Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Group 1 - The company, Huadian International Power Co., Ltd. (stock code: 600027), recently announced important matters including board elections, independent director nominations, and a mid-term cash dividend plan [1][3] - As of September 12, the company's stock price closed at 5.43 yuan, reflecting a 0.93% increase from the previous week's 5.38 yuan, with a trading range of 5.36 yuan to 5.5 yuan during the week [1] - The company's total market capitalization reached 63.052 billion yuan, ranking 14th among 102 listed companies in the power sector and 263rd among 5,153 listed companies in A-shares [1] Group 2 - The board proposed several personnel changes for shareholder meeting consideration, including the nomination of current General Manager Li Quancheng as a board candidate, who has over 30 years of experience in finance and capital operations [3] - Independent director candidate Huang Kemeng, a lawyer with nearly 30 years of legal practice experience, is expected to provide legal support for corporate governance [3] - The proposed dividend plan involves distributing a cash dividend of 0.9 yuan (including tax) for every 10 shares, totaling approximately 1.045 billion yuan, subject to shareholder meeting approval [3] Group 3 - The company plans to hold its second extraordinary general meeting on September 25, 2025, to review the board elections, independent director elections, and the mid-term cash dividend plan [3] - The meeting will utilize a combination of on-site and online voting to facilitate shareholder participation [3] - This shareholder meeting signifies an important step in optimizing the company's governance structure and enhancing shareholder return mechanisms [3]

Group 1 - The stock price of Huadian International (600027) closed at 5.43 yuan on September 12, 2025, up 0.93% from the previous week [1] - The highest intraday price reached 5.5 yuan on September 8, 2025, while the lowest was 5.36 yuan on September 10, 2025 [1] - The current total market capitalization of Huadian International is 63.052 billion yuan, ranking 14th out of 102 in the power sector and 263rd out of 5,153 in the A-share market [1] Group 2 - Huadian International will hold its second extraordinary general meeting of shareholders on September 25, 2025, to review three proposals [2][4] - The first proposal is to elect Li Quancheng as a director; he is a senior accountant with over 30 years of experience in finance and capital operations [2][4] - The second proposal is to elect Huang Kemen as an independent director; he has nearly 30 years of legal experience and is currently a lawyer at Beijing Shidai Jiuhua Law Firm [2][4] - The third proposal involves a mid-term cash dividend plan, proposing a distribution of 0.9 yuan (including tax) per 10 shares, totaling approximately 1.045 billion yuan [2][4]

Core Insights - Huadian International achieved a net profit attributable to shareholders of 3.904 billion yuan in the first half of 2025, representing a year-on-year increase of 13.15% [1] - The second quarter net profit attributable to shareholders was 1.973 billion yuan, showing a year-on-year growth of 24.27% [1] - The growth in performance is attributed to the decline in coal prices, while the on-grid electricity price remains stable [1] Financial Performance - The average on-grid electricity price for the first half of the year was 516.8 yuan per megawatt-hour, a decrease of 1.44% year-on-year, approximately 7.6 yuan per megawatt-hour [1] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.8 billion, 7.3 billion, and 7.8 billion yuan respectively [1] - After excluding the perpetual bond interest of approximately 640 million yuan, the current stock price corresponds to price-to-earnings ratios of 10, 9, and 9 times for the years 2025, 2026, and 2027 [1] Strategic Developments - Huadian Group's conventional energy integration platform has completed the acquisition of 16 GW of thermal power [1] - The company plans to increase its stake in Huadian Jinshang on a pro-rata basis [1] - By 2027, the company aims to have an operational installed capacity of 12 million kilowatts, with a goal to establish an integrated demonstration base for hydropower, wind power, and solar energy in the upper reaches of the Jinsha River basin by 2035 [1]

华电国际电力股份有限公司 2025 年第二次临时股东大会 会议材料 二〇二五年九月 2025 年第二次临时股东大会会议议程 2025 年第二次临时股东大会会议议程 会议时间：2025 年 9 月 25 日（星期四）下午 14:30 现场会议地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 会议召集人：华电国际电力股份有限公司（以下简称"华电国际"、"本公司"或"公 司"）董事会 会议召开方式：与会股东和股东代表以现场记名投票表决与网络投票表决相结合的方式 审议通过有关提案。本次会议将通过上海证券交易所交易系统向本公司的 A 股股东提供 网络形式的投票平台。本公司的 A 股股东既可参与现场投票，也可以在网络投票时间内 通过上海证券交易所的交易系统参加网络投票。本公司 A 股股东只能选择现场投票和网 络投票其中一种表决方式，如同一股份通过现场和网络投票系统重复进行表决的或同一 股份在网络投票系统重复进行表决的，均以第一次表决为准。 现场会议安排： 会议主席宣布本公司 2025 年第二次临时股东大会开始。 1 第一项， 与会股东及代表听取并审议以下议案： 1. 关于选举公司董事的议案； 2. 关于选举公司独立董 ...

