Financial Performance - Operating revenue for Q1 2025 was CNY 26,576,657, a decrease of 14.14% compared to CNY 30,951,954 in the same period last year[2] - Net profit attributable to shareholders was CNY 1,930,451, representing a 3.66% increase from CNY 1,862,213 year-on-year[2] - Operating profit for Q1 2025 was CNY 2,738,638, slightly down from CNY 2,750,504 in Q1 2024[15] - Net profit for Q1 2025 was CNY 2,265,352, a marginal increase from CNY 2,262,328 in Q1 2024[15] - The basic earnings per share increased to CNY 0.17, up 6.25% from CNY 0.16 in the previous year[2] - The company reported a basic earnings per share of CNY 0.17 for Q1 2025, compared to CNY 0.16 in Q1 2024[17] - Net profit for Q1 2025 reached CNY 1,098,550, representing an increase of 19.7% from CNY 917,916 in Q1 2024[23] Cash Flow - Net cash flow from operating activities surged by 107.47% to CNY 9,065,188, primarily due to reduced fuel costs[5] - Cash flow from operating activities for Q1 2025 was CNY 9,065,188, significantly higher than CNY 4,369,448 in Q1 2024[18] - Cash flow from operating activities in Q1 2025 was CNY 439,547, down from CNY 485,251 in Q1 2024[24] - Cash flow from investing activities generated CNY 2,150,142 in Q1 2025, compared to CNY 1,826,459 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 219,951,758, a decrease of 1.75% from CNY 223,875,372 at the end of the previous year[2] - Total assets as of March 31, 2025, were CNY 219,951,758, down from CNY 223,875,372 at the end of 2024[13] - Total liabilities decreased to CNY 132,746,853 as of March 31, 2025, compared to CNY 137,797,060 at the end of 2024[13] - Total liabilities as of March 31, 2025, were CNY 58,884,877, slightly up from CNY 58,738,529 as of December 31, 2024[21] - Current liabilities increased to CNY 26,871,858 as of March 31, 2025, from CNY 21,750,349 as of December 31, 2024[21] - Long-term borrowings decreased to CNY 13,951,151 as of March 31, 2025, from CNY 18,929,639 as of December 31, 2024[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 133,364[7] - The largest shareholder, China Huadian Corporation, holds 45.17% of the shares, totaling 4,620,061,224 shares[7] Non-recurring Items - Non-recurring gains and losses totaled CNY 34,100, with significant contributions from asset disposal and government subsidies[3] Investment and Equity - The company had a weighted average return on equity of 4.06%, slightly up from 4.03% in the previous year[2] - The company’s long-term investments increased to CNY 48,108,712 as of March 31, 2025, from CNY 46,932,980 at the end of 2024[13] - Cash and cash equivalents at the end of Q1 2025 were CNY 7,210,347, up from CNY 4,710,280 at the end of Q1 2024[19] - Cash and cash equivalents at the end of Q1 2025 were CNY 429,683, down from CNY 493,219 at the end of Q1 2024[25] - The company reported a significant increase in investment income to CNY 1,221,804 in Q1 2025, compared to CNY 1,089,598 in Q1 2024[23]

证券代码：600027 证券简称：华电国际 公告编号：2025-040 华电国际电力股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 5 月 14 日（星期三）起至 2025 年 5 月 20 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 本 公 司 邮 箱 hdpi_ir@126.com 进行提问，本公司将在说明会上对投资者普遍关注的问题进行回答。 华电国际电力股份有限公司（"本公司"）将于 2025 年 4 月 29 日发布本公司 2025 年第一季度报告，为便于广大投资者更全面深入地了解本公司 2025 年第一季度经营成 果及财务状况，本公司计划于 2025 年 5 月 21 日（星期三）上午 9:00-10:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以视频直播结合网络互动 ...

Financial Performance - Operating revenue for Q1 2025 was RMB 26,576,657, a decrease of 14.14% compared to RMB 30,951,954 in the same period last year[5] - Net profit attributable to shareholders was RMB 1,930,451, representing a year-on-year increase of 3.66% from RMB 1,862,213[5] - Net cash flow from operating activities increased by 107.47%, reaching RMB 9,065,188, primarily due to reduced fuel costs[5][6] - The basic earnings per share rose to RMB 0.17, up 6.25% from RMB 0.16 in the previous year[5] - The company reported a significant increase in net profit from recurring operations, which rose by 17.01% to RMB 1,896,351 compared to RMB 1,620,710 in the previous year[5] Assets and Shareholder Information - Total assets at the end of the reporting period were RMB 219,951,758, a decrease of 1.75% from RMB 223,875,372 at the end of the previous year[5] - The number of ordinary shareholders at the end of the reporting period was 133,364[9] - The largest shareholder, China Huadian Group Co., Ltd., holds 4,620,061,224 shares, representing 45.17% of total shares[9] Governance and Reporting - The weighted average return on equity increased to 4.06%, up 0.03 percentage points from 4.03%[5] - Non-recurring gains and losses totaled RMB 34,100, after accounting for tax effects and minority interests[7] - The company has not provided any significant updates regarding its operational performance for the reporting period[13] - The unaudited consolidated balance sheet and profit and loss statement as of March 31, 2025, are available on the Shanghai Stock Exchange website[13] - The board of directors consists of various members, including both executive and non-executive directors, ensuring diverse governance[14]

