Core Viewpoint - The company plans to increase capital for the integrated construction of a combined heat and power project and an offshore wind power project, aligning with national renewable energy development strategies [1][4]. Group 1: Project Overview - The combined heat and power project involves the expansion of the Dandong Jinshan Thermal Power Co., Ltd. with a capacity of 1×66 MW, while the offshore wind power project consists of two phases, each with a capacity of 100 MW, utilizing 84 units of 12 MW wind turbines [2][3]. - The total investment for the integrated project is proposed at 4,906.159 million yuan, exceeding 50% of the company's latest audited net assets [2][3]. Group 2: Financial and Operational Impact - The development of this project is expected to enhance the company's quality of development, profitability, and overall competitiveness in the market [3][4]. - The financing lease business is proposed to optimize the capital structure, with a maximum amount of 8,708.10 million yuan for equipment leasing, which will not significantly impact the company's operations or shareholder interests [6][8]. Group 3: Risk Management and Compliance - The company will implement strict cost control and optimize project design to mitigate financial risks associated with increased fixed asset investment and reduced effective electricity generation [4][5]. - The board of directors is authorized to adjust the investment plan as necessary and will ensure compliance with disclosure obligations throughout the project [4][8].

Group 1 - The core viewpoint of the article is that Huadian Energy (600726.SH) reported a decline in both revenue and net profit for the first half of the year [1] Group 2 - The company achieved an operating income of 8.284 billion yuan, representing a year-on-year decrease of 10.87% [1] - The net profit attributable to shareholders of the listed company was 458 million yuan, down 27.24% year-on-year [1] - The basic earnings per share were 0.06 yuan [1]

Core Insights - The company reported a revenue of 8.284 billion yuan for the first half of the year, representing a year-on-year decline of 10.87% [1] - The net profit attributable to shareholders was 458 million yuan, down 27.24% from 630 million yuan in the same period last year [1] - The basic earnings per share were 0.06 yuan [1]

Group 1 - The company announced the nomination of Mr. Zheng Gang as a candidate for the board of directors, with the term starting from the date of approval by the shareholders' meeting until the end of the current board's term [1] - The strategic committee of the board will now consist of five members, with Mr. Lang Guomin as the chairman [1] - For the first half of 2025, the company's revenue composition was as follows: electricity sales accounted for 45.29%, coal sales for 32.79%, heating revenue for 20.89%, and engineering construction for 1.03% [1] Group 2 - The company's market capitalization is currently 20.6 billion yuan [2]

一、关于公司 2025 年半年度报告及报告摘要的议案 证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-026 华电能源股份有限公司 十一届十一次监事会会议决议公告 本公司监事会及全体监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。 华电能源股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日以电子邮 件和书面方式发出召开十一届十一次监事会的通知，会议于 2025 年 8 月 28 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，公司应参会监事 3 人， 实际参会的监事 3 人，其中现场参会 1 人，监事会主席王新华、监事宋志强以视 频方式参会。公司监事会主席王新华主持会议，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。会议一致审议通过了如下议案： 具体详见公司同日披露的《关于与中国华电集团财务有限公司续签<金融服 务协议>暨关联交易的公告》。 三、关于向控股子公司提供委托贷款的议案 表决结果：3 票同意、0 票反对、0 票弃权。 监事会认为，2025 年半年 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-020 华电能源股份有限公司 十一届十八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。 华电能源股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日以电子邮 件和书面方式发出召开十一届十八次董事会的通知，会议于 2025 年 8 月 28 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 6 人，董事李瑞光、刘强以视频方式参会表决。独立董事马雷因工作 安排无法出席本次会议，授权委托独立董事曹玉昆代为行使表决权。公司董事长 郎国民主持会议，公司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： 一、关于修订《公司章程》及附件并取消监事会的议案 本议案获同意票 9 票，反对票 0 票，弃权票 0 票。 具体详见公司同日披露的《关于修订<公司章程>及附件并取消监事会的公 告》。 本议案尚需提 ...

