6月10日，在2025SNEC国际光伏与储能大会上，中国电力建设企业协会常务副会长王军表示，目前， 光伏行业发展置身于百年未有之大变局，但发展的大趋势、大格局未变。当前，光伏行业所面临的主要 挑战：一是国际贸易壁垒和贸易环境的复杂多变给光伏产业走向世界带来的不确定性增强。二是光伏产 业产能快速扩张和激烈价格竞争对行业发展造成的反噬。三是国家电力市场化改革，促进技术创新，推 动新质生产力发展等系列改革措施对光伏和储能等行业发展提出新要求，带来新的机遇和新的挑战。 (新浪财经) ...

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） 補充公告 有關資產重組建議之 須予披露及關連交易 茲提述中國電力國際發展有限公司（「本公司」）日期為二零二五年四月十六日 的公告及本公司日期為二零二五年五月二十日的通函（「該通函」），內容有關資 產重組建議。除文義另有所指外，本公告所使用的全部詞彙與該通函所界定者 具有相同涵義。 1 經審閲上文所述的參考性財務資料後，(i)董事確認，該通函「董事局函件」所 載向獨立股東提出之意見及推薦建議維持不變；(ii)獨立財務顧問確認，該通函 「新百利融資函件」所載其向獨立董事委員會及獨立股東提出之意見及推薦建 議維持不變；及(iii)獨立董事委員會亦確認，該通函「獨立董事委員會函件」 所載其向獨立股東提出之意見及推薦建 ...

Group 1 - The core viewpoint of the article highlights the comprehensive overview of the Chinese power industry, focusing on major listed companies, their performance, and future development plans [1][9][10] - The article provides a summary of key listed companies in the power sector, including their business segments and market positions, with a focus on companies involved in power generation and equipment [1][2][3] - Major listed companies in the power sector include Huaneng International, Datang Power, Huadian International, Guodian Power, and others, with a detailed breakdown of their operations and financial performance [2][4][6] Group 2 - In terms of revenue performance for 2024, Huaneng International leads with a revenue of 2455.51 billion, followed by Guodian Power at 1791.82 billion, and Datang Power at 1234.74 billion [9][10] - The article outlines the geographical distribution of these companies, noting that Huaneng International and Guodian Power have extensive operations both domestically and internationally [9][10] - Future investment plans indicate a shift towards renewable energy, with companies like Huaneng International planning to invest over 50 billion in new energy projects by 2025 [13]

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） 二零二五年六月五日舉行的股東大會投票表決結果 重續金融服務框架協議 二零二五年六月五日，中國電力國際發展有限公司（「本公司」）以虛擬會議方 式舉行股東大會（「股東大會」）。股東大會主席要求就日期為二零二五年五月 二十一日的股東大會通告所載的提呈決議案，按股數投票方式表決。 於股東大會當日，本公司已發行股份總數為 12,370,150,983 股。誠如本公司日期 為二零二五年五月二十一日的通函所披露，中國電力發展有限公司、中國電力國 際有限公司、中國電力（新能源）控股有限公司、國家電投香港財資管理有限公 司及國家電投集團創新投資有限公司（「國家電投聯繫人」）合共持有本公司 8,070,469,175 股股份。鑒 ...

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） 二零二五年六月五日，中國電力國際發展有限公司（「本公司」）以虛擬會議方式 舉行股東周年大會（「周年大會」）。周年大會主席要求就日期為二零二五年四月 二十五日的周年大會通告所載提呈決議案，按股數投票方式表決。 於周年大會當日，股東有權出席周年大會並於會上就決議案投票贊成或反對的股份 總數為 12,370,150,983 股。概無任何股份賦予持有人權利出席周年大會而放棄於 會上投票贊成提呈決議案。 本公司的股份過戶登記處香港中央證券登記有限公司獲委任為周年大會的監票人， 負責點票事宜。以下載列為周年大會上就有關各項決議案投票的表決結果： | | 普通決議案 | 贊成 | 反對 | | --- | --- | -- ...

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。 關連交易 前期開發與技術諮詢合同 於二零二五年六月五日，海陽風電（本公司一家非全資擁有的間接附屬公司） 與山東院訂立了前期開發與技術諮詢合同，據此山東院將就一個海上風力發 電項目的前期開發提供全面的技術諮詢服務 ，代價 為人民幣 39,980,000 元 （約相等於 4 3 ,457,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 6 5 . 2 4%。由於國家電投為 本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及聯繫 人均為本公司的關連人士。 山東院為國家電投非全資擁有的間接附屬公司。因此，山東院為本公司的關 連人士，而訂立前期開發與技術諮詢合同根據上市規則屬於本公司的一項關 連交易。 由於前期開發與技術諮詢合同的最高適用百分比率（定義見上市規則第 14.07 條）超過 0.1%，但低於 5 %，故前期開發與技術諮詢合同須遵守根據上市規 則第 14A 章公告及申報的規定 ...