Group 1 - The core point of the article is that Huadian International (600027.SH) reported a decline in operating revenue for the first quarter of 2025, while net profit showed a slight increase [1] Group 2 - The operating revenue for the first quarter was 26.577 billion yuan, representing a year-on-year decrease of 14.14% [1] - The net profit attributable to shareholders of the listed company was 1.93 billion yuan, reflecting a year-on-year increase of 3.66% [1]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Core Viewpoint - The company reported a decline in revenue for 2024, but managed to increase net profit due to reduced fuel costs and improved profitability in the coal power segment [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1129.94 billion RMB, a year-on-year decrease of 3.57% [1] - Operating costs were 1030.71 billion RMB, down 6.00% year-on-year [1] - Net profit attributable to shareholders was 57.03 billion RMB, an increase of 26.11% year-on-year [1] - Basic earnings per share rose to 0.46 RMB, up 0.11 RMB from the previous year [1] Power Generation and Utilization - The total power generation for 2024 was 2226.26 billion kWh, a decrease of approximately 0.52% year-on-year [1] - Coal power generation was 1934.7 billion kWh (down 1.07% year-on-year), gas power generation was 208.78 billion kWh (up 10.53% year-on-year), and hydro power generation was 82.7 billion kWh (down 11.37% year-on-year) [1] - Utilization hours for coal, gas, and hydro power were 4084, 2052, and 3363 hours respectively, with declines of 215, 35, and 431 hours year-on-year [1] Fuel Costs and Profitability - The average on-grid electricity price for 2024 was 511.74 RMB/MWh, a decrease of 5.24 RMB/MWh year-on-year [2] - The coal price for 2024 was 965.16 RMB/ton, down 73.4 RMB/ton (7.07% decrease) compared to 2023 [2] - Fuel costs were approximately 705.67 billion RMB, a reduction of 6.49% year-on-year [2] - The coal power segment's profit reached 47.36 billion RMB, an increase of 26.49 billion RMB compared to 2023 [2] Expansion Plans - As of the end of the reporting period, the company had a total installed capacity of 5981.86 million kW, with coal, gas, and hydro power capacities of 4675 million kW, 1060.34 million kW, and 245.9 million kW respectively [3] - The company has a total of 932 million kW under construction and approval, including 266 million kW of coal and 216 million kW of gas [3] - A significant asset restructuring plan was announced, which aims to inject approximately 1584 million kW of installed capacity, accounting for 26.49% of the total installed capacity by the end of 2024 [3] Investment Outlook - The company is expected to benefit from declining coal prices in 2025, with projected revenues of 1083.29 billion RMB, 1139.46 billion RMB, and 1140.07 billion RMB for 2025 to 2027 [3] - Projected net profits for the same period are 6.54 billion RMB, 8.73 billion RMB, and 8.37 billion RMB, with corresponding EPS of 0.64, 0.85, and 0.82 RMB/share [3]

华电国际电力股份有限公司 关于与关联方设立合资公司暨关联交易的 进展公告 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"）日期为 2025 年 3 月 27 日的关 联交易公告，内容有关本公司与关联方设立合资公司，即与山东鲁中控股集团有限公司 （以下简称"鲁中控股"）、中国华电香港有限公司（以下简称"华电香港"）共同出资 设立华电（沂源）抽水蓄能有限公司（公司名称以登记机关核准的为准）。 2025 年 4 月 28 日，本公司与鲁中控股、华电香港正式签署了《华电国际电力股份 有限公司、山东鲁中控股集团有限公司、中国华电香港有限公司投资框架协议书》。该 项关联交易已经本公司第十届董事会第十九次会议审议通过。本公司独立董事专门会议 对该关联交易事项进行审议，并发表了同意的意见。 证券代码：600027 证券简称：华电国际 公告编号：2025-039 有关该项关联交易的具体情况详见本公司于上海证券交易所网站（www.sse.com.cn） 披露的，日期为 2025 年 3 月 27 日的 ...

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]

Investment Rating - The investment rating for the utility sector is "Positive" and is maintained [12] Core Insights - The heavy stockholding ratio of public funds in the utility sector decreased to 0.96% in Q1 2025, down 0.37 percentage points from the previous quarter, indicating a continued decline in allocation [2][6] - Despite the overall decline in holdings, certain companies, particularly in the thermal power sector, have seen an increase in investment due to favorable pricing in their operational regions [2][7] - The report emphasizes a shift towards alpha-focused investments over beta, highlighting the importance of risk-reward ratios in the green energy sector [2][9] Summary by Sections Fund Holdings Overview - In Q1 2025, the public fund's heavy stockholding ratio in the utility sector was 0.96%, with a historical percentile of 37.7% and an underweight ratio of -2.03% [19][20] - The electricity sector's holding ratio was 0.94%, with thermal power, hydropower, nuclear power, and renewable energy holding ratios at 40.83%, 47.12%, 3.27%, and 8.71% respectively [20] Thermal Power - The thermal power sector saw a decline in overall holdings, with major companies like China Huadian International becoming a consensus target for investment due to favorable supply-demand dynamics and better pricing [7][26] - The decline in holdings is attributed to adjustments in long-term contract prices and a shift in market style favoring more aggressive assets [26][27] Hydropower - Hydropower holdings continued to decrease, but core assets like Yangtze Power maintained high valuations, with attractive dividend yields compared to government bonds [8][35] - The sector's valuation has become appealing after adjustments since Q3 2024, with significant dividend value highlighted [35] Renewable Energy - The renewable energy sector's holdings decreased, but leading companies like Longyuan Power and Zhongmin Energy saw increased investments, reflecting a focus on high-reward opportunities [9][43] - The report suggests that the sector is poised for a rebound as supportive policies for green energy consumption become clearer [43] Nuclear Power - The nuclear power sector's holdings dropped significantly due to concerns over profit expectations linked to falling electricity prices, but the long-term value remains intact as new production cycles begin [10][27]