2025-08-28 11:25Important Notice Board Statement and Absences The Board of Directors and senior management affirm the semi-annual report's truthfulness and completeness; Director Jin Shengxiang was absent, delegating to Li Kai - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content 3 Absence of Directors | Position of Absent Director | Name of Absent Director | Reason for Absence | Name of Delegate | | :--- | :--- | :--- | :--- | | Director | Jin Shengxiang | Official Duties | Li Kai | Audit Status and Profit Distribution Plan The semi-annual report is unaudited; the Board approved a 2025 interim profit distribution plan of 0.055 yuan per share (tax inclusive), totaling approximately 1.018 billion yuan - This semi-annual report is unaudited 4 - The company plans to distribute a cash dividend of 0.055 yuan per share (tax inclusive), with an estimated total dividend of approximately 1.018 billion yuan 4 Risk Statement and Major Risk Disclosures The company advises investors that forward-looking statements are not substantive commitments and confirms no material risks affecting operations during the reporting period, with detailed risks in "Management Discussion and Analysis" - Forward-looking statements do not constitute a substantive commitment to investors, who should be aware of investment risks 5 - During the reporting period, there were no major risks with a substantial impact on the company's production and operations; detailed risks are elaborated in the "Management Discussion and Analysis" section 6 Section I Definitions Definitions of Common Terms This section defines common terms used in the report, including Shanghai Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, China Datang Corporation, Datang International Power Generation Co., Ltd., and unit utilization hours - This section defines key terms used in the report, such as SSE, HKEX, LSE, Datang Group, the Company/Datang International, Datang Finance Company, Capital Holdings Company, and utilization hours 16 Section II Company Profile and Key Financial Indicators Company Basic Information and Contact Details This section provides Datang International Power Generation Co., Ltd.'s Chinese and English names, stock abbreviation, legal representative Li Kai, contact details for Board Secretary Sun Yanwen and Securities Affairs Representative Bu Renhu, and registered and office addresses - The company's Chinese name is Datang International Power Generation Co., Ltd., abbreviated as Datang Power, with Li Kai as the legal representative 12 - The company's registered and office address is No. 9 Guangningbo Street, Xicheng District, Beijing; Sun Yanwen is the Board Secretary, and Bu Renhu is the Securities Affairs Representative 1314 Information Disclosure and Stock Overview The company designates China Securities Journal and Shanghai Securities News for information disclosure, publishes its semi-annual report on www.sse.com.cn, and lists A-shares (601991) on SSE and H-shares (00991) on HKEX and LSE - The company's designated information disclosure newspapers are China Securities Journal and Shanghai Securities News, and its website is www.sse.com.cn 15 Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | SSE | Datang Power | 601991 | / | | H-share | HKEX | Datang Power | 00991 | / | | H-share | LSE | DAT | 991 | / | Key Accounting Data and Financial Indicators In H1 2025, revenue decreased by 1.93% to 57.193 billion yuan, while net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan; basic EPS grew by 65.67% to 0.2056 yuan/share, and weighted average ROE rose by 3.94 percentage points to 11.96% - In 2024, the company acquired 95% equity of Datang Solar Industry (Yingde) Co., Ltd., leading to a retrospective adjustment of prior-year comparative figures in the 2025 semi-annual report 19 Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 57,192,723 thousand yuan | 58,317,566 thousand yuan | -1.93 | | Net Profit Attributable to Shareholders of Listed Company | 4,579,201 thousand yuan | 3,107,749 thousand yuan | 47.35 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 4,489,408 thousand yuan | 3,119,336 thousand yuan | 43.92 | | Net Cash Flow from Operating Activities | 15,563,615 thousand yuan | 11,130,036 thousand yuan | 39.83 | | Net Assets Attributable to Shareholders of Listed Company (End of Current Period/End of Prior Year) | 85,913,857 thousand yuan | 76,560,601 thousand yuan | 12.22 | | Total Assets (End of Current Period/End of Prior Year) | 324,891,357 thousand yuan | 322,601,537 thousand yuan | 0.71 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.2056 | 0.1241 | 65.67 | | Diluted Earnings Per Share (yuan/share) | 0.2056 | 0.1241 | 65.67 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.2008 | 0.1248 | 60.90 | | Weighted Average Return on Net Assets (%) | 11.96 | 8.02 | Increased by 3.94 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 11.68 | 8.06 | Increased by 3.62 percentage points | Differences in Accounting Standards (Domestic vs. International) The company discloses differences in net profit and net assets attributable to shareholders under Chinese and International Accounting Standards, primarily due to variations in fixed asset depreciation commencement, safety production fund accounting, deferred taxes, and minority interest adjustments Differences in Net Profit and Net Assets Under Domestic and International Accounting Standards | Indicator | Net Profit Attributable to Shareholders of Listed Company (Current Period) | Net Profit Attributable to Shareholders of Listed Company (Prior Period) | Net Assets Attributable to Shareholders of Listed Company (Period-End) | Net Assets Attributable to Shareholders of Listed Company (Period-Beginning) | | :--- | :--- | :--- | :--- | :--- | | Under Chinese Accounting Standards | 4,579,201 thousand yuan | 3,107,749 thousand yuan | 85,913,857 thousand yuan | 76,560,601 thousand yuan | | Differences in Fixed Asset Depreciation Commencement | | | -106,466 thousand yuan | -106,466 thousand yuan | | Differences in Accounting Treatment for Safety Production Fund | 386,598 thousand yuan | 211,385 thousand yuan | 181,468 thousand yuan | 102,246 thousand yuan | | Deferred Tax Impact from Above Adjustments | -74,207 thousand yuan | -58,724 thousand yuan | -119,187 thousand yuan | -44,980 thousand yuan | | Portion of Above Adjustments Attributable to Minority Shareholders' Profit/Equity | -17,941 thousand yuan | -17,817 thousand yuan | -37,570 thousand yuan | -19,629 thousand yuan | | Under International Accounting Standards | 4,873,651 thousand yuan | 3,242,593 thousand yuan | 85,832,102 thousand yuan | 76,491,772 