Core Insights - The National Energy Administration of China reported that in July, the national electricity market transaction volume reached 6,246 billion kilowatt-hours, representing a year-on-year increase of 7.4% [1] - Among this, the intra-provincial transaction volume was 4,614 billion kilowatt-hours, up by 7.3%, while the inter-provincial and inter-regional transaction volume was 1,632 billion kilowatt-hours, increasing by 7.9% [1] - Green electricity transaction volume reached 256 billion kilowatt-hours, showing a significant year-on-year growth of 43.2% [1] Year-to-Date Summary - From January to July 2025, the cumulative national electricity market transaction volume totaled 35.9 trillion kilowatt-hours, marking a year-on-year increase of 3.2%, which accounted for 61.2% of the total social electricity consumption, a decrease of 0.9 percentage points year-on-year [1] - The intra-provincial transaction volume for the same period was 27.3 trillion kilowatt-hours, up by 1.6%, while the inter-provincial and inter-regional transaction volume reached 8,558 billion kilowatt-hours, increasing by 9% [1] - The green electricity transaction volume for the first seven months was 1,817 billion kilowatt-hours, reflecting a year-on-year growth of 42.1% [1] Market Context - Electricity market transactions refer to the activities where power generation companies engage in electricity trading with electricity sales companies or large electricity users through market-oriented methods [1] - Since the new round of electricity system reform, the construction of China's electricity market has been steadily advancing, with the scale of market-oriented transactions expanding year by year [1]

Group 1: Core Business Performance - The company reported its main operating conditions for the period from January to July 2025, detailing performance across various business segments [1] - The energy and power business includes hydropower, wind power, solar power, thermal power, new energy storage, nuclear power, power grid, hydrogen energy, geothermal energy, marine energy, and biomass energy [1] - Water resources and environmental business encompasses water conservancy, water services, water environment governance, marine engineering, soil remediation, and energy-saving projects [1] Group 2: Regional Distribution - The company provided a statistical breakdown of its performance by region for the same period, indicating the geographical distribution of its business activities [2] Group 3: Contract Signing - In July 2025, the company signed new contracts for individual projects exceeding RMB 500 million, highlighting significant contract activity during this period [3]

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

于2025年6月30日，集团发电厂的合并装机容量为53,940.6兆瓦，同比增加11.61%。集团清洁能源合并 装机容量为44,120.6兆瓦，约占总装机容量81.79%。 本文源自：财华网 2025年上半年，集团权益持有人应占利润轻微增长1.16%至28.3亿元，主要来自风电及火电板块。风电 板块的利润增长主要来自海上风力发电项目，火电板块则受益于燃料成本下降及实施有效的煤炭采购措 施。 【财华社讯】中国电力(02380.HK)公布，截至2025年6月30日止六个月，收入约238.58亿元(人民币,下 同)，同比减少9.87%；公司普通股股东应占利润约25.87亿元，同比增长0.65%；每股基本盈利0.21元。 不派息。 ...

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 7.071 billion, Hang Seng China Enterprises (02828) with 3.310 billion, and Southern Hang Seng Technology (03033) with 1.714 billion [1] - The top three stocks with net outflows are Dongfang Zhenxuan (01797) with -0.578 billion, SMIC (00981) with -0.487 billion, and Leap Motor (09863) with -0.363 billion [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 67.83%, followed by Honghua Smart Energy (01083) at 63.98%, and Anhui Wanshan Expressway (00995) at 58.06% [1] - The top three stocks with the highest net outflow ratios are Kangji Medical (09997) at -68.79%, China Power (02380) at -43.21%, and Poly Property Group (00119) at -41.60% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 7.071 billion with a net inflow ratio of 32.30% and a closing price of 25.620 [2] - Hang Seng China Enterprises (02828) saw a net inflow of 3.310 billion with a net inflow ratio of 29.79% and a closing price of 92.060 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 1.714 billion with a net inflow ratio of 29.36% and a closing price of 5.445 [2] Net Outflow Rankings - Dongfang Zhenxuan (01797) experienced a net outflow of -0.578 billion with a net outflow ratio of -6.16% and a closing price of 34.320 [2] - SMIC (00981) had a net outflow of -0.487 billion with a net outflow ratio of -12.37% and a closing price of 50.050 [2] - Leap Motor (09863) faced a net outflow of -0.363 billion with a net outflow ratio of -15.93% and a closing price of 73.350 [2] Additional Net Inflow Ratios - Qin Port Co. (03369) had a net inflow ratio of 67.83% with a net inflow of 565,800 and a closing price of 2.250 [3] - Honghua Smart Energy (01083) recorded a net inflow ratio of 63.98% with a net inflow of 57,090 and a closing price of 3.930 [3] - Anhui Wanshan Expressway (00995) achieved a net inflow ratio of 58.06% with a net inflow of 5,090 and a closing price of 12.200 [3] Additional Net Outflow Ratios - Kangji Medical (09997) had a net outflow ratio of -68.79% with a net outflow of -42,833.5 and a closing price of 8.700 [3] - China Power (02380) recorded a net outflow ratio of -43.21% with a net outflow of -45,233.1 and a closing price of 3.140 [3] - Poly Property Group (00119) faced a net outflow ratio of -41.60% with a net outflow of -13,472.1 and a closing price of 1.630 [3]

