Earnings Call: Q1 2025

Apr 29, 2025

Earnings release

Summary

Q1 revenue declined 7.7% YoY, while attributable net profit rose 8.19%, supported by lower fuel costs. Coal generation and wind profit weakened, while solar and gas earnings grew; FY25 renewable additions target 10GW.

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International Inc, I would like to welcome you all to the conference call regarding the first quarterly results announcement of 2025. [Foreign language] Now, may I introduce the management of the company today. [Foreign language] The Chairman of the Company, Mr. Wang Kui. [Foreign language] 你好。 [Foreign language] Independent Director of the Company, Mr. Zhang Shouwen. [Foreign language] 你好。 [Foreign language] Vice President and Board Secretary of the Company, Mr. Huang Chaoquan. [Foreign language] 主持人好，大家好。 [Foreign language] People in charge of the related departments are also joining us in the meeting. [Foreign language] First up, the chairman of the company, Mr. Wang, will review the business performance for the first quarterly results of 2025, followed by the Q&A session. [Foreign language] May we have the honor to invite Mr. Wang to review the business performance and Mrs. Liu Tianyu to conduct the English interpretation. 女士们、先生们，大家好，欢迎各位参加华能国际2025年第一季度业绩推介电话会议。 Ladies and gentlemen, good afternoon. Welcome to the first quarter results conference call of Huaneng Power International. 昨天公司已发布一季度经营业绩，下面简要介绍有关情况。 Yesterday, the company has released the first quarter results. Please let me give you a brief introduction. 一季度公司坚持稳中求进工作总基调，积极应对政策变化与市场挑战，经营情况稳中向好，为统筹推进全年经营发展等各项任务打下坚实的基础。 In the first quarter, the company pursued progress while maintaining stability, actively responded to the policy changes and market challenges. The operation showed a steady improvement, which laid a solid foundation to complete the company's tasks of operation and development. 按照中国会计准则计算，2025年一季度公司实现合并营业收入603.35亿元人民币，同比下降7.7%，归属于本公司股东的净利润49.73亿元人民币，同比上升8.19%，每股收益为0.27元。 Under the China Accounting Standards, the company achieved a consolidated operating revenue of CNY 60.335 billion, decreasing by 7.7%. Net profit attributable to the company's shareholder was CNY 4.973 billion, increasing by 8.19%. The earning per share was CNY 0.27, increasing by CNY 0.15. 电力生产方面，公司风电和光伏装机容量持续增加，新能源发电量同比增长，但受供需宽松、全国新能源装机容量增长、公司煤电机组装机份额下降等因素影响，公司煤电机组利用小时进一步下降，煤电机组电量同比降低。 In terms of power generation, wind and solar generation increased along with the growth of installed capacity. However, affected by oversupply, renewable capacity growth and the decline in shares of coal-fired units, the utilization hour of power generation of coal sector declined year-on-year. 一季度公司境内各运行电厂累计完成上网电量1066.33亿千瓦时，同比下降5.66%。公司平均上网结算电价为488.19元每兆瓦时，同比下降1.96%。 In the first quarter, the company's domestic on-grid power sales was 106.633 billion kWh, decreasing by 5.66%. The average tariff was CNY 488.19 per MWh, decreasing by 1.96%. 燃料供应方面，公司抓住煤炭市场价格下行机遇，强化长协煤高品质履约，把握现货采购有利时机，持续优化供应结构。公司境内电厂一季度单位燃料成本为272.68元每兆瓦时，同比下降8.21%。 In terms of the coal supply, the company seized the market opportunity, ensured high quality performance of long-term coal contract, optimized the supply structure. The unit fuel cost of the first quarter was CNY 272.68 per MWh, decreasing by 8.21%. 转型发展方面，公司坚持质量第一、效益为先，稳健推进新能源项目开发建设。一季度公司基建新增装机容量366.86万千瓦，其中燃机123.32万千瓦，风电90.37万千瓦，光伏153.17万千瓦。公司可控发电装机容量达到1.49亿千瓦，风电、光伏发电装机容量达到4026万千瓦，低碳清洁能源装机占比增至37.35%。 In terms of development, insist on quality and profitability, the company pushed forward clean energy development. In the first quarter, the company added 3,668.6 MW of units, including 1,233.2 MW of gas-fired power, 903.7 MW of wind power, and 1,531.7 MW of solar power. The company's installed capacity reached 149 GW. Wind and solar capacity reached 40.26 GW. Low carbon clean energy accounts for 37.35% of total capacity. 