中國電力國際發展有限公司 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED （於香港註冊成立的有限責任公司） （股票代號：2380） 各位登記股東： 1. 二零二四年報及二零二四年可持續發展報告 敬請注意，所有日後公司通訊的英文版和中文版均將以電子方式在本公司網站（www.chinapower.hk）「投資者關係」一欄及披露易網站（www.hkexnews.hk） 上查閱。 倘若 閣下希望確保及時收到有關在本公司網站及披露易網站發佈最新公司通訊的電郵通知；以及本公司所有日後可供採取行動的公司通訊 附註 3的電子 版本 附註 4 ， 本公司建議 閣下通過掃描隨附回條（「回條」）上列印的專屬二維碼提供閣下的電郵地址，或者 閣下可簽署回條並交回股份過戶處，地 址為香港灣仔皇后大道東 183 號合和中心 17M 樓。 倘若 閣下希望收取日後公司通訊之印刷本，請填妥隨附回條並交予股份過戶處或發送電郵至 chinapower.ecom@computershare.com.hk，並註明 閣下 的姓名、地址以及收取印刷版本之公司通訊要求。敬請注意， 閣下的要求將有效直至(a) 本公司 ...

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） 股東周年大會通告 普通決議案 A. 「動議： 2 股東周年大會將以虛擬會議方式通過網上平台舉行，該網上平台可在任何地點透 過連接互聯網進入。本公司股東毋須親身出席股東周年大會。 茲通告中國電力國際發展有限公司（「本公司」）謹訂於二零二五年六月 五日（星期四）上午十時三十分以虛擬會議方式通過網上平台舉行股東周年大會 （「股東周年大會」），藉此討論以下事項： 1 1. 省覽及採納截至二零二四年十二月三十一日止年度的本公司經審核綜 合財務報表及本公司董事局與核數師的報告。 2. 考慮及宣派截至二零二四年十二月三十一日止年度的末期股息每普通 股人民幣 0.162 元（相等於 0.1754 港元）。 3. 重選胡建東先生為本公司非執行董事。 ...

此 乃 要 件 請 即 處 理 閣 下 對 本 通 函 的 任 何 內 容 或 應 採 取 的 行 動 如 有 任 何 疑 問，應 諮 詢 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 將 名 下 的 中 國 電 力 國 際 發 展 有 限 公 司（「本 公 司」）股 份 全 部 售 出 或 轉 讓，應 立 即 將 本 通 函 連 同 隨 附 的 代 表 委 任 表 格 送 交 買 方 或 其 他 承 讓 人，或 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 方 或 承 讓 人。 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 文 件 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 文 件 全 部 或 任 何 部 分 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 ...

2024 可持續發展報告 低碳賦能美好生活 目 錄 關於本報告 主席致辭 關於中國電力 01 03 05 專題 可持續 發展管治 | 可持續發展治理 | 19 | | --- | --- | | 可持續發展戰略 | 23 | | 可持續發展風險管理 | 25 | | 可持續發展指標 | 28 | | 持份者溝通 | 29 | | 實質性議題分析 | 31 | | 專題 | 低碳轉型 | | --- | --- | | | 戰略行動與成果 | | 綠色低碳轉型 | | --- | | 新質生產力培育 | | 智能化轉型 | 企業管治 合規運營 51 55 責任管治 01 治理理念與實踐 | 數字轉型 | 67 | | --- | --- | | 投資者責任 | 71 | 價值共創 03 服務理念與追求 | 科技創新 | 113 | | --- | --- | | 品質服務 | 119 | | 責任採購 | 126 | 綠色發展 02 環境責任與承諾 | 應對氣候變化 | 77 | | --- | --- | | 環境管理 | 90 | | 資源管理 | 96 | | 污染物管理 | 101 | | 綠色行動 | ...

