Group 1 - The company, Huaneng International Power Co., Ltd., will participate in a collective performance briefing for the power generation sector of China Huaneng Group on May 16, 2025, from 2:30 PM to 5:00 PM [1][2] - The meeting will focus on the company's operational results and financial indicators for the year 2024 and the first quarter of 2025, allowing for interactive communication with investors [1][3] - Key personnel attending the meeting include Chairman Wang Kui, Independent Director Party Ying, Deputy General Manager and Board Secretary Huang Chaoquan, and Securities Affairs Representative Zhu Tao [1][2] Group 2 - Investors can access the performance briefing through the Shanghai Stock Exchange Roadshow Center website [3] - The meeting will be conducted via video live streaming and online interaction [1][2] - Contact information for inquiries includes Chen Zhelu, with a phone number and email provided for investor communication [2]

华能国际电力股份有限公司 关于参加 2025 年中国华能集团有限公司 "发电板块上市公司"集体业绩说明会的公告 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个别及连带责任。 重要内容提示： 证券代码：600011 证券简称：华能国际 公告编号：2025-025 一、会议内容 华能国际电力股份有限公司（"公司"或"华能国际"）已于 2025 年 3 月 25 日 和 4 月 28 日晚间分别披露公司 2024 年业绩情况和 2025 年第一季度业绩情况， 详见上海证券交易所网站（www.sse.com.cn）。为便于广大投资者更全面深入地 了解公司的经营成果及财务状况，公司将于 5 月 16 日参加中国华能集团有限公 司 2025 年"发电板块上市公司"集体业绩说明会，会议时间为下午 2 点 30 分至 5 点，会上公司将针对 2024 年和 2025 年第一季度的经营成果及财务指标的具体 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 二、会议召开时间与地点 日期：2025 年 5 月 16 ...

Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].

Core Insights - Huaneng International (600011.SH) reported a total operating revenue of 60.335 billion yuan for Q1 2025, ranking first among disclosed peers [1] - The net profit attributable to shareholders was 4.973 billion yuan, ranking second among peers, with a year-on-year increase of 377 million yuan, marking an 8.19% rise compared to the same period last year [1] - The net cash inflow from operating activities was 17.396 billion yuan, also ranking first among peers, with a significant increase of 5.253 billion yuan, reflecting a 43.26% year-on-year growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 64.33%, a decrease of 1.07 percentage points from the previous quarter and a reduction of 3.25 percentage points from the same period last year [3] - The gross profit margin is reported at 19.05%, an increase of 3.90 percentage points from the previous quarter and 2.97 percentage points from the same period last year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 3.51%, ranking 16th among disclosed peers, with a year-on-year increase of 0.13 percentage points [3] Earnings Per Share and Shareholder Structure - The diluted earnings per share (EPS) is 0.27 yuan, ranking fifth among peers, with an increase of 0.02 yuan compared to the same period last year, marking an 8.00% year-on-year rise [3] - The total asset turnover ratio is 0.10 times, ranking 20th among disclosed peers, while the inventory turnover ratio is 4.15 times [4] - The number of shareholders is 109,100, with the top ten shareholders holding 13.202 billion shares, accounting for 84.10% of the total share capital [4]

Investment Rating - The report maintains a "Buy" rating for Huaneng International, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [19]. Core Views - In Q1 2025, Huaneng International reported a revenue of 603.35 billion yuan, a year-on-year decrease of 7.70%, while the net profit attributable to shareholders increased by 8.19% to 49.73 billion yuan [2][3]. - The decline in coal prices has positively impacted profitability, with the profit per kilowatt-hour for coal power increasing by 0.0174 yuan year-on-year to 0.048 yuan [4]. - The company continues to see growth in renewable energy, with wind and solar power generation increasing by 8.81% and 51.2% year-on-year, respectively, contributing to a significant rise in profits from solar energy [5]. Financial Performance Summary - For Q1 2025, the average on-grid electricity price decreased by 1.96% year-on-year, while the company's sales gross margin and net margin improved by 2.98 percentage points and 2.6 percentage points, reaching 19.05% and 11.53%, respectively [3]. - The total profit from coal power generation was 39.82 billion yuan, reflecting a year-on-year increase of 40.96% [4]. - The company plans to invest 512 billion yuan in wind and solar power projects in 2025, marking a year-on-year increase of 64.01 billion yuan [5]. Earnings Forecast - The report projects net profits for Huaneng International to be 101.64 billion yuan, 105.56 billion yuan, and 108.77 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.2, 10.8, and 10.5 [5].

