证券代码：600795 证券简称：国电电力 公告编号：临 2025-28 国电电力发展股份有限公司 八届十九次监事会决议公告 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。 国电电力发展股份有限公司（以下简称"公司"）八届十九次监 事会会议通知及会议资料,于 2025 年 8 月 6 日以专人送达或邮件方式 向公司监事发出，并于 2025 年 8 月 15 日以通讯方式召开。会议应到 监事 3 人，实到 3 人，符合《公司法》和《公司章程》的规定。会议 审议并一致通过全部议案，形成如下决议： 一、同意《关于公司未来三年（2025-2027 年）现金分红规划的 议案》 监事会认为：分红规划的制定符合相关法律法规及《公司章程》 有关要求，符合公司实际情况，具备合规性与可行性。规划的制定不 存在损害公司及全体股东特别是中小股东利益的情形，决策程序符合 相关法律法规的规定。 本项议案需提交股东大会审议。 二、同意《关于公司 2025 年半年度利润分配预案的议案》 监事会认为：公司 2025 年半年度利润分配预案符合有关法律法 规、《 ...

人民财讯8月18日电，国电电力（600795）8月18日晚间披露2025年半年报，公司上半年实现营业收入 776.55亿元，同比下降9.52%；归母净利润36.87亿元，同比下降45.11%；基本每股收益0.207元。公司拟 每10股派发现金红利1元(含税)。考虑上年转让国电建投内蒙古能源公司影响，归属于上市公司股东的 扣除非经常性损益的净利润实现34.10亿元，同比增长56.12%。 ...

证券代码：600795 证券简称：国电电力 公告编号：临 2025-22 国电电力发展股份有限公司 八届三十八次董事会决议公告 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。 国电电力发展股份有限公司（以下简称"公司"）八届三十八次 董事会会议通知及会议材料,于 2025 年 8 月 6 日以专人送达或邮件方 式向公司董事、监事发出，并于 2025 年 8 月 15 日在公司会议室召开。 会议应到董事 8 人，现场参会 7 人，董事唐坚以通讯方式出席，公司 高管人员列席会议，符合《公司法》和《公司章程》的规定。会议审 议并一致通过全部议案，形成如下决议： 一、同意《关于公司未来三年（2025-2027 年）现金分红规划的 议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）上 发布的《国电电力发展股份有限公司关于未来三年"2025-2027 年" 现金分红规划的公告》（公告编号：临 2025-23）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。通过。 本项议案已经审计委员会审议通过。 1 本 ...

Important Notice [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=I.%20Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, with all directors attending the board meeting and the report being unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the board meeting, and this semi-annual report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=II.%20Profit%20Distribution%20Plan) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.00 yuan (tax inclusive) per 10 shares, totaling an estimated 1.784 billion yuan, representing 48.38% of H1 net profit attributable to parent, subject to shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 1.00 yuan | | Estimated dividend amount | 1.784 billion yuan | | % of 2025 H1 consolidated net profit attributable to parent | 48.38% | - This profit distribution plan is subject to approval by the company's second extraordinary general meeting of shareholders in 2025[6](index=6&type=chunk) [Risk Statement and Major Risk Disclosures](index=2&type=section&id=III.%20Risk%20Statement%20and%20Major%20Risk%20Disclosures) Forward-looking statements in this report do not constitute actual commitments; investors should be aware of investment risks; no non-operating fund occupation by controlling shareholder or related parties, nor unauthorized external guarantees; major risks detailed in MD&A - Forward-looking statements regarding development strategies and operating plans in this report do not constitute actual commitments to investors; investors are advised to note investment risks[7](index=7&type=chunk) - The company has no non-operating occupation of funds by its controlling shareholder or other related parties, nor does it provide external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) - The company has detailed potential risks in the Management Discussion and Analysis section of this report[8](index=8&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=I.%20Definitions%20of%20Common%20Terms) This section defines common terms used in the report, such as China Energy Investment Group, controlled installed capacity, on-grid electricity, on-grid tariff, utilization hours, and coal consumption for power supply, to ensure accurate understanding - This section provides clear definitions for common terms used in the report, such as China Energy Investment Group, controlled installed capacity, on-grid electricity, on-grid tariff, utilization hours, and coal consumption for power supply[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=I.%20Company%20Basic%20Information) This section introduces Guodian Power Development Co., Ltd.'s basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, contact details, information disclosure channels, and stock overview - The company's Chinese name is Guodian Power Development Co., Ltd., abbreviated as Guodian Power, with Tang Jian as its legal representative[15](index=15&type=chunk) - The company's registered address is in Dalian Economic and Technological Development Zone, Liaoning Province, with its office address in Beijing; information is disclosed in "China Securities Journal" and "Shanghai Securities News," and on www.sse.com.cn[17](index=17&type=chunk)[18](index=18&type=chunk) - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock code 600795[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=II.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue decreased by 9.52% YoY, total profit and net profit attributable to parent decreased by 27.39% and 45.11% respectively; however, net profit attributable to parent excluding non-recurring items increased by 56.12% due to non-recurring gains from subsidiary transfer in prior period 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 77,654,698,561.51 yuan | 85,828,214,649.33 yuan | -9.52 | | Total Profit | 8,783,950,067.57 yuan | 12,097,773,255.91 yuan | -27.39 | | Net Profit Attributable to Parent | 3,686,597,723.51 yuan | 6,716,157,499.99 yuan | -45.11 | | Net Profit Attributable to Parent (Excl. Non-recurring) | 3,410,267,532.52 yuan | 2,184,340,546.69 yuan | 56.12 | | Net Cash Flow from Operating Activities | 25,976,808,703.64 yuan | 21,853,500,845.45 yuan | 18.87 | | Net Assets Attributable to Parent (Period-end) | 57,996,856,942.96 yuan | 56,034,216,905.15 yuan | 3.50 | | Total Assets (Period-end) | 510,441,286,230.21 yuan | 493,936,293,815.87 yuan | 3.34 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.207 | 0.377 | -45.09 | | Diluted EPS (yuan/share) | 0.207 | 0.377 | -45.09 | | Basic EPS (Excl. Non-recurring) (yuan/share) | 0.191 | 0.122 | 56.56 | | Weighted Average ROE (%) | 6.357 | 12.852 | Decrease of 6.495 percentage points | | Weighted Average ROE (Excl. Non-recurring) (%) | 5.895 | 4.370 | Increase of 1.525 percentage points | - Net profit attributable to parent decreased by **45.11%** YoY, mainly due to increased investment income from the transfer of a controlling subsidiary in the prior period and impairment provision for Daxingchuan Power Station in the prior period, which was absent this period[21](index=21&type=chunk) - Net profit attributable to parent excluding non-recurring items increased by **56.12%** YoY, mainly due to increased non-recurring gains from the transfer of a controlling subsidiary, Guodian Jiantou Inner Mongolia Energy Co., Ltd., in the prior period[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=III.