thousand yuan | - Differences primarily stem from varying fixed asset depreciation commencement dates and distinct accounting treatments for the safety production fund under different standards 2425 Non-Recurring Gains and Losses The company's H1 2025 non-recurring gains and losses totaled 89,793 thousand yuan, mainly comprising government subsidies, entrusted loan gains/losses, and other non-operating income/expenses, excluding non-current asset disposal and fair value changes Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (thousand yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets, including reversal of impairment provisions | -513 | Gains from disposal of non-current assets minus losses from disposal of non-current assets | | Government subsidies recognized in current profit or loss, excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on company profit or loss | 67,321 | Government subsidies recognized in current profit or loss minus government subsidies related to normal business operations | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | -5,149 | | | Gains and losses from entrusted loans | 16,935 | | | Other non-operating income and expenses apart from the above | 40,752 | | | Less: Income tax impact | 13,253 | | | Impact on minority interests (after tax) | 16,300 | | | Total | 89,793 | | Section III Management Discussion and Analysis Industry and Principal Business Overview In H1 2025, national electricity consumption grew by 3.7%, with total installed capacity reaching 3.65 billion kW, and wind/solar accounting for nearly 90% of new additions; the company, with 80,889.68 MW in operation, is transitioning to a green, multi-energy integrated company, achieving 6.068 billion yuan net profit, up 1.781 billion yuan YoY - In H1 2025, national electricity consumption totaled 4.84 trillion kWh, a 3.7% increase year-on-year 30 - As of end-June 2025, national total installed power generation capacity reached 3.65 billion kW, with wind and solar power accounting for 260 million kW of new additions, representing 89.9% of the total new capacity 30 - The company's operational installed capacity is 80,889.68 MW, comprising 47,834 MW of coal-fired thermal power, 7,135.27 MW of gas-fired thermal power, 9,204.73 MW of hydropower, 10,226.14 MW of wind power, and 6,489.54 MW of photovoltaic power 32 Company Operating Performance for H1 2025 | Indicator | Amount (billion yuan) | YoY Change (billion yuan) | | :--- | :--- | :--- | | Operating Revenue | 57.193 | -1.125 | | Net Profit | 6.068 | +1.781 | | Net Profit Attributable to Owners of Parent Company | 4.579 | +1.471 | - In H1, the company's average on-grid settlement electricity price was 444.48 yuan/MWh (tax inclusive), a 3.95% decrease year-on-year; cumulative on-grid electricity generation reached 123.9934 billion kWh, a 1.30% increase year-on-year 33 Operating Performance Analysis The company achieved record-high operating performance in H1 2025, with total profit increasing by 36.14% to 7.284 billion yuan, driven by strong safety, high-quality development, and improved governance, raising clean energy installed capacity to 40.87% and market value by 14.84% from end-2024 - In H1, the company achieved a total profit of 7.284 billion yuan, a 36.14% increase year-on-year, marking the best performance in its history for the same period 34 - The company successfully completed power supply tasks during key periods such as the two festivals, two sessions, winter peak, and "Asian Winter Games," achieving phased results in summer peak supply 34 - In H1, new installed capacity reached 1,777.45 MW, of which 1,117.45 MW was clean energy, increasing the proportion of low-carbon clean energy installed capacity to 40.87%, up 0.5 percentage points from end-2024 35 - The company successfully completed the Board of Directors' re-election, adjusted its dividend policy, and achieved significant market value management results, with total market value increasing by 14.84% from end-2024, resolving the issue of H-share trading below net asset value 35 Core Competencies The company's core competencies include a broad power source layout with accelerating low-carbon clean energy transition, advanced equipment (17 ultra-supercritical units, 102 coal-fired units with ultra-low emissions), strong financing capabilities (record-low comprehensive financing cost of 2.43%), and corporate management advantages from a diversified board and experienced management team - The company's total installed capacity is 80,889.68 MW, with low-carbon clean energy installed capacity increasing to 40.87%, up 0.5 percentage points from the end of last year 37 - The company owns 17 ultra-supercritical coal-fired units (13,940 MW) and 102 operational coal-fired thermal power units that have completed ultra-low emission environmental upgrades and meet discharge standards 37 - In H1, the company cumulatively issued 20.4 billion yuan in medium-term notes and ultra-short-term financing bonds, achieving a comprehensive financing cost of 2.43%, a 20 basis point reduction from the beginning of the year and a 54 basis point reduction year-on-year, setting a new historical low since the company's establishment 37 - The company's Board of Directors has diverse backgrounds, and the management team possesses extensive experience in energy industry enterprise management, actively planning new energy development directions 38 Key Operating Performance In H1, the company's operating revenue decreased by 1.93%, operating costs by 5.54%, and financial expenses by 14.06%; net cash flow from operating activities increased by 39.83% due to lower coal costs, with coal-fired power segment profit up 108.51%, wind power up 71.29%, and gas-fired power down 62.58% Analysis of Major Financial Statement Item Changes | Item | Current Period (thousand yuan) | Prior Year (thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 57,192,723 | 58,317,566 | -1.93 | | Operating Costs | 46,582,208 | 49,316,694 | -5.54 | | Selling Expenses | 56,073 | 47,571 | 17.87 | | Administrative Expenses | 984,746 | 978,298 | 0.66 | | Financial Expenses | 2,253,586 | 2,622,276 | -14.06 | | Research and Development Expenses | 3,175 | 2,505 | 26.75 | | Net Cash Flow from Operating Activities | 15,563,615 | 11,130,036 | 39.83 | | Net Cash Flow from Investing Activities | -10,483,904 | -10,774,008 | 2.69 | | Net Cash Flow from Financing Activities | -3,172,057 | 1,537,887 | -306.26 | - Net cash flow from operating activities increased by 39.83%, primarily due to a year-on-year decrease in coal costs, leading to reduced cash payments for goods and services 39 - Net cash flow from financing