华泰联合证券有限责任公司 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 实施情况之 独立财务顾问核查意见 独立财务顾问 签署日期：二〇二五年七月 关于华电国际电力股份有限公司 华泰联合证券有限责任公司 独立财务顾问核查意见 独立财务顾问声明 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 作本核查意见。 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 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-058 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 资金暨关联交易之标的资产过户完成的公告 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。 华电国际电力股份有限公司（以下简称"本公司"或"上市公司"）通过发行普通 股（A 股）及支付现金的方式购买中国华电集团有限公司（以下简称"中国华电"）持 有的华电江苏能源有限公司（以下简称"江苏公司"）80%股权，福建华电福瑞能源发 展有限公司持有的上海华电福新能源有限公司（以下简称"上海福新"）51%股权、上 海华电闵行能源有限公司（以下简称"上海闵行"）100%股权、广州大学城华电新能源 有限公司（以下简称"广州大学城"）55.0007%股权、华电福新广州能源有限公司（以 下简称"福新广州"）55%股权、华电福新江门能源有限公司（以下简称"福新江门"） 70%股权、华电福新清远能源有限公司（以下简称"福新清远"）100%股权，以及中国 华电集团北京能源有限公司（以下简称"华电北京"）持有的中国华电集 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-057 华电国际电力股份有限公司 关于变更独立财务顾问主办人的公告 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。 华泰联合证券有限责任公司（以下简称"华泰联合证券"）为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（以下简称"本次重组"）的独立财务顾问，华泰联合证券原指定骆毅平女士、沈迪 先生作为独立财务顾问主办人。 近日，本公司收到华泰联合证券出具的《关于变更独立财务顾问主办人的函》，华 泰联合证券原独立财务顾问主办人沈迪先生因个人工作变动原因，不再担任本次重组项 目的独立财务顾问主办人。为保证后续工作的有序进行，根据相关法规要求，华泰联合 证券现委派吴思航先生接替沈迪先生履行独立财务顾问主办人的相关职责。本公司对沈 迪先生在本次重组期间的辛勤付出、杰出贡献表示衷心感谢。 1 附件： 吴思航先生简历 吴思航，硕士研究生学历，华泰联合证券副总监、保荐代表人，曾参与或负责的项 目包括：陕西北元化工集团股份有限公 ...

华电国际（600027）公告，公司已完成发行股份购买资产部分的股份发行和登记，并已完成标的资产过 户。尚需在中国证监会批复的有效期内发行股份募集配套资金，并办理发行股份募集配套资金涉及新增 股份的相关登记、上市手续。标的资产包括江苏公司80%股权，上海福新51%股权、上海闵行100%股权 等，向中国华电购买江苏公司80%股权，支付现金向华电福瑞收购相关股权，向华电北京收购贵港公司 100%股权。 ...

Group 1 - The core viewpoint is that Huadian International is facing challenges in its transition to renewable energy while actively engaging in asset restructuring and issuing bonds to manage its financial obligations [1][2][3] Group 2 - On July 9, Huadian International announced the completion of the issuance of its 2025 ninth phase medium-term notes, raising 2 billion yuan with a maturity of 3+N years and a coupon rate of 1.89% [1] - On July 8, the company completed the issuance of its 2025 third phase short-term financing bonds, also raising 2 billion yuan with a maturity of 85 days and a coupon rate of 1.64% [1] - On July 2, Huadian International announced the completion of the issuance of its 2025 eighth phase medium-term notes, raising 1 billion yuan with a maturity of 3+N years and a coupon rate of 1.95% [1] Group 3 - The annual general meeting held on June 17 approved the issuance of financing instruments up to an equivalent of 80 billion yuan, including short-term financing bonds, medium-term notes, and perpetual bonds, based on the company's funding needs [2] Group 4 - Following the completion of asset restructuring, Huadian International is expected to achieve a breakthrough in regions such as Jiangsu, Shanghai, and Guangxi, enhancing its installed capacity and market share [3]