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to 276 million yuan, primarily including disposal gains/losses of non-current assets, government grants, and other non-operating income and expenses 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | 229,511,791.90 | | Government grants recognized in current profit/loss | 117,661,655.37 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,940,307.48 | | Gains from investment cost being less than fair value of identifiable net assets acquired in business combinations | 554,069.97 | | Other non-operating income and expenses apart from the above | 85,423,254.90 | | Less: Income tax impact | 59,213,791.97 | | Minority interest impact (after tax) | 100,547,096.66 | | Total | 276,330,190.99 | Section III Management Discussion and Analysis [Industry and Main Business Overview for the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) In H1 2025, China's electricity consumption grew steadily, green transition was effective, and new energy installed capacity rapidly increased; electricity market reforms accelerated, coal market remained stable; company faced declining electricity prices and volumes but achieved growth in net profit attributable to parent excluding non-recurring items through cost control and new energy development - In H1 2025, national electricity consumption reached **4.84 trillion kWh**, a YoY increase of **3.7%**, with overall sufficient power supply and balanced supply-demand[28](index=28&type=chunk) - As of the end of June 2025, national total installed power generation capacity was **3.65 billion kW**, a YoY increase of **18.7%**, with wind and solar power combined installed capacity exceeding thermal power and accounting for nearly **90%** of total new installed capacity[29](index=29&type=chunk) - The National Development and Reform Commission and National Energy Administration proposed to basically achieve full coverage of spot electricity markets by the end of 2025, promoting comprehensive market entry for new energy on-grid electricity, transitioning the industry towards a "market-driven" model[30](index=30&type=chunk) - In H1 2025, national raw coal output was **2.40 billion tons**, a YoY increase of **5.4%**; coal imports decreased by **11.1%** to **220 million tons**, indicating an overall loose coal market and downward price trend[31](index=31&type=chunk) 2025 H1 Company Key Economic and Technical Indicators | Indicator | Amount/Value | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 77.655 billion yuan | -9.52% | | Total Profit | 8.784 billion yuan | -27.39% | | Net Profit Attributable to Parent | 3.687 billion yuan | -45.11% | | Net Profit Attributable to Parent (Excl. Non-recurring) | 3.410 billion yuan | +56.12% | | Power Generation | 206.026 billion kWh | -2.03% (comparable basis) | | Heat Supply | 113 million GJ | +1.41% | | Utilization Hours | 1761 hours | Decrease of 262 hours | | Average Coal Price at Furnace | 831.48 yuan/ton | Decrease of 87.46 yuan/ton | - In H1 2025, the company added **6.4516 million kW** of new energy controlled installed capacity, including **329,300 kW** of wind power and **6.1223 million kW** of photovoltaic power[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Despite declining electricity prices and volumes, the company achieved growth in net profit attributable to parent excluding non-recurring items by focusing on value creation, ensuring energy supply, enhancing operational capabilities, and effectively controlling fuel costs; it also actively promoted thermal power transformation and new energy projects to optimize energy structure - In H1 2025, the company achieved operating revenue of **77.655 billion yuan**, a YoY decrease of **9.52%**; net profit attributable to parent was **3.687 billion yuan**, a YoY decrease of **45.11%**[34](index=34&type=chunk) - Considering the impact of transferring Guodian Jiantou Inner Mongolia Energy Co. in the prior year, net profit attributable to parent excluding non-recurring items reached **3.410 billion yuan**, a YoY increase of **56.12%**[34](index=34&type=chunk) 2025 H1 Power Generation and YoY Change | Segment | Power Generation (billion kWh) | YoY Change | | :--- | :--- | :--- | | Total | 206.026 | -3.61% | | Thermal Power | 161.467 | -7.40% | | Hydropower | 22.870 | -6.44% | | Wind Power | 11.355 | +10.37% | | Photovoltaic | 10.335 | +122.55% | - The average on-grid tariff was **409.70 yuan/MWh**, a YoY decrease of **29.51 yuan/MWh**; market-based electricity transactions accounted for **91.60%** of on-grid electricity[36](index=36&type=chunk) - The company's power generation equipment average utilization hours were **1761 hours**, a YoY decrease of **262 hours**; wind power utilization hours increased by **22 hours**, and photovoltaic by **81 hours**[36](index=36&type=chunk) - The average coal price at furnace was **831.48 yuan/ton**, a YoY decrease of **87.46 yuan/ton**, or **9.52%**, mainly due to loose coal supply and demand and cost control[37](index=37&type=chunk) - In H1 2025, the company's **2 million kW** thermal power units were put into operation with high quality, and it actively promoted "three-reform linkage" for existing units, biomass co-firing, and integrated new energy development[38](index=38&type=chunk) 2025 H1 Key Operating Data by Segment | Operating Indicator | Thermal Power Segment | Hydropower Segment | Wind Power Segment | Photovoltaic Segment | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Controlled Installed Capacity (million kW) | 7,663.30 | 1,495.06 | 1,016.91 | 1,840.29 | 12,015.56 | | Power Generation (billion kWh) | 1,614.67 | 228.70 | 113.55 | 103.35 | 2,060.26 | | Average On-grid Tariff (yuan/MWh) | 428.75 (coal-fired)/853.43 (gas-fired) | 273.53 | 450.10 | 329.84 | 409.70 | | Utilization Hours | 2,155 (thermal) | 1,530 | 1,127 | 606 | 1,761 | | Net Profit Attributable to Parent (billion yuan) | 19.67 | 8.83 | 5.29 | 5.91 | 36.87 | | Total Assets (billion yuan) | 2,106.69 | 1,450.79 | 659.56 | 858.59 | 5,104.41 | | Pre-construction, Infrastructure Expenditure (billion yuan) | 73.04 | 66.28 | 72.24 | - | 211.91 | [Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include a high-quality conventional energy portfolio, transformation of thermal power to integrated energy services, advantages in cascade hydropower development, refined cost control capabilities, and technology innovation driven by the "AI+" action plan - As China Energy Investment Group's conventional energy generation integration platform, the company's assets are distributed across 30 provinces, possessing a high-quality thermal and hydropower asset structure and excellent sustained profitability[42](index=42&type=chunk) - The company actively promotes thermal power's integrated energy transformation, accelerating integration into urban development to provide multi-supply services (electricity, heat, cold, gas, water), and deepens "three-reform linkage" for thermal units to enhance peak shaving and frequency regulation capabilities[43](index=43&type=chunk) - The hydropower segment leverages China Energy Investment Group's synergy, securing resources in Dadu River, Kaidu River, and other basins for cascade power station development, while actively exploring "hydro-wind-solar-storage" integrated base construction[44](index=44&type=chunk) - The company deeply implements a comprehensive cost leadership strategy, promoting activity-based costing, and effectively enhancing cost control through fuel supply and price control, optimized procurement structure, and refined coal blending[45](index=45&type=chunk)[46](index=46&type=chunk) - The company vigorously promotes technological innovation, building a "1+M+N" big data system, coordinating the "AI+" action plan, and deeply integrating AI and big data platforms to explore applications across the entire value chain[47](index=47&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This period saw decreases in both operating revenue and costs, reduced financial expenses, but a significant drop in investment income due to the prior year's subsidiary transfer; net cash flow from operating activities increased, from investing activities decreased, and from financing activities increased; asset and liability structure remained stable, with increases in short-term borrowings and other non-current liabilities; H1 investments totaled 21.191 billion yuan, mainly for new energy, hydropower, and thermal power projects Analysis of Major Financial Statement Items Changes | Item | Current Period (Yuan) | Prior Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 