股份代號 : 00991 2024 年度報告 綠色 低 碳 高 質發展 目錄 2 公司基本情況 5 公司歷程 6 項目分佈圖 8 財務摘要 9 董事長致辭 11 管理層討論與分析 19 人力資源概況 37 投資者關係管理 38 企業管治報告書 64 董事會報告 91 監事會報告 95 英國稅務 96 公司資料 98 名詞解釋 99 獨立核數師報告 107 合併損益表 108 合併損益及其他綜合收益表 109 合併財務狀況表 111 合併權益變動表 113 合併現金流量表 115 合併財務報表附註 263 境內外財務報表差異 公司基本情況 公司簡介 大唐國際發電股份有限公司（「大唐發電」或「本公司」或「公司」，與其子公司統稱「本集團」）是由中國大唐集團有限公司 控股的中外合資企業。公司成立於1994年，是第一家在倫敦上市的中國企業、第一家在香港上市的中國電力企業，第 一家同時在香港、倫敦、上海三地上市的中國企業。 大唐發電是中國最大的獨立發電公司之一，歷經31年，所屬運營企業及在建項目遍及全國20個省區，現已發展成為綠 色低碳、多能互補、高效協同的大型綜合能源上市公司。 中國大唐集團有限公司 及其一致行動人（註 ...

表决结果：同意 15 票，反对 0 票，弃权 0 票 1.同意发布公司 2025 年第一季度报告。 证券代码：601991 证券简称：大唐发电 公告编号：2025-020 大唐国际发电股份有限公司 董事会决议公告 特别提示 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个别及连带责任。 大唐国际发电股份有限公司（"大唐国际"或"公司"）第十一届四十一次 董事会于 2025 年 4 月 28 日（星期一）在公司本部召开。会议通知已于 2025 年 4 月 11 日以书面形式发出。会议应到董事 15 名，实到董事 15 名。会议的召开 符合《中华人民共和国公司法》和《大唐国际发电股份有限公司章程》（"《公 司章程》"）的规定，会议合法有效。公司 4 名监事列席了本次会议。根据《公 司章程》规定，会议由董事长李凯先生主持。经出席会议的董事表决，会议审议 并一致通过如下决议： 一、审议通过《关于2025年第一季度报告的议案》 2.本议案在提交董事会审议前已经董事会审核委员会审议通过。 二、审议通过《关于投资建设四川长河坝水光互补一期（丹巴）50 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 30,206,052, a decrease of 1.74% compared to CNY 30,737,100 in the same period last year[4] - Net profit attributable to shareholders increased by 68.12% to CNY 2,238,433 from CNY 1,331,460 year-on-year[4] - Basic and diluted earnings per share both increased by 98.81% to CNY 0.1004 from CNY 0.0505 in the previous year[5] - Net profit for Q1 2025 reached CNY 2,744,617, representing an increase of 58.2% from CNY 1,736,282 in Q1 2024[21] - Earnings per share for Q1 2025 were CNY 0.1004, compared to CNY 0.0505 in Q1 2024, reflecting a 98.0% increase[22] - The company reported an increase in investment income to CNY 105,079 in Q1 2025, up from CNY 26,534 in Q1 2024[21] - The company’s total comprehensive income for Q1 2025 was CNY 2,744,006, compared to CNY 1,736,401 in Q1 2024, indicating strong overall performance[22] Cash Flow - The net cash flow from operating activities rose by 51.00% to CNY 9,312,542, primarily due to lower fuel costs[4] - Cash flow from operating activities for Q1 2025 was CNY 9,312,542, an increase of 50.0% from CNY 6,167,179 in Q1 2024[25] - Cash flow from investing activities for Q1 2025 was negative CNY 3,987,523, worsening from negative CNY 3,163,950 in Q1 2024[25] - Cash flow from financing activities for Q1 2025 was negative CNY 2,318,303, compared to negative CNY 1,050,754 in Q1 2024[25] - The net increase in cash and cash equivalents for the period was 3,006,464[26] - The beginning balance of cash and cash equivalents was 7,207,988[26] - The ending balance of cash and cash equivalents was 10,214,452[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 322,645,370, a slight increase of 0.01% from CNY 322,601,537 at the end of the previous year[5] - As of March 31, 2025, the total assets of the company amounted to RMB 322,645,370,000, showing a slight increase from RMB 322,601,537,000 as of December 31, 2024[14] - Total current liabilities decreased to RMB 91,382,133,000 from RMB 100,883,091,000, indicating a reduction of about 9.3%[16] - The company's long-term borrowings rose to RMB 118,130,137,000 from RMB 117,093,432,000, reflecting an increase of approximately 0.9%[16] - The total non-current liabilities increased to RMB 133,275,681,000 from RMB 128,234,862,000, an increase of about 3.