证券代码：600027 证券简称：华电国际 公告编号：2025-038 2024 年 12 月 31 日，本公司收到上海证券交易所（以下简称"上交所"）出具的《关 于华电国际电力股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交 易申请的审核问询函》（上证上审（并购重组）〔2024〕44 号），2025 年 3 月 27 日，本 次交易通过上交所并购重组审核委员会审议。 本公司于 2025 年 4 月 23 日披露了《华电国际电力股份有限公司发行股份及支付现 金购买资产并募集配套资金暨关联交易报告书（草案）（2024 年报更新）》等文件，结合 实际情况，本公司对重组报告书进行了部分修改和完善，出具并披露《华电国际电力股 份有限公司关于发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草 案）（注册稿）》，主要修订情况如下： 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易报告书（草案）（注册稿） 修订说明的公告 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。 华电国际电力股份 ...

华泰联合证券有限责任公司 《关于华电国际电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 申请的审核问询函之回复报告（修订稿）》之专项核查意见 独立财务顾问 签署日期：二〇二五年四月 上海证券交易所： 按照贵所下发的《关于华电国际电力股份有限公司发行股份及支付现金购买 资产并募集配套资金暨关联交易申请的审核问询函》（上证上审（并购重组）〔2024〕 44 号）（以下简称"审核问询函"）的要求，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"独立财务顾问"）作为华电国际电力股份有限公司 （以下简称"公司"、"上市公司"或"华电国际"）的独立财务顾问，就审核 问询函所列问题逐项进行了认真核查与落实，现就相关问题作出书面回复如下。 本专项核查意见（以下简称"本核查意见"）中的报告期指 2023 年、2024 年；除此之外，如无特别说明，本核查意见所述的词语或简称与重组报告书中"释 义"所定义的词语或简称具有相关的含义。在本核查意见中，若合计数与各分项 数值相加之和在尾数上存在差异，均为四舍五入所致。本核查意见所引用的财务 数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财 ...

华泰联合证券有限责任公司 签署日期：二〇二五年四月 关于 华电国际电力股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 独立财务顾问报告 （修订稿） 独立财务顾问 华泰联合证券有限责任公司 独立财务顾问报告（修订稿） 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"）接受华 电国际电力股份有限公司（以下简称"华电国际"、"上市公司"或"公司"）委托，担 任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立财务顾问 报告。 本独立财务顾问核查意见是依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《公 开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上市 公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《上海证券 交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及证券行 业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤勉 ...

股票代码：600027.SH 股票简称：华电国际 上市地点：上海证券交易所 华电国际电力股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） （2024年报更新） | 交易对方类型 | 交易对方名称 | | --- | --- | | | 中国华电集团有限公司 | | 发行股份及支付现金购买资产 | 福建华电福瑞能源发展有限公司 | | | 中国华电集团北京能源有限公司 | | 募集配套资金 | 不超过35名符合条件的特定投资者 | 独立财务顾问 二〇二五年四月 上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，对本报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的 法律责任。 本公司控股股东、董事、监事、高级管理人员承诺，如本次交易因涉嫌所提供或 者披露的信息存在虚假记载、误导性陈述或者重大遗漏而被司法机关立案侦查或者被 中国证券监督管理委员会立案调查的，在案件调查结论明确之前，将暂停转让所持有 的上市公司股份（如有）。将于收到立案稽查通知的两个交易日内将暂停转让的书面 申请和股票账户提交上市公司董事会，由董事会代向上海证券 ...

