北京市中伦律师事务所 关于中国华电集团有限公司及其一致行动人免于发 出要约事宜的法律意见书 二〇二五年五月 | 释 义 | 3 | | --- | --- | | 一、收购人及其一致行动人的主体资格 | 3 | | 二、本次收购属于《收购办法》规定的免于发出要约的情形 5 | | | 三、本次收购履行法律程序的情况 | 6 | | 四、本次收购是否存在或可能存在法律障碍 | 7 | | 五、本次收购的信息披露 7 | | | 六、收购人及其一致行动人在本次收购过程中是否存在证券违法行为 7 | | | 七、结论意见 | 8 | 法律意见书 释 义 在本法律意见中，除非文义另有所指，下列简称具有如下含义： | 简称 | | 释义 | | --- | --- | --- | | 上市公司、华电国际 | 指 | 华电国际电力股份有限公司 | | 中国华电、收购人 | 指 | 中国华电集团有限公司 | | 一致行动人、华电香港 | 指 | 中国华电香港有限公司 | | 江苏公司 | 指 | 华电江苏能源有限公司 | | 华电福瑞 | 指 | 福建华电福瑞能源发展有限公司 | | 华电北京 | 指 | 中国华电集团北京 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][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 [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

Core Viewpoint - Huadian International plans to acquire 80% equity of Jiangsu Company from China Huadian Group and various stakes in other companies through cash payments, aiming to enhance its asset scale and profitability [1][5]. Group 1: Acquisition Details - Huadian International will acquire 80% of Jiangsu Company for a total consideration of 34.28 billion yuan [2]. - The acquisition includes stakes in Shanghai Fuxin (51%), Shanghai Minhang (100%), Guangzhou University Town (55%), Fuxin Guangzhou (55%), Fuxin Jiangmen (70%), Fuxin Qingyuan (100%), and Guigang Company (100%) [1][2]. - The total cash consideration for the acquisitions amounts to 71.66 billion yuan, with 34.28 billion yuan specifically for Jiangsu Company [2]. Group 2: Financial Performance - As of 2024, Huadian International reported a revenue of 113 billion yuan, a decrease of 3.57% year-on-year, while net profit increased by 26.11% to 5.703 billion yuan [3]. - The latest quarterly revenue was 26.58 billion yuan, down 14.14% year-on-year, with a net profit of 1.93 billion yuan, up 3.66% [3]. - The company’s main business revenue is primarily from electricity and heat sales, accounting for approximately 92.97% of total revenue, with electricity sales being the largest segment at 83.84% [3]. Group 3: Industry Context - Despite the rapid development of renewable energy, coal-fired power remains a critical component of the energy mix, accounting for 43.14% of installed capacity and 67.36% of total generation in 2024 [6]. - The acquisition focuses on traditional coal-fired assets, injecting approximately 16.06 million kilowatts of coal power assets, which will increase Huadian International's total installed capacity to about 75.88 million kilowatts [5]. - The acquisition fills gaps in Huadian International's presence in key economic regions of East and South China [7]. Group 4: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has recently revised the regulations on major asset restructuring for listed companies, facilitating mergers and acquisitions [7]. - Key changes include a phased payment mechanism for share consideration, increased tolerance for financial condition changes, and simplified review procedures for certain transactions [7].

Core Viewpoint - Huadian International has received regulatory approval for its asset restructuring, marking the official start of the implementation phase of the restructuring plan [2][4]. Group 1: Restructuring Details - The restructuring plan involves Huadian International acquiring controlling stakes in eight companies, including Huadian Jiangsu Energy Co., Ltd., for a total consideration of 71.67 billion yuan, funded through share issuance and cash payments [2][5]. - The company plans to raise up to 34.28 billion yuan in supporting funds, with 14.28 billion yuan allocated for cash payments and related fees, and 20 billion yuan for the expansion of the Huadian Wangting 2×66 MW unit project [5][6]. Group 2: Financial Impact - Post-restructuring, Huadian International's installed capacity will increase to approximately 7,588 MW, representing a growth of about 26.85% compared to pre-transaction levels [2][7]. - The projected financials for 2024 indicate that Huadian International's revenue and net profit will reach 141.33 billion yuan and 6.04 billion yuan, respectively, reflecting increases of 25.07% and 5.93% compared to pre-restructuring figures [3][9]. Group 3: Market Context - The restructuring is taking place against a backdrop of recovering profitability in the thermal power sector, with significant improvements in coal and natural gas production and a decrease in prices [7][8]. - In 2024, thermal power generation is expected to account for 67.36% of the total national power generation, indicating a stable demand for thermal energy [7].