海外运营方面，大士能源准确把握市场政策，认真研判新加坡电力和燃料市场变化，动态调节现货电量策略。一季度经营效益保持较好水平，实现利润总额6.77亿元人民币。巴基斯坦萨希瓦尔电厂经营效益保持稳定，实现利润总额2.21亿元人民币。 In terms of overseas operation, Tuas Power interpreted the policies and researched the power and fuel markets, actively responded in the spot market. The profit remained at a relatively high level. In the first quarter, the profit before tax was CNY 677 million. The performance of Sahiwal power plant in Pakistan remained stable. The profit before tax was CNY 221 million. 二季度及下半年，公司将聚焦经营效益和发展质量，进一步加强形势研判，把握市场机遇，统筹安全生产、科技创新、绿色转型与提质增效，全面推动经营发展再上新台阶。 In the second quarter and the last half of the year, the company will focus on quality and profitability, continue the market research and coordinated safe production, technological innovation, green transition and efficiency improvement. 公司将积极推动清洁能源项目建设，统筹把控装机节奏，加快绿色低碳转型步伐，深入研究电力市场供需形势，动态跟进，积极参与行业及各省新能源入市政策后续制定，优化交易策略，抓好量价统筹，增发效益电量。 The company will continue the clean energy development in a steady pace and accelerate the green transition, conduct market research, follow up and participate in the renewable policy making, coordinate volume and price and strive for a profitable power generation. 公司将密切跟踪煤炭市场变化，持续优化采购结构，灵活调整采购策略，严格控制燃料成本，创新融资手段，用好用足绿色金融政策，落实资金保障措施，控制融资成本。公司将坚持稳中求进，不断巩固提升经营绩效，持续推进公司高质量转型发展。 The company will closely monitor fuel markets, optimize the procurement structure and strategy to control the fuel cost, explore innovative finance and use green financing policies to reduce costs. The company will continue to seek progress while maintaining stability, enhance the operation performance and continue high quality transition and development. 下面的时间我和我的同事愿意回答各位的提问。谢谢大家。 Now my colleague and I would like to answer your questions. Thank you. [Foreign language] Thank you, Mr. Wang. Here we come to the Q&A session. [Foreign language] To register your questions, please press star followed by one on your telephone keypad. Thank you. [Foreign language] Please state your name and your organization before raising the question. [Foreign language] The first question comes from Liu Xianda of Citibank. 管理层下午好，我是刘显达，花旗银行的。我有三个问题想请教。第一个问题想请教，我们一季度火电、风电还有光伏，每一个平均上网电价分别是多少？在一季度同比改变的百分比是怎么样？第二个问题也是有关电价的，想知道一季度我们火电的容量电价按折合度电大概是多少？同比的改变是怎么样？第三个问题想知道公司现在对今年煤炭采购，我们签了多少合同，这个额度跟去年改变是怎么样？还有这个是否足够对我们今年煤炭需求是多少？谢谢。 I have three questions. First, what is the company's average on-grid tariff for our solar sector, wind sector and thermal sector? What is the year-on-year change? Second, about the company's tariff, could you talk about the company's capacity tariff in the first quarter and what is the year-on-year change? Third, as the long-term contract coal signed, what is the total signed volume of this year? What is the year-on-year change compared to the same period last year? Is that sufficient for the company's whole year's demand? Thank you. 好，第一个问题，请财务部的负责同志回答，剩下二三问题由运营部的同志回答。您好，我来回答您有关上网电价的问题。煤机上网电价2025年一季度是467.31元/MWh，同比下降9.84元/MWh，下降2.06%。燃机的电价是768.55元/MWh，同比上升8.56元/MWh，上涨1.13%。风电的电价是487.97元/MWh，同比下降33.15元/MWh，下降6.36%。光伏的电价25年一季度是400.16元/MWh，同比下降34.45元/MWh，下降7.93%。水电我也一起说了吧。水电的电价是357.06元/MWh，同比上涨8.02元/MWh，上涨2.3%。生物质的电价是704.53元/MWh，下降45元/MWh，下降6%左右。谢谢。 First, please let me give you the numbers of our average tariff. For the coal sector in the first quarter, the average tariff was CNY 467.31 per MWh, decreasing by CNY 9.84 per MWh or 2.06%. The average tariff for gas sector was CNY 768.55 per MWh, increasing by CNY 8.56 per MWh or 1.13%. Average tariff for wind sector was CNY 487.97 per MWh, decreasing by CNY 33.15 per MWh or 6.36%. Average tariff for solar sector was CNY 400.16 per MWh, decreasing by CNY 34.45 per MWh or 7.93%. For solar sector, it was CNY 357.06 per MWh increasing by CNY 8.02 per MWh or 2.3%. The average tariff for biomass sector was CNY 704.53 per MWh, decreasing by CNY 45 per MWh or 6%. 投资人你好，我来回答一下您第二个问题，关于容量电费。