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 the first quarter was CNY 30,206,052, a decrease of 1.74% compared to the same period last year[7] - Net profit attributable to shareholders increased by 68.12% to CNY 2,238,433 compared to CNY 1,331,460 in the previous year[7] - Basic and diluted earnings per share increased by 98.81% to CNY 0.1004, up from CNY 0.0505 in the previous year[7] - The net profit for Q1 2025 was CNY 2,744,617 thousand, an increase of 58.2% compared to CNY 1,736,282 thousand in Q1 2024[39] - The total comprehensive income for Q1 2025 was CNY 2,744,006 thousand, up from CNY 1,736,401 thousand in Q1 2024[41] - The total revenue for Q1 2025 was CNY 3,252,346 thousand, compared to CNY 2,129,893 thousand in Q1 2024, representing a growth of 52.7%[39] - The operating profit for Q1 2025 was CNY 3,242,702 thousand, an increase of 53.2% from CNY 2,114,094 thousand in Q1 2024[39] - The income tax expense for Q1 2025 was CNY 507,729 thousand, compared to CNY 393,611 thousand in Q1 2024, indicating a rise of 29.0%[39] - The company reported a net profit margin improvement, with net income for Q1 2025 expected to reflect better cost management strategies[38] Cash Flow - The net cash flow from operating activities rose by 51.00% to CNY 9,312,542, driven by lower fuel costs[7] - Net cash flow from operating activities for Q1 2025 was $6,167,179, a decrease of approximately 33.0% from $9,312,542 in Q1 2024[44] - Cash inflow from operating activities for Q1 2025 was $33,866,310, compared to $32,955,129 in Q1 2024, representing an increase of approximately 2.75%[43] - Cash outflow from operating activities for Q1 2025 was $27,699,131, compared to $23,642,587 in Q1 2024, indicating an increase of about 16.5%[44] - Cash inflow from financing activities totaled 35,787,910, an increase from 23,576,990 in the previous period, reflecting a growth of approximately 51.5%[46] - Net cash flow from financing activities was -2,318,303, compared to -1,050,754 in the prior period, indicating a decline in financing efficiency[46] - The ending balance of cash and cash equivalents was 10,214,452, slightly down from 10,446,561 in the previous period[46] - The net increase in cash and cash equivalents was 3,006,464, compared to 1,953,581 in the prior period, showing an increase of approximately 53.9%[46] Assets and Liabilities - Total assets at the end of the reporting period were CNY 322,645,370, reflecting a slight increase of 0.01% from the previous year[9] - The company's total assets as of March 31, 2025, amounted to CNY 322,645,370, slightly up from CNY 322,601,537 at the end of 2024[36] - Current liabilities decreased to CNY 91,382,133 in Q1 2025 from CNY 100,883,091 in Q1 2024, reflecting a reduction of approximately 9.93%[34] - Long-term borrowings increased to CNY 118,130,137 in Q1 2025 from CNY 117,093,432 in Q1 2024, showing a growth of about 0.89%[35] - The total liabilities as of March 31, 2025, were CNY 224,657,814, a decrease from CNY 229,117,953 at the end of 2024[35] Shareholder Information - Total number of common shareholders at the end of the reporting period is 174,969[26] - The largest shareholder, China Datang Corporation, holds 6,540,706,520 shares, representing 35.34% of total shares[27] - HKSCC Nominees Limited, the second largest shareholder, holds 6,090,486,027 shares, accounting for 32.91%[27] - The total shares held by China Datang Corporation and its subsidiaries account for approximately 53.04% of the total issued shares[29] - The company has not reported any changes in the participation of major shareholders in financing or lending activities[30] Investment Activities - Investment income surged by 296.02%, primarily due to losses from equity disposals in the previous period[24] - The company acquired 95% of the shares in a subsidiary, Da Tang Solar Industry (UK) Limited, which will impact the financial results for the first quarter[10] - The company reported a significant increase in investment income from joint ventures and associates, with a total of CNY 96,719 thousand in Q1 2025 compared to CNY 90,346 thousand in Q1 2024[39] Operational Efficiency - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[38]

