Core Viewpoint - The development of UHVDC (Ultra High Voltage Direct Current) technology is becoming a significant aspect of China's international presence, with companies like Borui Electric leading the way in overseas projects [1][2]. Group 1: UHVDC Technology and Projects - UHVDC technology is crucial for large-capacity, long-distance power transmission and interconnection of power grids, widely applied in major domestic and international projects [2]. - China has completed 23 UHVDC projects domestically, with Borui Electric supplying core equipment for 19 of them, including the world's highest voltage level project, Changji-Guquan ±1100kV UHVDC project [3]. - Borui Electric has established a strong reputation internationally, attracting many countries to choose Chinese manufacturers for UHVDC projects, as seen in the Brazil Belo Monte Phase II ±800kV UHVDC project [3][4]. Group 2: International Expansion and Innovations - Many countries are opting for Chinese manufacturers for the renovation of existing UHVDC projects, such as Borui Electric's first overseas UHVDC converter valve renovation project at Brazil's Itaipu Hydropower Station [4]. - Borui Electric and other companies from Changzhou are promoting "Changzhou manufacturing" globally, further solidifying Changzhou's position in the UHV transmission and transformation equipment manufacturing sector [4]. Group 3: Flexible DC Technology - The increasing share of renewable energy in the power grid poses challenges for stability, leading to the emergence of flexible DC transmission technology [5]. - By 2025, it is projected that wind and solar power installations in China will reach approximately 1.65 billion kilowatts, accounting for 46% of total power installations, necessitating UHVDC for long-distance transmission [5]. - The world's first UHV flexible DC project, Gansu to Zhejiang ±800kV, began construction in July 2024, with Borui Electric participating in the world's largest flexible DC back-to-back project in Dongguan [6]. Group 4: Future Developments and Innovations - Borui Electric is accelerating the development of grid-forming energy storage systems, intelligent pumped storage, and flexible low-frequency transmission technologies to support the new power system [6]. - The company has successfully developed grid-forming energy storage and other technologies, which are essential for the rapid development of new power systems [6].

Core Viewpoint - The development of ultra-high voltage direct current (UHVDC) transmission technology is becoming a significant aspect of China's international presence, with companies like Borui Electric leading the way in overseas projects [1][2]. Group 1: Company Overview - Borui Electric is a key player in China's UHVDC technology, providing core equipment for 19 out of 23 completed UHVDC projects in the country [3]. - The company has supplied the highest voltage level UHVDC converter valves for the Changji-Guquan ±1100kV project, which is considered the "heart" of the UHVDC system [3]. - Borui Electric is also involved in the first overseas UHVDC converter valve renovation project at the Itaipu Hydropower Station in Brazil, showcasing its innovative solutions [4]. Group 2: Industry Trends - The UHVDC technology is crucial for large-capacity, long-distance power transmission and is widely applied in major engineering projects both domestically and internationally [2]. - As of 2025, it is projected that wind and solar power will account for approximately 46% of China's total installed power capacity, necessitating the use of UHVDC for long-distance transmission [4]. - The flexible direct current (VSC) technology is emerging as a solution to integrate renewable energy sources into the grid, with Borui Electric participating in significant projects like the world's largest flexible DC back-to-back project in the Guangdong-Hong Kong-Macao Greater Bay Area [5]. Group 3: Future Developments - The application of UHVDC technology is accelerating, with the first UHV flexible direct current project starting construction in July 2024 [5]. - Borui Electric is advancing the development of grid-forming energy storage systems and other innovative technologies to support the new power system [7].

Core Viewpoint - The company plans to acquire a 63% stake in Wuling Electric Power from China Power International Development Co., Ltd., a 37% stake from Hunan Xiangtou International Investment Co., Ltd., and a 64.93% stake in Guangxi Changzhou Hydropower Development Co., Ltd. from State Power Investment Corporation [1] Group 1 - The company intends to raise matching funds by issuing shares to no more than 35 qualified specific investors [1] - The Shanghai Stock Exchange's M&A Review Committee held a meeting on September 17, 2025, to review the company's transaction application [1] - The review committee concluded that the transaction meets the restructuring conditions and information disclosure requirements [1]

(在香港註冊成立的有限責任公司) (股份代號:2380) 2025 中期報告 低碳賦能 美好生活 2025 INTERIM REPORT LOWER CARBON EMPOWER BETTER LIFE 股東及投資者參考資料 中國電力的股份為： 中期報告 二零二五年中期報告將於二零二五年九月十九日 或之前發送予選擇收取公司通訊印刷本的中國電 力國際發展有限公司（「本公司」）股東。 上市資料 註冊辦事處及香港的主要營業地點 香港灣仔 港灣道18號 中環廣場63層6301室 電話：(852) 2802 3861 傳真：(852) 2802 3922 網址：www.chinapower.hk 中國電力 網站 中國電力 官方微信 • 於 香 港 聯 交 所 上 市（ 股 份 代 號：2380╱ 彭博：2380：HK╱路透社：2380.HK）；及 • 合資格經滬港通及深港通進行港股通交易。 目錄 | | | 股份過戶及登記處 股東及投資者查詢 香港中央證券登記有限公司 香港灣仔 皇后大道東183號 合和中心17樓1712-1716號舖 電話：(852) 2862 8628 傳真：(852) 2865 0990 股東 投 ...

