华电能源股份有限公司 董事会薪酬与考核委员会议事规则 第一章 总 则 第一条 为进一步建立健全华电能源股份有限公司（以下简 称"公司"）董事、经理及其他高级管理人员的薪酬和考核管理 制度，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》《华电能源股份有限公司章程》（以下简称"公 司章程"）及其他有关规定，公司董事会设立薪酬与考核委员会， 并制定本议事规则。 第二条 薪酬与考核委员会是董事会按照股东会决议设立 的专门工作机构，主要负责对公司董事会、经理及其他高级管理 人员的薪酬计划与方案，对董事会负责。 第二章 人员组成 第三条 薪酬与考核委员会由三名董事组成，其中独立董事 占多数，为两名。 第四条 薪酬与考核委员会由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第五条 薪酬与考核委员会设主任委员（召集人）一名，由 独立董事委员担任，负责主持委员会工作；主任委员在委员内选 举，并报请董事会批准产生。 — 1 — 第六条 薪酬与考核委员会的任期与董事任期一致，委员任 期届满，连选可以连任。期间如有委员不再担任公司董事职务， 自动失去委员资格，并由董事会根据上述 ...

第二章 人员组成 第三条 审计委员会由三名董事组成，为不在公司担任高级管 理人员的董事，其中独立董事两名，由独立董事中会计专业人士担 任召集人。董事会成员中的职工代表可以成为审计委员会成员。 审计委员会成员应当具备胜任工作职责的专业知识、工作经验 和良好的职业操守，保证足够的时间和精力履行审计委员会的工作 华电能源股份有限公司 董事会审计委员会议事规则 第一章 总 则 — 1 — 第一条 为强化华电能源股份有限公司（以下简称"公司"） 董事会决策功能，做到事前审计、专业审计，确保董事会对经理层 的有效监督，完善公司治理结构，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司治理准则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所 股票上市规则》《上市公司审计委员会工作指引》《华电能源股份 有限公司公司章程》（以下简称《公司章程》）及其他有关规定， 公司董事会设立审计委员会，并制定本议事规则。 职责，勤勉尽责，切实有效地监督、评估公司内外部审计工作，促 进公司建立有效的内部控制并提供真实、准确、完整的财务报告。 第二条 审计委员会是董事会设立的专门委员会，对董事会负 ...