证券代码：600027 证券简称：华电国际 公告编号：2025-056 华电国际电力股份有限公司 关于中期票据发行的公告 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。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com。 特此公告。 华电国际电力股份有限公司 2025 年 7 月 9 日 1 华电国际电力股份有限公司（"本公司"）2024 年年度股东大会于 2025 年 6 月 17 日通过决议，同意本公司自 2024 年年度股东大会批准时起至 2025 年年度股东大会结束 时止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 800 亿元人民币 的短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内 外融资工具。 本公司已于近日完成了华电国际电力股份有限公司2025年度第九期中期票据（"本 期债券"）的发行。本期债券发行金额为 20 亿元人民币，期限为 3+N 年，单位面值为 100 元 ...

Group 1 - The core viewpoint of the articles highlights that Huadian International's stock closed at 5.66 yuan, down 1.39%, with a rolling PE ratio of 10.70 times and a total market capitalization of 61.73 billion yuan [1][2] - The average PE ratio for the power industry is 23.84 times, with a median of 20.04 times, placing Huadian International at the 12th position within the industry [1][2] - As of the first quarter of 2025, 96 institutions hold shares in Huadian International, including 87 funds, 7 others, and 2 insurance companies, with a total shareholding of 811,162.67 thousand shares valued at 46.642 billion yuan [1] Group 2 - Huadian International's main business includes power generation, heating, coal sales, and other related activities, with its primary products being electricity and heat [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating income 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]

华电国际电力股份有限公司 关于超短期融资券发行的公告 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。 证券代码：600027 证券简称：华电国际 公告编号：2025-055 华电国际电力股份有限公司（"本公司"）2024 年年度股东大会于 2025 年 6 月 17 日通过决议，同意本公司自 2024 年年度股东大会批准时起至 2025 年年度股东大会结束 时止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 800 亿元人民币 的短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内 外融资工具。 本公司已于近日完成了华电国际电力股份有限公司 2025 年度第三期超短期融资券 （"本期债券"）的发行。本期债券发行金额为 20 亿元人民币，期限为 85 天，单位面 值为 100 元人民币，发行票面利率为 1.64%。 本期债券由兴业银行股份有限公司和北京银行股份有限公司主承销，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金拟投入 20 亿元偿 还发行人及发行人所属公司 ...

Group 1 - The maximum national electricity load reached 1.465 billion kilowatts, setting a historical record, which accelerates the construction of a new power system and enhances response capabilities [1] - The National Development and Reform Commission reported that the power supply capacity is being improved, with the power supply and demand situation for the summer peak being better than last year, ensuring overall balance [1] - The State Grid is deepening the application of "AI + repair" to enhance efficiency in energy management and fault recovery [1] Group 2 - In 2025, the total investment in the two grids is expected to reach a historic high of 825 billion yuan, with a focus on transmission grid investments [2] - The State Grid has initiated reforms to support incremental distribution reform trials and is actively researching virtual power plants and new energy storage [2] Group 3 - The Southern Power Market has transitioned to continuous settlement trial operation, allowing for daily trading and real-time cross-province electricity transactions [3] - The market now includes 220,000 market participants with daily trading volume of 3.8 billion kilowatt-hours, indicating a shift towards a more diversified electricity trading environment [3] - The upcoming summer peak demand and the acceleration of the national unified electricity market construction are expected to positively impact the electricity sector [3] Group 4 - Relevant Hong Kong stocks in the electricity sector include China Huadian Corporation (01071), Huaneng International Power Development (00902), China Power International Development (02380), China Resources Power (00836), Datang International Power Generation (00991), and China General Nuclear Power (01816) [4] Group 5 - Key companies in the power equipment sector include Dongfang Electric (01072), Shanghai Electric (02727), and Harbin Electric (01133) [5]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]