Financial Performance - The company's net profit attributable to equity holders for the year ended December 31, 2024, was RMB 3,861,822 thousand, representing a 25.20% increase from RMB 3,364,381 thousand in 2023[6]. - Total revenue for 2024 reached RMB 54,212,792 thousand, up 11.33% from RMB 48,675,000 thousand in 2023[12]. - The operating profit for 2024 was RMB 12,167,191 thousand, which is a 39.61% increase from RMB 8,715,187 thousand in 2023[12]. - The company reported a basic earnings per share of RMB 0.27 for 2024, up 22.73% from RMB 0.22 in 2023[9]. - The company's cash and cash equivalents amounted to RMB 197,360,970 thousand in 2024, showing a 16.98% increase from RMB 168,714,840 thousand in 2023[9]. - The total assets of the company reached RMB 340,455,547 thousand in 2024, representing an 11.33% increase from RMB 305,806,779 thousand in 2023[9]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[125]. - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[125]. Installed Capacity and Energy Production - The total installed capacity of the company increased to 107,532,393 MW in 2024, reflecting a growth of 13.17% compared to 95,020,712 MW in 2023[9]. - The total electricity sales volume for 2024 was 127,959,080 MWh, a 23.94% increase from 103,239,505 MWh in 2023[8]. - As of December 31, 2024, the total installed capacity of the group is 49,390.9 MW, with clean energy capacity accounting for 39,570.9 MW, representing 80.12% of the total[24]. - The group has a total of 85,868.0 MW of installed capacity, with equity capacity of 39,717.1 MW[24]. - The total installed capacity of the group's power plants as of December 31, 2024, is 36,477.1 MW, with equity capacity amounting to 8,136.0 MW[32]. - Ongoing construction projects have a total installed capacity of 6,429.0 MW, with equity capacity of 4,376.4 MW, including 4,609.9 MW from photovoltaic power and 1,716.5 MW from wind power[33]. - The consolidated installed capacity of the group reached 49,390.9 MW as of December 31, 2024, an increase of 4,372.1 MW or 9.71% year-on-year[175]. - The group's clean energy capacity, including hydropower, wind power, photovoltaic power, gas power, and environmental protection power, accounted for approximately 80.12% of the total installed capacity, up by about 4.73 percentage points from the previous year[175]. Renewable Energy Initiatives - The company plans to expand its renewable energy capacity, particularly in wind and solar power, to align with its vision of becoming a world-class green low-carbon energy supplier[17]. - The company is continuously expanding its business into various renewable energy sectors, including hydropower, wind power, solar power, and environmental power[24]. - The company aims to enhance its technological innovation capabilities through strategic acquisitions in green technology and low-carbon energy sectors[83]. - The company has transitioned from a traditional coal-fired power generation enterprise to a leader in clean energy, with a strategic goal of becoming a world-class green low-carbon energy supplier[61]. - The company aims to become a leading green low-carbon energy supplier in China by 2025, focusing on high-quality development and low-carbon green transformation[179]. - The offshore wind power project in Shandong Province has a total planned capacity of 450 MW, expected to generate 1 million MWh annually, saving approximately 406,000 tons of coal and reducing CO2 emissions by 1.125 million tons each year[183]. - The 100 MW pastoral photovoltaic project is expected to contribute 176 million kWh of green electricity annually, significantly saving standard coal and water resources while reducing pollutant emissions[187]. Technological Innovation and ESG Practices - The company is focusing on technological innovation and strategic partnerships to enhance its market position and operational efficiency[18]. - The company has been recognized for its innovation, winning the first prize in the 2024 Power Innovation Award for its autonomous energy storage system[60]. - The company was awarded the "Outstanding ESG Rating Award" at the 7th Hong Kong Environmental, Social and Governance Reporting Awards[52]. - The company improved its ESG rating, ranking in the top ten of its industry according to S&P ESG ratings[115]. - The company has been recognized for its ESG practices, receiving multiple awards for sustainable development and corporate social responsibility initiatives[55]. - The total number of patents held by the company exceeded 700 in 2024, reinforcing its technological leadership in the power industry[111]. - The company successfully completed the installation of a 50 MW/100 MWh energy storage project, showcasing its forward-looking technology application[194]. Strategic Acquisitions and Partnerships - The company received a proposal for asset restructuring from State Power Investment Corporation, which includes acquiring shares in Far East Environmental and cash in exchange for controlling stakes in Wuling Power and Changzhou Hydropower[46]. - The company signed a capital increase agreement with Huainan Mining to strengthen strategic cooperation in the "coal and coal power" and "coal power and new energy" industry model advantages[59]. - The company is actively pursuing the acquisition and restructuring of Yuanda Environmental Protection assets to enhance its corporate structure[115]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[125]. Future Outlook and Market Expansion - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 25% to $1.875 billion[125]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[125]. - Market expansion plans include entering two new international markets by the end of the fiscal year, targeting a potential revenue of $300 million[125]. - User data showed a growth in active users, reaching 5 million, which is a 15% increase compared to the previous quarter[125]. - The company plans to increase its workforce by 10% to support growth initiatives and new projects[125].