[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) [1.1 Definitions of Common Terms](index=5&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section defines key terms, company names, regulatory bodies, industry-specific terminology, and major subsidiaries for clarity - Defines "Company" and "the Company" as Huadian Energy Co., Ltd[13](index=13&type=chunk) - Defines regulatory bodies such as "CSRC" (China Securities Regulatory Commission) and "SSE" (Shanghai Stock Exchange)[13](index=13&type=chunk) - Defines power industry terms including "installed capacity," "power generation," and "utilization hours"[13](index=13&type=chunk) - Lists major related parties and subsidiaries, such as Huadian Group, Huadian Coal Industry, and Jinxing Company[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [2.1 Company Information](index=5&type=section&id=2.1%20Company%20Information) Discloses the company's official names, abbreviations, and legal representative details - Company's Chinese name: 华电能源股份有限公司 (Huadian Energy Co., Ltd)[15](index=15&type=chunk) - Company's Legal Representative: Lang Guomin[15](index=15&type=chunk) [2.2 Contact Persons and Information](index=5&type=section&id=2.2%20Contact%20Persons%20and%20Information) Provides contact details for the Board Secretary and Securities Affairs Representative - Board Secretary: Fu Lulu[16](index=16&type=chunk) - Securities Affairs Representative: Yu Miao[16](index=16&type=chunk) [2.3 Changes in Basic Information](index=5&type=section&id=2.3%20Changes%20in%20Basic%20Information) Details the company's registered and office addresses, noting no changes to the registered address during the period - Company's registered address: Building B, No. 19, High-tech Development Zone, Xiangfang District, Harbin City[17](index=17&type=chunk) - Company's office address: No. 209 Dacheng Street, Nangang District, Harbin City[17](index=17&type=chunk) [2.4 Information Disclosure and Document Custody Location Changes](index=6&type=section&id=2.4%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) Lists designated newspapers, website, and custody location for information disclosure - Information disclosure newspapers: "Shanghai Securities News," "China Securities Journal," "Hong Kong Commercial Daily"[19](index=19&type=chunk) - Report website: www.sse.com.cn[19](index=19&type=chunk) [2.5 Company Stock Profile](index=6&type=section&id=2.5%20Company%20Stock%20Profile) Presents listing exchange, stock abbreviations, and codes for the company's A and B shares - A-shares: Shanghai Stock Exchange, Huadian Energy, 600726[20](index=20&type=chunk) - B-shares: Shanghai Stock Exchange, Huadian B-share, 900937[20](index=20&type=chunk) [2.6 Key Accounting Data and Financial Indicators](index=6&type=section&id=2.6%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Discloses H1 2025 key accounting data and financial indicators, showing decreased revenue and net profit but increased operating cash flow 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,284,489,873.35 | 9,294,386,949.07 | -10.87 | | Total Profit | 1,043,932,530.10 | 1,638,740,992.34 | -36.30 | | Net Profit Attributable to Shareholders | 458,102,773.28 | 629,594,542.11 | -27.24 | | Net Cash Flow from Operating Activities | 865,693,090.18 | 809,973,977.62 | 6.88 | | Net Assets Attributable to Shareholders (Period-end) | 4,251,393,827.69 | 3,716,291,825.68 | 14.40 | | Total Assets (Period-end) | 29,682,766,129.22 | 30,000,646,542.99 | -1.06 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00 | | Diluted Earnings Per Share (RMB/share) | 0.06 | 0.08 | -25.00 | | Basic EPS Excluding Non-Recurring Items (RMB/share) | 0.05 | 0.06 | -16.67 | | Weighted Average Return on Net Assets (%) | 11.50 | 16.33 | Decrease of 4.83 percentage points | | Weighted Average ROE Excluding Non-Recurring Items (%) | 9.36 | 11.33 | Decrease of 1.97 percentage points | [2.7 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.7%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Details non-recurring gains and losses items and their amounts, totaling **RMB 85,021,239.00** 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 49,701,299.72 | | Government grants recognized in current profit or loss | 32,274,875.43 | | Gains or losses from debt restructuring | -407,967.00 | | Other non-operating income and expenses apart from the above | 11,630,634.87 | | Less: Income tax impact | -63,495.57 | | Minority interest impact (after tax) | 8,241,099.59 | | **Total** | **85,021,239.00** | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [3.1 Industry and Principal Business Overview During the Reporting Period](index=8&type=section&id=3.1%20Industry%20and%20Principal%20Business%20Overview%20During%20the%20Reporting%20Period) Reviews H1 2025 power and coal industry trends, including electricity consumption, generation structure, market reforms, and coal prices, alongside the company's revenue breakdown - Total electricity consumption in H1 2025 reached **4,841.8 billion kWh**, a year-on-year increase of **3.7%**[27](index=27&type=chunk) - As of June 2025, national power generation installed capacity reached **3.65 billion kW**, up **18.7%** year-on-year, with rapid growth in solar and wind power[28](index=28&type=chunk) - Heilongjiang Province's total installed power generation capacity was **54.31 million kW**, with thermal power accounting for **47.54%**, wind power **32.31%**, and photovoltaic **15.82%**[28](index=28&type=chunk) - National coal output in H1 was **2.40 billion tons**, up **5.4%** year-on-year; coal imports were **222 million tons**, down **11.1%** year-on-year[30](index=30&type=chunk) - The company's H1 coal sales revenue was **RMB 2.716 billion**, down **27.49%** year-on-year; electricity sales revenue was **RMB 3.752 billion**, up **2.91%**; heating sales revenue was **RMB 1.730 billion**, down **4.38%**[31](index=31&type=chunk) [3.2 Discussion and Analysis of Operations](index=9&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) Management reviews H1 2025 operating results, highlighting progress in safety, energy supply, efficiency, green transition, and innovation - The company implemented a three-year action plan for fundamental safety production improvements, achieving "zero unplanned outages" and successfully completing critical period supply tasks[34](index=34&type=chunk) - Innovative application of "intelligent sensing + big data analysis + AI decision-making" technology improved equipment health[34](index=34&type=chunk) - Through long-term electricity market transactions, enhanced unit peak output, and leveraging electric boilers for peak shaving, the company obtained **330 million kWh** in compensation for shut-down units, **RMB 258 million** in capacity charges, and **RMB 235 million** in deep peak-shaving ancillary service revenue[35](index=35&type=chunk) - Fuel costs decreased by **RMB 55.90 per ton**, saving **RMB 228 million**; direct heating consumption decreased, saving nearly **RMB 50 million** in fuel costs[35](index=35&type=chunk) - Actively advanced the Harbin Third Power Plant's **660 MW** "replace small with large" combined heat and power project and a **700 MW** integrated joint venture new energy project, accelerating green transformation[36](index=36&type=chunk) - As of June 30, 2025, the company completed power generation of **10.101 billion kWh**, on-grid power of **8.631 billion kWh**, with an average on-grid electricity price (tax inclusive) of **RMB 480.4 per MWh**[37](index=37&type=chunk) - Coal production was **5.6731 million tons**, with sales of **5.7420 million tons**[37](index=37&type=chunk) [3.3 Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=3.3%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include installed capacity, safety management, CHP, coal resources, power sales, skilled workforce, and governance - Installed capacity structure advantage: As Heilongjiang Province's largest combined heat and power enterprise, the company optimizes its coal power installed capacity structure and actively promotes new energy projects, forming a mutually supportive and complementary energy structure[39](index=39&type=chunk) - Safety production management advantage: Strengthens corporate responsibility for safety production and enhances emergency response capabilities through a three-year action plan[39](index=39&type=chunk) - Combined heat and power (CHP) centralized heating advantage: As a core heating enterprise in major cities within Heilongjiang Province, the company benefits from abundant market resources and stable heating demand[40](index=40&type=chunk) - High-quality and abundant coal resources advantage: Its subsidiary Jinxing Company's Xiaojiawa Coal Mine holds **1.18221 billion tons** of geological resources and **700.45 million tons** of recoverable reserves[40](index=40&type=chunk) - Power sales operations and service advantage: Continuously strengthens power sales business, expands user development channels, and explores demand-side response and virtual power plant services[40](index=40&type=chunk) - High-caliber workforce advantage: Builds a comprehensive and diversified talent development system to cultivate high-quality, versatile professionals[41](index=41&type=chunk) - Standardized and robust corporate governance system advantage: Strictly adheres to laws and regulations, improves internal control systems, and strengthens investor relations management[41](index=41&type=chunk) [3.4 Key Operating Performance During the Reporting Period](index=11&type=section&id=3.4%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Analyzes changes in financial statement items, asset-liability, and investment, explaining variances and disclosing subsidiary operating performance - Operating revenue decreased by **10.87%**, primarily due to lower coal sales prices[42](index=42&type=chunk) - Operating costs decreased by **6.54%**, mainly due to reduced fuel costs and coal sales costs[43](index=43&type=chunk) - Financial expenses decreased by **7.27%**, achieved through adjusting financing structure and replacing high-interest loans[45](index=45&type=chunk) - Net cash flow from operating activities increased by **6.88%**, primarily due to reduced fuel procurement expenditures[46](index=46&type=chunk) - Net cash flow from investing activities was **-RMB 991.18 million**, mainly due to increased capital expenditure for infrastructure and technical upgrades[47](index=47&type=chunk) - Construction in progress increased by **36.02%** at period-end, primarily due to increased expenditures on infrastructure projects[50](index=50&type=chunk) - Contract liabilities decreased by **77.35%** at period-end, mainly due to the recognition of prepaid heating fees as revenue[50](index=50&type=chunk) - Long-term borrowings increased by **39.43%** at period-end, primarily due to an increase in credit loans[50](index=50&type=chunk) - The company's