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 ...

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 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 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | - ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Group 1 - The core viewpoint of the news highlights the performance and trends in the modern energy sector, particularly focusing on the Central State-Owned Enterprises (SOEs) and their investment activities in renewable energy projects [3][4][5] - As of August 29, 2025, the Central State-Owned Enterprises Modern Energy ETF has shown a net value increase of 19.80% over the past two years, with a maximum monthly return of 10.03% since its inception [4] - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 48.28% of the index, indicating a concentrated investment in key players within the energy sector [5] Group 2 - In the first half of 2025, China's total investment in new energy projects reached approximately 1.4 trillion yuan, despite a year-on-year decline of 32.2%, with wind and solar power investments showing significant decreases [3] - Wind power projects attracted 365.4 billion yuan, while solar power projects received 195 billion yuan, reflecting a saturation in traditional energy markets but continued interest in offshore wind and other niche areas [3] - Water power sector demonstrated resilience in profitability, with leading companies like Yangtze Power achieving a 14.9% year-on-year increase in net profit despite challenges in water supply [3]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but significant growth in net profit, driven by improved profitability and cash flow metrics [1] Financial Performance - The company achieved revenue of 57.193 billion yuan in H1 2025, a year-on-year decrease of 1.93%, while net profit attributable to shareholders was 4.579 billion yuan, reflecting a growth of 47.35% [1] - In Q2 2025, the company recorded revenue of 26.987 billion yuan, down 2.14% year-on-year, with net profit of 2.341 billion yuan, up 31.78% [1] - The mid-term profit distribution plan includes a cash dividend of 0.055 yuan per share (tax included) [1] Profitability and Cash Flow - The company's gross margin and net margin for H1 2025 were 18.55% and 10.61%, respectively, showing increases of 3.12 percentage points and 3.26 percentage points year-on-year [1] - The expense ratio was 5.77%, down 0.49 percentage points year-on-year, while the return on equity (ROE) was 11.96%, up 3.94 percentage points [1] - The net cash flow from operating activities was 15.564 billion yuan, an increase of 39.83% year-on-year [1] - Financial expenses decreased by 14.06% to 2.254 billion yuan, and asset impairment provisions were reduced by 1.17 billion yuan [1] - The company's debt-to-asset ratio at the end of H1 2025 was 68.25%, down 2.77 percentage points from the beginning of the year [1] Segment Performance - The profit totals for coal power, gas power, wind power, solar power, and hydropower in H1 2025 were 3.148 billion yuan, 129 million yuan, 1.938 billion yuan, 404 million yuan, and 1.21 billion yuan, with year-on-year changes of +108.5%, -62.6%, +71.3%, +3.6%, and +17.2% respectively [2] - The average on-grid electricity price for various power sources was 444.58 yuan/MWh, a decrease of 3.95% year-on-year [2] - The profit per kilowatt-hour for coal power increased significantly, reaching 0.036 yuan/kWh, up 0.019 yuan/kWh year-on-year, with a growth rate exceeding 100% [2] Capacity and Future Growth - The company added 1.78 GW of new installed capacity in H1 2025, with 63% from clean energy sources [3] - As of the end of H1 2025, the total operational capacity was 80.89 GW, with clean energy accounting for 40.87%, an increase of 0.5 percentage points from the end of 2024 [3] - The company has 24.74 GW of projects under construction or approved, representing 30.6% of its operational capacity, providing substantial growth potential [3] Investment Outlook - The company is expected to achieve net profits of 6.230 billion yuan, 6.686 billion yuan, and 7.120 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.1x, 9.4x, and 8.9x, maintaining a recommendation rating [3]

Core Insights - The company reported a revenue of 57.193 billion yuan for 1H2025, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [1][2] - The average on-grid electricity price decreased by approximately 3.95% to 444.48 yuan per megawatt-hour, impacting revenue despite a slight increase in on-grid electricity volume [2] - The company plans to distribute a cash dividend of 0.055 yuan per share, totaling 1.018 billion yuan, which represents about 26.7% of the net profit attributable to shareholders [2] Revenue and Profitability - In 1H2025, the company's on-grid electricity volume was approximately 1239.93 billion kilowatt-hours, an increase of about 1.30% year-on-year [2] - The company's gross margin and net margin improved by 3.12 percentage points and 3.26 percentage points, respectively, indicating enhanced profitability [2] - For 2Q2025, the net profit attributable to shareholders was 2.341 billion yuan, a year-on-year increase of 31.75% [2] Coal Price and Profitability - The company experienced a decrease in coal prices, which positively impacted profitability, with a profit of 0.0342 yuan per kilowatt-hour for thermal power in 1H2025, an increase of 0.0153 yuan per kilowatt-hour year-on-year [3] - The company’s coal-fired power generation units are primarily located in the Beijing-Tianjin-Hebei and southeastern coastal regions, with expectations of good profitability due to stable long-term electricity prices [3] Clean Energy Development - The company has accelerated the development of new energy, with an increase of 167.45 megawatts in wind power and 447.53 megawatts in solar power in 1H2025, raising the proportion of low-carbon clean energy installations to 40.87% [4] - The on-grid electricity volume for hydropower, wind, and solar power showed significant year-on-year growth, with wind power demonstrating particularly strong performance [4] Profit Forecast and Investment Recommendation - The company adjusted its forecasts for coal prices, utilization hours, and electricity prices, projecting net profits attributable to shareholders of 7.177 billion yuan, 7.442 billion yuan, and 7.444 billion yuan for 2025-2027 [4] - The corresponding price-to-earnings ratios are expected to be 9.0, 8.7, and 8.7 times, maintaining a "buy" rating [4]