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） 關連交易 儲能系統設備採購合同 於二零二 五 年 五 月 三 十 日 ， 新源智儲 （本公司 一家非全資擁有的附屬公 司），作為供應方，與海西能源訂立了一份 BESS 採購合同，據此新源智儲 將 為 托素項目 提供儲能系統 設備和組件以 及其相關服務， 代 價 人民幣 89,200,000 元（約相等於 96,957,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65 .2 4%。由於國家電投 為本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及 聯繫人均為本公司的關連人士。 海西能源為國家電投的間接附屬公司。因此，海西能源為本公司的關連人 士，而訂立 BESS 採購合同根據上市 ...

Investment Rating - The report maintains a "Buy" rating for China Power (02380) and raises the target price by 7.4% from HKD 3.51 to HKD 3.77 [1] Core Insights - The report indicates an increase in the earnings forecast for 2025 and 2026 by 1% and 1.4% respectively, highlighting an attractive dividend yield of 6% and 7% for these years [1] - Total power generation from January to April showed a slight year-on-year increase of 0.3%, with wind and solar power generation rising significantly by 32.1% and 13.6% respectively [1] - The report notes a decline of over 7% in domestic coal prices (both at ports and inland) compared to the end of March this year, suggesting that the company's thermal power price differential for the first half of the year may exceed the analyst's expectations by approximately 2% [1]

Group 1 - The core viewpoint of the article is a comprehensive analysis of the Chinese power industry, including its entire value chain, regional distribution, and representative companies' business layouts [1][4][6] - The power industry value chain consists of three main segments: upstream (generation), midstream (transmission and distribution), and downstream (end-users) [1][3] - Key players in the upstream generation segment include companies like China XD Group, XJ Electric, and Dongfang Cable, while major midstream players include Huaneng International, State Power Investment, and China Datang [3] Group 2 - The regional distribution of the power industry shows that provinces like Guangdong, Beijing, and Jiangsu have a high concentration of listed power companies, indicating a robust industry presence [4] - Huaneng International leads in several key performance indicators for 2024, including operating revenue of 245.55 billion, power business revenue of 237.55 billion, generation volume of 479.86 billion kWh, and total installed capacity of 145,125 MW [6][8] - Other notable companies include Datang Power with 123.47 billion in revenue and 28.52 million kWh in generation, and Huadian International with 112.99 billion in revenue and 22.26 million kWh in generation [8] Group 3 - Future investment trends indicate a shift towards renewable energy, with companies like Huaneng International planning to invest over 50 billion in renewable projects by 2025 [9] - Datang Power is set to invest approximately 5.969 billion in a coal power project, while Huadian International is undergoing a major asset restructuring to enhance its market share [9] - State Power Investment plans to invest around 19.2 billion in hydropower and photovoltaic projects, reflecting a broader industry trend towards integrating renewable energy sources [9]

Core Viewpoint - The company reported a slight year-on-year increase in total power generation of 0.3% for the first four months of the year, with significant growth in wind and solar power generation, while thermal power generation declined due to asset sales [1][2] Group 1: Power Generation Performance - Total power generation for the company in January to April remained stable, with a year-on-year increase of 0.3% [1] - Wind and solar power generation saw substantial increases of 32.1% and 13.6% respectively [1] - Thermal power generation decreased by 14.2% due to the sale of equity at the end of last year [1] - Hydropower generation experienced a significant drop in April, with a year-on-year decline of 53.3% and a month-on-month decline of 26.5% due to fluctuations in water inflow [1] Group 2: Fuel Costs and Profitability - The price of thermal coal weakened in the second quarter, leading to an expected improvement in the price differential for thermal power generation in the first half of the year [1] - The company anticipates a 2% higher price differential for thermal power generation than previously expected due to a more than 7% drop in domestic thermal coal prices since the end of March [1] - The fuel cost forecast for the thermal power segment has been reduced by 1% to RMB 0.249 per kilowatt-hour, reflecting an approximate 8% year-on-year decrease [1] Group 3: Financial Adjustments and Valuation - The company has adjusted its 2025 water power utilization hours down by about 1% to reflect weaker generation in April [2] - Following adjustments to the financial model, the profit forecasts for 2025 and 2026 have been increased by 1.0% and 1.4% respectively [2] - The valuation standard for the water power segment has been raised to 1.9 times the 2025 book value, up from 1.5 times, based on the asset injection valuation [2] - The target price for the company has been revised upward to HKD 3.77 from HKD 3.51 based on a segmented valuation approach [2] Group 4: Shareholder Confidence and Dividends - The parent company has increased its stake in the company, indicating confidence in its development, with a total increase of 1% over the past 12 months [2] - The current dividend yield of 6% for 2025 and 7% for 2026 remains attractive to investors despite market fluctuations [2] - The company maintains a "buy" rating based on these factors [2]