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 ...

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]

博 : 黑龙江博润律师事务所 关于华电能源股份有限公司 2025 年第一次临时股东大会律师见证 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 9 月 博润律师事务所 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 2025 年第一次临时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、王珏律师出席了公司 2025 年第一次临时股东大会(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 ...

华电能源股份有限公司董事会议事规则 （2025 年修订） 第五条 若本规则与国家有关法律、法规相矛盾或抵触，以 相应的法律、法规为准，对本规则进行相应修改。 第二章 董事会的组成及下设机构 第六条 董事由股东会选举或更换，并可在任期届满前由股 东会解除其职务。董事任期 3 年，任期届满可连选连任。董事任 — 1 — 第四条 本规则是《公司法》《证券法》等有关法律、法规 和《公司章程》的补充，公司董事遵守但不仅限于遵守本规则。 期从就任之日起计算，至本届董事会任期届满时为止。董事任期 届满未及时改选，在改选出的董事就任前，原董事仍应当依照法 律、行政法规、部门规章和公司章程的规定，履行董事职务。 董事可以由高级管理人员兼任，但兼任高级管理人员职务的 董事以及由职工代表担任的董事，总计不得超过公司董事总数的 1/2。 第三条 董事会决定公司重大问题，应事先听取公司党委的 意见。 第一条 为规范华电能源股份有限公司（以下简称"公司"） 董事会的运作程序，确保董事会的工作效率和科学决策，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）等有关法律、法规和《华 ...