Core Viewpoint - China Huadian International Power Co., Ltd. reported a year-on-year increase in electricity generation and on-grid electricity volume for 2025, despite a decline when adjusted for previous year data, primarily due to the rise in renewable energy capacity and reduced utilization of coal-fired units [1] Group 1: Financial Performance - The total electricity generation for 2025 is projected to be 262.27 billion kWh, an increase of 17.81% compared to the previous year's announced data, but a decrease of approximately 6.99% when adjusted for previous year data [1] - The on-grid electricity volume is expected to reach 246.44 billion kWh, reflecting an 18.22% increase from the previous year's announced data, while showing a decline of about 7.09% when adjusted for previous year data [1] - The average on-grid electricity price for 2025 is estimated to be RMB 513.29 per MWh, which is a 0.27% increase from the previous year's announced data, but a decrease of approximately 2.34% when adjusted for previous year data [1] Group 2: Operational Developments - A subsidiary of Huadian Jiangsu Energy Co., Ltd., in which the company holds an 80% stake, has recently commenced commercial operations of a 494.6 MW gas-fired power generation unit [1]

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。 華電國際電力股份有限公司 海外監管公告 二零二五年發電量、上網電價及機組投產公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 截至二零二五年十二月三十一日，華電國際電力股份有限公司（以下簡稱「本公司」）及其附属公 司（以下簡稱「本集團」）按照中國會計準則財務報告合併口徑計算的二零二五年全年累計完成發 電量 262.27 百萬兆瓦時，較上年同期公告數據上漲 17.81%，較追溯調整後的上年同期數據下降約 6.99%；完成上網電量 246.44 百萬兆瓦時，較上年同期公告數據上漲 18.22%，較追溯调整后的上 年同期数据下降约 7.09%。二零二五年全年發電量及上網電量追溯調整後下降的主要原因是新能源 裝機容量持續增加，煤電機組利用小時數下降。經初步核算，二零二五年全年，本集團的平均上網 電價約為人民幣 513.29 元/兆瓦時，較上年同期公告數據上漲 0.27%，較追 ...

证券代码：600027 证券简称：华电国际 公告编号：2026-001 华电国际电力股份有限公司 2025 年发电量、上网电价及机组投产公告 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。 截至 2025 年 12 月 31 日，华电国际电力股份有限公司（以下简称"本公司"）及 其子公司（以下简称"本集团"）按照中国会计准则财务报告合并口径计算的 2025 年 全年累计完成发电量 2,622.70 亿千瓦时，较上年同期公告数据上涨 17.81%，较追溯调 整后的上年同期数据下降约 6.99%；完成上网电量 2,464.43 亿千瓦时，较上年同期公告 数据上涨 18.22%，较追溯调整后的上年同期数据下降约 7.09%。2025 年全年发电量及 上网电量追溯调整后下降的主要原因是新能源装机容量持续增加，煤电机组利用小时数 下降。经初步核算，2025 年全年，本集团的平均上网电价约为人民币 513.29 元/兆瓦时， 较上年同期公告数据上涨 0.27%，较追溯调整后的上年同期数据下降约 2.34%。 | | | 2025 年 月 ...

Core Insights - The six major power generation groups in China have reported significant achievements in profitability, supply security, green transformation, and technological innovation during their 2026 annual work meetings, aligning with the national energy strategy and the "14th Five-Year Plan" development priorities [1] Group Performance and Financial Metrics - China Huaneng achieved a significant profit increase, with a debt-to-asset ratio at its lowest in nearly 20 years, consistently receiving top performance ratings from the State-owned Assets Supervision and Administration Commission [2] - China Huadian's total assets are projected to exceed 1.3 trillion yuan by 2025, with a 1.8-fold increase in power and renewable energy project capacity [3] - China Datang reported a profit increase of 16.94% and a net profit growth of 11.6% for 2025, indicating a strong correlation between profit scale and quality [3] - State Power Investment Corporation (SPIC) reduced electricity costs by 15.93 yuan per megawatt-hour, showcasing strong cost control capabilities [3] - Three Gorges Group's asset scale grew by 55% during the "14th Five-Year Plan," reaching 1.52 trillion yuan by 2025 [4] Energy Supply and Capacity Enhancement - The six groups have significantly increased their production capacity and installed power generation capacity, with SPIC's total installed capacity exceeding 396 million kilowatts, a 52.5% increase since the "14th Five-Year Plan" began [7] - China Huaneng's installed capacity surpassed 300 million kilowatts, with a 53.4% increase since the end of the "13th Five-Year Plan" [7] - China Huadian's installed capacity reached 281 million kilowatts, enhancing its supply capabilities [7] - China Datang's installed capacity rose to 220 million kilowatts, contributing to approximately 7% of national electricity supply [8] Green Energy Transition - The six groups are accelerating their green energy initiatives, with significant increases in non-fossil energy installations and contributions to carbon neutrality goals [9] - Three Gorges Group's clean energy generation exceeded 100 billion kilowatt-hours for the first time, with offshore wind power capacity surpassing 8.9 million kilowatts [11] - SPIC's clean energy capacity reached over 200 million kilowatts, with a 74.15% share of total installed capacity [11] - China Huadian's renewable energy capacity increased by 133.4% since 2020, with a clean energy share of 51.21% [12] Technological Innovation and Development - The six groups are focusing on technological self-reliance and innovation, addressing key challenges in the energy sector [13] - China Huaneng has made significant advancements in critical technologies, including the world's largest coal-fired carbon capture demonstration project [13] - China Huadian has developed a comprehensive innovation system, achieving breakthroughs in core technologies [14] - State Power Investment Corporation has enhanced its nuclear power capabilities, achieving 100% localization of key components [15] Strategic Development Goals - The six major groups have outlined clear strategic goals for the "15th Five-Year Plan," focusing on supply security, green transformation, technological innovation, and reform [16] - China Huaneng aims to enhance its competitive edge through innovation and sustainable practices, positioning itself among the world's leading energy companies [16] - SPIC is committed to becoming a world-class clean energy enterprise by 2030, with a focus on balanced growth and technological leadership [17] - Three Gorges Group aims to support national water security and ecological governance while transitioning to a technology-driven operational model [17]

