Power Generation Capacity and Operations - The company operates a total of 46 power generation enterprises with a controlling installed capacity of 59,818.62 MW, including 46,750 MW from coal-fired power, 10,603.43 MW from gas-fired power, and 2,459 MW from hydropower[5]. - The company has a significant presence in 12 provinces and cities across China, strategically located in power load centers and areas rich in coal resources[5]. - The company has a controlling interest in several key power plants, including the Zouxian Power Plant with a capacity of 2,575 MW and the Huadian Weifang Power Plant with a capacity of 2,000 MW[7]. - The total installed capacity of Hubei Company is 6,855.6 MW, with an ownership interest of 82.56%[9]. - The company has a total of 2,320 MW capacity in Wuhu Company, with a 65% ownership interest[9]. - The company operates a total of 1,320 MW in the new energy sector, with a 20.53% ownership in Xinxiang Company[9]. - The company has a 100% ownership in Qu Dong Company, which has a capacity of 660 MW[9]. - The company has a total of 920 MW capacity in Sichuan Huadian Luding Hydropower Company, with 100% ownership[12]. - The company has a 64% ownership in the Zagu Nao Hydropower Company, which has a capacity of 591 MW[12]. - The company has a total of 1,003.3 MW capacity in Jinan Zhangqiu Thermal Power Company, with a 70% ownership[9]. - The company has a 100% ownership in the Hebei Hydropower Company, which has a capacity of 65.5 MW[12]. - The company has a 51% ownership in Shantou Company, which has a capacity of 1,360 MW[9]. - The company has a 60.10% ownership in Xiangyang Company, which has a capacity of 2,570 MW[10]. Financial Performance - The company achieved a revenue of approximately RMB 112.39 billion in 2024, a decrease of about 3.42% compared to 2023[25]. - The net profit attributable to shareholders was approximately RMB 5.67 billion, with basic earnings per share of RMB 0.459[26]. - The total power generation was 222.63 million MWh, a decline of approximately 0.52% year-on-year[24]. - The company’s electricity sales revenue was approximately RMB 94.74 billion, a decrease of about 1.46% from the previous year[25]. - The group’s operating expenses in 2024 were approximately RMB 105.77 billion, a decrease of about 5.79% compared to 2023, with fuel costs down by 6.49% to RMB 70.57 billion due to lower coal prices and reduced power generation[62]. - The group’s investment income in 2024 was approximately RMB 0.244 billion, an increase of RMB 0.226 billion compared to 2023, mainly due to increased disposal income from subsidiaries[63]. - Other income for the group in 2024 was approximately RMB 1.726 billion, an increase of about 49.53% compared to 2023, primarily driven by increased carbon emission rights revenue[64]. - The group’s financial expenses in 2024 were approximately RMB 3.275 billion, a decrease of about 10.91% compared to 2023, attributed to improved capital operations and lower financing costs[66]. - The net cash inflow from operating activities in 2024 was approximately RMB 12.890 billion, an increase from RMB 9.460 billion in 2023, primarily due to improved operating performance[73]. Strategic Initiatives and Future Plans - The company plans to expand its renewable energy capacity, aligning with the global shift towards sustainable energy solutions[5]. - The company aims to leverage new technologies in power generation to improve energy efficiency and reduce costs[5]. - The company plans to achieve an electricity generation volume of approximately 210 billion kWh by 2025, with an investment of about RMB 12 billion in power projects and environmental technology upgrades[34]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational footprint[5]. - The company aims to enhance its core competitiveness and brand influence while achieving high-quality development goals for the "14th Five-Year Plan" period[21]. - The company is focusing on green and low-carbon development, actively adjusting and upgrading its coal power structure[18]. - The company will prioritize safety operations, ensuring energy supply during peak demand periods and improving coal inventory strategies[36]. - The company plans to strengthen its brand image through regular energy asset restructuring and improved communication with regulatory bodies[38]. Corporate Governance and Management - The company appointed Chen