独立董事提名人声明与承诺 提名人华电国际电力股份有限公司第十届董事会，现提名黄 克孟为华电国际电力股份有限公司第十届董事会独立董事候选 人，并已充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况。被提名人已同意出 任华电国际电力股份有限公司第十届董事会独立董事候选人（参 见该独立董事候选人声明）。提名人认为，被提名人具备独立董 事任职资格，与华电国际电力股份有限公司之间不存在任何影响 其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-077 华电国际电力股份有限公司（以下简称"本公司"）第十届董事会第二十六次会议 （以下简称"本次会议"）于 2025 年 9 月 5 日在中华人民共和国北京市西城区宣武门 内大街 2 号华电大厦召开。本次会议通知已于 2025 年 8 月 25 日以电子邮件形式发出。 本公司董事长刘雷先生主持了本次会议，本公司全体 12 名董事亲自出席会议。本次会 议符合有关法律、法规及《公司章程》的规定，本次会议合法有效。本公司监事会主席 刘书君先生、监事马敬安先生及职工监事唐晓平先生列席了本次会议。 一、审议并通过《关于提名公司独立董事候选人并提请股东大会审议的议案》。同 意提名黄克孟先生为本公司独立董事候选人。本议案已经董事会提名委员会审议通过， 尚需提请本公司股东大会审议批准。黄克孟先生作为本公司独立董事的任期自股东大会 审议通过之日起至第十届董事会任期届满之日止。在股东大会选举产生新任独立董事前， 原任独立董事李兴春先生仍将继续履行其职责。黄克孟先生的简历详见附件。 黄克孟先生具备相关专业知识和工作经验，具备履职的能力和任职条件，不存在《中 华人民共 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-079 华电国际电力股份有限公司 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 召开的日期时间：2025 年 9 月 25 日14 点 30 分 召开地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 25 日 关于召开2025年第二次临时股东大会的通知 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。 重要内容提示： 1 股东大会召开日期：2025年9月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方 式 （四） 现场会议召开的日期、时间和地点 至2025 年 9 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开 ...

Group 1: Overall Industry Performance - Chinese power stocks' performance in the first half of the year generally met expectations, with strong earnings and free cash flow from thermal power, wind supply chain, and environmental businesses [1] - However, gas, wind, solar independent power producers, and solar supply chain showed relatively weak performance [1] Group 2: Company Ratings and Target Prices - Huaneng International Power (600011) received a "Buy" rating due to a free cash flow yield of 8%, with the H-share target price raised from HKD 6 to HKD 6.2 [1] - China Resources Power (00836) was rated "Neutral," with the target price decreased from HKD 20.2 to HKD 19.8 due to declining revenue from coal and renewable energy [1] - Huadian International Power (600027) had its rating downgraded from "Buy" to "Neutral," with the H-share target price lowered from HKD 4.9 to HKD 4.6, amid concerns over falling electricity prices and seasonal weakness [1] Group 3: Specific Company Insights - China Everbright Environment (00257) received a "Buy" rating, with a 23% year-on-year increase in pre-tax profit and a doubling of free cash flow, targeting a price of HKD 5.3 [2] - Longyuan Power (001289) was rated "Underperform," with a target price of HKD 6, as its earnings decline was in line with expectations, and attention will be paid to subsidy collection and upcoming provincial power tenders [2]

Core Viewpoint - Huadian International Power Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of the year, indicating a mixed financial performance driven by lower fuel costs despite reduced electricity generation [1][2]. Financial Performance - Operating revenue for the first half of the year was approximately 59.95 billion yuan, a year-on-year decrease of 8.98% [1]. - Net profit attributable to shareholders was about 3.90 billion yuan, reflecting a year-on-year increase of 13.15%, marking three consecutive years of profit growth [1]. Revenue Sources - Electricity and heat sales accounted for 99.23% of Huadian International's main business revenue, remaining the primary source of income [1]. Generation and Pricing - Total electricity generation was 120.62 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1]. - Grid electricity sales reached 113.29 billion kWh, down about 6.46% year-on-year [1]. - The average grid electricity price was 516.80 yuan per MWh, a decline of approximately 1.44% year-on-year [1]. Cost Structure - The price of standard coal for fuel was 850.74 yuan per ton, down 12.98% year-on-year, contributing positively to profitability [1]. - The company's gross profit margin improved by 2.1 percentage points, aided by lower coal prices and higher compensation ratios for coal power capacity in Shandong and Henan [2]. Installed Capacity - As of the end of June, Huadian International's total installed capacity was 77.44 million kW, with coal-fired power accounting for approximately 70.24% of the total [1]. - Gas-fired and hydroelectric power installations were 20.58 million kW and 2.46 million kW, respectively, together making up about 29.76% of the total capacity [1].