long-term equity investments at period-end totaled **RMB 805 million**, an increase of **RMB 4 million** from the beginning of the year, mainly due to increased profitability of associate companies[54](index=54&type=chunk) - Major subsidiary Shanxi Jinxing Energy Co., Ltd. achieved a net profit of **RMB 710.75 million** in H1[59](index=59&type=chunk) [3.5 Other Disclosures](index=14&type=section&id=3.5%20Other%20Disclosures) Discloses five major risks: power market, heating market, coal market, safety/environmental, and capital market, with corresponding mitigation strategies - Power industry and market risks: Heilongjiang power grid faces oversupply, low marginal costs of new energy may depress thermal power transaction prices, and electricity spot market price volatility is increasing[59](index=59&type=chunk) - Countermeasures: Optimize economic operation management, formulate medium-to-long-term market transaction strategies, enhance unit flexibility, and explore spot market profitability models[60](index=60&type=chunk) - Heating market risks: Government adjustment of heating guidance prices in the heating service area is unlikely, and the company's heating business continues to face losses[60](index=60&type=chunk) - Countermeasures: Strengthen grid-source coordination and strive for policy support and heating subsidies[60](index=60&type=chunk) - Coal market risks: Tightening national environmental, safety, and capacity control policies lead to difficulties in matching coal supply and demand, resulting in significant market fluctuations[60](index=60&type=chunk) - Countermeasures: Strengthen market research, enhance coal-power integration, optimize customer structure, and seek environmental subsidies and green credit[61](index=61&type=chunk) - Safety and environmental risks: Some units are older, environmental facilities have long operating times, potentially increasing environmental investment costs[61](index=61&type=chunk) - Countermeasures: Strictly implement safety production measures, increase investment in environmental equipment governance, and ensure environmental risks are controllable[61](index=61&type=chunk) - Capital market risks: Due to local government and state-owned enterprise debt defaults, financial institutions have stricter lending standards, potentially leading to temporary funding shortages for the company[61](index=61&type=chunk) - Countermeasures: Strengthen policy analysis, systematically calculate funding needs, match reasonable financing structures, and secure sufficient credit lines[62](index=62&type=chunk) [Section IV Corporate Governance, Environment, and Social Responsibility](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Social%20Responsibility) [4.1 Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=4.1%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Reports changes in board members, including the departure of Director Qi Chongyong and Chief Legal Counsel Li Xijin, and the election and role adjustment of Zhu Feng'e - Director Qi Chongyong resigned, and Zhu Feng'e was elected as a director of the company's eleventh board of directors[65](index=65&type=chunk) - Li Xijin no longer serves as the company's Chief Legal Counsel[65](index=65&type=chunk) - Zhu Feng'e was appointed as a member of the company's eleventh board of directors' Strategy Committee[65](index=65&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=4.2%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not distribute profits or convert capital reserves into share capital during the reporting period - The company will not distribute profits during the reporting period[66](index=66&type=chunk) - No conversion of capital reserves into share capital[66](index=66&type=chunk) [4.3 Environmental Information of Listed Companies and Major Subsidiaries Included in the Legally Mandated Environmental Information Disclosure List](index=17&type=section&id=4.3%20Environmental%20Information%20of%20Listed%20Companies%20and%20Major%20Subsidiaries%20Included%20in%20the%20Legally%20Mandated%20Environmental%20Information%20Disclosure%20List) Nine subsidiaries are on the environmental information disclosure list, with an index for one subsidiary's report - Number of enterprises included in the legally mandated environmental information disclosure list: **9**[68](index=68&type=chunk) - The environmental information disclosure report for Heilongjiang Huadian Qiqihar Thermal Power Co., Ltd. can be found at http://111.40.190.123:8082/eps/index[68](index=68&type=chunk) [4.4 Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=17&type=section&id=4.4%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company continues to fulfill social responsibilities, supporting poverty alleviation and rural revitalization through consumer and financial aid - Completed consumer assistance totaling **RMB 4.0642 million** in H1 2025[69](index=69&type=chunk) - Holding subsidiary Shanxi Jinxing Energy Co., Ltd. provided **RMB 4 million** in assistance funds to Xingxian Huimin Breeding Co., Ltd[69](index=69&type=chunk) [Section V Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) [5.1 Fulfillment of Commitments](index=18&type=section&id=5.1%20Fulfillment%20of%20Commitments) Details commitments by the actual controller, shareholders, related parties, and the company, including property rights, competition, related transactions, and share lock-ups, and their fulfillment status - Huadian Energy Co., Ltd. committed