Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.47, 0.47, and 0.49 for 2025 to 2027, respectively, corresponding to price-to-earnings (PE) ratios of 20, 20, and 19 [5]. Core Insights - The company reported a revenue of 24.88 billion yuan for 2024, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 8.3 billion yuan, up 8.6% year-on-year. For Q1 2025, revenue reached 5.38 billion yuan, reflecting a 21.8% year-on-year growth, with a net profit of 1.51 billion yuan, up 41.6% year-on-year [2]. - The company's power generation increased by 4.6% in 2024 and 31.2% in Q1 2025, driven by favorable water conditions, increased storage capacity, new unit commissioning, and strong electricity demand [3]. - The average on-grid electricity price for Q1 2024 was approximately 0.255 yuan/kWh, a decrease of about 0.02 yuan/kWh year-on-year, primarily due to improved water conditions and increased renewable energy supply [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 24.88 billion yuan and a net profit of 8.3 billion yuan, with a planned cash dividend of 0.20 yuan per share, representing a 43.4% payout ratio [2]. - The projected net profits for 2025, 2026, and 2027 are 8.79 billion yuan, 8.88 billion yuan, and 9.24 billion yuan, respectively [5]. Power Generation - The company's hydropower generation in 2024 was 107.93 billion kWh, a 2.53% increase year-on-year, while Q1 2025 saw a hydropower generation of 19.73 billion kWh, up 30.5% year-on-year [3]. - The company added 1.8 GW of new renewable energy capacity in 2024, with wind and solar generation reaching 4.2 billion kWh and 36.7 billion kWh, respectively [3]. Cost and Pricing Dynamics - The company's operating costs increased by only 13.9% in Q1 2025, despite a 31.2% increase in power generation, leading to a net profit margin of 32.3%, up 3.6 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.47, 0.47, and 0.49 for 2025 to 2027, respectively, corresponding to price-to-earnings (PE) ratios of 20, 20, and 19 [5]. Core Insights - The company reported a revenue of 24.88 billion yuan for 2024, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 8.3 billion yuan, up 8.6% year-on-year. In Q1 2025, revenue reached 5.38 billion yuan, reflecting a 21.8% year-on-year growth, with a net profit of 1.51 billion yuan, up 41.6% year-on-year [2]. - The company's power generation increased by 4.6% in 2024 and 31.2% in Q1 2025, driven by favorable water conditions, increased storage capacity, new unit commissioning, and strong electricity demand [3]. - The average on-grid electricity price in Q1 2024 was approximately 0.255 yuan/kWh, a decrease of about 0.02 yuan/kWh year-on-year, primarily due to improved water conditions and increased renewable energy supply [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 24.88 billion yuan and a net profit of 8.3 billion yuan, with respective growth rates of 6.1% and 8.6% year-on-year. The Q1 2025 results showed a revenue of 5.38 billion yuan and a net profit of 1.51 billion yuan, marking increases of 21.8% and 41.6% year-on-year [2][4]. - The projected net profits for 2025, 2026, and 2027 are 8.79 billion yuan, 8.88 billion yuan, and 9.24 billion yuan, respectively, with corresponding EPS of 0.47, 0.47, and 0.49 [5]. Power Generation and Capacity - The company's total power generation in 2024 was 107.93 billion kWh, a 2.53% increase year-on-year, with Q1 2025 generation reaching 19.73 billion kWh, up 30.5% year-on-year. The increase was attributed to favorable water conditions in the Lancang River basin and new hydropower units coming online [3]. - In 2024, the company added 1.8 GW of renewable energy capacity, resulting in wind and solar generation of 4.2 billion kWh and 36.7 billion kWh, respectively, with year-on-year growth of 6.9% and 160.4% [3]. Cost and Profitability - The company's operating costs increased by only 13.9% in Q1 2025, despite a 31.2% increase in power generation, leading to a net profit margin of 32.3%, an increase of 3.6 percentage points year-on-year [4].