Power Generation Capacity and Operations - The company operates a total of 46 power generation enterprises with a controlling installed capacity of 59,818.62 MW, including 46,750 MW from coal-fired power, 10,603.43 MW from gas-fired power, and 2,459 MW from hydropower[5]. - The company has a significant presence in 12 provinces and cities across China, strategically located in power load centers and areas rich in coal resources[5]. - The company has a controlling interest in several key power plants, including the Zouxian Power Plant with a capacity of 2,575 MW and the Huadian Weifang Power Plant with a capacity of 2,000 MW[7]. - The total installed capacity of Hubei Company is 6,855.6 MW, with an ownership interest of 82.56%[9]. - The company has a total of 2,320 MW capacity in Wuhu Company, with a 65% ownership interest[9]. - The company operates a total of 1,320 MW in the new energy sector, with a 20.53% ownership in Xinxiang Company[9]. - The company has a 100% ownership in Qu Dong Company, which has a capacity of 660 MW[9]. - The company has a total of 920 MW capacity in Sichuan Huadian Luding Hydropower Company, with 100% ownership[12]. - The company has a 64% ownership in the Zagu Nao Hydropower Company, which has a capacity of 591 MW[12]. - The company has a total of 1,003.3 MW capacity in Jinan Zhangqiu Thermal Power Company, with a 70% ownership[9]. - The company has a 100% ownership in the Hebei Hydropower Company, which has a capacity of 65.5 MW[12]. - The company has a 51% ownership in Shantou Company, which has a capacity of 1,360 MW[9]. - The company has a 60.10% ownership in Xiangyang Company, which has a capacity of 2,570 MW[10]. Financial Performance - The company achieved a revenue of approximately RMB 112.39 billion in 2024, a decrease of about 3.42% compared to 2023[25]. - The net profit attributable to shareholders was approximately RMB 5.67 billion, with basic earnings per share of RMB 0.459[26]. - The total power generation was 222.63 million MWh, a decline of approximately 0.52% year-on-year[24]. - The company’s electricity sales revenue was approximately RMB 94.74 billion, a decrease of about 1.46% from the previous year[25]. - The group’s operating expenses in 2024 were approximately RMB 105.77 billion, a decrease of about 5.79% compared to 2023, with fuel costs down by 6.49% to RMB 70.57 billion due to lower coal prices and reduced power generation[62]. - The group’s investment income in 2024 was approximately RMB 0.244 billion, an increase of RMB 0.226 billion compared to 2023, mainly due to increased disposal income from subsidiaries[63]. - Other income for the group in 2024 was approximately RMB 1.726 billion, an increase of about 49.53% compared to 2023, primarily driven by increased carbon emission rights revenue[64]. - The group’s financial expenses in 2024 were approximately RMB 3.275 billion, a decrease of about 10.91% compared to 2023, attributed to improved capital operations and lower financing costs[66]. - The net cash inflow from operating activities in 2024 was approximately RMB 12.890 billion, an increase from RMB 9.460 billion in 2023, primarily due to improved operating performance[73]. Strategic Initiatives and Future Plans - The company plans to expand its renewable energy capacity, aligning with the global shift towards sustainable energy solutions[5]. - The company aims to leverage new technologies in power generation to improve energy efficiency and reduce costs[5]. - The company plans to achieve an electricity generation volume of approximately 210 billion kWh by 2025, with an investment of about RMB 12 billion in power projects and environmental technology upgrades[34]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational footprint[5]. - The company aims to enhance its core competitiveness and brand influence while achieving high-quality development goals for the "14th Five-Year Plan" period[21]. - The company is focusing on green and low-carbon development, actively adjusting and upgrading its coal power structure[18]. - The company will prioritize safety operations, ensuring energy supply during peak demand periods and improving coal inventory strategies[36]. - The company plans to strengthen its brand image through regular energy asset restructuring and improved communication with regulatory bodies[38]. Corporate Governance and Management - The company appointed Chen