长江商报消息 ●长江商报记者 沈右荣 中国大型独立发电公司大唐发电（601991.SH、00991.HK）经营业绩延续增长势头。 根据最近披露的三季度报告，2025年前三季度，大唐发电实现营业收入约893亿元，同比下降1.82%； 归母净利润约67亿元，同比增长约51%。 营收小幅下降，归母净利润大幅增长，与成本下降有关。2025年初以来，燃煤价格处于相对低位，大唐 发电的燃煤成本也相应下降。 与之相关的是，2025年前三季度，公司的经营现金流净额为297.23亿元，同比增长34.53%。 作为中国火电巨头，近年来，大唐发电积极调整电力结构，积极布局风电、光伏，形成了"火水风光"多 能互补的电力格局。截至2025年6月末，公司低碳清洁能源装机占比进一步提升至40.87%。 伴随着经营业绩向好，大唐发电的财务状况继续改善。截至2025年9月末，公司资产负债率为66.22%， 进一步下降。前三季度，公司财务费用为33.38亿元，同比减少近7亿元。 燃煤成本下降利润增长 受益于煤炭成本低位运行，大唐发电的经营业绩大幅增长。 根据三季度报告，2025年前三季度，大唐发电实现营业收入893.45亿元，同比下降1.82% ...

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 板块持仓历史新低，配置性价比凸显 报告要点 [Table_Summary] 2025 年三季度，公募基金公用事业板块重仓持股比例为 0.31%，环比上个季度下降 0.78 个百 分点，板块配置比例有所回落，当期配置占比历史同期分位数为 1.61%，同期行业标配比例为 2.29%，超配比例-1.98%。电力持仓占比 0.29%，环比上季度降低 0.78 个百分点。细分板块 中，火电/水电/核电/新能源持仓占电力持仓比重分别为 45.77%、27.23%、2.72%和 24.15%， 分别环比+12.59pct、-25.50pct、-0.82pct 和+13.72pct。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公用事业 cjzqdt11 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大唐國際發電股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00991 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,110,621,398 | RMB | | | 1 RMB | | 6,110,621,398 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 6,110,621,398 | RMB | | | 1 RMB | | 6,110,621,398 | ...

事件：公司发布2025 年三季报，2025 年前三季度公司实现营收893.45 亿元，同比-1.82%；实现归母净 利润67.12 亿元，同比+51.48%；其中，2025年Q3 公司实现营收321.52 亿元，同比-1.62%，实现归母净 利润21.33 亿元，同比+61.18%。 煤机季度电量同比改善，以量补价缓解营收压力。根据公司发布的经营数据，2025 年Q1-3 公司及其子 公司累计完成上网电量2062.41 亿千瓦时，同比+2.02%；其中2025 年Q3 完成上网电量822.48 亿千瓦 时，同比+3.13%。 分类型看，2025 年Q3 公司煤机业务实现上网电量为555.34 亿千瓦时，同比+0.53%，叠加水风光等电源 类型电量同比攀升，带动Q3 上网电量同比增速提高。电价方面，2025 年前三季度公司平均上网电价为 430.19 元/兆瓦时（含税），同比下降约4.32%，以量补价在一定程度上缓解了营收压力。 燃料成本低位带动盈利大增，控费成效明显提振业绩。2025 年Q3，公司营收同比-1.62%，但同期营业 成本同比-10.34%，我们推测主要系煤价同比低位导致公司火电业务燃料成本优势明 ...

机构：中信建投证券 研究员：高兴/侯启明 核心观点 截至2025 年9 月末，公司控股装机容量达8270 万千瓦，其中煤机、燃机、水电、风电和光伏分别为 4847.4、818.5、920.5、1034.5、649.4 万千瓦。2025 前三季度，公司实现上网电量约2062.4 亿千瓦时， 同比变化+2.0%，其中煤机、燃机、水电、风电、光伏分别实现上网电量1428.9、145.8、273.3、 154.3、60.2 亿千瓦时，同比变化-1.2%、-5.9%、+6.5%、+28.9%、+36.8%。单三季度来看，公司实现 上网电量约822.5 亿千瓦时，同比变化+3.2%，其中煤机、燃机、水电、风电、光伏分别实现上网电量 555.3、61.8、138.8、42.0、24.6 亿千瓦时，同比变化-0.5%、-2.2%、+11.7%、+23.1%、+40.1%。前三 季度，公司平均上网电价为人民币430.19 元/兆瓦时（含税），同比下降约4.32%。2025 年前三季度， 公司市场化交易电量约1785.95 亿千瓦时，所占比例约为86.60%。 2025 煤电盈利能力有望维持，维持"买入"评级目前，动力煤供需情况 ...

公司点评 · 公用事业行业 资产减值前置,三季度业绩仍高增长 — 大唐发电 2025 年三季报点评 陶贻功 ☎: 010-80927673 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 核心观点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 123,474 | 123,886 | 126,715 | 128,005 | | 收入增长率 | 0.9% | 0.3% | 2.3% | 1.0% | | 归母净利润(百万元) | 4,506 | 6,855 | 7,296 | 7,505 | | 利润增长率 | 229.7% | 52.1% | 6.4% | 2.9% | | 毛利率 | 14.9% | 17.7% | 18.0% | 18.0% | | 摊薄 EPS(元) | 0.24 | 0.37 | 0.39 | 0.41 | | PE | 15.69 | 10.31 | 9.69 | 9.42 | | ьВ | 0. ...

