Core Viewpoint - Huadian International (600027) has experienced a decline in stock price, closing at 5.1 yuan, down 3.23% from the previous week, with a current market capitalization of 59.22 billion yuan, ranking 15th in the power sector and 273rd in the A-share market [1] Company Announcements - The 29th meeting of the 10th Board of Directors was held on November 18, 2025, where the board approved the election of new members to the Strategic Committee and Audit Committee, and authorized the board secretary to modify and publish 16 related management systems [2] - The third extraordinary general meeting of shareholders was convened on November 18, 2025, where resolutions were passed to amend the Articles of Association and abolish the Supervisory Board, with the meeting being legally validated by Beijing Haiwen Law Firm [3][4] - The Articles of Association were amended to establish a board of 12 directors, including one employee director, with Zhu Yueguang elected as the employee director [5][9] Governance Structure - The latest revision of the Articles of Association, approved on November 18, 2025, outlines the governance structure, including the roles and rules of the shareholders' meeting, board of directors, and supervisory board, with a registered capital of 11.61 billion yuan [6] - The updated management system includes various regulations aimed at enhancing corporate governance and internal control, approved by the 29th meeting of the 10th Board of Directors [7]

Core Viewpoint - Huadian International Power Co., Ltd. has elected Zhu Yueguang as the employee director of the 10th Board of Directors, effective from November 18, 2025, until the term of the 10th Board ends [1] Summary by Sections Election Announcement - The company announced the election of Zhu Yueguang as the employee director through a democratic process [1] Zhu Yueguang's Profile - Zhu Yueguang, born in August 1976, is a senior accountant and senior economist with a master's degree in economics from Peking University Guanghua School of Management [1] - He currently holds the positions of employee director, deputy general manager, and chairman of the labor union within the company [1] - Zhu has 22 years of experience in operational management, capital operations, financial management, and legal compliance, having previously worked at China Huadian Group and Huadian Jiangsu Energy Co., Ltd. [1]

Core Viewpoint - The traditional coal-fired power industry is undergoing significant transformation, shifting from a cyclical asset to a stable value asset due to changes in energy structure and market reforms [1][2]. Industry Transformation - The coal-fired power sector has transitioned from being a "power provider" to a "regulatory guarantor," with its role evolving to include peak supply and frequency regulation in response to the instability of renewable energy sources [1][2]. - The installed capacity of coal-fired power has decreased from 66% in 2015 to 40% by July 2025, while its generation share has dropped from 74% to 65% [1]. New Profitability Framework - The profitability of coal-fired power is now influenced by three main factors: rising capacity prices, increasing auxiliary service revenues, and the gradual improvement of the coal-electricity linkage mechanism [2][3]. - The capacity price mechanism, effective from 2024, will provide fixed compensation based on installed capacity, with expected prices rising from 100 yuan/kW·year in 2024-2025 to 165 yuan/kW·year in 2026, and up to 230 yuan/kW·year in leading provinces [2]. - Auxiliary service revenues are projected to grow significantly, with Huaneng International's net income from auxiliary services expected to rise from 1.473 billion yuan in 2022 to 2.458 billion yuan in 2024 [3]. Market Dynamics - The shift towards market-based trading has reduced the influence of traditional pricing factors, allowing coal-fired power companies to optimize pricing strategies and enhance revenue per unit of electricity generated [2][3]. - The marketization of pricing mechanisms has effectively smoothed out cost fluctuations, leading to a more stable return on equity (ROE) for coal-fired power plants, projected to stabilize around 10% [3]. Financial Performance and Outlook - The coal-fired power sector is experiencing improved financial metrics, with a projected 8.2% growth in equity for 2023-2024 and a further 3.5% increase in the first half of 2025 [4][5]. - Operating cash flow for the coal-fired power sector is expected to reach 144 billion yuan in the first half of 2025, reflecting a year-on-year increase of 29.4% [5]. - The sector's dividend payouts are also on the rise, with a 91% year-on-year increase in total dividends in the first half of 2025, indicating a sustainable dividend capacity [5]. Investment Recommendations - Investors are advised to focus on three main lines of opportunity within the coal-fired power sector: leading companies with improving performance, firms committed to high dividends, and regionally stable leaders [5].