77,654,698,561.51 | 85,828,214,649.33 | -9.52 | | Operating Cost | 65,021,612,099.66 | 73,281,738,092.41 | -11.27 | | Financial Expenses | 2,883,481,023.87 | 3,221,810,605.50 | -10.50 | | Investment Income | 1,228,843,976.92 | 6,058,607,314.23 | -79.72 | | Net Cash Flow from Operating Activities | 25,976,808,703.64 | 21,853,500,845.45 | 18.87 | | Net Cash Flow from Investing Activities | -23,180,982,366.30 | -21,779,813,969.50 | -6.43 | | Net Cash Flow from Financing Activities | -1,139,804,584.16 | -1,704,809,588.64 | 33.14 | - Operating revenue decreased by **9.52%** YoY, mainly due to lower electricity sales prices; operating costs decreased by **11.27%** YoY, primarily due to the company's continuous efforts in cost control and lower fuel costs[49](index=49&type=chunk) - Investment income decreased by **79.72%** YoY, mainly due to the transfer of Guodian Jiantou Inner Mongolia Energy Co., Ltd. in the prior year[49](index=49&type=chunk) Asset and Liability Status Changes | Item Name | Period-end Amount (Yuan) | % of Total Assets at Period-end | Prior Year-end Amount (Yuan) | % of Total Assets at Prior Year-end | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 879,897,158.53 | 0.17 | 1,366,297,682.47 | 0.28 | -35.60 | Mainly due to reduced bill settlements | | Short-term Borrowings | 38,175,914,551.73 | 7.48 | 30,412,536,493.35 | 6.16 | 25.53 | Mainly due to increased financing scale | | Other Non-current Liabilities | 18,210,712,844.81 | 3.57 | 13,626,941,867.77 | 2.76 | 33.64 | Mainly due to increased medium-term notes in current period | - As of the end of the reporting period, the company's overseas assets were **67,141,267.28 yuan**, accounting for **0.01%** of total assets[54](index=54&type=chunk) Major Restricted Assets as of Reporting Period End | Item | Period-end Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1,414,439,882.93 | Time deposits, guarantees, etc. | | Fixed Assets | 3,453,605,996.13 | Finance lease | | Construction in Progress | 1,063,034,502.83 | Finance lease | | Total | 5,931,080,381.89 | | - In H1 2025, the company's pre-construction and infrastructure investment was **21.191 billion yuan**, a decrease of **29.90%** YoY[58](index=58&type=chunk) - The company holds financial assets measured at fair value, such as Guodian NARI and YGSOFT, with a total book value of **1.163 billion yuan** at period-end[61](index=61&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=V.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial status and operating performance of the company's major subsidiaries, with Beijing Guodian Power Co., Ltd. and Guoneng Dadu River Basin Hydropower Development Co., Ltd. being key profit contributors; some subsidiaries, such as China Energy Investment Group Inner Mongolia Shangmiaomiao Power Generation Co., Ltd. and Guodian Xiangshan Offshore Wind Power Co., Ltd., experienced significant YoY changes in net profit Major Subsidiary Information (June 30, 2025) | Subsidiary Name | Industry | Main Products | Paid-in Capital (billion yuan) | Total Assets (billion yuan) | Net Assets Attributable to Parent (billion yuan) | 2025 Jan-Jun Net Profit Attributable to Parent (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Guodian Power Co., Ltd. | Power Generation | Electricity | 10.00 | 153.777 | 63.650 | 2.257 | | Guoneng Dadu River Basin Hydropower Development Co., Ltd. | Power Generation | Electricity | 19.622 | 132.853 | 28.035 | 0.939 | | China Energy Investment Group Shandong Power Co., Ltd. | Power Generation | Electricity | 5.996 | 25.337 | 7.240 | 0.278 | Subsidiaries with Operating Performance Changes > 30% YoY and Significant Impact on Company Performance | Subsidiary Name | 2025 Jan-Jun Net Profit Attributable to Parent (million yuan) | 2024 Jan-Jun Net Profit Attributable to Parent (million yuan) | Increase from 2024 Jan-Jun (million yuan) | Increase Rate from 2024 Jan-Jun (%) | | :--- | :--- | :--- | :--- | :--- | | China Energy Investment Group Shandong Power Co., Ltd. | 277.72 | 154.89 | 122.83 | 79.30 | | China Energy Investment Group Inner Mongolia Shangmiaomiao Power Generation Co., Ltd. | 228.98 | 94.38 | 134.60 | 142.62 | | Guodian Xiangshan Offshore Wind Power Co., Ltd. | 103.16 | 207.18 | -104.02 | -50.21 | | Guodian Power Handan Dongjiao Thermal Power Co., Ltd. | 80.65 | 30.75 | 49.90 | 162.25 | | Guodian Power Shaanxi New Energy Development Co., Ltd. | 60.12 | 3.15 | 56.96 | 1,805.92 | [Other Disclosure Matters](index=17&type=section&id=VI.%20Other%20Disclosure%20Matters) The company faces multiple risks in energy supply, new energy development, electricity market, and coal market, with corresponding countermeasures in place; it actively responds to the "quality improvement, efficiency enhancement, and high returns" initiative through strengthened management, safety and environmental protection, accelerated low-carbon transition, improved corporate governance, and enhanced investor returns - The company faces uncertainties in electricity supply and demand and challenges from high-proportion new energy grid connection, having prepared emergency plans to ensure thermal power can generate, support, and stabilize when needed[66](index=66&type=chunk) - New energy development faces risks such as scarcity of quality project resources, insufficient grid absorption, increased land demand, and uncertain market electricity prices; the company will prioritize scale and quality, systematically study policies, and reasonably control costs[67](index=67&type=chunk) - Accelerated electricity market reforms increase price volatility and uncertainty; the company will establish an electricity marketing system adapted to spot market needs, strengthening policy analysis and trading capabilities[68](index=68&type=chunk) - Coal market prices may fluctuate upwards; the company will accurately assess market trends, scientifically set price caps, optimize procurement rhythm and structure, and leverage integrated industrial synergy[69](index=69&type=chunk) - The company actively responds to the "quality improvement, efficiency enhancement, and high returns" initiative by strengthening operational management, strictly enforcing safety and environmental protection, accelerating low-carbon transition (e.g., grid connection of the **3 million kW** Mengxi Blue Sea PV power station), improving corporate governance, and enhancing investor returns (e.g., formulating 2025-2027 cash dividend plan and 2025 semi-annual profit distribution plan) to promote high-quality development[71](index=71&type=chunk)[72](index=72&type=chunk) Section IV Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - No changes occurred in the company's directors, supervisors, or senior management during the reporting period[74](index=74&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes a 2025 semi-annual profit distribution plan of 1.00 yuan (tax inclusive) cash dividend per 10 shares, totaling an estimated 1.784 billion yuan, representing 48.38% of H1 net profit attributable to parent, subject to shareholder approval 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Distribution or Conversion | Yes | | Dividend per 10 shares (yuan) (tax inclusive) | 1.00 | | Estimated dividend amount | 1.784 billion yuan | | % of 2025 H1 consolidated net profit attributable to parent | 48.38% | - The profit distribution plan is subject to approval by the company's second extraordinary general meeting of shareholders in 2025[74](index=74&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=III.