证券代码: 600011 证券简称: 华能国际 公告编号:2025-023 华能国际电力股份有限公司 关于董事变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 华能国际电力股份有限公司（"公司"）第十一届董事会副董事长王志杰先生和董事 李海峰先生已于近日分别向公司董事会提交书面辞职报告。王志杰先生因年龄原因申请 辞去公司副董事长、董事以及董事会战略委员会和薪酬与考核委员会委员职务，李海峰 先生因工作调动申请辞去公司董事以及董事会薪酬与考核委员会委员职务。辞任后，王 志杰先生和李海峰先生不再担任公司及其附属公司任何职务。辞职报告自送达公司董事 会之日起生效。王志杰先生和李海峰先生的辞任不会导致公司董事会成员低于法定人 数。 1 特此公告。 华能国际电力股份有限公司董事会 2025年4月29日 2 王志杰先生和李海峰先生确认，其本人与董事会及公司之间并无任何意见分歧，亦 无有关其本人辞任的其他事宜须提请公司股东注意。王志杰先生和李海峰先生不存在未 履行完毕的公开承诺，其辞任后将基于诚信原则完成涉及公司的未尽事宜，妥善移交 ...

详见同日于上海证券交易所网站（www.sse.com.cn）披露的《华能国际电力股份有 限公司2025年第一季度报告》。 二、同意《公司2025年第一季度报告》 证券代码: 600011 证券简称: 华能国际 公告编号: 2025-021 华能国际电力股份有限公司 第十一届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 华能国际电力股份有限公司（"公司"）董事会，于2025年4月28日以通讯表决方式召 开第十一届董事会第十一次会议（"会议"或"本次会议"），会议通知和补充通知分别于 2025年4月11日和2025年4月25日以书面形式发出。本次会议的召开符合《中华人民共和 国公司法》和公司章程的有关规定。会议审议并一致通过了以下决议： 一、同意《公司2025年第一季度财务报告》 该报告中的相关财务信息已经公司董事会审计委员会审议通过。 该报告中的相关财务信息已经公司董事会审计委员会审议通过。 详见同日于上海证券交易所网站（www.sse.com.cn）披露的《华能国际电力股份有 限公司2025年第一 ...

Financial Performance - Operating revenue for Q1 2025 was CNY 60.33 billion, a decrease of 7.70% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 4.97 billion, an increase of 8.19% year-on-year[4]. - Operating profit for Q1 2025 increased to CNY 8.16 billion, up 16.3% from CNY 7.01 billion in Q1 2024[16]. - Net profit for Q1 2025 reached CNY 6.96 billion, representing a 19.2% increase from CNY 5.84 billion in Q1 2024[16]. - The total comprehensive income for the first quarter of 2025 was CNY 6,955,186,112, an increase from CNY 6,137,488,318 in the same period of 2024, representing a growth of approximately 13.3%[17]. - The company reported a basic and diluted earnings per share of CNY 0.27 for Q1 2025, up from CNY 0.25 in Q1 2024, indicating a growth of 8%[17]. Cash Flow and Assets - Net cash flow from operating activities reached CNY 17.40 billion, up 43.26% from the previous year[4]. - The net cash flow from operating activities for Q1 2025 was CNY 17,395,885,484, compared to CNY 12,142,578,592 in Q1 2024, reflecting a significant increase of about 43.1%[19]. - The company’s total cash outflow from operating activities in Q1 2025 was CNY 48,129,432,776, compared to CNY 59,098,147,957 in Q1 2024, indicating a reduction of about 18.6%[19]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 22,555,550,463, compared to CNY 20,474,723,636 at the end of Q1 2024, marking an increase of approximately 10.2%[20]. - The company’s cash and cash equivalents increased to CNY 24.02 billion from CNY 19.93 billion at the end of 2024[14]. - Total assets at the end of the reporting period were CNY 588.49 billion, a slight increase of 0.28% from the end of the previous year[5]. - Total assets as of March 31, 2025, amounted to CNY 588.49 billion, slightly up from CNY 586.84 billion at the end of 2024[15]. - Current assets totaled CNY 96.80 billion, a marginal increase from CNY 96.30 billion at the end of 2024[14]. - The total equity attributable to shareholders increased to CNY 141.85 billion from CNY 137.41 billion at the end of 2024[16]. - Total liabilities decreased to CNY 378.58 billion from CNY 383.79 billion at the end of 2024[15]. Operating Costs and Expenses - The company reported a decrease in operating costs by 10.97%, primarily due to lower fuel costs[8]. - The company reported a decrease in total operating costs to CNY 52.95 billion, down 10.3% from CNY 59.03 billion in Q1 2024[16]. - Research and development expenses for Q1 2025 were CNY 234.95 million, an increase from CNY 205.86 million in Q1 2024[16]. - Profit from coal-fired power generation increased by 40.96% to CNY 3.98 billion[10]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 109,069[11]. Future Plans - The company plans to continue expanding its renewable energy projects and improve operational efficiency[9].

