证券代码：600025 证券简称：华能水电 公告编号：2025-058 华能澜沧江水电股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 8 月 28 日 (二)股东会召开的地点：云南省昆明市官渡区世纪城中路 1 号公司一楼报告厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,750 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 16,419,867,888 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 91.2214 | | 份总数的比例（%） | | 公司 2025 年第二次临时股东会由董事长孙卫主持，会议采用现场投票和网 络投票相结合的方式召开。股东会表决程序符合《中华人民共和国公司法》《上 市公司股东会规则》等法律法规、规范性文件及《公司章 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-059 华能澜沧江水电股份有限公司 关于第四届董事会第十次会议决议公告 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、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）第四届董事会第十次会议于 2025 年 8 月 19 日以书面和电子邮件方式发出会议通知，并于 2025 年 8 月 28 日 在公司一楼报告厅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 14 人，实际出席会议的董事 14 人，公司部分高级管理人员列席会议。本 次会议的召集、召开、表决程序符合《中华人民共和国公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》。 （三）审议通过《关于公司对中国华能集团香港财资管理有限公司的风险持 续评估报告的议案》。 中国华能集团香港财资管理有限公司（以下简称香港财资）持有符合香港法 例的《公司注册证明书》；建立了较为完整、合理的内部控制制度，能够较好地 控 ...

北京市海问律师事务所 关于华能澜沧江水电股份有限公司 2025 年第二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 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"公司章程"）的规定，北京市海问 律师事务所（以下称"本所"）受华能澜沧江水电股份有限公司（以下称"公司"）的委 托，指派本所律师列席 2025 年 8 月 28 日召开的公司 2025 年第二次临时股东会（以 下称"本次会议"）现场会议，对本次会议召开的合法性进行见证，并依法出具本法 律意见书。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会议 现场会议人员的资格及表决程序是否符合有关法律和公司章程的规定以及本次会议 审议的议案表决结果是否有效发表意见，并不对本次会议所审议议案的内容以及该 等议案所表述的事实或数据的真实性、准确性和合法性发表意见。本所律师假定公 司提交给本所律师的资料（包括但不限于有关人员的居民身份证、股票账户卡、授 权委托书、营业执照等）真实、完整，资料上的签字和/或印章均是真实的，资料的 副本或复印件均与正本或者原件一致 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides critical declarations from the company's governance bodies and management, along with risk warnings and statements regarding financial integrity and future plans [I. Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=I.%20Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume corresponding legal responsibilities - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume individual and joint legal liabilities[3](index=3&type=chunk) - All directors attended the board meeting, and this semi-annual report has not been audited[4](index=4&type=chunk)[5](index=5&type=chunk) [IV. Statement by Company Principal and Head of Accounting Department](index=2&type=section&id=IV.%20Statement%20by%20Company%20Principal%20and%20Head%20of%20Accounting%20Department) Company principal Sun Wei, head of accounting work Zhao Hu, and head of accounting department Gao Liwu declare that the financial report in the semi-annual report is true, accurate, and complete - Company principal Sun Wei, head of accounting work Zhao Hu, and head of accounting department Gao Liwu declare that they guarantee the truthfulness, accuracy, and completeness of the financial report in the semi-annual report[5](index=5&type=chunk) [V. Profit Distribution Plan or Capital Reserve to Share Capital Increase Plan](index=2&type=section&id=V.%20Profit%20Distribution%20Plan%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) There was no profit distribution plan or capital reserve to share capital increase plan approved by the Board of Directors during this reporting period - There was no profit distribution plan or capital reserve to share capital increase plan approved by the Board of Directors during this reporting period[6](index=6&type=chunk) [VI. Risk Statement Regarding Forward-Looking Statements](index=2&type=section&id=VI.%20Risk%20Statement%20Regarding%20Forward-Looking%20Statements) Forward-looking statements in this report, such as future plans and development strategies, are based on current analysis and do not constitute substantial commitments, requiring investors to be aware of investment risks - The forward-looking descriptions in this report, such as future plans and development strategies, are analytical judgments based on the current development status and trends of the company and its industry, and do not constitute a substantial commitment by the company to investors; investors are kindly requested to pay attention to investment risks[7](index=7&type=chunk) [VII. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=2&type=section&id=VII.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties - During the reporting period, there were no instances of non-operating funds being occupied by the controlling shareholder or other related parties[8](index=8&type=chunk) [VIII. External Guarantees in Violation of Decision-Making Procedures](index=2&type=section&id=VIII.%20External%20Guarantees%20in%20Violation%20of%20Decision-Making%20Procedures) During the reporting period, there were no external guarantees provided in violation of decision-making procedures - During the reporting period, there were no external guarantees provided in violation of decision-making procedures[8](index=8&type=chunk) [IX. Whether More Than Half of Directors Cannot Guarantee the Truthfulness, Accuracy, and Completeness of the Semi-Annual Report](index=2&type=section&id=IX.%20Whether%20More%20Than%20Half%20of%20Directors%20Cannot%20Guarantee%20the%20Truthfulness%2C%20Accuracy%2C%20and%20Completeness%20of%20the%20Semi-Annual%20Report) During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report disclosed by the company - During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the semi-annual report disclosed by the company[8](index=8&type=chunk) [X. Significant Risk Warning](index=2&type=section&id=X.%20Significant%20Risk%20Warning) The company has detailed potential risks in the management discussion and analysis, emphasizing its commitment to risk management and proactive response - The company has detailed potential risks in this report; please refer to "Section III Management Discussion and Analysis, V. Other Disclosures (I) Possible Risks" for relevant content; the company will attach great importance to risk management and take active and effective measures to respond[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report to ensure clear understanding of its content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter lists definitions for common terms used in the report, including company names, controlling shareholders, capacity, and on-grid tariffs, to ensure clarity - In this report, unless the context otherwise requires, the following terms have the meanings set out below: Company, the Company, Huaneng Hydropower refer to Huaneng Lancang River Hydropower Inc.; Controlling Shareholder, Huaneng Group refer to China Huaneng Group Co., Ltd.; **Capacity** refers to the sum of the rated active power of generator units actually installed in the system, measured in kilowatts (KW), megawatts (MW), or gigawatts (GW); **On-grid tariff** refers to the price at which power generation enterprises settle on-grid electricity with power purchasers[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 华能澜沧江水电股份有限公司 | | Chinese Abbreviation | 华能水电 | | English Name | Huaneng Lancang River Hydropower Inc. | | English Name Abbreviation | HHP | | Legal