Core Viewpoint - Huaneng International Power Co., Ltd. has successfully completed the issuance of its 2025 seventh phase of ultra-short-term financing bonds, raising a total of 2 billion RMB with a maturity of 99 days and an interest rate of 1.43% [1] Financing Details - The total issuance amount for this bond is 2 billion RMB [1] - The bonds have a maturity period of 99 days [1] - The face value of each bond is 100 RMB [1] - The issuance interest rate is set at 1.43% [1] Underwriting Information - The lead underwriters for this bond issuance are Shanghai Pudong Development Bank Co., Ltd. and Bohai Bank Co., Ltd. [1] - The bonds were issued through a book-building and centralized placement method in the national interbank bond market [1] Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's working capital, adjust its debt structure, repay bank loans, and settle upcoming bond maturities [1]

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 七 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20億 元，期 限 為99天，單 位 面 值 為 人 民 幣100元，發 行 利 率 為1.43%。 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。 華 能國際電力股份有限公司（「公 司」）2024年年度股東大會於2025年6月24日 通 過 決 議，同 意 公 司 在 自2024年年度股東大會批准時起至2025年年度股東 大 會 結 束 時 止，在 中 國 境 內 或 境 外 一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 等值於人民幣1,700億元的境內外債務融資工具（即在前述授 ...

格隆汇8月7日丨华能国际(600011.SH)公布，公司已于近日完成了华能国际电力股份有限公司2025年度 第七期超短期融资券（"本期债券"）的发行。本期债券发行额为20亿元人民币，期限为99天，单位面值 为100元人民币，发行利率为1.43%。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。 ...

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [3][5] Core Viewpoints - Huaneng International is a leading power generation company in China, benefiting from improved cash flow and dividend expectations due to the capacity price mechanism in thermal power [1][2] - The transition to a two-part pricing system for thermal power is expected to stabilize profitability, with coal prices anticipated to remain stable [2][3] - The company is increasing its investment in renewable energy, aiming for a 45% share of low-carbon clean energy capacity by the end of the 14th Five-Year Plan [2][3] Summary by Sections Company Overview - Huaneng International is a large-scale power enterprise engaged in the development, construction, and operation of coal, gas, and renewable energy projects, with a controllable installed capacity of 152.99 million kW as of June 2025 [1][14] - The company’s revenue primarily comes from electricity and heat supply, with coal power contributing significantly to profits [1][17] Profitability and Financial Indicators - The report forecasts net profits for the parent company of 12.52 billion, 13.05 billion, and 13.56 billion yuan for 2025-2027, reflecting a growth rate of 23.5%, 4.3%, and 3.9% respectively [3][4] - The earnings per share (EPS) are projected to be 0.80, 0.83, and 0.86 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 9.5, 9.1, and 8.7 [3][4] Investment Recommendations - The stock value is estimated to be between 7.98 and 8.73 yuan, indicating a premium of 6% to 16% over the current stock price of 7.58 yuan [3][5] - The report emphasizes the potential for stable dividends supported by improved cash flow and capital expenditure management [2][68]

星展发布研报称，预期华能国际（600011）电力股份(00902)主要受惠于较低的燃料成本，今年的盈利 增长超过30%，且当前估值相当吸引，加上收益率高于5%，并拥有稳健的增长前景，因此维持"买 入"评级，将目标价由5.2港元上调至5.8港元，列为行业首选。 该行预期华能国际电力股份受惠于燃料成本下降，今年上半年的净利润将上升约16%。另外，公司计划 今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该行将公司全年 发电量增长预测下调2.6个百分点至3.4%。 ...

智通财经APP获悉，星展发布研报称，预期华能国际电力股份(00902)主要受惠于较低的燃料成本，今年 的盈利增长超过30%，且当前估值相当吸引，加上收益率高于5%，并拥有稳健的增长前景，因此维 持"买入"评级，将目标价由5.2港元上调至5.8港元，列为行业首选。 该行预期华能国际电力股份受惠于燃料成本下降，今年上半年的净利润将上升约16%。另外，公司计划 今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该行将公司全年 发电量增长预测下调2.6个百分点至3.4%。 ...

星展发表研究报告指，预期华能国际电力受惠于燃料成本下降，今年上半年的净利润将上升约16%。另 外，公司计划今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该 行将公司全年发电量增长预测下调2.6个百分点至3.4%。 该行预期，华能国电主要受惠于较低的燃料成本，今年的盈利增长超过30%，且当前估值相当吸引，加 上收益率高于5%，并拥有稳健的增长前景；因此维持"买入"评级，将目标价由5.2港元上调至5.8港元， 列为行业首选。 ...