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[75](index=75&type=chunk) [Environmental Information Disclosure in Accordance with Law](index=19&type=section&id=IV.%20Environmental%20Information%20Disclosure%20in%20Accordance%20with%20Law) 57 of the company's enterprises are included in the list of enterprises required to disclose environmental information by law, with provided indexes for relevant environmental information reports, demonstrating the company's compliance in environmental information disclosure - **57** of the company's enterprises are included in the list of enterprises required to disclose environmental information by law[75](index=75&type=chunk) - The report provides an index for environmental information disclosure reports for each enterprise, such as Guoneng (Zhaoqing) Thermal Power Co., Ltd. and Guoneng Bengbu Power Generation Co., Ltd.[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=21&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) In H1 2025, the company actively fulfilled its social responsibilities, carrying out assistance work in Qinghai, Sichuan, Xinjiang, and other regions, investing 1.3294 million yuan in aid funds and 22.1869 million yuan in consumption assistance, while innovatively implementing "Rural Energy Revolution" photovoltaic projects and "Leading Goose Project" talent assurance programs to support rural revitalization 2025 H1 Assistance Work Investment | Item | Amount (million yuan) | | :--- | :--- | | Assistance Funds | 1.3294 | | Consumption Assistance | 22.1869 | | Assistance in Selling Agricultural Products | 2.7747 | | Introduced Gratuitous Assistance Funds | 0.3762 | - The company continued to effectively carry out assistance work in Qinghai, Sichuan, Xinjiang, and other regions, actively promoting rural organizational, talent, and industrial revitalization[77](index=77&type=chunk) - The company's controlling subsidiary, Guoneng Dadu River Basin Hydropower Development Co., Ltd., piloted the "Rural Energy Revolution" photovoltaic project and collaborated with universities on the "Leading Goose Project" to provide talent assurance for rural revitalization[78](index=78&type=chunk) Section V Important Matters [Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) Controlling shareholder China Energy Investment Group committed to using Guodian Power as its conventional energy generation integration platform, gradually injecting assets, granting priority selection rights, reducing related-party transactions, avoiding fund occupation, and not interfering with operations; China Energy Investment Group strictly fulfilled all commitments during the reporting period - China Energy Investment Group committed to using Guodian Power as its conventional energy generation integration platform, gradually injecting assets, and granting Guodian Power priority selection rights for conventional energy generation businesses[80](index=80&type=chunk) - China Energy Investment Group committed to eliminating and avoiding non-operating occupation of Guodian Power's funds and assets, and reducing related-party transactions with Guodian Power and its subsidiaries[80](index=80&type=chunk)[81](index=81&type=chunk) - During the reporting period, China Energy Investment Group strictly fulfilled all commitments, including asset injection, resolution of horizontal competition, and related-party transactions[80](index=80&type=chunk)[81](index=81&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=23&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties[82](index=82&type=chunk) [Irregular Guarantees](index=23&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, there were no irregular guarantees - During the reporting period, there were no irregular guarantees[82](index=82&type=chunk) [Semi-Annual Report Audit Status](index=24&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=24&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year%27s%20Annual%20Report) During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report - During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report[83](index=83&type=chunk) [Bankruptcy and Reorganization Matters](index=24&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) Asset disposal for Guodian Inner Mongolia Jingyang Energy Co., Ltd.'s bankruptcy liquidation has been completed; Guodian Shou County Wind Power Co., Ltd. entered bankruptcy proceedings in January 2025, no longer consolidated, impacting net profit attributable to parent by a reduction of 25 million yuan - In the bankruptcy liquidation case of Guodian Inner Mongolia Jingyang Energy Co., Ltd., assets included in the disposal list have been auctioned off[83](index=83&type=chunk) - Guodian Shou County Wind Power Co., Ltd. entered bankruptcy proceedings in January 2025, is no longer consolidated, and impacted the company's net profit attributable to parent by a reduction of **25 million yuan**[84](index=84&type=chunk) [Major Litigation and Arbitration Matters](index=24&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during the reporting period[85](index=85&type=chunk) [Suspected Violations, Penalties, and Rectification of Listed Company, Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=24&type=section&id=VIII.%20Suspected%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller - During the reporting period, there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller[85](index=85&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=24&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no matters requiring explanation - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no matters requiring explanation[85](index=85&type=chunk) [Major Related-Party Transactions](index=24&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in various daily operating related-party transactions with affiliated parties, including loans, finance leases, factoring, fuel procurement, equipment purchases, and technical services, all within the estimated scope; additionally, the company transferred 100% equity of Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, increasing net profit attributable to parent by 179 million yuan 2025 Annual Daily Related-Party Transaction Progress (as of end of June) | Related-Party Transaction Content | Estimated Amount (billion yuan) | Actual Completed Amount (billion yuan) | | :--- | :--- | :--- | | Accept direct and entrusted loans from related parties | 1200.00 | 556.61 | | Pay entrusted loan handling fees to related parties | 0.50 | 0.03 | | Accept finance lease services from Guoneng Financial Leasing Co., Ltd. | 300.00 | 106.16 | | Maximum deposit balance at China Energy Investment Group Finance Co., Ltd. | Not exceeding 400.00 | 162.00 | | Accept factoring services | 300.00 | 116.35 | | Purchase fuel and transportation services from China Energy Investment Group and its subsidiaries | 1160.00 | 128.60 | | Purchase equipment and products from China Energy Investment Group and its subsidiaries | 80.00 | 24.69 | | Accept technical and other services from China Energy Investment Group and its subsidiaries | 80.00 | 17.09 | | Provide electricity, heat, water, etc. to China Energy Investment Group and its subsidiaries | 12.00 | 1.87 | | Lease office buildings to China Energy Investment Group and its subsidiaries | 0.23 | 0.40 | | Sell fuel to China Energy Investment Group and its subsidiaries | 100.00 | 0.34 | | Provide management, labor, and other services to China Energy Investment Group and its subsidiaries | 10.00 | 2.71 | - The company transferred **100%** equity of Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, China Energy Investment Group Co., Ltd., via