Core Viewpoint - The company reported a decline in revenue for H1 2025, but managed to achieve a growth in net profit, indicating effective cost management and operational improvements despite challenging market conditions [1][3]. Revenue and Profit Summary - In H1 2025, the company achieved revenue of 59.953 billion yuan, a year-on-year decrease of 8.98%, while net profit attributable to shareholders was 3.904 billion yuan, an increase of 13.15% [1]. - For Q2 2025, revenue was 33.376 billion yuan, down 4.42% year-on-year, with net profit of 1.973 billion yuan, up 24.27% [1]. Power Generation and Pricing Analysis - The total power generation in H1 2025 was 113.289 billion kWh, a decrease of approximately 6.46% year-on-year, primarily due to a relaxed power supply-demand balance and increased renewable energy capacity [2]. - The average on-grid electricity price for H1 2025 was 517.12 yuan/MWh, a decline of about 1.37% year-on-year, reflecting stable pricing in northern regions [2]. Cost Management and Operational Efficiency - The company's coal consumption for power generation was 280.05 grams/kWh, a reduction of 5.23 grams/kWh year-on-year, contributing to a 13.28% decrease in fuel costs [3]. - Overall operating costs decreased by 11.18% year-on-year, leading to an increase in gross margin by 2.1 percentage points to 10.72% [3]. Growth Drivers and Dividend Policy - The company added 17.62478 million kW of new installed capacity in H1 2025, with additional projects under construction, indicating strong growth potential [4]. - A mid-year cash dividend of 0.09 yuan per share was announced, totaling 1.045 billion yuan, reflecting the company's confidence in future growth [4]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 6.610 billion, 7.603 billion, and 8.501 billion yuan, with year-on-year growth rates of 15.91%, 15.03%, and 11.82% respectively [4]. - The company's stock price as of September 1, 2025, corresponds to a PE ratio of 9.43, 8.20, and 7.33 for the respective years [4].

Core Insights - The five major power generation companies in China reported a collective revenue decline compared to the same period last year, but four of them achieved profit growth, with a total net profit of 24.018 billion yuan, marking a 3% increase and the highest in nearly a decade [1] - Huaneng International led the performance with a revenue of 112.032 billion yuan and a net profit of 9.262 billion yuan, being the only company to surpass 100 billion yuan in revenue and nearing 10 billion yuan in profit [1] Revenue and Profit Performance - All five major power companies reported revenues exceeding 20 billion yuan, with Huaneng International being the only one to exceed 100 billion yuan [1] - Datang Power achieved the lowest revenue decline at less than 2% year-on-year, while its net profit growth rate was the highest at 47.35% among the five companies [4] Market Conditions and Strategies - The domestic coal market saw a continued easing of supply-demand tensions, with Qinhuangdao Q5500 thermal coal prices dropping approximately 22.2% year-on-year, which helped Huaneng International reduce its standard coal procurement costs by 9.23% [3] - Datang Power improved its profitability by controlling coal prices, increasing its profit per kilowatt-hour by 0.0153 yuan, while also expanding its renewable energy capacity [6] Dividend Distribution - Guodian Power announced the highest interim dividend of 1.784 billion yuan among the five companies, reflecting a commitment to enhancing shareholder returns [7] Financial Health - Huadian International reported the lowest asset-liability ratio among the five companies, indicating strong financial stability and effective debt management [10][12] - The overall asset-liability ratios of the five companies ranged from 62% to 75%, with Huaneng International and Huadian International maintaining ratios below 65% [10] Renewable Energy Performance - China Power achieved the highest proportion of clean energy installed capacity, with 44.1206 million kilowatts, accounting for 81.79% of its total installed capacity, an increase of 4.72 percentage points year-on-year [13] - Renewable energy sources contributed nearly 60% of China Power's revenue, with wind and solar segments generating 6.83 billion yuan and 4.87 billion yuan, respectively [15]

