Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a sino-foreign joint stock limited company incorporated in the People’s Republico f China) (StockC ode: 00991) ANNOUNCEMENT OF 2025 INTERIM RESULTS OPERATING AND FINANCIAL HIGHLIGHTS: • Operating revenue amounted to approximately RMB57,193 million, representing a decrease of approximately 1.93% as compared to the first half of 2024. • Total profit before tax amounted to approximately RMB7,671 million, representing an increase of approximately 37.92% as compared to the first half of 2024. • Net profit attributable to equity holders of the Company amounted to approximately RMB4,874 million, representing an increase of approximately 50.30% as compared to the first half of 2024. • Basic earnings per share attributable to shareholders of the Company amounted to approximately RMB0.2215, representing an increase of RMB0.0901 per share as compared to the first half of 2024.
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2 I. COMPANY RESULTS The board of directors (the “Board”) of Datang International Power Generation Co., Ltd. (the “Company ”) hereby announces the unaudited consolidated operating results of the Company and its subsidiaries (the “Group ”) prepared in conformity with the IFRS Accounting Standards for the six months ended 30 June 2025 (the “Period ”), together with the unaudited consolidated operating results of the first half of 2024 (the “Corresponding Period Last Year”) for comparison. Such operating results have been reviewed and confirmed by the audit committee of the Board of the Company (the “Audit Committee ”). Operating revenue of the Group for the Period was approximately RMB57,193 million, representing a decrease of approximately 1.93% as compared to that of the Corresponding Period Last Year. Total profit before tax for the Period amounted to approximately RMB7,671 million, representing an increase of approximately 37.92% as compared to that of the Corresponding Period Last Year. Net profit attributable to equity holders of the Company for the Period was approximately RMB4,874 million, representing an increase of approximately 50.30% as compared to that of the Corresponding Period Last Year. Basic earnings per share attributable to shareholders of the Company for the Period amounted to approximately RMB0.2215, representing an increase of RMB0.0901 per share as compared to that of the Corresponding Period Last Year. II. MANAGEMENT DISCUSSION AND ANALYSIS (I) Overview The Company is one of the largest independent power generation companies in the People ’s Republic of China (the “PRC”). The power generation businesses of the Company and its subsidiaries mainly cover 20 provinces, municipalities and autonomous regions across the country. Whereas thermal power generators of the Company are centralised in the Beijing-Tianjin-Hebei and southeast coastal regions, most of the hydropower projects are located in the southwest region, and wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. (II) Review on the Operating Results of Principal Businesses During the first half of 2025, under the firm guidance of “focusing on practical work, taking reform and innovation as the soul, and performance as demonstration ”, the Company kept having foresight and seizing early opportunities, and ensured safety and guaranteed supply in a powerful and effective manner. Meanwhile, transformation and development of the Company were pushed forward steadily with better-than-expected business performance recorded and positive results achieved in various tasks.
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3 Business performance hit a record high. Sticking to the philosophy of “five excellence (ʞၚ)”, the Company scientifically predicted the development trend of coal price, electricity price, electricity production and interest rate. Specifically, by reducing coal price, generating profitable electricity and cutting interest rate, the Company aimed to develop a “updated version ” of improving quality and efficiency, while ramping up its efforts to conduct the “1+9” cost leadership action and reducing all the costs comprehensively. Through these efforts, the Company aims to develop itself into a state-owned capital and state-owned enterprise more powerful and with larger scale by taking practical action, thereby earnestly fulfilling the great mission of playing the strategic support role of state-owned economy. In the first half of the year, the overall business situation of the Company continued to improve, and achieved a total profit before tax of approximately RMB7,671 million, representing a year-on-year increase of approximately 37.92%, with total profit hitting record high for the same period. Safety and supply was guaranteed in a strong and powerful manner. The Company resolutely fulfilled its responsibilities to ensure production safety and energy supply security, to constantly enhance essential safety level and supply guarantee capacity. The Company conducted strict control in all directions by carrying out production infrastructure supervision work throughout the year to fortify the defense line of safe production and firmly shoulder the primary responsibility. The Company successfully accomplished supply guarantee tasks during important periods such as Two Festivals and Two Sessions ( ՇືՇึ ), winter seasons of high loads and “Asian Winter Games ”, with phased results achieved during summer seasons of high loads, highlighting the pillar and cornerstone roles of the Company as a central energy and power enterprise. High-quality development advanced with ramped-up efforts. The Company has fully implemented the new development philosophy to accelerate the growth of strategic emerging industries mainly based on new energy while achieving marked progress in upgrading traditional industries. In the first half of 2025, the Company had 66 preliminary projects approved with a capacity of 4,562.823 MW, with the capacity under construction of 9,195 MW and the newly added installed capacity of 1,777.45 MW, including the installed capacity of clean energy totaling 1,117.45 MW, further elevating the proportion of the Company ’s installed capacity of low-carbon and clean energy by 0.5 percentage point from the end of 2024 to 40.87%.
