天保能源年度报告 2025

1671 2346781922284764130135136138139141203205 202512312025123177,385.382,405.06.1%835.5453.084.4%5.222.8384.5% 19922018427 33 2025 2025 2026 2026326 2025140.238.916.1%12.035.4%6.422.9% 2025AAA+++ 202528,640.4155.023,176.925,088.41,911.5 2026 2026326 1. 2025 30 2.2025 (1) 20252 49.24MW30MW19.24MW62.14% (2)1.72MWh 1.72MWh2025 (3) 20258021,8022024430%600 (4) 2025 (5) 3. 2025155.0159.83.0%28,640.428,990.01.2%23,176.922,905.21.2% 202420252025 (1) 202577,385.382,405.06.1%2025 202521,823.122,058.21.1% 202551,885.856,372.38.0%2025 2025896.1818.89.4% 20252,780.33,155.711.9% (2) 202539.02024223.62025 (3) 202521,209.621,522.61.5% 202547,585.051,924.68.4%2025 2025509.2534.34.7% 20252,091.22,504.516.5% (4) 2025613.4535.614.5% 20254,300.84,447.73.3%2025 2025386.9284.536.0% 2025689.2651.25.8% (5) 202511,254.711,366.11.0%2025 (6) 20251,215.01,707.328.8% (7) 202536,088.440,304.310.5%2025 (8) 20251,719.21,574.39.2%2025 (9) 2025565.42024432.630.7% (10) 2025835.5453.084.4% 4. (1) 202596,284.42024107,077.410.1%49,340.0202460,513.318.5% 202526,327.7202433,159.120.6%7,155.1202412,879.512,625.3202412,635.428,584.5202433,476.77,932.020249,245.920,755.5202427,036.6 (2) 20257,155.112,879.544.4% (3) 20251.051.3019.2% 5. (1) 20251,405.8278.3192.6171.6139.0284.9115.0224.4 2025123170.5 (2) 202512317,155.134,067.018,432.215,634.818,837.015,230.017,530.016,537.0 (3) (4) 5% (5) 20251231 (6) 2025123134,067.018,432.28,852.215,634.818,837.015,230.017,530.016,537.0 (7) 20251231131.5 (8) 2025123120251231850.0 202512314.01,158.0202512311,485.0 20251231767.1202512311,000.0 20251231209.7202512311,268.0 (9) H20184272020729HHH (10) 20251231 (11) 6. (1) (2) 5048 (3) 7. 8.2026 (1) 2026 (2) (3) AI (4) 2025 1. 202512317290.3% 4. 2. 3. 2,845.5 4. 2025202550114 5. 20251231 6. 202526.4% 5. 47201910200612011520115201372013720141020141020159201592018820188201910 2014720191120166201811201712017112017820191100096520171120191120183201911 20061 561997419974200742007420111220111220138201382014122014122026320263 1991720057 54199471994720031020031020071020071020161220149201712017120191201811 2008319947 40200972012820128201611201611201712017120176201762019720197202092020920223202242026320263 20221 37201372016820168202572025720247 20137 3620145201612201712018112018122025820258 20139 7343202011202381013202111442202552477 20225520051231 2010222004731 65198781997919988199811200111200311200410200112201792017920199 2011122013520165201812202410 20045 502024619981999720045200462020122021120227202272024620081201012002393 20164202110201310201252017520161120171 20112012 19986 47 54 5220249199372000120001200612200612200772007720156201562021720217202192021920231120231120249 2005 4520241120051200592005102007420075200892008102009320094201682016820187201872020320203 20087 402018530201922816 202520251231 2017228H20184272020729H 205206 (i)(ii)(iii)(iv)13 202512311352025123113613720251231139140 818 +910171815171015 64129 2020729HH20251231159,920,9071.00H 20251231 20251231 20251231 20251231 20251231 20251231 2025123120251231850.0 202512314.01,158.0202512311,485.0 20251231767.1202512311,000.0 20251231209.7202512311,268.0 123113.13 2025123113.1620251231 20251231 30%50% 202656202512310.02620252026518415.820252025202672 20081120181229H10%H HH20%H199451319942018111994HHHH H H 20251231 2025 2025202643020265620265132026518H H2026429430H183171712–1716 2025H2026512430H 10 202512314,101.620243,796.9 34,067.018,432.28,852.215,634.818,837.015,230.017,530.016,537.0 3.13 2227 (1)(2) 7 20251231 01,000,000 2 7–8 202635 202520259222025112025922 2025 20251231XVXV78352 20251231XV23336 2025 20251231 72.29%14A.07 202312202024112026123120242025202612318.08.08.0 2024–2025 15.0% 2024412024–20252024–20252024–20252024412025331LNG30%2024–2025 2024–2025428.020244120241231202533129,80013,000 2022–2025 15.0% 20228312022–20252022–202520228312025331 2022–2025(i)(ii)(iii)2022–2025(iv)(v)2022–20252023202412312025331750.0950.0300.0 2024–2025 15.0% 20245242024–20252024–202520245242025331 2024–20252024–20253,00020245242024123120253312,0001,000 2025–2026 15.0% 2025412025–20262025–20262025–20262025412026331LNG30%2025–2026 2025–202637020254120251231202633128,5008,500 2025–2028 15.0% 2025412025–20282025-20282025412028331 2025-2028(i)(ii)(iii)2025-2028(iv)(v) 2025–2028202512312026202712312028331480.0700.0720.0300.0 2025–2026 15.0% 20255232025–20262025–202620255232026331 2025–2026 2025–20262025–20263,50020255232025123120263312,3001,200 28 (i)(ii)(iii)C1(iv)(v) 2025(i)(ii) (1)(2)(3) 20251231 (1)(2)(3)(4) 14A 201844 2025123173.1%7.1% 2025123154.3%13.0% 5% 20251231C1 25% 20251231 202520251231 20167202362023620256202420252025 3 2025822202592 20252025 2026326 C1 C3 9423 2226 31 3.13 B.2.233 20261162026 2025123110 202514 3 205 3 20251231320242025 2 20259222025 3 2025123162