回顾期内，由于若干收购及新项目投入商业营运，本集团风电及光伏发电的收入分别持续增长16.69% 及3.08%，部分抵销同期火电及水电收入分别下跌17.77%及14.88%的影响。我们水电厂营运地区降雨量 减少，导致水电板块的收入及利润整体均有所下降。火电板块收入减少是由于去年底部分出售一家从事 燃煤发电的附属公司权益，该附属公司随后成为本公司的联营公司。本集团综合收入下降9.87%。 受今年实施全面市场化的再生能源电价政策影响，平均上网电价有所调整，风电及光伏发电板块经营利 润率录得同比下降。 于2025年六月叁十日，本集团发电厂的合并装机容量为53,940.6兆瓦，同比增加5,612.8兆瓦或11.61%。 本集团清洁能源合并装机容量为44,120.6兆瓦，约占总装机容量81.79%。 中国电力(02380)发布2025年中期业绩,该集团取得收入人民币238.58亿元(单位下同)，同比减少9.87%;公 司普通股股东应占利润25.87亿元，同比增加0.65%;每股基本盈利0.21元。 2025年上半年，本集团权益持有人应占利润轻微增长1.16%至28.3亿元，主要来自风电及火电板块。风 电板块的利润增长主要 ...

受今年实施全面市场化的再生能源电价政策影响，平均上网电价有所调整，风电及光伏发电板块经营利 润率录得同比下降。 于2025年6月30日，集团发电厂的合并装机容量为53,940.6兆瓦，同比增加5,612.8兆瓦或11.61%。集团 清洁能源合并装机容量为44,120.6兆瓦，约占总装机容量81.79%。 格隆汇8月21日丨中国电力(02380.HK)公告，2025年上半年，集团权益持有人应占利润轻微增长1.16%至 人民币28.3亿元，主要来自风电及火电板块。风电板块的利润增长主要来自海上风力发电项目，火电板 块则受益于燃料成本下降及实施有效的煤炭采购措施。 回顾期内，由于若干收购及新项目投入商业营运，集团风电及光伏发电收入分别持续增长16.69%及 3.08%，部分抵销同期火电及水电收入分别下跌17.77%及14.88%影响。公司水电厂营运地区降雨量减 少，导致水电板块的收入及利润整体均有所下降。火电板块收入减少是由于去年底部分出售一家从事燃 煤发电的附属公司权益，该附属公司随后成为公司的联营公司。集团综合收入下降9.87%。 ...

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 就 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。 中 國 電 力 國 際 發 展 有 限 公 司 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 在 香 港 註 冊 成 立 的 有 限 責 任 公 司 （股份代號：2380） 二零二五年中期業績公告 中 國 電 力 國 際 發 展 有 限 公 司（「本公司」）董 事 局（「董事局」）欣 然 公 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」或「我 們」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 中 期 業 績。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 變 動 | | | 人民幣千元 | 人民幣千元 | % | | 收 入 | 23 ...

Financial Performance - Revenue decreased by 9.87% from RMB 26,471.527 million in 1H2024 to RMB 23,857.644 million in 1H2025[12] - Fuel costs decreased by 26.16% from RMB -7,922.234 million in 1H2024 to RMB -5,849.834 million in 1H2025[12] - Depreciation increased by 11.29% from RMB -6,070.658 million in 1H2024 to RMB -6,755.962 million in 1H2025[12] - Operating profit increased by 1.94% from RMB 7,466.308 million in 1H2024 to RMB 7,611.019 million in 1H2025[12] - Profit attributable to equity holders of the company increased by 1.16% from RMB 2,802.197 million in 1H2024 to RMB 2,834.655 million in 1H2025[12] - Total assets increased by 3.60% from RMB 340,455.547 million on 2024.12.31 to RMB 352,714.191 million on 2025.06.30[13] - Total liabilities increased by 2.96% from RMB 232,923.154 million on 2024.12.31 to RMB 239,821.682 million on 2025.06.30[13] Operational Data - The ratio of clean energy revenue increased from 60.29% in 1H2024 to 64.20% in 1H2025[23] - Consolidated capacity increased by 6.99% from 39,869.7 MW on 2024.6.30 to 42,658.8 MW on 2025.6.30[25] - Net power generation decreased by 2.8% from 64,344 GWh in 1H2024 to 62,537 GWh in 1H2025[31]

——西藏自治区成立60周年电网发展成就综述 次吉美朵 六十载砥砺奋进，一甲子沧桑巨变。在党中央的亲切关怀和全国各族人民的大力支持下，西藏从落后走 向进步，从贫穷走向富裕，从封闭走向开放，西藏经济社会实现了跨越式发展，取得了举世瞩目的成 就。 辉煌六十载，美丽新西藏离不开电力事业的强力支持。西藏电网以钢铁脊梁扛起经济发展重任，用光明 动脉激活高原生机，在苍茫天地间镌刻下属于新时代的壮丽史诗，向着建设社会主义现代化新西藏的征 程昂首阔步，砥砺前行。 "大网电"攀上世界屋脊 "奇迹工程"架起坚强电网 藏区发展动力十足 在阿里地区普兰县，达瓦洛珠点亮房间里的灯泡，满脸幸福地说："这几年用上了大网电，生活也被照 亮了！"这曾是他难以想象的场景。 阿里地区距离拉萨足足有1500多千米，路程为平均海拔4500米以上的高原。这样遥远的距离、恶劣的条 件，让阿里地区的电网长期处于孤网运行状态。直到阿里联网工程投运，这一情况才得到根本性改变。 这条被称为"电力天路"的奇迹工程，是西藏最重要的主干电网之一。 高原有了新希望 1月7日，西藏定日发生6.8级地震。当日中午，定日县城恢复供电；当日晚，地震震中所在的定日县长 所乡恢复供电 ...