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4 Corporate governance standards were steadily improving. Operated in strict compliance with laws and regulations, the Company continuously refined its governance structure. In the first half of 2025, the Company successfully completed the re-election of the Board, further enhancing the professionalism and effectiveness in terms of decision making of the Board, while laying a solid foundation for strategic transformation and high-quality development of the Company. Meanwhile, the Company completed the abolishment of its supervisory committee and the amendments to its articles of association. Furthermore, the Company adjusted its dividend policies to enhance investor returns, thereby boosting investor confidence and sharing growth benefits with the investors. Moreover, market capitalization management initiatives yielded significant results, with the Company ’s total market value increasing by 14.84% over the end of 2024, resolving the issue of price per H share falling below the net asset value. (III) Major Financial Indicators and Analysis 1. Operating Revenue During the Period, the Group realized an operating revenue of approximately RMB57,193 million, representing a decrease of approximately 1.93% as compared to the Corresponding Period Last Year, among which the revenue from electricity sales was approximately RMB48,773 million, representing a decrease of approximately RMB1,357 million as compared to the Corresponding Period Last Year or a year-on-year decrease of approximately 2.71%. 2. Operating Costs During the Period, total operating costs of the Group amounted to approximately RMB48,265 million, representing a decrease of approximately RMB3,585 million or 6.91% as compared to the Corresponding Period Last Year, which was mainly due to the decrease in cost of fuel for power and heat generation. 3. Net Finance Costs During the Period, finance costs of the Group amounted to approximately RMB2,266 million, representing a decrease of approximately RMB385 million or approximately 14.52% as compared to the Corresponding Period Last Year. The decrease in finance costs was mainly due to lower interest rates of borrowings.
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5 4. Total Profit During the Period, the Group achieved a total profit before tax of approximately RMB7,671 million, representing an increase of approximately 37.92% as compared to the Corresponding Period Last Year. The Group also achieved a net profit of approximately RMB6,381 million, representing an increase of approximately 43.72% as compared to the Corresponding Period Last Year. 5. Financial Position As at 30 June 2025, the total assets of the Group amounted to approximately RMB324,993 million, representing an increase of approximately RMB2,369 million as compared to that at the end of 2024. Total liabilities of the Group amounted to approximately RMB221,888 million, representing a decrease of approximately RMB7,301 million as compared to that at the end of 2024. 6. Liquidity As at 30 June 2025, the assets-to-liabilities ratio of the Group was approximately 68.27%. The net debt-to-equity ratio was approximately 166.78%. As at 30 June 2025, cash and cash equivalents and restricted deposits of the Group amounted to approximately RMB9,673 million, among which approximately RMB136 million were foreign currency deposits. The Group had no entrusted deposits and overdue fixed deposits during the Period. As at 30 June 2025, short-term loans of the Group amounted to approximately RMB35,336 million, bearing annual interest rates ranging from 1.00% to 3.99%. Long-term loans (excluding those repayable within one year) amounted to approximately RMB114,036 million and long-term loans repayable within one year amounted to approximately RMB23,208 million. Long-term loans (including those repayable within one year) were at annual interest rates ranging from 1.20% to 4.54%.
