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之任何損失承擔 任 何 責 任。 00991 海外監管公告 審計報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條 而 作 出。 孫延文 聯席公司秘書 中 國，北 京，2026 年 3 月 27 日 於 本 公 告 日，本 公 司 董 事 為： 李霄飛、蔣建華、龐曉晉、馬繼憲、朱梅、王劍峰、趙獻國、李忠猛、韓放、金生祥、 宗文龍 *、趙 毅 *、尤 勇 *、潘 坤 華 *、謝 秋 野 *。 * 獨立非執行董事 茲 載 列 大 唐 國 際 發 電 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 ( http://www.sse.com.cn ) 刊 登 的《大 唐 國 際 發 電 股 份 有 限 公 司 審 計 報 告》，僅 供 參 閱。 承董事會命 大 唐 国 际 发 电 股 份 有 限 公 司 审计报告 天 职 业 字 [20 ...

Group 1: Company Performance - In 2025, the company completed a total power generation of 523.21 billion kWh, a decrease of 3.56% year-on-year [2] - The total on-grid electricity volume was 485.62 billion kWh, also down by 3.58% year-on-year [2] - The total heat supply reached 7,075.36 million GJ, a decline of 1.27% year-on-year, with residential heat supply decreasing by 3.15% [2] Group 2: Financial Projections - The company expects a net profit attributable to shareholders of 18.77 billion yuan in 2025, representing a year-on-year increase of 253.38% [3] - Basic earnings per share are projected to be 1.04 yuan per share [3] Group 3: Capital and Pricing Strategies - The coal capacity price for 2025 was set at 100 yuan per kW, with compensation based on maximum output [3] - The capacity price for 2026 is expected to rise to 165 yuan per kW [3] Group 4: Future Development Plans - The company aims to establish a comprehensive energy enterprise with a focus on thermal power, supported by energy storage and renewable energy [4] - Plans include optimizing existing projects and developing new energy projects in high-quality resource areas [4] Group 5: Investor Relations and Dividends - The profit distribution policy for 2025 has increased the proportion of distributable profits to 50% [4] - The company plans to implement cash dividends of 1.00 yuan per share, distributing approximately 1.8 billion yuan in total [4]

Investment Rating - The report initiates coverage on Datang Power with a "Buy" rating, assigning a target price of RMB 5.06 for A-shares and HKD 3.25 for H-shares based on a 2026E PE of 13.0x [1][6][8] Core Views - Datang Power serves as the integration platform for Datang Group's thermal power business, primarily located in northern China, which supports resilient electricity pricing. The company is also expanding its renewable energy capacity in hydro, nuclear, wind, and solar, contributing to a second growth curve [1][18] - The company is actively promoting a green low-carbon transition, with the share of clean energy capacity expected to reach 43% by the end of 2025, up from 30% at the end of 2017. The contribution of new energy profits is projected to continue increasing [3][20] - The H-share dividend yield is expected to be attractive, with estimates of 6.3% for 2026, reflecting the company's commitment to returning profits to shareholders [4][21] Summary by Sections Company Overview - Datang Power is a major independent power producer in China, focusing on the construction and operation of power plants, electricity sales, and coal production. The company has diversified into renewable energy, including hydro, wind, and solar power, and aims to enhance its operational efficiency [23][24] Thermal Power Business - The company's coal-fired power units are primarily located in North China, with a projected 45% of coal-fired capacity in the Hebei, Inner Mongolia, Shanxi, and Tianjin regions by 2024. The efficiency of power generation is improving as older assets are phased out, leading to a decrease in coal consumption per unit of electricity generated [2][19] - The company anticipates a positive shift in coal power profitability, with a projected profit of RMB 0.013 per kWh by 2024, supported by declining coal prices and improved pricing dynamics in the northern electricity market [2][19] Renewable Energy Expansion - Datang Power has made significant strides in expanding its renewable energy portfolio, with a focus on high-quality projects in regions with excellent wind and solar resources. By 2024, the contribution of new energy profits is expected to reach 33% of total profits [3][20] - The company also holds stakes in nuclear power plants, which are expected to provide stable investment returns, with projected contributions from the Ningde and Xudabao nuclear projects [3][20] Dividend Policy - The company revised its dividend policy in May 2025, committing to distribute at least 50% of its distributable profits to shareholders. This is expected to result in a minimum dividend per share of RMB 0.141 for 2025, with H-share yields projected at 6.3% for 2026 [4][21] Market Perspective - The report contrasts with market views that perceive Datang Power as primarily a thermal power company. It emphasizes the company's dual focus on thermal and clean energy, which positions it as a comprehensive energy operator [5][22]