Group 1 - On August 7, a total of 10 listed companies in A-shares disclosed their semi-annual reports for 2025, with all companies reporting profits [1] - Among the companies that disclosed their semi-annual reports, one company reported a net profit exceeding 1 billion yuan, with Jerry Holdings, Shengmei Shanghai, and Tapa Group leading the way with net profits of 1.241 billion yuan, 696 million yuan, and 435 million yuan respectively [1] - As of August 7, a cumulative total of 113 listed companies in A-shares have disclosed their semi-annual reports for 2025, with 100 companies reporting profits and 13 companies reporting losses [1] Group 2 - From the disclosed reports, 12 companies reported net profits exceeding 1 billion yuan, with Ningde Times, Huaneng International, and WuXi AppTec leading with net profits of 30.485 billion yuan, 9.262 billion yuan, and 8.561 billion yuan respectively [1] - In terms of net profit growth, 31 companies reported an increase exceeding 50%, with Zhimingda, Shijia Photon, and Antarctic Light leading with net profit growth rates of 2147.93%, 1712.00%, and 982.43% respectively [1]

Group 1 - The core viewpoint of the news is the performance of the CSI All Share Public Utilities Index, which closed at 2560.34 points with a trading volume of 12.994 billion yuan, showing a decline of 1.81% over the past month, an increase of 0.92% over the past three months, and a year-to-date decline of 3.37% [1] - The CSI All Share Public Utilities Index is composed of listed companies selected based on liquidity and market capitalization criteria, reflecting the overall performance of representative and investable securities in various industries [1] - The top ten weighted stocks in the CSI All Share Public Utilities Index include: Changjiang Electric Power (14.08%), China Nuclear Power (8.94%), Three Gorges Energy (7.3%), Guodian Power (4.83%), State Power Investment (4.43%), Huaneng International (3.95%), Yongtai Energy (3.81%), Chuanwei Energy (3.59%), China General Nuclear Power (3.43%), and Zhejiang Energy (2.49%) [1] Group 2 - The CSI All Share Public Utilities Index is primarily composed of public utility companies, with a 100% allocation to this sector [1] - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In the event of special occurrences affecting sample companies, such as delisting or changes in industry classification, the index samples will be adjusted accordingly [2]

Core Viewpoint - The central enterprises in the power and energy sector are focusing on new energy development, innovative storage solutions, improving electricity market mechanisms, and expanding overseas business in the second half of 2025, driven by the "dual carbon" goals [2]. Group 1: National Grid Corporation - The National Grid aims to strengthen safety production, ensure reliable electricity supply during peak summer demand, and enhance strategic research for its "14th Five-Year Plan" [3]. - The company plans to increase investment in the grid, improve supply capacity, and support the integration of renewable energy [3]. - Emphasis will be placed on market competition and technological innovation to foster new growth points [3]. Group 2: Southern Power Grid - The Southern Power Grid is prioritizing the construction of a new energy system and enhancing the integration of renewable energy [5][6]. - The company will focus on digital transformation to improve operational efficiency and smart grid capabilities [5]. - Continuous reform of the electricity market and strengthening regional market connections are also key objectives [7]. Group 3: Huaneng Group - Huaneng Group is committed to high-quality development of renewable energy, with a current installed capacity of 110 million kilowatts and over 54% from clean energy [8]. - The company plans to accelerate the development of large-scale renewable energy bases [8]. Group 4: Huadian Group - Huadian Group aims to expand effective investment and accelerate the production of key projects, including an 8 million kilowatt project in Xinjiang [9]. - The focus will be on increasing clean energy development and enhancing production capabilities [9]. Group 5: State Energy Group - The State Energy Group is enhancing its technology innovation system, focusing on clean coal utilization and renewable energy technologies [10]. - The company is also promoting the construction of digital intelligence systems and expanding its renewable energy capacity [10]. Group 6: Datang Group - Datang Group emphasizes safety production and energy supply for the capital, while accelerating green and low-carbon transformation [11]. - The company aims to integrate technological innovation with industrial development [11]. Group 7: State Power Investment Corporation - The State Power Investment Corporation is focused on expanding effective investments in renewable resources and major projects [12]. - The company aims to achieve breakthroughs in national technology projects and promote the integration of industry and innovation [12]. Group 8: China General Nuclear Power Group - China General Nuclear Power Group is prioritizing the high-quality completion of its "14th Five-Year Plan" [15]. Group 9: China Energy Engineering Group - China Energy Engineering Group is focusing on high-quality completion of its "14th Five-Year Plan" evaluation and planning for the "15th Five-Year Plan" [16]. Group 10: China Power Construction Group - China Power Construction Group is committed to completing annual targets and enhancing management levels while expanding market share [17].