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6 7. Welfare Policy As at 30 June 2025, the total number of employees of the Group was 27,126. For the overall payroll management, the Group adheres to performance orientation, attaches great importance to benefit contribution and efficiency improvement, and implements a performance and salary connected system. The Group conducted in-depth performance appraisal for all employees, adhered to the double benchmarking of salary and performance, and explored to establish and continuously improve a market-oriented and differentiated compensation distribution mechanism, so as to fully stimulate the motivation of employees and the business operation vitality. The Group attaches importance to employee training, continuously deepens the multi-channel growth mechanism of talents, proactively carries forward the construction of talent team with innovative and craftsmanship talent as the core, builds a platform for the career development of the employees, and constantly stimulates the vitality of employees. Adhering to the concept that “talent is the primary resource, and training is to create benefits for employees ”, the Group delicately designed training topics in close combination with the actual condition of the Company and the needs of employees, and vigorously carried out the hierarchical and classified training for all employees by way of “distance training + centralized training + on-site practical training ”, which continuously improved the pertinence and effectiveness of the trainings. In the first half of 2025, a total of 1,020 training programs were organized and implemented by the Group, including 407 programs for operation and management, 613 programs for technology and skills, with a total attendance of 23,110 at the trainings. (IV) Outlook for the Second Half of 2025 In the second half of 2025, the Company will focus on achieving a high-quality conclusion to the “14th Five-Year Plan ” and commencing the “15th Five-Year Plan ” with elevated standards. The Company will take further deepening of reform in an all-round way to promote high-quality development as the theme, and concurrently promote the improvement of stock efficiency, cost-leadership, the optimization of increments and the upgrading of positions, dedicating to improving the quality of the listed company. Comprehensively enhancing safety and supply-guaranteeing ability. By shouldering its primary responsibility of production safety and adhering to the bottom-line thinking and extreme-value thinking, the Company will comprehensively implement a “dual assessment ” mechanism encompassing all elements. The Company will treat “science and technology for safety (Ҧጳτ )” as an important mean to deepen and enhance the extent of essential safety. In order to ensure reliable electricity and thermal power supply, we will intensify energy supply security for key areas during important periods by establishing sustainable mechanisms with enforced accountability, thus resolutely shouldering our responsibility to ensure energy supply security.
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7 Making every effort to deliver historically best performance. Through precise analysis of market situation, the Company will optimize the mechanism of the “two frontiers ” of generating profitable electricity, aiming to increase comprehensive income from power generation. With efficiency orientation highlighted and response speed improved, the Company will explore to establish a collaborative operation system with marketing as the leading force, so as to actively adapt to reform in the electricity market. In addition, the Company will not only coordinate the whole-process analysis of coal price, but also continuously optimize fuel procurement structure to make every effort to reduce fuel cost. Besides, the Company will steadfastly implement the “1+9” cost leadership solution to achieve cost reduction and expense saving through all-out efforts, thus enhancing our profit-making ability. Sparing no effort to advance high-quality development. The Company will meticulously formulate the “15th Five-Year ” development planning with development scale, development pace and development structure achieve balance. In particular, the Company will intensify the implementation of the “four batches (ɓҭ )” (i.e. one batch for resources acquisition, one batch for approval and registration, one batch for construction and one batch for operation) system, to accelerate resource conversion and create a cascading development pattern that optimizes the Company ’s energy structure, with a focus on constructing projects that achieve four excellences ( ̬Ꮄ). Concurrently, the Company will accelerate the clean and efficient use of coal and electricity, promote the transition and upgrading of coal machines, and continue to improve its low-carbon transformation and development capacities, thereby realizing green and high-quality development of the Company. Comprehensively enhancing corporate governance standards. The Company will strengthen governance and boost quality to constantly advance the implementation of the modern enterprise system with Chinese characteristics, with a view to accelerate the development of a scientific, rational and efficient Board and then make greater breakthrough in board development. The Company will perfect investor communication channels to proactively deliver corporate value, while elevating shareholder returns through increased interim dividends, enhancing recognition from the capital market and improving the quality of information disclosure. Through all these efforts, the Company will focus on developing a first-class listed company with strong innovation capability, strong competitive edge, strong growth potential and strong risk resistance.
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8 III. SHARE CAPITAL AND DIVIDENDS (I) Share Capital As at 30 June 2025, the total share capital of the Company amounted to 18,506,710,504 shares with a par value of RMB1 per share. (II) Dividends Pursuant to the Board meeting on 28 August 2025, the directors of the Company recommended to declare the interim dividends for the six months ended 30 June 2025 of RMB0.055 per share. Such recommendation is to be approved by the shareholders at the extraordinary general meeting. Dividends declared after the end of the reporting period are not recognised as a liability at the end of the reporting period. (III) Shareholding of the Directors, Supervisors and Chief Executive As at 30 June 2025, to the knowledge of the Board, none of the directors, supervisors and chief executive of the Company nor their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporation (as defined in the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the “SFO”)) that were required to be notified to the Company and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange ”) pursuant to Divisions 7 and 8 of Part XV of the SFO, or required to be recorded in the register mentioned therein pursuant to section 352 of the SFO or otherwise required to be complied with the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set out in Appendix C3 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the “Listing Rules ”). IV. SIGNIFICANT EVENTS 1. During the Period and from the Period to the date of this announcement, the Company issued medium-term notes totalling RMB16,400 million. 2. During the Period and from the Period to the date of this announcement, the Company issued super short-term debentures totalling RMB5,500 million. 3. During the Period and from the Period to the date of this announcement, the Company issued corporate bonds totalling RMB6,600 million.