non-public agreement for **289.52836775 million yuan**; the equity transfer was completed in February 2025, increasing the company's net profit attributable to parent by **179 million yuan**[88](index=88&type=chunk)[89](index=89&type=chunk) Company and Related-Party Financial Transactions | Related Party | Business Type | Beginning Balance (billion yuan) | Total Deposits/Loans in Current Period (billion yuan) | Total Withdrawals/Repayments in Current Period (billion yuan) | Ending Balance (billion yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Energy Investment Group Finance Co., Ltd. (Deposits) | Deposits | 14.747 | 216.949 | 215.496 | 16.200 | | China Energy Investment Group Finance Co., Ltd. (Loans) | Loans | 60.597 | 7.075 | 12.725 | 54.947 | | Guoneng Financial Leasing Co., Ltd. | Finance Lease and Sale-Leaseback | - | - | - | 10.616 (Actual amount) | | Guoneng (Beijing) Commercial Factoring Co., Ltd. | Factoring | - | - | - | 11.635 (Actual amount) | Section VI Share Changes and Shareholder Information [Share Capital Changes](index=31&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period - The company's total share capital and share structure remained unchanged during the reporting period[99](index=99&type=chunk) [Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 365,646 common shareholders; among the top ten shareholders, China Energy Investment Group Co., Ltd. held 50.68%, serving as the controlling shareholder - As of the end of the reporting period, the total number of common shareholders was **365,646**[100](index=100&type=chunk) Top Ten Shareholders' Shareholdings (Excluding shares lent via securities lending) | Shareholder Name | Period-end Shareholding (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Energy Investment Group Co., Ltd. | 9,038,709,571 | 50.68 | State-owned Legal Person | | China Securities Finance Corporation Limited | 896,934,967 | 5.03 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 468,703,356 | 2.63 | Overseas Legal Person | | China Chengtong Holdings Group Ltd. | 234,688,835 | 1.32 | State-owned Legal Person | | Central Huijin Asset Management Co., Ltd. | 209,375,400 | 1.17 | State-owned Legal Person | | Shanghai Electric Holding Group Co., Ltd. | 200,000,000 | 1.12 | State-owned Legal Person | - China Energy Investment Group is the controlling shareholder; it is unknown whether other shareholders have related-party relationships or are acting in concert[103](index=103&type=chunk) Section VII Bond-Related Information [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=35&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company's outstanding corporate bonds include "22 Guodian 02" and "GK25DDH1," totaling 2.2 billion yuan; non-financial enterprise debt financing instruments amount to 19.969 billion yuan; the company strictly adheres to its debt repayment plan, with no non-operating intercompany receivables or fund borrowings during the reporting period; consolidated interest-bearing debt totaled 321.354 billion yuan, a YoY change of 2.58% Basic Information on Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guodian Power Development Co., Ltd. 2022 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) (Type 2) | 22 Guodian 02 | 185281.SH | 2022/1/13 | 2027/1/17 | 7 | 3.25 | | Guoneng Dadu River Basin Hydropower Development Co., Ltd. 2025 Publicly Issued Sci-Tech Innovation Green Corporate Bonds to Professional Investors (Tranche 1) | GK25DDH1 | 243450.SH | 2025/7/29 | 2028/7/30 | 15 | 1.88 | - During the reporting period, no bond enhancement measures were taken for corporate bonds, and the company strictly adhered to the repayment plan and other debt servicing measures stipulated in the bond prospectus, with no changes to these plans or measures[110](index=110&type=chunk) - At the beginning and end of the reporting period, the company's consolidated non-operating intercompany receivables and fund borrowings balance was **0 billion yuan**[111](index=111&type=chunk) Company Consolidated Interest-Bearing Debt Structure | Interest-Bearing Debt Category | Within 1 Year (incl.) (billion yuan) | Over 1 Year (excl.) (billion yuan) | Total Amount (billion yuan) | % of Total Interest-Bearing Debt | | :--- | :--- | :--- | :--- | :--- | | Corporate Credit Bonds | 20.41 | 189.21 | 209.62 | 6.52 | | Bank Loans | 502.48 | 1,678.14 | 2,180.62 | 67.86 | | Non-Bank Financial Institution Loans | 120.51 | 439.75 | 560.26 | 17.43 | | Other Interest-Bearing Debt | 139.55 | 123.49 | 263.04 | 8.19 | | Total | 782.95 | 2,430.59 | 3,213.54 | - | - At the end of the reporting period, among the company's consolidated outstanding corporate credit bonds, corporate bonds totaled **700 million yuan**, and non-financial enterprise debt financing instruments totaled **19.969 billion yuan**[115](index=115&type=chunk) Key Financial Indicators (Bond-Related) | Key Indicator | Current Period End | Prior Year End | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.48 | 0.50 | -4.00 | | Quick Ratio | 0.44 | 0.45 | -2.22 | | Asset-Liability Ratio (%) | 73.39 | 73.40 | Decrease of 0.01 percentage points | | Net Profit Excluding Non-Recurring Items (Current Period) | 3,410,267,532.52 yuan | 2,184,340,546.69 yuan | 56.12 | | EBITDA to Total Debt | 0.06 | 0.07 | -14.29 | | Interest Coverage Ratio | 3.20 | 3.79 | -15.57 | | Cash Interest Coverage Ratio | 8.70 | 6.92 | 25.72 | | EBITDA Interest Coverage Ratio | 6.08 | 6.06 | 0.33 | | Loan Repayment Rate (%) | 100.00 | 100.00 | - | | Interest Payment Rate (%) | 100.00 | 100.00 | - | Section VIII Financial Report [Audit Report](index=44&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=44&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025 - This section includes the company's consolidated balance sheet and parent company balance sheet as of June 30, 2025[128](index=128&type=chunk)[132](index=132&type=chunk) - This section includes the company's consolidated income statement and parent company income statement for January-June 2025[135](index=135&type=chunk)[138](index=138&type=chunk) - This section includes the company's consolidated cash flow statement and parent company cash flow statement for January-June 2025[141](index=141&type=chunk)[144](index=144&type=chunk) - This section includes the company's consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity for January-June 2025[147](index=147&type=chunk)[150](index=150&type=chunk) [Company Basic Information](index=61&type=section&id=III.%20Company%20Basic%20Information) Guodian Power Development Co., Ltd. was established in 1992, listed on the Shanghai Stock Exchange in 1997, primarily engaged in electricity and heat production and sales; its registered capital is 17.835619082 billion yuan, and its parent company is China Energy Investment Group Co., Ltd. - Guodian Power Development Co., Ltd. was established on December 31, 1992, and listed on the Shanghai Stock Exchange on March 18, 1997, with stock code 600795[152](index=152&type=chunk) - The company's main businesses include electricity and heat production and sales, coal sales, and new energy project development and application; its registered capital is **17.835619082 billion yuan**[153](index=153&type=chunk) - The company's parent company and ultimate controlling party is China Energy Investment Group Co., Ltd.