Investment Rating - The report initiates coverage on Datang Power with a "Buy" rating, assigning a target price of RMB 5.06 for A-shares and HKD 3.25 for H-shares based on a 2026E PE of 13.0x [1][6][8] Core Views - Datang Power serves as the integrated platform for Datang Group's thermal power business, primarily located in northern China, which supports resilient electricity pricing. The company is also expanding its renewable energy capacity, which is expected to contribute to performance growth [1][18] - The company is actively promoting a green and low-carbon transition, with clean energy capacity projected to reach 43% by the end of 2025, up from 30% in 2017. The contribution from renewable energy profits is expected to increase significantly [3][20] - The H-share dividend yield is projected to be attractive, potentially reaching 6.3% in 2026, enhancing the investment appeal [4][21] Summary by Sections Company Overview - Datang Power is a major independent power producer in China, focusing on the construction and operation of power plants, electricity sales, and coal production. The company has diversified into renewable energy, including hydro, wind, and solar power [23][24] Thermal Power Business - The company's coal-fired power units are mainly concentrated in northern China, with a projected 45% of installed capacity in the Hebei, Inner Mongolia, Shanxi, and Tianjin regions by 2024. The efficiency of power generation is improving as older assets are phased out, leading to a positive outlook for thermal power profitability [2][19] Renewable Energy Expansion - Datang Power has made significant strides in expanding its renewable energy portfolio, with a focus on high-quality projects in regions with excellent wind and solar resources. The contribution from renewable energy profits is expected to reach 33% by 2024 [3][20] Dividend Policy - The company revised its dividend policy in May 2025, committing to distribute at least 50% of its distributable profits to shareholders. This is expected to result in a minimum dividend per share of RMB 0.141 for 2025, with H-share yields projected at 6.3% for 2026 [4][21] Market Perspective - The report contrasts with market views that consider Datang Power primarily a thermal power company. It emphasizes the company's dual focus on thermal and clean energy, which positions it as a comprehensive energy operator [5][22]

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively involved in the green energy sector, focusing on wind and solar power generation, and is participating in the national carbon market development [2][6]. Group 1: Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has been a pioneer in the national carbon market, executing the first carbon trading transaction when the market launched in 2021 [2]. - Longyuan Power has signed a framework agreement with the government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. Group 2: Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan for the first nine months of 2025, a year-on-year decrease of 15.67% [7]. - The net profit attributable to the parent company for the same period was 4.39 billion yuan, down 19.76% year-on-year [7]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On February 27, Longyuan Power's stock rose by 2.79%, with a trading volume of 159 million yuan and a turnover rate of 0.19%, bringing the total market capitalization to 138.606 billion yuan [1]. - The main net inflow of funds today was 5.224 million yuan, accounting for 0.03% of the total, indicating a continuous increase in main funds over the past two days [3][4]. - The average trading cost of the stock is 16.42 yuan, with the current price approaching a resistance level of 16.64 yuan, suggesting potential for upward movement if this level is surpassed [5].

Core Viewpoint - The company is actively implementing measures to ensure energy supply during the Spring Festival, focusing on equipment maintenance, fuel supply, and operational efficiency across various regions [1][2][3][4][5] Group 1: Energy Supply Measures - In North China, the company has developed comprehensive measures for energy supply during the Spring Festival, focusing on organization, technology, and emergency response [1] - The company has increased coal inventory by 80.13% year-on-year at the Qitaihe power plant to strengthen fuel supply [2] - The company has established a "mining, transportation, and plant" linkage mechanism to ensure stable coal supply during extreme weather [4] Group 2: Operational Efficiency - The company employs a digital platform with 225 fixed and 160 mobile monitoring terminals for 24/7 real-time monitoring [1] - The company has implemented a rigorous inspection protocol, conducting checks on critical equipment every two hours to ensure stable operations [3] - The company has optimized inventory structure and strictly managed coal quality acceptance and storage [1][2] Group 3: New Projects and Innovations - The company has successfully put two 1 million-kilowatt coal-fired units into full operation, expected to generate 9 billion kilowatt-hours annually, supporting energy supply in Hunan [5] - The company is also focusing on renewable energy projects, with teams working on solar power projects abroad to ensure stable energy generation [5]

Core Insights - The Huanghe Company successfully completed a total power generation of 10.96 billion kilowatt-hours during the Spring Festival holiday, fulfilling dual tasks of energy supply and heating [1][2] Group 1: Power Generation Breakdown - Hydropower generation accounted for 4.44 billion kilowatt-hours, while new energy sources contributed 4.3 billion kilowatt-hours, and thermal power generated 2.22 billion kilowatt-hours [1] - The company’s hydropower capacity reached 13.1582 million kilowatts, providing stable and reliable green energy for families during the holiday [1] Group 2: Operational Measures - The company implemented strict leadership and duty protocols, including 24-hour shifts and a "zero report" system for critical information, ensuring safety and reliability in energy supply [1] - The thermal power sector established preemptive supply measures, managing coal procurement and storage to ensure timely and sufficient fuel supply for power generation [2] - During the holiday, the company completed 37 batches of fuel acceptance tests, checking nearly 222 key indicators to ensure stable operation of the power units [2]