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9 4. On 25 March 2025, pursuant to the Resolution on the Election of the Director of the Company considered and approved at the 2025 first extraordinary general meeting of the Company, Mr. Wang Wennan has been appointed as a non-executive director of the eleventh session of the Board of the Company, while Mr. Zhu Shaowen ceased to act as a non-executive director of the eleventh session of the Board of the Company due to reaching retirement age, with effect from 25 March 2025. 5. On 27 June 2025, the Company held its 2024 annual general meeting to elect the new session of the Board of the Company and abolish the supervisory committee. On the same day, the Company convened the first meeting of the twelfth session of the Board to elect the Chairman of the Company. As elected by the aforesaid meetings, the members of the Board of the Company are Mr. Li Kai (Chairman), Mr. Jiang Jianhua, Mr. Pang Xiaojin, Mr. Ma Jixian, Ms. Zhu Mei, Mr. Wang Jianfeng, Mr. Zhao Xianguo, Mr. Li Zhongmeng, Mr. Han Fang, Mr. Jin Shengxiang, Mr. Zong Wenlong, Mr. Zhao Yi, Mr. You Yong, Mr. Pan Kunhua and Mr. Xie Qiuye. Mr. Tian Dan, Mr. Wang Wennan, Mr. Sun Yongxing, Mr. Niu Dongxiao and Mr. Zhu Dahong ceased to serve as directors of the Company due to the expiration of the eleventh session of the Board. Mr. Yan Xizheng, Mr. Han Fang, Mr. Liu Liming and Mr. Xu Xiangyang, members of the eleventh session of the Supervisory Committee, have resigned from their positions as supervisors. The above changes all took effect from 27 June 2025. V. PURCHASE, SALE AND REDEMPTION OF THE COMPANY ’S LISTED SECURITIES During the Period, the Group did not purchase, sell or redeem any of the Company ’s listed securities (including sale of treasury shares (as defined in the Listing Rules)). As at 30 June 2025, the Company did not hold any treasury shares. VI. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE To the knowledge of the Board, the Company complied with the code provisions (the “Code Provision(s) ”) under Part 2 of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the Period, except for the followings: During the Period, Mr. Tian Dan, Mr. Zhu Shaowen, Mr. Wang Jianfeng, Mr. Zhao Xianguo and Mr. Jin Shengxiang, the then non-executive directors, were unable to attend the 2025 first extraordinary general meeting of the Company in person due to business engagements, and Mr. Tian Dan, Mr. Wang Wennan, Mr. Zhao Xianguo, Mr. Sun Yongxing, the then non-executive directors, and Mr. Zhu Dahong, the then independent non-executive director, were unable to attend the 2024 annual general meeting of the Company in person due to business engagements, which failed to comply with the relevant requirement for directors to attend general meetings as stipulated under Code Provision C.1.5. However, there were sufficient directors (including other non-executive directors and independent non-executive directors) present at those meetings to ensure that the directors had a full and fair understanding of the views of the shareholders of the Company.
