Group 1 - China Power International Development Co., Ltd. has invested 63 million RMB to establish China Electric (Xiaogan) Energy Co., Ltd., holding 100% of the shares [1] - China Electric (Xiaogan) Energy Co., Ltd. was established on February 13, 2026, with a registered capital of 63 million RMB and is located in Xiaogan City [1] - The company is involved in the electricity and heat production and supply industry, with permitted projects including power generation, transmission, and distribution [1] Group 2 - The company will also engage in wind power generation technology services, solar power generation technology services, and sales of solar thermal power products [1] - Additional services include sales of new energy vehicle battery swap facilities, energy storage technology services, centralized fast charging stations, electric vehicle charging infrastructure operation, and parking services [1]

Core Viewpoint - China Power (02380) announced the signing of three independent general contracting agreements for the development of the Lubei Phase I project, which includes the construction of photovoltaic and wind power facilities, a booster station, and connecting transmission lines, with a total cost of RMB 768 million (approximately HKD 863 million) [1] Group 1: Project Details - The Lubei project is located in the saline-alkali land of Weifang, Shandong Province, and adopts a "photovoltaic and salt field" complementary model for synergistic development [1] - The project aims to enhance local energy structure and contribute to the national goal of building a "green energy belt in the lower Yellow River" while assisting the region's transition to a high-tech chemical industry [1] - The investment aligns with the company's green sustainable development strategy and is expected to enhance the group's long-term profitability [1] Group 2: Contracting Process - The company awarded the general contracting agreements through a rigorous competitive public bidding process on China's procurement and bidding platforms [2] - The costs associated with the three general contracting agreements are consistent with current market prices for comparable projects [2] - The board believes that the terms and costs of the general contracting agreements are not inferior to those offered by independent third parties [2]

Group 1 - The core announcement is that China Power (02380.HK) has entered into three independent general contracting agreements for the development of the Lubei Phase I project with State Nuclear Power Technology Corporation and Shandong Institute [1] - The total cost of the contracts amounts to RMB 767,935,300, which is approximately HKD 862,848,700 [1] - The project includes the construction of photovoltaic and wind power generation facilities, a booster station, and connecting transmission lines [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 風光儲輸一體化項目相關的工程總承包合同 二零二六年二 月十三日， 濰坊新能源（本公司一家間接 非全資擁有的附屬公 司） 分別與國核院及山東院訂立三份獨立的總承包合同 。根據該等合同，承 包商將為開發魯北一期項目提供總承包服務，建設(i) 光伏及風力發電設施、 (ii) 一座升壓站及 (iii) 連接送出線路，合併代價人民幣 767,93 5, 3 0 0 元（約 相等於 862,848,700 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.61%。由於國家電投為 本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及聯繫 人均為本公司的關連人士。 國核院及山東院均為國家電投間 ...