to cash compensation for losses due to property title defects of Tieling Company, a long-term commitment that has been fulfilled[71](index=71&type=chunk) - China Huadian Corporation Limited committed to providing true, accurate, and complete transaction information and ensuring independence, a long-term commitment that has been fulfilled[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - China Huadian Corporation Limited committed to resolving horizontal competition issues, planning to inject operational coal mines into the listed company within five years, a long-term commitment that has been fulfilled[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - China Huadian Corporation Limited and Shanxi Jinxing Energy Co., Ltd. committed to promoting the land use right certificate application for the Xiaojiawa Coal Mine and Coal Preparation Plant projects, with the completion deadline extended to December 31, 2027[84](index=84&type=chunk)[85](index=85&type=chunk)[94](index=94&type=chunk) - Huadian Coal Industry Group Co., Ltd. committed not to transfer shares acquired through this asset purchase by share issuance for **36 months** from the issuance completion date, a commitment that has been fulfilled[100](index=100&type=chunk)[101](index=101&type=chunk) [5.2 Major Litigation and Arbitration Matters](index=65&type=section&id=5.2%20Major%20Litigation%20and%20Arbitration%20Matters) Discloses a major lawsuit where the company sought **RMB 18.96 million** in losses, with judgments upholding the claim - The company filed a lawsuit against Deqing County Yusheng Grain and Oil Co., Ltd. and others, seeking **RMB 18.96 million** in losses[120](index=120&type=chunk) - Harbin Intermediate People's Court ruled in the first instance that Ma Hongxiang should pay the company **RMB 18.96 million** plus interest[120](index=120&type=chunk) - Heilongjiang Provincial High People's Court upheld the original judgment in the second instance, rejecting the company's appeal[121](index=121&type=chunk) [5.3 Major Related Party Transactions](index=66&type=section&id=5.3%20Major%20Related%20Party%20Transactions) Lists significant related party transactions, including deposits, loans, factoring, coal sales/purchases, and other services - The company's maximum daily deposit balance at Huadian Finance Co. is expected to not exceed **RMB 9 billion**, with the actual maximum balance in the reporting period being **RMB 5.7 billion**[122](index=122&type=chunk) - The company obtained a comprehensive credit line of up to **RMB 9 billion** from Huadian Finance Co., with no new credit lines added during the reporting period[122](index=122&type=chunk) - The company conducted factoring business with Huadian Commercial Factoring (Tianjin) Co., Ltd., with actual transactions totaling **RMB 920 million** during the reporting period[123](index=123&type=chunk) - The company sold coal to Huadian Coal Industry Group Marketing Co., Ltd. and its affiliates, with actual transaction value of **RMB 1.433 billion** during the reporting period[123](index=123&type=chunk) - The company purchased technical renovation and infrastructure projects from Huadian Group subsidiaries, with actual expenditures of **RMB 70.72 million** during the reporting period[123](index=123&type=chunk) 2025 H1 Deposit Business with China Huadian Group Finance Co., Ltd | Related Party | Max Daily Deposit Limit (RMB) | Deposit Interest Rate Range | Beginning Balance (RMB) | Total Deposits This Period (RMB) | Total Withdrawals This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huadian Group Finance Co., Ltd | 9,000,000,000 | 0.06%-1.29% | 2,866,656,168.18 | 18,561,334,470.88 | 19,166,030,557.36 | 2,261,960,081.70 | 2025 H1 Loan Business with China Huadian Group Finance Co., Ltd | Related Party | Loan Limit (RMB) | Loan Interest Rate Range | Beginning Balance (RMB) | Total Loans This Period (RMB) | Total Repayments This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Huadian Group Finance Co., Ltd | 3,500,000,000 | 2.25%-3% | 1,369,000,000 | 300,000,000 | 508,000,000 | 1,161,000,000 | [Section VI Share Changes and Shareholder Information](index=70&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [6.1 Share Capital Changes](index=70&type=section&id=6.1%20Share%20Capital%20Changes) The company's total share capital and equity structure remained unchanged during the reporting period - The company's total share capital and equity structure remained unchanged during the reporting period[135](index=135&type=chunk) [6.2 Shareholder Information](index=71&type=section&id=6.2%20Shareholder%20Information) Discloses total shareholders, top ten shareholders, and unrestricted shareholders, including major shareholder relationships - As of the end of the reporting period, total common shareholders were **146,423**, with **97,785** A-share holders and **48,638** B-share holders[137](index=137&type=chunk) - Huadian Coal Industry Group Co., Ltd. holds **4,727,991,374 shares**, accounting for **59.79%**, classified as restricted shares[138](index=138&type=chunk) - China Huadian Corporation holds **1,700,583,482 shares**, accounting for **21.51%**, classified as unrestricted tradable shares[138](index=138&type=chunk) - China Huadian Corporation Limited is the ultimate controlling party of Huadian Coal Industry Group Co., Ltd[138](index=138&type=chunk) - Huadian Coal Industry Group Co., Ltd. has a **36-month** lock-up period for shares acquired through new