[153](index=153&type=chunk) [Basis of Financial Statement Preparation](index=61&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the relevant provisions of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports"[154](index=154&type=chunk) - The company's financial statements are prepared on a going concern basis[155](index=155&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates followed in preparing the financial statements, covering financial instruments, fixed assets, revenue recognition, government grants, deferred income tax, and explains the judgments, estimates, and assumptions made in applying these policies - The financial statements prepared by the company comply with the requirements of Accounting Standards for Business Enterprises, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[157](index=157&type=chunk) - In applying accounting policies, the company makes judgments, estimates, and assumptions for financial statement items that cannot be measured precisely, such as impairment of financial assets, inventory write-downs, fair value, impairment provisions for long-term assets, depreciation and amortization, deferred income tax assets, income tax, provisions, and fair value measurements[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - The company regularly reviews the aforementioned judgments, estimates, and assumptions on a going concern basis; changes in accounting estimates are recognized in the period of change if they only affect that period, or in the period of change and future periods if they affect both[241](index=241&type=chunk) [Taxation](index=83&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax; the company and its subsidiaries enjoy multiple tax incentives, such as a 50% immediate VAT refund for wind power generation, and corporate income tax benefits like small and micro enterprise tax reductions, Western Development policy, and "three-year exemption, three-year half reduction" Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate (%) | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 9%, 6%, 5%, 3%, 1% | | Urban Maintenance and Construction Tax | Actually paid VAT and consumption tax | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 25%, 20%, 15%, 12.5%, 7.5% | - The company's wind power sales subsidiaries enjoy a **50%** immediate VAT refund policy[250](index=250&type=chunk) - Several of the company's subsidiaries enjoy corporate income tax incentives, including small and micro enterprise tax reductions, Western Development policy, and "three-year exemption, three-year half reduction" policies, valid until 2027 or 2030[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) IX Changes in Consolidation Scope [Business Combinations Not Under Common Control](index=174&type=section&id=I.%20Business%20Combinations%20Not%20Under%20Common%20Control) During the reporting period, the company acquired Hami Guotou Jingxia Solar Power Generation Co., Ltd. and Longhui Niuxingshan New Energy Co., Ltd. through cash acquisitions, with acquisition costs of 1.00 yuan and 330,194,936.97 yuan respectively, resulting in business combinations not under common control Business Combinations Not Under Common Control Occurring in Current Period | Acquiree Name | Equity Acquisition Date | Equity Acquisition Cost (Yuan) | Equity Acquisition Ratio (%) | Acquisition Method | Acquisition Date | Basis for Acquisition Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hami Guotou Jingxia Solar Power Generation Co., Ltd. | 2025/1/9 | 1.00 | 100.00 | Cash acquisition | 2025/1/9 | Equity transfer agreement | | Longhui Niuxingshan New Energy Co., Ltd. | 2025/4/18 | 330,194,936.97 | 100.00 | Cash acquisition | 2025/4/18 | Equity transfer agreement | - The acquisition costs for Hami Guotou Jingxia Solar Power Generation Co., Ltd. and Longhui Niuxingshan New Energy Co., Ltd. were both less than the fair value share of identifiable net assets acquired, resulting in negative goodwill[175](index=175&type=chunk) [Disposal of Subsidiaries](index=177&type=section&id=II.%20Disposal%20of%20Subsidiaries) During the reporting period, the company disposed of three subsidiaries: Guodian Wanneng Shou County Wind Power Co., Ltd. lost control due to bankruptcy liquidation, and Guoneng Power Engineering Management Co., Ltd. and Guodian Wenzhou Hydropower Co., Ltd. lost control through equity transfers - Guodian Wanneng Shou County Wind Power Co., Ltd. lost control due to bankruptcy liquidation on January 6, 2025; the difference between the disposal price and the share of net assets in the consolidated financial statements corresponding to the disposed investment was **-25,010,751.72 yuan**[177](index=177&type=chunk) - Guoneng Power Engineering Management Co., Ltd. was disposed of via agreement transfer on January 31, 2025, for **289,528,367.75 yuan**; the difference between the disposal price and the share of net assets in the consolidated financial statements corresponding to the disposed investment was **188,839,132.06 yuan**[177](index=177&type=chunk) - Guodian Wenzhou Hydropower Co., Ltd. was disposed of via public tender transfer on March 31, 2025, for **10,000.00 yuan**; the difference between the disposal price and the share of net assets in the consolidated financial statements corresponding to the disposed investment was **10,828,065.46 yuan**[177](index=177&type=chunk) [Changes in Consolidation Scope Due to Other Reasons](index=179&type=section&id=III.%20Changes%20in%20Consolidation%20Scope%20Due%20to%20Other%20Reasons) During the reporting period, the company added 30 subsidiaries through investment establishment, primarily in the new energy sector, and reduced Guoneng Longyuan Power Technology Engineering Co., Ltd. through equity transfer - During the reporting period, the company added **30** subsidiaries through investment establishment, including Guoneng (Jiangsu Huai'an) Energy Development Co., Ltd., Guoneng Baoyan New Energy (Zhenjiang) Co., Ltd., and Guoneng Awati New Energy Development Co., Ltd., primarily involved in new energy development and energy development[179](index=179&type=chunk)[180](index=180&type=chunk) - The company reduced Guoneng Longyuan Power Technology Engineering Co., Ltd. through equity transfer[180](index=180&type=chunk) X Interests in Other Entities [Interests in Subsidiaries](index=180&type=section&id=I.%20Interests%20in%20Subsidiaries) This section details the composition of the company and its subsidiaries, including main operating locations, registered capital, business nature, shareholding percentages, and acquisition methods; the company has numerous subsidiaries, with Beijing Guodian Power Co., Ltd. and Guoneng Dadu River Basin Hydropower Development Co., Ltd. being significant non-wholly owned subsidiaries with a notable impact on the company's performance - The company has numerous subsidiaries, covering various business areas such as thermal power, hydropower, new energy power generation, coal, and technology environmental protection, distributed across the country[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - Beijing Guodian Power Co., Ltd. and Guoneng Dadu River Basin Hydropower Development Co., Ltd. are significant non-wholly owned subsidiaries, with minority shareholders holding **42.53%** and **20.00%** respectively[205](index=205&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiaries (June 30, 2025) | Subsidiary Name | Current Assets (Yuan) | Non-current Assets (Yuan) | Total Assets (Yuan) | Current Liabilities (Yuan) | Non-current Liabilities (Yuan) | Total Liabilities (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Guodian Power Co., Ltd. | 29,740,534,892.82 | 124,036,705,134.59 | 153,777,240,027.41 | 37,101,906,999.69 | 23,551,488,988.92 | 60,653,395,988.61 | | Guoneng Dadu River Basin Hydropower Development Co., Ltd. | 2,002,438,368.01 | 130,850,912,265.45 | 132,853,350,633.46 | 11,869,578,512.85 | 89,014,775,571.34 | 100,884,354,084.19 | Key Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period Occurrence) | Subsidiary Name | Operating Revenue (Yuan) | Net Profit (Yuan) | Total Comprehensive Income (Yuan) | Net Cash Flow from Operating Activities (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Guodian Power Co., Ltd. | 44,790,981,999.91 | 3,409,016,979.66 | 3,408,888,039.25 | 11,674,937,037.15 | | Guoneng Dadu River Basin Hydropower Development Co., Ltd. | 4,570,230,938.49 | 1,026,079,290.25 | 1,026,079,290.25 | 3,447,123,357.12 | - The company controls some subsidiaries with **50%** or less voting rights, or does not control some with more than **50%** voting rights, primarily based on substantive control over daily operations and financial policies, and entrusted management agreements[204](index=204&type=chunk) [Interests in Joint Ventures or Associates](index=206&type=section&id=II.