Summary of Conference Call Notes on China Electric Utilities Industry Overview - The conference call discusses the **China Electric Utilities** sector, focusing on the impact of recent government policies and coal prices on the industry. Key Points Coal Prices - The **PRC Sxcoal spot coal price** (5,500 kcal/kg) at Qinhuangdao was steady at **Rmb 711/tonne** on February 11, 2026, reflecting a **+1.8% week-over-week (wow)** and **+1.2% month-over-month (mom)** increase, but a **-0.2% year-over-year (yoy)** decrease [1][6] - The rise in coal prices was attributed to **Indonesia's coal export stoppage** due to government proposals to limit output [6] Government Policy - The **General Office of State Council** issued a policy paper titled **'Implementation Opinions on Improving the National Unified Power Market System (Policy No.4 in 2026)'** aimed at breaking provincial barriers and normalizing cross-region trading [2] - The policy promotes the development of market systems including long-term, spot, auxiliary services, capacity payments, and retail markets, with a target for completion by **2030** and full establishment by **2035** [2] Investment Opportunities - The new policy is expected to stimulate investments in the **PRC power industry**, benefiting power grid and plant equipment manufacturers [1] - Preference is given to **equipment suppliers** over operators, as suppliers are expected to gain from increased capital expenditures (capex), while operators may face margin cuts due to market-based tariff reductions [1] - Companies with **Buy ratings** include **Sieyuan**, **TBEA**, **Goldwind**, and **Dongfang Electric** [1][17] Energy Storage Systems (ESS) - A policy issued by the **NDRC** on January 30, 2026, states that only **grid-side independent ESS** are eligible for capacity payments, while wind and solar farms with ESS do not qualify [3] - The increased battery unit cost, driven by rising lithium prices, is expected to negatively impact **Sungrow's** gross profit margin on ESS sales, which was nearly **40% in Q3 2025** [4][5] - An **8% increase** in battery costs in January 2026 could lead to a **2% reduction** in Sungrow's net profit for every **1 percentage point** cut in gross profit margin [5] Market Dynamics - The **coal inventory** at Qinhuangdao Port decreased by **5.4% wow** to **5.30 million tonnes**, which is **16.9% below** the average of **6.38 million tonnes** in 2025 [6] Additional Insights - The call highlights the importance of monitoring coal prices and government policies as they significantly influence the profitability and operational strategies of companies within the electric utilities sector [1][2][4] - The focus on energy storage systems and their eligibility for capacity payments indicates a shift towards integrating renewable energy sources into the national grid, which may present both challenges and opportunities for existing players in the market [3][4]

Core Insights - Transformers have become a scarce resource due to the rapid iteration of artificial intelligence and large-scale data center construction, leading to a surge in electricity demand since 2025 [1][2] - China has emerged as the world's largest transformer producer, accounting for approximately 60% of global production capacity, and has established the most complete transformer manufacturing system [2][3] Demand Side - The global AI computing competition has intensified, with regions like Europe, the Middle East, and others accelerating the construction of large-scale data centers, resulting in exponential growth in electricity demand [2] - AI chips are highly sensitive to voltage fluctuations, necessitating high-power, low-loss, and highly reliable customized transformers for AI computing infrastructure [2] Supply Side - The transformer industry in Europe and the U.S. has suffered from years of low demand and insufficient investment, leading to a significant supply gap and long delivery cycles for large transformers [2] - China's advantages in the entire supply chain and rapid response capabilities allow it to produce high-end transformers at lower costs and shorter delivery times, making it the only country capable of quickly responding to large-scale orders [2][3] Competitive Advantages - China has built a fully autonomous and efficient transformer supply chain, from raw material processing to manufacturing, which enhances production efficiency and quality control [3] - Chinese companies are developing high-power, low-loss transformers tailored for AI data centers and exploring new products like solid-state transformers to meet diverse energy needs [3] - Chinese transformer manufacturers are expanding globally, establishing production bases and service centers abroad, and transitioning from product export to integrated output of technology, standards, and services [3] Market Dynamics - The global demand for transformers reflects the irreplaceability of Chinese manufacturing, driven by supply chain resilience and continuous investment in technological innovation [4] - The intersection of energy and technology is crucial for the expansion of computing power, with China's rise in the power equipment sector providing stable energy support for global AI development [4] - The challenge remains for the industry to convert its advantages into sustainable technological competitiveness and to play a proactive role in the restructuring of global supply chains [4]

智通财经APP讯，中国电力(02380)发布公告，于2026年2月12日，建信投资、本公司及新源绿能(本公司 一家非全资拥有附属公司)订立减资协议，建信投资将以定向减资新源绿能注册资本人民币16.66亿元(相 当于约18.716亿港元)的方式，退出其于新源绿能的全部股权，代价人民币20.06亿元(相当于约22.54亿港 元)。 建信投资退出新源绿能后，新源绿能将成为本公司的全资拥有附属公司。本公司对新源绿能的未来发展 持乐观态度，本公司将有权享有新源绿能未来产生的全部利润，从而增加对本公司股东应占净利润的贡 献。 紧随减资后，新源绿能的注册资本将由人民币36.66亿元(相当于约41.19亿港元)减少至人民币20亿元(相 当于约22.47亿港元)。本公司于新源绿能的股权将就此由54.56%增加至100%。 ...

