大唐国际发电股份有限公司 关于中期票据发行的公告 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个别及连带责任。 大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 2025 年 5 月 23 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注〔2025〕TDFI20 号），接受公司债务融资工具注册，注册额度 自通知书落款之日起 2 年内有效。 公司已于 2025 年 6 月 16 日完成了"大唐国际发电股份有限公司 2025 年度 第七期中期票据"（"本期中期票据"）的发行。本期中期票据的发行额为人民 币 20 亿元，期限为 5+N 年，单位面值为人民币 100 元，票面利率为 2.05%。 本期中期票据由中国国际金融股份有限公司作为主承销商及簿记管理人，中 信证券股份有限公司、国泰海通证券股份有限公司、中信建投证券股份有限公司、 申万宏源证券有限公司作 ...

Key Points - As of June 10, 147 stocks reached their 52-week highs, with Rongtai Group (01172), Shide Global (00487), and Nanshun (Hong Kong) (00411) leading the high rate at 90.48%, 75.24%, and 56.25% respectively [1] - The highest closing prices for the top three stocks were 0.055, 0.144, and 12.980 respectively, with their peak prices reaching 0.080, 0.184, and 17.000 [1] - Other notable stocks that reached new highs include China Rare Earth (00769) at 24.64%, China Silver Group (00815) at 16.67%, and 51 Credit Card (02051) at 16.28% [1] - The report also highlights a list of stocks that reached their 52-week lows, with the lowest being Cornerstone Financial (08112) at -13.51% [4] - The stock market shows a mix of performance, with some stocks experiencing significant gains while others are declining [4][5]

证券代码：601991 证券简称：大唐发电 公告编号：2025-028 大唐国际发电股份有限公司 关于中期票据发行的公告 特别提示 公司已于 2025 年 6 月 5 日完成了"大唐国际发电股份有限公司 2025 年度第 六期中期票据"（"本期中期票据"）的发行。本期中期票据的发行额为人民币 20 亿元，期限为 10+N 年，单位面值为人民币 100 元，票面利率为 2.48%。 本期中期票据由国泰海通证券股份有限公司作为主承销商及簿记管理人，中 信证券股份有限公司、中国国际金融股份有限公司、中信建投证券股份有限公司、 申万宏源证券有限公司、华泰证券股份有限公司作为联席主承销商，募集资金全 部用于偿还有息债务及补充营运资金。 特此公告。 大唐国际发电股份有限公司 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个别及连带责任。 大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 202 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

本内容最终解释权归申万宏源证券有限公司所有。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 免责 声 明 2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 ...

2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 ...

据中国大唐消息，4月28日，中国大唐集团有限公司党组书记、董事长吕军，董事、总经理、党组副书 记张传江在广州拜会广东省委书记黄坤明，省委副书记、省长王伟中。双方就深化战略对接、加强能源 合作进行深入交流。吕军表示，中国大唐高度重视在粤发展，将深入学习贯彻习近平总书记视察广东重 要讲话、重要指示精神，全面落实广东省委"1310"具体部署，继续深化拓展与广东的战略合作，进一步 加大投资力度，切实担负好央企职责，全力做好能源保供工作，加快推进海上风电、新型储能等新能源 项目建设，力争早投产、早见效；愿与广东企业合作开发藏东南清洁能源，共同参与新型电力系统构 建，更好服务广东绿色高质量发展。 ...

广东省委书记黄坤明会见大唐集团董事长吕军一行 智通财经4月29日电，广东省委书记黄坤明，省委副书记、省长王伟中4月28日下午在广州会见了中国大 唐集团有限公司党组书记、董事长吕军，党组副书记、总经理张传江一行，就深化战略对接、加强能源 合作进行深入交流。黄坤明表示，愿与大唐集团一道把战略合作推向深入，聚焦电力能源保供稳价加强 沟通对接，共同抓好投产项目安全运营，协同谋划实施好藏电入粤等重大项目，合力推进海上风电与海 洋牧场融合发展，积极探索能源开发赋能"百县千镇万村高质量发展工程"实施新模式，推动央地合作迈 上新台阶。广东经济发展前景广阔，新能源产业是新晋的第九个万亿元级产业集群，希望大唐集团抓住 市场机遇，充分发挥能源央企产业、技术、人才等优势，加快清洁能源、新型储能等产业项目落地实 施，大力开展氢能等新技术示范推广，在加快抢占产业新赛道的同时助力广东培育壮大新质生产力。广 东将着力完善各类要素保障，为企业在粤发展营造良好环境。 ...