Company Overview - Huaneng Hydropower announced a 2024 dividend plan proposing a cash distribution of 2 yuan per 10 shares (including tax), totaling 3.6 billion yuan, which represents 43.39% of the company's net profit [2][3] - The company reported a revenue of 24.882 billion yuan for the year, marking a year-on-year increase of 6.05%, and a net profit of 8.297 billion yuan, up 8.63% year-on-year, with basic earnings per share of 0.44 yuan [2] Dividend History - The company has a history of cash distributions since its listing, with the latest plan being the eighth distribution. Previous distributions include: - 2023: 1.8 yuan per 10 shares, totaling 3.24 billion yuan, with a dividend yield of 2.42% - 2022: 1.75 yuan per 10 shares, totaling 3.15 billion yuan, with a dividend yield of 2.62% - 2021: 1.7 yuan per 10 shares, totaling 3.06 billion yuan, with a dividend yield of 2.83% [2] Industry Context - In the public utility sector, 61 companies have announced their 2024 dividend plans. The highest cash distribution is from Xin'ao Co., totaling 6.327 billion yuan, followed by China General Nuclear Power and Huaneng International with distributions of 4.797 billion yuan and 4.238 billion yuan, respectively [3][4] - Huaneng Hydropower's dividend yield is 1.98%, which is lower compared to some peers in the industry [4]

证券代码：600025 证券简称：华能水电 公告编号：2025-021 华能澜沧江水电股份有限公司 关于第四届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 二、监事会会议审议情况 （一）审议通过《公司 2024 年度监事会工作报告》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （二）审议通过《关于公司 2024 年度财务决算报告的议案》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 （三）审议通过《关于公司 2024 年年度报告及摘要的议案》。 同意《公司 2024 年年度报告及摘要》，并发表如下意见： 1.《公司 2024 年年度报告及摘要》的编制和审议程序符合法律法规、《公司 章程》和公司内部管理制度的各项规定； （一）华能澜沧江水电股份有限公司（以下简称公司）第四届监事会第六次 会议于 2025 年 4 月 10 日以书面和电子邮件方式发出会议通知，并于 2025 年 4 月 23 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-020 华能澜沧江水电股份有限公司 关于第四届董事会第七次会议决议公告 表决结果：同意 15 票，反对 0 票，弃权 0 票。 （三）审议通过《关于公司 2024 年下半年董事会授权事项履职情况的议案》。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 （四）审议通过《关于公司 2024 年度财务决算报告的议案》。 该议案已经公司董事会审计委员会2025年第一次会议审议通过。 表决结果：同意 15 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 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。 一、董事会会议召开情况 华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第七次会议于 2025 年 4 月 10 日以书面和电子邮件方式发出会议通知，并于 2025 年 4 月 24 日 在公司以现场和通讯表决方式召开。公司董事长孙卫主持会议，应出席董事 15 人，实际出席会议的董事 15 人，公司部分监事和高级管理人员列席会议。本次 会议的召集 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-023 一、利润分配方案内容 华能澜沧江水电股份有限公司 2024 年度利润分配方案公告 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。 重要内容提示： 每股分配比例：每股派发现金红利 0.20 元（含税）。不转股，不送股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配 总额不变，相应调整每股分配比例，并将另行公告具体调整情况。 未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简 称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 2025 年 4 月 24 日，公司召开第四届董事会第七次会议，审议通过《关于公 司 2024 年度利润分配方案的议案》，同意公司 2024 年度利润分配方案，并提交 公司 2024 年年度股东大会审议。本方案符合《公司章程》规定的利润分配政策 和公司已披露的股东 ...