紧随减资后，新源绿能的注册资本将由人民币36.66亿元(相当于约41.19亿港元)减少至人民币20亿元(相 当于约22.47亿港元)。本公司于新源绿能的股权将就此由54.56%增加至100%。 建信投资退出新源绿能后，新源绿能将成为本公司的全资拥有附属公司。本公司对新源绿能的未来发展 持乐观态度，本公司将有权享有新源绿能未来产生的全部利润，从而增加对本公司股东应占净利润的贡 献。 中国电力(02380)发布公告，于2026年2月12日，建信投资、本公司及新源绿能(本公司一家非全资拥有附 属公司)订立减资协议，建信投资将以定向减资新源绿能注册资本人民币16.66亿元(相当于约18.716亿港 元)的方式，退出其于新源绿能的全部股权，代价人民币20.06亿元(相当于约22.54亿港元)。 ...

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） 須予披露及關連交易 新源綠能減資 減資協議 於二零二六年二月十二日，建信投資、本公司及新源綠能（本公司一家非全資擁 有附屬公司）訂立減資協議，據此建信投資將以定向減資新源綠能註冊資本人民 幣 1,665,713,115 元（相當於約 1,871,587,800 港元）的方式，退出其於新源綠能 的全部股權，代價人民幣 2,005,973,156 元（相當於約 2,253,902,400 港元）。 緊 隨 減 資後，新源綠能的註冊資本將由人民幣 3,665,713,115 元（相當於約 4,118,778,700 港元）減少至人民幣 2,000,000,000 元（相當於約 2,247,191,000 港元）。本 ...

Core Insights - China's electricity consumption is projected to reach 10.4 trillion kilowatt-hours by 2025, marking a 5% year-on-year increase and surpassing 10 trillion for the first time in a single country [2] - The rapid growth in electricity consumption reflects the ongoing transformation of China's economy from high-speed expansion to high-quality development [5] Group 1: Electricity Consumption Breakdown - The primary sector's electricity consumption is expected to reach 149.4 billion kilowatt-hours in 2025, a 9.9% increase, indicating accelerated rural modernization [6] - The secondary sector will consume 6,636.6 billion kilowatt-hours, with a 3.7% growth, supporting stable manufacturing outputs [8] - The tertiary sector's electricity consumption is projected at 1,994.2 billion kilowatt-hours, growing by 8.2%, highlighting the increasing importance of the service industry [8] - Urban and rural residential electricity consumption is expected to reach 1,588 billion kilowatt-hours, a 6.3% increase, driven by improved living standards [8] Group 2: Economic Correlation - Electricity consumption growth is closely linked to GDP growth, with electricity usage often outpacing GDP during periods of economic activity [10] Group 3: Energy Structure and Transition - By the end of 2025, China's installed power generation capacity is expected to exceed 3.8 billion kilowatts, with non-fossil energy sources accounting for 60% [11] - Clean energy generation is projected to constitute 35.2% of industrial power generation, reflecting a 2.1 percentage point increase from the previous year [11] - The share of non-fossil energy consumption is expected to rise to approximately 21%, surpassing oil as the second-largest energy type [11] Group 4: Cross-Border Electricity Trade - China plans to export approximately 20 billion kilowatt-hours of electricity across borders by 2025, with 16 countries connected to its power network [12] - Over 90% of the electricity exported is green energy, aiding neighboring countries in reducing fossil fuel dependency [12][15] - China's electricity equipment exports are projected to exceed $24 billion by the end of 2025, with significant growth in wind power and high-voltage equipment [17] Group 5: Future Projections - China's electricity consumption is expected to continue rising, with annual growth rates projected between 4.2% and 5.6% during the 14th Five-Year Plan, potentially exceeding 13 trillion kilowatt-hours by 2030 [21] - The share of non-fossil energy is anticipated to increase further, with wind and solar capacity targets set at 3.6 billion kilowatts [23] - China's energy transition story reflects its economic strength and positions it as a leader in global energy governance [24]