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 有關廢水處理設施升級工程之該等總承包合同 於二零二四年十二月十九日，平圩二電及平圩三電（均為本公司擁有 60% 權益的附屬公司）與遠達水務分別訂立了工程總承包合同 I 及工程總承包 合同 II。根據該等總承包合同，遠達水務將以總代價人民幣 79,802,500 元 （約相等於 85,8 0 9,000 港元）為平圩二電及平圩三電的廢水處理設施升級 工程提供服務。 於本公告日期，國家電投擁有本公司已發行股本約 64.6 8%。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。 遠達水務為遠達環保全資擁有的附屬公 司。於本公告日期，遠達環保為國家 ...

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price of HKD 3.92 [1] Core Views - China Power is a comprehensive clean energy platform under the State Power Investment Corporation (SPIC) with a TTM dividend yield of 6.42% and a PB (MRQ) of 0.64x, indicating significant valuation appeal [1] - The company plans to use its 63% stake in Wuling Power and 64.93% stake in Changzhou Hydropower as consideration to subscribe for new shares in Yuanda Environmental, which is expected to reduce the debt-to-asset ratio and potentially enhance valuation through A-share hydropower assets [1][3] - In 1H24, China Power's net profit attributable to shareholders increased by 53% YoY to RMB 2.57 billion, driven by strong performance in clean energy [1] Operational Performance - In 3Q24, coal-fired power sales increased by 4.6% YoY to 15.7 billion kWh, accelerating from 0.4% growth in 1H24, due to increased coal power output during peak summer demand [2] - Wind and solar power sales in October 2024 grew by 39.9% and 12.8% YoY, respectively, though the growth rate slowed compared to the 59.4% and 90.8% increases in 1-9M24, primarily due to a high base effect from the 7.5GW clean energy assets injected in October 2023 [2] Strategic Initiatives - The proposed red-chip control of A-share hydropower platform Yuanda Environmental is expected to accelerate China Power's energy transition goals and facilitate the injection of high-quality projects from SPIC [3] - Despite market concerns over the dilution of China Power's stake in hydropower assets, the company anticipates faster growth in asset and profit scale post-restructuring [3] Financial Forecasts - The report revises down China Power's new clean energy capacity additions by 33%, 9%, and 0% for 2024-2026, and adjusts wind and solar power tariffs, leading to a reduction in net profit attributable to shareholders by 2%, 8%, and 14% to RMB 5.0 billion, RMB 5.6 billion, and RMB 6.2 billion, respectively [4] - Based on 2025E forecasts, the target market capitalization is RMB 44.8 billion (HKD 48.5 billion), with a target price of HKD 3.92, derived from a sum-of-the-parts (SOTP) valuation approach [4] Valuation Metrics - The report provides detailed valuation metrics for China Power, including PE, PB, and EV/EBITDA ratios, with 2025E PE/PB for new energy, thermal power, and hydropower at 10x, 0.5x, and 1.2x, respectively [4][6] - The company's ROE is expected to improve from 9.00% in 2024E to 10.05% in 2026E, reflecting stronger profitability [6] Industry Comparison - Comparable company valuations for thermal power, hydropower, and new energy sectors are provided, with average 2025E PB ratios of 0.80x, 2.6x, and 6x, respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is undergoing a restructuring of its hydropower assets, positioning itself as a flagship in clean energy [2]. - The total electricity sales volume for the first ten months of the year reached 108,220,668 MWh, representing a significant increase of 30.56% year-on-year [2]. - The company plans to sell its hydropower assets (5.9 GW) to its parent company's subsidiary, Yuanda Environmental Protection, in exchange for newly issued shares, which will enhance its position in the clean energy sector [2]. - The company aims to integrate approximately 20 GW of remaining hydropower assets into Yuanda Environmental Protection over the next three years [2]. - The company has accelerated the construction of wind and solar projects, with a total of 3.3 GW of new clean energy capacity added in the first half of the year [2]. - The company targets a clean energy installed capacity ratio of 90% by 2025, with expected new installations of about 7 GW for the year [2]. Summary by Sections Sales Performance - The company reported a year-on-year increase in wind power sales volume of 57.05% and solar power sales volume of 79.55% [2]. - Hydropower sales volume increased by 62.62% due to improved water conditions in the first half of the year [2]. Financial Projections - The company forecasts revenue growth from 44,262 million in 2023 to 50,228 million in 2024, representing a 13.5% increase [4]. - The net profit attributable to shareholders is projected to rise from 2,660 million in 2023 to 5,109 million in 2024, indicating a 92.1% growth [4]. - The company expects to achieve a basic earnings per share of 0.41 in 2024, up from 0.22 in 2023 [4]. Asset Management - The company’s total assets are projected to grow from 305,807 million in 2023 to 329,340 million in 2024 [4]. - The debt ratio is expected to increase from 68.9% in 2023 to 70.7% in 2024, indicating a rising leverage [4]. Market Position - The company aims to solidify its status as a comprehensive clean energy flagship platform, leveraging its control over Yuanda Environmental Protection [2]. - The target price for the company's stock is set at 4.73 HKD, reflecting a potential upside of 52% from the current price of 3.11 HKD [2].