Core Viewpoint - China Power has established a wind power generation company in Rushan with a registered capital of 1.84 billion RMB [1] Company Summary - The newly formed company is named Guodian Investment (Rushan) Wind Power Generation Co., Ltd. and is fully owned by China Power's subsidiary, State Power Investment Corporation Shandong Energy Development Co., Ltd. [1] - The legal representative of the company is Luo Chaofa [1] Industry Summary - The company's business scope includes seawater desalination, research and development of offshore wind power systems, wind power technology services, and leasing of photovoltaic power generation equipment [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The restructuring plan involves the transfer of controlling stakes in Wuling Power and Changzhou Hydropower to Yuanda Environmental Protection, with an assessed value of 18.609 billion, corresponding to an estimated valuation of approximately 1.87 times PB [2][6]. - After the completion of the transaction, the company will hold a 55.13% stake in Yuanda Environmental Protection, with a commitment from the controlling shareholder to facilitate the injection of additional hydropower assets into Yuanda within three years, establishing a core platform for hydropower [2][9]. - The transaction is expected to significantly enhance the valuation of the restructured assets, demonstrating strong support for minority shareholders [2][9]. Summary by Sections Event Description - The company signed agreements with Xiangtou International and Yuanda Environmental Protection to transfer 63% and 37% stakes in Wuling Power for a total consideration of 24.667 billion, and a 64.93% stake in Changzhou Hydropower for 3.068 billion [6]. - The payment will be made through shares and cash, with the share issuance price set at 6.55 per share [6]. Event Commentary - The restructuring plan highlights the company's commitment to minority shareholders and the significant appreciation in asset value, with Wuling Power's assessed value increasing by 73.21% and Changzhou Hydropower's by 221.76% compared to their book values [9]. - The company aims to solidify its position as a comprehensive clean energy flagship platform under the National Energy Investment Group, with plans to increase dividend payouts to at least 50% [9]. - Future earnings projections for 2025-2027 are estimated at 4.263 billion, 4.683 billion, and 5.239 billion, with corresponding EPS of 0.34, 0.38, and 0.42, indicating a favorable valuation [9].

