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 告全部或任何部份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 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。 茲 載 列 大 唐 國 際 發 電 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( http://www.sse.com.cn )刊登的《大唐國際發電股份有限公司關於提供融資擔保的 進展公告》，僅供參閱。 承董事會命 孫延文 聯席公司秘書 中國，北京，2025 年 9 月 2 3 日 於本公告日，本公司董事為： 李凱、蔣建華、龐曉晉、馬繼憲、朱梅、王劍峰、趙獻國、李忠猛、韓放、金生祥、 宗文龍*、趙毅*、尤勇*、潘坤華*、謝秋野* * 獨立非執行董事 关于提供融资担保的进展公告 特别提示 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。 重要内容提示： 一、担保情况概述 （一）担保基本 ...

Core Viewpoint - The Central Commission for Discipline Inspection emphasizes the importance of implementing and supervising the rectification of issues identified during inspections to ensure high-quality development within state-owned enterprises [1][2]. Group 1: Rectification Responsibility - The focus on rectification responsibility is crucial for effective outcomes, with the supervisory body closely monitoring the implementation of responsibilities at all levels [2][3]. - The supervisory group encourages the leadership to enhance political awareness and take rectification as a concrete action to uphold the "two safeguards" [2][3]. - The supervisory group has established a rectification leadership team and work units to ensure clear responsibilities and regular updates on progress [3][4]. Group 2: Supervision Mechanisms - A long-term mechanism for supervising rectification has been established, focusing on key stages and important timelines to ensure thorough oversight [4][5]. - The supervisory group has created a comprehensive supervision plan that includes regular assessments and updates on the rectification process [5][6]. - Emphasis is placed on a "one-on-one" supervision approach to ensure that unresolved issues are closely monitored until fully rectified [6]. Group 3: Focus on Key Issues - The supervisory group prioritizes significant issues highlighted during inspections and integrates them into a broader supervision strategy to drive comprehensive rectification [7][8]. - Specific attention is given to the coal chemical sector, with tailored supervision strategies to address long-term development challenges [8][9]. - The group actively engages in risk management by addressing procurement and construction issues, ensuring that systemic vulnerabilities are identified and mitigated [9][10]. Group 4: Anti-Corruption Efforts - The supervisory group is committed to addressing corruption and misconduct, particularly during key holiday periods, by implementing strict oversight measures [11][12]. - A focus on educating employees about integrity and compliance is emphasized through various initiatives, including case studies and warning education [13]. - The group aims to strengthen the overall governance framework by addressing identified weaknesses and ensuring accountability at all levels [13].

Core Viewpoint - China Datang Group has successfully implemented a medical assistance program in Chengcheng County, providing essential healthcare services and training to local medical staff, thereby enhancing the quality of healthcare in rural areas [1][9]. Group 1: Medical Assistance Activities - The medical assistance program, known as the "Dream Building Project," took place from September 7 to 12, featuring a team of experts from renowned medical institutions in Beijing [1][3]. - The program included clinical guidance, free medical consultations, health education, and on-site treatments, significantly benefiting the local population [1][4]. Group 2: Clinical Guidance and Training - The expert team provided hands-on training in various clinical departments, covering six departments and training 178 medical staff during the event [4]. - A total of 12 surgeries were guided, and 206 patients received diagnosis and treatment, effectively improving the professional capabilities of local healthcare providers [4]. Group 3: Community Health Services - A large-scale free clinic was held on September 10, serving over 200 residents with consultations and health assessments for common ailments [5]. - Psychological health experts offered counseling services, addressing mental health issues among students and providing support to over 1,500 students and teachers through specialized lectures [7]. Group 4: Rural Outreach - The expert team conducted outreach activities in rural areas, providing free health check-ups and consultations, particularly focusing on prevalent diseases such as eye conditions and chronic illnesses [8]. - The outreach services reached over 180 individuals, adjusting medication plans for more than 50 chronic disease patients, thereby enhancing healthcare accessibility in rural communities [8]. Group 5: Future Initiatives - China Datang Group aims to continue strengthening its assistance measures, promoting the sustainable delivery of quality medical resources to rural areas, and contributing to the development of healthcare in Chengcheng County [9].

