证券代码：600027 证券简称：华电国际 公告编号：2025-078 华电国际电力股份有限公司 关于独立董事离任的公告 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。 一、独立董事离任情况 1 二、离任对本公司的影响 根据《上市公司独立董事管理办法》、《华电国际电力股份有限公司章程》等相关规 定，李兴春先生的离任不会导致本公司董事会成员人数低于法定人数，不会影响本公司 董事会正常运行，亦不会对本公司日常运营产生不利影响。 李兴春先生确认，其与本公司董事会及本公司没有不同意见，亦无其他事项需要通 知本公司股东及债权人。 李兴春先生在本公司任职期间，勤勉尽责、恪尽职守，本公司董事会及本公司对李 兴春先生为本公司发展做出的卓越贡献表示衷心的感谢。 三、补选独立董事情况 本公司于 2025 年 9 月 5 日召开第十届董事会第二十六次会议，会议审议并通过《关 于提名公司独立董事候选人并提请股东大会审议的议案》。经本公司董事会提名委员会 审查，本公司董事会提名黄克孟先生为本公司独立董事候选人，尚需提请本公司股东大 会审议。黄克孟先生作 ...

独立董事提名人声明与承诺 提名人华电国际电力股份有限公司第十届董事会，现提名黄 克孟为华电国际电力股份有限公司第十届董事会独立董事候选 人，并已充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况。被提名人已同意出 任华电国际电力股份有限公司第十届董事会独立董事候选人（参 见该独立董事候选人声明）。提名人认为，被提名人具备独立董 事任职资格，与华电国际电力股份有限公司之间不存在任何影响 其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-077 华电国际电力股份有限公司（以下简称"本公司"）第十届董事会第二十六次会议 （以下简称"本次会议"）于 2025 年 9 月 5 日在中华人民共和国北京市西城区宣武门 内大街 2 号华电大厦召开。本次会议通知已于 2025 年 8 月 25 日以电子邮件形式发出。 本公司董事长刘雷先生主持了本次会议，本公司全体 12 名董事亲自出席会议。本次会 议符合有关法律、法规及《公司章程》的规定，本次会议合法有效。本公司监事会主席 刘书君先生、监事马敬安先生及职工监事唐晓平先生列席了本次会议。 一、审议并通过《关于提名公司独立董事候选人并提请股东大会审议的议案》。同 意提名黄克孟先生为本公司独立董事候选人。本议案已经董事会提名委员会审议通过， 尚需提请本公司股东大会审议批准。黄克孟先生作为本公司独立董事的任期自股东大会 审议通过之日起至第十届董事会任期届满之日止。在股东大会选举产生新任独立董事前， 原任独立董事李兴春先生仍将继续履行其职责。黄克孟先生的简历详见附件。 黄克孟先生具备相关专业知识和工作经验，具备履职的能力和任职条件，不存在《中 华人民共 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-079 华电国际电力股份有限公司 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 召开的日期时间：2025 年 9 月 25 日14 点 30 分 召开地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 25 日 关于召开2025年第二次临时股东大会的通知 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： 1 股东大会召开日期：2025年9月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方 式 （四） 现场会议召开的日期、时间和地点 至2025 年 9 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开 ...

Core Viewpoint - The power sector is experiencing a significant rise in stock prices, driven by a record-breaking electricity consumption in July and favorable conditions for thermal power companies [1] Group 1: Stock Performance - Longyuan Power (001289)(00916) increased by 6% to HKD 7.42 [1] - China Power (02380) rose by 3.65% to HKD 3.41 [1] - Huaneng International (600011)(00902) gained 2.79% to HKD 5.89 [1] - China Resources Power (00836) climbed 2.51% to HKD 18.78 [1] Group 2: Electricity Consumption - In July, the total electricity consumption in China reached 1.02 trillion kWh, marking the first time it surpassed 1 trillion kWh in a month [1] Group 3: Industry Insights - Dongguan Securities reported that the rapid development of renewable energy is squeezing the market share of thermal power, leading to a year-on-year decline in revenue for several thermal power companies [1] - Despite the decline in revenue, companies like Huaneng International and Huadian International (600027) achieved year-on-year growth in net profit due to falling fuel prices [1] - Average coal prices have decreased year-on-year, which is beneficial for the profitability of thermal power companies [1] Group 4: Future Outlook - Bank of America noted that the performance of Chinese power stocks in the first half of the year largely met expectations [1] - Guosheng Securities projected that the overall performance of the power sector will align with expectations, with thermal power seeing revenue decline but profit increase, while hydropower remains stable and green energy faces pressure [1] - The current electricity prices are expected to bottom out and rebound, with demand recovery anticipated to boost electricity consumption and continued decline in fuel costs [1]

Group 1: Overall Industry Performance - Chinese power stocks' performance in the first half of the year generally met expectations, with strong earnings and free cash flow from thermal power, wind supply chain, and environmental businesses [1] - However, gas, wind, solar independent power producers, and solar supply chain showed relatively weak performance [1] Group 2: Company Ratings and Target Prices - Huaneng International Power (600011) received a "Buy" rating due to a free cash flow yield of 8%, with the H-share target price raised from HKD 6 to HKD 6.2 [1] - China Resources Power (00836) was rated "Neutral," with the target price decreased from HKD 20.2 to HKD 19.8 due to declining revenue from coal and renewable energy [1] - Huadian International Power (600027) had its rating downgraded from "Buy" to "Neutral," with the H-share target price lowered from HKD 4.9 to HKD 4.6, amid concerns over falling electricity prices and seasonal weakness [1] Group 3: Specific Company Insights - China Everbright Environment (00257) received a "Buy" rating, with a 23% year-on-year increase in pre-tax profit and a doubling of free cash flow, targeting a price of HKD 5.3 [2] - Longyuan Power (001289) was rated "Underperform," with a target price of HKD 6, as its earnings decline was in line with expectations, and attention will be paid to subsidy collection and upcoming provincial power tenders [2]