%20Interests%20in%20Joint%20Ventures%20or%20Associates) The company holds significant interests in several joint ventures and associates, including Shanghai Waigaoqiao No. 2 Power Generation Co., Ltd., Jinneng Holding Coal Industry Group Tongxin Coal Mine Shanxi Co., Ltd., and Zhejiang Zheneng Beilun Power Generation Co., Ltd.; these investments are accounted for using the equity method and impact the company's net profit and comprehensive income; some joint ventures or associates have accumulated unrecognized excess losses Significant Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Business Nature | Shareholding Percentage (%) | | :--- | :--- | :--- | :--- | | Shanghai Waigaoqiao No. 2 Power Generation Co., Ltd. | Shanghai | Electricity Supply | 40.00 | | Jinneng Holding Coal Industry Group Tongxin Coal Mine Shanxi Co., Ltd. | Datong, Shanxi | Energy | 28.00 | | Zhejiang Zheneng Beilun Power Generation Co., Ltd. | Hangzhou, Zhejiang | Electricity Supply | 49.00 | Key Financial Information of Significant Joint Ventures (H1 2025) | Indicator | Shanghai Waigaoqiao No. 2 Power Generation Co., Ltd. (Yuan) | | :--- | :--- | | Total Assets | 5,642,495,658.26 | | Total Liabilities | 896,840,766.41 | | Equity Attributable to Parent Company Shareholders | 4,745,654,891.85 | | Book Value of Equity Investment in Joint Venture | 1,894,292,636.31 | | Operating Revenue | 1,875,744,698.85 | | Net Profit | 376,719,089.38 | | Total Comprehensive Income | 376,719,089.38 | | Dividends Received from Joint Venture in Current Year | 40,000,000.00 | Key Financial Information of Significant Associates (H1 2025) | Indicator | Jinneng Holding Coal Industry Group Tongxin Coal Mine Shanxi Co., Ltd. (Yuan) | Zhejiang Zheneng Beilun Power Generation Co., Ltd. (Yuan) | | :--- | :--- | :--- | | Total Assets | 25,952,315,061.47 | 5,221,633,321.33 | | Total Liabilities | 15,574,378,765.58 | 580,619,515.96 | | Equity Attributable to Parent Company Shareholders | 10,377,144,487.00 | 4,641,013,805.37 | | Book Value of Equity Investment in Associate | 2,881,882,934.90 | 2,352,628,019.12 | | Operating Revenue | 2,276,074,016.39 | 1,946,960,547.22 | | Net Profit | 12,305,820.32 | 252,127,403.88 | | Total Comprehensive Income | 12,305,820.32 | 252,127,403.88 | Excess Losses Incurred by Joint Ventures or Associates (Accumulated Unrecognized Losses at Period-end) | Joint Venture or Associate Name | Accumulated Unrecognized Losses at Period-end (Yuan) | | :--- | :--- | | Jinkong Power Shanxi Guodian Wangping Power Generation Co., Ltd. | 192,763,787.60 | | Guoneng Western Energy Qingsong Xinjiang Mining Co., Ltd. | 40,691,705.53 | | Shengli Guodian (Dongying) Thermal Power Co., Ltd. | 115,333,186.35 | XI Government Grants [Government Grants Recognized by Receivable Amount at Period-end](index=211&type=section&id=I.%20Government%20Grants%20Recognized%20by%20Receivable%20Amount%20at%20Period-end) At the end of the reporting period, government grants recognized by receivable amount totaled 215,987,915.18 yuan - At the end of the reporting period, government grants recognized by receivable amount totaled **215,987,915.18 yuan**[211](index=211&type=chunk) [Liability Items Related to Government Grants](index=211&type=section&id=II.%20Liability%20Items%20Related%20to%20Government%20Grants) The company's liability items related to government grants are primarily deferred income, with a period-end balance of 711,501,185.56 yuan, mainly asset-related Liability Items Related to Government Grants (Deferred Income) | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Period-end Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 741,050,564.77 | 8,166,288.17 | 33,206,019.72 | 711,501,185.56 | Asset-related | [Government Grants Recognized in Current Profit or Loss](index=211&type=section&id=III.%20Government%20Grants%20Recognized%20in%20Current%20Profit%20or%20Loss) Total government grants recognized in current profit or loss for the period amounted to 244,452,023.87 yuan, with 33,206,019.72 yuan being asset-related and 211,246,004.15 yuan income-related Government Grants Recognized in Current Profit or Loss | Type | Amount in Current Period (Yuan) | Amount in Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 33,206,019.72 | 38,225,008.59 | | Income-related | 211,246,004.15 | 198,302,881.84 | | Total | 244,452,023.87 | 236,527,890.43 | XII Risks Related to Financial Instruments [Risk Management Objectives and Strategies for Financial Instruments](index=211&type=section&id=I.%20Risk%20Management%20Objectives%20and%20Strategies%20for%20Financial%20Instruments) The company aims to balance risk and return, minimizing negative impacts and maximizing shareholder value by managing and monitoring credit, liquidity, and market risks; it assesses credit risk for electricity sales receivables, bank deposits, and related-party financial institution deposits, maintains sufficient cash and cash equivalents for liquidity, and continuously monitors interest rates for market risk related to floating-rate borrowings - The company's risk management objective is to achieve an appropriate balance between risk and return, minimizing negative impacts on operating performance and maximizing the interests of shareholders and other equity investors[212](index=212&type=chunk) - Credit risk primarily arises from electricity sales receivables (mainly from grid companies) and coal/chemical product sales receivables, as well as bank deposits and deposits in related-party non-bank financial institutions[212](index=212&type=chunk) - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring bank borrowing utilization[212](index=212&type=chunk) Financial Liabilities Maturity Analysis (Period-end Balance) | Item | Within 1 Year (Yuan) | Over 1 Year (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 38,175,914,551.73 | - | 38,175,914,551.73 | | Long-term Borrowings | 24,122,652,307.40 | 211,789,585,275.39 | 235,912,237,582.79 | | Bonds Payable | 145,490.26 | 710,045,714.64 | 710,191,204.90 | | Lease Liabilities | 734,656,949.92 | 3,101,889,954.98 | 3,836,546,904.90 | | Other Non-current Liabilities | 2,041,196,539.13 | 18,210,712,844.81 | 20,251,909,383.94 | | Total | 123,797,491,425.94 | 242,831,246,072.50 | 366,628,737,498.44 | - Market risk primarily includes interest rate risk (related to floating-rate bank borrowings) and other price risks (mainly investments in other equity instruments measured at fair value)[213](index=213&type=chunk) XIII Fair Value Disclosures [Period-end Fair Value of Assets and Liabilities Measured at Fair Value](index=214&type=section&id=I.