Bin as the vice chairman and made several changes in the board and management positions[57]. - The management team has over 30 years of experience in various fields including finance, energy, and corporate governance[52][56]. - The company has a diverse leadership team with expertise in energy, finance, and engineering[52][56]. - The board includes independent directors with extensive backgrounds in economics and international trade[50][56]. - The company has established a national-level experimental teaching demonstration center in energy and power engineering[50]. - The board of directors consists of 12 members, including 5 independent non-executive directors, ensuring a diverse and independent governance structure[178]. - The company has established a comprehensive corporate governance code that exceeds the requirements of the Hong Kong Listing Rules, reflecting a commitment to high governance standards[176]. - The company has implemented strict rules for securities trading by directors and employees, aligning with the standards set by the Hong Kong Listing Rules[180]. - The board emphasizes transparency, accountability, and independence as core principles of corporate governance[176]. - The company has established specialized committees, including the Audit Committee, Compensation and Assessment Committee, Nomination Committee, and Strategic Committee, to enhance governance[194]. Risks and Challenges - The company faces potential risks including electricity market risks due to the accelerated marketization process, which may lead to reduced market share for coal-fired power plants and increased pressure on pricing[39]. - Coal market risks are heightened by limited domestic coal production capacity and geopolitical uncertainties affecting import coal procurement, leading to potential supply shortages and cost control challenges[41]. - Environmental risks are increasing as national carbon quota allocations tighten, potentially raising compliance costs for coal power companies, necessitating accelerated low-carbon transformation efforts[42]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of RMB 0.15 per share for the 2023 fiscal year, totaling approximately RMB 1.53 billion[20]. - The board proposed an interim cash dividend of RMB 0.08 per share, totaling approximately RMB 818,204.89 thousand, based on a total share capital of 10,227,561,133 shares[78]. - The board recommended a final cash dividend of RMB 0.21 per share for the fiscal year ending December 31, 2024, which includes the interim dividend already distributed, with a total amount of approximately RMB 1,329,582.95 thousand[79]. - The final dividend of RMB 0.13 per share is subject to approval at the upcoming annual general meeting[79]. - The company expects to pay the cash dividend by August 30, 2025, if approved by shareholders[79]. Employee Relations and Welfare - The company emphasizes the importance of employee relations and aims to create a vibrant and comfortable working environment[94]. - The group contributed approximately RMB 412 million to the retirement plan for the fiscal year 2024, which is 16% of the total employee salaries[95]. - The company’s contributions to the corporate annuity plan are four times the employee contributions, enhancing retirement benefits[95]. - The group maintains a consistent employee medical insurance policy for fiscal year 2024, with no significant impact on business operations and financial status[96]. Transactions and Financial Agreements - The company has signed a financial services framework agreement with Huadian Financial, with a maximum daily deposit balance of RMB 9 billion[147]. - The company has established a limited partnership and signed a trust agreement as part of its REITs project, which was completed on November 15, 2024[133]. - The company has renewed the financial services framework agreement with Huadian Finance, effective from January 1, 2025, to December 31, 2027, with a maximum daily deposit balance of RMB 12 billion and an annual comprehensive credit limit of RMB 45 billion[148]. - The company signed a three-year commercial factoring service framework agreement with Huadian Commercial Factoring (Tianjin) Co., Ltd., with an annual cap of RMB 7.5 billion for the factoring business[157]. - The company has engaged auditors to report on the ongoing related transactions, receiving an unqualified opinion[159].

