智通财经APP讯，中国电力(02380)发布公告，2025年9月23日，按现有在中国银行间市场交易商协会发 行债务融资工具(DFI)的注册下，公司在中华人民共和国境内登记发行本年度第四期绿色中期票据(蓝色 债券)。蓝色债券作为绿色债务融资工具的一个子类别，专门应用于海洋领域，以支持对海洋产生积极 环境、经济和气候影响的项目，从而促进海洋保护和海洋资源的可持续利用。债券本金额人民币20亿 元，期限3年，票面利率每年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） 內幕消息 在中國境內發行人民幣 20 億元綠色中期票據（藍色債券） 本公告乃中國電力國際發展有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第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。 二零二五年九月二十三日，按現有在中國銀行間市場交易商協會發行債務融資 工具（DFI）的註冊下，本公司在中華人民共和國（「中國」）境內登記發行 本年度第四期綠色中期票據（藍色債券）（「該藍色債券」）。藍色債券作為 綠色債務融資工具的一個子類別，專門應用於海洋領域，以支持對海洋產生積 極環境、經濟和氣候影響的項目，從而促進海洋保護和海洋資源的可持續利用。 以下為該藍色債券的 ...

当中国已占全球海上风电装机半壁江山之时，如何"建得好、运营稳" 成为比"建得多"更关键的命题，在政策加码与成本挑战的双重催 化下，高质量的"靠谱"海上风电项目正成为行业破局的核心密码。 战略"靠谱"：风电龙头共创标杆 国华半岛南U2场址海上风电项目(又名"望海项目")位于山东半岛，后者是我国《"十四五"可再生能源发展规划》中明确提出的五大海上 风电基地之一，总装机容量580万千瓦，已成为引领我国北方海上风电发展的标杆区域。 该项目由国家能源集团旗下国华投资与风机龙头远景能源合力打造，风场所在海域离岸32公里，水深30-33米的，场址总面积95.6 km²，总装机容量603.5MW，是北方地区总装机容量最大的单体海上风电项目——山东半岛南U海上风电项目的重要组成部分。U2项目于 2023年12月全容量并网发电，设计年发电量24.2亿千瓦时，为当地社会经济可持续高质量发展做出了巨大贡献。 项目采用71台远景 EN-226/8.5MW海上智能风机（一期36台，二期35台）。据了解，EN-226/8.5MW为项目建设当年最先进的海风机 组，采用成熟的高速双馈技术路线，近一两年运行数据显示，无论是可靠性还是年等效满发小 ...

Group 1 - The global electricity crisis in 2025 is primarily driven by the explosive growth of artificial intelligence, with significant increases in electricity consumption from data centers [3][6] - In contrast to the crisis faced by many countries, China achieved a historic peak electricity load of 1.5 billion kilowatts without power cuts, thanks to its robust energy system [1][3] - China's clean energy capacity has surpassed traditional coal power, with wind and solar installations exceeding 1.53 billion kilowatts, contributing to one-third of its electricity supply [3][5] Group 2 - China has built over 40 ultra-high voltage transmission lines, enhancing its ability to transport renewable energy from resource-rich areas to demand-heavy regions [5] - The country leads in energy storage and smart scheduling technologies, with the largest scale of pumped storage and electrochemical storage globally [5][6] - Despite its advantages, China faces challenges such as high curtailment rates in regions rich in wind and solar resources, with 60 billion kilowatt-hours of electricity wasted in the first half of 2024 [6][8] Group 3 - The aging infrastructure and imbalanced energy structure in Europe and the U.S. contribute to frequent power supply interruptions, highlighting the risks of single-source energy reliance [6] - The International Energy Agency warns that if AI's electricity consumption continues to grow exponentially, 20% of global data center projects may face delays due to power shortages by 2030 [8] - Questions arise regarding whether current renewable energy strategies can keep pace with the increasing demands of AI, and whether "zero-carbon electricity" is a sustainable solution or merely a temporary fix [8]

Core Points - The "Electricity Light" China Power Science Popularization Month 2025 was successfully launched on September 19 in Dalian, Liaoning Province, focusing on enhancing public scientific literacy and building a strong power technology nation [1][3] - The event featured various activities including the opening ceremony, award ceremonies for the power science popularization competition, and lectures aimed at improving science communication capabilities [5][6] - The competition received 188 video submissions, with 30 finalists selected, resulting in 5 first prizes, 10 second prizes, and 15 third prizes, and the event attracted a total of 2.58 million viewers through live streaming [5] Industry Initiatives - The event was co-hosted by the China Electrotechnical Society and the State Grid Corporation of China, along with 12 other organizations, emphasizing the importance of technological innovation and scientific dissemination in the power sector [1][3] - Over 60 sub-venues across the country organized various activities such as lectures, exhibitions, and educational programs, contributing to a comprehensive science popularization ecosystem [6] - The initiative has been ongoing for eight years, progressively enhancing its brand influence and fostering a collaborative environment for science communication within the power industry [5]