Core Viewpoint - China Huadian International Power Co., Ltd. has elected Zhu Yueguang as the employee director of its 10th board of directors, effective from November 18, 2025, until the term of the 10th board ends [1] Group 1 - The election was conducted through a democratic process [1] - Zhu Yueguang will serve as the employee director for the company [1]

Core Points - Huadian International Power Co., Ltd. announced the election of Zhu Yueguang as the employee director of the 10th Board of Directors, effective from November 18, 2025 [1][2] - Zhu Yueguang holds a master's degree in economics from Peking University and has 22 years of experience in management, capital operations, financial management, and legal compliance [1][2][5] - The election was conducted democratically, and Zhu's appointment complies with relevant laws and regulations, ensuring that the number of directors who are also senior management does not exceed half of the total board members [2][4] Summary by Sections - **Election Announcement** - The company held the third extraordinary general meeting of shareholders on November 18, 2025, where the election of Zhu Yueguang as the employee director was approved [2] - The board will consist of 12 directors, including one employee director, without the need for shareholder approval [2] - **Zhu Yueguang's Qualifications** - Zhu Yueguang, born in August 1976, is a senior accountant and senior economist [5] - He currently serves as the employee director, deputy general manager, and chairman of the labor union at the company [1][5] - **Compliance and Governance** - Zhu's qualifications meet the requirements set forth by the Company Law and the Shanghai Stock Exchange's listing rules [2] - The appointment aligns with the company's articles of association and relevant regulatory guidelines [2]

Group 1 - The core point of the article is the election of Zhu Yueguang as the employee director of Huadian International Power Co., Ltd., effective from November 18, 2025, until the end of the current board's term [1] Group 2 - Zhu Yueguang is a Chinese national born in August 1976, holding senior titles in accounting and economics, with a master's degree in finance from Peking University [4] - Currently, Zhu serves as the employee director, deputy general manager, and chairman of the labor union at the company [4] - Zhu has 22 years of experience in management, capital operations, financial management, and legal compliance, having previously worked at China Huadian Group and Huadian Jiangsu Energy Co., Ltd. [4]

Core Points - The temporary shareholders' meeting of Huadian International Power Co., Ltd. was held on November 18, 2025, with no resolutions rejected [2][4] - The meeting was chaired by Chairman Liu Lei, and the procedures followed legal and company regulations [2][6] - The meeting approved several key resolutions, including amendments to the company's articles of association and the cancellation of the supervisory board [4][12] Group 1: Meeting Attendance - 8 out of 11 directors attended the meeting, while 1 out of 3 supervisors was present [3] - The company secretary, Qin Jiehai, was also present at the meeting [3] Group 2: Resolutions Passed - The resolution to amend the company's articles of association and cancel the supervisory board was approved [4][12] - The resolution to amend the rules of procedure for shareholders' meetings was also approved [5] - The resolution to amend the rules of procedure for board meetings was approved [5] Group 3: Board Elections - The board approved the election of Zhu Yueguang as a member of the strategic committee, with a term until the end of the current board's tenure [6][7] - The election of Feng Zhenping as a member of the audit committee was also approved [7] - The election of Zhu Yueguang as the employee director was confirmed, with his term starting from November 18, 2025 [12][13] Group 4: Legal Compliance - The meeting was witnessed by Beijing Haiwen Law Firm, confirming that the procedures and voting results were in compliance with relevant laws and company regulations [5][6]

Core Points - Huadian International announced the election of Mr. Zhu Yueguang as the employee director of the company's 10th board of directors, effective from November 18, 2025, until the term of the 10th board expires [1] Summary by Category - **Company Announcement** - Huadian International held a democratic election for the position of employee director [1] - Mr. Zhu Yueguang has been elected to serve on the 10th board of directors [1] - The term for the newly elected director will begin on November 18, 2025 [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） 承董事會命 （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《第十屆董事會第二十九次會議決議公告》、 《關於選舉職工董事的公告》，僅供參閱。 華電國際電力股份有限公司 秦介海 董事會秘書 於本公告日期，本公司董事會由下列董事組成： 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行 董事）、曾慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執 行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立非執行董事）、 ...

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。 茲載列華電國際電力股份有限公司（「本公司」）在上海證券交易所網站刊登的公告，僅 供參閱。 承董事會命 華電國際電力股份有限公司 秦介海 董事會秘書 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行 董事）、曾慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執 行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立非執行董事）、 沈翎（獨立非執行董事）、黃克孟（獨立非執行董事）。 中國 • 北京 二零二五年十一月十八日 * 僅供識別 华电国 ...