activities decreased by 306.26%, mainly because the amount of debt principal and interest repaid in the current period exceeded the amount of new financing 40 Changes in Total Profit by Power Segment | Power Segment | Current Period (thousand yuan) | Prior Period (thousand yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Coal-fired (incl. Heat) | 3,148,258 | 1,509,910 | 108.51 | | Gas-fired (incl. Heat) | 129,218 | 345,309 | -62.58 | | Hydropower | 1,210,024 | 1,032,266 | 17.22 | | Wind Power | 1,937,874 | 1,131,353 | 71.29 | | Photovoltaic | 403,815 | 389,790 | 3.60 | Assets, Liabilities, and Investment Analysis The company's monetary funds increased by 25.07%, notes receivable decreased by 57.83%, and accounts receivable financing increased by 54.12%; contract liabilities decreased by 84.87%, other payables increased by 59.99%, and bonds payable increased by 75%; restricted assets totaled 19.452 billion yuan, and long-term equity investments grew by 1.26% to 21.641 billion yuan - Monetary funds increased by 25.07% from the prior period, mainly due to increased cash inflows from operating profits 45 - Notes receivable decreased by 57.83% from the prior period, primarily due to a lower proportion of bill settlements by some subsidiaries 45 - Accounts receivable financing increased by 54.12% from the prior period, mainly due to an increase in bill business where subsidiaries aim to both collect contractual cash flows and endorse/transfer acceptance bills 45 - Contract liabilities decreased by 84.87% from the prior period, primarily due to the end of the heating season and reduced pre-collected heating fees 45 - Other payables increased by 59.99% from the prior period, mainly due to the declaration of dividends in the current period 45 - Bonds payable increased by 75% from the prior period, mainly due to new bond issuances in the current period 45 Major Restricted Assets as of Reporting Period End | Item | Period-End Book Balance (thousand yuan) | Restriction Status | | :--- | :--- | :--- | | Monetary Funds | 558,766 | Land reclamation deposits, performance bonds, etc | | Fixed Assets | 10,222,887 | Mortgaged assets for loans | | Right-of-Use Assets | 743,434 | Mortgaged assets for loans | | Electricity and Heat Fee Pledge Rights | 6,829,170 | Pledge of electricity fee collection rights | | Other | 1,098,233 | Mortgaged assets for loans | | Total | 19,452,490 | -- | - During the reporting period, the amount of long-term equity investments abroad was 21,641,448 thousand yuan, a year-on-year increase of 1.26% 50 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (thousand yuan) | Fair Value Change Gain/Loss for Current Period (thousand yuan) | Cumulative Fair Value Change Included in Equity (thousand yuan) | Ending Balance (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 769,672 | | 40,980 | 810,652 | | Other Non-Current Financial Assets | 4,146,033 | -5,149 | | 4,140,884 | | Total | 4,915,705 | -5,149 | 40,980 | 4,951,536 | Major Holding and Associate Companies The company lists major holding and associate companies significantly impacting net profit, including Fujian Ningde Nuclear Power Co., Ltd., Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd., and Sichuan Datang International Ganzi Hydropower Development Co., Ltd., covering nuclear, thermal, hydro, and wind power businesses Major Subsidiaries and Associate Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Principal Business | Registered Capital (thousand yuan) | Total Assets (thousand yuan) | Net Assets (thousand yuan) | Operating Revenue (thousand yuan) | Operating Profit (thousand yuan) | Net Profit (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Ningde Nuclear Power Co., Ltd. | Associate Company | Nuclear Power Generation | 11,177,500 | 41,079,739 | 17,337,260 | 5,329,819 | 1,709,364 | 1,071,627 | | Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,714,020 | 14,918,697 | 5,461,356 | 2,888,463 | 823,277 | 703,536 | | Sichuan Datang International Ganzi Hydropower Development Co., Ltd. | Subsidiary | Hydropower Generation | 6,632,915 | 28,949,391 | 7,512,755 | 1,444,426 | 531,798 | 451,765 | | Fujian Datang International Ningde Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 825,090 | 3,329,727 | 1,409,186 | 2,400,891 | 464,031 | 349,038 | | Chongqing Datang International Pengshui Hydropower Development Co., Ltd. | Subsidiary | Hydropower Generation | 2,096,618 | 8,064,659 | 3,148,015 | 641,249 | 339,665 | 288,312 | | Datang Heilongjiang Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 3,669,760 | 16,350,041 | 3,620,273 | 4,092,813 | 330,759 | 245,559 | | Inner Mongolia Datang International Tuoketuo Second Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,174,390 | 3,891,894 | 1,999,039 | 1,772,166 | 314,041 | 229,663 | | Liaoning Datang International New Energy Co., Ltd. | Subsidiary | Wind Power Generation | 2,289,881 | 10,916,137 | 3,140,425 | 1,115,859 | 275,978 | 215,096 | | Jiangxi Datang International Fuzhou Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,811,616 | 4,590,132 | 2,142,148 | 1,813,398 | 261,077 | 194,850 | | Jiangxi Datang International New Energy Co., Ltd. | Subsidiary | Wind Power Generation | 2,092,192 | 10,763,041 | 3,499,376 | 646,563 | 218,465 | 173,258 | | Zhejiang Datang Wushashan Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,700,000 | 4,115,161 | 1,664,177 | 2,220,072 | 201,767 | 159,433 | | Guangdong Datang International Chaozhou Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,557,661 | 6,573,534 | 2,640,400 | 2,627,483 | 201,456 | 151,331 | | Chongqing Datang International Wulong Hydropower Development Co., Ltd. | Subsidiary | Hydropower Generation | 1,500,930 | 5,210,312 | 2,143,039 | 332,311 | 140,378 | 120,047 | | Yuneng (Group) Co., Ltd. | Subsidiary | Hydropower Generation | 2,114,963 | 6,472,974 | 3,679,966 | 242,141 | 119,369 | 117,104 | | Guangdong Datang International Leizhou Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 1,731,758 | 6,951,959 | 1,609,692 | 1,819,452 | 90,719 | 90,808 | | Sichuan Jinkang Power Development Co., Ltd. | Subsidiary | Hydropower Generation | 428,150 | 3,719,984 | 1,427,374 | 154,098 | 32,507 | 29,277 | Risks and "Quality Improvement, Efficiency Enhancement, and Return Focus" Initiative The company faces fuel supply/price, electricity volume/price risks, addressed by strict coal price management, new energy expansion, and unit flexibility; the "Quality Improvement, Efficiency Enhancement, and Return Focus" initiative led to 47.35% YoY net profit growth, planned interim dividends, green transition, and enhanced investor communication - The company faces risks related to