格隆汇8月28日丨中国电力(02380.HK)公告，2025年8月27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发行本年度第一期超短期融资券。本金额人 民币20亿元。 ...

中国电力(02380)发布公告，2028年8月27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，本公司在中国境内发行本年度第一期超短期融资券(超短券–2025一期)。本金额为人民 币20亿元，票面利率为每年1.69%，募集所得的资金将用作偿还到期债务。 ...

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。 1 附註： （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年七月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年七月的合併總售電量為 12,543,235 兆瓦 時，較去年同月增加 2.45%，而二零二五年首七個月的合併總售電量為 75,079,795兆瓦 時，較去年同期減少 1.97%。 本集團於二零二五年七月及截至二零二五年七月三十一日止七個月的總售電量，按發 電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 7 月 | 7 月 | | 首七個月 | | | ...

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 1 （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 億元超短期融資券 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。 二零二五年八月二十七日，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」）境內發行本年 度第一期超短期融資券（「超短券–2025一期」）。 以下為超短券–2025一期的主要條款： 主席 賀徙 香港，二零二五年八月二十八日 發行人： 中國電力國際發展有限公司 本金額： 人民幣20億元 單位面值： 人民幣100元 期限： 270 ...

Group 1 - In July, the total electricity consumption in China increased by 8.6% year-on-year, with a significant month-on-month growth of 17.9%, indicating a recovery in electricity demand [1] - The electricity consumption in the primary industry reached 17 billion kWh, growing by 20.2%, while the secondary industry consumed 5,936 billion kWh, growing by 4.7%, and the tertiary industry consumed 2,081 billion kWh, growing by 10.7% [1] - The electricity consumption for urban and rural residents reached 2,039 billion kWh, with a growth rate of 18.0%, driven by high temperatures in July [2] Group 2 - The high-tech and equipment manufacturing sectors saw a 4.6% increase in electricity consumption from January to July, outpacing the overall secondary industry growth by 1.8 percentage points [2] - The internet and related services industry experienced a remarkable 28.2% increase in electricity consumption from January to July, supported by the rapid development of mobile internet, big data, and cloud computing [2] - The electricity consumption in the electric vehicle charging and swapping service industry surged by 42.6% due to the rapid growth of electric vehicles [2] Group 3 - In July, the industrial power generation from large-scale enterprises increased by 3.1% year-on-year, with a daily average generation of 298.9 billion kWh [3] - The growth rate of industrial thermal power generation was 4.3%, which was 3.2 percentage points higher than in June, while hydropower generation saw a decline of 9.8% [3] - Solar power generation in the industrial sector grew by 28.7%, with an acceleration of 10.4 percentage points compared to June [3]

Core Viewpoint - The report from Guozheng International indicates a significant increase in social electricity consumption in July, driven mainly by the growth in electricity usage in the tertiary sector and urban-rural residential life [1][2] Group 1: Electricity Consumption Data - In July, the total social electricity consumption reached 10,226 billion kWh, marking a year-on-year increase of 8.6% and a month-on-month increase of 17.9%, with the growth rate up by 3.2 percentage points compared to June [2] - From January to July, the cumulative electricity consumption was 58,633 billion kWh, showing a year-on-year growth of 4.5% [2] - The breakdown of July's electricity consumption shows that the primary industry consumed 170 billion kWh (up 20.2%), the secondary industry consumed 5,936 billion kWh (up 4.7%), the tertiary industry consumed 2,081 billion kWh (up 10.7%), and urban-rural residential life consumed 2,039 billion kWh (up 18.0%) [2] Group 2: Sector-Specific Insights - The high-tech sector's electricity consumption grew by 4.6% from January to July, outpacing the overall secondary industry growth by 1.8 percentage points, with the new energy vehicle manufacturing sector seeing a remarkable growth of 25.7% [3] - The internet and related services sector experienced a year-on-year electricity consumption increase of 28.2%, while the wholesale and retail sector grew by 12% [3] - The hot weather in July contributed to a significant rise in residential electricity consumption, with some regions reporting increases of up to 30% [3] Group 3: Industrial Power Generation - In July, the power generation from large-scale industries reached 9,267 billion kWh, reflecting a year-on-year growth of 3.1%, which is an acceleration of 1.4 percentage points compared to June [4] - The growth rates for various power generation types in July include: thermal power up 4.3%, wind power up 5.5%, solar power up 28.7%, while hydropower saw a decline of 9.8% [4] - The cumulative power generation from January to July was 54,703 billion kWh, with a year-on-year growth of 1.3% [4]