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 174,969[10] - The company reported a total of 9,816,330,340 shares issued, representing approximately 53.04% of the total issued shares held by the parent company and its subsidiaries[12] - The company has pledged all of its H shares held by its subsidiary, which amounts to 3,275,623,820 shares, approximately 17.70% of the total share capital[12] Inventory and Receivables - The company's accounts receivable slightly decreased to RMB 20,853,252,000 from RMB 20,898,338,000, a decline of about 0.2%[14] - The company's inventory decreased to RMB 3,303,704,000 from RMB 4,824,979,000, a significant drop of approximately 31.5%[15] Investment and Acquisitions - The company acquired 95% of the shares in Datang Solar Industry (Yingde) Co., Ltd., leading to retrospective adjustments in financial data[5] - The company reported a significant increase in investment income by 296.02%, mainly due to losses from equity disposals in the previous period[8] Operating Costs - Total operating costs for Q1 2025 were CNY 27,122,200, down 5.84% from CNY 28,802,447 in Q1 2024[20]

Group 1 - The stock price of Datang International Power Generation Co., Ltd. (00991.HK) closed at HKD 1.840 on April 25, reflecting a 3.96% increase from the previous trading day, with an intraday high of HKD 1.860, marking a nearly one-year high [1] - On the same day, the net capital inflow was HKD 22.9671 million, with a total of HKD 57.66078 million flowing in and HKD 34.69364 million flowing out [1] Group 2 - Datang International Power Generation Co., Ltd. is a joint venture controlled by China Datang Corporation, established in 1994, and is the first Chinese enterprise listed in London and Hong Kong, as well as the first to be listed in Hong Kong, London, and Shanghai simultaneously [2] - The company is one of the largest independent power producers in China, operating across 19 provinces and regions, with a diversified portfolio including thermal, hydro, wind, and solar power generation, as well as coal, transportation, circular economy, and electricity sales [2] - Datang International is committed to achieving green and low-carbon transformation in line with the "dual carbon" goals, focusing on a vision of "green and low-carbon, multi-energy complementarity, efficient collaboration, and digital intelligence" [2] - The company is actively constructing projects such as the Tuo Electric Phase I and Weixian Phase I million renewable energy bases, and is accelerating the implementation of coal power joint ventures [2] - Datang International emphasizes its responsibility in ensuring energy supply and has been actively fulfilling national energy supply requirements, showcasing its role as a stabilizing force in the energy sector [2]

大唐国际发电股份有限公司 证券代码：601991 证券简称：大唐发电 公告编号：2025-019 大唐国际发电股份有限公司（"本公司"或"公司"）宣布，根据本公司初 步统计，截至 2025 年 3 月 31 日，本公司及子公司累计完成上网电量约 603.232 亿千瓦时，同比上升约 0.76%，其中： | 电源种类 | 2025 年第一季度上网电量（亿千瓦时） | 同比 | | --- | --- | --- | | 煤机 | 448.260 | -2.41% | | 燃机 | 41.605 | -16.42% | | 水电 | 40.607 | 15.39% | | 风电 | 57.955 | 34.18% | | 光伏 | 14.805 | 32.02% | | 合计 | 603.232 | 0.76% | 本公司上网电量变化的主要原因是： 受公司部分水电机组所在区域来水较好、新能源装机容量同比大幅增加影 响，公司水电及新能源上网电量同比增幅较大，有效弥补火电上网电量同比下 降影响。 2025 第一季度上网电量完成情况公告 特别提示 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 ...