fuel supply and prices, electricity volume, and electricity prices, such as upward pressure on coal prices, new energy crowding out thermal power market share, and downward pressure on electricity prices 5455 - Countermeasures include strict coal price benchmarking management, consolidating cost control achievements, increasing development of high-quality new energy projects, promoting coal-fired unit heat-power decoupling, enhancing unit flexibility, and strengthening the implementation of coal power capacity tariffs 55 - The company launched the "Quality Improvement, Efficiency Enhancement, and Return Focus" special initiative, with net profit attributable to owners of the parent company reaching approximately 4.579 billion yuan in H1, a year-on-year increase of 47.35% 56 - The company revised its dividend policy and will conduct its first interim dividend since listing to enhance investor returns and confidence 57 - In H1, the company added 1,117.45 MW of clean energy installed capacity, increasing the proportion of low-carbon clean energy installed capacity to 40.87%, actively fostering new quality productive forces 57 - The company strengthened investor communication, hosting 220 institutional analysts and participating in 26 broker strategy conferences in H1 58 Section IV Corporate Governance, Environment, and Society Changes in Directors and Senior Management In H1 2025, the company completed its Board re-election, appointing new directors and independent directors including Pang Xiaojin, Li Zhongmeng, Han Fang, Pan Kunhua, and Xie Qiuye, while Tian Dan, Wang Wennan, Sun Yongxing, Niu Dongxiao, and Zhu Dahong stepped down, enhancing the Board's professionalism and decision-making effectiveness Changes in Directors | Name | Position Held | Change Type | | :--- | :--- | :--- | | Pang Xiaojin | Director | Election | | Li Zhongmeng | Director | Election | | Han Fang | Director | Election | | Pan Kunhua | Independent Director | Election | | Xie Qiuye | Independent Director | Election | | Tian Dan | Director | Resignation | | Zhu Shaowen | Director | Resignation | | Wang Wennan | Director | Resignation | | Sun Yongxing | Director | Resignation | | Niu Dongxiao | Independent Director | Resignation | | Zhu Dahong | Independent Director | Resignation | - In H1 2025, the company successfully completed the re-election of its Board of Directors, electing new directors and independent directors to enhance the Board's professionalism and decision-making effectiveness 62 Profit Distribution Plan The company proposes a 2025 semi-annual profit distribution plan of 0.55 yuan cash dividend (tax inclusive) per 10 shares, totaling approximately 1.018 billion yuan, pending shareholder approval Proposed Semi-Annual Profit Distribution Plan | Indicator | Amount | | :--- | :--- | | Distribution or Conversion | Yes | | Dividend per 10 shares (yuan) (tax inclusive) | 0.55 | | Estimated Dividend Amount | 1.018 billion yuan | - This profit distribution plan is subject to approval by the company's shareholders' meeting 63 Environmental Information Disclosure and Rural Revitalization The company has 47 subsidiaries on the legally required environmental information disclosure list and actively engages in rural revitalization efforts, focusing on poverty alleviation, improving living standards, and enhancing the rural environment for mutual benefit - The company has 47 subsidiaries included in the list of enterprises required to disclose environmental information by law, with detailed inquiry indexes provided 6566 - The company diligently carries out rural revitalization assistance work, focusing on consolidating and expanding poverty alleviation achievements, improving the living standards of assisted individuals, enhancing "Safe Village" governance capabilities, and improving the living environment 6768 Section V Significant Matters Fulfillment of Commitments Datang Group, the controlling shareholder, committed to resolving horizontal competition and established terms for injecting thermal power assets into the company, with partial fulfillment in 2018 through the acquisition of Hebei, Heilongjiang, and Anhui companies - Datang Group committed not to engage in direct or indirect horizontal competition with the company and to have priority development or acquisition rights for power projects in planned regions 70 - Datang Group committed to using Datang Power as the ultimate integration platform for thermal power business and to inject non-listed thermal power assets into Datang Power in phases, subject to improved profitability, enhanced asset quality of the listed company, and compliance with regulations 717273 - In April 2018, the company completed the acquisition of 100% equity in Hebei Company, Heilongjiang Company, and Anhui Company from Datang Group, fulfilling part of its commitments 74 Fund Occupation, Guarantees, and Audit During the reporting period, there was no non-operating occupation of funds by controlling shareholders or related parties, no external guarantees in violation of procedures, and the semi-annual report remains unaudited - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties 75 - During the reporting period, there were no external guarantees provided in violation of prescribed decision-making procedures 75 - This semi-annual report is unaudited 75 Major Litigation and Integrity Status The company had no major litigation or arbitration matters during the reporting period, and both the company and its controlling shareholder maintain good integrity, with no unfulfilled court judgments or overdue significant debts - The company had no major litigation or arbitration matters during this reporting period 75 - During the reporting period, neither the company nor its controlling shareholder had unfulfilled effective court judgments or significant overdue debts 76 Significant Related Party Transactions The company engages in daily related party transactions with Datang Group and its subsidiaries, including comprehensive product/service, financial service, and comprehensive financial service cooperation agreements, with all transaction amounts within the annual limits during the reporting period - The company signed a comprehensive product and service framework agreement with Datang Group, where Datang Group provides services such as production and infrastructure material procurement, coal supply, and technical renovation, while the company provides coal supply and electricity sales services to Datang Group 77 Products and Services Provided by Datang Group to the Company (H1 2025) | Transaction Item | Annual Cap (billion yuan) | Actual Transaction Amount (billion yuan) | | :--- | :--- | :--- | | Procurement of production and infrastructure materials and related supporting services | 24.5 | 3.944 | | Coal Supply | 24 | 7.351 | | Technical renovation, operation management, and maintenance | 0.4 | 0.019 | | Technical monitoring and technical services | 0.5 | 0.079 | | EPC for infrastructure projects | 1 | | | Electricity (incl. water, steam, etc. resources) sales and services | 5 | 0.066 | | Replacement power generation | 0.15 | | | Concession operation of flue gas environmental protection facilities | 3.5 | 1.234 | | R&D of scientific and technological projects | 0.2 | | | Information system development | 0.2 | 0.025 | | Property management and other logistics services | 0.08 | 0.007 | Products and Services Provided by the Company to Datang Group (H1 2025) | Transaction Item | Annual Cap (billion yuan) | Actual Transaction Amount (billion yuan) | | :--- | :--- | :--- | | Coal supply and coal transportation | 0.9 | 0.174 | | Electricity (incl. water, steam, etc. resources) sales and services | 2.5 | | | Replacement power generation | 0.15 | | | Operation management and maintenance | 0.25 | 0.050 | | Water, electricity, and steam supply for concession operation of flue gas environmental protection facilities | 1.1 | 0.294 | - The company signed a financial services agreement with Datang Finance Company; during the reporting period, the maximum daily deposit balance was 13.406 billion yuan, not exceeding the annual limit of 18 billion yuan 7880 - The company signed a comprehensive financial services cooperation agreement with China Datang Group Capital Holdings Co., Ltd., providing leasing, factoring, entrusted loans, and other services; transaction amounts during the reporting period did not exceed the annual limit of 20 billion yuan 80 Financial Services Provided by Capital Holdings Company (H1 2025) | Transaction Item | Annual Cap (billion yuan) | Actual Transaction Amount (billion yuan) | | :--- | :--- | :--- | | Direct Leasing | 6 | 0.753 | | Sale-and-Leaseback | 6 | 2.730 | | Entrusted Loans | 1.99 | 1.430 | | Factoring | 6 | 2.079 | | Other Financial Services | 0.01 | | Deposit Business with Datang Finance Company | Related Party | Maximum Daily Deposit Limit (thousand yuan) | Deposit Interest Rate Range | Beginning Balance (thousand yuan) | Total Deposits in Current Period (thousand yuan) | Total Withdrawals in Current Period (thousand yuan) | Ending Balance (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Datang Group Finance Co., Ltd. | 18,000,000 | 0.20%-1.65% | 7,143,704 | 166,222,800 | 164,403,030 | 8,963,474 | Loan Business with Datang Finance Company | Related Party | Loan Limit (thousand yuan) | Loan Interest Rate Range | Beginning Balance (thousand yuan) | Total Loans in Current Period (thousand yuan) | Total Repayments in Current Period (thousand yuan) | Ending Balance (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Datang Group Finance Co., Ltd. | 27,000,000 | 2.00%-3.50% | 15,236,304 | 28,857,651 | 36,839,663 | 7,254,292 | Credit Business with Datang Finance Company | Related Party | Business Type | Total Amount (thousand yuan) | Actual Amount (thousand yuan) | | :--- | :--- | :--- | :--- | | China Datang Group Finance Co., Ltd. | Credit Business | 27,000,000 | 7,254,292 | Significant Guarantees During the reporting period, the company's total guarantees to subsidiaries decreased by 93,020 thousand yuan, with an ending balance of 933,944 thousand yuan, representing 1.09% of net assets; 824,444 thousand yuan of this was for guaranteed entities with a debt-to-asset ratio exceeding 70% Company Total Guarantee Status | Indicator | Amount (thousand yuan) | | :--- | :--- | | Total guarantees to subsidiaries incurred during the reporting period | -93,020 | | Total guarantees to subsidiaries outstanding at the end of the reporting period (B) | 933,944 | | Total Guarantees (A+B) | 933,944 | | Total Guarantees as a percentage of the company's net assets (%) | 1.09 | | Of which: Amount of guarantees provided for shareholders, actual controllers, and their related parties (C) | | | Amount of debt guarantees provided directly or indirectly for guaranteed entities with a debt-to-asset ratio exceeding 70% (D) | 824,444 | | Amount of total guarantees exceeding 50% of net assets (E) | / | | Total of the above three guarantee amounts (C+D+E) | 824,444 | - Explanation of potential joint and several liability for outstanding guarantees: None 88 Section VI Share Changes and Shareholder Information Share Capital Changes During the reporting period, the company's total share capital and capital structure remained unchanged, with no changes in restricted shares - During the reporting period, the company's total share capital and capital structure remained unchanged 92 - During the reporting period, there were no changes in the company's unrestricted shares 92 Total Shareholders and Top Ten Shareholders' Holdings As of the reporting period end, the company had 161,612 common shareholders; China Datang Group Co., Ltd. was the largest shareholder with 35.34%, followed by HKSCC NOMINEES LIMITED with 32.91%; Datang Group and its subsidiaries collectively held 53.04% of issued shares - As of the end of the reporting period, the total number of common shareholders was 161,612 93 Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Share Status | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | China Datang Corporation Ltd. | 6,540,706,520 | 35.34 | Unknown | 49,000,000 | | HKSCC NOMINEES LIMITED | 6,090,437,827 | 32.91 | Pledged | 3,275,623,820 | | Hebei Construction Investment Group Co., Ltd. | 1,281,872,927 | 6.93 | Unrestricted | 0 | | Tianjin Jineng Investment Co., Ltd. | 1,214,966,500 | 6.57 | Unrestricted | 0 | | Beijing Energy Group Co., Ltd. | 241,670,937 | 1.31 | Unrestricted | 0 | | Hong Kong Securities Clearing Company Limited | 166,291,522 | 0.90 | Unrestricted | 0 | | Industrial and Commercial Bank of China Co., Ltd. - BOCOM Schroders Trend Priority Mixed Securities Investment Fund | 57,278,700 | 0.31 | Unrestricted | 0 | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 55,498,329 | 0.30 | Unrestricted | 0 | | Agricultural Bank of China Co., Ltd. - BOCOM Schroders Growth Mixed Securities Investment Fund | 40,873,300 | 0.22 | Unrestricted | 0 | | Cathay Fund - Zhonghui Life Insurance Co., Ltd. - Traditional Products - Cathay Fund - Zhonghui Life Equity Single Asset Management Plan | 30,000,000 | 0.16 | Unrestricted | 0 | - Datang Group and its subsidiaries collectively hold 9,816,330,340 shares of the company, accounting for approximately 53.04% of the company's total issued shares 