Financial Performance - The operating revenue for 2024 was RMB 123.47 billion, showing a slight increase compared to RMB 122.43 billion in 2023[29]. - The pre-tax profit for 2024 was RMB 8.67 billion, a significant recovery from a loss of RMB 11.08 billion in 2021[29]. - The company’s equity attributable to owners was RMB 30.22 billion as of December 31, 2024, compared to RMB 27.44 billion in 2023[30]. - The total operating costs decreased to approximately RMB 112.323 billion, a reduction of about RMB 2.075 billion or 1.81% due to lower fuel costs[53]. - The total profit before tax from continuing operations was approximately RMB 8.666 billion, an increase of about 51.88% year-on-year[55]. - The net profit attributable to equity holders of the company was approximately RMB 4.538 billion, compared to RMB 1.440 billion in the previous year[55]. - The company reported a significant increase in revenue, achieving a total of 10 billion yuan, representing a 15% year-over-year growth[1]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[1]. Asset and Liability Management - As of the end of 2024, the total assets of the company reached approximately RMB 322.62 billion, with an installed capacity of 79,111.227 MW[11]. - The total liabilities of the company as of December 31, 2024, were RMB 229.19 billion, reflecting an increase from RMB 215.74 billion in 2023[30]. - As of December 31, 2024, total assets amounted to approximately RMB 322.624 billion, an increase of about RMB 18.345 billion from the end of 2023[56]. - The total liabilities reached approximately RMB 229.190 billion, an increase of about RMB 13.448 billion, primarily due to financing needs for power project construction[56]. - The company issued medium-term notes and short-term financing bonds totaling RMB 16 billion during the year, effectively lowering the overall financing cost[49]. - The company raised RMB 39.77 billion in debt financing and RMB 3.5 billion in equity financing in 2024[172]. Energy Production and Capacity - The company generated approximately 285.15 billion kWh of electricity in 2024, with a grid-connected electricity output of about 269.32 billion kWh[14]. - The company added 6,700.263 MW of new installed capacity in 2024, with the proportion of low-carbon clean energy installed capacity increasing to 40.37%, up by 2.62 percentage points from the end of the previous year[12]. - The total installed capacity of the company reached approximately 79,111.227 MW, with a new installed capacity of 6,700.263 MW during the reporting period, including 2,594.2 MW from wind power and 1,704.823 MW from solar power[46]. - The company approved a total capacity of 14,744.9 MW for power projects in 2024, including 4,660 MW for 3 coal-fired projects, 2,031.8 MW for 16 wind projects, and 8,053.1 MW for 245 solar projects[157]. - The company added 6,700.263 MW of new generating capacity in 2024, with 2,400 MW from coal-fired projects, 2,594.2 MW from wind projects, and 1,704.823 MW from solar projects, increasing the share of low-carbon clean energy installations to 40.37%[157]. Strategic Development and Future Plans - The company aims to achieve a green low-carbon transformation, focusing on "green low-carbon, multi-energy complementarity, efficient collaboration, and digital intelligence" as its development vision[11]. - The company plans to continue expanding its clean energy projects, particularly in solar and wind power, to meet the growing demand for renewable energy[12]. - The company is focusing on enhancing energy security capabilities and aims to create a new model for integrated management of coal power and new energy[35]. - The company plans to continue promoting high-quality development and cost leadership strategies, aiming for further operational efficiency and profitability[34]. - The company is actively pursuing green and low-carbon transformation, focusing on wind, solar, and hydropower development, while upgrading coal-fired power plants to reduce emissions[156]. - The company aims to expand into the clean heating market in northern cities and promote new energy low-carbon clean heating solutions to assist local governments in reducing carbon emissions[156]. - The company is exploring new business models in offshore wind power and is conducting research on projects like pumped storage, air storage, and carbon capture and utilization (CCUS)[156]. Governance and Compliance - The company emphasizes the importance of compliance and market-oriented operational mechanisms to enhance governance and management capabilities[36]. - The company has established a dedicated investor relations management team and has engaged with 287 investors and analysts through various communication channels in 2024[155]. - The company fully complied with the corporate governance code and has not faced any penalties from regulatory bodies in 2024[160]. - The company has adopted the principles and provisions of the corporate governance code as its governance benchmark[161]. - The board of directors consists of 15 members, including 5 independent non-executive directors, ensuring a diverse and professional background[175]. - The board established four specialized committees