Investment Highlights - The agricultural sector is recognized as a fundamental industry with significant resilience, characterized by domestic supply shortages, historical price declines, and low asset prices, leading to increased investment value in the sector [10][12] - The current phase of agricultural stock price increases is believed to be in the early stage of the second phase, transitioning from emotional stimulation to industrial logic development [10] - The report highlights the importance of maintaining grain security and farmer income resilience, with a target grain production of 1.4 trillion jin for 2025 [10] Agriculture Sector - The pig price is expected to remain stable in the short term, with recent data showing a price of 14.78 yuan/kg and a slight increase in breeding stock [11][12] - The chicken market is experiencing a rebound, with prices for live chickens and chicks showing signs of recovery, indicating a shift in the industry towards upstream breeding sources [13] - The feed sector is recommended to focus on companies like Hai Da Group, which is expected to benefit from improved cash flow and overseas growth [14][15] Energy Sector - Wind and solar power installations have surpassed thermal power for the first time, with a total installed capacity of 1.482 billion kW for wind and solar combined [24][25] - The report emphasizes the acceleration of offshore wind projects and the potential for domestic cable manufacturers to benefit from European market demand [27][29] - The introduction of new policies is expected to enhance the market entry of renewable energy sources, with significant growth anticipated in the offshore wind sector [26][30] Pharmaceutical Sector - The demand for new drugs for depression and epilepsy is highlighted, with a focus on companies like Warner Pharmaceuticals and Hainan Haiyao, which are developing innovative treatments [32][35] - The report notes the significant unmet need in the epilepsy market, with an estimated market size exceeding 50 billion yuan in China [35] - Warner Pharmaceuticals' ZG001, a derivative of ketamine, is in clinical trials and has the potential to revolutionize depression treatment [36] Consumer Sector - The pet food market is experiencing steady growth, with a compound annual growth rate of approximately 10% from 2020 to 2024, particularly in the cat food segment [4][21] - The report indicates that exports of pet food have increased significantly, with a total export volume of 30,000 tons in March, reflecting a 24.6% year-on-year growth [17][20] - Companies like Lu Si Co. are identified as key players in the pet food industry, focusing on quality control and product development [4][21] Construction Materials Sector - The report emphasizes the importance of domestic demand and cyclical investment opportunities in the construction materials sector, particularly in light of recent political meetings that prioritize internal circulation [5][6] - Companies like San Ke Shu are noted for their competitive advantages in the paint sector, with expectations for improved performance as the market stabilizes [8][9] Transportation Sector - The logistics company Debang is experiencing short-term pressure on earnings but is expected to improve profitability through operational enhancements [8][9] - The report highlights the company's revenue growth driven by strategic adjustments and network integration [8][9]

华能国际（600011）公告，2025年第一季度营收为603.35亿元，同比下降7.70%；净利润为49.73亿元， 同比增长8.19%。 ...

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The State Council approved 10 new nuclear power units for 2025, enhancing the growth potential of nuclear energy [3]. - As of Q1 2025, China's installed capacity for wind and solar power reached 1.482 billion kilowatts, surpassing thermal power for the first time [3]. - The report suggests focusing on regional thermal power companies, particularly JianTou Energy, due to its strategic location near coal-producing areas [3]. Industry Data Tracking Electricity Price - In April 2025, the average grid purchase price was 393 RMB/MWh, a year-on-year decrease of 5% and a slight month-on-month decrease of 0.5% [40]. Coal Price - As of April 25, 2025, the price of thermal coal at Qinhuangdao port was 655 RMB/ton, down 19.33% year-on-year and 1.2% week-on-week [48]. Hydrology - As of April 25, 2025, the water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates showing a year-on-year decrease of 15% and 42%, respectively [56]. Electricity Consumption - From January to March 2025, total electricity consumption was 2.38 trillion kWh, a year-on-year increase of 2.5% [14]. Power Generation - Cumulative power generation from January to March 2025 was 2.27 trillion kWh, reflecting a year-on-year increase of 1.5% [22]. Installed Capacity - As of March 31, 2025, China's thermal power installed capacity reached 1.45 billion kW, with a year-on-year increase of 3.9% [50]. Investment Recommendations - The report recommends focusing on hydropower and thermal power investment opportunities, particularly in JianTou Energy and Changjiang Power [3]. - For nuclear power, companies like China National Nuclear Power and China General Nuclear Power are highlighted for their growth potential [3]. - In the green energy sector, Longjing Environmental Protection is recommended, with attention to Longyuan Power and other related companies [3].

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