Investment Rating - The report maintains a "Buy" rating for Huadian International [2][7]. Core Views - The company reported a slight improvement in power generation margins and is expected to benefit from an upcoming increase in capacity pricing [7]. - The company's revenue for the first three quarters of 2025 was 95.872 billion yuan, a year-on-year decline of 9.72%, while net profit attributable to shareholders increased by 15.87% to 6.437 billion yuan [7]. - The average on-grid electricity price for the first nine months was 0.50955 yuan per kilowatt-hour, down 2.76% year-on-year, but the company is expected to see improved profitability due to a larger decline in costs compared to electricity prices [7]. Financial Data and Profit Forecast - Total revenue is projected to increase from 112.994 billion yuan in 2024 to 130.669 billion yuan in 2027, with a compound annual growth rate of approximately 6.3% [6][9]. - Net profit attributable to shareholders is forecasted to grow from 6.895 billion yuan in 2025 to 8.044 billion yuan in 2027, reflecting a growth rate of 20.9% in 2025 [6][9]. - The company's financial costs have decreased significantly, with financial expenses for the first nine months of 2025 at 2.414 billion yuan, down 4.47 billion yuan year-on-year [7]. Capacity Pricing and Regulatory Changes - The upcoming increase in capacity pricing is expected to add approximately 3.536 billion yuan to the company's revenue starting in 2026, as the fixed cost recovery ratio for coal-fired power plants is set to rise [7]. - The company holds a substantial coal-fired power generation capacity of 54.4 million kilowatts, positioning it to benefit significantly from the regulatory changes [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 95.872 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.72%, while the net profit attributable to shareholders increased by 15.87% to 6.437 billion yuan [7] - The average on-grid electricity price for the first nine months was 0.50955 yuan per kilowatt-hour, a decrease of 2.76% compared to the same period last year, but the company is expected to benefit from an upcoming increase in capacity pricing [7] - The company’s coal-fired power generation capacity reached 54.4 million kilowatts, and the expected increase in capacity pricing could add approximately 3.536 billion yuan to revenue starting in 2026 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 119.415 billion yuan, with a projected net profit of 6.895 billion yuan, reflecting a year-on-year growth of 20.9% [6] - The company’s gross margin is expected to be 10.1% in 2025, with a return on equity (ROE) of 8.7% [6] - Financial costs have decreased significantly, with a reduction of 4.47 billion yuan in financial expenses for the first nine months of 2025 [7]

Core Viewpoint - In the first three quarters of 2025, the company achieved operating revenue of 95.872 billion yuan, a year-on-year decrease of 9.72%, while net profit attributable to shareholders was 6.437 billion yuan, a year-on-year increase of 15.87%. The decline in operating revenue was mainly due to a decrease in on-grid electricity and electricity prices, while the increase in net profit was driven by lower coal prices improving fuel costs [1][2][3]. Financial Performance - The company reported operating revenue of 95.872 billion yuan in the first three quarters of 2025, down 9.72% year-on-year. Net profit attributable to shareholders was 6.437 billion yuan, up 15.87% year-on-year. The non-recurring net profit was 6.211 billion yuan, an increase of 20.74% year-on-year. The quarterly net profit was 2.533 billion yuan, reflecting a growth of 20.32% year-on-year [2][3]. - The weighted return on equity was 12.73%, an increase of 1.87 percentage points year-on-year, with basic earnings per share at 0.54 yuan, up 22.73% year-on-year [2]. Cost and Profitability - The decrease in operating revenue was primarily due to a decline in on-grid electricity and electricity prices. However, net profit growth was supported by lower coal prices, which improved fuel costs. The financial expenses for the first three quarters were 2.414 billion yuan, a decrease of 15.6% year-on-year due to reduced financing costs [3][4]. - The management expense ratio and financial expense ratio were 1.47% and 2.52%, with changes of +0.12 and -0.18 percentage points year-on-year, respectively [3]. Electricity Generation and Market Dynamics - The total electricity generation for the first three quarters was 201.329 billion kWh, a decrease of approximately 5.87% year-on-year, while on-grid electricity was 189.243 billion kWh, down about 5.94% year-on-year. The decline in on-grid electricity was attributed to the growth of renewable energy installations in the region, which squeezed the output capacity of thermal power [4]. - The average on-grid electricity price was 509.55 yuan per MWh, a decrease of approximately 2.76% year-on-year [4]. Future Outlook - Recent rebounds in coal prices are noted, but the company believes that the upward potential for coal prices is limited due to energy supply policies and downstream demand. The profitability of thermal power is expected to remain stable, and operational performance is anticipated to grow steadily. Projected net profits for 2025 to 2027 are estimated at 7.533 billion yuan, 7.848 billion yuan, and 8.128 billion yuan, respectively [4].

