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 ...

大唐国际发电股份有限公司2025 年半年度报告 公司代码：601991 公司简称：大唐发电 大唐国际发电股份有限公司 大唐国际发电股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 金生祥 公务原因 李凯 三、 本半年度报告未经审计。 四、 公司负责人李凯、主管会计工作负责人孙延文及会计机构负责人（会计主管人员）王湉侃 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据公司十二届三次董事会审议通过的 2025 年中期利润分配预案，拟每股派发现金红利 六、 前瞻性陈述的风险声明 √适用 □不适用 如半年度报告涉及未来计划等前瞻性陈述，该等计划不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 ...

| | 大唐国际发电股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | | 公司代码：601991 | | 公司简称：大唐发电 | | | | 大唐国际发电股份有限公司 | | | | | | | 大唐国际发电股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节重要提示 | | | | | 展规划，投资者应当到 | www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | | 被委托 | | 人姓名 | | | | | | 董事 | 金生祥 | 公务原因 | 李凯 | | | 根据公司十二届三次董事会审议通过的 | 2025 | 年中期利润分配预案，拟每股派发现金红利 | | | | | 第二节公司基本情况 | | | | | | 公司股票简况 | | | | | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 变更前股票 | | | 简称 ...

Core Viewpoint - The company has established a risk disposal plan to ensure the safety of funds in transactions with China Datang Group Finance Co., Ltd. and to prevent financial risks [1][2]. Group 1: Risk Management Structure - The company's board of directors is responsible for managing information disclosure and approving the risk disposal plan related to transactions with the finance company [1]. - A leadership group, led by the company's main responsible person, is tasked with overseeing major risk issues and includes heads from finance, legal, and risk management departments [1][2]. - The finance department is designated as the management department for transactions with the finance company, responsible for dynamic assessment and supervision of fund risks [1][2]. Group 2: Risk Prevention and Information Disclosure - Financial service agreements with the finance company must be submitted for board or shareholder review and disclosed [2]. - The company will continuously disclose transaction details in regular reports and conduct semi-annual reviews of the finance company's financial reports [2][3]. - In case of risk events, the company will promptly disclose the situation and take measures to protect its interests [2][3]. Group 3: Risk Disposal Procedures - The company will initiate risk disposal procedures if the finance company violates business conditions or experiences significant financial distress [2][3]. - Specific triggers for initiating risk disposal include violations of offshore business regulations, liquidity crises, and significant administrative penalties from regulatory authorities [3][4]. - After a financial risk event, the finance department will report to the leadership group to develop a risk disposal plan and communicate with the finance company to mitigate further risks [4][5].

Core Viewpoint - The document outlines the information disclosure management system of Datang International Power Generation Co., Ltd, emphasizing the importance of timely, accurate, and fair disclosure of information to protect investors' rights and comply with relevant laws and regulations [1][2][3]. Group 1: General Principles - The company and related information disclosure obligors must disclose information in a timely and fair manner, ensuring that the information is true, accurate, complete, and easy to understand [3][4]. - All investors should have equal access to significant information, and no information should be disclosed to any individual or organization before it is made public [3][4]. - The board of directors and senior management are responsible for ensuring timely and fair disclosure of information, and they must inform the company of any events that may significantly impact the trading price of the company's securities [3][4][5]. Group 2: Disclosure Obligations - The company is required to disclose various types of information, including periodic reports (annual, semi-annual, quarterly), temporary reports, and any significant events that may affect the trading price of its securities [5][6][7]. - Information that could significantly influence investors' decisions must be disclosed, including financial reports audited by certified public accountants [6][7][8]. - The company must also disclose any major changes in its operations, financial status, or ownership structure that could impact its securities [12][13][14]. Group 3: Management Responsibilities - The board of directors is responsible for overseeing the company's information disclosure work, with the chairman serving as the primary responsible person for information disclosure management [16][17]. - The company secretary is tasked with coordinating and organizing information disclosure activities, managing investor relations, and ensuring compliance with disclosure regulations [17][18]. - All departments within the company must designate responsible individuals to report significant information to the board secretary or securities capital department [19][20]. Group 4: Confidentiality Measures - Information disclosure obligors must maintain strict confidentiality regarding undisclosed information that could impact the trading price of the company's securities [27][28]. - The company must implement measures to prevent the leakage of sensitive information and ensure that any communication with external parties does not disclose undisclosed material information [27][28][29]. - Any external requests for confidential information must be refused unless there is a legal basis for disclosure [28][29].