Core Viewpoint - Datang Power's stock has declined nearly 5% following the announcement of its acquisition of a 50% stake in Anhui Electric Power Co., Ltd. for 1 yuan, which will result in the company being consolidated into Datang's financial statements [1] Group 1: Acquisition Details - Datang Power's wholly-owned subsidiary, Datang Anhui Power Co., Ltd., has acquired a 50% stake in Anhui Electric Power Co., Ltd. from Huainan Mining for 1 yuan [1] - Following the completion of the transaction, Anhui Electric Power will become a wholly-owned subsidiary of Datang International Power Generation Co., Ltd. and will be included in its consolidated financial statements [1] Group 2: Financial Impact - As of the assessment benchmark date of April 30, 2025, Anhui Electric Power's total assets are approximately 787 million yuan, with total liabilities reaching about 2.473 billion yuan, resulting in owner equity of -1.686 billion yuan and a debt-to-asset ratio of approximately 314% [1] - The transaction is expected to reduce the company's consolidated net profit by approximately 589 million yuan [1] - Changjiang Securities reported that Datang Power recognized an asset impairment loss of 1.206 billion yuan in the third quarter, primarily due to goodwill impairment provisions of 779 million yuan related to the acquisition of Anhui Electric Power [1]

Core Viewpoint - Datang Power (00991) has seen a nearly 5% decline in stock price following the announcement of its acquisition of a 50% stake in Anhui Electric Power Co., Ltd. for 1 yuan, which will result in the company being fully consolidated into Datang International Power Generation Co., Ltd. [1] Group 1: Acquisition Details - Datang Power's wholly-owned subsidiary, Datang Anhui Power Co., Ltd., is acquiring a 50% stake in Anhui Electric Power Co., Ltd. from Huainan Mining at a price of 1 yuan [1] - Following the completion of this transaction, Anhui Electric Power will become a wholly-owned subsidiary of Datang International Power Generation and will be included in its consolidated financial statements [1] Group 2: Financial Impact - As of the assessment benchmark date of April 30, 2025, Anhui Electric Power's total assets are approximately 787 million yuan, with total liabilities reaching about 2.473 billion yuan, resulting in owner equity of -1.686 billion yuan and a debt-to-asset ratio of approximately 314% [1] - The transaction is expected to reduce the company's consolidated net profit by approximately 589 million yuan [1] - Changjiang Securities reported that Datang Power recognized an asset impairment loss of 1.206 billion yuan in the third quarter, primarily due to goodwill impairment provisions of 779 million yuan related to the acquisition of Anhui Electric Power [1]

Core Insights - The overall performance of the dividend style sector has been poor from early 2025 to October 28, 2025, while electricity demand has maintained steady growth, with a total electricity consumption of 7.77 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [2][3] - During the 14th Five-Year Plan period, a "wide electricity volume, tight electricity supply" pattern is expected, with comprehensive electricity prices likely to stabilize [2][3] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from the end of 2023 to mid-2025, coal prices have been declining, but began to rebound in July 2025, with the average clearing price in Jiangsu's electricity market reaching 395.60 yuan per megawatt-hour, an increase of 82.80 yuan per megawatt-hour month-on-month [3] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has expanded by 69 basis points compared to the previous year [3] - Nuclear power's marketization ratio is gradually increasing, with a marketable electricity volume cap of 31.2 billion kilowatt-hours in 2026, a 14.3% increase from 2025; fluctuations in natural uranium prices have a minimal impact on operators [3] - Green electricity policies have seen uncertainty resolved, with market reforms entering a deeper phase; the wind power tax subsidy has decreased, indicating a policy bottom [4] Power Grid Equipment - The State Grid's investment in transmission and transformation equipment has seen significant growth, with a cumulative bidding amount of 68.188 billion yuan from January to September 2025, a year-on-year increase of 22.9% [6] - The export of primary equipment has also maintained high growth, with liquid medium transformers, high-voltage switches, and energy meters showing significant year-on-year increases in export amounts [6] Investment Opportunities - Beneficial stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Power Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

Core Viewpoint - Datang Power's acquisition of a 50% stake in Anhui Electric Power Co. for a symbolic price of 1 yuan reflects the company's commitment to social responsibility despite the financial burden of taking over a heavily indebted entity [2][3][5]. Group 1: Acquisition Details - Datang Power's wholly-owned subsidiary, Datang Anhui Power Co., signed a contract to acquire 50% of Anhui Electric Power Co. for 1 yuan, resulting in full ownership [2]. - Anhui Electric Power Co. has total assets of approximately 787 million yuan and total liabilities of about 2.473 billion yuan, leading to negative equity of 1.686 billion yuan and a debt-to-asset ratio of approximately 314% [2][5][6]. Group 2: Financial Impact - The acquisition is expected to reduce Datang Power's consolidated net profit by approximately 589 million yuan due to the negative equity and ongoing losses of Anhui Electric Power [3][8]. - Anhui Electric Power reported a net loss of 270 million yuan in 2023, which further increased to 353 million yuan in 2024 [5][6]. Group 3: Strategic Rationale - Datang Power emphasized that the acquisition aims to fulfill social responsibilities and ensure energy supply, particularly as Anhui Electric Power is the only municipal heating and industrial heating provider in Huainan [7][8]. - The company plans to leverage its expertise in technology and management to improve Anhui Electric Power's operational efficiency and sustainability [8][9]. Group 4: Financial Performance Context - Datang Power reported a robust performance with a revenue of 89.345 billion yuan and a net profit of 6.712 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 51.48% [4][9].