Group 1 - The company China Power (02380.HK) announced a final dividend of HKD 0.168 per share to be distributed on June 30, 2026 [1]

Group 1 - The company, China Power (02380), announced a final dividend of 0.168 yuan per share to be distributed on June 30, 2026 [1]

Core Viewpoint - China Power (02380.HK) reported a decline in annual performance for 2025, with total revenue decreasing by 9.56% year-on-year, primarily due to reduced profit contributions from the renewable energy sector [1] Group 1: Financial Performance - The company's revenue for 2025 was RMB 49.029 billion, down 9.56% year-on-year [1] - Profit attributable to equity holders was RMB 3.404 billion, a decrease of 11.85% compared to the previous year [1] - Basic earnings per share were RMB 0.24, with a proposed final dividend of RMB 0.168 per share [1] Group 2: Sector Performance - The decline in annual profit of approximately 9.51% was mainly due to decreased profit contributions from the renewable energy sector, including hydropower, wind, and solar power [1] - Revenue from wind and solar power increased by approximately 7.78% and 3.25%, respectively, driven by several acquisition projects and new power generation units coming into commercial operation [1] - The implementation of the Chinese government's market-oriented pricing policy for renewable energy led to adjustments in average grid connection prices, negatively impacting profits in this sector [1] - The hydropower segment experienced a decline in revenue and profit due to reduced rainfall in operational areas [1] Group 3: Thermal Power Performance - Revenue from the thermal power segment decreased by approximately 19.65% following the partial divestment of equity in a coal-fired power subsidiary, which was reclassified as an associate company [1] - Despite the revenue decline, the thermal power segment's profit increased by approximately 45.76% due to lower fuel costs and effective coal procurement measures, partially offsetting the profit decline in the renewable energy sector [1] Group 4: Capacity Metrics - As of December 31, 2025, the company's consolidated installed capacity reached 54,753.7 MW, representing a year-on-year growth of 10.86% [2] - Clean energy installed capacity was 44,933.7 MW, accounting for approximately 82.07% of the total installed capacity [2]

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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，概不對因 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國電力國際發展有限公司 | | 股份代號 | 02380 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.168 RMB | | 股東批准日期 | 2026年6月4日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1911 ...

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） 暫停辦理股份過戶登記手續 為確定股東出席 2026 年股東周年大會並於會上投票的資格，及有獲派 2025 年度末期股息的權利，本公司將暫停辦理股份過戶登記手續。 本公司將於有關期間內暫停辦理股份過戶登記手續。為符合資格出席 2026 年 股東周年大會並於會上投票，以及獲派 2025 年度末期股息的權利，所有填妥 之股份過戶表格連同相關之股票，須不遲於下列的最後時限前送達本公司之 股份過戶登記處香港中央證券登記有限公司辦理登記手續，地址為香港灣仔 皇后大道東 183 號合和中心 17 樓 1712-1716 號舖。暫停辦理股份過戶登記手 續的詳情如下： 1 | (i) | 為確定股東出席 年股東周年大會並於會上 ...

CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 中國電力國際發展有限公司 （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。 二 零 二 五 年 度 業 績 公 告 中 國 電 力 國 際 發 展 有 限 公 司（「本 公 司」）董 事 局（「董 事 局」）公 佈，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」或「我 們」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 財 務 業 績。 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | -- ...

Group 1 - European factory owners are facing high electricity costs, with prices reaching nearly 2 yuan per kilowatt-hour in some regions [1][6] - Despite pressures, multinational companies, including Tesla, are reluctant to relocate manufacturing bases from China, highlighting the competitive advantage of lower electricity costs in China [1][3] - In industries like aluminum electrolysis, steelmaking, and chemicals, electricity costs can account for up to 40% of total costs, making it a critical factor for business survival [4] Group 2 - By 2025, industrial electricity prices in Europe are projected to soar to 0.3 euros (approximately 2 yuan) per kilowatt-hour, while China's industrial electricity price remains around 0.6 yuan, creating a significant cost advantage for Chinese manufacturing [6][11] - China's clean energy generation reached 3,421.3 billion kilowatt-hours by 2025, accounting for 35.2% of total electricity generation, showcasing the country's rapid advancement in renewable energy [11][17] - China has established itself as a leader in solar and wind energy production, with one-third of the world's solar panels and half of the wind turbines being manufactured in the country [13] Group 3 - China has developed ultra-high voltage transmission technology, enabling efficient electricity distribution from resource-rich areas to industrial centers, which is crucial for maintaining energy supply [16][18] - The total electricity generation in China reached over 10 trillion kilowatt-hours in 2025, which is double that of the United States and surpasses the combined output of the US, EU, and India [17][20] - The expansion of electricity access to remote villages in China reflects the country's commitment to ensuring energy availability for all citizens, regardless of location [21][24]

