Core Viewpoint - The company plans to invest in a project that integrates coal and renewable energy to align with national industrial policies and promote transformation and upgrading [1] Investment Details - The total investment for the project is 12.043 billion yuan, with the specific amount subject to actual expenditure [1] - The project involves the construction of two 660,000-kilowatt cogeneration units at the Heilongjiang Huadian Fularji Power Plant [1]

Core Viewpoint - The company plans to invest in a new integrated project at the Heilongjiang Huaneng Fularji Power Plant, which aligns with national industrial policies and aims to enhance its transformation and upgrade [1] Group 1: Investment Details - The total investment for the project is 12.043 billion yuan, with the specific amount subject to actual expenditure [1] - The project involves the construction of two 660,000-kilowatt cogeneration units, integrating traditional energy with new energy sources [1] Group 2: Strategic Alignment - The implementation of this project is in line with the company's structural adjustment, green transformation, and high-quality development requirements [1] - The project is expected to contribute to regional economic development and energy supply security, thereby enhancing the company's profitability [1] - This initiative aligns with future industry development trends and the company's strategic goals, laying a solid foundation for sustained business growth [1]

Core Viewpoint - The company plans to invest in a new integrated project at the Heilongjiang Huadian Fularji Power Plant, aligning with national industrial policies and aiming for transformation and upgrading [1] Investment Details - The total investment for the project is 12.043 billion yuan, with the specific amount subject to actual expenditure [1] - The project involves the construction of two 660,000-kilowatt cogeneration units, which will integrate traditional power generation with renewable energy [1] Strategic Alignment - The implementation of this project aligns with the company's structural adjustment, green transformation, and high-quality development requirements [1] - It is expected to contribute to regional economic development and energy supply security, enhancing the company's profitability [1] - The project is in line with future industry development trends and the company's strategic goals, laying a solid foundation for sustained business growth [1]

Core Viewpoint - The company plans to invest 120.43 billion yuan in the construction of the Heilongjiang Huadian Fularji Power Plant, which will include two 660,000 kW "large-scale compression of small" combined heat and power units and an integrated renewable energy project [1] Investment Details - The project involves the expansion of two 660,000 kW ultra-supercritical coal-fired heat and power units and the shutdown of six existing 200,000 kW units [1] - The construction is scheduled to start in July 2026 and is expected to be completed and put into operation by the end of 2028 [1] Renewable Energy Component - The accompanying renewable energy project will have a total capacity of 1.4 million kW, consisting of six wind power projects, with a total investment of 60.83 billion yuan [1] Funding and Approval - The company will utilize its own funds and self-raised funds for the investment, and the project will require approval from the company's second extraordinary general meeting in 2025 [1]

Core Viewpoint - Huadian Energy's stock has shown a positive trend with a year-to-date increase of 17.90%, reflecting strong market interest and performance in the energy sector [1][2]. Financial Performance - For the period from January to September 2025, Huadian Energy reported a revenue of 11.775 billion yuan, a year-on-year decrease of 11.25% [2]. - The net profit attributable to shareholders was 267 million yuan, down 40.99% compared to the previous year [2]. Stock Market Activity - As of November 5, Huadian Energy's stock price was 2.70 yuan per share, with a trading volume of 90.739 million yuan and a turnover rate of 1.24% [1]. - The company has seen a net inflow of main funds amounting to 2.7562 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of Huadian Energy's shareholders was 139,800, a decrease of 4.51% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.74% to 29,989 shares [2]. Dividend History - Since its A-share listing, Huadian Energy has distributed a total of 778 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of September 30, 2025, major shareholders included Guotai Zhongxin Coal ETF and other institutional investors, with notable increases in holdings for some [3].

