Group 1 - Several stocks including Jingyuntong, Luxiao Technology, Huaguang Huaneng, and Shanghai Electric have reached the daily limit up [1] - Other companies such as Jidian Co., Datang Power, Huayin Electric, and Longyuan Power have also seen increases in their stock prices [1]

Group 1 - The China Securities Index for Public Utilities (000995) increased by 0.89% as of September 2, 2025, with notable gains from Shanghai Electric (600021) up 9.98%, Jilin Electric Power (000875) up 5.98%, and Huaneng Hydropower (600025) up 2.32% [1] - In July, the total electricity consumption in China reached 10,226 billion kilowatt-hours, marking an 8.6% year-on-year increase, with monthly consumption surpassing 1 trillion kilowatt-hours for the first time, indicating strong demand [1] - Dongguan Securities highlighted that the first and third industries, along with urban and rural residential electricity consumption, experienced rapid growth, while the average price of thermal coal decreased year-on-year, benefiting the profitability of thermal power companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Index for Public Utilities (000995) include Yangtze Power (600900), China Nuclear Power (601985), and Three Gorges Energy (600905), collectively accounting for 56.01% of the index [2]

Core Viewpoint - The five major power generation companies in China reported a significant increase in net profits for the first half of the year, reaching a combined net profit of 24.267 billion yuan, the highest in nearly a decade, despite a decline in revenue due to falling electricity prices and generation volumes [1][2]. Group 1: Financial Performance - The five major power generation companies achieved a total net profit of 24.267 billion yuan, surpassing the total net profit for the same period in 2024, marking the highest net profit since 2016 [1]. - Among these companies, Huaneng International and Datang Power reported net profit increases of 24.26% and 47.25%, reaching 9.262 billion yuan and 4.579 billion yuan respectively, leading the group [1]. - Only Guodian Power experienced a decline in net profit, attributed to the previous year's transfer of a subsidiary, but its adjusted net profit excluding non-recurring items increased by over 56% to 3.41 billion yuan [1]. Group 2: Cost Factors - The decline in coal prices was a primary factor contributing to the collective profit growth of these companies, with the average price of thermal coal dropping by approximately 22.2% year-on-year to about 685 yuan per ton [2]. - Huaneng International's coal-fired power segment saw a net profit increase of 84% to 7.31 billion yuan, while Datang Power's coal-fired segment nearly doubled, reaching 3.148 billion yuan [2]. - Despite profit growth, the companies faced a nearly 10% decline in revenue, primarily due to reduced electricity generation and falling electricity prices [2]. Group 3: Market Dynamics - The implementation of market-based pricing for renewable energy has led to a collective decline in electricity prices and generation volumes, impacting overall revenue for the companies [2][3]. - Guodian Power highlighted the increased volatility and uncertainty in electricity prices due to the expansion of the electricity spot market, which is influenced by real-time supply and demand [3]. - The average on-grid electricity price for Huaneng International decreased by 2.7% to 485.27 yuan per megawatt-hour, which was less than the 9.2% decline in coal prices [3]. Group 4: Strategic Responses - In response to the challenges posed by the entry of renewable energy and the acceleration of the electricity spot market, China Power plans to adjust its trading strategies and enhance asset management to ensure competitive pricing [5]. - Guodian Power emphasized the importance of training and selecting traders, as well as utilizing big data and AI to improve market analysis and forecasting capabilities [5]. - The introduction of capacity pricing for coal-fired power plants has improved profitability and reduced losses, providing a more stable profit structure for these companies [4].

Core Viewpoint - The company has successfully completed the issuance of its 2025 Technology Innovation Perpetual Corporate Bonds (Phase IV) with a total issuance size of RMB 25 billion, approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2]. Group 1 - The company has received approval to publicly issue corporate bonds with a face value not exceeding RMB 300 billion [1]. - The bonds have a base term of 5 years, with the option to extend for an additional 5 years at the end of each term [1]. - The coupon rate for the bonds is set at 2.19% [1].