96 Section VII Bond-Related Information Corporate Bonds and Debt Financing Instruments The company issued multiple tranches of technology innovation perpetual corporate bonds and medium-term notes totaling 6.6 billion yuan, featuring annual interest payments (deferrable) and issuer redemption rights; it also issued various non-financial enterprise debt financing instruments at low interest rates, with unchanged repayment plans and safeguards during the reporting period Overview of Corporate Bonds (Partial) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Datang International Power Generation Co., Ltd. 2025 Publicly Issued Technology Innovation Perpetual Corporate Bonds (Tranche 1) for Professional Investors | DT Power YK01 | 243323.SH | 2025-07-11 | 2030-07-15 | 2 | 1.93 | | Datang International Power Generation Co., Ltd. 2025 Publicly Issued Technology Innovation Perpetual Corporate Bonds (Tranche 2) for Professional Investors | DT Power YK02 | 243459.SH | 2025-07-31 | 2028-08-04 | 1.6 | 1.92 | | Datang International Power Generation Co., Ltd. 2025 Publicly Issued Technology Innovation Perpetual Corporate Bonds (Tranche 3) for Professional Investors | DT Power YK03 | 243586.SH | 2025-08-12 | 2035-08-14 | 3 | 2.29 | - Corporate bonds adopt an annual interest payment method (interest can be deferred), and the issuer has the right to redeem the bonds at par plus accrued interest on each redemption date 100101 - During the reporting period, the company strictly adhered to the repayment plan and other debt servicing safeguards stipulated in the corporate bond prospectus, and these plans and measures remained unchanged 103 - The company is an issuer of perpetual corporate bonds, with a bond balance of 6.6 billion yuan 104 - The company is an issuer of technology innovation corporate bonds, with a bond balance of 6.6 billion yuan; while the use of proceeds does not directly involve specific related situations, the company focuses on optimizing power source structure, developing new energy, and efficient and clean utilization of traditional energy technologies and industries 106 Overview of Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market (Partial) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Datang International Power Generation Co., Ltd. 2022 Eighth Tranche Medium-Term Note | 22 DT Power MTN008 | 102200209.IB | 2022-08-25 | 2025-08-29 | 2 | 2.85 | | Datang International Power Generation Co., Ltd. 2023 First Tranche Medium-Term Note (Energy Supply Guarantee Special Bond) | 23 DT Power MTN001 (Energy Supply Guarantee Special Bond) | 102380092.IB | 2023-01-12 | 2026-01-16 | 3 | 3.99 | | Datang International Power Generation Co., Ltd. 2024 Fourth Tranche Medium-Term Note | 24 DT Power MTN004 | 102481959.IB | 2024-05-15 | 2029-05-16 | 2 | 2.32 | | Datang International Power Generation Co., Ltd. 2025 Second Tranche Medium-Term Note | 25 DT Power MTN002 | 102580737.IB | 2025-02-20 | 2027-02-21 | 3 | 1.81 | Key Accounting Data and Financial Indicators (Bond-Related) | Key Indicator | End of Current Period/Current Period (Jan-Jun) | End of Prior Year/Prior Period (Restated) | Change from End of Prior Year/Prior Period (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.48 | 0.43 | 11.63 | | Quick Ratio | 0.44 | 0.38 | 15.79 | | Asset-Liability Ratio (%) | 68.25 | 71.02 | -3.90 | | Net Profit Excluding Non-Recurring Gains and Losses | 4,489,408 thousand yuan | 3,119,336 thousand yuan | 43.92 | | EBITDA to Total Debt Ratio | 0.08 | 0.07 | 14.29 | | Interest Coverage Ratio | 3.91 | 2.86 | 36.71 | | Cash Interest Coverage Ratio | 7.26 | 4.24 | 71.23 | | EBITDA Interest Coverage Ratio | 7.09 | 5.48 | 29.38 | | Loan Repayment Rate (%) | 100.00% | 100.00% | | | Interest Payment Rate (%) | 100.00% | 100.00% | | Section VIII Financial Report Audit Report This semi-annual report is unaudited - This semi-annual report is unaudited 115 Financial Statements This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, consolidated and parent company income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025, providing a comprehensive view of financial position, operating results, and cash flows - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity 115117121123125127129133 Company Profile Datang International Power Generation Co., Ltd., established on December 13, 1994, with a registered capital of 18.507 billion yuan at No. 9 Guangningbo Street, Xicheng District, Beijing, is ultimately controlled by Datang Group under SASAC, operating in power plant construction, electricity/heat sales, equipment maintenance, and coal production/sales - Datang International Power Generation Co., Ltd. was established on December 13, 1994, with its registered office at No. 9 Guangningbo Street, Xicheng District, Beijing 137 - As of June 30, 2025, the company's total issued share capital was 18,506,710,504 shares, with a registered capital of 18,506,710,504 yuan 137 - The company's parent company and ultimate controlling party are both Datang Group, controlled by the State-owned Assets Supervision and Administration Commission of the State Council 138 - The company's business scope includes the construction and operation of power plants; sales of electricity and heat; maintenance and commissioning of power equipment; power technical services; and coal production and sales 138 Basis of Financial Statement Preparation These financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and significant accounting policies/estimates, with no factors identified within 12 months from the reporting period end that would cast significant doubt on the company's ability to continue as a going concern - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards 139 - The Group has not identified any factors within 12 months from the end of the reporting period that would cast significant doubt on its ability to continue as a going concern 140 Significant Accounting Policies and Estimates This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, consolidated financial statements, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, employee benefits, revenue recognition, government grants, and deferred taxes, confirming no changes in accounting policies or estimates this year - There were no changes in accounting policies and accounting estimates this year 141 - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, changes in shareholders' equity, and cash flows 142 - The Group uses a 12-month period as its operating cycle and as the standard for classifying assets and liabilities as current or non-current 144 - The company classifies and subsequently measures financial assets, including