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。 於本公告日期，本公司的董事會包括四名執行董事，即史寶峰先生（主席）、王波 先生、宋葵先生及后永傑先生；三名非執行董事，即周波先生、李傳吉先生及 曾俊先生；及七名獨立非執行董事，即楊玉川先生、梁愛詩女士、錢果豐博士、 蘇澤光先生、陳克勤先生、陳勇先生及文頴怡女士。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 2025年12月電廠售電量數據 所附的新聞稿載列華潤電力控股有限公司（「本公司」）及其附屬公司2025年12 月電廠售電量數據。新聞稿載列的資料可能為股價敏感資料。因此，本公告所 附的新聞稿乃按《證券及期貨條例》第XIVA部發出。新聞稿載列的資料根據內 部管理記錄編製，未經外聘核數師審核或審閱。 本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 本公告載列的資料根據內部管理記錄編製，未經外聘核數師審核或審閱，因此該 等數據僅供投資者參考。 投資者在買賣本公司股份時務必審慎 ...

Core Viewpoint - The leadership transition at China Resources Beverage marks a significant moment as Gao Li, with nearly 20 years of experience within the China Resources system, takes over as Chairman, signaling a new chapter focused on both scale expansion and quality improvement [1][2]. Group 1: Leadership Transition - Gao Li's appointment as Chairman is seen as a strategic move to ensure a smooth transition in management, leveraging his extensive experience within the company and the broader China Resources Group [1][2]. - The transition occurs at a critical time as the company enters a new phase of development coinciding with the start of the 14th Five-Year Plan in 2026, emphasizing a focus on refined operations [1][5]. Group 2: Gao Li's Background - Gao Li has a diverse management background, having held key positions across various sectors within China Resources, including beverage, energy, and group management, making him a representative of the "composite management talent" within the organization [2][3]. - His previous role as the financial director at China Resources Beverage from 2012 to 2020 involved significant contributions to strategic planning and operational efficiency, leading to notable profit and shareholder return improvements [3][4]. Group 3: Industry Context - The Chinese soft drink industry is transitioning from extensive expansion to a phase characterized by "stock competition and high-quality development," facing challenges such as reshaped retail landscapes and fluctuating consumer preferences [4][5]. - In this context, the leadership change is expected to enhance the company's dual strategy of "quality and innovation," allowing it to leverage its product matrix and operational efficiencies to capture long-term growth opportunities [5][6].

Core Viewpoint - The leadership transition at China Resources Beverage signals a strategic shift towards a dual focus on scale expansion and quality improvement, with Gao Li's appointment as chairman reflecting the company's commitment to navigating industry challenges and enhancing operational efficiency [1][5][6] Group 1: Leadership Transition - Gao Li has been appointed as the new chairman of China Resources Beverage, succeeding Zhang Weitong, indicating a significant leadership change within the company [1] - Gao Li has nearly 20 years of experience within the China Resources system, showcasing a strong internal succession plan that emphasizes stability and continuity in management [1][2] - The transition occurs as the company enters a critical development phase post-IPO, aligning with the start of the "14th Five-Year Plan" and a new operational cycle focused on meticulous management [1][5] Group 2: Gao Li's Background and Experience - Gao Li's career trajectory within China Resources includes key roles across various sectors, providing him with a diverse management experience that is crucial for the company's strategic direction [2][3] - His previous tenure as the financial director of China Resources Beverage from 2012 to 2020 involved significant contributions to strategic planning and operational efficiency, leading to substantial profit and shareholder return improvements [3] - During his recent role at China Resources Power, Gao Li successfully enhanced the company's return on equity (ROE) from 1.83% in 2021 to 15.63% in 2024, demonstrating his capability in financial management and capital operations [4] Group 3: Industry Context and Strategic Implications - The Chinese soft drink industry is transitioning from extensive expansion to a focus on high-quality development, facing challenges such as changing consumer preferences and intense brand competition [4][5] - The leadership change is seen as a strategic move to ensure the continuation of the "quality + innovation" dual strategy, which is essential for maintaining the company's leading position in the market [5][6] - With the rise of health-conscious consumption and the expansion of lower-tier markets, China Resources Beverage is positioned to leverage its brand strength and operational efficiencies for long-term growth [5][6]