Financial Performance - The company's operating revenue for the first quarter was CNY 30,206,052, a decrease of 1.74% compared to the same period last year[7] - Net profit attributable to shareholders increased by 68.12% to CNY 2,238,433 compared to CNY 1,331,460 in the previous year[7] - Basic and diluted earnings per share increased by 98.81% to CNY 0.1004, up from CNY 0.0505 in the previous year[7] - The net profit for Q1 2025 was CNY 2,744,617 thousand, an increase of 58.2% compared to CNY 1,736,282 thousand in Q1 2024[39] - The total comprehensive income for Q1 2025 was CNY 2,744,006 thousand, up from CNY 1,736,401 thousand in Q1 2024[41] - The total revenue for Q1 2025 was CNY 3,252,346 thousand, compared to CNY 2,129,893 thousand in Q1 2024, representing a growth of 52.7%[39] - The operating profit for Q1 2025 was CNY 3,242,702 thousand, an increase of 53.2% from CNY 2,114,094 thousand in Q1 2024[39] - The income tax expense for Q1 2025 was CNY 507,729 thousand, compared to CNY 393,611 thousand in Q1 2024, indicating a rise of 29.0%[39] - The company reported a net profit margin improvement, with net income for Q1 2025 expected to reflect better cost management strategies[38] Cash Flow - The net cash flow from operating activities rose by 51.00% to CNY 9,312,542, driven by lower fuel costs[7] - Net cash flow from operating activities for Q1 2025 was $6,167,179, a decrease of approximately 33.0% from $9,312,542 in Q1 2024[44] - Cash inflow from operating activities for Q1 2025 was $33,866,310, compared to $32,955,129 in Q1 2024, representing an increase of approximately 2.75%[43] - Cash outflow from operating activities for Q1 2025 was $27,699,131, compared to $23,642,587 in Q1 2024, indicating an increase of about 16.5%[44] - Cash inflow from financing activities totaled 35,787,910, an increase from 23,576,990 in the previous period, reflecting a growth of approximately 51.5%[46] - Net cash flow from financing activities was -2,318,303, compared to -1,050,754 in the prior period, indicating a decline in financing efficiency[46] - The ending balance of cash and cash equivalents was 10,214,452, slightly down from 10,446,561 in the previous period[46] - The net increase in cash and cash equivalents was 3,006,464, compared to 1,953,581 in the prior period, showing an increase of approximately 53.9%[46] Assets and Liabilities - Total assets at the end of the reporting period were CNY 322,645,370, reflecting a slight increase of 0.01% from the previous year[9] - The company's total assets as of March 31, 2025, amounted to CNY 322,645,370, slightly up from CNY 322,601,537 at the end of 2024[36] - Current liabilities decreased to CNY 91,382,133 in Q1 2025 from CNY 100,883,091 in Q1 2024, reflecting a reduction of approximately 9.93%[34] - Long-term borrowings increased to CNY 118,130,137 in Q1 2025 from CNY 117,093,432 in Q1 2024, showing a growth of about 0.89%[35] - The total liabilities as of March 31, 2025, were CNY 224,657,814, a decrease from CNY 229,117,953 at the end of 2024[35] Shareholder Information - Total number of common shareholders at the end of the reporting period is 174,969[26] - The largest shareholder, China Datang Corporation, holds 6,540,706,520 shares, representing 35.34% of total shares[27] - HKSCC Nominees Limited, the second largest shareholder, holds 6,090,486,027 shares, accounting for 32.91%[27] - The total shares held by China Datang Corporation and its subsidiaries account for approximately 53.04% of the total issued shares[29] - The company has not reported any changes in the participation of major shareholders in financing or lending activities[30] Investment Activities - Investment income surged by 296.02%, primarily due to losses from equity disposals in the previous period[24] - The company acquired 95% of the shares in a subsidiary, Da Tang Solar Industry (UK) Limited, which will impact the financial results for the first quarter[10] - The company reported a significant increase in investment income from joint ventures and associates, with a total of CNY 96,719 thousand in Q1 2025 compared to CNY 90,346 thousand in Q1 2024[39] Operational Efficiency - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[38]