Core Viewpoint - The company's Q3 2025 performance aligns with expectations, showing a decline in revenue but an increase in net profit, driven by effective cost control and improved gross margin [1][2]. Financial Performance - The company reported Q3 2025 revenue of 35.92 billion yuan, a year-on-year decrease of 10.9% - Net profit attributable to shareholders was 2.533 billion yuan, reflecting a year-on-year increase of 20.3% - For the first three quarters, total profit reached 6.44 billion yuan, up 15.9% year-on-year, meeting expectations [1]. Cost Management - The company achieved a significant recovery in pre-tax profit per kilowatt-hour due to effective cost control, with a year-on-year increase of over 60% to 0.047 yuan/kWh - The gross margin improved by 4.8 percentage points to 14.5%, primarily driven by a significant decrease in the price of coal [1]. Investment Income - Investment income in Q3 dropped significantly to 600 million yuan, a year-on-year decrease of 32% - The decline was attributed to lower coal prices, weaker wind resource conditions, and a reduced stake in Huadian New Energy following its IPO [1]. Cash Flow and Dividend Capacity - Operating cash flow for the first three quarters increased by 51.5% year-on-year, reaching 22.98 billion yuan - The company's debt-to-asset ratio has decreased to 60.4%, indicating improved financial health and enhanced dividend capacity [2]. Profit Forecast and Valuation - The profit forecast for 2025-26 remains unchanged, with A-shares trading at 10.0x/9.9x P/E and H-shares at 7.6x/7.4x P/E - The target price for A-shares is maintained at 7.32 yuan, while the target price for H-shares is raised by 20% to 5.63 HKD, reflecting an attractive dividend yield [3].

Core Points - Lhasa is positioning its digital economy as one of its three pillar industries, aiming to enhance regional competitiveness through a dual approach of "bringing in" and "going out" [2][12] - The digital economy in Lhasa has shown significant growth, with revenue from digital economy enterprises reaching 5.753 billion yuan from January to August 2025, and the number of such enterprises totaling 35, accounting for 58.33% of the total in Tibet [1][2] - The establishment of a regional international communication business outlet and the completion of a national internet backbone connection point are key developments in Lhasa's digital infrastructure [1][2] Digital Infrastructure Development - Lhasa has built a data center with an investment of 739 million yuan, which is the only A-level data center in Tibet, designed to support the next generation of low-carbon intelligent data centers [3] - The city has established 7,486 5G base stations, achieving a 98.7% coverage rate in administrative villages [1][3] - The "Future Network Plateau Innovation Laboratory" was established in May 2023 to foster collaboration in digital industries between Lhasa and Jiangsu [1][2] Industry Transformation and Digitalization - Traditional industries in Lhasa are embracing digital transformation, with companies like Tibet Huatai Long Mining developing smart mining plans with an investment of approximately 330 million yuan [5] - The Lhasa Economic Development Zone is actively promoting digital transformation among enterprises, enhancing their market competitiveness and contributing to sustainable economic development [4][5] Government Initiatives and Policies - Lhasa's government has implemented a "1+6+N" policy framework to support businesses, providing comprehensive assistance in areas such as funding, space, cost reduction, and talent support [9][10] - The "Galsang Flower Action" plan offers 71 targeted policies to assist enterprises in areas like listing and financial support [9][10] - The city has signed cooperation agreements with multiple companies, totaling nearly 3 billion yuan, to strengthen the foundation for digital economic development [8][12] Clean Energy and Cost Advantages - Lhasa's clean energy projects, such as the 200 MW photovoltaic power generation project, are crucial for providing low-cost electricity to support digital economy initiatives [11][12] - The city benefits from natural conditions that lower operational costs for data centers, including low temperatures that reduce cooling expenses [12] Future Outlook - Lhasa aims to integrate into the national "East Data West Computing" strategy and advance its "Digital Prosperity City" initiative, focusing on high-quality development of the digital economy [12] - The government plans to enhance the overall digital transformation across various sectors, including economy, politics, culture, society, and ecology [12]

Core Viewpoint - Huadian International (600027.SH) reported a decline in revenue for the first three quarters of 2025, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - The company achieved a revenue of 95.872 billion yuan for the first three quarters, representing a year-on-year decrease of 9.72% [1] - The net profit attributable to shareholders was 6.437 billion yuan, reflecting a year-on-year increase of 15.87% [1] - The non-recurring net profit was 6.211 billion yuan, which is a year-on-year growth of 20.74% [1] - Basic earnings per share stood at 0.54 yuan [1]

華電國際電力股份有限公司 Huadian Power International Corporation Limited* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 海外監管公告 本公告乃華電國際電力股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》 第 13.10B 條而作出。 茲載列本公司在上海證券交易所網站刊登之《第十屆董事會第二十八次會議決議公告》《第十屆監 事會第十五次會議決議公告》《關於召開 2025 年第三季度業績說明會的公告》，僅供參閱。 承董事會命 華電國際電力股份有限公司 秦介海 董事會秘書 於本公告日期，本公司董事會由下列董事組成： 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行董事）、曾 慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執行董事）、豐鎮平（獨 立非 ...