Representative | Sun Wei | [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - The contact address for Board Secretary Zhao Hu and Securities Affairs Representative Kong Lingbing is No. 1 Century City Middle Road, Guandu District, Kunming City, Yunnan Province; their phone numbers are 0871-67216608 and 0871-67217745 respectively; their fax number is 0871-67217748; and their email address is hnsd@lcjgs.chng.com.cn[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both located at No. 1 Century City Middle Road, Guandu District, Kunming City, Yunnan Province, with no changes during the reporting period - The company's registered address and office address are both No. 1 Century City Middle Road, Guandu District, Kunming City, Yunnan Province, postal code 650214; the company website is http://www.hnlcj.cn/, and the email address is hnsd@lcjgs.chng.com.cn; there were no changes during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn), and the document custody location is the company's office address, with no changes during the reporting period - The company's semi-annual report is published on www.sse.com.cn, and the document custody location is Huaneng Lancang River Hydropower Inc., No. 1 Century City Middle Road, Guandu District, Kunming City, Yunnan Province; there were no changes during the reporting period[19](index=19&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation "Huaneng Hydropower" and stock code "600025" Company Stock Information | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 华能水电 | 600025 | - | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's revenue, total profit, net profit attributable to parent, and earnings per share all increased year-on-year, driven by increased new energy installed capacity, abundant water in the Lancang River basin, and higher West-to-East power transmission 2025 First Half Key Accounting Data | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,958,903,639.16 | 11,880,436,104.29 | 9.08 | | Total Profit | 5,791,251,432.40 | 5,275,543,941.25 | 9.78 | | Net Profit Attributable to Shareholders of Listed Company | 4,609,003,268.07 | 4,169,377,568.05 | 10.54 | | Net Cash Flow from Operating Activities | 8,613,303,513.23 | 7,535,729,970.95 | 14.30 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 74,515,294,292.12 | 73,601,150,226.64 | 1.24 | | Total Assets (Period-end) | 219,518,128,960.75 | 214,607,123,371.44 | 2.29 | 2025 First Half Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.25 | 0.22 | 13.64 | | Diluted Earnings Per Share (yuan/share) | 0.25 | 0.22 | 13.64 | | Basic EPS after Deducting Non-Recurring Gains and Losses (yuan/share) | 0.25 | 0.22 | 13.64 | | Weighted Average Return on Net Assets (%) | 7.22 | 5.97 | Increased by 1.25 percentage points | | Weighted Average Return on Net Assets after Deducting Non-Recurring Gains and Losses (%) | 7.25 | 5.97 | Increased by 1.28 percentage points | - In the first half of 2025, the company completed **52.752 billion kWh** of power generation, a year-on-year increase of **12.97%**[22](index=22&type=chunk)[24](index=24&type=chunk) - As of the end of June 2025, the company's total installed capacity reached **33.5374 million kW**[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **-16,331,624.91 yuan** 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 146,310.35 | | Government grants included in current profit and loss | 472,864.15 | | Other non-operating income and expenses apart from the above | -22,934,457.87 | | Less: Income tax impact | -3,102,333.44 | | Impact on minority interests (after tax) | -2,881,325.02 | | Total | -16,331,624.91 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, industry trends, core competitiveness, and financial status during the reporting period [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) In the first half of 2025, national electricity supply and demand were generally balanced, with a 3.7% increase in electricity consumption; new energy installed capacity grew rapidly, and the company, as the largest clean power operator in the Lancang-Mekong sub-region, actively promotes integrated hydro-wind-solar development - In the first half of 2025, the cumulative national electricity consumption reached **4.84 trillion kWh**, a year-on-year increase of **3.7%**[28](index=28&type=chunk) - As of the end of June 2025, the national total installed power generation capacity was **3.65 billion kW**, a year-on-year increase of **18.7%**; among which, wind power and solar power installed capacity reached **573 million kW** and **1.1 billion kW** respectively, increasing by **22.7%** and **54.2%** year-on-year, with their combined installed capacity exceeding thermal power and accounting for **89.9%** of the total newly added power generation capacity[28](index=28&type=chunk) - The company's main business is the development, construction, operation, and management of hydropower and new energy generation projects, serving as the largest clean power operator in the Lancang-Mekong sub-region and actively promoting "hydro-wind-solar integrated" sustainable development[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved significant progress in safety management, green development, efficiency improvement, corporate governance, and technological innovation, setting new records for power generation and total profit - In the first half of 2025, the company achieved new record highs in power generation and total profit for the same period[30](index=30&type=chunk) - Total new energy installed capacity increased to **5.96 million kW**[31](index=31&type=chunk) - Comprehensive financing cost decreased to **2.43%**, securing **1.34 billion yuan** in various tax incentives[31](index=31&type=chunk) - The company released the industry's first IEC "Smart Hydropower" white paper, with R&D investment exceeding **200 million yuan** and **79 authorized invention patents** in the first half of the year[32](index=32&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its cascaded hydropower and dispatching advantages in the Lancang River basin, possessing the strongest medium-to-long-term regulation capacity in the Southern region, and holding the largest installed capacity for power marketing in Yunnan Province - The company's cascaded hydropower station group in the Lancang River, centered around Xiaowan and Nuozhadu, possesses the strongest medium-to-long-term regulation capacity in the entire Southern region, playing a crucial role in ensuring orderly power supply and accelerating low-carbon energy transition[35](index=35&type=chunk) - The company holds the largest installed capacity in Yunnan Province, serving as a backbone enterprise for Yunnan's green economy and the largest clean power operator in the Lancang-Mekong sub-region[36](index=36&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major holding and participating companies for the first half of 2025 [(I) Analysis of Main Business](index=9&type=section&id=(I)%20Analysis%20of%20Main%20Business) The