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之向特定对象 发行股票募集配套资金 发行情况报告书 独立财务顾问（联席主承销商） 联席主承销商 二〇二五年八月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事、高级管理人员承诺本报告书不存在虚假记载、误导 性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 全体董事签字： | 刘 | 雷 | 陈 斌 | 朱 | 鹏 | | --- | --- | --- | --- | --- | | 赵 | 伟 | 曾庆华 | 曹 | 敏 | | 王晓渤 | | 李国明 | | 丰镇平 | | 李兴春 | | 王跃生 | 沈 | 翎 | 华电国际电力股份有限公司 年 月 日 1 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事、高级管理人员承诺本报告书不存在虚假记载、误导 性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事、高级管理人员承诺本报告书不存在 ...

北京市金杜律师事务所 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 之募集配套资金向特定对象股票发行过程和认购对象合规性 的法律意见书 致：华电国际电力股份有限公司 北京市金杜律师事务所（以下简称本所）接受华电国际电力股份有限公司 （以下简称上市公司、公司或华电国际）委托，担任华电国际通过发行股份及支 付现金的方式向中国华电集团有限公司购买其持有的华电江苏能源有限公司 80% 股权，向福建华电福瑞能源发展有限公司购买其持有的上海华电福新能源有限公 司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能源有 限公司 55.0007%股权、华电福新广州能源有限公司 55%股权、华电福新江门能源 有限公司 70%股权、华电福新清远能源有限公司 100%股权，向中国华电集团北 京能源有限公司（原名中国华电集团发电运营有限公司，现更名为中国华电集团 北京能源有限公司，以下简称华电北京）购买其持有的中国华电集团贵港发电有 限公司 100%股权，并向不超过 35 名特定投资者发行股份募集配套资金（以下简 称本次交易）的专项法律顾问。 为本次交易，本所已于 2024 年 ...

华电国际电力股份有限公司 截至 2025 年 8 月 11 日止 向特定对象发行股票募集资金验资报告 索引 | 验资报告 | | 1-2 | | --- | --- | --- | | l | 附件 1 注册资本及实收资本(股本) 增加情况明细表 | 3 | | - 附件2 注册资本及实收资本(股本)变更前后对照表 | | 4-5 | | । | 附件 3 验资事项说明 | 6-8 | 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查 报告编码:京25YWY 联系电话: 言永中和会计师事务所|北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 9/F Block A Fu Hua Man Dongcheng District. +86 (010) 6554 7190 +86 (010) 6554 7190 向特定对象发行股票募集资金验资报告 ...

华电国际电力股份有限公司 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法律责任。 华电国际电力股份有限公司（以下简称"本公司"）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向特定对象发行股票募集配套资金（以下简称"本次发行"） 承销总结及相关文件已经上海证券交易所备案通过，本公司将依据相关规定尽快办理本 次发行新增股份的登记托管事宜。 《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 联交易之向特定对象发行股票募集配套资金发行情况报告书》及相关发行文件已于同日 在上海证券交易所网站（http://www.sse.com.cn）发布，敬请广大投资者查阅。 特此公告 证券代码：600027 证券简称：华电国际 公告编号：2025-066 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 暨关联交易之向特定对象发行股票募集配套 资金发行情况报告书披露的提示性公告 2025 年 8 月 14 日 1 ...

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） 海外監管公告 本公告乃華電國際電力股份有限公司（「本公司」）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。 茲載列本公司在上海證券交易所網站刊登之《華電國際電力股份有限公司發行股份及支付現金購 買資產並募集配套資金暨關聯交易之向特定對象發行股票募集配套資金發行情況報告書》《聯席主 承銷商關於華電國際電力股份有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易 之募集配套資金向特定對象發行股票發行過程和認購對象合規性的報告》《北京市金杜律師事務所 關於華電國際電力股份有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易之募集 配套資金向特定對象股票發行過程和認 ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，天津华电能源管理有限公司成立，法定代表人为李 彪，注册资本10100万元，经营范围包含：许可项目：供电业务。(依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准)一般项目：节能管理服 务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；风力发电技术服务；太阳能发 电技术服务；合同能源管理；热力生产和供应；碳减排、碳转化、碳捕捉、碳封存技术研发；资源循环 利用服务技术咨询；在线能源监测技术研发；资源再生利用技术研发；电动汽车充电基础设施运营；储 能技术服务；信息咨询服务(不含许可类信息咨询服务)；新兴能源技术研发。(除依法须经批准的项目 外，凭营业执照依法自主开展经营活动)。天眼查APP股权穿透显示，该公司由华电国际全资持股。 ...