Group 1 - The company achieved a record high in operating performance, with a pre-tax profit of approximately 7.671 billion yuan, a year-on-year increase of about 37.92% [1] - The company focuses on the "Five Precision" concept to manage coal prices, electricity prices, electricity volume, and interest rates, aiming to enhance quality and efficiency [1] - The company has strengthened its safety production and energy supply responsibilities, successfully completing key supply tasks during important periods [1] Group 2 - The company is advancing high-quality development by accelerating the growth of strategic emerging industries, primarily in renewable energy [2] - As of the first half of 2025, the company has approved 66 projects with a total capacity of 4,562.823 megawatts, and has an additional 9,195 megawatts under construction [2] - The installed capacity of low-carbon clean energy has increased to 40.87%, up by 0.5 percentage points compared to the end of 2024 [2] Group 3 - The company reported operating revenue of 57.193 billion yuan for the six months ending June 30, 2025, a year-on-year decrease of 1.9% [3] - The net profit attributable to the company's equity holders was approximately 4.874 billion yuan, reflecting a year-on-year increase of 50.3% [3] - The company proposed an interim dividend of 0.055 yuan per share, with earnings per share of 0.2215 yuan [3]

Core Viewpoint - 大唐发电 reported a mixed financial performance for the first half of 2025, with a slight decline in total revenue but a significant increase in net profit and profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 was 57.193 billion yuan, a decrease of 1.93% year-on-year [1] - Net profit attributable to shareholders reached 4.579 billion yuan, an increase of 47.35% year-on-year [1] - In Q2 2025, total revenue was 26.987 billion yuan, down 2.14% year-on-year, while net profit was 2.341 billion yuan, up 31.78% year-on-year [1] - Gross margin improved to 18.55%, reflecting a year-on-year increase of 20.2%, and net margin rose to 10.61%, up 44.34% year-on-year [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 3.294 billion yuan, accounting for 5.76% of revenue, a decrease of 7.92% year-on-year [1] - Earnings per share (EPS) increased to 0.21 yuan, a rise of 65.67% year-on-year [1] - Operating cash flow per share was 0.84 yuan, up 39.83% year-on-year [1] Investment and Return Metrics - The company's return on invested capital (ROIC) was 4.61%, indicating a weak capital return [3] - Historical data shows a median ROIC of 4.15% over the past decade, with three years of losses since its IPO [3] - The company relies heavily on capital expenditures for performance, necessitating scrutiny of the viability of these investments [3] Shareholder Activity - The company is held by a prominent fund manager, Yang Jinjing from the交银施罗德基金, who has recently increased his holdings [4] - The largest fund holding the company is the交银趋势混合A, which has a total scale of 38.22 billion yuan and has seen a 29.47% increase over the past year [5]

证券代码：601991 证券简称：大唐发电 公告编号：2025-043 ? 本次利润分配预案尚需提交股东会审议。 大唐国际发电股份有限公司 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。 重要内容提示： ? 每股分配比例：每股派发现金红利 0.055 元（含税，人民币，下同）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 一、利润分配方案内容 （一）利润分配方案的具体内容 根据公司2025 年半年度财务报告（未经审计），2025 年上半年，公司合并 报表实现归属于母公司所有者的净利润为457,920万元。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： 三、相关风险提示 本次利润分配方案综合考虑公司未来发展规划及资金需求，不影响公司每股 收益、对当期经营性现金流不会构成重大影响，不会影响公司正常经营和未来发 展。 本公司2025年中期利润分配方案尚需提交股东会审议，请投资者注意投 ...

Core Viewpoint - Datang International Power Generation Co., Ltd. reported a decrease in operating revenue but a significant increase in net profit for the first half of 2025, indicating improved operational efficiency and profitability despite challenges in the energy sector [1][5][10]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 57.19 billion RMB, a decrease of 1.93% compared to the same period last year [2][10]. - Net profit attributable to shareholders was approximately 4.58 billion RMB, an increase of 47.35% year-on-year [2][10]. - The company's total assets reached approximately 324.89 billion RMB, with a slight increase of 0.71% from the previous year [2][10]. - The net asset attributable to shareholders increased by 12.22% to approximately 85.91 billion RMB [2][10]. Industry Context - National electricity consumption reached 4.84 trillion kWh, growing by 3.7% year-on-year, with significant increases in various sectors, including the first industry at 8.7% and the third industry at 7.1% [3][4]. - The total installed power generation capacity in the country was 3.65 billion kW, with coal-fired power accounting for 1.47 billion kW [3][4]. - The utilization hours for coal-fired power plants decreased by 130 hours year-on-year to 1,968 hours, while nuclear power utilization increased by 167 hours to 3,882 hours [4][6]. Operational Performance - The company reported an average on-grid electricity price of 444.48 RMB per MWh, a decrease of approximately 3.95% year-on-year [5][6]. - The total electricity generated was approximately 1,239.93 billion kWh, an increase of about 1.30% year-on-year [5][6]. - The company’s total installed capacity reached 80,889.68 MW, with a focus on transitioning to low-carbon and clean energy sources [7][8]. Strategic Initiatives - The company is actively pursuing a green transition, with 1,777.45 MW of new installed capacity added in the first half of 2025, of which 1,117.45 MW was clean energy [8][15]. - The company aims to enhance its governance structure and improve investor returns, including a proposed cash dividend of 0.0621 RMB per share [15][16]. - The company is focusing on cost control and efficiency improvements to mitigate risks associated with fuel supply and pricing [13][14].