those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss 160161162163164 - The company recognizes loss provisions for financial assets measured at amortized cost and debt instrument investments measured at fair value through other comprehensive income, based on expected credit losses 166 - The company depreciates fixed assets using the straight-line method, with depreciation periods of 8-50 years for buildings and structures, and 4-35 years for power generation facilities 193 - The company recognizes revenue when it satisfies a performance obligation in the contract, which is when the customer obtains control of the related goods or services 217 - The company classifies government grants received for the construction or acquisition of long-term assets as asset-related government grants, with all others classified as income-related government grants 221 - The company accrues maintenance and safety production funds in accordance with regulations from the Ministry of Finance, the National Mine Safety Administration, and other relevant government departments, recording them in the special reserve account 234235 Taxation The company's main taxes include VAT (13%, 9%, 6%) and Corporate Income Tax (25%), benefiting from various preferential policies such as 50% VAT refund for wind power, VAT/property tax exemption for heating enterprises, 15% CIT for Western Development enterprises, and 15% CIT for high-tech enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of electricity, coal, etc. | 13% | | | Heating, shipping, etc. | 9% | | | Power technical services, etc. | 6% | | Corporate Income Tax | Taxable income | 25% (except for enterprises enjoying tax incentives) | - The company enjoys a policy of 50% immediate refund of Value-Added Tax for wind power generation 241 - Heating enterprises' income from heating fees for residential heating is exempt from Value-Added Tax, a policy extended until the end of the 2027 heating season 241 - Enterprises in encouraged industries located in the western regions are subject to a reduced Corporate Income Tax rate of 15%, a policy extended until December 31, 2030 241 - New wind power and photovoltaic power generation projects are exempt from Corporate Income Tax for the first three years and subject to a 50% reduction for the fourth to sixth years, starting from the tax year in which the first operating income is obtained 242 - High-tech enterprises are subject to a reduced Corporate Income Tax rate of 15% 243 - Heating enterprises are exempt from property tax and urban land use tax for factory buildings and land used for residential heating, a policy extended until the end of the 2027 heating season 244 Notes to Consolidated Financial Statement Items This section provides detailed notes to consolidated financial statement items, including monetary funds, notes/accounts receivable, inventory, fixed assets, construction in progress, intangible assets, short-term borrowings, accounts payable, employee benefits, taxes payable, other payables, long-term borrowings, bonds payable, and other equity instruments, disclosing period-end/beginning balances and current period changes - As of June 30, 2025, other monetary funds totaling 558,766 thousand yuan are all restricted funds, primarily for land reclamation deposits and performance bonds 247 - The total amount of notes payable that were due and unpaid at the end of this period was 0 thousand yuan 347 - As of June 30, 2025, the annual interest rate range for long-term borrowings obtained by the Group was 1.2%-4.54% 370 - Other equity instruments increased by 14,173,698 thousand yuan this year, mainly due to the issuance of 13.4 billion yuan in perpetual bonds and accrued interest; the decrease of 7,859,874 thousand yuan was primarily due to the redemption of principal and payment of interest on other equity instruments this year 391 - The change in capital reserve this year was 31,212 thousand yuan, mainly due to an increase of 31,347 thousand yuan from gratuitously received equity by subsidiaries and a decrease of 135 thousand yuan in other capital reserves from the equity share in associates and joint ventures 394 - As of June 30, 2025, the Group's special reserves consist of safety production fees and maintenance funds accrued by its subsidiaries in accordance with regulations from the Ministry of Finance, the National Mine Safety Administration, and other relevant government departments, which remain unused at period-end 397 Research and Development Expenses The company's H1 2025 R&D expenditure totaled 4,643 thousand yuan, with 3,175 thousand yuan expensed and 1,468 thousand yuan capitalized, primarily comprising employee compensation and development fees R&D Expenses by Nature of Expense | Item | Amount for Current Period (thousand yuan) | Amount for Prior Period (thousand yuan) | | :--- | :--- | :--- | | Employee Compensation | 1,630 | 1,328 | | Development Fees | 2,873 | 18,348 | | Other | 140 | 92 | | Total | 4,643 | 19,768 | | Of which: Expensed R&D Expenditure | 3,175 | 2,505 | | Capitalized R&D Expenditure | 1,468 | 17,263 | Changes in Consolidation Scope The company's consolidation scope for this period includes 238 subsidiaries, with 5 new second-tier and 4 new third-tier companies added through new investments or gratuitous transfers, while 1 third-tier company, Datang Tangshan Kaiping New Energy Co., Ltd., was deregistered - This period's consolidation scope includes 238 subsidiaries, with 5 new second-tier companies and 4 new third-tier companies added, all established through new investments or gratuitous transfers 442 - This period saw a reduction of 1 third-tier company, Datang Tangshan Kaiping New Energy Co., Ltd., due to deregistration 442 Interests in Other Entities This section discloses the company's interests in 238 subsidiaries, joint ventures, and associates, including those with less than 50% voting rights but effective control, such as Fujian Ningde Nuclear Power Co., Ltd., accounted for using the equity method, and summarizes financial information for immaterial joint ventures/associates and excess losses incurred - The company owns 238 subsidiaries, including Beijing Datang Fuel Co., Ltd., Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd., and others 444445446447448449450451452453 - The company holds 50% or less of the voting rights in Inner Mongolia Datang International Tuoketuo Second Power Generation Co., Ltd., Guangdong Datang International Leizhou Power Generation Co., Ltd., and Liaoning Zhuanghe Nuclear Power Co., Ltd., but still maintains substantial control 453454455 Key Financial Information of Important Non-Wholly Owned