Summary of Datang Power's Conference Call Company Overview - Datang Power has undergone significant restructuring by divesting inefficient coal chemical assets to improve its asset quality and operational efficiency, laying a solid foundation for future development [2][3] - The company is actively transitioning towards renewable energy, with clean energy sources such as hydro, wind, and solar accounting for 40% of its energy mix by 2024, outperforming other major thermal power state-owned enterprises in diversification [2][6] Financial Performance - Since 2021, Datang Power's performance has gradually recovered due to increased electricity sales, improved electricity prices, and a decline in coal prices, showing better profit elasticity compared to peers, especially in regions with stable electricity prices like Beijing-Tianjin-Hebei [2][7] - The company has optimized its unit structure, with 15% of its capacity being million-kilowatt coal units and 12% gas units, leading to improved coal consumption efficiency, second only to Huadian International [2][10] - Datang Power's financial performance has been impacted by economic fluctuations and high coal prices in recent years, but it has seen a recovery since 2021, with a focus on cost control and asset disposal to clarify future asset quality [7][12] Regional and Structural Insights - Datang Power's assets are primarily concentrated in the Beijing-Tianjin-Hebei region and the northeast coastal areas, with a balanced unit structure that mitigates operational risks [8][19] - The company has adjusted its dividend policy to maintain a payout ratio of no less than 50%, making it an attractive investment option with a projected dividend yield of approximately 5.4% to 5.5% [4][20] Renewable Energy Development - Datang Power has rapidly developed its renewable energy business, with wind power utilization hours exceeding the national average and steady progress in solar projects. By the first half of 2025, the renewable energy segment's profits are expected to approach the total for 2024 [2][13][15] - The company has seen a significant increase in renewable energy capacity, growing from 6 million kilowatts in 2020 to 16 million kilowatts by 2024, although there has been a slowdown in investment growth in 2025 [14][15] Hydropower and Nuclear Investments - Datang Power's hydropower assets are stable, contributing to consistent cash flow, with a total installed capacity of 2.9 million kilowatts by the end of 2024. The company also has a stake in the Ningde nuclear project, generating annual investment returns of 1 to 1.4 billion yuan [4][18][16] - The company’s balanced asset structure helps mitigate the impact of profitability fluctuations from individual business segments, supported by stable cash flows from hydropower and nuclear investments [19] Competitive Landscape and Future Outlook - The competitive environment for thermal power has improved with falling coal prices, and Datang Power's profit elasticity has shown significant improvement from 2021 to 2024, reflecting a recovery in its operational performance [11][12] - Future growth will depend on regional power demand and supply dynamics, particularly in areas where Datang has a strong presence, such as Beijing-Tianjin-Tangshan and northeastern regions [11][12]

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 Viewpoint - The first "Marine Wind Power + Marine Ranch" integration project in Shantou, named "Sheng Tang No. 1," has been put into operation by China Datang Corporation, showcasing advancements in marine farming and renewable energy integration [1] Project Details - "Sheng Tang No. 1" has a span of 38 meters and a height of 56.5 meters, with a total weight of approximately 1,760 tons [1] - The project features a cultivation water volume of 13,600 cubic meters and is designed to withstand super typhoons of up to level 16 [1] Technical Features - The project utilizes a suction bucket foundation, which is characterized by no need for pile driving, quick installation, and economic environmental benefits [1] - This foundation provides a stable base while allowing for the overall mobility of the marine ranch [1]

Core Viewpoint - Datang Power's net profit attributable to shareholders for the first half of the year reached 4.579 billion yuan, representing a year-on-year increase of 47.35% [1] - The company exceeded market expectations in the second quarter with a net profit of 2.341 billion yuan, up 31.78% year-on-year [1] Financial Performance - The significant increase in performance is attributed to the decline in coal prices and growth in installed capacity [1] - The company has initiated a mid-term dividend distribution, reflecting management's confidence in future operational development and cash flow [1] Future Outlook - The third quarter is expected to see strong performance due to increased electricity demand driven by high temperatures [1] - Projected net profits for 2025-2027 are estimated at 6.5 billion, 6.7 billion, and 6.8 billion yuan respectively, with a deduction of approximately 1.5 billion yuan for perpetual bond interest [1] - The current stock price corresponds to price-to-earnings ratios of 14, 13, and 13 times for the years 2025, 2026, and 2027 [1] Dividend Expectations - With a new dividend payout ratio of 50%, the expected dividend yield for Datang Power's Hong Kong stock in 2025 is projected to be 6% [1] - The recommendation is to pay attention to Datang Power (0991.HK) [1]

Group 1 - The stock of Datang Power fell by 0.27% on September 9, closing at 3.71 yuan, with a significant block trade of 850,000 shares totaling 2.8475 million yuan [1] - The first transaction was executed at a price of 3.35 yuan for 850,000 shares, resulting in a discount rate of -9.70%, with both the buyer and seller being from Yingda Securities [1] - Over the past three months, there has been only one block trade for this stock, amounting to 2.8475 million yuan, while in the last five trading days, the stock has increased by 1.37% with a net outflow of 105 million yuan in principal funds [1]

Group 1 - On September 9, Datang Power completed a block trade of 850,000 shares, with a transaction value of 2.8475 million yuan, accounting for 0.58% of the total transaction value for the day [1] - The transaction price was 3.35 yuan, which represents a discount of 9.7% compared to the market closing price of 3.71 yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of the year exceeded expectations, and it announced its first interim dividend, reflecting management's confidence [5] - The company reported a revenue of 57.2 billion yuan in the first half, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [7] - The decline in coal prices and growth in installed capacity contributed significantly to the profit increase, particularly in the coal and wind power sectors [7] Summary by Sections Market Performance - The closing price of the company's stock is 3.72 yuan, with a market capitalization of approximately 68.84 billion yuan [3] Financial Data - The company’s total assets are projected to be 322.6 billion yuan in 2024, with a debt-to-asset ratio of 68.25% [8] - The forecasted revenue for 2025 is 121.2 billion yuan, with a net profit of 6.474 billion yuan, reflecting a growth rate of 43.67% [6][8] Earnings Forecast and Valuation - The company is expected to achieve a net profit of 6.652 billion yuan in 2026 and 6.752 billion yuan in 2027, with corresponding P/E ratios of 10.35 and 10.20 [6] - The new dividend policy indicates a commitment to distribute at least 50% of the net profit attributable to ordinary shareholders, enhancing predictability in cash dividends [7]