Core Insights - The report titled "2025 Benchmark Analysis of Chinese Power Generation Enterprises and Global Energy Companies" aims to provide insights for Chinese power companies to accelerate their development into world-class energy enterprises [3][5]. Group 1: Benchmarking Framework - The report utilizes a benchmarking indicator system that includes four dimensions: product excellence, brand prestige, innovation leadership, and modern governance, comprising 18 quantitative indicators [7][8]. - A total of 24 representative companies, 12 from China and 12 from abroad, are selected for benchmarking [9]. Group 2: Performance Overview - By the end of 2024, the benchmark companies achieved a total installed capacity of 2.68 billion kilowatts and generated 9.08 trillion kilowatt-hours of electricity, representing a year-on-year growth of 7.8% and 4.0% respectively [12]. - The EBITDA of benchmark companies was approximately $312.6 billion, with operating revenue reaching about $964.4 billion, reflecting a year-on-year increase of 9.0% and 5.8% respectively [13]. Group 3: Comparative Analysis - Domestic benchmark companies have a significant advantage in installed capacity, with a total of 1.86 billion kilowatts, which is 2.3 times that of foreign counterparts [32]. - The proportion of non-fossil energy installed capacity for domestic companies reached 56.8%, surpassing foreign companies by 7.8 percentage points [32]. Group 4: Key Findings - Eight companies, including EDF, State Energy Group, China Three Gorges, and China Huaneng, ranked in the top tier based on comprehensive scores across various indicators [18]. - The report highlights that while domestic companies are expanding their production capabilities, foreign companies are experiencing challenges in integrating renewable energy into existing grids [30][76]. Group 5: Future Outlook - The report identifies key development themes for Chinese power companies in 2026, emphasizing the need for energy security and modernization [6][76]. - It also notes that the growth in electricity demand is expected to boost the global nuclear power industry, with countries like France and the U.S. advancing their nuclear power strategies [79].

Group 1 - The core viewpoint of the article emphasizes the growing importance of ESG (Environmental, Social, and Governance) as a key metric for high-quality corporate development and a vital link between corporate value and social value [1][2] - The "2025 China Enterprise ESG Top 100" list was released by Sina Finance, evaluating over 5,000 A-share listed companies and mainland companies listed in Hong Kong using 18 industry-specific ESG evaluation models and over 150 ESG indicators [1][3] - The list serves as a benchmark for industry development and provides valuable decision-making references for investors [1][2] Group 2 - China Resources Power was recognized for its outstanding ESG performance, ranking 62nd on the "2025 China Enterprise ESG Top 100" list, highlighting its commitment to sustainable development practices [2][6] - The publication of the list is seen as an authoritative recognition of the sustainable development practices of the listed companies and aims to promote the core values of ESG across the industry [2][9] - Companies are encouraged to integrate ESG principles into their strategic planning, operations, and supply chain collaboration to achieve a symbiotic relationship between commercial and social value [2][10]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Group 1: Industry Developments - The meeting held on January 7 by multiple departments aims to regulate competition in the power and energy storage battery industry, addressing issues like blind construction and irrational price competition that disrupt market order [2] - The National Energy Administration released the "Implementation Rules for the Management of Renewable Energy Green Power Certificates," which outlines a comprehensive management mechanism for green certificates, enhancing the scientific and operational aspects of the green certificate system [3][4] - The Ministry of Ecology and Environment plans to release 12 methodologies for voluntary greenhouse gas emission reduction projects by 2025, marking a significant expansion of the voluntary reduction market [5][6] Group 2: Regional Highlights - Inner Mongolia is set to increase its new energy installed capacity to over 170 million kilowatts by 2025, with wind power capacity exceeding 100 million kilowatts, and aims to enhance its hydrogen energy and storage systems [7] - The "Xinjiang Power to Chongqing" project has successfully connected its first batch of wind turbine units to the grid, expected to deliver approximately 24 billion kilowatt-hours of green electricity annually, significantly impacting the energy structure in Chongqing [8] Group 3: Future Trends - Roland Berger's report predicts that by 2026, comprehensive energy services will focus on solutions, ushering in a new era of zero-carbon parks, driven by supportive policies and technological advancements [9][10] - The report highlights three major opportunities for comprehensive energy services: demand release through policy support, market configuration driven by new energy market entry, and model upgrades encouraging distributed resource aggregation [10]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Group 1 - The establishment of joint ventures is a significant trend, with multiple companies engaging in partnerships to enhance their market presence and operational capabilities [1][1][1] - Notable joint ventures include the collaboration between Anshan Zhichuang Digital Information Industry Development Co., Ltd. and Telai Electric New Energy Co., Ltd., set to be finalized on December 29, 2025 [1] - Another key partnership involves Jinhua Jintou Group Co., Ltd. and Zhejiang Public Information Industry Co., Ltd., with the joint venture expected to be established on December 30, 2025 [1] Group 2 - Talisman Partners Ltd. is acquiring a stake in Feizloy (CQ) Ltd. from Mokore Energy Group Ltd. and Itochu Corporation, with the deal also set for December 30, 2025 [1] - Kangmaier Industrial Group Co. is set to acquire shares in Shanghai Naboteske Hydraulic Co., Ltd. from Shanghai Electric Hydraulic Pneumatic Co., Ltd. and Komatsu Ltd. by December 31, 2025 [1] - Yongtai Yuhua Chemical Logistics Co., Ltd. is forming a joint venture with Shandong Port Group International Investment Development Co., Ltd., expected to be finalized on December 31, 2025 [1] Group 3 - Huitongda Network Co., Ltd. is acquiring shares in Jintongling Technology Group Co., Ltd., with the transaction scheduled for December 31, 2025 [1] - Hangzhou Jindi Commercial Management Co., Ltd. is set to acquire shares in Ningbo Zhongbai Co., Ltd. by December 31, 2025 [1] - China Resources Power Holdings Co., Ltd. is establishing a joint venture with Jiangsu Yueda Low Carbon Technology Development Co., Ltd., expected to be finalized on December 31, 2025 [1]