中信证券股份有限公司 关于 国家电投集团远达环保股份有限公司 收购报告书 之财务顾问报告 财务顾问 （住所：深圳市福田区福田街道中心三路8号） 二○二五年六月 第一节 特别声明 目 录 中信证券股份有限公司受中国电力的委托，担任本次中国电力收购远达环 保的财务顾问，并就本次收购出具本财务顾问报告。 告中列载的信息和对本财务顾问报告做任何解释或说明。 构就本次收购发布的相关公告。 第二节 释义 | 在本财务顾问报告中，除非另有说明，下列词汇具有如下特定含义： | | | | --- | --- | --- | | 指 | 报告书 | 《国家电投集团远达环保股份有限公司收购报告书》 | | 《国家电投集团远达环保股份有限公司收购报告书摘 | | | | 指 | 本报告书摘要 | | | 要》 | | | | 远达环保/上市公司/公司/标 | | | | 指 | | 国家电投集团远达环保股份有限公司 | | | 的公司 | | | 中国电力国际发展有限公司，香港联交所上市公司， | | | | 收购人/中国电力/受让方 | | 指 | | 股份代号：2380 | | | | 指 | 湘投国际 | 湖南湘投国际投资有 ...

Group 1 - The company's total electricity sales volume for the first four months of 2025 increased by 0.33% year-on-year, with hydroelectric power decreasing by 17.1%, wind power increasing by 32.13%, photovoltaic power increasing by 13.57%, and coal-fired power decreasing by 14.22% [1] - In April, the consolidated total electricity sales volume decreased by 5.94% year-on-year, with hydroelectric power decreasing by 53.33%, wind power increasing by 37.48%, photovoltaic power increasing by 9.96%, and coal-fired power decreasing by 13.54% [1] - The integration of hydroelectric assets is progressing smoothly, with China Power expected to hold a 55.13% stake in Yuanda Environmental Protection after the transaction, ensuring long-term control over the company [1] Group 2 - The company has a commitment to a dividend payout ratio of no less than 50%, with a projected dynamic dividend yield of approximately 6% for 2025 [2] - The company aims to increase the dividend payout ratio of Yuanda Environmental Protection to no less than 50% [2] - A target price of HKD 3.9 per share has been set, corresponding to a 10x PE and 0.9x PB for 2025, indicating a potential upside of 22% from the current price [2]