Core Viewpoint - During the Spring Festival, Datang International Power Generation Co., Ltd. emphasized its responsibility for safety production and energy supply, ensuring a warm and bright holiday for families [1][9]. Group 1: Safety Production - The company organized special inspections of key areas and systems before the festival to implement safety measures against personal injury, equipment damage, heating interruptions, and fire hazards [3][11]. - Tangshan Thermal Power Company focused on critical links, implementing graded control of hazards and conducting daily inspections to ensure zero violations and accountability for safety production [3][11]. - Matou Thermal Power Company conducted a thorough safety inspection before the festival, tracking and rectifying identified hazards to strengthen safety foundations [3][11]. Group 2: Operational Management - The company required strict adherence to power and heat dispatch orders, enhancing monitoring and adjustment of unit operations to ensure efficient and stable power generation and heating [5][14]. - Gaoji Thermal Power Company coordinated with the gas group to optimize heating methods based on weather and demand changes, ensuring reliable energy supply for the capital [5][14]. - Zhangjiakou Power Company implemented 24-hour inspections, ensuring all eight units operated at full capacity to safeguard energy supply [5][14]. - Baoding Heating Company achieved full coverage of inspections for 506 heating stations, improving service efficiency and quality for the public during the holiday [5][14]. Group 3: Fuel Supply - The company analyzed the fuel supply situation during the holiday and developed strategies to increase inventory, expand channels, and stabilize supply [7][16]. - Duhe Thermal Power Company utilized a smart fuel system to ensure high-quality fuel supply, maintaining sufficient coal inventory for stable operations [7][16]. - Fengrun Thermal Power Company proactively engaged in market coal bidding and optimized coal delivery schedules to ensure efficient coal unloading [7][16]. - Datang International will continue to fulfill its role as a key player in energy supply for the capital with stricter standards and measures [7][16].

Core Viewpoint - Huadian International's stock price has shown a slight increase of 0.60% year-to-date, with a recent trading performance indicating a 2.25% rise over the past five trading days, despite a decline over the last 20 and 60 days [1]. Group 1: Stock Performance and Market Activity - On February 25, Huadian International's stock rose by 2.04%, reaching a price of 4.99 CNY per share, with a trading volume of 2.52 billion CNY and a turnover rate of 0.55%, resulting in a total market capitalization of 579.43 billion CNY [1]. - The net inflow of main funds was 37.66 million CNY, with large orders accounting for 23.43% of purchases and 26.28% of sales [1]. Group 2: Financial Performance - For the period from January to September 2025, Huadian International reported a revenue of 95.87 billion CNY, reflecting a year-on-year growth of 13.04%, and a net profit attributable to shareholders of 6.44 billion CNY, which is a 24.84% increase compared to the previous year [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Huadian International has distributed a total of 24.46 billion CNY in dividends, with 6.86 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased to 137,300, marking a 9.79% rise from the previous period [2].

Core Viewpoint - Jiangsu Huadian Yangzhou Power Generation Co., Ltd. successfully completed its energy supply tasks during the Spring Festival, achieving a total power generation of 50.9553 million kilowatt-hours and heat supply of 33,383 GJ, marking a year-on-year increase in both metrics [1] Group 1: Energy Supply Performance - The company maintained a total installed capacity of 1.61 million kilowatts, serving as a key player in ensuring local energy security [1] - During the nine-day holiday from February 15 to 23, the company achieved significant increases in both power generation and heat supply compared to the previous year [1] - The company has maintained a continuous safe production record of 3,707 days, successfully fulfilling its energy safety supply responsibilities during the Spring Festival [1] Group 2: Safety Measures and Responsibilities - The company intensified safety inspections focusing on critical equipment to prevent cold and freezing issues, ensuring optimal operational conditions for power generation [2] - A comprehensive safety check was conducted by the leadership team, covering safety facilities, operational environments, and equipment status to eliminate potential risks [2] - The company implemented strict duty management with a 24-hour on-call system, enhancing monitoring and response capabilities to ensure safety and reliability [2] Group 3: Fuel Supply Management - The company proactively secured sufficient and high-quality coal supplies by establishing a special task force to coordinate with coal mines in key regions [3] - Efficient management of coal transportation and storage processes was prioritized to ensure a steady supply of fuel for power generation during the holiday [3] - The company conducted immediate sampling and testing of incoming coal to ensure quality, thereby supporting stable and full power generation during the Spring Festival [3]