华能澜沧江水电股份有限公司 2025 年度第二期绿色超短期融资券 （乡村振兴）发行公告 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。 一、发行基本情况 证券代码：600025 证券简称：华能水电 公告编号：2025-027 公司 2024 年 5 月 28 日召开的 2023 年年度股东大会审议通过《关于公司在 银行间市场债务融资工具注册发行的议案》，同意公司在 2023 年年度股东大会 批准之日起 24 个月（现执行《注册通知书》（中市协注〔2024〕TDFI25 号）有 效期截止日）的任一时点，一次或分次发行本金余额合计不超过人民币 340 亿元 的债务融资工具，其中单项余额限额为：短期融资券（含超短期融资券）本金余 额不超过人民币 140 亿元，中期票据（含永续中票）本金余额不超过人民币 200 亿元。每年年末 12 月 31 日短期融资券（含超短期融资券）本金余额不超过人民 币 50 亿元，中期票据（含永续中票）本金余额不超过人民币 160 亿元。 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2025 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,384,785,431.51, representing a year-on-year increase of 21.84% compared to CNY 4,419,724,585.09 in the same period last year[4]. - Net profit attributable to shareholders was CNY 1,508,225,430.70, a 41.56% increase from CNY 1,065,441,947.78 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was CNY 1,520,617,638.70, reflecting a 42.43% increase from CNY 1,067,654,616.21 year-on-year[4]. - Basic and diluted earnings per share increased by 60% to CNY 0.08 from CNY 0.05 in the same period last year[5]. - The weighted average return on equity rose to 2.03%, an increase of 0.46 percentage points compared to 1.57% in the previous year[5]. - The company reported a net profit margin improvement due to increased revenue and controlled costs, although specific profit figures were not disclosed in the provided content[16]. - The net profit for the first quarter of 2025 reached CNY 1,739,991,560.17, an increase of 37.05% compared to CNY 1,269,227,098.53 in the same period of 2024[17]. - The operating profit for the first quarter was CNY 1,964,091,772.10, up 36.00% from CNY 1,447,895,948.84 year-over-year[17]. - Total revenue from sales and services in the first quarter was CNY 4,757,635,443.00, compared to CNY 4,526,569,971.07 in the first quarter of 2024, reflecting a growth of 5.09%[20]. - The company reported a total comprehensive income of CNY 1,734,723,410.27 for the first quarter, an increase of 35.67% from CNY 1,278,222,331.67 in the same quarter of 2024[18]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 216,331,125,461.58, a slight increase of 0.80% from CNY 214,607,123,371.44 at the end of the previous year[5]. - Total assets amounted to CNY 216,331,125,461.58 as of March 31, 2025, compared to CNY 214,607,123,371.44 at the end of 2024[13]. - Total liabilities were CNY 135,517,999,462.38, slightly up from CNY 135,438,631,299.02 in the previous period[13]. - The company's equity increased to CNY 80,813,125,999.20 from CNY 79,168,492,072.42, reflecting a growth of about 2.07%[14]. - The company's total liabilities amounted to CNY 84.58 billion, slightly up from CNY 84.40 billion, indicating a growth of 0.21%[26]. - The total equity of the company increased to CNY 70.93 billion, up from CNY 70.04 billion, reflecting a growth of 1.27%[26]. Cash Flow - The net cash flow from operating activities was CNY 3,016,916,379.46, showing a decrease of 2.23% from CNY 3,085,611,587.23 in the same period last year[4]. - The cash flow from operating activities generated a net amount of CNY 3,016,916,379.46, slightly down from CNY 3,085,611,587.23 in the previous year[21]. - The net cash flow from operating activities for Q1 2025 was CNY 2,140,181,177.30, slightly up from CNY 2,085,711,255.28 in Q1 2024[30]. - The total cash inflow from financing activities in Q1 2025 was CNY 14,185,473,312.62, compared to CNY 13,739,750,146.34 in Q1 2024, reflecting a growth of 3.22%[31]. - Cash outflow for debt repayment in Q1 2025 was CNY 15,263,365,117.36, an increase from CNY 14,166,576,450.00 in Q1 2024[31]. - The net cash flow from financing activities for Q1 2025 was -CNY 1,557,891,069.29, worsening from -CNY 1,011,876,923.13 in Q1 2024[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 105,489[9]. Costs and Expenses - Total operating costs for Q1 2025 were CNY 3,438,453,783.33, up from CNY 2,992,500,143.22 in Q1 2024, reflecting a 15% increase[16]. - The company incurred financial expenses of CNY 647,501,178.71, a decrease from CNY 681,559,303.27 in the previous year[17]. - Research and development expenses for Q1 2025 were CNY 9.13 million, a decrease of 18% compared to CNY 11.12 million in Q1 2024[28]. - The company's financial expenses decreased to CNY 482.19 million in Q1 2025, down from CNY 507.54 million in Q1 2024, indicating a reduction of 4.97%[28]. Cash and Equivalents - The company's cash and cash equivalents decreased to CNY 2,459,643,554.67 as of March 31, 2025, down from CNY 3,093,114,296.74 at the end of 2024[11]. - The total cash and cash equivalents at the end of the first quarter stood at CNY 2,351,497,899.96, an increase from CNY 2,173,115,897.75 at the end of the first quarter of 2024[22]. - The company's cash and cash equivalents at the end of Q1 2025 stood at CNY 50,057,062.69, compared to CNY 24,391,929.95 at the end of Q1 2024[31].

