd. is fully owned by Datang Power [1] - The legal representative of the new company is Xu Jing [1] - The business scope includes power generation, transmission, and distribution services, as well as wind and solar power technology services and research related to offshore wind power systems [1]

Group 1 - The meeting between the general managers of China Energy Group and China Datang Group focused on deepening cooperation and communication between the two companies [1][3] - China Energy Group is transitioning from a "large and complete" model to a "strong and superior" model, emphasizing sustainable growth and high-quality development [3] - Both companies aim to collaborate in areas such as coal supply, clean and efficient coal utilization, technological innovation, and industrial control systems [3] Group 2 - China Datang Group expressed gratitude for the support received from China Energy Group and shared its development plans and project construction status [3] - The two companies have a solid foundation for cooperation, with significant achievements and broad opportunities for further collaboration [3] - The focus of the partnership includes coal trade, resource exchange, and information technology development to enhance mutual benefits and contribute to high-quality development [3]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Viewpoint - The company reported a significant increase in electricity generation, driven by rising overall electricity demand and an increase in renewable energy capacity [1] Group 1: Electricity Generation Performance - As of September 30, 2025, the company and its subsidiaries achieved a cumulative electricity generation of approximately 206.241 billion kilowatt-hours, representing a year-on-year increase of about 2.02% [1] - The increase in electricity generation is primarily attributed to a substantial rise in renewable energy generation and better-than-expected hydropower output [1]