华电能源股份有限公司 关于开展融资租赁售后回租业务的公告 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： 证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-018 交易内容：华电能源股份有限公司（以下简称"公司"）拟与国网国际融 资租赁有限公司（以下简称"国网租赁公司"）开展融资租赁售后回租业务，融 资金额不超过 5 亿元人民币。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 本次融资金额在董事会审议权限范围内，无需提交股东大会审议。 一、本次融资租赁业务概述 为盘活存量资产，拓宽融资渠道，满足公司资金需求，公司拟与国网租赁公 司开展融资租赁售后回租业务，融资金额不超过 5 亿元人民币。 公司于 2025 年 6 月 17 日召开十一届十七次董事会，审议通过了《关于公司 开展融资租赁售后回租业务的议案》，该议案无需提交公司股东大会审议。本次 交易不构成关联交易，不构成重大资产重组。公司董事会授权公司管理层在批准 的额度内办理与本 ...

华电能源股份有限公司（以下简称"公司"）于 2025 年 6 月 10 日以电子邮件和 书面方式发出召开十一届十七次董事会的通知，会议于 2025 年 6 月 17 日在公司八楼 会议室采用现场会议和视频相结合的方式召开，公司董事 9 人，其中现场参会董事 8 人，董事刘强以视频方式参会表决。公司董事长郎国民主持会议，公司部分监事和高 级管理人员列席了会议，本次会议的召开符合《公司法》及《公司章程》的有关规 定，会议决议有效。会议审议通过了如下议案： 证券代码：600726 900937 证券简称：华电能源 华电B股 公告编号：2025-017 华电能源股份有限公司 十一届十七次董事会会议决议公告 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、关于公司2025年内部审计项目计划调整的议案 本议案获同意票9票，反对票0票，弃权票0票。 本议案已经公司董事会审计委员会审议通过，并同意提交公司董事会审议。 二、关于公司本部设立科技与数智化部和本部相关职责机构调整的议案 本议案获同意票9票，反对票0票，弃权票0票。 三、关于公司 ...

Core Viewpoint - The board of directors of Huadian Energy Co., Ltd. held a meeting on June 17, 2025, to discuss and approve several key proposals, indicating a proactive approach to internal management and strategic adjustments [1]. Group 1: Meeting Details - The meeting was attended by 8 directors in person and 1 via video, ensuring compliance with legal and regulatory requirements [1]. - The chairman, Lang Guomin, presided over the meeting, which included participation from some supervisors and senior management [1]. Group 2: Approved Proposals - The proposal for adjusting the 2025 internal audit project plan was unanimously approved with 9 votes in favor [1]. - The establishment of a Technology and Digitalization Department and related organizational adjustments were also approved with 9 votes in favor [1]. - The proposal to engage in financing leasing and sale-leaseback business received unanimous approval with 9 votes in favor [1]. - The board approved the formulation of the "Huadian Energy Co., Ltd. Market Value Management System" with 9 votes in favor [1]. - An adjustment to the board's special committee members was approved, appointing Zhu Fenga as a member of the Strategic Committee with 9 votes in favor [1].

Group 1 - The company plans to engage in a financing lease sale-and-leaseback transaction with State Grid International Financial Leasing Co., Ltd., with a financing amount not exceeding 500 million RMB [1][2] - The transaction does not constitute a related party transaction or a major asset restructuring as defined by the regulations [1][2] - The financing amount falls within the board's approval authority and does not require submission to the shareholders' meeting for approval [1][2] Group 2 - The board of directors approved the financing lease sale-and-leaseback proposal during the 17th meeting of the 11th session on June 17, 2025, which does not require shareholder approval [2] - The transaction involves the sale and leaseback of certain production equipment and facilities from the Jiamusi Thermal Power Plant, with clear ownership and no significant disputes or legal issues [2] - The financing lease will allow the company to activate existing assets, broaden financing channels, and meet funding needs, promoting sustainable and healthy development without affecting the normal use of the leased assets [2]

Core Viewpoint - The company anticipates a balanced and easing coal market in 2025, supported by stable macroeconomic growth in China, which will drive electricity demand [2][3] Industry Performance - In 2025, coal production and consumption are expected to maintain a growth trend, leading to a relatively balanced coal market [2] - The macroeconomic stability in China is projected to provide a steady support for electricity demand growth [2] Company Performance - In 2024, the company achieved a net profit of 166 million yuan, marking a turnaround from losses [3] - In Q1 2025, the company reported a net profit of 477 million yuan, a year-on-year increase of 12.94% [4] - The company's main revenue for Q1 2025 was 5.157 billion yuan, a decrease of 3.7% year-on-year [4] - The company's net profit excluding non-recurring items was 463 million yuan, up 24.5% year-on-year [4] - The company has a debt ratio of 78.09% and a gross margin of 23.68% [4] Future Growth Drivers - Key performance drivers for the company include electricity generation, electricity prices, fuel prices, coal production and sales volumes, and coal sales prices [3] - The company plans to enhance operational efficiency, innovate technology, and manage environmental policies to indirectly influence performance [3] Strategic Measures - The company is focusing on improving coal quality and production efficiency to counteract the downward trend in coal prices [4] - Strategies include enhancing coal production and sales coordination, expanding coal market outreach, and maintaining a zero-inventory strategy [4] - The company emphasizes the importance of coal quality management to improve economic benefits [4]