Core Viewpoint - The report from Guosheng Securities indicates that the overall performance of the power sector in the first half of 2025 meets expectations, with thermal power experiencing a decline in revenue but an increase in profit, hydropower remaining stable, and green energy facing pressure [1][2]. Summary by Category Performance Overview - In the first half of 2025, the power sector (SW) listed companies achieved total operating revenue of 911.6 billion yuan, a year-on-year decrease of 1.54%, while the net profit attributable to shareholders reached 102.7 billion yuan, an increase of 3.44% [2]. - Thermal power generated operating revenue of 572.6 billion yuan, down 3.70% year-on-year, but net profit increased by 6.31% to 44.1 billion yuan [2]. - Hydropower's operating revenue was 87.9 billion yuan, up 4.69% year-on-year, with net profit rising by 10.70% to 26.2 billion yuan [2]. - New energy generation (including nuclear power) faced challenges, with operating revenue of 153.0 billion yuan, a decline of 2.18%, and net profit down 6.42% to 25.1 billion yuan [2]. Thermal Power Insights - The significant drop in coal prices since the beginning of the year has mitigated the pressure from declining volume and price; however, regional price differentiation remains a challenge [2]. - The upcoming comprehensive adjustment of capacity prices in 2026 is expected to reshape the profitability model of thermal power [2]. - Recommended investment themes include stable performance targets with expected stable electricity prices, and high-dividend quality stocks as capital expenditure peaks [2]. Hydropower and Nuclear Power Potential - Hydropower companies are expected to benefit from decreasing interest expenses and the expiration of depreciation on power station units, which will continue to release profit space [3]. - Nuclear power is seeing a normalization in unit approvals, with accelerated investment and technology in nuclear fusion, indicating potential for commercialization [3]. Green Energy Outlook - The "Document 136" promotes the comprehensive entry of new energy into market trading, with rapid installation in the first half of the year leading to increased consumption challenges in the second half, impacting market prices [3]. - Policies supporting green energy consumption, such as direct connections and green certificate policies, are expected to catalyze growth in this sector [3]. - Recommended focus on undervalued green energy stocks, particularly in the Hong Kong market, and wind power operators with stable electricity price expectations [4]. Investment Recommendations - Key thermal power stocks to watch include Huadian International, Huaneng International, Baoneng New Energy, Guangzhou Development, and Guodian Power [4]. - For green energy, prioritize undervalued stocks in the Hong Kong market and wind power operators, with a focus on Xintian Green Energy and Longyuan Power [4]. - In hydropower and nuclear sectors, recommended stocks include Yangtze Power, State Power Investment Corporation, Sichuan Investment Energy, China National Nuclear Power, and China General Nuclear Power [4].

Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

Core Viewpoint - The five major power generation companies in China reported mixed results for the first half of the year, with collective revenue decline but an increase in net profits, reaching a total of 24.018 billion yuan, marking a 3% year-on-year increase and the highest in nearly a decade [1][2]. Revenue and Profit Performance - Huaneng International led the five companies with a revenue of 112.032 billion yuan and a net profit of 9.262 billion yuan, being the only company to exceed 100 billion yuan in revenue and approach 10 billion yuan in profit [2]. - Datang Power experienced the smallest revenue decline, less than 2% year-on-year, while achieving the highest net profit growth rate of 47.35% among the five companies [5]. Market Conditions and Cost Management - The domestic coal market saw a continued easing of supply-demand tensions, with Qinhuangdao Q5500 thermal coal prices dropping approximately 22.2% year-on-year. Huaneng International's optimized procurement strategy led to a 9.23% decrease in standard coal prices, contributing to a profit increase of 3.56 billion yuan in the thermal power sector [4]. - The implementation of market-based pricing for renewable energy resulted in a decline in both electricity volume and prices, impacting revenue across major power generation companies. However, falling coal prices provided a buffer against these declines, allowing for profit growth [7]. Dividend Distribution - Guodian Power announced the highest total dividend of 1.784 billion yuan among the five companies, reflecting a commitment to enhancing shareholder returns [8]. Financial Health and Debt Management - As of the end of June, the asset-liability ratios of the five major power companies ranged from 62% to 75%. Huaneng International and Huadian International maintained asset-liability ratios below 65%, indicating strong financial health [11][13]. Clean Energy Capacity - China Power reported the highest proportion of clean energy capacity, with a total installed capacity of 44.1206 million kilowatts, accounting for 81.79% of its total installed capacity, an increase of 4.72 percentage points year-on-year [14]. - Renewable energy sources now contribute nearly 60% of China Power's revenue, with wind and solar segments generating 6.83 billion yuan and 4.87 billion yuan, respectively, making up 28.72% and 20.48% of total revenue [16].