Core Viewpoint - Huadian International Power Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of the year, indicating a mixed financial performance driven by lower fuel costs despite reduced electricity generation [1][2]. Financial Performance - Operating revenue for the first half of the year was approximately 59.95 billion yuan, a year-on-year decrease of 8.98% [1]. - Net profit attributable to shareholders was about 3.90 billion yuan, reflecting a year-on-year increase of 13.15%, marking three consecutive years of profit growth [1]. Revenue Sources - Electricity and heat sales accounted for 99.23% of Huadian International's main business revenue, remaining the primary source of income [1]. Generation and Pricing - Total electricity generation was 120.62 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1]. - Grid electricity sales reached 113.29 billion kWh, down about 6.46% year-on-year [1]. - The average grid electricity price was 516.80 yuan per MWh, a decline of approximately 1.44% year-on-year [1]. Cost Structure - The price of standard coal for fuel was 850.74 yuan per ton, down 12.98% year-on-year, contributing positively to profitability [1]. - The company's gross profit margin improved by 2.1 percentage points, aided by lower coal prices and higher compensation ratios for coal power capacity in Shandong and Henan [2]. Installed Capacity - As of the end of June, Huadian International's total installed capacity was 77.44 million kW, with coal-fired power accounting for approximately 70.24% of the total [1]. - Gas-fired and hydroelectric power installations were 20.58 million kW and 2.46 million kW, respectively, together making up about 29.76% of the total capacity [1].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].

Core Viewpoint - The company reported a decline in revenue for H1 2025, but managed to achieve a growth in net profit, indicating effective cost management and operational improvements despite challenging market conditions [1][3]. Revenue and Profit Summary - In H1 2025, the company achieved revenue of 59.953 billion yuan, a year-on-year decrease of 8.98%, while net profit attributable to shareholders was 3.904 billion yuan, an increase of 13.15% [1]. - For Q2 2025, revenue was 33.376 billion yuan, down 4.42% year-on-year, with net profit of 1.973 billion yuan, up 24.27% [1]. Power Generation and Pricing Analysis - The total power generation in H1 2025 was 113.289 billion kWh, a decrease of approximately 6.46% year-on-year, primarily due to a relaxed power supply-demand balance and increased renewable energy capacity [2]. - The average on-grid electricity price for H1 2025 was 517.12 yuan/MWh, a decline of about 1.37% year-on-year, reflecting stable pricing in northern regions [2]. Cost Management and Operational Efficiency - The company's coal consumption for power generation was 280.05 grams/kWh, a reduction of 5.23 grams/kWh year-on-year, contributing to a 13.28% decrease in fuel costs [3]. - Overall operating costs decreased by 11.18% year-on-year, leading to an increase in gross margin by 2.1 percentage points to 10.72% [3]. Growth Drivers and Dividend Policy - The company added 17.62478 million kW of new installed capacity in H1 2025, with additional projects under construction, indicating strong growth potential [4]. - A mid-year cash dividend of 0.09 yuan per share was announced, totaling 1.045 billion yuan, reflecting the company's confidence in future growth [4]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 6.610 billion, 7.603 billion, and 8.501 billion yuan, with year-on-year growth rates of 15.91%, 15.03%, and 11.82% respectively [4]. - The company's stock price as of September 1, 2025, corresponds to a PE ratio of 9.43, 8.20, and 7.33 for the respective years [4].

Core Insights - The five major power generation companies in China reported a collective revenue decline compared to the same period last year, but four of them achieved profit growth, with a total net profit of 24.018 billion yuan, marking a 3% increase and the highest in nearly a decade [1] - Huaneng International led the performance with a revenue of 112.032 billion yuan and a net profit of 9.262 billion yuan, being the only company to surpass 100 billion yuan in revenue and nearing 10 billion yuan in profit [1] Revenue and Profit Performance - All five major power companies reported revenues exceeding 20 billion yuan, with Huaneng International being the only one to exceed 100 billion yuan [1] - Datang Power achieved the lowest revenue decline at less than 2% year-on-year, while its net profit growth rate was the highest at 47.35% among the five companies [4] Market Conditions and Strategies - The domestic coal market saw a continued easing of supply-demand tensions, with Qinhuangdao Q5500 thermal coal prices dropping approximately 22.2% year-on-year, which helped Huaneng International reduce its standard coal procurement costs by 9.23% [3] - Datang Power improved its profitability by controlling coal prices, increasing its profit per kilowatt-hour by 0.0153 yuan, while also expanding its renewable energy capacity [6] Dividend Distribution - Guodian Power announced the highest interim dividend of 1.784 billion yuan among the five companies, reflecting a commitment to enhancing shareholder returns [7] Financial Health - Huadian International reported the lowest asset-liability ratio among the five companies, indicating strong financial stability and effective debt management [10][12] - The overall asset-liability ratios of the five companies ranged from 62% to 75%, with Huaneng International and Huadian International maintaining ratios below 65% [10] Renewable Energy Performance - China Power achieved the highest proportion of clean energy installed capacity, with 44.1206 million kilowatts, accounting for 81.79% of its total installed capacity, an increase of 4.72 percentage points year-on-year [13] - Renewable energy sources contributed nearly 60% of China Power's revenue, with wind and solar segments generating 6.83 billion yuan and 4.87 billion yuan, respectively [15]