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10 During the Period, the nomination committee, the remuneration and appraisal committee, the Audit Committee as well as the strategic development and risk control committee set up by the Board carried out their work in accordance with their respective terms of reference. Their terms of reference have covered the responsibilities to be performed as required by Code Provisions B.3.1, E.1.2 and D.3.3. The only discrepancies between such terms of reference and the aforesaid Code Provisions were the expressions or sequence. V I I . COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The Company has adopted a code of conduct regarding directors ’ securities transactions on terms no less exacting than the required standards set out in the Model Code. Upon specific enquiries made to all directors and supervisors of the Company and in accordance with information available, the Board confirmed that all directors and supervisors have complied with the Model Code during the Period. VIII. AUDIT COMMITTEE The Audit Committee is comprised of Mr. Zong Wenlong as convenor alongside Mr. Xie Qiuye, Mr. You Yong, Ms. Zhu Mei and Mr. Han Fang as committee members. The Audit Committee has reviewed the interim results for the Period and discussed matters regarding internal control and the financial statements, including the review of the financial report of the Group for the Period. The Audit Committee considers that the financial report of the Group for the Period has complied with the applicable accounting standards, and that the Group has made appropriate disclosures thereof. IX. SUBSEQUENT EVENTS Save as disclosed in this announcement, no other significant events affecting the Group have occurred subsequent to the Period and as of the date of this announcement. By order of the Board Sun Yanwen Joint Company Secretary Beijing, the PRC, 28 August 2025 As at the date of this announcement, the directors of the Company are: Li Kai, Jiang Jianhua, Pang Xiaojin, Ma Jixian, Zhu Mei, Wang Jianfeng, Zhao Xianguo, Li Zhongmeng, Han Fang, Jin Shengxiang, Zong Wenlong*, Zhao Yi*, You Yong*, Pan Kunhua*, Xie Qiuye*. * Independent non-executive Directors
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11 FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS PREPARED UNDER IFRS ACCOUNTING STANDARDS CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2025 Six months ended 30 June 2025 2024 Note RMB’000 RMB’000 (restated) (unaudited) (unaudited) Operating revenue 3 57,192,723 58,317,566 Operating costs Fuel for power and heat generation (28,727,512) (32,672,743) Depreciation (7,599,203) (7,132,426) Repairs and maintenance (1,026,524) (1,083,470) Salaries and staff welfare (3,851,958) (3,622,784) Local government surcharges (733,840) (635,241) Others 7(b) (6,326,395) (6,703,477) Total operating costs (48,265,432) (51,850,141) Operating profit 8,927,291 6,467,425 Share of results of associates 893,425 1,360,556 Share of results of joint ventures 5,585 5,209 Investment income 16,935 30,140 Interest income 7(a) 12,187 28,137 Other income and other gains and losses, net 81,124 320,983 Finance costs 5 (2,265,773) (2,650,577) Profit before tax 7,670,774 5,561,873 Income tax expense 6 (1,290,101) (1,122,267) Profit for the period 7 6,380,673 4,439,606 Profit for the period attributable to: Holders of equity instruments of the Company – Owners of the Company 4,099,953 2,432,323 – Holders of other equity instruments 773,698 810,270 4,873,651 3,242,593 – Non-controlling interests 1,507,022 1,197,013 6,380,673 4,439,606 Earnings per share Basic and diluted (RMB cents) 9 22.15 13.14
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12 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2025 Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Profit for the period 6,380,673 4,439,606 Other comprehensive income/(expense), net of tax: Items that may be reclassified to profit or loss: Share of other comprehensive expense of associates (671) (2,632) Exchange differences on translating foreign operations (2,398) 3,915 Item that will not be reclassified to profit or loss: Fair value gain/(loss) on investments in equity instruments at fair value through other comprehensive income/(loss) 39,430 (46,788) Other comprehensive income/(expense) for the period, net of tax 36,361 (45,505) Total comprehensive income for the period 6,417,034 4,394,101 Total comprehensive income for the period attributable to: Holders of equity instruments of the Company – Owners of the Company 4,136,314 2,386,638 – Holders of other equity instruments 773,698 810,270 4,910,012 3,196,908 – Non-controlling interests 1,507,022 1,197,193 6,417,034 4,394,101
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13 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 30 June 31 December 2025 2024 Note RMB’000 RMB’000 (unaudited) (audited) Non-current assets Property, plant and equipment 232,298,150 233,724,015 Right-of-use assets 6,813,116 6,801,538 Investment properties 476,825 475,973 Intangible assets 1,320,900 1,377,818 Interests in associates 21,648,372 20,892,203 Interests in joint ventures 174,544 168,959 Financial assets at fair value through profit or loss 4,140,884 4,146,033 Financial assets at fair value through other comprehensive income 810,652 769,672 Deferred tax assets 2,751,646 2,896,233 Other non-current assets 9,572,707 7,939,988 280,007,796 279,192,432 Current assets Inventories 3,970,145 4,824,979 Trade and notes receivables 10 22,085,122 21,385,156 Prepayments and other receivables 8,487,720 8,732,161 Tax recoverable 100,935 90,489 Current portion of other non-current assets 667,927 664,283 Cash and cash equivalents and restricted deposits 9,673,331 7,734,434 44,985,180 43,431,502
