委任總會計師 茲提述華能國際電力股份有限公司（「本公司」）日期為2024年12月27日 的 公 告，內 容 有 關 本 公 司 原 總 會 計 師 朱 大 慶 先 生 因 工 作 調 動 辭 去 公 司 總 會 計 師 職 務，以 及 在 本 公 司 聘 任 新 任 總 會 計 師 之 前，由 本 公 司 董 事 兼 總 經 理 黃 曆 新 先 生 代 行 總 會 計 師 職 責。 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。 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 本公司董事會（「董事會」）於2025年7月10日召開第十一屆董事會第十三 次會議，審議並一致通過了《關於聘任公司總會計師的議案》。根據該議案， 董事會同意聘任文明剛先生（「文先生」）為 公 司 總 會 計 師。該 議 案 已 由 董 事 會 提 名 委 員 會 及 審 ...

公司董事会于2025年7月10日以通讯表决方式召开第十一届董事会第十三次会议 （"会议"或"本次会议"），会议通知已于2025年7月7日以书面形式发出。本次会议的召开 符合《中华人民共和国公司法》和公司章程的有关规定。会议审议并一致通过了《关于 聘任公司总会计师的议案》，同意聘任文明刚先生为公司总会计师。该议案已经公司董 事会提名委员会和董事会审计委员会事先审议通过。 文明刚先生简历请见本公告附件。 特此公告。 华能国际电力股份有限公司董事会 证券代码: 600011 证券简称: 华能国际 公告编号:2025-038 华能国际电力股份有限公司 关于聘任公司总会计师的公告 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。 华能国际电力股份有限公司（"公司"或"华能国际"）于2024年12月28日披露了《华 能国际电力股份有限公司关于总会计师变动的公告》。公司原总会计师朱大庆先生因工 作调动已辞去公司总会计师职务。在公司聘任新任总会计师之前，由公司董事、总经理 黄历新先生代行总会计师职责。 1 附件：文明刚先生简历 文明刚，1970 ...

Core Viewpoints - In the first half of 2025, the profitability of thermal power companies improved due to a decrease in coal prices from 765 RMB/ton to 621 RMB/ton, leading to an 11% recovery in stock prices since late January [4] - The thermal power sector is expected to see positive factors in electricity volume, price, and costs in 2025, indicating growth potential [4] - Hydropower and nuclear power sectors remain stable with strong cash flows and high dividend yields, while the deepening of domestic electricity reforms is likely to create diverse investment opportunities [4] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable in 2025, with coal prices trending downward, leading to further profit recovery in the industry [7] - It is recommended to focus on thermal power companies with smaller declines in electricity prices and lower proportions of long-term coal contracts [7] - The implementation of capacity pricing and auxiliary service income is expected to stabilize thermal power profitability [61] Hydropower - High dividend yields attract incremental capital, with the dividend yield of Changjiang Electric Power remaining between 3.2% and 4.4% from 2017 to 2024 [80] - The hydropower sector is expected to see growth due to the commissioning of new projects, with over 25 million kW of hydropower capacity under construction [73] Nuclear Power - The approval of 11 new nuclear units in 2024 marks a significant acceleration in nuclear project approvals, indicating a stable growth trajectory for the sector [82] - By the end of 2024, China Nuclear Power and China General Nuclear Power have substantial capacities under construction, ensuring future growth [86] Renewable Energy - The installation of wind and solar power is expected to maintain high growth rates, with cumulative installed capacity reaching 1.41 billion kW by the end of 2024 [92] - The implementation of the 136 Document is expected to promote the full market entry of renewable energy, leading to a surge in installed capacity [99] Waste Incineration - The waste incineration sector is entering a mature phase, with operating cash flow and free cash flow both increasing by 18% year-on-year in 2024 [119] - Companies in this sector are expanding overseas, establishing a competitive advantage in countries along the Belt and Road Initiative [122]

