华泰联合证券有限责任公司 关于华电国际电力股份有限公司 本独立财务顾问核查意见是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办 法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重 组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》 和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要 求，以及证券行业公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤勉 尽责的态度，就本次交易认真履行尽职调查义务，对上市公司相关的申报和披露文件 进行审慎核查后出具的，旨在就本次交易行为做出独立、客观和公正的评价，以供上 市公司全体股东及有关各方参考。 本独立财务顾问核查意见所依据的文件和材料由本次交易各方提供，提供方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本财务顾问不承担由此引起的任何风险责任。 本独立财务顾问核查意见是在假设本次交易各方当事人均全面和及时履行本次交 易相关协议和声明或承诺的基础上出具。 ...

北京市金杜律师事务所 关于华电国际电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之标的资产过户的法律意见书 致：华电国际电力股份有限公司 北京市金杜律师事务所（以下简称本所）接受华电国际电力股份有限公司 （以下简称上市公司、公司或华电国际）委托，担任华电国际拟通过发行股份及 支付现金的方式向中国华电集团有限公司购买其持有的华电江苏能源有限公司 80%股权，向福建华电福瑞能源发展有限公司购买其持有的上海华电福新能源有 限公司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能 源有限公司 55.0007%股权、华电福新广州能源有限公司 55%股权、华电福新江门 能源有限公司 70%股权、华电福新清远能源有限公司 100%股权，向中国华电集 团北京能源有限公司（原名中国华电集团发电运营有限公司，现更名为中国华电 集团北京能源有限公司，以下简称华电北京）购买其持有的中国华电集团贵港发 电有限公司 100%股权，并向不超过 35 名特定投资者发行股份募集配套资金（以 下简称本次交易）的专项法律顾问。 为本次交易，本所已于 2024 年 11 月 29 日出具《北京市金杜律师 ...

中国银河证券股份有限公司 关于华电国际电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之华电江苏能源有限公司股权过户完成情况的 本独立财务顾问核查意见所依据的文件和材料由本次交易各方提供，提供方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本财务顾问不承担由此引起的任何风险责任。 本独立财务顾问核查意见是在假设本次交易各方当事人均全面和及时履行本次交 易相关协议和声明或承诺的基础上出具。 本独立财务顾问核查意见不构成对上市公司的任何投资建议或意见，对投资者根 据本独立财务顾问核查意见作出的任何投资决策可能产生的风险，本独立财务顾不承 担任何责任。 本独立财务顾问未委托或授权其他任何机构和个人提供未在本财务顾问核查意见 中列载的信息和对本财务顾问报告做任何解释或说明。 独立财务顾问核查意见 独立财务顾问 二〇二五年六月 独立财务顾问声明 中国银河证券股份有限公司（以下简称"银河证券"、"本独立财务顾问"）担 任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交 易"）的独立财务顾问，就该事项向上市公司全体股东 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-049 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集 配套资金暨关联交易之华电江苏能源有限公司 股权过户完成的公告 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。 华电国际电力股份有限公司（以下简称"本公司"）拟通过发行普通股（A 股）的 方式购买中国华电集团有限公司（以下简称"中国华电"）持有的华电江苏能源有限公 司（以下简称"江苏公司"）80%股权，拟通过支付现金的方式购买福建华电福瑞能源 发展有限公司持有的上海华电福新能源有限公司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能源有限公司 55.0007%股权、华电福新广州能源有限公 司 55%股权、华电福新江门能源有限公司 70%股权、华电福新清远能源有限公司 100% 股权以及中国华电集团北京能源有限公司持有的中国华电集团贵港发电有限公司 100% 股权等，并募集配套资金（以下简称"本次交易"）。 3、本公司尚需向交易对方发行股份及支付现金以支付交易对价，并就新增 ...

Core Insights - The Xinjiang Tianshan North Gobi Energy Base, developed by China Huadian Corporation and China Resources Group, has commenced operation of its first coal power units, providing strong support for electricity supply in Chongqing during peak summer [1][3] Group 1: Project Overview - The total investment for the Xinjiang Tianshan North Gobi Energy Base is 54.7 billion yuan, with a total power generation capacity of 14.2 million kilowatts, including 4 million kilowatts of coal power, 7 million kilowatts of wind power, 3 million kilowatts of solar power, and 200,000 kilowatts of solar thermal power [1] - The project has a high clean energy installation ratio of 71.8%, integrating large-scale wind and solar power with efficient coal power generation [1][3] Group 2: Technological Innovations - The project has achieved several world-first technologies, including the use of a steel pipe X-column structure in cooling towers and the world's largest hyperbolic steel structure cooling tower [2] - It also features the world's first asynchronous motor bidirectional control steam feedwater pump technology and a 200,000-kilowatt large-scale photovoltaic medium-voltage direct current generation system [2] Group 3: Environmental Impact - The two 1 million kilowatt coal units are designed to reduce coal consumption by approximately 6 million tons and carbon dioxide emissions by about 16 million tons annually [3] - The project has created 23,000 job opportunities during construction and incorporates ecological protection and restoration measures [3] Group 4: Future Projections - The energy base plans to have all units operational by December this year, with an expected annual delivery of 36 billion kilowatt-hours of green electricity to the Sichuan-Chongqing region [4] - This initiative aims to transform the Gobi desert into an "energy oasis," enhancing the efficient development and utilization of clean energy in Xinjiang [4]

