中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited 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，概不就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 的任何損失承擔任何責任。 （在香港註冊成立的有限責任公司） （股份代號：2380） 補充公告 有關資產重組建議之 須予披露及關連交易 茲提述中國電力國際發展有限公司（「本公司」）日期為二零二五年四月十六日的公告、 本公司日期為二零二五年五月二十日的通函（「通函」）及本公司日期為二零二五年九 月一日的公告（「補充公告」），內容有關資產重組建議。除另有指明外，本公告所用的 全部詞彙與通函及補充公告所界定者具有相同涵義。 背景 於二零二五年四月十六日，本公司、湘投國際及遠達環保訂立股權轉讓協議 I 及五凌 電力補償協議。同日，廣西公司（本公司全資擁有的附屬公司）與遠達環保訂立股權 轉讓協議 II 及長洲水電補償協議。 於二零二五年八月二十九日，本公司、湘投國際及遠達環保訂立股權轉讓補充協議 I 及 ...

Group 1 - The company reported a mid-year performance for 2025, achieving a revenue of 23.858 billion yuan, a year-on-year decrease of 9.87%, while the profit attributable to ordinary shareholders was 2.587 billion yuan, a year-on-year increase of 0.65% [1] - The thermal power segment benefited from a decline in coal prices, with the average coal price in Qinhuangdao at approximately 676 yuan/ton, down about 199 yuan/ton year-on-year, leading to a net profit of 1.428 billion yuan, an increase of 28.89% [1] - The hydropower segment faced challenges due to reduced rainfall, resulting in a decrease in utilization hours and a net profit of 0.55 billion yuan, down 28.20% year-on-year [1] Group 2 - The company’s installed capacity reached 53.9406 million kilowatts by mid-2025, with clean energy capacity at 44.1206 million kilowatts, accounting for 81.79% of the total, an increase of 4.72 percentage points year-on-year [2] - Wind and solar power generation saw significant increases in sales volume, with wind power at 16.685 billion kWh (up 26.90%) and solar power at 12.970 billion kWh (up 9.63%) [2] - However, the average on-grid prices for wind and solar power decreased, leading to net profits of 2.124 billion yuan (up 8.36%) for wind and 0.716 billion yuan (down 36.90%) for solar [2] Group 3 - The company is actively integrating hydropower assets to establish a clean energy flagship platform, with a restructuring plan approved by shareholders and accepted by the Shanghai Stock Exchange [3] - The restructuring involves the acquisition of shares in Yuanda Environmental Protection in exchange for stakes in the company’s subsidiaries, enhancing its position as a comprehensive clean energy platform [3] - Profit forecasts have been adjusted, with expected net profits for 2025 and 2026 at 4.081 billion yuan and 4.463 billion yuan, representing year-on-year growth of 21.31% and 9.36%, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company's H1 2025 results show a revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year, while the net profit attributable to ordinary shareholders is 2.587 billion yuan, an increase of 0.65% year-on-year [1]. - The decline in coal prices has significantly improved the profitability of the thermal power segment, with a net profit of 1.428 billion yuan in H1 2025, an increase of 28.89% year-on-year, despite a decrease in both sales volume and price [2]. - The hydropower segment faced challenges due to lower rainfall, resulting in a decrease in utilization hours and a net profit of 0.550 billion yuan, down 28.20% year-on-year [3]. - The company is rapidly expanding its renewable energy capacity, with a total installed capacity of 53.9406 million kilowatts, of which clean energy accounts for 44.1206 million kilowatts, representing 81.79% of the total [4]. - The company is actively integrating its hydropower assets to establish a clean energy flagship platform, with the asset restructuring plan already approved by shareholders [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year, and a net profit of 2.587 billion yuan, an increase of 0.65% year-on-year [1]. - The thermal power segment's revenue was pressured by a decrease in coal power on-grid electricity price to 0.373 yuan/KWh, down approximately 0.019 yuan/KWh year-on-year, and utilization hours decreased by 96 hours to 2469 hours [2]. Segment Analysis - The thermal power segment's net profit improved to 1.428 billion yuan, up 28.89% year-on-year, due to a decrease in coal prices, with the average coal price at 676 yuan/ton, down 199 yuan/ton year-on-year [2]. - The hydropower segment's net profit was 0.550 billion yuan, down 28.20% year-on-year, with utilization hours dropping to 1387 hours, a decrease of 434 hours year-on-year [3]. - The renewable energy segment saw significant growth, with wind and solar power sales increasing by 26.90% and 9.63% year-on-year, respectively, although profitability was impacted by lower on-grid electricity prices [4]. Strategic Developments - The company is pursuing a strategic asset restructuring to consolidate its hydropower assets, aiming to enhance its position as a clean energy leader [5]. - The restructuring plan has been approved by shareholders and is progressing through regulatory channels [5]. Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted, with expected net profits of 4.081 billion yuan and 4.463 billion yuan, representing year-on-year growth of 21.31% and 9.36%, respectively [6].

