证券代码：600027 证券简称：华电国际 公告编号：2025-086 华电国际电力股份有限公司 第十届董事会第二十八次会议决议公告 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。 具体内容详见本公司同日于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《华电国际电力股份有限公司关于变更总股本、注册资本、修订公司章程及其附件 及取消监事会的公告》。 三、审议并通过《关于修订公司〈股东大会议事规则〉并提请股东大会审议的议案》。 同意将本公司现行《股东大会议事规则》更名为《股东会议事规则》，并对其部分条款 进行修改，并以特别决议案提请本公司股东大会审议批准。 本议案的表决情况：11 票同意、0 票反对、0 票弃权。 具体内容详见本公司同日于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《华电国际电力股份有限公司关于变更总股本、注册资本、修订公司章程及其附件 及取消监事会的公告》。 华电国际电力股份有限公司（以下简称"本公司"）第十届董事会第二十八次会议 （以下简称"本次会议"）于 2025 ...

重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 华电国际电力股份有限公司 2025 年第三季度报告 证券代码：600027 证券简称：华电国际 华电国际电力股份有限公司 2025 年第三季度报告 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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 22 华电国际电力股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 单位：千元 币种：人民币 | | 本报告期 | 上年同期 | | 本报告期比 | 年初至报告 | 上年同期 | | 年初至报告 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年同期增 | | | | 期末比上年 | | 项 ...

华电国际电力股份有限公司章程 本章程于一九九七年九月二十二日经公司股东大会特别决议审议批准，并历经以下会议审议 批准修订案： 〇二一年第三次临时股东大会特别决议授权） 1. 二〇〇一年四月二十六日召开的二〇〇〇年度股东大会特别决议 2. 二〇〇三年六月二十四日召开的二〇〇二年度股东大会特别决议 3. 二〇〇四年六月二十九日召开的二〇〇三年度股东大会特别决议 4. 二〇〇七年二月五日召开的二〇〇七年第一次临时股东大会特别决议 5. 二〇〇八年六月三十日召开的二〇〇七年度股东大会特别决议 6. 二〇〇九年六月二日召开的二〇〇八年度股东大会特别决议 7. 二〇一〇年十月二十六日召开的二〇一〇年临时股东大会特别决议 8. 二〇一一年二月二十二日召开的二〇一一年临时股东大会特别决议 9. 二〇一二年十二月二十八日召开的二〇一二年第二次临时股东大会特别决议 10. 二〇一三年六月二十五日召开的二〇一二年度股东大会特别决议 11. 二〇一三年十二月六日召开的二〇一三年第一次临时股东大会特别决议 12. 二〇一四年五月三十日召开的二〇一三年度股东大会特别决议 13. 二〇一四年十二月二十三日召开的二〇一四年第二次临时股东大会 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-088 华电国际电力股份有限公司 关于召开2025年第三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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第三次临时股东大会 召开的日期时间：2025 年 11 月 18 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 11 月 18 日 1 股东大会召开日期：2025年11月18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 11 月 18 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 ...

华电国际10月28日公告，公司召开第十届董事会第二十八次会议，审议并通过《关于修订〈公司章程〉 及取消监事会并提请股东大会审议的议案》。根据公告，公司拟取消监事会，删除相关章节并删除或替 换有关表述。监事会原有职权由董事会审计委员会承接，明确审计委员会负责监督公司财务、内部控制 及合规管理等工作。 ...

能源领域反腐持续推进 据中央纪委国家监委网站10月28日消息，日前，经中央纪委国家监委批准，中央纪委国家监委驻中国华 电纪检监察组和甘肃省天水市监委对中国华电所属华电煤业集团有限公司原党委委员、副总经理陈德杰 严重违纪违法问题进行了立案审查调查。 2024年1月召开的中国共产党第二十届中央纪律检查委员会第三次全体会议提出，持续发力、纵深推进 反腐败斗争，继续紧盯重点问题、重点领域、重点对象、新型腐败和隐性腐败，深化整治金融、国企、 能源、烟草、医药、基建工程和招投标等领域腐败问题。在此之后，能源领域反腐持续推进，多名涉案 人员被查。 经查，陈德杰丧失理想信念，背弃初心使命，对党不忠诚不老实，对抗组织审查，转移、隐匿违纪违法 所得；对中央八项规定精神置若罔闻，毫无敬畏、顶风违纪，长期多次违规收受可能影响公正执行公务 的礼品，多次接受管理和服务对象提供的高档宴请和旅游安排，长期借用管理和服务对象车辆；违背组 织原则，在职工录用工作中为他人谋取利益并收受财物；私欲膨胀、擅权妄为，将公权力沦为个人谋取 私利的工具，大搞权钱交易，利用职务便利为他人在企业经营等方面谋取利益，非法收受巨额财物；巨 额财产来源不明。 经查， ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Core Viewpoint - Citigroup's research report indicates that China Huadian International Power is benefiting from a decrease in unit fuel costs and a reduction in the extent of on-grid power generation cuts, which offsets the impact of lower on-grid electricity prices. As a result, the company is expected to see a year-on-year net profit growth of 40.7% to 2.4 billion yuan in the third quarter [1] Summary by Category - **Profit Forecast** - The company is projected to achieve a net profit of 6.4 billion yuan for the first three quarters of the year, representing a year-on-year growth of 22%, exceeding market expectations [1] - **Market Positioning** - Citigroup has initiated a 30-day positive catalyst observation for the company, maintaining a "Buy" rating with a target price set at 5.25 HKD [1]

Core Viewpoint - Huadian International announced a decline in power generation and on-grid electricity for the first three quarters of 2025 compared to the same period last year, indicating potential challenges in operational performance [1] Financial Performance - As of September 30, 2025, the cumulative power generation reached 201.329 billion kilowatt-hours, representing a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The on-grid electricity amounted to 189.243 billion kilowatt-hours, showing a decline of about 5.94% from the adjusted figures of the same period last year [1]