Core Viewpoint - The decline in on-grid electricity prices has significantly impacted the performance of major power generation companies, exceeding expectations [1] Group 1: Financial Performance of Major Power Companies - All five major power generation companies reported a year-on-year decline in revenue for the first half of the year, compared to only three companies experiencing a decline in the same period last year [1] - Huaneng International (600011.SH) reported revenue of 112.032 billion yuan, a decrease of 5.7% year-on-year, primarily due to a drop in both electricity volume and price, with an average on-grid price of 485.27 yuan/MWh, down 2.69% [2] - Guodian Power (600795.SH) saw revenue of 77.655 billion yuan, down 9.52% year-on-year, attributed to a decrease in the selling price of electricity, with an average on-grid price of 409.7 yuan/MWh, down 6.72% [2] - Huadian International (600027.SH) reported revenue of 59.953 billion yuan, a decrease of 8.98%, mainly due to reduced power generation and lower electricity prices, with an average on-grid price of 516.8 yuan/MWh, down approximately 1.44% [2] - Datang Power (601991.SH) had operating revenue of 57.193 billion yuan, down 1.93%, with an average on-grid settlement price of 444.48 yuan/MWh, a decrease of about 3.95% [2] - China Power (02380.HK) reported main business revenue of 23.858 billion yuan, down 9.87%, with wind power average price at 410.66 yuan/MWh, down 8.05%, and solar power at 376.80 yuan/MWh, down 5.97% [3] Group 2: Market Dynamics and Price Trends - The decline in on-grid electricity prices is attributed to the accelerated construction of a unified national electricity market, increasing market-based trading volumes, and the entry of renewable energy sources, which have led to intensified competition and lower prices [4][8] - During peak output periods for renewable energy, aggressive pricing strategies are employed to ensure power clearance, with some regions reporting prices as low as 0.04 yuan/kWh, and instances of negative pricing [4][5] - The current market environment has resulted in a competitive landscape where renewable energy sources are prioritized for dispatch due to their lower marginal costs, leading to a homogenized competition pattern across different power sources [5] - The performance of nuclear power companies has also been affected, with China General Nuclear Power (003816.SZ) reporting revenue of 39.167 billion yuan, down 0.53%, and China Nuclear Power (601985.SH) seeing a decline in net profit margins due to falling electricity prices [6] - The overall electricity supply has outpaced demand growth, contributing to the downward pressure on prices, with total installed capacity reaching 3.65 billion kW, a year-on-year increase of 18.7% [7] Group 3: Regulatory Changes and Future Outlook - Recent regulatory changes, including the issuance of documents promoting market-oriented pricing for renewable energy, are expected to further influence electricity pricing dynamics [8] - The transition to a spot market for electricity trading is anticipated to enhance price discovery and reflect supply-demand relationships more accurately, potentially leading to continued price declines [8][9] - The current trend of declining electricity prices may persist unless new supportive policies are introduced to stabilize the market [9]

Core Viewpoint - The company is expected to enhance its performance stability in the future due to the imminent integration of hydropower assets, despite facing short-term challenges from fluctuating water inflow and market electricity prices [1][3]. Financial Performance - In the first half of 2025, the company's total revenue was 23.86 billion RMB, a year-on-year decrease of 9.9%, while EBITDA reached 15.5 billion RMB, an increase of 5.6%. The profit attributable to equity holders was 2.84 billion RMB, up 1.2% year-on-year [1]. - The profit breakdown by segment includes 0.92 billion RMB from thermal power, 0.37 billion RMB from hydropower, 1.32 billion RMB from wind power, and 0.45 billion RMB from solar power. The net profit attributable to ordinary shareholders was 2.59 billion RMB, reflecting a 0.7% year-on-year increase [1]. Operational Performance - The decline in coal power sales was primarily due to the impact of the exit of Pingwei Power Plant, although the average fuel cost decreased by 14.4% year-on-year, resulting in positive profit growth [2]. - Wind power performance improved with an average utilization hour increase of 56 hours to 1,122 hours, aided by contributions from offshore wind projects. However, solar power sales and profits decreased due to reduced average grid prices from market transactions [2]. - Hydropower faced challenges with a year-on-year decrease in rainfall, leading to a reduction in utilization hours by 434 hours to 1,387 hours, which negatively impacted revenue and profits [2]. - The company's installed capacity reached 53.9 GW by the end of the first half of 2025, a year-on-year increase of 11.6%, with clean energy accounting for 81.8% of the total [2]. Asset Integration - The company is undergoing a business restructuring to clarify the positioning of its listed subsidiaries, with plans to inject hydropower assets into Yuanda Environmental Protection, which will focus on hydropower operations. This move is expected to significantly enhance the company's profits [3]. - The company maintains a target price of 4.73 HKD with a buy rating, anticipating improved earnings stability from balanced development across various power generation forms despite short-term market fluctuations [3]. - Revenue projections for 2025-2027 are adjusted to 50.6 billion RMB, 53.4 billion RMB, and 56.3 billion RMB, with net profits for ordinary shareholders estimated at 3.9 billion RMB, 4.3 billion RMB, and 4.6 billion RMB respectively [3].