Core Viewpoint - China Electric Power Equipment Co., Ltd. has successfully provided financial assurance for the Saudi Bishah energy storage project through a cross-border green guarantee scheme, winning the "Best Structured Trade Finance Solution" award at the 2025 AAA Treasury Management Awards by The Asset [1] Group 1: Project and Financial Instruments - The Saudi Bishah energy storage project received a guarantee issued by Deutsche Bank, marking it as the first project of State Grid Corporation of China to obtain Deutsche Bank (China)'s ESG sustainable finance certification [1] - The cross-border green guarantee is an important tool in green finance, gradually becoming a key financing method for enterprises participating in international green projects [1] Group 2: Recognition and Future Goals - The award not only validates the professional capabilities of China Electric Power Equipment Co., Ltd. but also recognizes the company's commitment to integrating ESG standards throughout the guarantee process and leveraging financial tools to promote green transformation [1] - Through benchmark projects like the Saudi Bishah energy storage project, the company aims to continuously support the host country's green transition and sustainable development goals, actively engaging in green finance and social responsibility [1]

Major Events - China Power (02380) plans to acquire a 31% stake in Dazhou Energy [1] - Shun Teng International Holdings (00932) received a 20% discount from Chairman Zhang Shaohui for a full acquisition offer [1] - Huajian Medical (01931) established a joint venture to deepen the global blockchain financial ecosystem strategy through the "ETHK" core brand [1] - Derin Holdings (01709) signed a strategic cooperation and investment agreement with Winner Fashion (03709) [1] - Dongwu Cement (00695) major shareholder Goldview intends to sell a total of 204 million shares, making Hong Kong Aviation the single largest shareholder [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2066 tablets in China [1] - GAC Group (02238) plans to issue up to 15 billion yuan in corporate bonds and 15 billion yuan in medium-term notes [1] - Huatai Securities (06886) plans to issue up to 6 billion yuan in corporate bonds [1] - Ark Health (06086) stated that the H2H conference news is not insider information and is unaware of the reason for the stock price increase [1] Financial Data - China Resources Land (01109) reported a cumulative contract sales amount of 136.8 billion yuan for the first eight months, a year-on-year decrease of 12.0% [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 73.011 billion yuan for the first eight months, a year-on-year increase of approximately 3.7% [1] - Zhong An Online (06060) reported a total original insurance premium income of approximately 23.625 billion yuan for the first eight months, a year-on-year increase of 6.36% [1]

Core Viewpoint - China Power (02380) has entered into an equity transfer agreement to acquire a 31% stake in Dazhou Energy for RMB 31 million, along with a total capital commitment and post-delivery capital input of RMB 427.8 million, amounting to a total of RMB 458.8 million [1] Group 1 - The acquisition involves a strategic partnership with Yanchang Petroleum Mining, which plans to acquire a 49% stake in Dazhou Energy [1] - Dazhou Energy is primarily engaged in power generation, transmission, distribution, and thermal production and sales [1] - Dazhou Energy holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which includes the construction of two ultra-supercritical coal-fired power generation units with a total installed capacity of 2,000 megawatts in Sichuan Province, China [1] Group 2 - The acquisition is part of a "coal-electricity joint operation" model, introducing Yanchang Petroleum Mining as a strategic partner [1] - Yanchang Petroleum Mining commits to ensuring reliable coal supply and stable pricing through long-term coal supply agreements with Dazhou Energy [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, laying a solid foundation for collaborative development among all shareholders [1]