company's operating revenue increased by 9.08% year-on-year in the first half of 2025, primarily due to a 12.97% increase in power generation, while operating costs rose by 6.50% due to increased generation and depreciation from new units, despite water resource fees being reclassified Financial Statement Related Item Fluctuation Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,958,903,639.16 | 11,880,436,104.29 | 9.08 | | Operating Cost | 5,183,851,788.26 | 4,867,476,270.66 | 6.50 | | Selling Expenses | 26,291,477.92 | 22,443,368.10 | 17.15 | | Administrative Expenses | 246,156,342.92 | 222,031,387.89 | 10.87 | | Financial Expenses | 1,319,052,237.21 | 1,337,613,462.73 | -1.39 | | R&D Expenses | 23,150,531.05 | 63,528,120.67 | -63.56 | | Net Cash Flow from Operating Activities | 8,613,303,513.23 | 7,535,729,970.95 | 14.30 | | Net Cash Flow from Investing Activities | -6,527,711,112.32 | -6,960,533,797.90 | 6.22 | | Net Cash Flow from Financing Activities | -2,913,244,746.95 | -299,570,365.06 | -872.47 | - Operating revenue increased by **9.08%** year-on-year, primarily due to a **12.97%** year-on-year increase in power generation during the current period[38](index=38&type=chunk) - Operating cost increased by **6.5%** year-on-year, mainly due to increased power generation and a year-on-year increase in reservoir area funds, but also affected by the reclassification of water resource fees to taxes payable at the end of 2024 in Yunnan Province, resulting in a **250.7841 million yuan** overall reduction in water fees under power generation costs; additionally, depreciation expenses increased by **513.22 million yuan** due to newly commissioned units during the current period[38](index=38&type=chunk) - Financial expenses decreased by **1.39%** year-on-year, primarily because the company optimized its debt financing structure, leading to a lower comprehensive financing cost compared to the same period last year[39](index=39&type=chunk) - R&D expenses decreased by **63.56%** year-on-year, primarily due to the impact of the progress of the company's scientific research and development projects this year, resulting in a year-on-year decrease in R&D expenses[39](index=39&type=chunk) - Net cash outflow from financing activities increased significantly by **872.47%** year-on-year, primarily due to substantial repayment of maturing debts during the current period[39](index=39&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the decrease in monetary funds was mainly due to the use of special funds and large debt repayments, while receivables increased due to higher electricity bill balances, and construction in progress decreased as some hydropower and new energy projects were capitalized; overseas assets accounted for 3.43% of total assets Asset and Liability Status Changes | Item Name | Period-end Amount (ten thousand yuan) | % of Total Assets | Prior Year-end Amount (ten thousand yuan) | % of Total Assets at Prior Year-end | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 226,653.87 | 1.03 | 309,311.43 | 1.44 | -26.72 | Mainly due to the use of special funds obtained at the beginning of the year and the payment of large maturing debts during the year, reducing monetary funds | | Accounts Receivable | 509,001.08 | 2.32 | 278,465.63 | 1.3 | 82.79 | The balance of accounts receivable for electricity increased compared to the beginning of the year | | Construction in Progress | 3,008,699.45 | 13.71 | 4,099,554.90 | 19.10 | -26.61 | Estimated capitalization of some hydropower units and new energy projects during the current period, leading to a decrease in the balance of construction in progress | | Right-of-Use Assets | 152,085.96 | 0.69 | 132,199.32 | 0.62 | 15.04 | Right-of-use assets recognized for leased land for new energy projects increased compared to the beginning of the year | | Short-term Borrowings | 1,209,657.94 | 5.51 | 1,425,864.18 | 6.64 | -15.16 | To optimize debt structure, the principal of short-term borrowings decreased compared to the beginning of the year | | Lease Liabilities | 65,527.87 | 0.30 | 49,410.83 | 0.23 | 32.62 | Lease liabilities recognized for leased land for new energy projects increased compared to the beginning of the year | - Overseas assets amounted to **7.53540566386 billion yuan**, accounting for **3.43%** of total assets[43](index=43&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) As of June 30, 2025, the company held equity in 13 participating companies, with a total investment balance of **5.070484 billion yuan**, and financial assets measured at fair value totaled **1.89503924779 billion yuan** - As of June 30, 2025, the company held equity in **13 participating companies**, with a total investment balance of **5.070484 billion yuan**, and a change of **-75.1914 million yuan** during the reporting period[45](index=45&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change P&L for Current Period (yuan) | Cumulative Fair Value Change in Equity (yuan) | Impairment Provided for Current Period (yuan) | Amount Purchased for Current Period (yuan) | Amount Sold/Redeemed for Current Period (yuan) | Other Changes (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 1,891,719,699.61 | 691,518,759.99 | 3,319,548.18 | | | | | 1,895,039,247.79 | | Total | 1,891,719,699.61 | 691,518,759.99 | 3,319,548.18 | | | | | 1,895,039,247.79 | [(VI) Analysis of Major Holding and Participating Companies](index=14&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the company's major subsidiaries and their financial status, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaneng Lancang River Energy Sales Co., Ltd. | Subsidiary | Power Sales | 200,000,000.00 | 203,663,117.36 | 195,517,942.51 | 1,577,848.52 | -13,651,810.74 | -13,666,564.85 | | Huaneng Lancang River Upstream Hydropower Co., Ltd. | Subsidiary | Power Station Development, Construction, Operation | 3,000,000,000.00 | 12,981,099,997.40 | 2,887,324,777.38 | 0.00 | 8,048,430.97 | 8,018,389.86 | | Huaneng Longkaikou Hydropower Co., Ltd. | Subsidiary | Power Station Development, Construction, Operation | 2,672,130,000.00 | 7,964,217,245.85 | 3,618,526,250.57 | 578,529,874.01 | 172,628,719.59 | 146,780,117.73 | | Huaneng Lancang River International Energy Co., Ltd. | Subsidiary | Power Station Development, Construction, Operation | 561,780,000.00 | 7,841,863,581.08 | 4,902,221,349.25 | 744,696,997.19 | 388,020,665.88 | 350,729,245.19 | | Huaneng Sichuan Energy Development Co., Ltd. | Subsidiary | Power Station Development, Construction, Operation | 1,469,800,000.00 | 25,917,259,623.39 | 7,786,175,864.79 | 1,656,368,347.56 | 715,635,204.82 | 624,431,586.22 | | Huaneng Lancang River New Energy Co., Ltd. | Subsidiary | Power Station Development, Construction, Operation | 8,045,870,000.00 | 29,099,116,909.53 | 11,266,701,810.17 | 1,005,585,214.37 | 469,223,263.88 | 451,359,022.73 | [V. Other Disclosures](index=15&type=section&id=V.