华电能源股份有限公司 董事会战略委员会议事规则 第一章 总 则 第一条 为适应华电能源股份有限公司（以下简称"公司"） 战略发展需要，增强公司核心竞争力，确定公司发展规划，健全 投资决策程序，加强决策科学性，提高重大投资决策的效益和质 量，完善公司治理结构，根据《中华人民共和国公司法》《上市 公司治理准则》《华电能源股份有限公司章程》（以下简称"公司 章程"）及其他有关规定，公司董事会设立战略委员会，并制定 本议事规则。 第二条 公司董事会战略委员会是董事会按照股东会决议 设立的专门工作机构，主要负责对本公司中长期发展战略和重大 投资决策进行研究并提出建议，对董事会负责。 第二章 人员组成 第三条 战略委员会由五名董事组成。 第四条 战略委员会由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员一名，由本公司董事长担任。 第六条 战略委员会的任期与董事任期一致，委员任期届满， 连选可以连任。期间如有委员不再担任本公司董事职务，自动失 — 1 — 去委员资格，并由董事会根据上述第三至第五条规定补足委员人 数。 第七条 公司证券法务部（董事会办公室）为战略 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 3,490,288,067.47, a decrease of 12.16% compared to the same period last year[5]. - The total profit for the quarter was CNY 12,264,456.63, reflecting a significant decline of 94.91% year-on-year[5]. - The net profit attributable to shareholders was a loss of CNY 190,924,336.02, with a year-to-date decrease of 40.99%[5]. - Total operating revenue for the first three quarters of 2025 was CNY 11,774,777,940.82, a decrease of 11.2% compared to CNY 13,267,662,201.84 in the same period of 2024[22]. - Net profit for the first three quarters of 2025 was CNY 706,608,959.29, a decline of 44.5% from CNY 1,278,152,766.41 in the previous year[23]. - The company reported a total comprehensive income of CNY 724,766,191.09 for the first three quarters of 2025, compared to CNY 1,331,538,977.83 in 2024, a decline of 45.5%[24]. - Basic earnings per share for the first three quarters of 2025 were CNY 0.03, down from CNY 0.06 in the same period of 2024[24]. - Net profit for the first three quarters of 2025 was CNY 893,393,865.58, down from CNY 936,909,622.03 in the previous year, reflecting a decline of 4.6%[34]. Cash Flow and Assets - The net cash flow from operating activities decreased by 64.58% year-to-date, amounting to CNY 925,578,139.48[5]. - Cash inflow from operating activities for the first three quarters of 2025 was CNY 13,115,762,207.04, compared to CNY 15,575,679,376.51 in the same period of 2024, reflecting a decrease of approximately 15.8%[27]. - Net cash flow from operating activities for the first three quarters of 2025 was CNY 925,578,139.48, significantly lower than CNY 2,612,851,844.99 in 2024, indicating a decline of about 64.6%[27]. - The company's total current assets amounted to approximately RMB 7.08 billion, an increase from RMB 6.11 billion at the end of 2024, reflecting a growth of about 15.8%[17]. - The company's cash and cash equivalents reached RMB 4.06 billion, up from RMB 3.34 billion, indicating a growth of approximately 21.7%[17]. - The total assets at the end of the reporting period were CNY 31,113,871,322.87, representing a 3.71% increase from the end of the previous year[6]. - The total assets as of September 30, 2025, amounted to CNY 20,478,042,367.48, slightly down from CNY 20,532,969,017.91 at the end of 2024[30]. - Current assets totaled CNY 3,062,885,992.59 as of September 30, 2025, compared to CNY 2,849,062,757.44 at the end of 2024, marking an increase of approximately 7.5%[30]. - The company's cash and cash equivalents at the end of September 2025 were CNY 3,496,181,936.45, up from CNY 2,393,553,624.82 at the end of 2024[28]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 139,818[11]. - The largest shareholder, Huadian Coal Industry Group Co., Ltd., holds 59.79% of the shares, totaling 4,727,991,374 shares[11]. - The total number of ordinary shareholders as of the reporting period was 139,818, with 91,609 A-share holders and 48,209 B-share holders[12]. Liabilities and Equity - Total liabilities rose to CNY 25,250,366,094.17 in 2025, compared to CNY 23,967,767,150.71 in 2024, indicating an increase of 5.3%[20]. - The company's equity attributable to shareholders increased to CNY 4,112,476,070.39 in 2025 from CNY 3,716,291,825.68 in 2024, marking an increase of 10.7%[20]. - The total liabilities of the company as of the end of the reporting period were CNY 13,493,167,953.74, compared to CNY 14,482,963,736.62 at the end of the previous year[31]. - The total equity of the company increased to CNY 6,984,874,413.74 from CNY 6,050,005,281.29 year-over-year[31]. Investment and Financing Activities - The company plans to issue up to RMB 12 billion in short-term financing bonds and RMB 8 billion in medium-term notes, totaling a maximum of RMB 20 billion to optimize its debt structure[15]. - The company has signed a financial services agreement with China Huadian Group Financial Co., with a maximum daily deposit balance of RMB 9 billion and an annual credit limit of RMB 9 billion[14]. - The company incurred financial expenses of CNY 275,524,469.05 in the first three quarters of 2025, a decrease from CNY 340,269,217.03 in the same period of 2024[33]. - The company reported an investment income of CNY 1,151,025,093.63 for the first three quarters of 2025, down from CNY 1,361,928,788.84 in the same period of 2024[33]. Changes in Management and Governance - The company has approved the replacement of a board member, with the nomination of Mr. Zheng Gang as a new director[16]. - The company has revised its articles of association, eliminating the supervisory board, with its functions transferred to the audit committee of the board[14].

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-032 特此公告。 华电能源股份有限公司董事会 华电能源股份有限公司 关于修订、制定公司治理相关制度的公告 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。 2025 年 10 月 30 日 华电能源股份有限公司(以下简称"公司")于 2025 年 10 月 29 日召开十一届十 九次董事会，审议通过了《关于修订、制定公司治理相关制度的议案》，具体情况 如下:一、修订、制定原因 为进一步提高规范运作水平，完善公司治理结构，保护公司和股东的合法权益, 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票 上市规则》《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律法规和规范性文件及《华电能源股份有限公司章程》的要求， 并结合公司实际情况，对公司治理相关的 17 项制度进行了梳理修订，并新制定 2 项 制度。 序号 制度名称 变动情况 是否提交股东会审议 1 董事会办公室工作管理办法 ...

