华能澜沧江水电股份有限公司 2025 年上半年发电量完成情况公告 证券代码：600025 证券简称：华能水电 公告编号：2025-046 公司所属各电站 2025 年上半年发电量具体如下： | 15 | 太平驿 （四川） | 7.51 | 7.94 | -5.42% | 7.42 | 7.87 | -5.72% | | --- | --- | --- | --- | --- | --- | --- | --- | | 16 | 硬梁包 （四川） | 14.44 | 0 | | 14.34 | 0 | | | | 中小型水电站（装机容量 | 25 | 万千瓦以下） | | | | | | 17 | 中小型水电 站小计 | 39.18 | 42.09 | -6.91% | 37.53 | 41.02 | -8.51% | | 风电 | | | | | | | | | 18 | 祥云风电 | 2.42 | 2.71 | -10.70% | 2.38 | 2.65 | -10.19% | | 光伏 | | | | | | | | | 19 | 光伏项目 小计 | 30.49 | 18.36 | 66.07% | 30 ...

华能水电：截至2025年6月30日，公司2025年上半年完成发电量527.52亿千瓦时，同比增加12.97%，上 网电量522.23亿千瓦时，同比增加12.86%。 ...

Group 1: Market Dynamics - As of July 7, 2025, there were 20 new private placement projects added in the last two weeks, a 10.00% increase from the previous period[7] - The approval rate for projects was 100.00%, with 7 projects approved by the review committee, an increase of 133.33%[17] - The total number of projects under normal review is 609, with 58 projects having received approval from the review committee and the CSRC, remaining stable[7] Group 2: Fundraising and Pricing - The total fundraising amount for 8 projects listed in the last two weeks was 116.52 billion yuan, a decrease of 59.43% from the previous period[32] - The average market price discount rate for competitive projects was 14.61%, down 3.77 percentage points[32] - The average subscription success rate for competitive projects was 66.40%, an increase of 8.81 percentage points[40] Group 3: Unlocking Gains - Among the 5 competitive projects that were unlocked, 80.00% had positive returns, an increase of 13.33 percentage points[45] - The average absolute return on the unlocking day was 22.18%, with an excess return of 18.90%, both showing significant increases[45] - The average market price discount rate for unlocked projects was 15.56%, up 2.27 percentage points[45]

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]

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Core Points - Huaneng Lancang River Hydropower Co., Ltd. has been awarded the bid for the first batch of centralized photovoltaic power generation project investment主体优选 in Mengla County for 2025 [1][2][3] Group 1: Bid Information - The bid number for the project is 云盛招字 F2025-023 [2] - Huaneng Lancang River Hydropower Co., Ltd. is the selected bidder for all three segments of the project [2][3][4] - The project includes the following segments: - Segment 1: Laojie Photovoltaic Power Generation Project - Segment 2: Tengmieshan Photovoltaic Power Generation Project (Phase III) - Segment 3: Xingshan Photovoltaic Power Generation Project [2][3][4] Group 2: Project Development Commitments - The company commits to complete project filing within one month after signing the investment development cooperation agreement [3][4] - The company must start construction within two months after project filing, with a maximum of two months of pre-construction procedure time excluded [3][4] - The company aims to achieve production conditions within eight months after construction begins and full capacity grid connection within one year from the start of construction [3][4] Group 3: Quality Assurance - Huaneng Lancang River Hydropower Co., Ltd. guarantees timely funding for the project and aims for smooth and steady progress towards on-time production [3][4] - The company commits to meeting the current acceptance standards for renewable energy projects [3][4]

公司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律法规 的要求及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 华能澜沧江水电股份有限公司 关于向特定对象发行股票申请 华能澜沧江水电股份有限公司董事会 获得上海证券交易所审核通过的公告 2025 年 6 月 25 日 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。 华能澜沧江水电股份有限公司（以下简称公司）于2025年6月23日收到上海 证券交易所出具的《关于华能澜沧江水电股份有限公司向特定对象发行股票的交 易所审核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和 信息披露要求。 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简 称"中国证监会"）作出同意注册的决定后方可实施，最终能否获得中国证监会 同意注册的决定及时间尚存在不确定性。 证券代码：600025 证券简称：华能水电 公告编号：2025-045 ...

Core Viewpoint - Huaneng Hydropower's non-public stock issuance has been approved, aiming to raise up to RMB 58.25 billion for specific hydropower projects [1][2]. Group 1: Stock Issuance Details - The total amount to be raised from the stock issuance is capped at RMB 58.25 billion, which will be allocated to RM Hydropower Station and TB Hydropower Station projects [2][3]. - The RM Hydropower Station project has a total investment of approximately RMB 584 million, with RMB 43.25 million planned for this stock issuance. The TB Hydropower Station project has a total investment of about RMB 200 million, with RMB 15 million allocated from the issuance [3]. Group 2: Issuance Structure and Participants - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors, with the possibility of related party participation [4]. - The issuance will be conducted through a competitive bidding process, with the price set at no less than 80% of the average trading price over the previous 20 trading days [4][5]. - The number of shares issued will not exceed 10% of the total share capital prior to the issuance, amounting to a maximum of 1.8 billion shares [5]. Group 3: Control and Governance - The stock issuance will not change the control of the company, as China Huaneng will remain the controlling shareholder with a 50.40% stake post-issuance [5]. - The lead underwriter for this issuance is CITIC Securities, with designated representatives overseeing the process [5].

Group 1: Bond Issuance - The company has completed the issuance of the 2025 fourth phase of technology innovation bonds amounting to RMB 1 billion with an interest rate of 1.63% and a term of 184 days, and the fifth phase of green technology innovation bonds amounting to RMB 700 million with an interest rate of 1.70% and a term of 3 years [1][2] - The total balance of short-term financing bonds (including ultra-short-term financing bonds) after this issuance is RMB 4.2 billion, and the balance of medium-term notes (including perpetual medium-term notes) is RMB 19 billion [1] Group 2: Approval Process - The company received approval from the shareholders' meeting held on May 27, 2024, to issue debt financing instruments totaling up to RMB 34 billion from the date of approval until June 13, 2026, with specific limits for short-term and medium-term instruments [3] Group 3: Management Changes - The company announced the resignation of its director and general manager, Mr. Li Jianping, due to work changes, effective immediately upon delivery of his resignation report [5][6] - Mr. Li's resignation will not affect the company's normal operations or the composition of the board, and he has no outstanding commitments or shares in the company [7]