关于华能澜沧江水电股份有限公司 2025 年第三次临时股东会的法律意见书 致：华能澜沧江水电股份有限公司 北京海问（成都）律师事务所 海问律师事务所 HAIWEN & PARTNERS 北京海问（成都）律师事务所 地址：成都市高新区交子大道 233 号中海国际中心 C 座 20 楼 01、10-12 单元（邮编 610041） Address：Unit01,10-12, 20/F, China Overseas International Center Block C, 233 Jiao Zi Avenue, High-tech District, Chengdu 610041, China 电话(Tel): (+86 28) 6391 8500 传真(Fax)：(+86 28) 6391 8397 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU 一、 本次会议的召集和召开 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下统称"有关法律"） 及《华能澜沧江水电股份有限公司章程》（以下称 ...

华能澜沧江水电股份有限公司章程（2025 年 10 月修订） 第一章 总则 第一条 为维护华能澜沧江水电股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）和其他有关规定，制订本章程。 第二条 公司依照《公司法》和其他有关规定由华能澜沧江水电有限公司整 体变更设立为股份有限公司，并在中华人民共和国云南省市场监督管理局注册登 记，取得营业执照，统一社会信用代码为 915300007194494905。 第三条 公司于 2017 年 11 月 3 日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股 18 亿股，于 2017 年 12 月 15 日在上海证券交易所上市。 第四条 公司注册名称：华能澜沧江水电股份有限公司。 第五条 公司住所：昆明市官渡区世纪城中路 1 号。 邮政编码：650214 第六条 公司注册资本为人民币 18,631,094,257 元。 第七条 公司为永久存续的股份有限公司。 第八条 董事长作为代表公司执行公 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥7,681,837,448.05, representing a year-on-year increase of 1.92%[4] - The total profit for the third quarter was ¥3,601,031,417.47, showing a decline of 4.66% compared to the same period last year[4] - The net profit attributable to shareholders was ¥2,930,396,516.17, down 4.12% year-on-year[4] - The basic earnings per share for the third quarter was ¥0.15, a decrease of 6.25% compared to the previous year[5] - Net profit for the first three quarters of 2025 reached ¥8.16 billion, compared to ¥7.77 billion in the same period of 2024, reflecting an increase of approximately 5.0%[20] - Operating revenue for the first three quarters of 2025 was ¥20.64 billion, up from ¥19.42 billion in 2024, marking a growth of about 6.3%[19] - Basic earnings per share for the period were ¥0.40, compared to ¥0.38 in the previous year, indicating an increase of approximately 5.3%[21] - Operating profit for the first three quarters of 2025 was ¥9.44 billion, slightly up from ¥9.06 billion in 2024, reflecting an increase of about 4.2%[20] - The company reported a total comprehensive income of ¥8.13 billion for the period, compared to ¥7.61 billion in the previous year, an increase of about 6.3%[21] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥225,177,623,040.64, reflecting an increase of 4.93% from the end of the previous year[5] - Total assets increased to ¥225.18 billion from ¥214.61 billion, representing a growth of approximately 4.8% year-over-year[17] - Total liabilities rose to ¥137.99 billion, up from ¥135.44 billion, indicating a year-over-year increase of about 1.9%[17] - Total liabilities amounted to CNY 83,769,406,308.06, slightly down from CNY 84,403,205,303.52 in the previous year[30] - Total equity increased to CNY 76,883,859,425.82 from CNY 70,039,524,120.83, reflecting a growth of approximately 9.8%[30] Shareholder Information - Total number of common shareholders at the end of the reporting period is 98,595[12] - The largest shareholder, China Huaneng Group Co., Ltd., holds 9,072,000,000 shares, representing 50.40% of total shares[12] - The company has no significant changes in the top 10 shareholders or their shareholding status[14] Cash Flow and Investments - Operating cash flow for the first three quarters of 2025 reached CNY 14,809,317,880.87, an increase of 3.23% compared to CNY 14,345,669,042.32 in the same period of 2024[22] - Total cash inflow from operating activities was CNY 21,720,459,408.03, up from CNY 21,216,293,835.26 year-over-year[23] - Cash outflow from investment activities was CNY 9,780,424,638.39, a decrease from CNY 11,381,490,032.92 in the previous year, resulting in a net cash flow from investment activities of -CNY 9,196,824,258.55[23] - The company raised CNY 7,811,999,992.11 from investment activities, significantly higher than CNY 2,997,600,000.00 in the previous year[32] Operational Insights - The company experienced a decline in net profit due to the operating revenue growth not keeping pace with the increase in total operating costs[9] - The total operating costs for the first three quarters of 2025 were ¥11.48 billion, compared to ¥10.60 billion in 2024, representing an increase of approximately 8.3%[19] - Research and development expenses decreased to ¥36.61 million from ¥101.84 million, a reduction of approximately 64.0%[20] - The company has not reported any new strategies or product developments during the reporting period[15] - There are no significant reminders for investors regarding the company's operational status during the reporting period[15] - The company has not engaged in any share lending or borrowing activities during the reporting period[14] Financial Metrics - The weighted average return on equity for the third quarter was 4.40%, an increase of 0.51 percentage points year-on-year[5] - The company reported a financial expense of CNY 1,422,459,472.75, a decrease of 4% compared to CNY 1,481,870,029.85 in the previous year[30] - Investment income for the first three quarters of 2025 was CNY 942,565,842.77, an increase of 55.8% from CNY 604,498,646.00 in the same period of 2024[30]

