截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

Core Viewpoint - China Huadian Corporation (华电国际) demonstrates stable profitability despite a slight decline in revenue, attributed to reduced operating costs outpacing revenue decreases, leading to increased net profit [1][4]. Financial Performance - In 2024, the company reported operating revenue of 1129.94 billion yuan, a decrease of 3.57% year-on-year, while net profit reached 57.03 billion yuan, an increase of 26.11% [1][3]. - The company achieved a net profit growth for three consecutive years, accumulating a total net profit of 103.41 billion yuan from 2022 to 2024 [4]. - The operating costs for 2024 were approximately 1030.71 billion yuan, a reduction of about 6% compared to the previous year, with fuel costs decreasing by 6.49% [4][7]. Investment and Acquisitions - The company is accelerating a significant related-party acquisition worth 71.67 billion yuan to enhance its business scale, involving the purchase of stakes in multiple subsidiaries [1][6]. - Since 2021, the company has consistently generated annual investment returns exceeding 30 billion yuan, totaling 193.18 billion yuan from 2021 to 2024 [1][7]. Dividend Policy - In 2024, the company announced a cash dividend of 21.48 billion yuan, with a cumulative dividend payout of 57.27 billion yuan over the past three years, resulting in a cash dividend ratio of 230.81% [1][7].

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 中集集团 (China International Marine Containers), 华电国际 (China Huadian Corporation), 云南能投 (Yunnan Energy Investment), 依托股份 (Yiteng Co.), 海洋股份 (Ocean Co.) - **Industries**: Container shipping, marine engineering, energy generation, and renewable energy Key Points and Arguments 中集集团 (China International Marine Containers) - Achieved a net profit of 2.97 billion yuan in 2024, a 600% increase year-on-year, with Q4 net profit of 1.14 billion yuan, marking a turnaround from losses [2][3] - Container sales surged by 400% to 3.44 million units, driven by recovering demand in container shipping and marine engineering markets [2][3] - Global commodity trade recovery and WTO's optimistic forecast for trade growth (2.7% in 2024 and over 3% in 2025) supported container segment growth [2][3] - Marine engineering demand is on the rise, with drilling platform utilization exceeding 90% and new ship prices increasing by over 20% year-on-year [2][4] - Projected net profits for 2025, 2026, and 2027 are 3.6 billion, 4.4 billion, and 5.2 billion yuan, respectively, with profit growth expected to remain above 20% [2][5] 华电国际 (China Huadian Corporation) - Reported revenue of 112.99 billion yuan in 2024, a 3.6% decline, but net profit increased by 26.1% to 5.7 billion yuan, benefiting from lower fuel prices [11] - Planned cash dividend of 0.21 yuan per share, with a payout ratio of 45.7%, resulting in a dividend yield of approximately 3.8% [11] - Coal and gas power generation hours decreased, but gas generation increased by 7.4% due to new gas turbine installations [12] - Fuel costs decreased by 6.5% year-on-year, leading to a gross margin increase in thermal power business to 9.2% [12] 云南能投 (Yunnan Energy Investment) - Achieved revenue of 3.45 billion yuan in 2024, an 18.9% increase, and net profit of 675 million yuan, a 39.97% increase, driven by the renewable energy sector [15][16] - New energy sales reached 3.696 billion kWh, an 82% increase year-on-year, supported by high pricing levels in market transactions [15] - Plans to divest 52% stake in TRG Company for 888 million yuan to mitigate losses and improve overall profitability [16] - Projected net profits for 2025, 2026, and 2027 are 900 million, 1.1 billion, and 1.2 billion yuan, respectively, with corresponding P/E ratios of 11, 10, and 9 [17] 依托股份 (Yiteng Co.) - Reported revenue of 11.9 billion yuan in 2024, a 3.2% increase, but net profit decreased by 7.5% to 920 million yuan [6] - Anticipates recovery in energy machinery demand, driven by rising grain prices and product upgrades [7] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.16 billion, and 1.29 billion yuan, with growth rates of 11.6%, 12.2%, and 11.6% [7] 海洋股份 (Ocean Co.) - Achieved revenue of 13.72 billion yuan in 2024, a 1% increase, but net profit decreased by 24% to 920 million yuan [8] - Anticipates recovery in gross margins due to manufacturing recovery and improved retail prices [10] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.2 billion, and 1.4 billion yuan, with growth rates of 15%, 16%, and 17% [10] Other Important Insights - The container shipping and marine engineering sectors are experiencing significant recovery, with strong demand and pricing power [2][3][4] - The energy sector is facing mixed results, with some companies benefiting from lower fuel costs while others struggle with declining revenues [11][12] - Renewable energy is a key growth area, particularly for companies like 云南能投, which is capitalizing on high pricing and increased sales [15][16]

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].