to enhance decision-making processes, with independent directors holding a majority in key committees[176]. - The company confirmed that no major shareholder has occupied the company's funds, ensuring compliance with relevant laws and regulations[180]. Workforce and Talent Development - The company employed 27,969 staff members, implementing a performance-based salary system to enhance employee motivation and align compensation with contributions[59]. - The workforce consists of 27,969 employees, with 83.41% being male and 16.59% female, indicating a significant gender imbalance in the workforce[67]. - The company emphasizes talent development and has implemented a comprehensive training plan to enhance the skills of its workforce, including a focus on high-end and urgently needed talent[70]. - The company has strengthened its leadership team by focusing on the selection of young executives, enhancing their training and evaluation systems[21]. - A comprehensive performance evaluation system has been established, incorporating monthly, annual, and special assessments to enhance incentive mechanisms[21]. Risk Management - The company faces risks related to electricity generation, with new energy generation capacity expected to reach 1.45 billion kilowatts in 2024, surpassing coal-fired generation for the first time, leading to a decline in coal machine utilization hours[60]. - To mitigate electricity and price risks, the company will enhance operational optimization and participate actively in the national unified electricity market, aiming to increase external transaction volumes[62]. - The company anticipates a significant risk of declining electricity prices due to a stable downward trend in coal prices and increased uncertainty from the entry of new energy into the market[63].

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 ...

Core Viewpoint - The four major power generation companies in A-shares, namely Datang Power (601991.SH), Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH), reported an increase in net profit for 2024, totaling 30.175 billion yuan, with significant cash dividends exceeding 11.1 billion yuan [2][3]. Group 1: Financial Performance - The four state-owned enterprises collectively achieved a net profit of 30.175 billion yuan for the year, with all companies reporting growth [2]. - Datang Power's net profit surged by 229.7% year-on-year, reaching 4.506 billion yuan, marking a significant recovery from a loss of 405 million yuan in 2022 [4]. - Guodian Power's net profit reached 9.831 billion yuan, up 75.28%, despite a revenue decline of 1% to 179.182 billion yuan [5]. - Huadian International's net profit was 5.703 billion yuan, a 26.11% increase, while revenue fell by approximately 3.57% to 112.994 billion yuan [5]. - Huaneng International reported a net profit of 10.135 billion yuan, up 20.01%, with revenue decreasing by 3.48% to 245.551 billion yuan [5]. Group 2: Dividend Distribution - The four companies announced substantial dividend payouts, with a total exceeding 11.1 billion yuan [2]. - Datang Power plans to distribute 1.149 billion yuan in cash dividends, with a payout ratio of 38.13% [2]. - Guodian Power's total cash dividends reached 3.567 billion yuan, with a payout ratio of 36.28% [2]. - Huaneng International announced a high dividend plan of 4.238 billion yuan, raising its payout ratio to 58.78% [2]. - Huadian International's cash dividends for 2024 are approximately 2.148 billion yuan, representing 45.72% of its distributable net profit [2]. Group 3: Revenue and Cost Dynamics - The power sector is characterized by a disparity between profit growth and revenue stagnation, with Datang Power being the only company to achieve growth in both metrics [5]. - The decline in coal prices has significantly impacted fuel costs, which are crucial for profitability [7]. - In 2024, Datang Power's fuel costs were 69.735 billion yuan, down 5.64% year-on-year, while Huadian International's fuel costs were approximately 70.567 billion yuan, a decrease of 6.49% [7]. Group 4: Clean Energy Transition - The companies are advancing their low-carbon transition, with an increase in the share of clean energy installations [9][10]. - By the end of 2024, Datang Power's clean energy capacity reached 40.37%, an increase of 2.62 percentage points from the previous year [9]. - Guodian Power's non-fossil energy capacity accounted for 33.19% of its total, while Huaneng International's clean energy capacity reached 35.82%, up 4.58 percentage points [10]. - Datang Power aims to increase the clean energy share to 50% by the end of the "14th Five-Year Plan" [11].

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]