share placement[141](index=141&type=chunk) [6.3 Directors, Supervisors, and Senior Management Information](index=73&type=section&id=6.3%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Information) Details shareholding changes for directors, supervisors, and senior management, noting no equity incentive plans - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management[143](index=143&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[143](index=143&type=chunk) [Section VII Bond-Related Information](index=73&type=section&id=Section%20VII%20Bond-Related%20Information) [7.1 Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=73&type=section&id=7.1%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[144](index=144&type=chunk) [7.2 Convertible Corporate Bonds](index=73&type=section&id=7.2%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds[144](index=144&type=chunk) [Section VIII Financial Report](index=74&type=section&id=Section%20VIII%20Financial%20Report) [8.1 Audit Report](index=74&type=section&id=8.1%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [8.2 Financial Statements](index=74&type=section&id=8.2%20Financial%20Statements) Presents consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Consolidated balance sheet shows total assets of **RMB 29.683 billion** and net assets attributable to listed company shareholders of **RMB 4.251 billion** as of June 30, 2025[76](index=76&type=chunk)[78](index=78&type=chunk) - Consolidated income statement shows operating revenue of **RMB 8.284 billion** and net profit attributable to parent company shareholders of **RMB 458 million** for Jan-Jun 2025[83](index=83&type=chunk) - Consolidated cash flow statement shows net cash flow from operating activities of **RMB 866 million** for Jan-Jun 2025[89](index=89&type=chunk) [8.3 Company Profile](index=103&type=section&id=8.3%20Company%20Profile) Introduces Huadian Energy Co., Ltd.'s establishment, history, equity structure, legal representative, and main business scope - The company was established on February 2, 1993, and approved as a Sino-foreign joint stock limited company on October 16, 1996[185](index=185&type=chunk) - In 2022, the company completed a major asset restructuring and supporting financing, issuing shares to Huadian Coal Industry Group Co., Ltd. to acquire **51.00%** equity in Shanxi Jinxing Energy Co., Ltd[188](index=188&type=chunk) - As of June 30, 2025, the company's total share capital was **7.9073362 billion shares**, with Huadian Coal Industry Group Co., Ltd. holding **59.79%** as the parent company, and China Huadian Corporation holding **21.51%** as the ultimate controlling party[189](index=189&type=chunk) - The company primarily engages in power generation, heating, coal sales, and other related businesses[190](index=190&type=chunk) [8.4 Basis of Financial Statement Preparation](index=104&type=section&id=8.4%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to accounting standards, with no doubts about future operations - Financial statements are prepared on a going concern basis, complying with enterprise accounting standards[191](index=191&type=chunk) - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the next **12 months** from the end of the reporting period[192](index=192&type=chunk) [8.5 Significant Accounting Policies and Estimates](index=104&type=section&id=8.5%20Significant%20Accounting%20Policies%20and%20Estimates) Details significant accounting policies and estimates for business combinations, financial instruments, impairment, assets, revenue, and government grants - The company adheres to the latest Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[193](index=193&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income (debt and equity instruments), and at fair value through profit or loss[212](index=212&type=chunk) - Financial asset impairment recognizes loss provisions based on expected credit losses, using either a general model or a simplified model[225](index=225&type=chunk)[230](index=230&type=chunk) - Fixed assets are depreciated using the straight-line method, while mine buildings use the production method[274](index=274&type=chunk) - Intangible assets, such as land use rights and mining rights, are amortized using the straight-line method or the production method[279](index=279&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, primarily including electricity, heating, coal sales revenue, and construction services[305](index=305&type=chunk)[313](index=313&type=chunk)[314](index=314&type=chunk) [8.6 Taxation](index=134&type=section&id=8.6%20Taxation) Discloses main tax types, rates, and tax incentives, including VAT, income tax, and resource tax - The company's main tax types include Value-Added Tax (**3%-13%**), Enterprise Income Tax (**15% or 25%**), and Resource Tax (**6.5% or 8%**)[339](index=339&type=chunk)[340](index=340&type=chunk) - Heating fee income from residential individuals is exempt from VAT, and related factory buildings and land are exempt from property tax and urban land use tax[342](index=342&type=chunk) - Heilongjiang Longdian Electric Co., Ltd. and Beijing Longdian Hongtai Environmental Protection Technology Co., Ltd. are recognized as high-tech enterprises, applying a **15%** enterprise income tax rate[342](index=342&type=chunk) [8.7 Notes to Consolidated Financial Statement Items](index=136&type=section&id=8.7%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Provides detailed