Financial Performance - The company's operating revenue for 2024 reached CNY 24.88 billion, an increase of 6.05% compared to CNY 23.46 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was CNY 8.30 billion, reflecting an 8.63% increase from CNY 7.64 billion in 2023[22]. - The basic earnings per share for 2024 was CNY 0.44, a 10% increase from CNY 0.40 in 2023[24]. - The total assets of the company at the end of 2024 amounted to CNY 214.61 billion, a 9.92% increase from CNY 195.24 billion in 2023[23]. - The company's net asset attributable to shareholders increased to CNY 73.60 billion, up 9.32% from CNY 67.33 billion in 2023[23]. - The company's power generation in 2024 was 112.01 billion kWh, a 4.62% increase year-on-year[24]. - The financial expenses decreased by 2.04% in 2024, contributing to the increase in net profit[24]. - The weighted average return on equity for 2024 was 11.85%, an increase of 1.35 percentage points from 10.50% in 2023[24]. Cash Flow and Investments - The net cash flow from operating activities for the year reached approximately RMB 17.55 billion, with quarterly cash flows of RMB 3.09 billion, RMB 4.45 billion, RMB 6.81 billion, and RMB 3.21 billion respectively[26]. - The company reported a net cash flow from operating activities of 17.55 billion RMB, an increase of 2.88% year-on-year[45]. - The net cash flow from investing activities was -20.1197 billion yuan, a year-on-year improvement of 24.27%, as there were no significant equity acquisitions this year[47]. - The financing activities generated a net cash flow of 3.8969 billion yuan, a decrease of 55.21% year-on-year due to reduced financing needs[47]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.20 per share, totaling CNY 3.60 billion, subject to shareholder approval[6]. - The cumulative cash dividend amount over the last three accounting years is 9,990,000,000 RMB, with an average net profit of 7,723,160,582.29 RMB, resulting in a cash dividend ratio of 129.35%[149]. - The company has a policy of prioritizing cash dividends, distributing at least 50% of the distributable profits as cash dividends when conditions are met[142]. Research and Development - Research and development expenses decreased by 19.49% year-on-year to 150.6948 million yuan, mainly due to the impact of project progress on R&D spending[46]. - Total R&D investment reached 189.55 million yuan, accounting for 0.76% of operating revenue, with 20.50% of R&D costs capitalized[60]. - The company has 129 R&D personnel, representing 2.50% of total employees, with a significant portion holding master's degrees[61]. Environmental and Social Responsibility - The company invested ¥35,900,000 in environmental protection during the reporting period[157]. - The company achieved a reduction of 87,820,000 tons in carbon dioxide equivalent emissions through the use of clean energy sources[161]. - A total of ¥4,034.41 million was donated for public welfare projects, benefiting approximately 95,000 people[162]. - The company implemented poverty alleviation and rural revitalization projects with an investment of ¥3,823 million, impacting 95,000 individuals[163]. Corporate Governance - The company has established a robust governance framework, with 455 effective regulations and standards in place as of the end of 2024, ensuring compliance and risk management[104]. - The company held 2 shareholder meetings and 6 board meetings during the reporting period, with a 100% approval rate for 151 resolutions[104]. - The company has established a remuneration and assessment committee to oversee the remuneration matters of directors and senior management[122]. Strategic Initiatives - The company is actively pursuing international business development and enhancing its capabilities in the new energy sector[93]. - The company plans to enhance its capital management strategies to optimize financial performance[114]. - The company is considering potential mergers and acquisitions to strengthen its market position[114]. Market Position and Customer Base - The top five customers accounted for 99.12% of total sales, with Yunnan Electric Power Company being the largest customer, contributing 83.14% of sales[56]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[115]. - User data showed a rise in active users to 5 million, up 20% compared to the previous quarter[115]. Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next quarter[115]. - Future guidance indicates a commitment to sustainable growth and investment in renewable energy sources[114]. - The company plans to enhance its digital marketing efforts, increasing the budget by 40% to improve customer engagement and retention[116].

华能 澜 沧 江 水 电 股 份 有 限 公 司 内 部 控 制 审 计 报 告 天 职 业 字 [2025] 11915 号 录 ll 内 部 控 制 审 计 报 告 - l 您可使用手机"扫一扣"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查询 "我 内部控制审计报告 天职业字[2025]11915 号 华能澜沧江水电股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了华 能澜沧江水电股份有限公司(以下简称"华能水电")2024年12月31日的财务报告内部控制 的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》, 的规定,建立健全和有效实施内部控制,并评价其有效性是华能水电董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三 ...