Core Viewpoint - Huadian Energy, a significant player in the Heilongjiang region's power and heat supply, faces challenges in revenue and profit rankings within the industry, indicating potential areas for improvement and investment opportunities [1][2]. Financial Performance - For Q3 2025, Huadian Energy reported revenue of 11.775 billion, ranking 17th out of 28 in the industry, significantly lower than the top competitors, Huaneng International at 172.975 billion and Guodian Power at 125.205 billion [2]. - The company's net profit for the same period was 707 million, placing it 19th in the industry, again trailing behind Huaneng International's 19.436 billion and Guodian Power's 12.233 billion [2]. Business Composition - The main business segments include electricity sales at 3.752 billion (45.29%), coal sales at 2.717 billion (32.79%), and heat sales at 1.730 billion (20.89%), with engineering and other services contributing 85.712 million (1.03%) [2]. Financial Ratios - As of Q3 2025, Huadian Energy's debt-to-asset ratio was 81.15%, an increase from 78.09% year-on-year, and significantly higher than the industry average of 61.62% [3]. - The gross profit margin for the same period was 18.02%, down from 22.05% year-on-year and slightly below the industry average of 18.24% [3]. Executive Compensation - The chairman, Lang Guomin, received a salary of 862,800, a slight decrease from the previous year, while the general manager, Wei Ning, earned 318,400 in 2024 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.32% to 91,600, with an average holding of 30,000 shares, which increased by 6.74% [5].

Core Viewpoint - Huadian Energy's subsidiary, Shanxi Jinxing Energy Co., has completed the purchase of capacity replacement indicators totaling over 500 million yuan, which aligns with national policy requirements and enhances the company's capacity reserve and supply capability [1][2] Group 1: Company Developments - The acquisition of capacity replacement indicators will strengthen Huadian Energy's ability to ensure stable energy supply during the winter and spring seasons, providing a cost advantage in energy resources and improving overall economic efficiency and market competitiveness [1] - Huadian Energy is the largest power generation and centralized heating operator in Heilongjiang Province, benefiting from significant combined heat and power advantages and regional scale [1] - The company has optimized its electricity and heat source structure in recent years, further increasing its market share [1] Group 2: Financial Transactions - Jinxing Company acquired various coal mine capacity indicators through competitive bidding, including: - 120,000 tons/year from Yunnan Kebo Coal Mine for 150 million yuan - 30,000 tons/year from Sichuan Sihe Coal Mine for 42 million yuan - 90,000 tons/year from Guangxi Shuibu Coal Mine for 99 million yuan - 36,000 tons/year from Hubei Xinchangya Coal Mine for 45 million yuan - 30,000 tons/year from Ningxia Dayushugou Coal Mine for 36.9 million yuan - 30,000 tons/year from Sichuan Gulin Coal Mine for 41.1 million yuan - 66,000 tons/year from Inner Mongolia Juxinlong Coal Mine for 89.1 million yuan - 30,000 tons/year from Inner Mongolia Simontel Coal Mine for 39 million yuan [2]

Core Insights - Huadian Energy (600726.SH) reported a revenue of 3.49 billion yuan for Q3 2025, representing a year-on-year decline of 12.16% [1] - The net profit attributable to shareholders of the listed company was -191 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -195 million yuan [1]

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 10 月 17 日以电子 邮件和书面方式发出召开十一届十九次董事会的通知，会议于 2025 年 10 月 29 日在公司九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，董事刘强、张劲松以视频方式参会表决，董事长郎国民先 生因工作安排无法出席本次会议，授权委托总经理、董事魏宁先生代为行使表决 权，与会董事推举魏宁先生主持本次会议，公司部分高级管理人员列席了会议， 本次会议的召开符合《公司法》及《华电能源股份有限公司章程》（以下简称"《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：2025-031 华电能源股份有限公司 十一届十九次董事会会议决议公告 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,根据相关法律法规、规范性文件及《公司章程》的要求，并结合公司 ...

Group 1 - Huadian Energy announced that its 11th Board of Directors held a meeting on October 29, 2025, to review the proposal for the company's Q3 2025 report [1] - The company has a market capitalization of 20.9 billion yuan [2]