FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華電國際電力股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01071 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 126 billion yuan for 2025, reflecting a year-on-year decrease of 10.9%. The adjusted net profit attributable to shareholders was 6.07 billion yuan, with a slight increase of 1.4% year-on-year [1] - The company has seen a significant increase in free cash flow, reaching 13 billion yuan, which is a 42.1% increase year-on-year. The net operating cash flow was 27.2 billion yuan, up 39.9% year-on-year [2] - The company completed the acquisition of thermal power units in Jiangsu and Guangdong, increasing its controllable installed capacity to 78 GW by the end of 2025 [3] - The company is positioned as a conventional energy operating platform for the group, with a focus on market capitalization management and capital operations [4] Financial Performance - The company’s investment income for 2025 was 3.153 billion yuan, down 9.4% year-on-year [1] - The proposed dividend for 2025 is 0.23 yuan per share, totaling 2.671 billion yuan, which represents 44.0% of the net profit attributable to shareholders [2] - The company’s net profit forecast for 2026-2028 is adjusted to 5.606 billion yuan, 6.212 billion yuan, and 6.743 billion yuan respectively, with corresponding EPS of 0.42, 0.47, and 0.52 yuan [4] Operational Highlights - The company has a significant amount of ongoing and approved projects, with a total of 11 GW in construction and approval stages [3] - The company’s cash dividend yield for A and H shares has increased year-on-year, reaching approximately 4.9% and 6.5% respectively [2] - The company’s controllable installed capacity includes 54 GW of coal power and 21 GW of gas power, with additional projects in pumped storage and other energy sources [3]

2026 年 04 月 01 日 华电国际（600027.SH ） 买入（维持评级） 公司点评 证券研究报告 报表持续修复，关注市值管理与资本运作 业绩简评 2026 年 3 月 26 日晚间公司 2025 年报，全年实现营业收入 1260 亿 元，调整后同比-10.9%；实现归母净利润 60.70 亿元，调整后同比 增长 1.4%，Q1-4 分别为 19.3、19.7、25.3、-3.7 亿元。年末计提 资产减值 7.50 亿元、信用减值 0.31 亿元；考虑信用减值准备转 回，计提减值准备影响归母净利润减少 5.99 亿元。此外，2025 年 投资收益达 31.53 亿元，同比-9.4%。 经营分析 自由现金流持续增长，真实归母净资产提升 5%。2025 年公司经营 现金流净额达 272 亿元（同比+39.9%），投资现金流净流出 143 亿 元（上年同期净流出 103 亿元），自由现金流达 130 亿元（同比 +42.1%）。2025 年末公司永续债剩余 210 亿元（较上年末减少 40 亿元），扣除永续债后的归母净资产为 482 亿元（同比+5%）。 现金分红总额及比例持续提升，A/H 股息率同比提高 ...

[Table_scodeMsg1] 公司研究丨点评报告丨华电国际（600027.SH） [Table_Title] 成本优化主业经营改善，多重因素限制业绩表现 报告要点 [Table_Summary] 虽然火电主业量价均有所回落，但得益于燃料成本优化以及严控费用支出，2025 年扣除投资收 益并还原减值后的利润总额为 82.61 亿元，同比增长 32.14%，公司本部经营明显改善。但 2025 年受公司投资收益同比下降 12.91%，减值规模同比提升 6.27 亿，共同限制公司整体业绩表现。 2025 年公司实现归母净利润 60.70 亿元，较追溯调整后的上年同期数据增长 1.39%。2025 年 全年分红比例为 48.47%，按照 3 月 26 日股价测算 A/H 股息率分别为 4.32%、5.48%。 丨证券研究报告丨 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 张子淳 请阅读最后评级说明和重要声明 % ...

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的任何損失承擔任何責任。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 於本公告日期，本公司董事會由下列董事組成： 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行 董事）、曾慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執 行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立非執行董事）、 沈翎（獨立非執行董事）及黄克孟（獨立非執行董事）。 中國 • 北京 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。 茲載列華電國際電力股份有限公司（「本公司」）在上海證券交易所網站刊登的公告，僅 供參閱。 承董事會命 華電國際電力股份有限公司 秦介海 董事會秘書 ...

证券代码：600027 证券简称：华电国际 公告编号：2026-010 华电国际电力股份有限公司 关于归还部分临时补充流动资金的闲置 募集资金的公告 时补充流动资金的募集资金 7,000.00 万提前归还至募集资金专用账户。截至本公告日， 本公司已累计归还临时补充流动资金的募集资金 24,800.00 万元。本公司已将上述归还 事项及时通知了独立财务顾问华泰联合证券有限责任公司、中国银河证券股份有限公司 及其独立财务顾问主办人，不存在超期的情形。 截至 2026 年 3 月 30 日，华电国际电力股份有限公司（以下简称"本公司"）已累 计归还临时补充流动资金的闲置募集资金人民币 24,800.00 万元。 一、募集资金临时补充流动资金情况 本公司于 2025 年 8 月 15 日召开第十届董事会第二十四次会议，审议批准《关于常 规能源资产重组募集资金使用方案的议案》。同意本公司使用募集资金人民币 209,223.12 万元置换预先投入募投项目的自筹资金；同意本公司在确保不影响募集资金投资项目建 设进度的前提下，使用不超过人民币 129,000.00 万元（含人民币 129,000.00 万元）的闲 置募集资金 ...