%20Other%20Disclosures) The company faces risks from changing electricity market supply and demand, new energy integration, and price challenges due to accelerated reforms; it actively responds to "quality improvement, efficiency enhancement, and high returns" initiatives, showing continued growth in operating performance and increased investor returns - The company faces risks from changing electricity supply and demand, new energy integration, and accelerated reforms impacting pricing mechanisms, leading to greater challenges and pressure in ensuring returns and stable electricity prices[50](index=50&type=chunk) - In the first half of 2025, the company achieved a year-on-year increase of **9.08%** in operating revenue, **9.78%** in total profit, **10.54%** in net profit attributable to shareholders of the listed company, and **13.64%** in earnings per share[51](index=51&type=chunk) - The company's 2024 annual dividend amount further increased year-on-year, distributing a cash dividend of **0.20 yuan per share** (tax included) to all shareholders, an increase of **0.02 yuan per share** (tax included) year-on-year, totaling **3.6 billion yuan** in cash dividends[52](index=52&type=chunk) - The company formulated the "Huaneng Lancang River Hydropower Inc. Market Value Management Measures" and the "2025 Market Value Management Plan," aiming for "zero errors" in information disclosure to actively and accurately convey company value[53](index=53&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines changes in the company's governance structure, profit distribution plans, and efforts in social responsibility, including poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's Board of Directors elected Li Jin and Wang Weijun as non-independent directors and appointed Duan Chuan and Lu Ji as deputy general managers, while Li Jianping resigned due to work changes Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Li Jin | Director | Election | | Wang Weijun | Director | Election | | Duan Chuan | Deputy General Manager | Appointment | | Lu Ji | Deputy General Manager | Appointment | | Li Jianping | Director, General Manager | Resignation | | Yang Youlin | Director | Resignation | - On March 18, 2025, the company's first extraordinary general meeting of shareholders in 2025 elected Li Jin and Wang Weijun as non-independent directors; following review and approval by the second meeting of the Board Nomination Committee in 2025 and the eighth meeting of the Fourth Board of Directors, Duan Chuan and Lu Ji were appointed as deputy general managers; due to work changes, Li Jianping resigned from his positions as company director, general manager, and member of the Board Nomination Committee[55](index=55&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is "No," indicating no distribution or increase Semi-Annual Profit Distribution or Capital Reserve to Share Capital Increase Plan | Indicator | Value | | :--- | :--- | | Is there a distribution or increase | No | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (yuan) (tax included) | 0 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=18&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively fulfills its social responsibilities by implementing four distinctive assistance models, including the "Hundred-Thousand-Ten Thousand Project," to consolidate poverty alleviation achievements and serve rural revitalization - The company has established four distinctive assistance models for the new era: the "Hundred-Thousand-Ten Thousand Project," "County-Township-Village Assistance," "Strengthening Foundations and Benefiting People," and "Targeted Assistance," actively serving high-quality local economic and social development[57](index=57&type=chunk) - In the first half of 2025, the company made external donations totaling **25.0566 million yuan**, including **15 million yuan** to the earthquake-stricken areas of Dingri County, Xigaze, **196,600 yuan** to the earthquake-stricken areas of Myanmar, and **9.86 million yuan** for targeted assistance to the Daofu County People's Government[57](index=57&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section covers the company's fulfillment of commitments, integrity status, and significant related party transactions during the reporting period [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, Huaneng Group, committed to making Huaneng Hydropower the sole platform for hydropower business integration and prioritizing hydropower project opportunities, while the company committed to developing wind and solar projects and not transferring existing ones - Huaneng Group committed to making Huaneng Hydropower the sole platform for the ultimate integration of Huaneng Group's hydropower business and to prioritize providing opportunities for new hydropower project development and acquisition in China[59](index=59&type=chunk) - Huaneng Group committed that, provided the relevant assets and equity meet conditions such as clear ownership, no reduction in Huaneng Hydropower's earnings per share, no major violations, no loss of state-owned assets, waiver of pre-emptive rights by minority shareholders, and economic management radius, it will inject the relevant assets and equity into Huaneng Hydropower at fair value[60](index=60&type=chunk)[61](index=61&type=chunk) - Huaneng Hydropower committed to developing wind and solar power projects based on national energy development strategic planning and its own resources, adapting to local conditions, and not transferring or disposing of existing wind and solar power projects to external parties[61](index=61&type=chunk)[62](index=62&type=chunk) - All commitments have been fulfilled promptly and strictly[59](index=59&type=chunk)[62](index=62&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=24&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant overdue debts or other similar situations[65](index=65&type=chunk) [X. Significant Related Party Transactions](index=24&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in various financial services with its controlling shareholder, Huaneng Group, and its controlled entities, including deposits, loans, and bond underwriting, all within agreed limits and without adverse impact on the company's financial performance - The company signed a "Financial and Insurance Services Framework Agreement" with China Huaneng Group Co., Ltd., valid until December 31, 2027, covering business scope including deposits, loans, financial leasing, bond underwriting, factoring, trusts, bill discounting, and property insurance[66](index=66&type=chunk) - As of June 30, 2025, the company's maximum daily deposit balance with Huaneng Group and its controlled entities was **0 yuan**, maximum daily loan balance was **2.281 billion yuan**, annual cumulative insurance premium was **78 million yuan**, and Huaneng Guicheng Trust Co., Ltd. made **1.744 billion yuan** in perpetual bond investments in the company, all in compliance with the agreement[66](index=66&type=chunk)[68](index=68&type=chunk) - The company signed a "Financial Services Agreement" with China Huaneng Finance Co., Ltd., valid until December 31, 2027, covering business scope including deposits, loans, bill acceptance and discounting, and fund settlement[68](index=68&type=chunk) - As of June 30, 2025, the company's maximum daily deposit balance with Huaneng Finance was **7.292 billion yuan**, and maximum daily loan balance was **3.321 billion yuan**, both in compliance with the agreement[68](index=68&type=chunk) Related Party Creditor-Debtor Transactions | Related Party | Relationship | Beginning Balance of Funds Provided by Related Party to Listed Company (yuan) | Amount of Funds Provided by Related Party to Listed Company During Current Period (yuan) | Period-end Balance of Funds Provided by Related Party to Listed Company (yuan) | | :--- | :--- | :--- | :--- | :--- | | China Huaneng Group Co., Ltd. | Controlling Shareholder | 1,573,810,000.00 | -268,330,000.00 | 1,305,480,000.00 | | China Huaneng Finance Co., Ltd. | Subsidiary of Shareholder | 612,000,000.00 | -54,000,000.00 | 558,000,000.00 | | China Huaneng Group Hong Kong Treasury Management Co., Ltd. | Subsidiary of Shareholder | 359,420,000.00 | -1,490,000.00 | 357,930,000.00 | | Total | | 2,545,230,000.00 | -323,820,000.00 | 2,221,410,000.00 | Related Party Deposit Business | Related Party | Relationship | Daily Maximum Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Total Deposits During Current Period (yuan) | Total Withdrawals During Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Subsidiary of Shareholder | 8,000,000,000.00 | 0.15%-1.95% | 2,698,979,640.20 | 16,755,547,837.56 | 17,430,934,221.73 | 2,023,593,256.03 | Related Party Loan Business | Related Party | Relationship | Loan Limit (yuan) | Loan Interest Rate Range | Beginning Balance (yuan) | Total Loans During Current Period (yuan) | Total Repayments During Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Subsidiary of Shareholder | 10,000,000,000.00 | 2.15%-3.05% | 612,000,000.00 | 8,441,150,000 | 8,495,150,000 | 558,000,000.00 | | China Huaneng Group Co., Ltd. | Controlling Shareholder | 2,557,870,000.00 | 1.08%-3.92% | 1,573,810,000.00 | | 268,330,000.00 | 1,305,480,000.00 | | China Huaneng Group Hong Kong Treasury Management Co., Ltd. | Subsidiary of Shareholder | 920,751,000.00 | 6.06%-6.3% | 359,420,000.00 | -1,490,000.00 | | 357,930,000.00 | | Total | | | | 2,545,230,000.00 | 8,439,660,000 | 8,763,480,000 | 2,221,410,000.00 | Related Party Credit Granting or Other Financial Services | Related Party | Relationship | Business Type | Total Amount (yuan) | Actual Amount Incurred (yuan) | | :--- | :--- | :--- | :--- | :--- | | China Huaneng Finance Co., Ltd. | Subsidiary of Shareholder | Credit Granting | 3,634,000,000.00 | 2,360,000,000 | | China Huaneng Group Hong Kong Treasury Management Co., Ltd. | Subsidiary of Shareholder | Credit Granting | 920,751,000.00 | 359,420,000 | | Huaneng Guicheng Trust Co., Ltd. | Subsidiary of Shareholder | Perpetual Trust Business | 1,744,000,000.00 | 1,744,000,000.00 | [Section VI Changes in Shares and Shareholder Information](index=30&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure during the reporting period [I. Changes in Share Capital](index=30&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[81](index=81&type=chunk) [II. Shareholder Information](index=30&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 95,842 common shareholders, with China Huaneng Group Co., Ltd. holding 50.40%, Yunnan Energy Investment Group Co., Ltd. holding 22.70%, and Yunnan Hehe (Group) Co., Ltd. holding 11.34% among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **95,842**[82](index=82&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Huaneng Group Co., Ltd. | 9,072,000,000.00 | 50.40 | State-owned Legal Person | | Yunnan Energy Investment Group Co., Ltd. | 4,086,800,000.00 | 22.70 | State-owned Legal Person | | Yunnan Hehe (Group) Co., Ltd. | 2,041,200,000.00 | 11.34 | State-owned Legal Person | | Kunming Yuneng Chanrong Co., Ltd. | 720,000,000.00 | 4.00 | State-owned Legal Person | | Kunming Yuneng Industrial Co., Ltd. | 280,000,000.00 | 1.56 | State-owned Legal Person | | Beijing Dadi Yuantong (Group) Co., Ltd. | 122,770,490.00 | 0.68 | Domestic Non-State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 122,524,300.00 | 0.68 | Overseas Legal Person | | Beijing Yuantong Xinhai Commercial and Trade Co., Ltd. | 121,479,572.00 | 0.67 | Domestic Non-State-owned Legal Person | | Li Haiqing | 93,460,653.00 | 0.52 | Domestic Natural Person | | Li Fuqing | 71,563,775.00 | 0.40 | Domestic Natural Person | - Kunming Yuneng Chanrong Co., Ltd. and Kunming Yuneng Industrial Co., Ltd. are controlling subsidiaries of Yunnan Energy Investment Capital Investment Co., Ltd., which is a wholly-owned subsidiary of Yunnan Energy Investment Group Co., Ltd.; Yunnan Energy Investment Group Co., Ltd. and Kunming Yuneng Chanrong Co., Ltd. and Kunming Yuneng Industrial Co., Ltd. are parties acting in concert[86](index=86&type=chunk) [Section VII Bond-Related Information](index=34&type=section&id=Section%20VII%20Bond-Related%20Information) This section provides details on the company's corporate bonds and non-financial enterprise debt financing instruments, including their terms, interest rates, and repayment status [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has issued multiple tranches of interbank bond market non-financial enterprise debt financing instruments, including green medium-term notes, technology innovation bonds, and super short-term commercial papers, with interest rates ranging from 1.60% to 3.40% and maturities from 93 days to 5 years, all without default Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Interest Accrual Date | Maturity Date | Bond Balance (yuan) | Interest Rate (%) | Principal and Interest Repayment Method | Trading Venue | Risk of Termination of Trading | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huaneng Lancang River Hydropower Inc. 2022 Twelfth Green Medium-Term Note (Sustainability-Linked) | 22 Huaneng Hydropower GN012 (Sustainability-Linked) | 132280073.IB | 2022.8.5 | 2022.8.9 | 2025.8.9 | 2,000,000,000 | 2.84 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2022 First Green Medium-Term Note (Sustainability-Linked/Rural Revitalization) | 22 Huaneng Hydropower GN001 (Sustainability-Linked) | 132280064.IB | 2022.7.4 | 2022.7.6 | 2025.7.6 | 2,000,000,000 | 3.18 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2023 Seventeenth Green Medium-Term Note (Technology Innovation Bond/Rural Revitalization) | 23 Huaneng Hydropower GN017 (Tech Innovation Bond) | 132380072.IB | 2023.10.12 | 2023.10.16 | 2026.10.16 | 2,000,000,000 | 3.35 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2023 Sixteenth Green Medium-Term Note (Technology Innovation Bond) | 23 Huaneng Hydropower GN016 (Tech Innovation Bond) | 132380066.IB | 2023.9.13 | 2023.9.15 | 2026.9.15 | 1,000,000,000 | 3.26 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2023 