中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited 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。 （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、 本公司日期為二零二五年五月二十日的通函（「通函」）及本公司日期為二零二五年九 月一日的公告（「補充公告」），內容有關資產重組建議。除另有指明外，本公告所用的 全部詞彙與通函及補充公告所界定者具有相同涵義。 背景 於二零二五年四月十六日，本公司、湘投國際及遠達環保訂立股權轉讓協議 I 及五凌 電力補償協議。同日，廣西公司（本公司全資擁有的附屬公司）與遠達環保訂立股權 轉讓協議 II 及長洲水電補償協議。 於二零二五年八月二十九日，本公司、湘投國際及遠達環保訂立股權轉讓補充協議 I 及 ...

Group 1 - The company reported a mid-year performance for 2025, achieving a revenue of 23.858 billion yuan, a year-on-year decrease of 9.87%, while the profit attributable to ordinary shareholders was 2.587 billion yuan, a year-on-year increase of 0.65% [1] - The thermal power segment benefited from a decline in coal prices, with the average coal price in Qinhuangdao at approximately 676 yuan/ton, down about 199 yuan/ton year-on-year, leading to a net profit of 1.428 billion yuan, an increase of 28.89% [1] - The hydropower segment faced challenges due to reduced rainfall, resulting in a decrease in utilization hours and a net profit of 0.55 billion yuan, down 28.20% year-on-year [1] Group 2 - The company’s installed capacity reached 53.9406 million kilowatts by mid-2025, with clean energy capacity at 44.1206 million kilowatts, accounting for 81.79% of the total, an increase of 4.72 percentage points year-on-year [2] - Wind and solar power generation saw significant increases in sales volume, with wind power at 16.685 billion kWh (up 26.90%) and solar power at 12.970 billion kWh (up 9.63%) [2] - However, the average on-grid prices for wind and solar power decreased, leading to net profits of 2.124 billion yuan (up 8.36%) for wind and 0.716 billion yuan (down 36.90%) for solar [2] Group 3 - The company is actively integrating hydropower assets to establish a clean energy flagship platform, with a restructuring plan approved by shareholders and accepted by the Shanghai Stock Exchange [3] - The restructuring involves the acquisition of shares in Yuanda Environmental Protection in exchange for stakes in the company’s subsidiaries, enhancing its position as a comprehensive clean energy platform [3] - Profit forecasts have been adjusted, with expected net profits for 2025 and 2026 at 4.081 billion yuan and 4.463 billion yuan, representing year-on-year growth of 21.31% and 9.36%, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's H1 2025 results show a revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year, while the net profit attributable to ordinary shareholders is 2.587 billion yuan, an increase of 0.65% year-on-year [1]. - The decline in coal prices has significantly improved the profitability of the thermal power segment, with a net profit of 1.428 billion yuan in H1 2025, an increase of 28.89% year-on-year, despite a decrease in both sales volume and price [2]. - The hydropower segment faced challenges due to lower rainfall, resulting in a decrease in utilization hours and a net profit of 0.550 billion yuan, down 28.20% year-on-year [3]. - The company is rapidly expanding its renewable energy capacity, with a total installed capacity of 53.9406 million kilowatts, of which clean energy accounts for 44.1206 million kilowatts, representing 81.79% of the total [4]. - The company is actively integrating its hydropower assets to establish a clean energy flagship platform, with the asset restructuring plan already approved by shareholders [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year, and a net profit of 2.587 billion yuan, an increase of 0.65% year-on-year [1]. - The thermal power segment's revenue was pressured by a decrease in coal power on-grid electricity price to 0.373 yuan/KWh, down approximately 0.019 yuan/KWh year-on-year, and utilization hours decreased by 96 hours to 2469 hours [2]. Segment Analysis - The thermal power segment's net profit improved to 1.428 billion yuan, up 28.89% year-on-year, due to a decrease in coal prices, with the average coal price at 676 yuan/ton, down 199 yuan/ton year-on-year [2]. - The hydropower segment's net profit was 0.550 billion yuan, down 28.20% year-on-year, with utilization hours dropping to 1387 hours, a decrease of 434 hours year-on-year [3]. - The renewable energy segment saw significant growth, with wind and solar power sales increasing by 26.90% and 9.63% year-on-year, respectively, although profitability was impacted by lower on-grid electricity prices [4]. Strategic Developments - The company is pursuing a strategic asset restructuring to consolidate its hydropower assets, aiming to enhance its position as a clean energy leader [5]. - The restructuring plan has been approved by shareholders and is progressing through regulatory channels [5]. Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted, with expected net profits of 4.081 billion yuan and 4.463 billion yuan, representing year-on-year growth of 21.31% and 9.36%, respectively [6].

后续，通过沙特比沙储能项目等标杆性工程，中电装备公司将持续助力项目所在国家实 现绿色转型与可持续发展目标，在绿色金融和社会责任方面积极作为。 近日，中国电力技术装备有限公司凭借跨境绿色保函转开方案为沙特比沙储能项目顺利 履约提供财务保障，并在亚洲权威金融媒体《财资》（《THE ASSET》）2025年度"AAA司 库管理大奖"评选中获得"最佳结构性贸易融资方案"奖项。沙特比沙储能项目保函由德意志 银行开具。该项目也因此成为国家电网有限公司首个获得德意志银行（中国）环境、社会和 公司治理（ESG）可持续金融认证的项目。 据介绍，跨境绿色保函是绿色金融的重要工具，正逐步成为企业参与国际绿色项目的重 要融资手段。此次获奖不仅印证了中电装备公司的专业能力，更是对该公司以ESG标准贯穿 保函全流程、以金融工具撬动绿色转型的认可，彰显了该公司在跨境合作和绿色能源领域的 卓越表现。 【责任编辑：王少晨 】 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

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