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） 各位非登記股東： 3. 要求收取日後公司通訊的印刷本 倘若 閣下希望收取日後公司通訊之印刷本，請填妥隨附的回條，並按照上述提供的電郵或郵寄地址以電郵或 郵寄方式將其交回至股份過戶處。敬請注意， 閣下的要求自閣下提出之日起直至(a) 本公司於翌年刊發其下一 份年度報告、或(b) 該指示被撤銷或取代為止（以最早發生者為準）仍然有效。 1. 二零二五年中期報告 中國電力國際發展有限公司（「本公司」）二零二五年中期報告（「是次公司通訊」）之英文及中文版本現均可於 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 閣下在本公司於二零二五年四月發佈二零二四年報後提交了以印刷本接收公司通訊 附 註 1 的要求，按 閣下 所選語言版本的是次公司通訊已隨函附上。 倘若 閣下此前已提交要求以電子方式代替印刷本以收取本公司的公司通訊，但 閣下因任何理由以致閱覽是次 公司通訊時遇到困 ...

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. 二零二五年中期報告 中國電力國際發展有限公司（「本公司」）二零二五年中期報告（「是次公司通訊」）之英文及中文版本現均可於本公司 網站（www.chinapower.hk）「投資者關係」一欄及披露易網站（www.hkexnews.hk）上查閱。 新登記股東或此前已選擇收取本公司公司通訊 附 註 1 印刷本之現有股東，按 閣下所選語言版本的是次公司通訊之印刷 本已隨函附上。 附註： 就可供採取行動的公司通訊 附 註 2 而言，本公司仍須根據上市規則，按各股東的指示偏好，透過電郵或郵寄方式向其作出個 別通知。為此目的，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 閣 下可簽署回條並透過電郵發送至 chinapower.ecom@computershare.com.hk 或郵寄交回股份過戶處，地址為香港灣仔皇后大 道東 183 號合和中心 17M 樓。倘若本公司沒有收到 閣下的有效電 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.73, representing a potential upside of 37% from the current price of HKD 3.46 [5][7]. Core Insights - The company is expected to enhance its earnings stability through the integration of hydropower assets, which will significantly boost profits. The restructuring will position the company as a comprehensive clean energy flagship platform while focusing on green energy transformation [3][7]. - Despite short-term fluctuations in hydropower water levels and market electricity prices, the diversified generation portfolio is anticipated to lead to improved earnings certainty in the future [7]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenue of HKD 44.26 billion, with a projected increase to HKD 54.21 billion in 2024, followed by a slight decline to HKD 50.56 billion in 2025 [4][8]. - The net profit attributable to ordinary shareholders is expected to grow from HKD 2.66 billion in 2023 to HKD 3.36 billion in 2024, reaching HKD 3.85 billion in 2025 [4][8]. - The company’s EBITDA margin is projected to improve from 45.1% in 2024 to 55.6% by 2027, indicating strong operational efficiency [8]. Operational Performance - The company’s total installed capacity reached 53.9 GW as of the first half of 2025, marking an 11.6% year-on-year increase, with clean energy accounting for 81.8% of the total capacity [7]. - The average fuel cost decreased by 14.4% year-on-year, contributing to positive profit growth despite a decline in coal and hydropower sales volumes [7]. Market Position - The company is positioned to benefit from the high valuation and liquidity of the market, particularly through the integration of its core hydropower assets into a dedicated platform [7]. - The company’s dividend payout ratio has remained stable at around 60%, with expectations for further increases in earnings and dividends following the completion of asset integration [7].