Subsidiaries (Period-End Balance) | Subsidiary Name | Minority Shareholding (%) | Net Profit Attributable to Minority Shareholders for Current Period (thousand yuan) | Dividends Declared to Minority Shareholders for Current Period (thousand yuan) | Minority Interests Balance at Period-End (thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd. | 40.00 | 281,414 | 322,593 | 2,184,546 | | Guangdong Datang International Chaozhou Power Generation Co., Ltd. | 47.50 | 71,882 | 264,806 | 1,169,592 | | Chongqing Datang International Pengshui Hydropower Development Co., Ltd. | 36.00 | 103,792 | 212,479 | 1,133,286 | | Sichuan Datang International Ganzi Hydropower Development Co., Ltd. | 47.27 | 213,549 | 272,919 | 3,536,024 | | Zhejiang Datang Wushashan Power Generation Co., Ltd. | 49.00 | 78,122 | | 815,447 | | Inner Mongolia Datang International Tuoketuo Second Power Generation Co., Ltd. | 60.00 | 137,798 | 254,709 | 1,199,419 | | Sichuan Jinkang Power Development Co., Ltd. | 45.56 | 13,338 | | 650,312 | | Jiangxi Datang International Fuzhou Power Generation Co., Ltd. | 49.00 | 95,477 | | 1,049,653 | | Guangdong Datang International Leizhou Power Generation Co., Ltd. | 66.00 | 59,934 | | 1,062,397 | | Fujian Datang International Ningde Power Generation Co., Ltd. | 49.00 | 171,029 | 171,504 | 733,528 | | Chongqing Datang International Wulong Hydropower Development Co., Ltd. | 24.50 | 29,412 | | 525,047 | - Fujian Ningde Nuclear Power Co., Ltd. is a significant associate company of the company, with a 44.00% equity stake, accounted for using the equity method 463 Key Financial Information of Significant Associate Company Fujian Ningde Nuclear Power Co., Ltd. | Indicator | Period-End Balance/Current Period Amount (thousand yuan) | | :--- | :--- | | Total Assets | 41,079,739 | | Total Liabilities | 23,742,479 | | Equity Attributable to Parent Company Shareholders | 17,337,260 | | Carrying Amount of Equity Investment in Associate | 7,646,255 | | Operating Revenue | 5,329,819 | | Net Profit | 1,071,627 | | Total Comprehensive Income | 1,071,627 | Summary Financial Information of Immaterial Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (thousand yuan) | | :--- | :--- | | Total Carrying Amount of Investments in Joint Ventures | 174,544 | | Net Profit of Joint Ventures | -95,314 | | Total Carrying Amount of Investments in Associates | 13,820,649 | | Net Profit of Associates | 479,478 | | Other Comprehensive Income of Associates | -2,934 | | Total Comprehensive Income of Associates | 476,544 | Excess Losses Incurred by Joint Ventures or Associates | Name of Joint Venture or Associate | Cumulative Unrecognized Losses at Current Period-End (thousand yuan) | | :--- | :--- | | Kailuan (Group) Weizhou Mining Co., Ltd. | -1,187,773 | | Hebei Weizhou Energy Comprehensive Development Co., Ltd. | -48,100 | | Anhui Power Co., Ltd. | -870,444 | | Liaoning Diaobingshan Coal Gangue Power Generation Co., Ltd. | -456,011 | | Inner Mongolia Datang Tongfang Silicon Aluminum Technology Co., Ltd. | -12,390 | | Total | -2,574,718 | Unrecognized Commitments Related to Investments in Joint Ventures | Item | Period-End Balance (thousand yuan) | | :--- | :--- | | Share of capital commitments in Fujian Ningde Nuclear Power Co., Ltd. | 371,582 | | Total | 371,582 | Government Grants As of the reporting period end, the company recognized 26,369 thousand yuan in government grants receivable; liabilities related to government grants totaled 585,648 thousand yuan, mainly for environmental and other subsidies; current period government grants recognized in profit or loss amounted to 155,202 thousand yuan, with 4,912 thousand yuan asset-related and 150,290 thousand yuan income-related - Government grants recognized as receivables at the end of the reporting period amounted to 26,369 thousand yuan 471 Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (thousand yuan) | New Grants in Current Period (thousand yuan) | Amount Recognized in Non-Operating Income in Current Period (thousand yuan) | Amount Transferred to Other Income in Current Period (thousand yuan) | Ending Balance (thousand yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Environmental Subsidies | 267,090 | 2,940 | 70 | 12,236 | 257,724 | Asset-related | | Other Subsidies | 343,112 | 2,910 | 1,362 | 16,736 | 327,924 | Asset/Income-related | | Total | 610,202 | 5,850 | 1,432 | 28,972 | 585,648 | -- | Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (thousand yuan) | Amount for Prior Period (thousand yuan) | | :--- | :--- | :--- | | Asset-related | 4,912 | 14,371 | | Income-related | 150,290 | 287,784 | | Total | 155,202 | 302,155 | Financial Instrument Risk Management The company manages credit risk from bank deposits and accounts receivable (electricity sales) through cooperation with large state-owned banks and credit assessments; liquidity risk is managed by maintaining sufficient cash and credit lines; market risk, including interest rate (floating-rate borrowings) and low exchange rate risks, is addressed through dynamic monitoring and diversified equity portfolios - The company's objective in risk management is to achieve an appropriate balance between risk and return, minimizing the negative impact of risks on operating performance 473 - Credit risk primarily arises from bank deposits, accounts receivable, other receivables, short-term entrusted loans, and long-term entrusted loans; the company manages this by cooperating with large state-owned banks, assessing customer credit, and accruing bad debt provisions 473 - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and by having adequate committed credit facilities 474 Financial Liabilities Maturity Analysis (June 30, 2025) | Item | Within 1 Year (thousand yuan) | Over 1 Year (thousand yuan) | Total (thousand yuan) | | :--- | :--- | :--- | :--- | | Short-term Borrowings | 35,336,239 | | 35,336,239 | | Accounts Payable | 18,217,445 | | 18,217,445 | | Dividends Payable | 2,228,459 | | 2,228,459 | | Other Payables | 4,759,149 | | 4,759,149 | | Other Current Liabilities | 4,681,926 | | 4,681,926 | | Long-term Borrowings | 29,523,561 | 133,004,137 | 162,527,698 | | Bonds Payable | 284,800 | 14,533,700 | 14,818,500 | | Lease Liabilities | 223,247 | 1,661,364 | 1,884,611 | | Long-term Payables | 1,920,789 | 4,864,989 | 6,785,778 | - Market risk primarily includes interest rate risk (floating-rate borrowings) and foreign exchange risk (low), which the company mitigates through dynamic monitoring of interest rate trends and holding a diversified portfolio of equity securities to reduce price risk 477478 [Fair Value Disclosure](index=155&type=section&id=Item%20XIII.%20Fair%2