Group 1 - China's electricity consumption in July exceeded 1 trillion kilowatt-hours, significantly stimulating major economies [1] - China possesses unique advantages in the energy sector, including the largest renewable energy installed capacity globally, the largest UHV power grid, and a nationwide unified electricity market system [1] - Other countries, particularly South Korea and India, are actively pursuing nuclear power development to challenge China's leading position in the electricity sector [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's clean energy performance has been under pressure due to reduced water inflow, with hydroelectric net profit decreasing by 28.2% year-on-year. However, the thermal power segment showed improvement, achieving a net profit of 1.428 billion yuan, a year-on-year increase of 28.89%. Overall, the company reported a profit attributable to ordinary shareholders of 2.587 billion yuan for the first half of 2025, a year-on-year growth of 0.65% [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year. The net profit attributable to ordinary shareholders was 2.587 billion yuan, reflecting a growth of 0.65% year-on-year [6]. Clean Energy Segment - The hydroelectric segment faced challenges with a significant drop in sales volume by 23.02%, leading to a net profit of 550 million yuan, down 28.2% year-on-year. The average on-grid electricity price for hydroelectric power increased slightly to 0.278 yuan/kWh [6]. - The wind power segment saw a net profit increase of 8.36% year-on-year, reaching 2.124 billion yuan, supported by a 26.90% increase in sales volume. However, the average on-grid price decreased by 0.036 yuan/kWh [6]. - The photovoltaic segment's net profit decreased by 36.9% year-on-year to 716 million yuan, impacted by lower resource availability and increased competition [6]. Thermal Power Segment - The thermal power segment's sales volume decreased by 14.03% year-on-year, but net profit improved to 1.428 billion yuan, a growth of 28.89% year-on-year, due to a significant drop in coal prices [6]. Future Outlook - The company is expected to benefit from the acceleration of asset securitization and has a positive outlook on growth opportunities from both internal and external sources. Projected earnings for 2025-2027 are 4.132 billion, 4.744 billion, and 5.132 billion yuan, respectively, with corresponding EPS of 0.33, 0.38, and 0.41 yuan [2][6].

China Power International Development Limited 中國電力國際發展有限公司 {incorporated in Hong Kong with limited liability) (Stock Code : 2380) 图看懂 中国电力2025年中期业绩 02380.HK | 于香港注册成立之有限公司 低碳赋能 美好生活 11 -11 n 11 0) 降本增效成效显著 增量发展稳中有进 归属于权益持有人净利润 同比增长 28.35 亿元 1.16 % 经营性现金流 同比增长 74.71 亿元 37.78 % 每股基本盈利 0.21 元 营业收入 238.58 亿元 清洁能源收入 | 占比 | 同比增长 153.16 亿元 64.2 % 4 个百分点 19 80 17 = 22.88 亿元 5.4% 9.6% 48.87 亿元 其他 水 20.5% 34 各板块 收入占比 X 使 68.52 亿元_ 85.42 亿元 35.8% 28.7% 1 (+) 积极兑现绿色权益价值 绿电绿证交易增利 0.8 亿元 清洁能源板块归母净利润 22.73 亿元 占比(~) 80 % 下 ...

Core Viewpoint - The conference on "Green Leading Smart Empowerment to Build a New Ecosystem for Supply Chain" highlighted the importance of green and smart supply chain management in the electricity sector, emphasizing the need for collaboration among state-owned enterprises and leading private companies to address challenges and seize opportunities in supply chain development [1][2]. Group 1: Industry Overview - The electricity sector is recognized as a crucial pillar of the national economy, with its supply chain being complex and strategically significant, necessitating a transition to digital, intelligent, and green supply chains [2]. - The supply chain in the electricity industry is facing challenges such as long chain links, data silos, complex demands, and regulatory difficulties, which have directed focus towards compliance, cost reduction, efficiency enhancement, and supply assurance [2][3]. Group 2: Company Initiatives - JD Industrial, as a subsidiary of JD Group, is committed to enhancing the electricity sector's supply chain through a comprehensive digital transformation, linking supply and demand to optimize matching and reduce collaboration costs [2][3]. - JD Industrial has aggregated over 120,000 manufacturers, distributors, and agents to create a robust supply chain, providing significant support for cost reduction, efficiency improvement, compliance, and supply assurance in the electricity industry [3]. Group 3: Standardization Efforts - The lack of standardization in the industrial products sector has led to increased communication and transaction costs, complicating procurement processes; JD Industrial is focusing on product standardization to facilitate supply chain upgrades [4]. - The consensus in the industrial sector is that standardization is key to maximizing procurement cost efficiency, with guidance from the State-owned Assets Supervision and Administration Commission (SASAC) emphasizing the need for data standardization and governance [4]. Group 4: Technological Advancements - JD Industrial is leveraging big data and AI algorithms to enhance data capabilities for electricity clients, implementing a three-step approach to standardization, digitalization, and intelligent application to build a standardized product library [4][6]. - The introduction of AI tools like "Gongpin Cha" aims to improve product standardization across the industry, enabling clients to manage product data more effectively and enhance operational efficiency [6].