证券代码：600025 证券简称：华能水电 公告编号：2025-076 华能澜沧江水电股份有限公司 关于变更注册资本及修订《公司章程》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。 华能澜沧江水电股份有限公司（以下简称公司）于2025年10月30日召开第四 届董事会第十四次会议，审议通过了《关于修订<公司章程>的议案》，现将有关 情况公告如下： 一、公司注册资本变更情况 公司已于2025年10月14日就向特定对象发行A股股票新增的631,094,257股 股份，在中国证券登记结算有限责任公司上海分公司办理完成登记、托管及限售 手续。公司股份总数将由180亿股变更为18,631,094,257股，注册资本将由 1,800,000万元变更为18,631,094,257元，并对《公司章程》有关条款作出相应 修改。 二、《公司章程》修订情况 鉴于公司注册资本增加，拟修订《公司章程》相关条款，修订内容如下： （一）原第六条：公司注册资本为人民币1,800,000万元，修订为：公司注 册资本为人民币18,631,094,257元。 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-078 华能澜沧江水电股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）将于 2025 年 10 月 31 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 11 日（星期二） 15:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年第三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 11 日（星期二）15:00-17:00 （二） 会议召开地点：上海证券交易所上证路演中心 董事长：孙卫 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

华能澜沧江水电股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 10 月 云南·昆明 华能澜沧江水电股份有限公司 2025 年第三次临时股东会 目 录 议案 1：关于选举非独立董事的议案 ..........................1 华能澜沧江水电股份有限公司 2025 年第三次临时股东会 根据《中华人民共和国公司法》《华能澜沧江水电股份 有限公司章程》的有关规定，华能澜沧江水电股份有限公司 （以下简称公司）控股股东中国华能集团有限公司拟推荐尹 述红先生为公司非独立董事候选人。经董事会提名委员会审 查，董事会同意提名尹述红先生为公司非独立董事候选人。 上述非独立董事候选人经公司股东会选举后任职，任期 自股东会通过之日起至第四届董事会任期届满之日止。 以上议案，请审议。 附件：非独立董事候选人简历 华能澜沧江水电股份有限公司 议案 1： 关于选举非独立董事的议案 各位股东和股东代表： 华能澜沧江水电股份有限公司 2025 年第三次临时股东会 附件： 非独立董事候选人简历 尹述红先生，1975 年 7 月出生，汉族，中共党员，硕士 研究生，高级工程师。现任华能澜沧江水电股份有限公司总 ...

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. is actively promoting the development of green and clean energy in alignment with China's "dual carbon" goals, focusing on sustainable development and energy security strategies during the 14th Five-Year Plan period [1][2]. Group 1: Company Overview - Huaneng Lancang River Hydropower is a major hydropower enterprise under China Huaneng Group, engaged in the development and operation of hydropower, photovoltaic, and wind energy in the Lancang River basin and surrounding areas [2]. - The company has a total installed capacity exceeding 35 million kilowatts, all from green clean energy sources, and has increased its installed capacity by 11.8 million kilowatts during the 14th Five-Year Plan [2][6]. Group 2: Financial Performance - Over the past five years, Huaneng Lancang River Hydropower has seen continuous growth in operating performance, with steady increases in revenue and net profit [3]. - The company has distributed a total of 22.3 billion yuan in cash dividends and reached a market capitalization of over 225 billion yuan, providing long-term stable returns to investors [3]. Group 3: Strategic Initiatives - The company is committed to the dual development of hydropower and new energy, actively advancing the integrated development of hydropower, wind, and solar energy in the Lancang River basin [2][5]. - Huaneng Lancang River Hydropower has established 13 world-class hydropower stations and is creating a benchmark demonstration area for new power systems, contributing to the construction of a clean energy base [6]. Group 4: Capital Operations - In September 2025, the company completed its first non-public offering post-listing, raising 5.825 billion yuan for the construction of hydropower projects, which supports the national "West-East Electricity Transmission" strategy [8]. - The fundraising has attracted strategic investors, enhancing the shareholder structure and providing stable long-term funding for green energy projects [8]. Group 5: Technological Innovation - Huaneng Lancang River Hydropower is focusing on technological innovation to enhance productivity, addressing challenges in high-altitude hydropower construction and the integration of renewable energy sources [9]. - The company aims to integrate digitalization and artificial intelligence into its operations, enhancing efficiency and promoting a smart transformation in energy production [9][10].

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]