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14 30 June 31 December 2025 2024 Note RMB’000 RMB’000 (unaudited) (audited) Current liabilities Trade payables and accrued liabilities 11 26,048,609 30,984,525 Contract liabilities 284,443 1,879,740 Consideration payable 213,158 213,158 Tax payables 1,376,120 1,142,557 Dividend payables 2,228,459 145,919 Short-term loans 35,336,239 36,833,122 Short-term bonds 2,003,974 5,021,757 Current portion of lease liabilities 206,343 209,607 Current portion of non-current liabilities 25,086,665 24,452,706 92,784,010 100,883,091 Net current liabilities (47,798,830) (57,451,589) Total assets less current liabilities 232,208,966 221,740,843 Capital and reserves Share capital 18,506,711 18,506,711 Reserves 14,739,686 11,713,180 33,246,397 30,219,891 Non-controlling interests 17,272,502 16,942,612 Other equity instruments 52,585,705 46,271,881 Total equity 103,104,604 93,434,384 Non-current liabilities Long-term loans 114,035,612 117,093,432 Long-term bonds 7,000,000 4,000,000 Deferred income 1,160,655 1,238,785 Deferred tax liabilities 781,815 711,439 Lease liabilities 1,609,237 1,616,881 Other non-current liabilities 4,517,043 3,645,922 129,104,362 128,306,459 232,208,966 221,740,843
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15 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 1 BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ( “IAS”) 34 “Interim Financial Reporting ” issued by the International Accounting Standards Board (the “IASB”) as well as with the applicable disclosures requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”). The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with IFRS Accounting Standards issued by the IASB. At 30 June 2025, the Group had net current liabilities of approximately RMB47,798,830,000. The Group meets its day to day working capital requirements from cash generated from its operating activities and available financing facilities from banks and other financial institutions. The Group had significant undrawn borrowing facilities, subject to certain conditions, of not less than RMB150 billion and may refinance and/or restructure certain short-term borrowings into long-term borrowings and will also consider alternative sources of financing, where applicable. The directors of the Company are of the opinion that the Group will be able to meet its liabilities as and when they fall due within the next twelve months and have prepared these condensed consolidated financial statements on a going concern basis. 2 ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair value, as appropriate. Other than changes in accounting policies resulting from application of amendments to IFRS Accounting Standards, as mentioned in this note, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2025 are the same as those presented in the Group ’s annual financial statements for the year ended 31 December 2024. Application of amendments to IFRS Accounting Standards In the current interim period, the Group has applied the following amendments to IFRS Accounting Standards issued by the IASB, for the first time, which are mandatorily effective for the Group ’s annual period beginning on 1 January 2025 for the preparation of the Group ’s condensed consolidated financial statements: Amendments to IAS 21 Lack of Exchangeability The application of the amendments to IFRS Accounting Standards in the current interim period has had no material impact on the Group ’s financial positions and performance for the current and prior periods and/or on the disclosures set out in the condensed consolidated financial statements. Business Combination under Common Control As disclosed in the Group ’s annual financial statements for the year ended 31 December 2024, during the year ended 31 December 2024, a business combination involving entities under common control has been accounted by the Group for based on the principles of merger accounting. The condensed consolidated financial statements of the Group have been prepared using the merger basis of accounting as if the current group structure has been in existence throughout the periods presented. The Group ’s condensed consolidated statement of profit or loss and condensed consolidated statement of profit or loss and other comprehensive income for the six months ended 30 June 2024, has been restated as a result of adoption of merger accounting for the business combinations under common control.
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16 3 OPERATING REVENUE The Group ’s operating revenue was generated from contracts with customers and revenue is recognised at a point in time. The disaggregation of the Group ’s operating revenue by product types for the period is as follows: Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Disaggregation of revenue from contracts with customers Sales of electricity and heat supply 54,204,843 55,296,098 Others 2,987,880 3,021,468 Total 57,192,723 58,317,566 4 SEGMENT INFORMATION Executive directors and certain senior management (including chief accountant) of the Company (collectively referred to as the “Senior Management ”) perform the function as chief operating decision makers (the “CODM”). Senior Management reviews the internal reporting of the Group in order to assess performance and allocate resources. Senior Management has determined the operating segments based on these reports. Senior Management considers the business from a product perspective. Senior Management primarily assesses the performance of power and heat generation and other operating activities separately. Other operating activities primarily include aluminium smelting products, coal mining, treatment of flyash, etc., and are included in “other segments ”. Senior Management assesses the performance of the operating segments based on a measure of profit before tax prepared under China Accounting Standards for Business Enterprises ( “PRC GAAP ”). Unless otherwise noted below, all such financial information in the segment tables below is prepared under PRC GAAP. 1. Power and heat generation segment – operation of power plants through subsidiaries, generating electric power and heat for sale to external power grid companies, investing in power plants through joint ventures and associates; 2. Other segments – engaged in aluminium smelting, coal mining and treatment of flyash and others. The “other segments ” comprises a number of immaterial businesses and none of these units has ever individually met the quantitative thresholds for determining a reportable segment.