Core Viewpoint - China Power (02380) has entered into a share transfer agreement to acquire a 31% stake in Dazhou Energy for RMB 31 million, with additional capital commitments totaling RMB 427.8 million, bringing the total investment to RMB 458.8 million [1] Group 1: Acquisition Details - The acquisition involves China Power, Yanchang Petroleum Mining, Sichuan Company, and the target company, Dazhou Energy [1] - Yanchang Petroleum Mining plans to acquire a 49% stake in Dazhou Energy [1] Group 2: Dazhou Energy Operations - Dazhou Energy is primarily engaged in power generation, transmission, distribution, and thermal production and sales [1] - The company holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which includes the construction of two ultra-supercritical coal-fired generating units with a total installed capacity of 2,000 megawatts in Sichuan Province [1] Group 3: Strategic Partnership - The acquisition introduces Yanchang Petroleum Mining as a strategic partner through a "coal-electricity joint operation" model [1] - Yanchang Petroleum Mining commits to ensuring reliable coal supply and stable pricing through long-term coal supply agreements with Dazhou Energy [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, establishing a solid foundation for collaborative development among all shareholders [1]

Core Viewpoint - China Power (02380.HK) has announced a strategic acquisition of a 31% stake in Dazhou Energy for a total consideration of RMB 458.8 million, aligning with national energy development policies and addressing power supply challenges in Sichuan province [1] Group 1: Acquisition Details - The acquisition involves a purchase price of RMB 31 million, along with a capital commitment and post-delivery capital input totaling RMB 427.8 million [1] - The acquisition is part of a broader strategy to enhance the reliability of power supply during peak demand periods in Sichuan, as outlined in the "14th Five-Year Plan for Energy Development in Sichuan Province" [1] Group 2: Strategic Importance - Dazhou Energy holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which is designated as a key peak-shaving resource [1] - The project aims to alleviate peak load pressure on the Sichuan power grid and improve overall power supply reliability in the province [1] Group 3: Partnership and Future Prospects - The acquisition introduces Yanchang Petroleum Mining as a strategic partner through a "coal-electricity joint operation" model [1] - Yanchang Petroleum Mining has committed to long-term coal supply agreements with Dazhou Energy, ensuring reliable coal supply and stable pricing [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, laying a solid foundation for collaborative development among all shareholders [1]

中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 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，概不就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 的任何損失承擔任何責任。 關連交易 收購達州能源 31%股權 於二零二五年 九月十二日 ，本公司 、延長石油礦業、四川公司及目標公司訂 立了 一份股權轉讓協議， 據此本公司已同意收購及四川 公司已同意出售達州 能源 3 1%的股權，代價人民幣 31,000,000 元，另加資本承諾及交割後的資本 投 入 總 額 人 民 幣 427,800,000 元，合共人民幣 458,800,000 元 （約相等於 504,176,000 港元）。 於本公告日期，中電國際擁有本公司已發行股本約 59.42%，並為本公司的控 股股東。四川 公司為中電國際的全資擁有附屬公司，根據上市規則定義，中 電國際、其附屬公司及聯繫人均為本公司的關連人士。因此，訂 ...

Core Points - China Power Construction Corporation has received a notice from its sponsor, China International Capital Corporation, regarding the replacement of the continuing sponsor representative for its non-public issuance of A-shares in 2022 [1][2] - The original sponsor representative, Qiao Xiaowei, is no longer serving due to a job change, and Meng Jiao has been appointed to continue the supervisory work [1][2] - After this change, the continuing sponsor representatives for the 2022 non-public issuance of A-shares will be Liu Yifei and Meng Jiao [1] Summary of Related Information - Meng Jiao is currently the Executive General Manager of the Investment Banking Department at CICC and obtained her sponsor representative qualification in 2023 [2] - She has previously served as a co-organizer for the 2022 non-public issuance of A-shares for China Power Construction and has experience in various significant projects, including major asset restructuring and non-public offerings [2] - Meng Jiao has a good professional record and has strictly adhered to relevant regulations during her sponsorship activities [2]