Fifteenth Green Medium-Term Note | 23 Huaneng Hydropower GN015 | 132380065.IB | 2023.9.7 | 2023.9.11 | 2026.9.11 | 1,000,000,000 | 3.4 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2023 Twelfth Green Medium-Term Note (Rural Revitalization/Carbon Neutral Bond) | 23 Huaneng Hydropower GN012 (Carbon Neutral Bond) | 132380047.IB | 2023.7.3 | 2023.7.5 | 2026.7.5 | 1,000,000,000 | 3.18 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2023 Thirteenth Green Medium-Term Note (Sustainability-Linked/Rural Revitalization) | 23 Huaneng Hydropower GN013 (Sustainability-Linked) | 132380052.IB | 2023.7.25 | 2023.7.26 | 2026.7.26 | 2,000,000,000 | 2.85 | Annual interest payment, principal and final interest paid in one lump sum on the redemption date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 First Green Medium-Term Note | 25 Huaneng Hydropower GN001 | 132580023.IB | 2025.03.13 | 2025.03.17 | 2028.03.17 | 1,300,000,000.00 | 2.08 | Annual interest payment, principal and final interest paid in one lump sum on the redemption date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Fourth Green Technology Innovation Bond (Rural Revitalization) | 25 Huaneng Hydropower GN004 (Tech Innovation Bond) | 132580043.IB | 2025.05.21 | 2025.05.22 | 2028.05.22 | 1,000,000,000.00 | 1.72 | Annual interest payment, principal and final interest paid in one lump sum on the redemption date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2024 Third Green Medium-Term Note (Technology Innovation Bond) (Tranche 1) | 24 Huaneng Hydropower GN003A (Tech Innovation Bond) | 132480067.IB | 2024.08.01 | 2024.08.05 | 2027.08.05 | 500,000,000 | 2.06 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2024 Third Green Medium-Term Note (Technology Innovation Bond) (Tranche 2) | 24 Huaneng Hydropower GN003B (Tech Innovation Bond) | 132480068.IB | 2024.08.01 | 2024.08.05 | 2029.08.05 | 1,000,000,000 | 2.17 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 5th interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2024 Fourth Green Medium-Term Note (Rural Revitalization) | 24 Huaneng Hydropower GN004 (Rural Revitalization) | 132480083.IB | 2024.09.09 | 2024.09.11 | 2027.09.11 | 1,500,000,000 | 2.2 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Fifth Green Technology Innovation Bond | 25 Huaneng Hydropower GN005 (Tech Innovation Bond) | 132580059.IB | 2025.06.18 | 2025.06.19 | 2028.06.19 | 700,000,000.00 | 1.70 | Annual interest payment, principal and final interest paid in one lump sum on the redemption date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2024 Fifth Green Medium-Term Note (Rural Revitalization) | 24 Huaneng Hydropower GN005 (Rural Revitalization) | 132480098.IB | 2024.10.24 | 2024.10.28 | 2027.10.28 | 1,000,000,000 | 2.33 | Annual interest payment; if the issuer decides to exercise its redemption right, it will redeem this medium-term note at face value plus accrued interest on the 3rd interest payment date | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Second Green Super Short-Term Commercial Paper (Rural Revitalization) | 25 Huaneng Hydropower GN002 (Rural Revitalization) | 132580032.IB | 2025.04.16 | 2025.04.17 | 2025.07.25 | 1,400,000,000.00 | 1.79 | Principal and interest paid in one lump sum at maturity | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Second Super Short-Term Commercial Paper | 25 Huaneng Hydropower SCP002 | 012581083.IB | 2025.04.28 | 2025.04.29 | 2025.07.31 | 200,000,000.00 | 1.78 | Principal and interest paid in one lump sum at maturity | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Third Green Super Short-Term Commercial Paper | 25 Huaneng Hydropower GN003 | 132580039.IB | 2025.04.28 | 2025.04.29 | 2025.07.31 | 600,000,000.00 | 1.76 | Principal and interest paid in one lump sum at maturity | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Third Technology Innovation Bond | 25 Huaneng Hydropower SCP003 (Tech Innovation Bond) | 012581177.IB | 2025.05.20 | 2025.05.21 | 2025.08.22 | 1,000,000,000.00 | 1.60 | Principal and interest paid in one lump sum at maturity | Interbank Market | No | | Huaneng Lancang River Hydropower Inc. 2025 Fourth Technology Innovation Bond | 25 Huaneng Hydropower SCP004 (Tech Innovation Bond) | 012581395.IB | 2025.06.17 | 2025.06.18 | 2025.12.19 | 1,000,000,000.00 | 1.63 | Principal and interest paid in one lump sum at maturity | Interbank Market | No | [VII. Key Accounting Data and Financial Indicators](index=47&type=section&id=(VII)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) At the end of the reporting period, the company's current ratio and quick ratio both improved, while the asset-liability ratio slightly increased; net profit after non-recurring gains and losses grew by 10.91%, and all debt coverage ratios showed significant improvement Key Accounting Data and Financial Indicators | Key Indicator | Current Period-end | Prior Year-end | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.20 | 0.14 | 42.86 | | Quick Ratio | 0.18 | 0.14 | 28.57 | | Asset-Liability Ratio (%) | 63.36 | 63.11 | 0.25 | | Net Profit after Deducting Non-Recurring Gains and Losses (Jan-Jun Current Period) | 4,625,334,892.98 | 4,170,389,491.39 | 10.91 | | EBITDA to Total Debt Ratio | 0.08 | 0.07 | 14.29 | | Interest Coverage Ratio | 4.66 | 3.56 | 30.90 | | Cash Interest Coverage Ratio | 6.11 | 4.42 | 38.24 | | EBITDA Interest Coverage Ratio | 6.96 | 5.03 | 38.37 | | Loan Repayment Rate (%) | 100 | 100 | | | Interest Payment Rate (%) | 100 | 100 | | [Section VIII Financial Report](index=48&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's complete financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and specific financial items [II. Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting its financial position, operating results, and cash flow - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, and Parent Company Statement of Changes in Owners' Equity[109](index=109&type=chunk)[112](index=112&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk)[139](index=139&type=chunk) [III. Company Overview](index=72&type=section&id=III.