Group 1 - The core viewpoint of the articles indicates that Huadian International's stock is currently undervalued compared to the industry average, with a PE ratio of 10.26 compared to the industry average of 23.00 [1][2] - As of the first quarter of 2025, Huadian International reported a revenue of 26.577 billion yuan, a year-on-year decrease of 14.14%, while net profit was 1.930 billion yuan, reflecting a year-on-year increase of 3.66% [1] - The company has a total market capitalization of 59.218 billion yuan, ranking 13th in the power industry based on PE ratio [1][2] Group 2 - The company operates primarily in power generation, heating, and coal sales, with its main products being electricity and heat [1] - A total of 96 institutions hold shares in Huadian International, including 87 funds, 7 other institutions, and 2 insurance companies, with a total shareholding of approximately 811.162 million shares valued at 46.642 billion yuan [1]

华电国际电力股份有限公司 2024 年年度股东大会 会议材料 二〇二五年六月 2024 年年度股东大会会议议程 2024 年年度股东大会会议议程 会议时间：2025 年 6 月 17 日（星期二）下午 14:00 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 2024 年年度股东大会开始。 1 第一项， 与会股东及代表听取并审议以下议案： 1. 关于本公司董事会报告书的议案； 2. 关于本公司监事会报告书的议案； 3. ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, where key proposals including financial reports and board reports will be discussed and voted on by shareholders [1][2][3] Group 1: Meeting Arrangements - The meeting will take place on June 17, 2025, at the Huabin International Hotel in Beijing, with both on-site and online voting options for shareholders [1] - Shareholders can choose either on-site or online voting, but not both, to ensure the integrity of the voting process [1] Group 2: Board and Supervisory Reports - The company has prepared its 2024 Board Report and Supervisory Report in compliance with the requirements of the Hong Kong Stock Exchange and Shanghai Stock Exchange, which will be presented for shareholder approval [1][2] - The Supervisory Board has conducted thorough oversight of the company's operations and financial reporting, ensuring compliance with relevant laws and regulations [2][3] Group 3: Financial Performance and Profit Distribution - The company reported a net profit of 5,669.855 million RMB for 2024, with a proposed dividend distribution of 0.21 RMB per share, totaling 2,147.788 million RMB [9][10] - The proposed dividend distribution represents 45.72% of the distributable net profit attributable to shareholders [9] Group 4: Related Party Transactions - Significant related party transactions include agreements with China Huadian Group, involving a total estimated amount of 811 million RMB for various services and financial arrangements [3][4][5] - The company has renewed financial service agreements with its financial subsidiary, setting a maximum annual credit limit of 45 billion RMB [4][5] Group 5: Independent Directors' Reports - The independent directors have actively participated in governance, ensuring compliance with laws and protecting the interests of minority shareholders [12][14] - They have reviewed and approved various proposals, including the appointment of directors and financial management plans, maintaining a focus on transparency and accountability [12][14][21]

Summary of Conference Call Records Industry Overview - The conference call discusses the electricity market in China, particularly focusing on the implementation of the New Energy 136 Document and the acceleration of the spot market, which signifies a shift towards market-oriented electricity pricing [1][1]. Key Points and Arguments - The New Energy 136 Document, effective from June 1, marks a significant step in the marketization of the electricity sector, particularly for new energy sources, which now account for the second-largest share of electricity generation [1][1]. - Over ten provinces have begun long-cycle trial operations of the electricity spot market this year, enhancing the supply-demand relationship in electricity pricing [1][1]. - The introduction of the spot market has led to increased price volatility, with some pilot provinces like Shandong and Shanxi experiencing intraday price fluctuations exceeding 50% [2][2]. - As renewable energy capacity continues to grow, it is expected that more trading cycles will be dominated by renewable sources, which will lower overall price levels. However, traditional thermal power will still play a crucial role during periods of insufficient renewable output, maintaining higher prices during those times [3][3]. - The volatility in price curves is leading to a compression of trading cycles, pushing for weekly, multi-day, and even daily trading to become mainstream [4][4]. - The comprehensive electricity price for thermal power has risen during periods of declining coal prices, indicating a shift towards a model where thermal power is not just about generation but also about price regulation [4][4]. Recommendations - The report recommends focusing on national comprehensive power companies and northern thermal power companies with performance elasticity, such as: - Jintou Energy - Datang Power (H) - Huaneng International (H+A) - Huadian International (H+A) - Continued recommendations for Waneng Power, Sheneng Co., Huaneng Hydropower, and Guodian Power [4][4]. - For green energy, companies like Xintian Green Energy, Datang New Energy, and Longyuan Power (H) are highlighted. - In the hydropower sector, recommended companies include Yangtze Power, Chuan Investment Energy, Guotou Power, and Huaneng Hydropower [4][4]. Risks - The report outlines several risks associated with the marketization of electricity trading, including: - Price volatility risks due to market fluctuations - Risks from variations in wind and water resources - Significant increases in thermal coal prices - Delays in resource approval for new energy projects - Risks from macroeconomic downturns affecting electricity demand [4][4].

华电国际电力股份有限公司（"本公司"）第十届董事会第二十二次会议（"本次 会议"）于 2025 年 5 月 30 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 5 月 21 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。本次会议审议并一致通过了以下议 案： 一、审议并批准了《关于向中国石油天然气股份有限公司购买燃料之持续性关联交 易的议案》。同意本公司与中国石油天然气股份有限公司签署关于燃料采购的框架协议， 授权董事长、总经理及其授权人士根据境内外监管要求对该协议酌情进行修改，并按照 适用上市规则的有关规定完成披露及其他必须的程序和手续。根据香港联交所上市规则 的规定，前述交易构成持续性关联交易。本议案已由独立董事专门会议和董事会审计委 员会审议通过。 本议案的表决情况：12 票同意、0 票反对、0 票弃权。 证券代码：600027 证券简称：华电国际 公告编号 ...