notes for consolidated financial statement items, including cash, receivables, assets, liabilities, revenue, and cash flow - Period-end monetary funds totaled **RMB 2.755 billion**, of which **RMB 560 million** were restricted[344](index=344&type=chunk) - Accounts receivable at period-end totaled **RMB 1.895 billion**, with bad debt provisions of **RMB 324 million**[354](index=354&type=chunk) - Inventories at period-end totaled **RMB 1.173 billion**, including **RMB 1.032 billion** in coal and fuel oil[398](index=398&type=chunk) - Fixed assets had a book value of **RMB 14.775 billion**, and construction in progress had a book value of **RMB 1.385 billion**[426](index=426&type=chunk)[436](index=436&type=chunk) - Short-term borrowings were **RMB 5.910 billion**, and long-term borrowings were **RMB 7.006 billion**[471](index=471&type=chunk)[505](index=505&type=chunk) - Retained earnings at period-end were **-RMB 4.960 billion**[528](index=528&type=chunk) - Operating revenue was **RMB 8.284 billion**, and operating cost was **RMB 6.542 billion**[530](index=530&type=chunk) - Net cash flow from operating activities was **RMB 866 million**[565](index=565&type=chunk) [8.8 Research and Development Expenses](index=214&type=section&id=8.8%20Research%20and%20Development%20Expenses) Discloses R&D expenses for the period, primarily staff costs, depreciation, amortization, and technical service fees, all expensed - Total R&D expenditure for the current period was **RMB 1.701 million**, all recognized as expenses[572](index=572&type=chunk) - Key R&D expenditure components include **RMB 1.044 million** for staff costs and **RMB 511,705.64** for technical service fees[572](index=572&type=chunk) [8.9 Changes in Consolidation Scope](index=215&type=section&id=8.9%20Changes%20in%20Consolidation%20Scope) No changes in consolidation scope occurred during the reporting period due to business combinations or loss of control - No non-same-control business combinations occurred during the reporting period[573](index=573&type=chunk) - No same-control business combinations occurred during the reporting period[573](index=573&type=chunk) - No disposal of subsidiaries resulting in loss of control occurred during the reporting period[574](index=574&type=chunk) [8.10 Interests in Other Entities](index=217&type=section&id=8.10%20Interests%20in%20Other%20Entities) Details the company's group structure, including major subsidiaries and associates, their operations, and key financial information - The company owns multiple wholly-owned and controlled subsidiaries, with businesses spanning electricity and heat production, fuel transportation and sales, coal mining, manufacturing, and engineering construction[576](index=576&type=chunk)[577](index=577&type=chunk) - Significant non-wholly-owned subsidiary Shanxi Jinxing Energy Co., Ltd. has a **49%** minority interest, with **RMB 348 million** of profit attributable to minority shareholders this period[580](index=580&type=chunk) - Significant associate Beijing Huake Hengji Digital Technology Co., Ltd. has a **47.30%** shareholding and is accounted for using the equity method[584](index=584&type=chunk) [8.11 Government Grants](index=226&type=section&id=8.11%20Government%20Grants) No government grants were recognized as receivables, liabilities, or in current profit or loss at the reporting period end - No government grants recognized as receivables at the end of the reporting period[588](index=588&type=chunk) - No liabilities related to government grants[588](index=588&type=chunk) - No government grants recognized in current profit or loss[588](index=588&type=chunk) [8.12 Risks Related to Financial Instruments](index=226&type=section&id=8.12%20Risks%20Related%20to%20Financial%20Instruments) The company did not engage in hedging, apply hedge accounting, or transfer financial assets during the reporting period - The company did not engage in hedging activities for risk management[589](index=589&type=chunk) - The company did not apply hedge accounting[589](index=589&type=chunk) - The company had no financial asset transfers[589](index=589&type=chunk) [8.13 Fair Value Disclosures](index=228&type=section&id=8.13%20Fair%20Value%20Disclosures) No assets or liabilities were measured at fair value, and no fair value measurement details or changes in valuation techniques were reported - No assets or liabilities measured at fair value at the end of the reporting period[590](index=590&type=chunk) - No market price determination basis, valuation techniques, or significant parameters for continuous and non-continuous Level 1, Level 2, and Level 3 fair value measurement items[590](index=590&type=chunk) - No changes in valuation techniques or reasons for changes[590](index=590&type=chunk) [8.14 Related Parties and Related Party Transactions](index=228&type=section&id=8.14%20Related%20Parties%20and%20Related%20Party%20Transactions) Details related parties and transactions, including sales, purchases, services, leases, and fund transfers, along with unsettled items - The parent company is Huadian Coal Industry Group Co., Ltd., and the ultimate controlling party is China Huadian Corporation Limited[591](index=591&type=chunk) - The company has related party transactions for goods sales and purchases, and provision and acceptance of services with multiple related parties, such as selling coal to Huadian Coal Industry Group Marketing Co., Ltd. and its Beijing