%20Company%20Overview) Huaneng Lancang River Hydropower Inc. was transformed from Huaneng Lancang River Hydropower Co., Ltd. on December 3, 2014, and listed on the Shanghai Stock Exchange on December 15, 2017, primarily engaging in hydropower project development, construction, operation, and management - Huaneng Lancang River Hydropower Inc. was transformed from Huaneng Lancang River Hydropower Co., Ltd. on December 3, 2014, and listed on the Shanghai Stock Exchange on December 15, 2017[144](index=144&type=chunk) - The company's industry is power and heat production; its main business activities include the development, investment, construction, operation, and management of hydropower projects; its main product is electricity, and its main revenue comes from the sale of hydropower[144](index=144&type=chunk) - The company's controlling shareholder is China Huaneng Group Co., Ltd., and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[144](index=144&type=chunk) [IV. Basis of Financial Statement Preparation](index=72&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and based on significant accounting policies and estimates, with no doubts about its ability to continue as a going concern - The company's financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards and based on significant accounting policies and estimates for actual transactions[145](index=145&type=chunk) - The company assessed on June 30, 2025, that its operations are stable, and it is expected to generate sufficient operating cash flow in the next 12 months, with no doubts about its ability to continue as a going concern; therefore, the company prepared its financial statements for the current reporting period on a going concern basis[146](index=146&type=chunk) [V. Significant Accounting Policies and Estimates](index=72&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, inventory accounting, fixed asset depreciation, intangible asset amortization, and revenue recognition, among other areas - The company has formulated several specific accounting policies and estimates for financial instrument impairment, inventory accounting, fixed asset depreciation, intangible asset amortization, and revenue recognition, among other transactions and events, based on its actual production and operation characteristics and relevant enterprise accounting standards[147](index=147&type=chunk) - In terms of financial instrument classification and measurement, the company classifies financial assets as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on business models and cash flow characteristics[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - The company uses the straight-line method for depreciating fixed assets, with depreciation periods of **6-45 years** for buildings, **4-26 years** for machinery, **4-8 years** for electronic equipment, **6-10 years** for transportation equipment, **10 years** for office equipment, and **4-10 years** for other equipment[196](index=196&type=chunk) - The company's revenue primarily consists of electricity sales revenue, recognized when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the relevant goods, and measured at the transaction price allocated to each distinct performance obligation[222](index=222&type=chunk)[223](index=223&type=chunk) [VI. Taxation](index=94&type=section&id=VI.%20Taxation) This section details the company's main tax categories and rates, along with various tax incentives enjoyed by the company and its subsidiaries, such as the 15% corporate income tax rate for Western Development enterprises and VAT refunds for wind power Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting input VAT, the difference is VAT payable | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | Calculated based on taxable income | 1%, 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 2%, 5%, 15%, 16.5%, 20%, 25% | | Education Surcharge | Calculated based on taxable income | 3% | | Local Education Surcharge | Calculated based on taxable income | 2% | | Property Tax | For value-based assessment, the tax basis is the original value of the property less 10%-30%; for rent-based assessment, the tax basis is rental income | 1.2%, 12% | | Land Use Tax | Actual occupied land area | 2 yuan/sqm - 20 yuan/sqm | | Water Resource Tax | Actual power generation | 0.004 yuan/kWh - 0.008 yuan/kWh | | Reservoir Area Maintenance Fund | Actual on-grid electricity sales | 0.06 yuan/kWh - 0.08 yuan/kWh | | Interest Tax | Loan interest | 15% | | Salary Tax | Salaries of personnel in Myanmar | 2% | | Commercial Tax | Sales revenue | 8% | - The company and some subsidiaries enjoy a **15%** corporate income tax preferential rate for Western Development enterprises[236](index=236&type=chunk)[237](index=237&type=chunk) - The company's TB power plant is exempt from corporate income tax for 2025, and some new energy subsidiaries enjoy the "three-year exemption, three-year half reduction" tax incentive policy for public infrastructure projects[236](index=236&type=chunk)[238](index=238&type=chunk) - Huaneng Xiangyun Wind Power Co., Ltd. implements a **50%** immediate refund policy for VAT on sales of self-produced wind power products[239](index=239&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=98&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major items in the company's consolidated financial statements, including monetary funds, accounts receivable, fixed assets, construction in progress, operating revenue and costs, and investment income Period-end Balance of Monetary Funds | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 134,815,860.16 | 286,099,791.26 | | Other Monetary Funds | 108,129,628.16 | 108,034,865.28 | | Deposits with Finance Company | 2,023,593,256.03 | 2,698,979,640.20 | | Total | 2,266,538,744.35 | 3,093,114,296.74 | | Of which: Total funds deposited overseas | 89,160,871.12 | 175,488,908.91 | Accounts Receivable by Age | Age | Period-end Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 3,605,187,558.81 | 1,703,658,720.57 | | 1 to 2 years | 290,829,242.61 | 276,961,193.43 | | 2 to 3 years | 242,579,474.50 | 2,401,315.32 | | Total | 4,138,596,275.92 | 1,983,021,229.32 | Book Value of Fixed Assets | Item | Period-end Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 140,335,713,178.07 | | Machinery and Equipment | 24,519,606,821.17 | | Transportation Vehicles | 53,372,465.75 | | Electronic Equipment | 764,774,938.63 | | Office Equipment | 56,629,670.41 | | Other | 120,618,501.17 | | Total | 165,850,715,575.20 | Book Value of Construction in Progress | Item | Period-end Book Value (yuan) | | :--- | :--- | | TB Hydropower Station | 338,257,653.08 | | Yingliangbao Hydropower Station | 5,107,911,277.55 | | New Energy Company Wind and Solar Projects | 5,894,964,769.72 | | RM Hydropower Station | 6,233,585,116.65 | | GS Hydropower Station Pre-projects, etc. | 2,789,413,666.30 | | GX Power Station | 1,898,697,741.09 | | BDa Power Station | 2,551,801,806.44 | | Lancang River Upstream Riverside Road | 1,282,752,920.63 | | Ganlanba Hydropower Hub | 624,603,339.14 | | Sichuan Company Solar Projects | 1,271,136,750.99 | | Huaneng Pengzhou Project | 790,620,701.02 | | Lancang River Upstream Company Project Pre-project Fees | 173,830,551.02 | | Southeast Asia Pre-projects - International Energy | 179,025,201.75 | | Qiaoji Hydropower Station Resettlement Project | 99,655,003.36 | | BDuo Power Station | 147,499,480.47 | | Other | 414,083,818.15 | | Total | 29,797,839,797.36 | Operating Revenue and Operating Cost | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 12,899,551,094.03 | 5,157,977,536.18 | | Other Business | 59,352,545.13 | 25,874,252.08 | | Total | 12,958,903,639.16 | 5,183,851,788.26 | [VIII. Research and Development Expenses](index=168&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company's total R&D expenditure for the first half of 2025 was **23,150,531.05 