华能国际电力股份2025 中期报告

2234191920212222222223353536373942454750110 1,50217884.64%2.27 1,120.325.70%95.7823.19%0.524.35 2. 8,71410.70%917.059.23% 3. 93.52% 1. 2,056.832.37% 7,987.311,724.401,928.454,334.46152,99239.12% 288.664.26% 4. COAP+1049445141 6. 18.61%1.7913.633.60 4.360.07 5. 152,99239.12% 1,188.065.70%95.7877.7523.19%0.520.12 . 1,120.32 1. 22.98 18.49%0.71 3.54 11.059.0022.84% 18.61%1.79 2. 2.1. 2.2. 1,120.321,188.065.70% 933.061,034.129.77% 48.29 86.70 18.924.56 2.2.5 103.65120.1813.75% 2.2.1 583.05681.1414.40% 2.3. 2.2.2 35.6742.7616.59%5.40 20.5818.6110.62% 2.2.3 4.10 135.60127.356.47% 0.171.13 2.2.4 90.1986.853.85% 2.4. 7.658.5810.86% 2.96 2.5. 23.8819.4622.73% 5.41 0.18 2.7. 0.610.38 6,025.521.17%3,842.800.19%63.78%0.87 2.6. 95.7877.7523.19% 20.81(1)(2) 732.49 . 1. ()() 307.4830.27%218.0357.60 178.7123.724.9811.170.89 0.75%9.04%0.75%9.35% 2. 2.1 190.17172.5861.4265.7941.054.3217.59 2.3 0.2742.38 2.2 . 4,200 23.9025%25%2991,741,65925.02% 1,869.771,837.781,776.771,750.2071.4180.1820.716.560.880.84 50%50%3.2050%50%7.11 . 55,350 40%0.450.89 . 13.3812.73 21.4843.13 0.090.47 0.880.84 0.730.78 0.041.503.024.27 2.020.282.020.28 27.3247.5230.5148.75 17.5%65.0%17.5%47.7117.5%65.0%17.5%56.35 48.3450.60 11.8313.31 . 1. 2. 3. 5. 4. 30.00% . 50%0.2742 7,987.316,262152,99239.12%95.7823.19%0.52 32.28%1,555,124,5499.91%131,994,1990.20%4,343,929,05327.67% 1 5 , 6 9 8 , 0 9 3 , 3 5 910,997,709,91970.06%4,700,383,44029.94%472,000,0003.01%131,596,0000.84%5,066,662,118 5713365% (1)LS(2)75%25%(3)1,555,124,549--131,994,199(4)472,000,000H131,596,000H(5)BlackRock, Inc.BlackRock Holdco 2, Inc.13,448,000254,065,595 336 C3 1. XVXV78352C3 2. 3. 20 C1 (a) 6 ESG 1.2.3.4.5. 2. 1. 6 3. 2519 (c) 151 (b) C3 3 (d) (e) (f) 2025 (g) (h) (i) (j) (k) (m) (l) 20 2410 (8610) 6322 6999(8610) 6322 6888 http://www.hpi.com.cn Tel: +852 2218 8288Fax: +852 2815 2239www.bdo.com.hk 25th Floor Wing On Centre111 Connuaght Road CentralHong Kong : +852 2218 8288: +852 2815 2239www.bdo.com.hk 11125 39109343434 2410 34 P05443 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 20256 30 1. 19946 306 2. 20256 3034202420257 29 20251 120243 34 2024 2. 20242024202420253 252024 20256 3020256 30732.4920256 304,20012 3. 202412 31 21 21 20256 30 4. (a) 4(b) 4. (b) 20256 30 4. 20256 30 4. 20256 30 4. (b) 4. (b) 20256 30 4. (b) 20256 30 4. 20256 30 4. (b) (i) 10% 20256 3066%202463077%10% 20256 30 20256 301217 20256 3024.37202412 3138.89 20256 30254 20256 30 5. (a) 22545020062 2024 202320242024 20251-6 12220264 20256 30i 20256 30 5. (a) 22520253,58820261-41,181 202520242025834.89202620261-4870.66 202311[2023]15011501202411[2023]1501[2023]10222024–202530%1000.09910.07052025392.45202620261-4371.86 20256 301.17 20256 30 5. (b) 2350233026001990199720082,560 2024 202320242024 20251-6 20254 302350233020272030 20256 30 5. (b) 20256 30i 20256 30 5. (b) 20255202568.79%202520262025 (1)235020251-62,2854,454202620272025 (2)233020251-61,3592,927202620272025(3)260020251-62,5144,8792025 5. (b) 2024 20251-620222[2022]303303570-770303661.46 202311[2023]15011501202411[2023]18412024–20251008.3333202620252 9[2025]1362025 20256 30 5. (b) 2030[2024]752170 20256 301.37 20256 30 5. i (WACC)5.56%6.54% WACCWACC = KeE(D + E)+ Kd(1-T)D(D+E)DE(Ke)(CAPM)Ke = Rf +ERP + 20256 306.54% 20256 30 6. (a) 20256 30202412 31 20256 30202412 31 6. (a) P/B 20256 30 6. (a) 20256 30 20256 30 20256 30 6. (b) 20256 301,867.7484.0202412 311,821.2468.120256301,869.8473.5202412 311,837.8457.0 7. 20256 30 8. i:(CPPA-G)CPPA-GCPPA-G 9. 20256 30 10. 20256 30 11. (a) 20256 2420240.2742.3820230.2031.402025630 20256 30 11. (b) 300 20256 301,41420246 301,45820256 301,51120246 301,514 12. (a) 20256 30 12. (a) 20256 30 12. (b) 20256 301.84202412 311.796.33%2024 12 316.33% 20256 3048.34202412 3150.60 20256 3027.32202412 3130.5147.52202412 3148.75 20256 3028.83202412 3127.5622.66202412 3124.3615.20202412 3114.4413.63202412 3113.12 20256 30 12. (b) 202563017.1940.12202412 3122.7150.40 20256 3013.382024123112.73 20256 300.88202412 310.84 20256 300.73202412 310.78 20256 302.020.28202412 312.020.28 20256 3017.50%65.00%17.50%47.71202412 3117.50%65.00%17.50%56.35 20256 3050.00%50.00%3.20202412 3150.00%50.00%7.11 13. 20256 30 20256 30 (a) (b)20256 30878202412 31871 (c)20256 301,104202412 31721 20256 30 15. 20256 30 20256 30 17. 20256 30202412 310.47 20256 300.09202412 310.4720256 30202412 310.32 20256 300.04202412 313.021.5202412 314.27 20256 3075.80202412 3193.541.98%2.45%2024 12 311.90%2.65%20256 300.04202412 312.782.60%2024 12 312.60%2.80%20256 301.00202412 310.052.08%2.11%2024 12 312.78%20256 30202412 310.73202412 313.80%4.00% 20256 30 18. 19. 20256 30732.49202412 31824.384,3