格隆汇9月1日丨大唐发电(00991.HK)发布公告，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%。 ...

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]

智通财经APP讯，大唐发电(00991)发布公告，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)"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%。 ...

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 | | | --- | --- | --- | --- | --- | --- | - ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 9 月江苏电价不及预期，关注新能源对火电 发电量的挤占影响 增持（维持） [Table_Tag] [◼Table 投资要点 _Summary] 2025 年 09 月 01 日 证券分析师 袁理 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 2024/9/2 2024/12/31 2025/4/30 2025/8/28 公用事业 沪深300 相关研究 《2025M1-7 用电增速持续提升，火电 恢复/水电偏弱》 2025-08-25 《气温转凉美国气价回落，欧洲储库 推进气价提升；九丰能源一体化持续 推进 》 2025-08-25 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 ◼ 本周核心观点：2025 年 9 月江苏电力集中交易结果公示：加权均价 319.48 元/兆瓦时，低于市场 ...

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]