Core Viewpoint - The company maintains a "buy" rating, projecting a target price of HKD 3.63 based on a 11.5x PE for 2025, supported by expected integration of hydropower assets and a current dividend yield of over 5% [1] Financial Performance - For the first half of 2025, the company reported a revenue of CNY 23.9 billion, a year-on-year decrease of 10% - The profit attributable to equity holders was CNY 2.83 billion, up 1.2% year-on-year, while the profit attributable to ordinary shareholders was CNY 2.59 billion, an increase of 0.65% year-on-year [1] Segment Analysis - **Thermal Power**: Net profit of CNY 1.43 billion, an increase of CNY 320 million year-on-year, with a profit per kWh of CNY 0.058, up CNY 0.019. The coal power price decreased by CNY 0.019 to CNY 0.373, while fuel costs dropped by CNY 0.039 to CNY 0.235 (corresponding to a decrease of approximately CNY 118 per ton of standard coal) [1] - **Hydropower**: Net profit of CNY 550 million, down CNY 220 million year-on-year, with a profit per kWh of CNY 0.067, down CNY 0.005, primarily due to a decrease in utilization hours by 434 to 1387 hours [1] - **Wind Power**: Net profit of CNY 2.12 billion, an increase of CNY 160 million year-on-year, with a profit per kWh of CNY 0.127, down CNY 0.022. The electricity price decreased by CNY 0.036 to CNY 0.411, while utilization hours increased by 56 to 1122 hours [1] - **Photovoltaics**: Net profit of CNY 720 million, down CNY 420 million year-on-year, with a profit per kWh of CNY 0.055, down CNY 0.041. The electricity price decreased by CNY 0.024 to CNY 0.377, and utilization hours decreased by 73 to 665 hours [1] Future Projections - For 2025, the company expects thermal power net profit to reach CNY 2.03 billion, a year-on-year increase of CNY 500 million, assuming a coal price decrease of CNY 100 per ton and a maintained electricity price drop of 2 cents - Combined net profits from hydropower, wind power, and photovoltaics are projected to be CNY 5.2 billion, a decrease of CNY 200 million year-on-year, with expected utilization hours adjusted accordingly [2]

Investment Rating - The report maintains a "Buy" rating for China Power (2380) [6][10]. Core Views - The company is expected to benefit from the recovery in thermal and wind power, compensating for the decline in hydropower and photovoltaic segments. The report anticipates a profit of 25.9 billion RMB attributable to ordinary shareholders for the first half of 2025, reflecting a year-on-year increase of 0.65% [2][10]. Financial Summary - Total revenue for 2023 is projected at 47.058 billion RMB, with a year-on-year growth of 5.3%. The revenue is expected to reach 54.213 billion RMB in 2024, followed by a decline to 50.610 billion RMB in 2025, and then a recovery to 53.830 billion RMB in 2026 and 56.813 billion RMB in 2027 [4]. - Gross profit is forecasted to increase from 5.739 billion RMB in 2023 to 9.893 billion RMB in 2025, with net profit expected to rise from 2.660 billion RMB in 2023 to 3.607 billion RMB in 2025 [4]. - The report estimates the company's PE ratio to decrease from 12.3 in 2023 to 9.9 in 2025, indicating a potential undervaluation [4]. Segment Performance - Thermal power is expected to see a net profit of 20.3 billion RMB in 2025, a year-on-year increase of 5 billion RMB, driven by a slight rebound in coal prices [10]. - Wind power is projected to achieve a net profit of 21.2 billion RMB, with an increase in utilization hours contributing positively [10]. - Hydropower and photovoltaic segments are expected to face challenges, with net profits of 5.5 billion RMB and 7.2 billion RMB respectively, reflecting declines due to reduced utilization hours [10]. Valuation and Target Price - The report suggests a target price of 3.63 HKD for the stock, based on a PE ratio of 11.5 for 2025, which reflects a premium valuation due to the anticipated integration of hydropower assets [10][12].