Bin as the vice chairman and made several changes in the board and management positions[57]. - The management team has over 30 years of experience in various fields including finance, energy, and corporate governance[52][56]. - The company has a diverse leadership team with expertise in energy, finance, and engineering[52][56]. - The board includes independent directors with extensive backgrounds in economics and international trade[50][56]. - The company has established a national-level experimental teaching demonstration center in energy and power engineering[50]. - The board of directors consists of 12 members, including 5 independent non-executive directors, ensuring a diverse and independent governance structure[178]. - The company has established a comprehensive corporate governance code that exceeds the requirements of the Hong Kong Listing Rules, reflecting a commitment to high governance standards[176]. - The company has implemented strict rules for securities trading by directors and employees, aligning with the standards set by the Hong Kong Listing Rules[180]. - The board emphasizes transparency, accountability, and independence as core principles of corporate governance[176]. - The company has established specialized committees, including the Audit Committee, Compensation and Assessment Committee, Nomination Committee, and Strategic Committee, to enhance governance[194]. Risks and Challenges - The company faces potential risks including electricity market risks due to the accelerated marketization process, which may lead to reduced market share for coal-fired power plants and increased pressure on pricing[39]. - Coal market risks are heightened by limited domestic coal production capacity and geopolitical uncertainties affecting import coal procurement, leading to potential supply shortages and cost control challenges[41]. - Environmental risks are increasing as national carbon quota allocations tighten, potentially raising compliance costs for coal power companies, necessitating accelerated low-carbon transformation efforts[42]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of RMB 0.15 per share for the 2023 fiscal year, totaling approximately RMB 1.53 billion[20]. - The board proposed an interim cash dividend of RMB 0.08 per share, totaling approximately RMB 818,204.89 thousand, based on a total share capital of 10,227,561,133 shares[78]. - The board recommended a final cash dividend of RMB 0.21 per share for the fiscal year ending December 31, 2024, which includes the interim dividend already distributed, with a total amount of approximately RMB 1,329,582.95 thousand[79]. - The final dividend of RMB 0.13 per share is subject to approval at the upcoming annual general meeting[79]. - The company expects to pay the cash dividend by August 30, 2025, if approved by shareholders[79]. Employee Relations and Welfare - The company emphasizes the importance of employee relations and aims to create a vibrant and comfortable working environment[94]. - The group contributed approximately RMB 412 million to the retirement plan for the fiscal year 2024, which is 16% of the total employee salaries[95]. - The company’s contributions to the corporate annuity plan are four times the employee contributions, enhancing retirement benefits[95]. - The group maintains a consistent employee medical insurance policy for fiscal year 2024, with no significant impact on business operations and financial status[96]. Transactions and Financial Agreements - The company has signed a financial services framework agreement with Huadian Financial, with a maximum daily deposit balance of RMB 9 billion[147]. - The company has established a limited partnership and signed a trust agreement as part of its REITs project, which was completed on November 15, 2024[133]. - The company has renewed the financial services framework agreement with Huadian Finance, effective from January 1, 2025, to December 31, 2027, with a maximum daily deposit balance of RMB 12 billion and an annual comprehensive credit limit of RMB 45 billion[148]. - The company signed a three-year commercial factoring service framework agreement with Huadian Commercial Factoring (Tianjin) Co., Ltd., with an annual cap of RMB 7.5 billion for the factoring business[157]. - The company has engaged auditors to report on the ongoing related transactions, receiving an unqualified opinion[159].