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） 本公告乃本公司根據上市規則第13.09條及香港法例第571章《證券及期貨條例》 第 XIVA 部內幕消息條文而作出。 茲提述本公司於二零二四年六月三十日及二零二四年十二月六日刊發的公告， 內容有關本公司向淮南礦業視作出售平圩發電11%的股權（「該等公告」）。 除文義另有所指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 合作框架協議II 於二零二四年十二月六日，為了在視作出售事項交割後進一步深化現有「煤電 聯營」的合作發展模式，本公司與淮南礦業訂立合作框架協議II。據此，訂約 雙方將股權合作擴展至平圩二電及平圩三電。 內幕消息 合作框架協議 II 有關平圩二電及平圩三電的潛在股權轉讓 股權重組 平圩二電及 ...

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） 於二零二四年十二月六日，本公司、淮南礦業與平圩發電（本公司擁有 60% 權益的附屬公司）訂立增資擴股協議，據此， 淮南礦業 同意透過向 平圩發電 註冊資本注資的方式， 以 代 價 人民幣 152,823,808.16 元（約相等於 166,113,000 港元）收購平圩發電 11%的股權。 於交割後，本公司在平圩發電的股權將由 60%攤薄至 49%，屆時平圩發電將 不再為本公司的附屬公司，而成為本公司的聯營公司。 上市規則的涵義 由於 訂立增資擴股協議將導致本公司在平圩發 電所持有 的股權百分比減少， 根據上市規則第 14.29 條，構成本公司的一項視作出售事項。 由於就視作出售事項的一項適用百分比率 按 上 ...

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. In contrast, hydropower experienced a seasonal decline of 25.15% [3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase year-on-year. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% from the previous year [2]. - Breakdown by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% year-on-year - Photovoltaic: 1,824,368 MWh, up 12.83% year-on-year - Coal power: 4,467,964 MWh, up 30.42% year-on-year - Natural gas: 203,777 MWh, up 28.10% year-on-year [2]. Future Outlook - The company is expected to maintain stable growth in performance and dividends in the medium to long term. The restructuring of hydropower assets is anticipated to enhance overall valuation, making it a key area of focus [3].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. However, hydropower experienced a seasonal decline of 25.15% [2][3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase from October 2023. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% year-on-year [2]. - Breakdown of sales volume by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% - Photovoltaic: 1,824,368 MWh, up 12.83% - Coal power: 4,467,964 MWh, up 30.42% - Natural gas: 203,777 MWh, up 28.10% [2]. Performance Comparison - The company demonstrated superior performance compared to peers in terms of electricity sales growth, highlighting the stability provided by its diversified power generation portfolio [3]. - The impact of anticipated declines in long-term electricity prices in Guangdong is minimal, as the company's capacity in that region accounts for only 10% of its total installed capacity [3]. Future Outlook - The report maintains a positive long-term outlook for the company's performance and dividend stability, with expectations for overall valuation improvement following the restructuring of hydropower assets [3].

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。 本集團於二零二四年十月及截至二零二四年十月三十一日止十個月的總售電量，按發電 廠類型列示如下： | 全資擁有或控股 的發電廠 | 2024 年 | 2023 年 | 售電量（兆瓦時） 同比變化 | 2024 年 | 2023 年 | 同比變化 | | --- | --- | --- | --- | --- | --- | --- | | | 10 月 | 10 月 | 首十個月 | | | | | 水力發電 | 825,616 | 1,103,027 | -25.15% | 16,803,774 | 10,333,290 | 62.62% | | 風力發電 | 2,292,301 | 1,638,679 | 39.89% | 21,147,054 | 13,464,838 | 57.05% | | 光伏發電 | 1,824,368 | 1,616,923 | 12.83% | 20,110,273 | ...

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） 董事名單及其角色與職能 中國電力國際發展有限公司董事局（「董事局」）成員載列如下。 董事局主席兼執行董事 賀徙 李方 邱家賜 許漢忠 董事局已成立五個委員會，董事在各委員會擔任的職位如下。 | | 委員會 | 審核 | 薪酬及提名 | 風險管理 | 戰略與 可持續發展 | 執行 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會* | | 賀徙 | | | | C | C | C | | 高平 | | | | M | M | M | | 胡建東 | | | | | | | | 周杰 | | | | | M | | | 黃青華 | | | | | | | | 陳鵬君 | | | | | | | | 李方 | | M | C | M | M | | | 邱家賜 | | C | M | M | M | | | ...

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） 委任非執行董事 董事局欣然宣佈，胡建東先生及陳鵬君先生已獲委任為本公司非執行董事， 自二零二四年十一月十八日起生效。 二零二四年是中國電力國際發展有限公司（「本公司」）在香港聯合交易所 有限公司（「香港聯交所」）主板上市二十周年。在過去二十年間，本公司 經歷了快速增長及重大擴展，已從一家傳統的燃煤發電商轉型為業務架構更 複雜、專注於各種清潔能源供應及提供綜合能源相關服務的公司，業務遍及 中國內地多個省市。本公司董事局（「董事局」）已決議增加董事局人數， 以吸納更多專家，滿足組織架構的需求、應對電力行業的廣泛變化及未來挑 戰。 非執行董事的委任 胡建東先生（「胡先生」） 胡先生，61 歲，為正高級工程師，擁有華 ...