Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Points - Huaneng International Power Co., Ltd. will disclose its Q3 2025 performance on the evening of October 28, 2025, and will hold a global investor conference call on October 29, 2025, from 16:00 to 17:30 [2][3] - The conference call aims to provide investors with a comprehensive understanding of the company's operational results and financial status for Q3 2025, allowing for interactive communication and addressing common investor concerns [2][3] Meeting Details - The conference call is scheduled for October 29, 2025, from 16:00 to 17:30 [3] - Participants will include the Chairman, independent directors, and relevant executives from the company [3] Investor Participation - Investors wishing to participate must send a registration form to the designated email by October 27, 2025, at 09:00 [4] - Investors can also submit questions in advance to be addressed during the call [4] Contact Information - Contact persons and their respective phone numbers and email addresses are provided for inquiries related to the conference call [5]

Core Viewpoint - Huaneng International Power Co., Ltd. will hold a global investor conference call on October 29, 2025, to discuss its Q3 2025 performance and financial results, allowing for interactive communication with investors [2][3]. Group 1: Conference Details - The conference will take place on October 29, 2025, from 16:00 to 17:30 [2][3]. - The call will be organized by Huatian Financial Group Co., Ltd., and interested investors must register by sending a response form to the provided email by October 27, 2025 [4][5]. - Participants will include the Chairman, independent directors, and senior management of the company [3]. Group 2: Investor Participation - Investors can submit questions in advance to be addressed during the call [4]. - Contact information for inquiries includes representatives from Huatian and Huaneng International [5]. Group 3: Post-Conference Information - Audio recordings of the conference will be available on the company's website after the event [5].

证券代码：600011 证券简称：华能国际 公告编号：2025-059 华能国际电力股份有限公司 关于召开 2025 年三季度业绩推介全球投资者 电话会议的公告 四、投资者参加方式 公司参加本次会议的人员包括：董事长王葵先生，独立董事张丽英女士，副 总经理、总法律顾问、首席合规官秦海峰先生，副总经理、董事会秘书黄朝全先 生以及相关部室负责人。 （一）本次电话会议由公司的财经公关公司皓天财经集团有限公司（"皓天"） 协调组织，拟参加本次会议的投资者请于 2025 年 10 月 27 日（星期一）上午 9 点前将报名回条发送至皓天电子邮箱 hpi.invite@wsfg.hk，电话会议拨入方式将 于公司收到报名回条后提供。报名回条请见本公告附件。 1 会议召开时间：2025年10月29日（星期三）下午16点至17点30分 会议召开方式：电话会议 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、电话会议内容 华能国际电力股份有限公司（"公司"）将于 2025 年 10 月 28 日晚间披露公 司 2025 年三季 ...

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 不對因本公告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 責 任。 關於召開2025年第三季度業績推介全球投資者電話會議的公告 一. 電話會議內容 華 能 國 際 電 力 股 份 有 限 公 司（「 公 司 」或「 華能國際 」）將 於 2025年10月28日晚間披露公司2025年 第 三 季 度 業 績 情 況，為 便 於 廣 大投資者更全面深入地了解公司2025年 前三季度 的經營成果及財 務 狀 況，公 司 決 定 於 北 京 時 間2025年10月29日下午16點 至17點30分 召 開2025年 第 三 季 度 業 績 推 介 全 球 投 資 者 電 話 會 議（「電話會議」）， 公司將針對2025年前三季度的經營成果及財務指標的具體情況與 投 資 者 進 行 互 動 交 流 和 溝 通，在 信 息 披 露 允 許 的 範 圍 內 就 投 資 者 普 遍 關 注 的 問 題 進 行 回 答。 ...

Core Insights - Huaneng (Yongxin) Pumped Storage Co., Ltd. was officially established in Yongxin County, Jiangxi Province, marking Huaneng's first pumped storage project and a key initiative under China's 14th Five-Year Plan [1][3] Group 1: Project Overview - The Yongxin pumped storage project has a total investment of 7.823 billion yuan, with an installed capacity of 1.2 million kilowatts (4×300,000 kilowatts) [4] - The project is designed as a daily regulation pure pumped storage power station, with a continuous full-load operation duration of 6 hours [4] - Upon completion, the power station is expected to generate an annual electricity output of 1.296 billion kilowatt-hours, saving approximately 420,000 tons of standard coal and reducing carbon dioxide emissions by about 1.06 million tons [4] Group 2: Strategic Importance - The project is a significant step for Huaneng in achieving its "dual carbon" goals and aligns with the new power system construction initiatives in Jiangxi Province [3] - Huaneng Jiangxi Branch aims to develop Yongxin into an important integrated clean energy base, combining wind, solar, and water storage [3] - The local government emphasizes its commitment to supporting the project through favorable policies and a conducive environment, aiming to make it a model project recognized by the community [3]

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

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 不對因本公告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 責 任。 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 劉安倉 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中國‧北京 2025年10月18日 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） 证券代 ...

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 不對因本公告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 責 任。 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 华能国际电力股份有限公司2025年面向专业投资者公开发 行科技创新可续期公司债券（第五期）发行结果公告 王 葵 （執 行 董 事） 劉安倉 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中國‧北京 2025年10月17日 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带 ...