Company Overview - Huadian International's closing price on August 11 was 5.41 yuan, down 1.10%, with a rolling PE ratio of 10.22 times and a total market capitalization of 59.004 billion yuan [1] - The company's main business includes power generation, heating, coal sales, and other related services, with electricity and heat products as its primary offerings [1] Financial Performance - For the first quarter of 2025, Huadian International reported operating revenue of 26.577 billion yuan, a year-on-year decrease of 14.14%, and a net profit of 1.930 billion yuan, a year-on-year increase of 3.66%, with a gross profit margin of 10.73% [1] Industry Comparison - The average PE ratio for the power industry is 23.07 times, with a median of 19.67 times, placing Huadian International at 15th in the industry ranking [1] - The company has a total of 57 institutional holders, including 57 funds, with a combined holding of 162.4649 million shares valued at 0.889 billion yuan [1] Valuation Metrics - Huadian International's PE (TTM) is 10.22, while the industry average is 23.07, indicating a significant undervaluation compared to peers [2] - The company's price-to-book ratio is 1.33, compared to the industry average of 2.17 [2]

Group 1 - Tianjin Huadian Energy Management Co., Ltd. has been established with a registered capital of approximately 100 million yuan [1] - The company's business scope includes resource recycling service technology consulting, online energy monitoring technology research and development, and resource regeneration technology research and development [1] - Huadian International holds 100% ownership of the newly established company [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total electricity generation in the first half of 2025 reached 120.621 billion kWh, a decrease of approximately 6.41% compared to the adjusted data from the same period last year. Excluding the impact of asset injection, the electricity generation in the second quarter decreased by 4.23% year-on-year [2][6] - The average on-grid electricity price for the first half of the year was 0.517 RMB/kWh, a slight decrease of 0.007 RMB/kWh compared to the adjusted data from the previous year. The stability in electricity prices is attributed to the increased proportion of high-priced gas-fired electricity and the decline in total electricity generation [2][6] - The average price of Qinhuangdao Q5500 thermal coal in the second quarter decreased by 216.84 RMB/ton, indicating significant cost optimization that has led to continuous improvement in the company's operations [2][6] Summary by Sections Electricity Generation and Pricing - In the first half of 2025, the company completed a total electricity generation of 1206.21 billion kWh, down 6.41% year-on-year. The average on-grid electricity price was approximately 517.12 RMB/MWh, a decrease of 1.37% from the previous year [6][12] Cost Optimization - The coal price has significantly decreased, with the average price of Qinhuangdao Q5500 thermal coal at 631.61 RMB/ton in the second quarter, down 216.84 RMB/ton year-on-year. This cost reduction is expected to positively impact the company's performance despite revenue pressures [12][17] Capacity Expansion - As of the end of 2024, the company has approved and under-construction capacity totaling 9.32 million kW, including 2.66 million kW of coal-fired units and 2.1634 million kW of gas-fired units. The operational capacity as of August 7, 2025, reached 77.4446 million kW, with ongoing projects expected to contribute to performance growth [12][17] Financial Projections - The company is projected to have EPS of 0.62 RMB, 0.62 RMB, and 0.66 RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 8.66, 8.56, and 8.02 [12][17]

Investment Rating - The report maintains a "Buy" rating for the utilities and environmental protection industry [1] Core Viewpoints - The report highlights the structural characteristics of electricity consumption growth from 2023 to 2025, noting that the growth in electricity consumption from the tertiary industry and charging stations remains resilient, while the secondary industry and residential electricity consumption show relative weakness [3][33] - The report suggests focusing on power generation assets in regions with tight electricity supply and favorable competition, recommending companies such as Anhui Energy and Huadian International for thermal power, and China Nuclear Power for nuclear power [2][66] - The report emphasizes the importance of new energy development, market mechanisms, and zero-carbon park construction as key drivers for the industry's transformation [3][60] Summary by Sections Weekly Market Performance - The Shanghai Composite Index rose by 2.11%, with the carbon neutrality sector up by 2.47%, the environmental sector up by 2.41%, and the utilities sector up by 1.76% [1][9] Electricity Consumption Growth Analysis - The contribution rate of urban and rural residential electricity consumption significantly declined from 18.2% in 2024 to 7.7% in 2025 due to a "warm winter" phenomenon [3][33] - The secondary industry's electricity consumption growth rate and contribution rate have been continuously declining, with high-energy-consuming industries recovering at a low level post-pandemic [3][33] - The tertiary industry's electricity consumption remains robust, driven by rigid demand in the service sector and growth in information transmission due to AI development [3][33] Policy and Regulatory Updates - The National Development and Reform Commission and the National Energy Administration issued new rules for electricity market measurement and settlement, effective from October 1, 2025 [3][60] - The report discusses the focus of major state-owned enterprises on new energy development, storage technology, and global energy market participation [3][60] Investment Recommendations - The report recommends focusing on leading companies in various sectors, including Anhui Energy and Huadian International for thermal power, Yangtze Power for hydropower, and Longyuan Power for wind energy [2][66] - It also suggests monitoring the environmental sector, particularly urban comprehensive operation management service providers like Yuhua Tian [2][66] Industry Trends - The coal sector is experiencing upward pressure due to supply constraints and rising demand, while the thermal power sector faces slight pressure from high coal prices and seasonal demand fluctuations [3][66] - The renewable energy sector, particularly wind and solar, is expected to see stable growth despite some challenges in installation and utilization rates [3][66]