www.hdpi.com.cn 中期報告 2025 僅供識別 1 華電國際電力股份有限公司 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《企業會計準則》編製的截至二零二五年六月三十日止六個月期間（「本報告期內」）未 經審計的中期合併財務報表。同時，本公司的審計委員會（「審計委員會」）亦已審閱本集團二零 二五年中期報告及其相關財務資料。 業務回顧 本報告期內，本集團取得營業收入約為人民幣599.53億元，同比下降約8.98%。實現歸屬於本 公司股東的淨利潤約為人民幣39.04億元，同比上漲約13.15%。基本每股收益約為人民幣0.33 元，同比上漲約22.22%。 中期股息 本公司第十屆董事會第二十五次會議建議二零二五年半年度派發股息每股人民幣0.09元（含 稅），以總股本11,611,774,184股為基數，合計派發股息約為人民幣1,045,059.68千元（含 稅）。二零二五年中期股息預計將在二零二五年十二月三十一日或之前派發給合資格的H股股 東。本次現金分紅尚需提交股東大會審議，本公司將適時披露有關本次現金分紅的進一步信 息。 本集團主要現有資產 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 met expectations, benefiting from the integration of conventional energy platforms within the Huadian Group [5] - The company reported a revenue of 60 billion yuan in the first half of 2025, a year-on-year decrease of 8.98%, while the net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [6][5] - The average on-grid electricity price was 516.8 yuan/MWh, a decrease of 1.44% year-on-year, indicating stable electricity pricing despite a decline in revenue [5] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 117,176 million yuan (2023), 112,994 million yuan (2024), 117,075 million yuan (2025E), 125,303 million yuan (2026E), and 126,744 million yuan (2027E) [6][7] - Net profit attributable to shareholders is projected to grow from 4,522 million yuan in 2023 to 7,761 million yuan in 2027, with a significant year-on-year growth rate of 4,430.69% in 2023 [6][7] - The company's earnings per share (EPS) is expected to increase from 0.39 yuan in 2023 to 0.67 yuan in 2027 [6][7] - The company completed the acquisition of 16GW of thermal power assets from Huadian Group, with a total transaction price of 7.167 billion yuan [5][6]

Group 1 - The core viewpoint of the news is that Huadian International's subsidiary, Huadian Zibo Thermal Power Co., Ltd., has received environmental assessment approval for a new coal-fired power project with a total investment of 3.279 billion yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies by monitoring their environmental performance based on authoritative data from various government sources [1] - The recent A-share Green Weekly Report indicated that four listed companies have recently exposed environmental risks [2] Group 2 - Huadian International's main business segments include electricity sales (83.85% of revenue), heating (8.62%), coal sales (7.0%), and other businesses (0.53%) according to the 2024 annual report [4] - The company's market capitalization is approximately 61.241 billion yuan, with projected revenues of 117.176 billion yuan for 2023, 112.994 billion yuan for 2024, and 59.953 billion yuan for the first half of 2025 [5] - The net profit attributable to the parent company is expected to be 4.522 billion yuan for 2023, 5.703 billion yuan for 2024, and 3.904 billion yuan for the first half of 2025 [5]

Core Viewpoint - Huaneng International's stock price has shown slight fluctuations, with a recent increase of 2.04%, and the company has reported a year-to-date stock price increase of 0.18% [1] Financial Performance - For the first half of 2025, Huaneng International achieved operating revenue of 59.953 billion yuan, representing a year-on-year growth of 12.73% [2] - The net profit attributable to shareholders for the same period was 3.904 billion yuan, reflecting a year-on-year increase of 21.12% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Huaneng International was 125,000, a decrease of 6.25% from the previous period [2] - The company has distributed a total of 23.419 billion yuan in dividends since its A-share listing, with 5.816 billion yuan distributed in the last three years [3] Stock Market Activity - On September 8, Huaneng International's stock was trading at 5.49 yuan per share, with a total market capitalization of 63.749 billion yuan [1] - The stock experienced a net outflow of 5.5361 million yuan in principal funds, with significant buying and selling activity from large orders [1]