证券代码：600027 证券简称：华电国际 公告编号：2025-029 华电国际电力股份有限公司 2025 年第一季度发电量及上网电价公告 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。 特此公告。 华电国际电力股份有限公司 2025 年 4 月 17 日 4 | 类型 | 发电厂/公司名称 | 2025 年 | 1-3 | 月 | 2025 年 | 1-3 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 发电量 | | 上网电量 | | | | | | | （亿千瓦时） | | （亿千瓦时） | | | | 煤电 | 邹县发电厂 | | 17.03 | | 15.52 | | | | | 十里泉发电厂 | | 17.30 | | 16.08 | | | | | 莱城发电厂 | | 8.67 | | 7.92 | | | | | 奉节发电厂 | | 15.85 | | 14.96 | | | | | 华电邹县发电有限公司 | | 19.61 | | ...

华电国际（600027）公告，截至2025年3月31日，华电国际及其子公司累计完成发电量513.84亿千瓦 时，较上年同期下降约8.51%；完成上网电量480.15亿千瓦时，较上年同期下降约8.50%。2025年第一季 度，本集团的平均上网电价约为人民币505.71元/兆瓦时，较上年同期下降约0.71%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to benefit from a recovery in profitability and an increase in dividends, supported by a favorable outlook on acquisitions [1][3]. - The company has a robust financial position with a significant focus on cost control, leading to improved cash flow and a sustainable dividend policy [1][3][39]. Summary by Sections 1. Profit Recovery and Continuous Dividends - The company operates 46 power generation enterprises with a total installed capacity of 59.82 million kilowatts, primarily from coal-fired power [1][24]. - The decline in coal prices has led to improved gross margins, with 2024 quarterly gross margins exceeding those of 2023, although still below 2019/2020 levels [1][34]. - The company has initiated mid-year dividends for the first time, achieving a dividend payout ratio of 46% and a year-on-year increase in dividends per share of 40% [1][65]. 2. Coal Power Foundation and Positive Performance - The company has a coal power capacity of 37.46 million kilowatts, with an 80% equity share, and is well-distributed across 11 provinces [2][78]. - A decrease in coal prices is projected to enhance profitability, with estimates suggesting a potential increase in net profit by approximately 1.8 billion yuan if spot coal prices drop by 100 yuan per ton [2]. 3. Gas Power as a Supplement and Investment Gains - The company plans to increase its gas-fired power capacity by 6.28 million kilowatts, raising its equity share from 17% to 24% [3]. - Investment income for 2024 is projected at 3.478 billion yuan, with a significant contribution from joint ventures [3][65]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2025-2027 are 107.4 billion, 100.8 billion, and 95.0 billion yuan, respectively, with net profits expected to be 6.478 billion, 7.161 billion, and 7.761 billion yuan [3][4]. - The report suggests a long-term investment value due to the anticipated growth in earnings per share (EPS) and a favorable price-to-earnings (PE) ratio [3].

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 华电国际电力股份有限公司（以下简称"本公司"）股东山东发展投资控股集团有限公司（以下简 称"山东发展"）与山东国惠投资控股集团有限公司（以下简称"山东国惠"）于2025年4月8日签署了《山 东国惠投资控股集团有限公司与山东发展投资控股集团有限公司之吸收合并协议》（以下简称"《吸收 合并协议》"），协议约定山东国惠对山东发展进行吸收合并（以下简称"本次吸收合并"）。本次吸收 合并完成后，山东国惠更名为山东发展投资控股集团有限公司（以下简称"新山东发展"）继续存续。 山东发展与山东国惠于2025年4月8日签署了《吸收合并协议》，协议约定山东国惠对山东发展进行吸收 合并。本次吸收合并完成后，山东国惠更名为新山东发展继续存续。山东发展及山东国惠的资产、负 债、业务、人员、合同、资质及其他一切权利与义务均由新山东发展享有和承继，原山东发展予以注 销，新山东发展承继增持山东发展所持本公司全部股份。 ● 本次权益变动不触及要 ...