branch[595](index=595&type=chunk)[598](index=598&type=chunk) - The company, as a lessee, leases houses and buildings from Longdian Group Co., Ltd. and Heilongjiang Longdian Property Management Co., Ltd[601](index=601&type=chunk) - The company has fund transfers with related parties such as Huadian Commercial Factoring (Tianjin) Co., Ltd. and China Huadian Group Finance Co., Ltd[604](index=604&type=chunk)[605](index=605&type=chunk) - Of the period-end monetary funds, **RMB 2.262 billion** was deposited with China Huadian Group Finance Co., Ltd[607](index=607&type=chunk) [8.15 Share-Based Payments](index=244&type=section&id=8.15%20Share-Based%20Payments) No equity instruments, equity-settled, or cash-settled share-based payments, expenses, or modifications occurred during the period - No equity instruments during the reporting period[617](index=617&type=chunk) - No equity-settled share-based payments[617](index=617&type=chunk) - No cash-settled share-based payments[617](index=617&type=chunk) [8.16 Commitments and Contingencies](index=245&type=section&id=8.16%20Commitments%20and%20Contingencies) No significant commitments were reported, but pending legal lawsuits are not expected to have a material impact - No significant commitments during the reporting period[617](index=617&type=chunk) - The company has several pending legal lawsuits arising from normal operations, which management believes will not have a material impact[617](index=617&type=chunk) [8.17 Events After the Balance Sheet Date](index=245&type=section&id=8.17%20Events%20After%20the%20Balance%20Sheet%20Date) No significant non-adjusting events, profit distribution, or sales returns occurred after the balance sheet date - No significant non-adjusting events during the reporting period[618](index=618&type=chunk) - No profit distribution occurred[618](index=618&type=chunk) - No sales returns occurred[618](index=618&type=chunk) [8.18 Other Significant Matters](index=246&type=section&id=8.18%20Other%20Significant%20Matters) No prior period error corrections, debt restructurings, asset exchanges, or discontinued operations, but an annuity plan was established - The company established an annuity plan, combining employer and employee contributions[619](index=619&type=chunk) - No prior period accounting error corrections during the reporting period[619](index=619&type=chunk) - No significant debt restructurings[619](index=619&type=chunk) [8.19 Notes to Parent Company Financial Statement Items](index=247&type=section&id=8.19%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) Provides detailed notes for parent company financial statement items, including receivables, long-term equity investments, and impairment provisions - Parent company accounts receivable at period-end totaled **RMB 1.408 billion**, with bad debt provisions of **RMB 231 million**[624](index=624&type=chunk) - Parent company other receivables at period-end totaled **RMB 104 million**, including **RMB 103 million** in entrusted loans[639](index=639&type=chunk) - Parent company long-term equity investments had a period-end book value of **RMB 5.472 billion**, comprising **RMB 4.917 billion** in subsidiaries and **RMB 555 million** in associates and joint ventures[648](index=648&type=chunk) [8.20 Supplementary Information](index=264&type=section&id=8.20%20Supplementary%20Information) Provides supplementary information on non-recurring gains/losses, ROE, and EPS, confirming no accounting data differences between standards - Total non-recurring gains and losses for the current period amounted to **RMB 85.02 million**[661](index=661&type=chunk) - Weighted average return on net assets attributable to common shareholders was **11.50%**, with basic earnings per share of **RMB 0.06**[661](index=661&type=chunk) - The company has no differences in accounting data under domestic and international accounting standards[662](index=662&type=chunk)

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-021 华电能源股份有限公司 关于修订《公司章程》及附件并取消监事会的公告 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。 华电能源股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开十一 届十八次董事会，审议通过了《关于修订<公司章程>及附件并取消监事会的议案》。 同意对《华电能源股份有限公司章程》（以下简称"《公司章程》"）及附件《股 东大会议事规则》《董事会议事规则》进行全面修订，公司将不再设置监事会， 监事会的相关职权由董事会审计委员会行使。具体修订情况如下： 一、取消监事会情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司章 程指引》等法律法规、规范性文件的规定，结合公司实际情况，公司拟取消监事 会，由董事会审计委员会行使《公司法》规定的监事会的职权，自修订后的《公 司章程》生效之日起，公司现任监事、监事会主席职务相应解除，《华电能源股 份有限公司监事会议事规则》相应废止；同时，为进一步提 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-028 | 一、董事离任情况 | | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期到期 日 | 离任原因 | 是否继续 在上市公 司及其控 股子公司 任职 | 具体职务 （如适用） | 是否存在未 履行完毕的 公开承诺 | | --- | --- | --- | --- | --- | --- | --- | --- | | 李瑞光 | 董事、董事 | 股东大会审议通过 | 2026 年 5 月 18 | 工作安排调 | 否 | 不适用 | 否 | | | 会战略委员 会委员 | 之日 | 日 | 整 | | | | （一）董事离任的基本情况 （二）董事离任对公司的影响 华电能源股份有限公司 关于更换公司董事的公告 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： 根据工作需要，经董事会提名委员会审查，华电能源股份有限公司（以下简 称"公司"）于 2025 年 8 月 28 日召开十一届十八次董事会，审议 ...

证券代码：600726 900937 证券简称：华电能源 华电 B 股 公告编号：2025-025 重要内容提示： 交易内容：华电能源股份有限公司（以下简称"公司"）拟使用自有资金 通过中国华电集团财务有限公司（以下简称"华电财务公司"）向控股子公司黑 龙江龙电电气有限公司（以下简称"龙电电气"）提供委托贷款不超过 939.63 万元，委托贷款期限自委托贷款合同生效之日起一年，利率为发放贷款时一年期 贷款市场报价利率（LPR）。 华电能源股份有限公司 关于向控股子公司提供委托贷款暨关联交易的公告 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。 为保证公司控股子公司龙电电气资金周转，公司拟使用自有资金通过华电财 务公司对龙电电气提供合计不超过 939.63 万元的委托贷款，上述委托贷款期限 自委托贷款合同生效之日起一年。 公司与华电财务公司的实际控制人同为中国华电集团有限公司，根据《上海 证券交易所股票上市规则》，上述交易构成关联交易。但不构成《上市公司重大 资产重组管理办法》规定的重大资产重组。 本事项已经公司独立董事会议事前 ...