Financial Performance - In 2024, the total electricity generation of the group was 222.63 million MWh, a decrease of approximately 0.52% compared to the same period last year[4]. - The group achieved a revenue of approximately RMB 112.39 billion in 2024, a decline of about 3.42% from 2023[4]. - The net profit attributable to equity holders of the company for 2024 was approximately RMB 5.67 billion, with earnings per share of approximately RMB 0.459[4]. - The group's revenue for 2024 is approximately RMB 112.39 billion, a decrease of about 3.42% compared to 2023, with electricity sales revenue of RMB 94.74 billion, down 1.46%[17]. - The operating profit for 2024 is approximately RMB 6.622 billion, an increase of RMB 2.521 billion compared to 2023, primarily due to lower fuel prices[18]. - In 2024, the company's revenue was approximately RMB 112.39 billion, a decrease of about 3.42% compared to 2023, primarily due to reduced power generation and coal trading volume, as well as a decline in on-grid electricity prices[34]. - The company’s total revenue for 2024 was RMB 112,391,667, a decrease of 3.4% from RMB 116,376,064 in 2023[85]. - Total operating revenue for 2024 was RMB 112,993,979 thousand, a decrease of 3.5% from RMB 117,176,125 thousand in 2023[134]. - Net profit for 2024 increased to RMB 6,835,626 thousand, up 42.1% from RMB 4,808,007 thousand in 2023[135]. Dividends - The board proposed a final cash dividend of RMB 0.13 per share, totaling approximately RMB 1.33 billion, subject to shareholder approval[4]. - The board recommended an interim cash dividend of RMB 0.08 per share for the six months ending June 30, 2024, totaling approximately RMB 818.20 million[5]. - The proposed cash dividends are expected to be paid by August 30, 2025, pending approval at the upcoming annual general meeting[6]. - The proposed final dividend per share for 2024 is RMB 0.13, down from RMB 0.15 in 2023, reflecting a decrease of about 13.3%[126]. Operational Capacity - The group operates 46 power generation enterprises with a total installed capacity of 59,818.62 MW, including 46,750 MW from coal-fired power and 10,603.43 MW from gas-fired power[7]. - The total installed capacity of the group is 59,818.62 MW, with a power generation of 222.63 million MWh in 2024, a decrease of approximately 0.52% year-on-year[16]. - The group added a total of 1,508.84 MW of new power generation capacity during the reporting period, including 505.54 MW from Qingdao Company and 1,003.3 MW from Zhangqiao Thermal Power Company[19]. - The group has approved and under construction projects with a planned additional capacity of 9,321.4 MW, including gas and coal power plants[20]. Market and Strategic Initiatives - The group continues to explore opportunities for market expansion and potential mergers and acquisitions to enhance its operational capabilities[7]. - The group plans to achieve a power generation volume of approximately 210 billion kWh in 2025 and will invest about RMB 12 billion in power project construction and environmental technology upgrades[24]. - The group anticipates a 6% year-on-year increase in national electricity consumption, reaching 10.4 trillion kWh by 2025[21]. - The company is focusing on green and low-carbon development, accelerating the implementation of strategic emerging industries to increase revenue and value-added ratios[27]. - The company is addressing potential risks in the electricity market, including the pressure on coal-fired power generation due to the increasing share of renewable energy[30]. Financial Management - The company's cash and cash equivalents increased to RMB 5,851,104 thousand in 2024 from RMB 5,455,157 thousand in 2023, representing an increase of about 7.2%[131]. - The company's total equity increased to RMB 88.52 billion in 2024, up from RMB 85.90 billion in 2023, marking a growth of 2.4%[90]. - The company's reserves rose to RMB 33.92 billion in 2024, compared to RMB 30.76 billion in 2023, indicating an increase of 10.5%[90]. - The company's long-term borrowings decreased significantly to RMB 40.93 billion in 2024 from RMB 49.68 billion in 2023, representing a reduction of 17.5%[90]. - The company has unused bank credit facilities and registered but unissued bonds, ensuring sufficient operating capital to meet financial obligations due in the next twelve months[91]. Governance and Compliance - The company has adopted a strict corporate governance code that emphasizes transparency, accountability, and independence[74]. - The company’s governance structure complies with the requirements of the Hong Kong Listing Rules Appendix C1[76]. - The company has established a strategic committee to enhance governance and oversight[79]. - The company has not purchased, sold, or redeemed any of its issued securities during the fiscal year 2024[76]. Employee and Operational Costs - The company's employee costs in 2024 were approximately RMB 8.629 billion, an increase of about 7.01% compared to 2023, mainly due to the linkage of employee compensation to operating performance[35]. - The company reported a total operating cost of RMB 109,361,744 thousand in 2024, down 5.0% from RMB 115,900,749 thousand in 2023[134]. - Fuel costs in 2024 were approximately RMB 70.57 billion, down about 6.49% from 2023, primarily due to lower coal prices and reduced power generation[35]. Investments and Acquisitions - The company has agreed to acquire 80% of Huadian Jiangsu Energy Co., Ltd. and various stakes in other energy companies, with total consideration amounting to RMB 3,428.3 million, RMB 1,900.6 million, and RMB 1,997.7 million for the respective assets[59][60]. - The company plans to issue new A-shares to no more than 35 qualified investors, with the total amount of raised funds not exceeding RMB 3,428.0 million, which is 100% of the consideration shares[61]. - The company has established a partnership for a REITs-like project, with an investment of approximately RMB 794 million from Hubei Company, holding about 20% of the limited partnership[64]. Risk Management - Management believes that ongoing litigation will not have a significant negative impact on the financial condition and operating performance of the group[81]. - The company will enhance safety operations by improving coal inventory strategies and ensuring fuel supply for power generation[26].

