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。 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 的公告及本公司日期為二零二五年五月二十日的通函（「通函」），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所界定者具有相同涵 義。 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） 補充公告 有關資產重組建議之 須予披露及關連交易 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， 據此本公司及湘投國際有條件同意分別向遠達環保轉讓五凌電力的 63%及 37% 股權，總代價人民幣 24,667,342,000.00 元，該款項將由遠達環保以代價股份及 現金方式支付。同日，本公司、湘投國際及遠達環保訂立五凌電力補償協議， 協定有關五凌電力業績承諾 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company's performance is expected to grow steadily due to the decline in coal prices and the increase in wind power installations [2][6] - In H1 2025, the company achieved a revenue of 23.86 billion, a year-on-year decrease of 9.9%, while the net profit attributable to shareholders was 2.59 billion, a year-on-year increase of 0.8% [6] - The decline in revenue is attributed to a significant drop in fire power revenue and water power revenue due to operational changes and adverse weather conditions [6] - The net profit from fire power, water power, wind power, and solar power for H1 2025 was 1.43 billion, 0.55 billion, 2.12 billion, and 0.72 billion respectively, showing varied performance across segments [6] - The company added 4.5 GW of new renewable energy capacity in H1 2025 [6] Financial Performance Summary - The company’s projected revenues for 2025-2027 are 54.7 billion, 57.6 billion, and 60.5 billion respectively, with net profits of 3.77 billion, 3.81 billion, and 3.89 billion [6][7] - The price-to-earnings (P/E) ratio is expected to remain stable at 9 times for the next three years [6][8] - The company’s coal power profit per kilowatt-hour increased by 1.9 cents to 5.8 cents per kilowatt-hour in H1 2025 [6]

ab 26 August 2025 Global Research China Power Equipment Sector Smart meter: Domestic demand recovered in State Grid's 2nd round tendering What's new State Grid recently announced its 2nd round tendering plan for smart meters and power communication products. Though the smart meters with new standard are not in the procurement list, we still see overall demand recovery happening. In the 2nd round tendering, the volume of smart meter increased by 12% YoY, and volume of power communication products (including ...

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。 ...