华电国际电力股份有限公司 简式权益变动报告书 上市公司名称:华电国际电力股份有限公司 上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：华电国际（A股）、华电国际电力股份(H股) 股票代码: 600027. SH、01071. HK 信息披露义务人:山东国惠投资控股集团有限公司 住所:山东省济南市历下区解放东路3-23号历下总部商务中心E座 通讯地址：山东省济南市历下区解放东路3-23号历下总部商务中心E座 股份变动性质:股份增持 签署日期: 2025年 4月 8 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及其他相关法律、法规及部门规章的有关规定 编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行 不违反信息披露义务人章程及内部规则中的任何条款,或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 的规定,本报告书已全面披露了信息披露义务人在华电国际电力股份 ...

信息披露义务人:山东发展投资控股集团有限公司 住所:山东省济南市高新区经十东路7000号汉峪金谷A3-5号楼39层 通讯地址:山东省济南市历下区海右路山东发展大厦20层 股份变动性质：股份减持,因公司合并重组将持有的华电国际股票划转至 新重组后的公司 签署日期:2025年 4月 8日 华电国际电力股份有限公司 简式权益变动报告书 上市公司名称:华电国际电力股份有限公司 上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：华电国际（A股）、华电国际电力股份(H股) 股票代码:600027.SH、01071.HK 1 信息披露义务人声明 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 没有通过任何其他方式增加或减少其在华电国际电力股份有限公司拥有权 益的股份。 四、本次权益变动是根据本报告所载明的资料进行的。除信息披露义 务人外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和 对本报告书做出任何解释或者说明。 3 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及其他相关法律、 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-028 华电国际电力股份有限公司 关于股东权益变动的提示性公告 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： 华电国际电力股份有限公司（以下简称"本公司"）股东山东发展投资控股集团 有限公司（以下简称"山东发展"）与山东国惠投资控股集团有限公司（以下简称"山东 国惠"）于 2025 年 4 月 8 日签署了《山东国惠投资控股集团有限公司与山东发展投资控 股集团有限公司之吸收合并协议》（以下简称"《吸收合并协议》"），协议约定山东国惠 对山东发展进行吸收合并（以下简称"本次吸收合并"）。本次吸收合并完成后，山东国 惠更名为山东发展投资控股集团有限公司（以下简称"新山东发展"）继续存续。 一、本次权益变动基本情况 （一）信息披露义务人基本情况 1 本次权益变动不触及要约收购。 本次权益变动不会导致本公司控股股东及实际控制人发生变化。 | 注册资本 | 1,000,000 万元 | | | --- | --- | --- | | 企业类型 | 有限责任 ...

Core Viewpoint - The company aims to enhance its operational quality and market competitiveness while ensuring shareholder returns through various strategic initiatives and governance improvements [1][2][5]. Group 1: Enhancing Operational Quality and Market Competitiveness - The company is committed to improving its operational quality by integrating transformation, efficiency enhancement, and compliance risk management [2]. - It plans to adapt to new electricity market requirements and optimize trading strategies across different market segments to boost overall competitiveness [2]. - The company will explore effective value management strategies to ensure its market value reflects its intrinsic value [2]. Group 2: Strengthening Corporate Governance - The company emphasizes the importance of corporate governance and is continuously improving its management practices in accordance with relevant laws and regulations [3][4]. - It has established a robust internal control system and governance structure to protect shareholder interests and ensure compliance [3]. - The company will continue to update and enhance its internal systems and governance practices to promote stable and healthy development [4]. Group 3: Increasing Shareholder Returns - The company has actively responded to national policies aimed at enhancing investor returns, achieving a dividend payout ratio of 45.72% of distributable net profit for 2024, an increase of 2.07 percentage points from 2023 [5]. - It has proposed a semi-annual dividend of RMB 0.08 per share and an annual dividend of RMB 0.21 per share for 2024, totaling approximately RMB 818.20 million and RMB 1,329.58 million respectively [5]. - The company will maintain a proactive and prudent dividend policy in 2025, considering various factors such as strategic planning and shareholder preferences [5][6].