Group 1 - The core viewpoint of the news is the performance and structure of the fund "交银国企改革灵活配置混合A," which has experienced a decline in recent trading days and has a significant portion of its holdings in institutional and individual investors [1][2][3] - As of May 19, the fund's latest net value is 1.76 yuan, with a cumulative decline of 1.08% over the last five trading days [1] - The fund was established in June 2015, with a total size of 1.802 billion yuan and a cumulative return of 104.86% since inception [1] Group 2 - By March 31, 2025, the top ten holdings of the fund accounted for a total of 50.78%, with significant positions in companies such as 顺丰控股 (9.90%), 中国化学 (6.04%), and 首旅酒店 (5.44%) [2] - The current fund manager, 沈楠, has a background in finance and has been managing the fund since June 2015, bringing extensive experience from previous roles in analysis and fund management [1]

Capital Operations - Multiple central enterprises have outlined merger and restructuring plans focusing on strategic emerging industries and future industries, particularly in pharmaceuticals and new materials[7] - The China Securities Regulatory Commission has relaxed policies on major asset restructuring, encouraging quality enterprises to grow through mergers and acquisitions[7] - Central enterprises are accelerating the integration of group resources and divesting inefficient assets to enhance the industrial chain[7] Dividend Performance - The overall dividend payout ratio for central enterprises reached 50.7% in 2024, an increase of 2.9 percentage points year-on-year, driven significantly by the telecommunications and transportation sectors[9] - China Mobile's dividend amount for 2024 was 100.8 billion yuan, leading the A-share central enterprises in dividends, with a commitment to gradually increase its payout ratio to 75% starting in 2024[9] - In the transportation sector, China COSCO Shipping's dividend reached 25.1 billion yuan, with its payout ratio rising from 15.6% in 2021 to 50.0% in 2022, maintaining a high level thereafter[9] Industry Insights - Traditional sectors like oil, petrochemicals, and steel have seen a decline in overall dividend amounts due to industry cycle fluctuations, yet the median dividend payout ratio for listed central enterprises continues to rise[10] - Over 40% of listed central enterprises in agriculture, forestry, animal husbandry, and basic chemicals have not implemented dividends, indicating room for improvement in dividend policies[10]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

证券代码：600027 证券简称：华电国际 公告编号：2025-045 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易事项获得中国证券监督管理 委员会同意注册批复的公告 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。 华电国际电力股份有限公司（以下简称"本公司"）拟通过发行普通股（A 股）及 支付现金的方式购买中国华电集团有限公司持有的华电江苏能源有限公司 80%股权，福 建华电福瑞能源发展有限公司持有的上海华电福新能源有限公司 51%股权、上海华电闵 行能源有限公司 100%股权、广州大学城华电新能源有限公司 55.0007%股权、华电福新 广州能源有限公司 55%股权、华电福新江门能源有限公司 70%股权、华电福新清远能源 有限公司 100%股权，以及中国华电集团北京能源有限公司持有的中国华电集团贵港发 电有限公司 100%股权等，并募集配套资金（以下简称"本次交易"）。 七、你公司在实施过程中，如发生法律、法规要求披露的重大事项或遇重大问题， 应当及时报告上海证券交易所并按有关规定处理 ...

Meeting Information - The annual general meeting of Huadian International Power Co., Ltd. is scheduled for June 17, 2025, at 14:00 [1] - The meeting will be held at Huabin International Hotel, No. 4, Xuanwumen Inner Street, Xicheng District, Beijing [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Details - The online voting period is from June 17, 2025, during trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [1] - Shareholders can vote via the trading system or the internet voting platform [1] - There are no related shareholders that need to abstain from voting [1] Agenda Items - The meeting will discuss several non-cumulative voting proposals, including: - General authorization for the board to issue and manage additional shares [1] - Adoption of Chinese Accounting Standards for financial reporting and termination of the overseas auditor [1] - Appointment of auditors for the 2025 financial report and internal control [1] - Provision of entrusted loans to China Nuclear Huadian Hebei Nuclear Power Co., Ltd. [1] Attendance Requirements - Shareholders must register with their shareholder account card and ID, while proxies need to present a power of attorney [5] - Registration will take place on June 17, 2025, from 9:00 to 13:00 [5] - The company will cover no expenses for accommodation and transportation for attendees [5]

中国银河证券股份有限公司 关于 华电国际电力股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年五月 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问报告所依据的文件和材料由相关各方提供，相关各方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任； （二）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行本次 交易相关协议和声明或承诺的基础上出具；若上述假设不成立，本独立财务顾问不承 担由此引起的任何风险责任； （三）对于对本独立财务顾问报告至关重要而又无法得到独立证据支持或需要法 律、审计、评估等专业知识来识别的事实，本独立财务顾问主要依据有关政府部门、 律师事务所、会计师事务所、资产评估机构及其他有关单位出具的意见、说明及其他 文件做出判断； （四）如本独立财务顾问报告中结论性意见利用其他证券服务机构专业意见的， 独立财务顾问已进行了必要的审慎核查。除上述核查责任之外，独立财务顾问并不对 其他中介机构的工作过程与工作结果 ...