Financial Performance - The total operating revenue for 2024 was approximately RMB 112,993,979 thousand, a decrease of 3.57% compared to RMB 117,176,125 thousand in 2023[22]. - The net profit attributable to shareholders for 2024 was RMB 5,702,671 thousand, representing a 26.11% increase from RMB 4,522,125 thousand in 2023[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 5,352,031 thousand, up 40.74% from RMB 3,802,752 thousand in 2023[22]. - The net cash flow from operating activities for 2024 was RMB 16,336,372 thousand, an increase of 23.28% compared to RMB 13,251,646 thousand in 2023[22]. - The total assets at the end of 2024 were RMB 223,875,372 thousand, a slight increase of 0.38% from RMB 223,036,299 thousand at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were RMB 67,334,772 thousand, a decrease of 3.47% from RMB 69,756,242 thousand at the end of 2023[22]. - The proposed dividend for the 2024 fiscal year is RMB 0.21 per share, with a total distribution amounting to approximately RMB 1,329,582.95 thousand[5]. - The dividend payout ratio for 2024 is 45.72% of the distributable net profit attributable to shareholders[5]. - The company achieved a total operating revenue of approximately RMB 112.994 billion for the year 2024, with a net profit attributable to shareholders of RMB 5.703 billion, resulting in a basic earnings per share of RMB 0.46[38]. - The weighted average return on equity increased by 2.32 percentage points to 11.66% compared to the previous period[23]. Operational Highlights - The company’s total installed capacity reached 59,818.62 MW, with coal power accounting for approximately 78.15% and clean energy sources (gas and hydro) making up about 21.85%[41]. - In 2024, the company generated 222.63 billion kWh of electricity, a year-on-year decrease of approximately 0.52%[41]. - The average on-grid electricity price was approximately RMB 511.74 per MWh, while the coal price was RMB 965.16 per ton[41]. - The average utilization hours for the company's power generation units were 3,746 hours, a decrease of 210 hours year-on-year[42]. - The company’s operating costs for the year were approximately RMB 103.071 billion, leading to a gross profit margin of around 8.5%[38]. - The company’s cash flow from operating activities showed a strong performance, with RMB 4,996,117 thousand recorded in the third quarter[30]. - The company’s power generation coal consumption is 287.53 grams/kWh, significantly better than the national average level[82]. - The total electricity traded in the market during the year is 189.624 billion kWh, an increase of 4.15% compared to the previous year[84]. Environmental and Sustainability Efforts - The company has invested RMB 24,866 thousand in environmental protection during the reporting period[191]. - The company has established a mechanism for environmental protection[191]. - The company emitted approximately 12,282 tons of sulfur dioxide, with an average emission intensity of 0.06 grams per kilowatt-hour[192]. - The total nitrogen oxides emissions were about 24,286 tons, with an average emission intensity of 0.12 grams per kilowatt-hour[192]. - All coal-fired power plants have completed ultra-low emission renovations, and pollution control facilities are operating normally[193]. - The company has a nearly 100% operational rate for desulfurization, denitrification, and dust removal equipment[199]. - The carbon intensity of electricity supply is 783.30 grams per kilowatt-hour[200]. - The company has achieved a comprehensive utilization rate of over 90% for solid waste such as fly ash and desulfurization gypsum[199]. Corporate Governance and Management - The company has updated and revised several governance documents, including the fundraising management measures and independent director work system[111]. - A total of 5 shareholder meetings and 12 board meetings were held in 2024, with significant proposals reviewed, including profit distribution plans[112]. - The company has implemented strict management of insider information, ensuring no illegal gains from insider trading[115]. - The company held its first extraordinary general meeting on March 26, 2024, where the election of directors was approved[130]. - The company has established a complete asset management system to ensure clear ownership and prevent unauthorized use of company assets[124]. - The company guarantees the independence of its financial department and accounting system, ensuring that financial personnel do not hold positions in related enterprises[126]. - The company has a total of 12 directors, with attendance varying from 10 to 12 across different meetings, indicating strong participation[133][134][135]. - The company’s board secretary and other executives consistently attended the meetings, reflecting management's commitment to shareholder engagement[133][134][135]. Future Outlook and Strategic Initiatives - The company plans to invest approximately RMB 12 billion in 2025 for power generation projects, environmental protection, energy-saving technology upgrades, and equity investments[100]. - The company anticipates a nationwide electricity consumption of 10.4 trillion kWh in 2025, with a year-on-year growth of approximately 6%[97]. - The company aims to enhance its core competitiveness and brand influence while achieving high-quality completion of the "14th Five-Year Plan" goals[99]. - The company plans to enhance its market expansion and explore new technologies in the upcoming quarters[72]. - The company is considering strategic acquisitions to enhance its portfolio, with a budget of 300 million earmarked for potential deals[142]. - The company is committed to ensuring compliance with legal regulations in its related party transactions and financing activities[163]. Employee and Training Initiatives - The total number of employees in the parent company and major subsidiaries is 25,093, with 4,884 in the parent company and 20,209 in subsidiaries[172]. - The company conducted training for 336,754 employees, achieving a training rate of 98.49%[174]. - The company has implemented a salary policy that links total salary to efficiency and effectiveness, focusing on grassroots employees[173].