yuan**, all expensed, primarily comprising employee compensation and other costs, with several projects still in development R&D Expenses by Nature of Expense | Item | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 11,269,185.79 | 8,064,941.17 | | Other | 11,881,345.26 | 55,632,410.27 | | Total | 23,150,531.05 | 63,697,351.44 | | Of which: Expensed R&D Expenditure | 23,150,531.05 | 63,528,120.67 | | Capitalized R&D Expenditure | | 169,230.77 | - R&D projects eligible for capitalization include the power spot market simulation system and its key technology research and promotion project, integrated dispatching and operation research for cascaded reservoirs under complex geological and climatic conditions, and the development and application of an intensive smart management system for dam safety of distributed multi-type small and medium hydropower stations[465](index=465&type=chunk)[466](index=466&type=chunk) [IX. Changes in Consolidation Scope](index=169&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, there were no changes in the company's consolidation scope due to non-same control business combinations, same control business combinations, reverse acquisitions, or disposal of subsidiaries leading to loss of control[467](index=467&type=chunk)[468](index=468&type=chunk) [X. Interests in Other Entities](index=170&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including major holding subsidiaries involved in power sales and power station operations, and significant associates like State Power Investment Yunnan Dachao Mountain Hydropower Co., Ltd - The company owns multiple holding subsidiaries, including Huaneng Lancang River Energy Sales Co., Ltd., Huaneng Lancang River International Energy Co., Ltd., Huaneng Lancang River New Energy Co., Ltd., Huaneng Longkaikou Hydropower Co., Ltd., and Huaneng Lancang River Upstream Hydropower Co., Ltd.[469](index=469&type=chunk)[470](index=470&type=chunk)[471](index=471&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk)[474](index=474&type=chunk)[475](index=475&type=chunk)[476](index=476&type=chunk)[477](index=477&type=chunk) Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders for Current Period (yuan) | Dividends Declared to Minority Shareholders for Current Period (yuan) | Period-end Balance of Minority Interests (yuan) | | :--- | :--- | :--- | :--- | :--- | | Yunnan United Power Development Co., Ltd. | 50.00 | 60,391,277.08 | 50,000,000.00 | 894,473,277.80 | | Huaneng Longkaikou Hydropower Co., Ltd. | 5.00 | 7,710,104.94 | | 180,926,312.53 | | Sanghe II Hydropower Co., Ltd. | 49.00 | 98,459,857.21 | 70,498,260.00 | 902,659,307.80 | | Yunnan Lancang River Clean Energy Partnership (Limited Partnership) | 66.80 | 59,526,421.68 | | 1,869,503,501.85 | | Sichuan Huaneng Luding Hydropower Co., Ltd. | 20.00 | 40,790,671.83 | | 161,421,730.07 | - The company's important associates include Tibet Kaitou Guoduo Hydropower Co., Ltd., Yunnan Huadian Jinsha River Midstream Hydropower Development Co., Ltd., and State Power Investment Yunnan Dachao Mountain Hydropower Co., Ltd., to which the company has appointed directors, enabling it to exert significant influence[484](index=484&type=chunk)[485](index=485&type=chunk) [XI. Government Grants](index=187&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liabilities and amounts recognized in current profit or loss, with deferred income from government grants totaling **20,846,923.74 yuan** at period-end, and **7,402,220.26 yuan** recognized in current profit or loss Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (yuan) | New Grants for Current Period (yuan) | Amount Included in Non-Operating Income for Current Period (yuan) | Amount Transferred to Other Income for Current Period (yuan) | Other Changes for Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 15,766,468.48 | 6,658,625.97 | | 831,829.54 | 2,259,818.97 | 19,333,445.94 | Income-related | | Deferred Income | 1,590,434.34 | | | 76,956.54 | | 1,513,477.80 | Asset-related | | Total | 17,356,902.82 | 6,658,625.97 | | 908,786.08 | 2,259,818.97 | 20,846,923.74 | | Government Grants Included in Current Profit or Loss | Type | Amount for Current Period (yuan) | Amount for Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 7,325,263.72 | 5,288,850.41 | | Asset-related | 76,956.54 | 76,956.54 | | Total | 7,402,220.26 | 5,365,806.95 | [XII. Risks Related to Financial Instruments](index=188&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (foreign exchange and interest rate risks), which are managed through credit policies, monitoring funding needs, and continuous interest rate surveillance - The company's credit risk primarily arises from monetary funds, accounts receivable, and other receivables; management has formulated appropriate credit policies and continuously monitors these risks[497](index=497&type=chunk) - The company manages liquidity risk by continuously monitoring short-term and long-term funding needs,

华能水电(600025.SH)发布2025年半年度报告，公司上半年实现营业收入129.59亿元，同比增长9.08%； 实现归属于上市公司股东的净利润46.09亿元，同比增长10.54%。 ...

华能澜沧江水电股份有限公司董事会 证券代码：600025 证券简称：华能水电 公告编号：2025-056 华能澜沧江水电股份有限公司 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。 近日，华能澜沧江水电股份有限公司（以下简称公司）所属硬梁包水电站 1 号、2 号机组同时通过 72 小时试运行投入商业运行，至此硬梁包水电站 5 台机 组实现全容量投产发电。硬梁包水电站总装机容量 111.6 万千瓦，设计多年平均 发电量 51.81 亿千瓦时，相当于每年节约标准煤 155.4 万吨，减少二氧化碳排放 硬梁包水电站机组的全容量投产发电，扩大了公司清洁能源装机规模，有利 于提升市场占有率和竞争力，对保障区域能源安全和电力稳定供应，助力实现国 家"双碳"战略目标，调整能源结构，推动民族地区经济社会发展具有重要意义。 特此公告。 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-057 华能澜沧江水电股份有限公司 关于召开 2025 年半年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。 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 年半年度的 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 9 月 5 日（星期五）15:00-17:00 （二） 会议召开地点：上海证券交易所上证路演中心 （三） 会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 （网址 https://roadshow.sseinfo.com/） 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 8 月 29 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 9 月 5 日（星期五） ...

证券日报网讯 8月26日晚间，华能水电发布公告称，近日，公司所属硬梁包水电站1号、2号机组同时通 过72小时试运行投入商业运行，至此硬梁包水电站5台机组实现全容量投产发电。硬梁包水电站总装机 容量111.6万千瓦，设计多年平均发电量51.81亿千瓦时，相当于每年节约标准煤155.4万吨，减少二氧化 碳排放407.1万吨。 （文章来源：证券日报） ...

证券代码：600025 证券简称：华能水电 公告编号：2025-056 华能澜沧江水电股份有限公司 关于硬梁包水电站全容量投产发电公告 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。 近日，华能澜沧江水电股份有限公司（以下简称公司）所属硬梁包水电站 1 号、2 号机组同时通过 72 小时试运行投入商业运行，至此硬梁包水电站 5 台机 组实现全容量投产发电。硬梁包水电站总装机容量 111.6 万千瓦，设计多年平均 发电量 51.81 亿千瓦时，相当于每年节约标准煤 155.4 万吨，减少二氧化碳排放 407.1 万吨。 硬梁包水电站机组的全容量投产发电，扩大了公司清洁能源装机规模，有利 于提升市场占有率和竞争力，对保障区域能源安全和电力稳定供应，助力实现国 家"双碳"战略目标，调整能源结构，推动民族地区经济社会发展具有重要意义。 特此公告。 华能澜沧江水电股份有限公司董事会 2025 年 8 月 27 日 ...

证券代码：600025 证券简称：华能水电 公告编号：2025-057 华能澜沧江水电股份有限公司 关于召开 2025 年半年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 8 月 29 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 9 月 5 日（星期五）15:00-17:00 举行 2025 年半年度业绩说明会，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 年半年度的 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 9 月 5 日（星期五）15:00-17:00 （二） 会议召开地点：上海证券交易所上证路演中心 （网址 https://road ...