Group 1 - The company has received approval from its annual general meeting to issue debt financing instruments up to an equivalent of 170 billion RMB from the date of approval until the next annual general meeting [1] - The company has successfully issued its fifth phase of ultra-short-term financing bonds for 2025, amounting to 3 billion RMB, with a maturity of 99 days and an interest rate of 1.42% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital, adjust its debt structure, and repay bank loans and maturing bonds [1] Group 2 - The bond issuance documents have been announced on the China Money website and the Shanghai Clearing House website [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。 海外監管公告 關於超短期融資券發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 公 司已於近日完成了華能國際電力股份有限公司2025年度第 五 期超短 期融資券（「本期債券」）的 發 行。本 期 債 券 發 行 額 為 人 民 幣30億 元，期 限 為99天，單 位 面 值 為 人 民 幣100元，發 行 利 率 為1.42%。 本期債券由渤海銀行股份有限公司和中國民生銀行股份有限公司 作 為 主 承 銷 商 組 織 承 銷 團，通 過 簿 記 建 檔、集 中 配 售 的 方 式 在 全 國 銀 行 間 債 券 市 場 公 開 發 行。本 期 債 券 募 集 資 金 將 用 於 補 充 公 司 營 運 資 金、調 整 債 務 結 構、償 還 銀 行 借 款 及 即 將 到 期 ...

公司已于近日完成了华能国际电力股份有限公司2025年度第五期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为99天，单 位面值为100元人民币，发行利率为1.42%。 本期债券由渤海银行股份有限公司和中国民生银行股份有限公司为主承销 商组织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。 本期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即 将到期的债券。 华能国际电力股份有限公司 关于超短期融资券发行的公告 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个别及连带责任。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意公司自2024年年度股东大会批准时起至2025年年度股东大会结 束时止，在中国境内或境外一次或分次滚动发行本金余额不超过等值于1700亿元 人民币的境内外债务融资工具（即在前述授权期限内的任一时点，公司发行的处 于有效存续期内的境内外债务融资工具本金余额不超过1700亿元等值人民币）。 证券代码: 600011 ...

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.53 yuan, an increase of 1.76%, and a rolling PE ratio of 11.24, marking a new low in 181 days [1] - The total market capitalization of Huaneng International is reported at 118.207 billion yuan, with the company ranking 14th in the electricity industry's average PE ratio of 24.13 [1][2] - As of the first quarter of 2025, 67 institutions hold shares in Huaneng International, including 59 funds, with a total holding of 874,327.66 thousand shares valued at 60.503 billion yuan [1] Group 2 - Huaneng International's main business is power generation and electricity sales, with additional services in thermal power, port services, and transportation [1] - The latest financial results for the first quarter of 2025 show an operating revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, and a net profit of 4.973 billion yuan, reflecting a year-on-year increase of 8.19% [1] - The company's gross profit margin stands at 19.05% [1]

Group 1 - The Hong Kong power sector experienced a broad increase, with Huadian International Power rising nearly 3% [1] - China General Nuclear Power New Energy and China General Nuclear Power both saw an increase of nearly 2% [1] - Other companies such as Huaneng International Power, China Power, Datang Power, and China Resources Power also followed the upward trend [1]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

Investment Rating - The industry investment rating is maintained at "Overweight" [1][8] Core Views - The report highlights that high temperatures have led to record electricity loads, improving the power supply-demand balance [6] - The report recommends focusing on three main lines: hydropower stocks benefiting from the unified electricity market, thermal power stocks with improving performance due to cost reductions, and green energy projects transitioning smoothly [7][38] - Key companies recommended include Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., Ltd. [8] Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 2.26% this week, outperforming the market by 0.72 percentage points [3] - Sub-sectors such as heating services, thermal power, and comprehensive electricity services saw significant increases [3] Key Data Tracking - Domestic natural gas prices slightly decreased, with the LNG ex-factory price at 4412 RMB/ton, a decrease of 0.09% [5] - The average inflow of the Three Gorges Reservoir increased by 18.81% week-on-week [5] Industry Dynamics - National electricity load reached a historical high of 1.465 billion kilowatts, with significant increases in several provinces due to high temperatures [6] Investment Recommendations - The report emphasizes the acceleration of the national unified electricity market construction and the potential for asset value reassessment in the electricity sector [7][38] - It suggests that strong operational capabilities and quality resource locations are key for investment [8]