%20Period-end%20Fair%20Value%20of%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) The company's total assets continuously measured at fair value at period-end amounted to 2,312,202,572.22 yuan, primarily comprising investments in other equity instruments and receivables financing; investments in other equity instruments are measured using Level 1 and Level 3 inputs, while receivables financing uses Level 2 inputs Period-end Fair Value Measurement Items | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Investments in Other Equity Instruments | 953,047,325.70 | - | 1,278,887,246.23 | 2,231,934,571.93 | | Receivables Financing | - | 80,268,000.29 | - | 80,268,000.29 | | Total Assets Continuously Measured at Fair Value | 953,047,325.70 | 80,268,000.29 | 1,278,887,246.23 | 2,312,202,572.22 | - Level 1 fair value measurement items are financial assets with active markets, valued using quoted prices in those markets[215](index=215&type=chunk) - Level 2 fair value measurement items are receivables financing (bank acceptance bills) with short remaining maturities, where book value approximates fair value[215](index=215&type=chunk) - Level 3 fair value measurement items primarily consist of unlisted equity investments held by the company and its subsidiaries, with fair value determined using valuation techniques such as comparable company analysis[215](index=215&type=chunk)[216](index=216&type=chunk) XIV Related Parties and Related-Party Transactions [Information on the Company's Parent Company](index=216&type=section&id=I.%20Information%20on%20the%20Company%27s%20Parent%20Company) The company's parent company is China Energy Investment Group Co., Ltd., which directly and indirectly holds 51.32% of the company's total share capital; the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council Parent Company Information | Parent Company Name | Registered Address | Business Nature | Registered Capital (billion yuan) | Parent Company's Shareholding Ratio in the Company (%) | Parent Company's Voting Rights Ratio in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Energy Investment Group Co., Ltd. | Dongcheng District, Beijing | Leasing and Business Services | 132.095 | 51.32 | 51.32 | - The ultimate controlling party of the company is the State-owned Assets Supervision and Administration Commission of the State Council[216](index=216&type=chunk) [Information on the Company's Subsidiaries](index=216&type=section&id=II.%20Information%20on%20the%20Company%27s%20Subsidiaries) Information on the company's subsidiaries is detailed in Note "X. Interests in Other Entities" - Information on the company's subsidiaries is detailed in Note "X. Interests in Other Entities"[216](index=216&type=chunk) [Information on the Company's Joint Ventures and Associates](index=216&type=section&id=III.%20Information%20on%20the%20Company%27s%20Joint%20Ventures%20and%20Associates) Information on the company's significant joint ventures and associates is detailed in Note "X. Interests in Other Entities"; additionally, other joint ventures or associates with which the company had related-party transactions or balances during the period include Shanghai Waigaoqiao No. 3 Power Generation Co., Ltd., Jinneng Holding Coal Industry Group Tongxin Coal Mine Shanxi Co., Ltd., etc. - Information on the company's significant joint ventures and associates is detailed in Note "X. Interests in Other Entities"[217](index=217&type=chunk) - Other joint ventures or associates with which the company had related-party transactions or balances during the period include Shanghai Waigaoqiao No. 3 Power Generation Co., Ltd., Jinneng Holding Coal Industry Group Tongxin Coal Mine Shanxi Co., Ltd., and Zhejiang Zheneng Beilun Power Generation Co., Ltd.[217](index=217&type=

证券代码：600795 证券简称：国电电力 公告编号：临 2025-24 国电电力发展股份有限公司 关于2025年半年度利润分配预案的公告 2.本次利润分配不送红股，不进行资本公积转增股本。如在实施 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。 重要内容提示： 每股派发现金红利0.10元（含税）。 本次利润分配以实施权益分派股权登记日登记的公司总股 本为基数，具体日期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动，将 维持每股分配比例不变，相应调整分配总额，并将另行公告具体调整 情况。 本次利润分配预案尚需提交股东大会审议。 一、利润分配预案内容 根据国电电力发展股份有限公司（以下简称"公司"）2025 年 半年度财务报告（未经审计），2025 年上半年，公司合并报表实现 归属于上市公司股东的净利润为 3,686,597,723.51 元。经董事会决 议，公司将以实施权益分派股权登记日登记的公司总股本为基数，进 行 2025 年半年度利润分配。本次利润分配方案如下： 1.公司拟向全体股东 ...

格隆汇8月18日丨国电电力(600795.SH)公布半年度报告，2025年上半年，在电力量价下行的市场形势 下，公司逆势求进，突出价值创造，实现营业收入776.55亿元，同比减少9.52%；归属于上市公司股东 的净利润36.87亿元，同比减少45.11%，其中火电板块19.67亿元，水电板块8.83亿元，风电及光伏板块 11.20亿元。考虑上年转让国电建投内蒙古能源公司影响，归属于上市公司股东的扣除非经常性损益的 净利润实现34.10亿元，同比增长56.12%。拟每10股派发现金红利1.00元。 ...

国电电力公告，2025年上半年营业收入776.55亿元，同比下降9.52%。净利润36.87亿元，同比下降 45.11%。拟每10股派发现金红利1元（含税），预计分红金额17.84亿元，占公司2025年上半年合并报表 实现归母净利润的48.38%。 ...

一座电站折射发展理念，印证绿色蜕变。 记者从国家电投获悉，该集团重组成立十年来（2015年5月，国家电投由原中国电力投资集团公司与国 家核电技术有限公司重组组建），深入推进绿色低碳高质量发展，将清洁能源作为装机增量主体，培育 清洁能源产业高增长、高比例、高质量、规模化发展优势，为经济社会发展全面绿色转型注入绿色动 能。 8月15日是第三个全国生态日，也是"两山"理念提出二十周年的日子。 国家电投相关负责人表示，重组成立十年来，国家电投勇作"两山"理念的坚定践行者和引领者，始终坚 持把绿色低碳发展作为履行能源央企生态环保责任的重要使命担当，厚植高质量发展的绿色底色，提交 了一张亮眼成绩单。目前，国家电投集团在参与绿色发展评价的中央企业中名列前茅，全面完成国资委 下达的生态环保目标任务，为推动生态文明和美丽中国建设作出积极贡献。 来自国家电投的数据显示：十年来，该集团清洁能源占比从2015年的38.47%，到2019年突破50%，如今 已达到73.08%。年发电量由3808亿千瓦时提升到7244亿千瓦时，清洁电量占比由不足25%提升至 58.32%。仅2024年就发出清洁电量3936亿千瓦时，碳减排效应相当于新造 ...

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating expectations for the sector to perform better than the market in the next six months [6]. Core Views - The report highlights the recent implementation of supporting details for Document No. 136 in Shandong Province, which is expected to stabilize the industry outlook. Additionally, coal prices are on the rise, which may impact profitability positively [1][3]. - The report notes that the public utilities sector index has shown a slight increase in valuation, with a PE ratio of 17.51x as of August 8, 2025, compared to 17.35x the previous week [1][22]. - The report emphasizes the growth in photovoltaic capacity, with an addition of 211.61 GW in the first half of 2025, indicating a strong trend in renewable energy development [34]. Summary by Sections 1. Market Performance - The public utilities sector index increased by 1.61% during the week of August 4-10, 2025, ranking 22nd among 31 sectors [2][10]. - The performance of sub-sectors varied, with thermal power generation up by 2.88% and hydropower down by 0.56% [2][10]. 2. Industry Dynamics - The National Energy Administration reported that the top five provinces for new photovoltaic installations in the first half of 2025 were Jiangsu (22.07 GW), Xinjiang (19.6 GW), Guangdong (15.59 GW), Shandong (15.05 GW), and Yunnan (13.61 GW) [34]. - Shandong's new energy pricing mechanism has set a bidding upper limit of 0.35 CNY/kWh for both wind and solar power, with lower limits established as well [35]. 3. Key Data Tracking - As of August 8, 2025, the price of Shanxi mixed coal (5500) was 678 CNY/ton, reflecting a week-on-week increase of 3.51% [39]. - The report tracked green certificate trading, with a total of 15.38 and 13.68 thousand transactions for wind and solar power respectively during the week of August 4-10, 2025 [43].

Core Viewpoint - Recently, Guodian Power Investment (Qitai) Energy Technology Co., Ltd. was established with a registered capital of 50 million yuan, focusing on power generation, transmission, and distribution services [1] Company Summary - The legal representative of the newly established company is Tong Xinqiang [1] - The company is co-owned by State Power Investment Corporation Limited and Changji Hengjia New Materials Technology Co., Ltd. [1] Industry Summary - The business scope of the company includes power generation, transmission, distribution, electrical installation services, and construction engineering [1]