证券代码：600726 900937 证券简称：华电能源 华电B 股 公告编号：2025-033 华电能源股份有限公司 关于全资子公司办理融资租赁业务的公告 重要内容提示： 交易内容：根据华电能源股份有限公司（以下简称"公司"）年度投资计划和实 际经营需要，为了拓宽融资渠道，优化融资结构，公司拟以全资子公司华电（北安） 新能源有限公司（以下简称"北安新能源公司"）部分新购设备资产与融资租赁公司开 展直接融资租赁或直租融资租赁保理等业务，租赁期限不超过15 年，金额不超过3.06 亿元，最终均以实际投放金额为准。 本次办理融资租赁业务不涉及关联交易。 本次交易已经公司十一届十九次董事会审议通过。 一、交易概述 根据公司年度投资计划和实际经营需要，公司拟向全资子公司北安新能源公司投 资建设风电项目。为拓宽融资渠道，优化融资结构，以北安新能源公司部分新购设备 资产开展直接融资租赁或直租融资租赁保理等融资租赁业务，租赁期限不超过 15 年， 金额不超过3.06 亿元。 本次融资租赁事项相关合同尚未签署，合同相关额度、租赁利率、租金及支付方 式等具体内容最终以实际签署的合同为准。提请董事会授权公司管理层组织实施并签 署 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-034 华电能源股份有限公司 关于控股子公司购买产能置换指标的进展公告 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。 一、本次购买产能置换指标的基本情况 华电能源股份有限公司（以下简称"公司"）分别于 2023 年 12 月 28 日、 2024 年 1 月 30 日召开十一届六次董事会和 2024 年第一次临时股东大会，审议 通过了《关于山西锦兴能源有限公司购买产能置换指标的议案》，会议同意公司 控股子公司山西锦兴能源有限公司（以下简称"锦兴公司"）通过产权交易中心 购置产能置换指标事项，具体内容详见公司于 2023 年 12 月 29 日在上海证券交 易所网站（www.sse.com.cn）披露的《关于控股子公司购买产能置换指标的公告》。 锦兴公司于近日收到吕梁市发展和改革委员会、吕梁市能源局下发的《关于转发 省发展改革委、省能源局《关于转发<国家能源局综合司关于山西离柳矿区肖家 洼煤矿项目调整建设规模产能置换方案的复函>的函》的 ...

Core Points - Huadian Energy reported a third-quarter revenue of 3.49 billion, a year-on-year decrease of 12.16% [1] - The company experienced a net loss of 191 million in the third quarter [1] - For the first three quarters, revenue totaled 11.775 billion, reflecting an 11.25% year-on-year decline [1] - The net profit for the first three quarters was 267 million, down 40.99% compared to the previous year [1]

Core Viewpoint - Huadian Energy's stock has shown a mixed performance in 2023, with a year-to-date increase of 10.04% but a recent decline over the past 60 days [1][2] Group 1: Stock Performance - As of October 10, Huadian Energy's stock price rose by 2.02% to 2.52 CNY per share, with a trading volume of 39.1751 million CNY and a turnover rate of 0.57%, resulting in a total market capitalization of 19.926 billion CNY [1] - The stock has experienced a net inflow of 2.8463 million CNY from main funds, with significant buying and selling activities recorded [1] - Year-to-date, the stock has increased by 10.04%, with a 4.56% rise over the last five trading days, a 2.44% increase over the last 20 days, and a 5.97% decline over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Huadian Energy reported an operating revenue of 8.284 billion CNY, a year-on-year decrease of 10.87%, and a net profit attributable to shareholders of 458 million CNY, down 27.24% year-on-year [2] - The company has not distributed any dividends in the last three years, with a total payout of 778 million CNY since its A-share listing [3] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 146,400, a rise of 7.69%, while the average circulating shares per person decreased by 10.98% to 28,095 shares [2] - Among the top ten circulating shareholders, notable changes include an increase in holdings by Guotai Zhenzheng Coal ETF and a decrease by Hong Kong Central Clearing Limited [3]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector [2] Core Insights - The report highlights the ongoing reform of residential heating prices, which is expected to improve profitability for heating companies as price adjustments are anticipated in the future [4][5] - The environmental sector has shown resilience, with the sector index rising by 1.1%, outperforming the broader market [11][12] - The report emphasizes the significant differences in profitability among residential heating companies, driven by local pricing policies and cost control measures [18][29] Summary by Sections Market Performance - As of September 26, the environmental sector index increased by 1.1%, while the Shanghai Composite Index rose by 0.2% to 3828.11 [11] - The top-performing sub-sectors included water governance and waste management, with increases of 2.7% and 2.83% respectively [12] Industry Dynamics - The report discusses the improvement in national ecological quality, with PM2.5 concentrations decreasing to 29.3 micrograms per cubic meter in 2024, a 16.3% reduction from 2020 [37] - The report notes that the government is pushing for deeper reforms in urban heating price mechanisms, with several regions already implementing price adjustments [26][28] Heating Price Reform - The report analyzes the pricing structure for residential heating, which is determined by a government-regulated cost-plus model [22] - It highlights that fuel costs constitute a significant portion of total heating costs, with an example showing that fuel, purchase heat, and auxiliary material costs accounted for 58% of total costs for a leading company in 2024 [29] - The report anticipates a trend of increasing heating prices, which could lead to a recovery in profitability for heating companies [26][28] Investment Recommendations - The report suggests that the environmental sector, particularly in energy conservation and resource recycling, is likely to maintain a high level of prosperity [52] - Key recommendations include companies such as Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co. [53]