中国电力(02380)公布，该集团于2025年7月的合并总售电量为约1254.32万兆瓦时，较去年同月增加 2.45%，而2025年首七个月的合并总售电量为约7507.98万兆瓦时。 ...

智通财经APP讯，中国电力(02380)公布，该集团于2025年7月的合并总售电量为约1254.32万兆瓦时，较 去年同月增加 2.45%，而2025年首七个月的合并总售电量为约7507.98万兆瓦时。 ...

格隆汇8月28日丨中国电力(02380.HK)公告，于2025年7月的合并总售电量为12,543,235兆瓦时，较去年 同月增加2.45%，而2025年首七个月的合并总售电量为75,079,795兆瓦时，较去年同期减少1.97%。 ...

格隆汇8月28日丨中国电力(02380.HK)公告，2025年8月27日，按现有在中国银行间市场交易商协会发行 债务融资工具(DFI)的注册下，公司在中华人民共和国境内发行本年度第一期超短期融资券。本金额人 民币20亿元。 ...

中国电力(02380)发布公告，2028年8月27日，按现有在中国银行间市场交易商协会发行债务融资工具 (DFI)的注册下，本公司在中国境内发行本年度第一期超短期融资券(超短券–2025一期)。本金额为人民 币20亿元，票面利率为每年1.69%，募集所得的资金将用作偿还到期债务。 ...

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。 1 附註： （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年七月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年七月的合併總售電量為 12,543,235 兆瓦 時，較去年同月增加 2.45%，而二零二五年首七個月的合併總售電量為 75,079,795兆瓦 時，較去年同期減少 1.97%。 本集團於二零二五年七月及截至二零二五年七月三十一日止七個月的總售電量，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 | 2025 年 | 2024 年 | 同比變化 | | | 7 月 | 7 月 | | 首七個月 | | | ...

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 1 （在香港註冊成立的有限責任公司） （股份代號：2380） 內幕消息 在中國境內發行人民幣 20 億元超短期融資券 本公告乃中國電力國際發展有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第13.09條及香港法例第571章《證券及期貨條例》第 XIVA 部內幕消息條文而作出。 二零二五年八月二十七日，按現有在中國銀行間市場交易商協會發行債務融資 工具（DFI）的註冊下，本公司在中華人民共和國（「中國」）境內發行本年 度第一期超短期融資券（「超短券–2025一期」）。 以下為超短券–2025一期的主要條款： 主席 賀徙 香港，二零二五年八月二十八日 發行人： 中國電力國際發展有限公司 本金額： 人民幣20億元 單位面值： 人民幣100元 期限： 270 ...

Group 1 - In July, the total electricity consumption in China increased by 8.6% year-on-year, with a significant month-on-month growth of 17.9%, indicating a recovery in electricity demand [1] - The electricity consumption in the primary industry reached 17 billion kWh, growing by 20.2%, while the secondary industry consumed 5,936 billion kWh, growing by 4.7%, and the tertiary industry consumed 2,081 billion kWh, growing by 10.7% [1] - The electricity consumption for urban and rural residents reached 2,039 billion kWh, with a growth rate of 18.0%, driven by high temperatures in July [2] Group 2 - The high-tech and equipment manufacturing sectors saw a 4.6% increase in electricity consumption from January to July, outpacing the overall secondary industry growth by 1.8 percentage points [2] - The internet and related services industry experienced a remarkable 28.2% increase in electricity consumption from January to July, supported by the rapid development of mobile internet, big data, and cloud computing [2] - The electricity consumption in the electric vehicle charging and swapping service industry surged by 42.6% due to the rapid growth of electric vehicles [2] Group 3 - In July, the industrial power generation from large-scale enterprises increased by 3.1% year-on-year, with a daily average generation of 298.9 billion kWh [3] - The growth rate of industrial thermal power generation was 4.3%, which was 3.2 percentage points higher than in June, while hydropower generation saw a decline of 9.8% [3] - Solar power generation in the industrial sector grew by 28.7%, with an acceleration of 10.4 percentage points compared to June [3]