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 5.30 [2] Core Views - The company's 3Q24 performance met expectations with stable growth in coal-fired power generation and relatively stable electricity prices [2] - Revenue for 1~3Q24 was RMB 84.8 billion, a year-on-year decrease of 6.5%, while net profit attributable to the parent company was RMB 5.16 billion, a year-on-year increase of 14.6% [2] - 3Q24 revenue was RMB 31.6 billion, a year-on-year increase of 1.1%, and net profit attributable to the parent company was RMB 1.93 billion, a year-on-year increase of 0.9% [2] - The company plans to issue shares and pay cash to acquire coastal thermal power assets from the group, with a total consideration of RMB 7.17 billion [2] Financial Performance - 3Q24 gross profit was RMB 3.13 billion, a year-on-year increase of 2.2%, with a gross margin of 9.9%, up 0.1 ppts year-on-year and 1.1 ppts quarter-on-quarter [2] - 3Q24 electricity generation was 63.0 billion kWh, a year-on-year increase of 3.2%, with coal-fired electricity generation at 53.4 billion kWh, a year-on-year increase of 16.7% [2] - The average tax-included electricity price in 3Q24 was RMB 0.511/kWh, a year-on-year increase of 1.6% and a quarter-on-quarter increase of 0.1% [2] Asset Acquisition - The company plans to acquire approximately 16.0 GW of conventional energy assets in Jiangsu and other regions through issuing shares and paying cash [2] - The total consideration for the acquisition is RMB 7.17 billion, with RMB 3.43 billion paid in shares and RMB 3.43 billion in cash [2] - The PB valuation of the acquired assets is approximately 1.6x, and the PE valuation is approximately 13.5x based on the 2023 net profit of RMB 530 million [2] Market Data - The current stock price is HKD 3.77, with a 52-week price range of HKD 3.07 to HKD 5.29 [3] - The current market capitalization is HKD 38.558 billion, with 10.228 billion shares outstanding [3] Financial Summary - Revenue for 2024E is expected to be RMB 124.897 billion, a year-on-year increase of 7.32% [5] - Net profit for 2024E is expected to be RMB 6.442 billion, a year-on-year increase of 40.01% [5] - The PE ratio for 2024E is 5.5x, and the PB ratio is 0.48x [5]

Financial Performance - Operating revenue for Q3 2024 was RMB 31,629,676 thousand, representing a year-on-year increase of 1.13%[5] - Net profit attributable to shareholders for Q3 2024 was RMB 1,933,276 thousand, with a year-on-year increase of 0.87%[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,835,320 thousand, showing a decrease of 0.92% compared to the same period last year[5] - The weighted average return on net assets for Q3 2024 was 4.07%, a decrease of 0.16 percentage points compared to the previous year[5] - The net cash flow from operating activities for the year-to-date was RMB 11,978,623 thousand, reflecting an increase of 3.72%[5] Assets and Shareholder Information - Total assets at the end of the reporting period were RMB 221,831,478 thousand, a decrease of 0.54% from the end of the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 106,026[11] - The largest shareholder, China Huadian Corporation, holds 45.17% of the shares[11] - The largest shareholder, China Huadian Group, holds 4,620,061,224 shares, with 4,534,199,224 being RMB ordinary shares[12] - Hong Kong Central Clearing Limited holds 1,885,826,972 shares, including 1,709,362,801 overseas listed foreign shares[12] - Shandong Development Investment Holding Group holds 664,865,346 RMB ordinary shares[12] - The top ten shareholders do not show any changes in shareholding due to securities lending activities compared to the previous period[13] Non-Recurring Gains and Accounting Standards - The company recognized non-recurring gains of RMB 97,956 thousand for the current period, with significant contributions from asset disposals and government subsidies[7] - The company adopted new accounting standards effective January 1, 2024, without retrospective adjustments[6] Operational Updates - There are no additional important operational updates for investors to be aware of during the reporting period[14]