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17 Segment revenues and results The following is an analysis of the Group ’s revenue and results by reportable and operating segments: Six months ended 30 June 2025 Power and heat generation Other segment segments Total RMB’000 RMB’000 RMB’000 (unaudited) (unaudited) (unaudited) SEGMENT REVENUE Revenue from external customers 54,204,843 2,987,880 57,192,723 Inter-segment revenue (Note) 386,748 161,461 548,209 54,591,591 3,149,341 57,740,932 Segment profit 6,990,841 293,335 7,284,176 Six months ended 30 June 2024 Power and heat generation Other segment segments Total RMB’000 RMB’000 RMB’000 (restated) (restated) (restated) (unaudited) (unaudited) (unaudited) SEGMENT REVENUE Revenue from external customers 55,296,098 3,021,468 58,317,566 Inter-segment revenue (Note) 392,165 273,505 665,670 55,688,263 3,294,973 58,983,236 Segment profit 4,511,499 838,989 5,350,488 Note: The inter-segment sales were carried out with reference to market prices. Segment results does not include income tax expense. This is the measure reported to the CODM of the Group for the purposes of resource allocation and performance assessment.
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18 Segment assets and liabilities The following is an analysis of the Group ’s assets and liabilities by reportable and operating segments: 30 June 31 December 2025 2024 RMB’000 RMB’000 (unaudited) (audited) SEGMENT ASSETS Power and heat generation segment 318,106,186 315,335,573 Other segments 6,785,171 7,265,964 Total reportable segment assets 324,891,357 322,601,537 SEGMENT LIABILITIES Power and heat generation segment 216,601,215 223,407,366 Other segments 5,141,353 5,710,587 Total reportable segment liabilities 221,742,568 229,117,953 Reconciliations of reportable segment results and assets and liabilities under PRC GAAP and IFRS Accounting Standards: Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Total reportable segment profit 7,284,176 5,350,488 IFRS Accounting Standards adjustments 386,598 211,385 Profit before tax under IFRS Accounting Standards 7,670,774 5,561,873
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19 30 June 31 December 2025 2024 RMB’000 RMB’000 (unaudited) (audited) Assets Total reportable segment assets 324,891,357 322,601,537 IFRS Accounting Standards adjustments 101,619 22,397 Total assets under IFRS Accounting Standards 324,992,976 322,623,934 Liabilities Total reportable segment liabilities 221,742,568 229,117,953 IFRS Accounting Standards adjustments 145,804 71,597 Total liabilities under IFRS Accounting Standards 221,888,372 229,189,550 Geographical information No geographical information is presented as more than 90% of the Group ’s revenue during the six months ended 30 June 2025 and 2024 and most of their customers and non-current assets as at 30 June 2025 and 31 December 2024 were located in the PRC. 5 FINANCE COSTS Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Interest on bank loans, bonds and other borrowings 2,410,879 2,747,453 Interest on lease liabilities 26,338 48,470 Less: Amounts capitalised in property, plant and equipment (188,219) (157,495) 2,248,998 2,638,428 Others 16,775 12,149 2,265,773 2,650,577
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20 6 INCOME TAX EXPENSE Six months ended 30 June 2025 2024 RMB’000 RMB’000 (unaudited) (unaudited) Current tax – PRC Enterprise Income Tax ( “EIT”) 1,076,689 1,005,481 Deferred tax 213,412 116,786 1,290,101 1,122,267 The PRC EIT represents tax charged on the estimated assessable profits arising in the PRC. In general, the Group ’s subsidiaries operating in the PRC are subject to the PRC EIT rate of 25% (six months ended 30 June 2024: 25%), except for certain subsidiaries which are tax exempted or entitled to preferential tax rates, as determined in accordance with the relevant tax rules and regulations in the PRC. 7 PROFIT FOR THE PERIOD (a) Profit for the period has been arrived at after charging/(crediting) the following items: Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Interest income (12,187) (28,137) Depreciation of property, plant and equipment 7,434,242 6,992,885 Depreciation of investment properties 13,315 14,317 Depreciation of right-of-use assets 151,646 125,224