Core Viewpoint - Huadian Energy aims to enhance operational efficiency and profitability in 2024, targeting a net profit of 166 million yuan, marking a turnaround from previous losses [1] Group 1: Company Performance and Strategy - The company is the largest power generation and centralized heating operator in Heilongjiang Province, focusing on electricity and heat supply without plans to divest these core businesses [1] - Key performance drivers include electricity generation, electricity prices, fuel prices, and coal production and sales [1] - Huadian Energy emphasizes improving coal quality and production efficiency, aiming to stabilize coal output and quality to mitigate market price fluctuations [2] Group 2: Market Outlook and Industry Trends - The coal market is expected to maintain a balanced supply-demand dynamic in 2025, supported by steady macroeconomic growth in China, which will bolster electricity demand [2] - The energy industry is anticipated to undergo structural transformation, characterized by the parallel development of traditional energy and the explosion of renewable energy, alongside technological breakthroughs and policy interactions [3] - The company plans to leverage strategic opportunities in the new power system construction and expand its renewable energy resources, focusing on optimizing its power generation structure and enhancing overall development quality and efficiency [3]

Core Viewpoint - The legal opinion issued by Heilongjiang Borun Law Firm confirms that the convening and holding of Huadian Energy Co., Ltd.'s shareholders' meeting complies with relevant laws and regulations, ensuring the legitimacy of the meeting and the qualifications of participants [1][7]. Group 1: Shareholders' Meeting Convening - The shareholders' meeting was convened by the company's board of directors and announced on April 25, 2025, through designated newspapers and the Shanghai Stock Exchange website [2]. - The meeting materials were disclosed on May 14, 2025, providing comprehensive information about the agenda [2]. - The notice included details such as the convenor, date, time, location, voting methods, and registration procedures [2]. Group 2: Meeting Procedures - The shareholders' meeting was held on May 21, 2025, at 9:30 AM in Harbin, combining on-site and online voting [3]. - The online voting platform was available from 9:15 AM to 3:00 PM on the same day [3]. Group 3: Attendance and Voting - A total of 2 shareholders and their proxies attended the meeting, representing 6,428,574,856 shares, which is 81.30% of the total shares [4]. - The meeting had 674 voting shareholders and proxies, representing 6,526,553,480 shares, or 82.54% of the total shares [4]. - The voting results showed a significant majority in favor of the proposals, with 6,522,612,879 votes for, 3,407,701 against, and 532,900 abstentions [5][6]. Group 4: Legal Compliance - The convening and holding procedures of the shareholders' meeting, as well as the qualifications of attendees, were verified to be in accordance with the Company Law, Shareholder Meeting Rules, and the company's articles of association [3][7]. - No new proposals were introduced by shareholders during the meeting [5][7]. - The voting procedures and results were deemed legally valid and effective [7].

黑龙江博润律师事务所 关于华电能源股份有限公司 2024 年度股东大会律师见证 法律意见书 地址：哈尔滨市香坊区红旗大街 227 号四通中心 13 层 电话：0451-82397555 2025 年 5 月 致：华电能源股份有限公司 黑龙江博润律师事务所 关于华电能源股份有限公司 2024 年度股东大会律师见证之 法律意见书 根据华电能源股份有限公司(下称"公司")的委托，并依据《中 华人民共和国公司法》(下称"《公司法》")、《中华人民共和国 证券法》(下称"《证券法》")、《上市公司股东会规则》(下称"《股 东会规则》")等法律、行政法规、规范性文件以及《华电能源股份 有限公司章程》(下称"《公司章程》") 的规定，黑龙江博润律 师事务所(下称"本所")指派本所刘绒绒、王立欢律师出席了公司 2024 年度股东大会(下称"本次股东大会"),对本次股东大会的相 关事项依法进行见证。 本所同意将本法律意见书随公司本次股东大会的决议一并予以 公告，并依法对本所出具的法律意见承担相应责任。 本所律师仅对本次股东大会的召集和召开程序、本次股东大会 召集人和出席会议人员的资格、本次股东大会审议的议案、本次股 东大会的表 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-016 华电能源股份有限公司 2024年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 674 | | --- | --- | | 其中：A 股股东人数 | 653 | | 境内上市外资股股东人数（B 股） | 21 | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,526,553,480 | | 其中：A 股股东持有股份总数 | 6,526,322,479 | | 境内上市外资股股东持有股份总数(B 股) | 231,001 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 82.5379 | (一) 股东大会召开的时间：2025 年 5 月 21 日 (二) 股东大会召开的地点：黑龙江省哈尔滨市南岗区大成街 209 号公司本部 (三) 出席会议的普通股股东和恢复表决权的优先股 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].