Core Insights - In 2024, the chairpersons of China Huadian Corporation and China Huaneng Group lead the salary rankings among state-owned power enterprises [1][3] - The State-owned Assets Supervision and Administration Commission (SASAC) recently released the salary information for central enterprise leaders, including 14 power companies [1][2] Salary Overview - The salary structure for central enterprise leaders consists of three components: base salary, employer contributions to social insurance, enterprise annuities, supplementary medical insurance, and housing provident fund, along with other monetary income [1] - The chairperson of China Huaneng Group, Weng Shugang, has the highest payable annual salary at 961,700 yuan, followed closely by Jiang Yi of China Huadian Corporation at 961,100 yuan, and Meng Zhenping of China Southern Power Grid at 958,300 yuan [2][3] Salary Trends - Nearly half of the chairpersons or general managers in the 14 power central enterprises took office mid-year in 2024, with their payable annual salaries not exceeding 900,000 yuan [2] - The total annual salaries for the chairpersons of these enterprises generally range from 790,000 yuan to 970,000 yuan [2] Year-on-Year Salary Changes - The total annual salaries for most power enterprise leaders have increased compared to 2023, with year-on-year growth rates ranging from 0.5% to 5% [4] - The chairpersons of China Datang Group, China Huadian Group, and China Huaneng Group saw the highest salary increases, with respective growth rates of 4.60%, 4.01%, and 3.28% [6] Performance Impact - The increase in salaries is attributed to the decline in coal prices, which has significantly reduced fuel costs for thermal power companies, enhancing profitability [5] - China Huadian Group and China Huaneng Group reported record performances in 2024, with net profit growth exceeding 20% for their core listed companies [7]

Core Viewpoint - China Huadian Group has announced a procurement tender for lithium iron phosphate electrochemical energy storage systems with an estimated total capacity of 12GWh for 2026, marking a significant move in the energy storage market [2]. Group 1: Procurement Details - The procurement will cover energy storage needs for Huadian Group's 2026 renewable energy projects, including systems with discharge rates of 0.5C and 0.25C [2]. - The tender specifies that the battery cell capacity must be ≥314Ah, with a warranty period of 5 years [5]. - A price linkage mechanism will be implemented to adjust the battery prefabricated cabin prices based on fluctuations in lithium carbonate prices from SMM Shanghai Nonferrous Metals Network [6]. Group 2: Supplier Requirements - The tender has tightened its entry requirements, stating that only bidders with independent R&D and production capabilities for at least one of the battery cells, PCS (Power Conversion System), or EMS (Energy Management System) will be accepted [7]. - Bidders must demonstrate delivery capabilities with at least one project of ≥200MWh or a cumulative contract performance of no less than 2000MWh since 2024 [8]. - The selection process is shifting from a focus on price to a deeper assessment of large-scale delivery capabilities and practical experience, favoring leading integrators [2]. Group 3: Tender Process - The tender documents can be obtained from January 21 to January 28, 2026, through the China Huadian Group e-commerce platform [11]. - The deadline for submitting bids is February 11, 2026, at 09:00, and the opening will also occur on the same day via electronic means [13][14].

Core Viewpoint - China Huadian Group Co., Ltd. has announced a framework procurement tender for lithium iron phosphate electrochemical energy storage systems, with an estimated capacity of approximately 12 GWh [1]. Group 1: Tender Details - The tender includes the supply and installation guidance for lithium iron phosphate electrochemical energy storage systems with battery single capacity of ≥314Ah and a warranty period of 5 years [1]. - The actual procurement capacity may vary, with a maximum deviation of 20% from the estimated capacity [1]. - Bidders must have at least one project with a capacity of ≥200 MWh or a cumulative contract performance of no less than 2000 MWh for projects with a capacity of ≥10 MWh from January 1, 2024, to the bid deadline [1][5]. Group 2: Bidder Qualifications - Bidders must be legally registered independent entities in China, capable of bearing civil responsibilities and entering contracts [5]. - Bidders must not be in a state of production suspension, bankruptcy, or have their business licenses revoked [5]. - Bidders must not be listed as serious violators of trust by market supervision authorities or on the "Credit China" website during the evaluation period [5][6]. Group 3: Submission and Opening of Bids - The deadline for bid submission is February 11, 2026, at 09:00, and bids must be submitted electronically through the designated platform [11]. - The opening of bids will also occur electronically on February 11, 2026, at 09:00, with the process recorded for archival purposes [12].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].