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [2] Core Views - The company's Q1 2025 performance shows a significant improvement in thermal power profitability, driven by a substantial decrease in fuel costs and a favorable operating environment [7] - The report highlights that the company's coal-fired power segment has benefited from a drop in coal prices, with the average spot price of Qinhuangdao 5500 kcal thermal coal falling by approximately 20% year-on-year [7] - The report anticipates continued improvement in profitability for the coal power segment due to further declines in coal prices and stable long-term contract prices [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 241,484 million yuan, with a year-on-year decline of 1.7% [6] - The net profit attributable to the parent company is expected to reach 11,758 million yuan in 2025, reflecting a year-on-year growth of 16% [6] - Earnings per share (EPS) is forecasted to be 0.75 yuan for 2025, with a projected price-to-earnings (PE) ratio of 10 [6] - The company's return on equity (ROE) is expected to improve to 8.0% in 2025 [6] Segment Performance - In Q1 2025, the company reported a total operating revenue of 60,335 million yuan, a decrease of 7.7% year-on-year, while net profit increased by 8.2% to 4,973 million yuan [7] - The thermal power segment's tax profit reached 39.82 million yuan, significantly up from 28.25 million yuan in the previous year, indicating strong performance [7] - The renewable energy segment saw a 51.7% increase in installed capacity, with wind and solar power generation increasing by 8.81% and 51.21% respectively [7]

Investment Rating - The report maintains a "Buy" rating for Huaneng International [5] Core Views - The company reported a Q1 2025 revenue of 60.335 billion yuan, a year-on-year decrease of 7.7%, while the net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, driven by lower fuel costs [1] - Coal power generation decreased by 10.11% year-on-year, while gas power generation increased by 6.24%, with total profits for coal and gas power rising significantly [1] - The company is expanding its renewable energy capacity, with wind and solar installations increasing, leading to a year-on-year growth in renewable energy output [2] Financial Performance Summary - For Q1 2025, coal and gas power generation volumes were 82.937 billion kWh and 7.601 billion kWh, respectively, with profits of 3.982 billion yuan and 0.753 billion yuan, reflecting a significant year-on-year profit increase of 40.96% and 40.58% [1] - The profit per kWh for coal and gas power improved to 0.048 yuan and 0.099 yuan, respectively, indicating a notable enhancement in profitability despite lower demand [1] - The company added 903.7 MW of wind and 1531.66 MW of solar capacity in Q1 2025, with total profits from these segments at 2.252 billion yuan and 0.564 billion yuan, respectively [2] Earnings Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 12.082 billion yuan, 12.226 billion yuan, and 13.083 billion yuan, respectively, with corresponding EPS of 0.77 yuan, 0.78 yuan, and 0.83 yuan per share [2] - The projected P/E ratios for 2025, 2026, and 2027 are 9.4, 9.3, and 8.7 times, respectively, indicating a favorable valuation outlook [2]

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"）第十一届董事会第十一次会议（"会议"） 于2025年4月28日召开，会议审议并通过了《关于变更公司住所并修订公司章程的议 案》，并同意将该议案提交公司股东大会审议。具体情况如下： 证券代码: 600011 证券简称: 华能国际 公告编号: 2025-024 华能国际电力股份有限公司 关于变更公司住所并修订公司章程公告 | 序 号 | | 修订前 | 修订后 | | --- | --- | --- | --- | | | 第三条 公司住所：中华人民共和国北京 | | 第三条 公司住所：中华人民共和国 北京市西城区复兴门内大街 6 号（华 总部 | | | 市西城区复兴门内大街 号（华能大厦） 6 | | 能大厦）河北省雄安新区启动区华能 | | 1 | 邮政编码：100031 | | | | | | | 邮政编码：100031071000 | | | 电话号码：63226999 | | | | | | | 电话号码：63226999 | | | ...

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 ...