Core Viewpoint - The five major power generation companies in China reported a significant increase in net profit for the first half of the year, driven primarily by a decrease in coal prices, despite a decline in operating revenue due to lower electricity prices and generation volumes [1][4]. Group 1: Financial Performance - The five companies collectively achieved a net profit of 24.267 billion yuan, marking the highest net profit for a half-year period since 2016 [1]. - Among these, Huaneng International and Datang Power reported net profit growth of 24.26% and 47.25%, reaching 9.262 billion yuan and 4.579 billion yuan respectively, leading the group [1]. - Only Guodian Power experienced a decline in net profit, attributed to a non-recurring loss from the previous year; however, its adjusted net profit increased by over 56% to 3.41 billion yuan [1]. Group 2: Cost Structure - The decline in coal prices was a major factor contributing to the profit increase, with the average price of coal at Qinhuangdao port dropping approximately 22.2% to about 685 yuan per ton [1]. - Huaneng International's average coal price for the first half was 917.05 yuan per ton, down 9.2%, while Guodian Power and Huaneng International reported decreases of 9.5% and 12.98% respectively [2]. Group 3: Revenue Challenges - Despite profit growth, the five companies faced a nearly 10% decline in operating revenue, primarily due to reduced electricity generation and falling electricity prices [4]. - The implementation of market-based pricing for renewable energy has led to a dual decline in both volume and price, impacting overall revenue [4]. - Guodian Power highlighted the increased volatility and uncertainty in electricity pricing due to the expansion of the electricity spot market [4]. Group 4: Market Strategy - Companies are adapting to the challenges posed by the entry of renewable energy and the acceleration of the electricity spot market by adjusting their trading strategies and enhancing asset management [6]. - The introduction of capacity pricing for coal-fired power plants has improved profitability despite a decrease in generation volume [5]. - Companies are focusing on the synergy between renewable energy and clean coal power to enhance their overall profitability and reduce losses [5][6].

公司已于 2025 年 9 月 1 日完成了"大唐国际发电股份有限公司 2025 年面向 专业投资者公开发行科技创新可续期公司债券（第四期）"（"本期债券"）的 发行。本期债券的发行规模为人民币 25 亿元，基础期限为 5 年，以每 5 个计息 年度为 1 个周期，在约定的基础期限期末及每一个周期末，公司有权行使续期选 择权，按约定的基础期限延长 1 个周期（即延长 5 年）；公司不行使续期选择权 则全额到期兑付本期债券。本期债券的票面利率为 2.19%。 特此公告。 大唐国际发电股份有限公司 关于完成 2025 年科技创新可续期公司债券（第四期） 发行的公告 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("公司") 面向专业投资者公开发行面值不超 过人民币 300 亿元的公司债券已经上海证券交易所审核同意，并已收到中国证券 监督管理委员会《关于同意大唐国际发电股份有限公司向专业投资者公开发行公 司债券注册的批复》(证监许可〔2025〕1334 号)。 证券代码：601991 证券简 ...

Core Points - The company, Datang International Power Generation Co., Ltd. (00991.HK), has completed the issuance of its fourth phase of technology innovation perpetual corporate bonds aimed at professional investors, totaling RMB 2.5 billion [1] - The bonds have a base term of 5 years, with the option for the company to extend the term by an additional 5 years at the end of each cycle [1] - The coupon rate for the bonds is set at 2.19% [1]

Group 1 - The company, Datang International Power Generation Co., Ltd., has completed the issuance of its fourth phase of technology innovation perpetual corporate bonds aimed at professional investors, with a total issuance size of RMB 2.5 billion [1] - The bonds have a basic term of 5 years, with the company having the option to extend the term by an additional 5 years at the end of each cycle [1] - The coupon rate for this bond issuance is set at 2.19% [1]

Core Viewpoint - Datang Power Generation has successfully completed the issuance of its fourth phase of technology innovation perpetual corporate bonds aimed at professional investors, raising a total of RMB 2.5 billion [1] Summary by Sections Bond Issuance Details - The bond issuance scale is RMB 2.5 billion with a base term of 5 years [1] - The company has the option to extend the bond for an additional 5 years at the end of each 5-year period if it chooses to exercise the renewal option [1] - If the renewal option is not exercised, the bonds will be fully redeemed at maturity [1] - The coupon rate for this bond is set at 2.19% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公 告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 00991 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲 載 列 大 唐 國 際 發 電 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( http://www.sse.com.cn )刊 登 的《 大 唐 國 際 發 電 股 份 有 限 公 司 關 於 完 成 2025 年 科 技創新可續期公司債券（第四期）發行的公告》，僅供參閱。 承董事會命 孫延文 聯席公司秘書 中國，北京，2025 年 9 月 1 日 於本公告日，本公司董事為： 李凱、蔣建華、龐曉晉、馬繼憲、朱梅、王劍峰、趙獻國、李忠猛、韓放、金生祥、 宗文龍*、趙毅*、尤勇*、潘坤華*、謝秋野* * 獨立非執行董事 证券代码：601991 证券简称：大唐发电 公告编号：2025-044 大唐国际发电股份有限公司 关于完成 2025 年科技创新可续期公司债券（第 ...