Group 1 - The rapid development of artificial intelligence (AI) technology is pushing power infrastructure to the forefront, becoming a new bottleneck for industry expansion [1] - The global acceleration in AI data center construction is leading to an exponential increase in electricity demand, which challenges the power generation capacity of various countries and the stability of their power distribution systems [1][4] - By 2030, Germany's general data center computing power is expected to at least double from 2025 levels, with AI-specific computing power projected to increase fourfold, reflecting strong global demand for AI computing power [4] Group 2 - AI is becoming a new growth driver for electricity consumption globally, with U.S. data centers projected to account for 45% of global electricity consumption by 2024 [7] - The U.S. Electric Power Research Institute predicts that the share of electricity consumed by data centers in the U.S. will rise from 5% in 2025 to between 9% and 17% by 2030, indicating that nearly one-fifth of U.S. electricity will be consumed by data centers within a decade [7] - The demand for electrical equipment, especially transformers, is expected to surge due to the high load rates and instantaneous high pulse characteristics of AI data centers, necessitating higher voltage levels and thermal redundancy in power distribution [7] Group 3 - China's transformer and core component industry is entering a new era of rising export volume and prices, benefiting from its comprehensive advantages in the transformer supply chain [10] - By 2025, China's total transformer export value is projected to reach 64.6 billion yuan, a year-on-year increase of 35.8%, with prices also on the rise [10] - The ongoing supply-demand gap in overseas power equipment markets is favorable for Chinese transformer and core component companies, particularly those with established market shares in North America [10]

Core Insights - The implementation of the "Basic Rules for Long-term Electricity Market" marks a historic shift in China's electricity market, transitioning from a "planned pricing" era to a new phase characterized by "precise scheduling, flexible pricing, and dynamic competition" [1][3] Group 1: Reform Transition - The new rules signify a fundamental restructuring of China's electricity market across three dimensions: pricing mechanisms, trading models, and stakeholder responsibilities [3] - Fixed time-based electricity pricing has been completely eliminated, with over 27 provinces completing system upgrades and achieving a trading volume of 3.2 trillion kilowatt-hours, representing over 60% of total electricity consumption [3] Group 2: Market Transformation - The introduction of real-time pricing addresses key challenges in the new electricity system, enhancing efficiency across the entire supply chain, including the grid, users, and generation [4] - The essence of this transformation is to restore the commodity nature of electricity, optimizing resource allocation to support carbon neutrality goals and energy security [4] Group 3: AI Integration in Trading - The frequency of trading has increased to every 15 minutes, necessitating rapid data processing and decision-making, making AI an essential component of electricity trading [5] - Real-time pricing is now standard, with electricity prices determined by renewable output, grid load, and user demand, improving scheduling precision from daily to minute-level accuracy, enhancing market liquidity and price discovery [5][6] - The share of market-based trading for renewable energy is projected to exceed 85% post-regulation, moving away from guaranteed pricing and subsidies, thus driving technological upgrades and business model innovations [5] Group 4: International Players Entering the Market - UK-based Octopus Energy has entered the Chinese market by forming a joint venture with China’s Bicheng Energy, focusing on AI-driven electricity trading and virtual power plant operations [7] - Octopus's competitive edge lies in its proprietary Kraken AI platform, which manages 70 million energy accounts globally, setting a benchmark for real-time electricity trading [7] Group 5: Storage Market Expansion - The new pricing rules are expected to catalyze a trillion-yuan market for energy storage, which is essential for managing price volatility and securing stable returns [8] - By the end of 2025, China's new energy storage capacity reached 136 million kilowatts, accounting for over 40% of global installations, with real-time pricing elevating storage from a supporting role to a core market asset [8] Group 6: Future Outlook - The recent rule implementation is just the beginning of China's electricity market reform, with three clear trends emerging: the expansion of real-time pricing, deep integration of AI and storage, and the formation of a comprehensive industry ecosystem [9] - The market for real-time pricing is the largest incremental market globally, with AI trading penetration below 10%, indicating significant growth potential [9] - The projected increase in new energy storage installations to over 50 GW in 2026, doubling from 2025, is expected to drive over 250 billion yuan in industry investments [9]

Core Viewpoint - China Power (02380.HK) announced a comprehensive consulting service contract with Shandong Institute for the investment decision of the Rizhao offshore wind power project, costing RMB 176 million [1] Group 1 - The contract is set to provide comprehensive consulting services for the Rizhao offshore wind power project [1] - The agreement was established on March 18, 2026, indicating a future-oriented investment strategy [1] - The total cost of the consulting services is RMB 176 million, reflecting the company's commitment to renewable energy projects [1]