Financial Performance - The group achieved a revenue of approximately RMB 52.894 billion, a decrease of about 10.43% compared to the same period in 2023[5]. - The profit attributable to equity holders of the company for the period was approximately RMB 3.432 billion, an increase of about 19.29% year-on-year[5]. - Basic earnings per share were approximately RMB 0.286, reflecting a growth of about 19.67% compared to the same period last year[5]. - The company's revenue for the period was approximately RMB 52.894 billion, a decline of about 10.43% year-on-year, primarily due to decreases in electricity generation and on-grid prices[24]. - The company's total revenue for the six months ending June 30, 2024, was RMB 52,893,953 thousand, a decrease of approximately 10.3% from RMB 59,053,025 thousand in the same period of 2023[73]. - The revenue from electricity sales was RMB 42,876,950 thousand, down from RMB 47,129,670 thousand in 2023, reflecting a decline of about 9.5%[73]. - The revenue from coal sales decreased significantly to RMB 4,403,661 thousand from RMB 6,441,207 thousand, marking a decline of approximately 31.6%[73]. - The company reported a total comprehensive income of RMB 3,988,029 for the period, compared to RMB 3,033,088 in the previous year, marking a growth of 31.6%[60]. Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million based on a total share capital of 10,227,561,133 shares[6]. - The company plans to distribute a cash dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million, based on a total share capital of 10,227,561,133 shares as of June 30, 2024[43]. - The total dividend declared for the fiscal year 2023 was approximately RMB 1.534 billion, down from RMB 2.045 billion for the fiscal year 2022, reflecting a decrease of about 25%[108]. Operational Capacity and Generation - The group operates 45 power generation enterprises with a total installed capacity of 58,815.32 MW, including 46,750 MW from coal-fired power, 9,600.13 MW from gas-fired power, and 2,459 MW from hydropower[7]. - The company's total electricity generation was approximately 101.30 million MWh, a decrease of about 5.85% compared to the same period in 2023[23]. - The average utilization hours of power generation units decreased by 192 hours to 1,741 hours, with coal-fired units averaging 1,926 hours, down 225 hours year-on-year[23]. - The company added a new gas power generation unit with a capacity of 505.54 MW during the reporting period[21]. - The company plans to add a total of 6,031.30 MW of new capacity, including gas and coal power units, in the near future[21]. Costs and Expenses - The group's fuel costs for the period were approximately RMB 32.839 billion, a decrease of about 15.43% compared to the same period in 2023, primarily due to lower coal and gas prices and a decrease in power generation[25]. - The group's coal sales costs were approximately RMB 3.819 billion, a decrease of about 37.64% compared to the same period in 2023, mainly due to a decline in coal trading volume[25]. - The group's depreciation and amortization expenses were approximately RMB 5.363 billion, an increase of about 3.90% compared to the same period in 2023, primarily due to the impact of newly commissioned units[25]. - The total operating expenses for the first half of 2024 amounted to RMB 751,942 thousand, up from RMB 684,020 thousand in the same period of 2023, representing a rise of 9.9%[77]. Financial Position and Cash Flow - The group's total borrowings as of June 30, 2024, were approximately RMB 92.846 billion, with a debt-to-asset ratio of approximately 60.78%, a decrease of about 1.29 percentage points compared to the end of 2023[30]. - The group's cash