Group 1: Stock Performance and Market Reactions - Power stocks declined across the board, with Huadian International down 5.86%, Longyuan Power down 3.62%, Huaneng International down 1.98%, and China Resources Power down 2.15% [1] - Shoucheng Holdings fell nearly 6% after reporting a revenue of HKD 1.437 billion for 2025, an increase of 18.24% year-on-year, and a proposed final dividend of HKD 0.0047 per share [1] - Meili Tianyuan Medical Health dropped over 11% post-earnings, with a year-to-date decline exceeding 30%, despite reporting a revenue of approximately CNY 3 billion, a 16.7% increase year-on-year [2] - Brilliance China experienced a drop of over 10%, reporting a revenue of CNY 1.182 billion for 2025, a 7.84% increase, but a net profit decline of 35.97% [2] - Photovoltaic stocks fell sharply, with Xinte Energy down 6.09% and Junda Co. down 5.04%, following the announcement of a 9% VAT export tax rebate cancellation on solar products [2] Group 2: Company Earnings and Financial Results - Muyuan Foods reported a revenue of CNY 144.145 billion for the year, a slight increase of 4.49%, but a net profit decline of 13.39% [3] - Yadea Holdings saw a rise of over 5% after announcing expected net profits of no less than CNY 2.9 billion for 2025, compared to CNY 1.27 billion in 2024 [3] - CRRC Corporation reported a revenue of CNY 273.063 billion for 2025, a 10.79% increase, but a net profit increase of only 6.40% [4] - Angelalign reported a total case count of 532,400 for 2025, a 48.1% increase, with revenue rising 37.8% to USD 370 million and net profit increasing 163% to USD 26.3 million [4] - Weigao Group's revenue was approximately CNY 13.389 billion, a 2.3% increase, but net profit fell by 22% [4] Group 3: Market Trends and Economic Indicators - Precious metals sector strengthened, with Coeur Mining up 5.94% and Pan American Silver up 4.13%, as gold prices surged over 3% to USD 4,538.25 per ounce [5] - Argan's stock surged 37.91% after reporting Q4 revenue of USD 262.1 million, exceeding market expectations [5] - Unity Software rose 13.54% after strong Q1 2026 financial performance expectations, with projected revenue between USD 505 million and USD 508 million [6] - AstraZeneca's stock increased by 2.74% following the approval of a new treatment for breast cancer in China [8] - Major U.S. indices opened lower, with the Nasdaq down 0.8%, as concerns about economic downturns increased due to geopolitical tensions [8]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The utility sector shows stable growth with improved cash flow and increased dividends. Despite a slight revenue decline of 3.3% year-on-year due to falling electricity prices, the net profit attributable to shareholders increased by 3.5% year-on-year, primarily driven by a 9.4% increase in profit from thermal power due to lower fuel costs [13][25] - The return on equity (ROE) for the utility sector stands at 8.6%, with thermal power ROE recovering to 9.4%, up 0.5 percentage points year-on-year [13][25] - Cash flow has significantly improved, with operating cash flow increasing by 23.9% year-on-year. The free cash flow for thermal power has turned positive, while green power is close to breakeven [25][30] - Dividends have increased across all segments, with the overall dividend payout ratio rising by 2.5 percentage points to 55.2%. Thermal power saw a notable 15% increase in total dividends [30] Summary by Sections Annual Report Overview - The utility sector's performance is stable, with cash flow improvements and increased dividends. The revenue for the sector slightly decreased by 3.3% year-on-year, while net profit attributable to shareholders grew by 3.5% [13][25] - The ROE for the sector is 8.6%, with thermal power showing a recovery to 9.4% [13][25] - Operating cash flow increased by 23.9% year-on-year, and free cash flow for thermal power improved significantly [25][30] Industry Data Tracking - The report highlights the slowdown in the growth rate of new energy installations by leading companies, with significant declines in wind and solar electricity prices, which are expected to impact profitability [36] - The average on-grid electricity price for thermal power decreased by 1-3 cents per kilowatt-hour, while wind and solar prices fell by 7-10% [36] Sector Performance Tracking - The report indicates that the utility sector has outperformed the market, with the GFGY index showing a 15.74% increase year-to-date, outperforming the Shanghai and Shenzhen 300 index by 31.97% since 2020 [57][66]

EF001 | EF001 | | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行董事）、曾慶華（非執行董事）、曹敏 （非執行董事）、王曉渤（非執行董事）、李國明（執行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨 | | | 立非執行董事）、沈翎（獨立非執行董事）及黃克孟（獨立非執行董事）。 | | | 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 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的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 華電國際電力股份有限公司 | | 股份代號 | 01071 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適 ...

华电国际电力股份有限公司 独立董事黄克孟 2025 年度达职报告 自 2025年9月25日获选本公司独立董事以来,本人严格按 照《公司法》《证券法》《上市公司治理准则》《上市公司独立董事 管理办法》等法律法规、沪港两地上市规则以及《公司章程》《独 立董事工作制度》和《独立董事年报工作制度》等规定,秉持独 立、客观、公正的原则,忠实履职,勤勉尽责,积极参与公司治 理,充分发挥独立董事的独立作用,维护公司的整体利益,维护 全体股东尤其是中小股东的合法权益。 按照规定,本人已编制完成 2025年度述职报告,现将 2025 年度履行职责的整体情况汇报如下: (一)个人履历、专业背景和兼职情况 本人黄克孟,中国国籍,生于一九六六年十月,兰州大学法 学学士,中国社会科学院研究生院经济法学硕士,中国政法大学 在职国际经济法学博士研究生毕业。本人现任本公司独立董事, 北京市时代九和律师事务所专职律师、首席顾问,兼任第六届北 京市律师协会房地产与建筑工程专业委员会委员、第六届北京市 律师协会改制与重组专业委员会委员;第七届北京市律师协会房 地产开发专业委员会委员、第七届北京市律师协会兼并与重组专 业委员会委员、中诚信托有限责任 ...