Investment Rating - The report maintains a "Buy" rating for Datang Power (601991.SH) [2] Core Views - Datang Power's H1 2025 results exceeded expectations, with a revenue of CNY 57.193 billion, down 1.93% year-on-year, and a net profit of CNY 4.579 billion, up 47.35% year-on-year [1][5] - The company has initiated a mid-term dividend of CNY 0.055 per share, representing approximately 26.7% of the net profit attributable to shareholders [5] - The decline in coal prices and resilient electricity prices have contributed to a significant improvement in profitability [5] Financial Performance Summary - H1 2025 saw a slight decrease in coal power generation, but profitability per kilowatt-hour increased significantly, with coal power profit totaling CNY 3.148 billion, up 108.51% year-on-year [5] - The average on-grid electricity price was CNY 444.48 per MWh, down 3.95% year-on-year [5] - Renewable energy generation showed strong growth, with wind power generation up 31.28% and solar power up 36.35% year-on-year [5] - The overall gross margin improved to 18.55%, up 3.12 percentage points year-on-year, and the net margin reached 10.61%, up 3.26 percentage points year-on-year [5] Earnings Forecast and Valuation - The report projects net profits for 2025-2027 to be CNY 6.028 billion, CNY 6.570 billion, and CNY 7.089 billion, respectively, with year-on-year growth rates of 34%, 9%, and 8% [6][9] - The current stock price corresponds to a PE ratio of 10.5x for 2025, 9.6x for 2026, and 8.9x for 2027 [6][10]

Core Insights - Datang International Power Generation Co., Ltd. reported a revenue of 57.193 billion yuan for the first half of 2025, a year-on-year decrease of 1.93%, while net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [1] - The company announced a mid-year profit distribution plan, proposing a cash dividend of 0.055 yuan per share, amounting to approximately 1.018 billion yuan [1] - Datang's total profit reached 7.284 billion yuan, reflecting a year-on-year growth of 36.14%, marking the best performance for the same period in the company's history [1] Business Performance - The total installed capacity of the company reached 80,889.68 megawatts by the end of the reporting period, with thermal power concentrated in the Beijing-Tianjin-Hebei and southeastern coastal regions, while hydropower projects are mainly located in the southwest [2] - The company is actively promoting the transition to low-carbon clean energy, with an increase of 1,117.45 megawatts in clean energy installed capacity during the reporting period, including 502.47 megawatts from thermal power, 167.45 megawatts from wind power, and 447.53 megawatts from solar power [2] - The proportion of low-carbon clean energy installed capacity rose to 40.87%, an increase of 0.5 percentage points compared to the end of 2024 [2] Sector Performance - The wind power segment of the company's new energy sector saw a remarkable profit increase of 71.29% year-on-year during the first half of the year [3]

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 57.193 billion yuan, a year-on-year decrease of 1.93%, while net profit attributable to shareholders reached 4.579 billion yuan, a year-on-year increase of 47.35% [1][2][3] Financial Performance - The company's operating revenue decreased slightly due to falling electricity prices, while net profit increased significantly due to lower coal prices improving coal power profitability [1][3] - The company reported a weighted return on equity of 11.96%, an increase of 3.94 percentage points year-on-year, and basic earnings per share of 0.21 yuan, up 65.67% year-on-year [2][3] Business Segments - In H1 2025, profits from various business segments were as follows: coal machinery 3.15 billion yuan (+108.5%), gas power 130 million yuan (-62.6%), hydropower 1.21 billion yuan (+17.2%), wind power 1.94 billion yuan (+71.3%), and solar power 400 million yuan (+3.6%) [1][3] - The company’s average on-grid electricity price was 444.48 yuan per megawatt-hour, a decrease of approximately 3.95% year-on-year [4] Cost Management - The company’s financial expense ratio decreased year-on-year due to a reduction in financing costs, with the comprehensive financing cost as of June 2025 being 2.43%, down 20 basis points from the beginning of the year and 54 basis points year-on-year [3][4] Dividend Policy - The company plans to distribute a mid-year dividend of 0.055 yuan per share (before tax), with an estimated total dividend amount of approximately 1.018 billion yuan, resulting in a payout ratio of 26.7% [3] Future Outlook - The company expects net profits attributable to shareholders for 2025 to be 6.083 billion yuan, 6.454 billion yuan for 2026, and 7.091 billion yuan for 2027 [1][6] - The company is actively promoting green energy transformation, with a continuous increase in installed capacity and on-grid electricity from renewable sources [5][6]

公司摊薄每股收益为0.21元，在已披露的同业公司中排名第38，较去年同报告期摊薄每股收益增加0.08元，实现3年连续上涨，同比较去年同期上涨 65.67%。 公司最新资产负债率为68.25%，较上季度资产负债率减少1.38个百分点，较去年同期资产负债率减少1.14个百分点。 2025年8月29日，大唐发电(601991.SH)发布2025年中报。 公司最新毛利率为18.55%，较上季度毛利率增加1.77个百分点，实现3个季度连续上涨，较去年同期毛利率增加3.12个百分点，实现2年连续上涨。最新ROE 为5.33%，在已披露的同业公司中排名第24，较去年同期ROE增加1.42个百分点。 公司营业总收入为571.93亿元，在已披露的同业公司中排名第4。归母净利润为45.79亿元，在已披露的同业公司中排名第6，较去年同报告期归母净利润增加 14.71亿元，实现3年连续上涨，同比较去年同期上涨47.35%。经营活动现金净流入为155.64亿元，在已披露的同业公司中排名第4，较去年同报告期经营活 动现金净流入增加44.34亿元，实现2年连续上涨，同比较去年同期上涨39.83%。 公司最新总资产周转率为0.18次，在已披 ...