Group 1 - The establishment of the User Ecology Branch of the China Electricity Council marks a new phase in the standardized and collaborative development of the energy user ecosystem in China, aimed at injecting strong new momentum into the green, low-carbon, and high-quality development of the energy and power industry [1][2] - The conference gathered nearly 200 representatives from various sectors, including government, industry, academia, research, and users, to witness the unveiling of the branch and the signing of agreements with 16 ecological partners [1] - The transition of users from being "receivers" of energy to "participants" and "co-builders" reflects a consensus in the industry to create an open, collaborative, intelligent, and win-win energy service ecosystem [1] Group 2 - The User Ecology Branch aims to create an open, integrated, and compliant collaborative platform to address challenges such as resource dispersion, incomplete mechanisms, and collaboration bottlenecks in the user-side ecosystem [2] - The branch's president emphasized the goal of transforming energy services from "one-way supply" to "two-way interaction" and from "single service" to "ecological empowerment" [2]

格隆汇1月29日丨中国电力(02380.HK)发布公告，2026年1月29日，远达工程公司(公司一家非全资拥有 的间接附属公司)与达州能源订立了一份总承包合同。据此，远达工程公司将为达州项目的脱硫系统提 供系统设计、设备采购、建筑安装，以及其他技术支援服务，代价人民币约1.99亿元(约相等于2.24亿港 元)。 ...

Core Viewpoint - China Power (02380) has announced a total contract worth RMB 199 million for the desulfurization system project with Dazhou Energy, which will enhance its market share in the flue gas treatment sector and support its transition to a green low-carbon energy supplier [1][2] Group 1: Contract Details - The contract includes system design, equipment procurement, construction installation, commissioning, completion certification, training, performance quality assurance, and follow-up services during the defect liability period [1] - The defect liability period lasts for one year after the last system unit completes its 168-hour full-load trial operation [1] Group 2: Market Position and Strategy - The contract price aligns with current market rates for similar desulfurization services provided by other companies [2] - The board believes that the terms of the contract are competitive compared to those offered by independent third parties [2]

Core Viewpoint - China Power (02380) announced a total contract worth RMB 199 million for the desulfurization system project with Dazhou Energy, which will enhance its market share in the flue gas treatment sector and support its transition to a green low-carbon energy supplier [1][2] Group 1: Contract Details - The contract includes system design, equipment procurement, construction installation, commissioning, completion certification, training, performance quality assurance, and follow-up services during the defect liability period [1] - The defect liability period lasts for one year after the last system unit completes its 168-hour full-load trial operation [1] Group 2: Market Position and Strategy - The contract aligns with the increasing strictness of flue gas emission standards for coal-fired power plants in China, allowing the company to leverage its expertise in desulfurization engineering services [1] - By securing the Dazhou project, the company aims to expand its market share in the flue gas treatment field and strengthen its position in the environmental protection sector [1]

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。 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） 關連交易 有關脫硫系統建設的總承包合同 二零二六年一 月二十九日 ，遠達工程公司（本公司一家非全資擁有的間接附 屬公司）與達州能源訂立了一份總承包合同。 據此，遠達工程公司 將為達州 項目 的脫硫系統提供系統 設計、設備採購、建築安裝，以及其他技術支援服 務，代價人民幣 199,188,000 元（約相等於 223,807,000 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 。 達州能源為中電國際 全資擁有的間接附屬公司 ， 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，訂立總 承包合同根據上市規則屬於本公司的一項關連交易。 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Power** sector, specifically highlighting the growth in **wind and solar energy installations** in 2025, which exceeded expectations [1][5]. Core Insights and Arguments - **Power Demand Growth**: - National power consumption increased by **5.0% year-over-year (yoy)** in 2025, aligning with the China Electricity Council's (CEC) projections [8]. - Power demand by sector showed varied growth: - Primary: **9.9%** - Secondary: **3.7%** - Tertiary: **8.2%** - Residential: **6.3%** - This represents a moderation compared to 2024's growth rates [2]. - **Power Generation Statistics**: - Total power generation rose by **2.2% yoy** to **9,716 billion kWh** in 2025. - Solar and wind power generation increased significantly, with solar up **24.4%** and wind up **9.7%**, contributing **17%** of total generation (up from **14%** in 2024) [3]. - Thermal generation decreased by **1.0% yoy** to **6,295 billion kWh**, while hydro and nuclear generation rose by **2.8%** and **7.7%** respectively [3]. - **Capacity Additions**: - China added **543 GW** of power capacity in 2025, marking a **26.5% yoy** increase. This included: - **315 GW** of solar (up **13.7%**) - **119 GW** of wind (up **50.4%**) - **95 GW** of thermal, which accelerated from previous years [4]. - By the end of 2025, total installed power capacity reached **3,891 GW**, with solar and wind comprising **47.3%** of this total [4]. - **Sector-Specific Drivers**: - The major drivers for tertiary power consumption were identified as **electric vehicle (EV) charging** and **software & IT services**, which grew by **48.8%** and **17.0% yoy** respectively [8]. Additional Important Insights - The report indicates that the growth in renewable energy installations was higher than previously forecasted, with cumulative solar and wind capacity reaching **1,202 GW** and **640 GW** respectively by the end of 2025 [8]. - The thermal power installation for 2025 was below the CEC's forecast of **106 GW**, indicating a potential area of concern for future thermal energy investments [8]. This summary encapsulates the key findings and insights from the conference call regarding the state of the power sector in China, particularly focusing on the growth of renewable energy sources and the overall demand for power.

Core Viewpoint - China Power Construction Corporation has announced the early repayment of part of the temporary supplementary working capital raised from idle funds, demonstrating effective cash management and adherence to financial regulations [1][2]. Group 1: Fund Usage and Repayment - The company approved the use of up to RMB 5.529 billion of idle raised funds for temporary working capital, with a usage period not exceeding 12 months from the board meeting date [1]. - As of the announcement date, the company has utilized the full amount of RMB 5.529 billion for temporary working capital [2]. - The company has repaid RMB 230 million on November 24, 2025, and RMB 316 million on January 23, 2026, to the designated fund account [2]. Group 2: Remaining Balance - After the repayments, the remaining balance of the temporary supplementary working capital is RMB 4.983 billion [2].

中国电力(02380)公布，该集团于2025年12月的合并总售电量为1073.105万兆瓦时，较去年同期减少 2.31%，而截至2025年12月31日止年度的合并总售电量为约1.26亿兆瓦时，同比减少1.27%。 ...

格隆汇1月26日丨中国电力(02380.HK)公告，于2025年12月的合并总售电量为10,731,050兆瓦时，较去年 同期减少2.31%，而截至2025年12月31日止年度的合并总售电量为126,332,861兆瓦时，同比减少 1.27%。 ...

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。 中 國 電 力 國 際 發 展 有 限 公 司 本集團於二零二五年十二月及截至二零二五年十二月三十一日止年度的總售電量， 按發電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | 2024 年 | 同比變化 | 年度 | | 同比變化 | | | 12 月 | 12 月 | | 2025 | 2024 | | | 水力發電 | 1,073,543 | 952,497 | 12.71% | 18,282,283 | 18,470,727 | -1.02% | | 風力發電(1) | 2,993,561 | 2,711,605 | 10.40% | 30,798,035 | 26,236,946 | 17.38% | | 光伏發電 | 1,870,313 ...