Core Viewpoint - China Power International Development Co., Ltd. announced a significant asset restructuring plan, detailing the transactions involving the sale of stakes in Wuling Power and Changzhou Hydropower to Yuanda Environmental Protection [1] Group 1: Transaction Details - China Power and Xiangtou International will sell 63% and 37% stakes in Wuling Power to Yuanda Environmental Protection for a total consideration of 24.667 billion yuan, paid in shares and cash [1] - Guangxi Company, a wholly-owned subsidiary of China Power, will sell a 64.93% stake in Changzhou Hydropower to Yuanda Environmental Protection for 3.068 billion yuan, also paid in shares and cash [1] - After the transactions, China Power will become the controlling shareholder of Yuanda Environmental Protection, holding 55.13% of its shares [1] Group 2: Capital Structure and Market Dynamics - Post-restructuring, China Power will leverage the flexibility of the Hong Kong stock market and the high valuation and liquidity of the A-share market to enhance capital market functions [2] - The restructuring is expected to stimulate capital market dynamics effectively [2] Group 3: Fairness of Transaction and Shareholder Benefits - The share price for Yuanda Environmental Protection's issuance to China Power is set at 6.55 yuan, representing a significant discount compared to recent market prices [3] - The transaction's price-to-book (PB) ratio is 1.87 times, with an estimated price-to-earnings (PE) ratio of approximately 20 times for 2024, indicating substantial capital appreciation for China Power's shareholders [3] Group 4: Future Operations and Growth Potential - National Energy Investment Group plans to integrate and list additional hydropower assets within three years while maintaining China Power's controlling position [4] - The current hydropower operations represent only about 20% of the total installed capacity of over 25.5 million kilowatts, suggesting significant future operational potential [4] Group 5: Dividend Policy and Synergy - China Power intends to increase Yuanda Environmental Protection's dividend payout ratio to at least 50%, enhancing cash returns for shareholders [5] - The management of over 20 million kilowatts of coal power assets by China Power is expected to create synergies with Yuanda Environmental Protection's existing operations, further benefiting both companies [5]

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。 China Power International Development Limited 中國電力國際發展有限公司 （在 香 港 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：2380） 有關資產重組建議之 須予披露及關連交易 本公司的財務顧問 新百利融資有限公司 獨立董事委員會及獨立股東的獨立財務顧問 茲提述本公司於二零二四年九月三十日、二零二四年十月十八日及二零二五 年一月十七日刊發的有關資產重組建議及預重組建議的公告（「先前公告」）。 誠 如 先 前 公 告 所 披 露，於 二 零 二 四 年 十 月 十 八 日，本 公 司 及 廣 西 公 司 分 別 與 遠達環保就資產重組建議訂立重組框架協議I及重組框架協議II。 資產重組建議 於 二 零 二 五 年 四 月 十 六 日，本 公 司、湘 投 國 際 及 遠 達 環 保 ...

Group 1 - The A-share market is currently undergoing adjustments, while the electricity sector is experiencing a significant rise, particularly in the context of mergers and acquisitions, which are favored by the market [2][4] - The electricity sector's merger and restructuring activities are expected to be more vigorous this year, with a notable transaction involving a 340 billion yuan giant shelling a 9 billion yuan legend [4][10] - Historical context shows that the last major "snake swallowing elephant" event occurred in 2021, where Longyuan Power returned to A-shares, injecting 168 billion yuan of assets into a 4 billion yuan shell, resulting in a price increase of over 5 times [4][10] Group 2 - The upcoming summer peak in electricity demand is anticipated to trigger a surge in the electricity market, aligning with the seasonal trend of "winter coal and summer electricity" [4][8] - The development of artificial intelligence is projected to double the demand for electricity, with data indicating a 30.9% increase in electricity consumption from internet-based services such as big data and cloud computing in 2024 [5][8] - The central government has emphasized the importance of restructuring state-owned enterprises, which will be a key focus for the year, further supporting the merger and acquisition activities in the electricity sector [8][12] Group 3 - China Power, with total assets of 340 billion yuan and listed in Hong Kong, is seeking to return its hydropower business to A-shares, with the fastest method being a reverse merger [10][11] - The shell company identified for this potential merger is a subsidiary of State Power Investment Corporation, which is also the controlling shareholder of China Power, indicating a straightforward shareholding relationship [11] - China Power has announced plans to integrate its hydropower business and has submitted an asset evaluation report to the State-owned Assets Supervision and Administration Commission, with significant capital inflow indicating potential stock price surges [12]