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21 (b) Other operating expenses: Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Reversal of impairment of trade receivables, net (117) – (Reversal)/recognition of impairment of other receivables, net (3,159) 3,886 Impairment of property, plant and equipment 272,280 959,349 Allowance for inventories – 1,540 Amortisation of intangible assets 72,264 59,697 Procurement cost of aluminum products and coal products 2,684,898 2,590,765 Environmental protection fee 1,654,675 1,573,339 Electricity expense 158,084 198,008 Water fee and water resource fee 210,207 253,406 Intermediary fees 35,494 16,225 Insurance 101,630 81,131 Office expenses 33,595 25,177 Travel expenses 63,630 45,627 Outsourcing expenses 88,656 64,577 Public security fire fee 41,761 26,468 Information expenses 41,702 25,079 Entertainment expenses 7,669 6,896 Sales services fee 20,372 14,243 Short-term lease expenses 47,351 42,625 Building management fee 94,553 79,294 Greenery expenses 18,065 13,603 Technical services fee 50,570 39,377 Others (Note) 632,215 583,165 6,326,395 6,703,477 Note: Others mainly represents expenses of utilities concession income and heat supply cost. 8 DIVIDENDS Pursuant to the Board of Directors ’ meeting on 28 August 2025, the directors of the Company recommended to declare the interim dividends for the six months ended 30 June 2025 of RMB0.055 per share totalling RMB1,017,869,000 (tax inclusive). Such recommendation is to be approved by the shareholders at the extraordinary general meeting. Dividends declared after the end of the reporting period are not recognised as a liability at the end of the reporting period. During the six months ended 30 June 2025, a final dividend of RMB0.0621 per share in respect of the year ended 31 December 2024 amounting to approximately RMB1,149,267,000 (tax inclusive) was declared and payable to the owners of the Company. During the six months ended 30 June 2024, a final dividend of RMB0.0075 per share in respect of the year ended 31 December 2023 amounting to approximately RMB138,800,000 (tax inclusive) was declared and paid to the owners of the Company.
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22 9 EARNINGS PER SHARE The calculation of basic and diluted earnings per share attributable to the owners of the Company is based on the following data: Six months ended 30 June 2025 2024 RMB’000 RMB’000 (restated) (unaudited) (unaudited) Earnings Earnings for the purpose of basic and diluted earnings per share 4,099,953 2,432,323 Number of shares ’000 ’000 Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 18,506,711 18,506,711 Note: The diluted earnings per share is equal to the basic earnings per share as there were no dilutive potential ordinary shares outstanding during the six months ended 30 June 2025 and 2024. 10 TRADE AND NOTES RECEIVABLES 30 June 2025 31 December 2024 RMB’000 RMB’000 (unaudited) (audited) Trade receivables 22,103,950 21,142,490 Less: Allowance for credit losses (244,035) (244,152) 21,859,915 20,898,338 Notes receivables – At amortised cost 197,794 469,031 – At fair value through other comprehensive income 27,413 17,787 225,207 486,818 22,085,122 21,385,156 As at 30 June 2025 and 31 December 2024, trade receivables from contracts with customers amounted to RMB21,859,915,000 and RMB20,898,338,000 respectively.
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23 Except for tariff premium receivables which have no due date for settlement, the Group usually grants credit period of approximately one month to local power grid customers, heat supply customers and coal sales customers from the month end after sales and sale transactions made, respectively. The following is an aged analysis of trade and notes receivables net of allowance for credit losses, presented based on the invoice dates, which approximates the respective revenue recognition dates, at the end of the reporting period. 30 June 2025 31 December 2024 RMB’000 RMB’000 (unaudited) (audited) Within one year 14,103,854 15,569,777 Between one to two years 3,249,579 2,911,682 Between two to three years 2,501,708 1,524,691 Over three years 2,229,981 1,379,006 22,085,122 21,385,156 11 TRADE PAYABLES AND ACCRUED LIABILITIES 30 June 2025 31 December 2024 RMB’000 RMB’000 (unaudited) (audited) Trade payables 18,217,445 22,386,324 Notes payables 846,524 1,072,413 Accrued expenses 195,625 155,091 Other payables 6,789,015 7,370,697 26,048,609 30,984,525 The ageing analysis of the trade and notes payables as at the end of the reporting period, based on the invoice date, is as follows: 30 June 2025 31 December 2024 RMB’000 RMB’000 (unaudited) (audited) Within one year 14,419,912 18,615,002 Between one to two years 1,812,223 1,911,673 Between two to three years 888,760 909,967 Over three years 1,943,074 2,022,095 19,063,969 23,458,737