证券代码：601991 证券简称：大唐发电 公告编号：2025-018 大唐国际发电股份有限公司 关于中期票据发行的公告 特别提示 2023 年 6 月 7 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注[2023]DFI31 号），接受公司债务融资工具注册，注册额度自通 知书落款之日起 2 年内有效。 公司已于 2025 年 4 月 17 日完成了"大唐国际发电股份有限公司 2025 年度 第三期中期票据"（"本期中期票据"）的发行。本期中期票据的发行额为人民 币 24 亿元，期限为 5+N 年，单位面值为人民币 100 元，票面利率为 2.14%。 本期中期票据由中信证券股份有限公司作为主承销商及簿记管理人，中信建 投证券股份有限公司、国泰海通证券股份有限公司、光大证券股份有限公司、中 国国际金融股份有限公司、申万宏源证券有限公司作为联席主承销商，募集资金 全部用于偿还有息债务及补充营运资金。 特此公告。 大唐国际发电股份有限公司 2025 年 4 月 17 日 共 1 页 第 1 页 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant improvement in profits from thermal power, with a notable increase in net profit by 229.70% year-on-year, reaching 4.506 billion yuan in 2024 [1] - The profitability of coal-fired power generation turned positive, with total profits from coal-fired operations amounting to 2.567 billion yuan, a substantial increase of 2026.36% year-on-year, primarily due to a decline in coal prices [2] - The rapid growth in renewable energy installations is beginning to show a compensatory effect on revenue, with new installed capacity of 6,700.263 MW in 2024, increasing the share of low-carbon clean energy to 40.37% [3] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.149 billion yuan, which represents a significant increase of 727% year-on-year [4] Financial Summary - In 2024, the company achieved operating revenue of 123.474 billion yuan, a year-on-year increase of 0.86%, and is projected to grow to 128.026 billion yuan in 2025 [5] - The net profit attributable to shareholders is expected to rise from 4.506 billion yuan in 2024 to 5.150 billion yuan in 2025, reflecting a growth rate of 14.29% [5] - The earnings per share (EPS) is projected to increase from 0.24 yuan in 2024 to 0.28 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 12.28 to 10.74 [5]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company [4] Core Views - The company has significantly improved its profitability, with a notable increase in ROE and a substantial rise in both the dividend payout ratio and total dividend amount [8][12] - The company achieved a revenue of 123.5 billion RMB in 2024, reflecting a year-on-year growth of 0.9%, while the net profit attributable to shareholders surged by 229.7% to 4.506 billion RMB [12][17] - The company is expected to continue its profitability improvement, with a focus on clean energy development, particularly in wind and solar power [8][61] Summary by Sections Annual Performance Review - The company reported a net profit of 4.506 billion RMB in 2024, a significant increase of 3.1 billion RMB compared to the previous year [12] - The revenue for 2024 was 123.5 billion RMB, with a slight growth of 0.9% year-on-year [12] - The company’s coal power segment turned profitable, generating 2.567 billion RMB, while the hydroelectric segment saw a profit increase of 2.009 billion RMB [17] New Capacity Additions - In 2024, the company added 6.7 GW of new capacity, bringing the total controllable capacity to 79 GW, with clean energy accounting for 40% of the total [48] - The company’s new installations included 2.4 GW of coal power, 2.6 GW of wind power, and 1.7 GW of solar power [48] Profitability Outlook - The company anticipates continued improvement in profitability, driven by a decrease in coal prices and an increase in clean energy investments [61] - The projected net profits for 2025 to 2027 are 5.356 billion RMB, 6.334 billion RMB, and 7.025 billion RMB, respectively [74] Investment Recommendations - The report suggests a target price of 3.76 RMB per share for A-shares and 2.10 HKD per share for H-shares, based on a 13x PE valuation for 2025 [74] - The company is positioned as a leading player in the domestic power sector, benefiting from a diversified energy mix [74]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86% [1] - The net profit attributable to shareholders reached 4.51 billion yuan, up 229.70% year-on-year [1] - The non-recurring net profit attributable to shareholders was 4.50 billion yuan, a significant increase of 695.69% year-on-year [1] - In Q4 2024, the company reported operating revenue and net profit attributable to shareholders of 32.49 billion yuan and 77 million yuan, respectively, representing year-on-year increases of 2.14% and 105.23% [1] Group 2: Segment Performance - The thermal power segment sold 2,140.54 billion kWh, a year-on-year increase of 1.08%, generating revenue of 91.12 billion yuan, a decline of 1.58% year-on-year [1] - The coal machine segment achieved a total profit of 2.57 billion yuan, a substantial increase of 2,026.36% year-on-year, primarily due to lower coal prices reducing fuel costs [1] - The hydropower segment reported a total profit of 2.01 billion yuan, a significant increase of 45.21% year-on-year, driven by higher water inflow leading to increased hydropower generation [1] Group 3: Clean Energy Development - The company added 2,594.2 MW of wind power and 1,704.823 MW of solar power in 2024, increasing the clean energy installed capacity proportion by 2.62 percentage points to 40.37% [2] - The company has 1,759.3 MW of wind power and 1,866.88 MW of solar power under construction, which may further increase the clean energy capacity proportion upon completion [2] - Revenue from wind power and solar power was 7.01 billion yuan and 2.30 billion yuan, respectively, with year-on-year increases of 11.27% and 40.88% [2] Group 4: Capital Expenditure and Dividends - Capital expenditure for 2024 reached 30.91 billion yuan, a significant increase of 49% year-on-year, primarily for the construction of hydropower, thermal power, wind, and solar projects [2] - The company announced a cash dividend of 0.0621 yuan per share (before tax), totaling 1.15 billion yuan, which represents 25.50% of the net profit attributable to shareholders, a substantial increase from 139 million yuan in 2023 [2] Group 5: Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 5.50 billion yuan, 6.50 billion yuan, and 7.60 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.23%, 18.32%, and 17.94% [3] - The price-to-earnings (PE) ratios corresponding to the stock price on March 28, 2025, are projected to be 9.89, 8.36, and 7.09 for the years 2025, 2026, and 2027, respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 230% year-on-year in 2024, primarily due to improvements in hydropower and thermal power performance, along with a reduction in income tax [6] - The company achieved a revenue of 123.47 billion yuan in 2024, reflecting a year-on-year growth of 0.9% [6] - The company plans to distribute a cash dividend of 0.0621 yuan per share for the year 2024, which accounts for 38.13% of the net profit attributable to shareholders [6] Financial Performance Summary - In 2024, the total profit from coal machinery was 2.57 billion yuan, compared to a loss of 0.13 billion yuan in 2023 [6] - The total profits from hydropower, wind power, and photovoltaic power were 2.01 billion yuan, 2.13 billion yuan, and 0.70 billion yuan respectively, with year-on-year changes of +45%, -17%, and +46% [6] - The company’s income tax decreased by 31% in 2024, with an effective tax rate of 20.5% [6] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 119.8 billion yuan, 123.7 billion yuan, and 124.2 billion yuan respectively, with corresponding net profits of 4.76 billion yuan, 4.83 billion yuan, and 4.95 billion yuan [8][9] - The price-to-earnings (P/E) ratio is expected to be 11 for the years 2025 to 2027 [8][9] - The company is expected to maintain stable growth in performance for 2025, justifying the "Buy" rating [6]