华电国际（600027）3月24日主力资金净流入 3462.20万元 金融界消息 截至2025年3月24日收盘，华电国际（600027）报收于5.61元，上涨2.0%，换手率0.91%， 成交量77.33万手，成交金额4.32亿元。 资金流向方面，今日主力资金净流入3462.20万元，占比成交额8.02%。其中，超大单净流入301.93万 元、占成交额0.7%，大单净流入3160.27万元、占成交额7.32%，中单净流出流入1468.79万元、占成交 额3.4%，小单净流出4931.00万元、占成交额11.43%。 华电国际最新一期业绩显示，截至2024三季报，公司营业总收入848.11亿元、同比减少6.52%，归属净 利润51.56亿元，同比增长14.63%，扣非净利润51.45亿元，同比增长23.62%，流动比率0.460、速动比率 0.411、资产负债率61.74%。 天眼查商业履历信息显示，华电国际电力股份有限公司，成立于1994年，位于济南市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本1022756.1133万人民币，实缴资本769307万人民币。 公司法定代表人为刘雷。 通过天眼 ...

证券代码：600027 证券简称：华电国际 公告编号：2024-077 华电国际电力股份有限公司 关于董事长辞职的公告 特此公告。 华电国际电力股份有限公司 2024 年 12 月 18 日 1 华电国际电力股份有限公司（"本公司"）董事会于 2024 年 12 月 18 日收到本公司 董事长戴军先生的辞职报告。因达到退休年龄，戴军先生申请自本公司股东大会选举产 生新任董事之日起辞去其担任的本公司第十届董事会董事长、董事及董事会战略委员会 主任委员职务。辞职生效后，戴军先生不再担任本公司的任何职务。 戴军先生确认，其与本公司董事会及本公司没有不同意见，亦无其他事项需要通知 本公司股东及债权人。 戴军先生在本公司任职期间，勤勉尽责、恪尽职守，董事会对戴军先生为本公司发 展做出的卓越贡献表示衷心的感谢。 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。 ...

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 the third quarter reached CNY 31,629,676, a decrease of 6.52% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 1,933,276, reflecting an increase of 14.63% year-on-year[4] - The net profit excluding non-recurring gains and losses was CNY 1,835,320, which is a 23.62% increase compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 was CNY 84,810,782, a decrease of 6.3% compared to CNY 90,725,112 in the same period of 2023[16] - Net profit for the first three quarters of 2024 reached CNY 6,036,489, an increase of 22.7% from CNY 4,920,096 in 2023[16] - The total comprehensive income for the first three quarters of 2024 was CNY 5,996,983, compared to CNY 4,916,259 in 2023, representing an increase of 22.0%[17] - The total profit for the first three quarters of 2024 was CNY 4,182,508, representing an increase of 22.5% from CNY 3,416,021 in the previous year[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 221,831,478, a decrease of 0.54% from the previous year-end[4] - The company's total assets as of September 30, 2024, were CNY 221,831,478, slightly down from CNY 223,036,299 at the end of 2023[15] - The company's total assets as of September 30, 2024, were CNY 128,050,156 thousand, slightly down from CNY 128,522,861 thousand at the end of 2023[21] - The company's total liabilities decreased to CNY 136,958,094 from CNY 139,656,521, a reduction of 2.0%[15] - Current liabilities decreased to CNY 22,491,748 thousand from CNY 24,342,276 thousand year-on-year[22] - Long-term borrowings decreased to CNY 18,820,968 thousand from CNY 21,132,401 thousand in the previous year[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 106,026[9] - The largest shareholder, China Huadian Corporation, holds 4,620,061,224 shares, representing 45.17% of the total shares[9] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 11,978,623, an increase of 3.72% year-on-year[4] - Total operating cash inflow for the first three quarters of 2024 was CNY 96,979,722 thousand, a decrease of 7.5% compared to CNY 104,380,007 thousand in the same period of 2023[19] - Net cash flow from operating activities increased to CNY 11,978,623 thousand, up 3.7% from CNY 11,549,479 thousand year-on-year[19] - Cash outflow from investment activities totaled CNY 5,531,274 thousand, down 20.6% from CNY 6,967,751 thousand in the previous year[19] - Net cash flow from financing activities was CNY -7,214,593 thousand, compared to CNY -4,376,163 thousand in the same period of 2023[20] Accounting Standards - The company adopted new accounting standards effective January 1, 2024, without retrospective adjustments[5] Operational Strategies - The company’s total assets and liabilities management strategies are under review to enhance operational efficiency and profitability[24] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24]

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]