and cash equivalents as of June 30, 2024, were approximately RMB 5.267 billion[31]. - The net cash inflow from operating activities for the first half of 2024 was approximately RMB 5.285 billion, an increase of about RMB 3.534 billion compared to the same period in 2023, primarily due to improved operating performance[33]. - The company reported a net cash increase of RMB 96,813 thousand for the period, compared to RMB 615,007 thousand in the previous year, indicating a decrease of about 84.3%[67]. - The company has a net current liability of approximately RMB 37,483 million as of June 30, 2024, indicating potential liquidity concerns[69]. Strategic Initiatives and Future Outlook - The management discussed future business outlook and strategies for the second half of the year, emphasizing growth and market expansion[5]. - The company is actively pursuing new technologies and product development to enhance operational efficiency and sustainability[5]. - The group plans to strengthen market analysis and adjust pricing strategies to enhance power generation efficiency in response to risks in the electricity market[36]. - The group will closely monitor changes in the coal market and optimize coal procurement strategies to control costs amid rising coal prices due to supply pressures[37]. - The company is enhancing carbon asset management in response to the reduction in carbon quotas, encouraging coal power enterprises to adopt low-carbon technologies[38]. - The company is actively pursuing low-carbon transformation initiatives in line with national policies for coal power sector decarbonization[38]. Governance and Compliance - The company has maintained a strict governance structure, adhering to various regulatory requirements to enhance its governance level[52]. - The company has complied with the environmental, social, and governance requirements of the Hong Kong Listing Rules during the first half of the year[52]. - The company is revising its articles of association to comply with new regulatory requirements, including the transition to a paperless listing mechanism[40]. - The audit committee has reviewed the unaudited condensed consolidated financial statements prepared in accordance with International Accounting Standard 34[51]. Employee and Management Information - As of June 30, 2024, the total number of employees in the group was 24,232[51]. - The company has adopted a remuneration policy based on performance, ensuring a fair and effective compensation distribution mechanism[51]. - The remuneration for key management personnel for the six months ended June 30, 2024, was RMB 1,804 thousand, down from RMB 2,133 thousand for the same period in 2023, indicating a decrease of about 15.4%[132]. Acquisitions and Investments - The company has agreed to acquire 80% of Huadian Jiangsu Energy Co., Ltd. and several other energy companies, with the total consideration yet to be determined[41]. - The company is planning to issue new A-shares to raise funds not exceeding 100% of the consideration for the asset acquisitions, with the number of new shares not exceeding 30% of the total issued shares post-transaction[41]. - The company issued a total of RMB 2.358 billion in green medium-term notes and RMB 2.566 billion in the second phase of medium-term notes as of June 30, 2024, with actual annual interest rates ranging from 2.14% to 3.61%[98][99]. - The company issued RMB 1.5 billion in short-term financing bonds on June 12, 2024, with a maturity of 90 days and a coupon rate of 1.7%[100].

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） 二零二四年中期業績公告 財務及業務摘要 • 完成發電量約為101.30百萬兆瓦時； • 完成上網電量約為94.71百萬兆瓦時； • 實現營業額約為人民幣528.94億元； • 實現歸屬於本公司權益持有人應佔本期間利潤約為人民幣34.32億元； • 基本每股盈利約為人民幣0.286元。 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其 附屬公司（「本集團」）按《國際會計準則》第34號「中期財務報告」編製的截至二零 二四年六月三十日止六個月期間（「本期間」）未經審計的中期綜合財務業績摘要。 1 本公司第十屆董事會第十一次會議建議二零二四年中期派發股息每股人民幣0.08 元 ...