（在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 華電國際電力股份有限公司 Huadian Power International Corporation Limited* 建議修訂公司章程及其附件及取消監事會 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等 內容而引致的任何損失承擔任何責任。 取消監事會，刪除相關章節並刪除或替換有關表述。監事會原有職權由本公司董事會（「董事會」） 審計委員會（「審計委員會」）承接，明確審計委員會負責監督公司財務、內部控制及合規管理等工 作。細化審計委員會和內部審計機構在職權範圍、工作機制上的銜接等約定，確立內部審計向董事 會負責、同時接受審計委員會指導的雙軌機制，明確審計委員會參與對內部審計負責人的考核。內 部審計機構發現相關重大問題或者線索，應當立即向審計委員會直接報告。 （三）調整董事會結構 在保持原有董事會 12 席格局不變的前提下，設置 1 個職工董事席位，以代表中國華電集團有限公 司的董事席位置換產生。 ...

Financial Performance - Total operating revenue for Q3 2025 was RMB 35,919,631 thousand, a decrease of 10.92% compared to RMB 31,629,676 thousand in the same period last year[6] - Net profit attributable to shareholders was RMB 2,533,314 thousand, representing a 20.32% increase from RMB 1,933,276 thousand year-on-year[6] - The net cash flow from operating activities for the year-to-date was RMB 22,977,330 thousand, an increase of 51.52% compared to RMB 11,978,623 thousand in the previous year[6] - The weighted average return on equity increased to 5.06%, up by 0.9 percentage points from 4.07% in the same period last year[6] - The company reported a total profit of RMB 4,160,541 thousand, which is a 30.63% increase from RMB 2,760,348 thousand in the same period last year[6] - The net profit after deducting non-recurring gains and losses was RMB 2,457,313 thousand, reflecting a 34.08% increase from RMB 1,835,320 thousand year-on-year[6] Assets and Shareholder Information - Total assets at the end of the reporting period were RMB 260,506,398 thousand, a decrease of 1.84% from RMB 265,401,631 thousand at the end of the previous year[7] - The total number of common shareholders at the end of the reporting period is 137,272[14] - China Huadian Group Co., Ltd. holds 5,298,924,481 shares, representing 45.63% of total shares[14] - Hong Kong Central Clearing Limited holds 1,801,503,618 shares, accounting for 15.51% of total shares[14] - Shandong Development Investment Holding Group Co., Ltd. owns 731,781,709 shares, which is 6.30% of total shares[14] - The top 10 shareholders include state-owned entities, with significant stakes held by China Huadian Group and Hong Kong Central Clearing[15] - The number of unrestricted circulating shares held by China Huadian Group is 4,620,061,224[15] Operational Changes and Governance - The company completed acquisitions of several energy companies, including an 80% stake in Huadian Jiangsu Energy Co., Ltd., which was consolidated into the financial statements starting June 1, 2025[8] - The company has not disclosed any significant operational changes during the reporting period[18] - The board of directors includes a mix of executive and independent directors, ensuring diverse governance[19] Non-Recurring Gains and Other Income - The company recognized non-recurring gains of RMB 76,001 thousand for the current period, with significant contributions from government subsidies and other operational income[9] - The company reported a significant increase in carbon emission trading income, amounting to RMB 101,664 thousand, which is closely related to its normal business operations[11] Financial Monitoring - The company emphasizes the importance of monitoring its financial statements as per Chinese accounting standards[18] - The report indicates no changes in the borrowing or lending of shares among the top shareholders[17]

此乃要件 請即處理 閣下如對本通函任何內容或需採取的行動有任何疑問，應諮詢 閣下的持牌證券商、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已將名下的華電國際電力股份有限公司（「本公司」）的股份全部售出或轉讓，應立即將本通函及代 理人委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便轉交買主或 承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 建議修訂公司章程及其附件並取消監事會 董事會函件載於本通函第3頁至第6頁。 召開將於二零二五年十一月十八日（星期二）下午二時三十分在中華人民共和國北京市西城區宣武門內大 街4號華濱國際大酒店舉行的臨時股東大會的通告載於本通函第198頁至第199頁。 有意委任代理 ...