一季度公司的煤机的容量电费的收入大约是24亿元，折合电价是29元/MWh，跟去年的同期相比，大概提高在5厘左右。提高的一个主要的原因还是因为今年一季度煤机的电量跟去年同比有下降，导致折算的发电电量就有所提升。 About the company's first quarter capacity tariff. The total capacity payment was CNY 2.4 billion and the capacity tariff was around CNY 29 per MWh, increasing by CNY 5 per MWh year-on-year. This is mainly because the power generation has decreased, so the unit capacity tariff has increased. 关于煤炭长协签订的情况是，今年我们按照年初的计划，我们煤炭的预计的需求在两亿吨左右，其中内贸的安排初步安排是1.55亿吨。目前公司已经签订了长期合同，总量是在1.27亿吨，合同的覆盖率在81.7%左右。 The company's long-term contract coal signing. In the beginning of the year, we have estimated the whole year's demand was around 200 million tons. The domestic demand was around 150 million tons. The company has signed 127 million tons of long-term contract coal. The coverage ratio was around 81.7%. 在这个长协的定价机制方面，我们继续采用的是基价加浮动指数的定价，以及固定价的方式来签订的这个长期的合同。 About the pricing mechanism. The major pricing mechanism was the benchmark plus fluctuation. Some of contract is signed with fixed price. 好，明白。好，谢谢管理层。 [Foreign language] The next question comes from Dushyam of 德邦证券. 宋盈盈：好，我是德邦证券的研究员宋盈盈。我这边有两个小问题想请教一下。第一个是关于第一季度煤电的度电燃料成本，不知道是否可以帮忙拆分一下燃机和燃煤的情况。然后想请教一下燃煤这边，入炉标煤单价一季度的情况和同比的变化情况是怎么样的？另外就是关于一季度度电的煤耗情况，如果拆分到燃煤电厂这块是一个什么样的情况？就是不知道发电量下降对于度电煤耗的影响有多大。这个是关于煤炭成本的第一个问题。然后第二个问题是想请教关于大士能源，我看2025年一季度大士能源的发电市占率是有一点下降，不知道对于全年这个发电情况和营运能力的展望是怎么样的。谢谢。 I have two questions, first concerning about the company's fuel cost. In the first quarter, could you talk about the unit fuel cost for our gas sector and coal sector? What is the standard coal price in the first quarter and what is the year-on-year change? Could you please give us the coal consumption rate to our coal sector and what is the impact to the coal consumption rate brought by the decrease in the power generation? Second question is about the Tuas Power generation. Could you talk about why the company's market share have decreased and what will be the company's guidance for the whole year's profit and power generation? 请财务部回答第一个问题，二三还是由运营部来回答。投资人好，我来回答您关于单燃和入炉标煤单价的问题。2025年一季度，公司整体的单位燃料成本是272.68元每千千瓦时，同比是下降24.4元每千千瓦时，降幅是8.2%。煤机的单燃2025年一季度是259.29元每千千瓦时，同比是下降28.7元每千千瓦时，降幅是9.9%左右。入炉标煤单价，公司整体2025年一季度是964.79元每吨，同比是下降73.46元每吨，降幅在7%左右。然后煤机的入炉标煤单价，2025年一季度是887.64元每吨，同比是下降90.7元每吨左右，降幅在9%左右。 First, about the company's fuel cost. In the first quarter, the unit fuel cost of the company was CNY 272.68 per MWh, decreasing by CNY 24.4 per MWh or 8.2%. For the coal sector, the unit fuel cost was CNY 259.29 per MWh, decreasing by CNY 28.7 per MWh or 9.9%. For the standard coal price, the company's blended standard coal price was CNY 964.79 per ton, decreasing by CNY 73.46 per ton or 7%. For the coal sector, the standard coal price was CNY 887.64 per ton, decreasing by CNY 90.7 per ton or 9%. 投资人你好，我先回答一下关于新加坡大士的经营情况。一季度新加坡大士能源的发电量同比减少，实现的税前利润6.77亿，较同期也是减利了0.2亿元。 First, let me answer the question about Tuas Power. In the first quarter, the power generation for Tuas Power have decreased. The profit before tax was CNY 677 million, decreasing by CNY 20 million. 其中主要的原因还是一方面是在市场供应方面，在一季度新加坡能源局的下属企业有两台快速启动的燃机已经进入调试，对整个电力市场供需关系以及定价产生了一定的冲击。第二个方面是因为受到去年开始的定价的限价政策的持续影响，整个电力库的价格持续地保持波动，并带动整个零售合同的价格出现了下滑。 The first reason is because the market supply in the first quarter to gas fire units have started, and it brought impact to the supply and demand situation of the whole market. Second, because last year the authority have brought the temporary pricing cap, it brought fluctuation to the electricity pool and it further impact the retail market. 从全年的趋势来看，新加坡贸工部在4月14号发布了2025年一季度新加坡的国内生产总值，同比增长3.8%，环比去年四季度是略有放缓。 About the market trend. The government in Singapore have released the GDP growth rate. In the first quarter, the GDP growth by 3.8%, and the growth rate have slowed down comparing to the last year's fourth quarter. 同时，新加坡贸工部基于整个外部环境的急剧的恶化，尤其是近期美国对多国的加征关税，导致各国之间—— 您通话的客户正在使用呼叫保持服务，请不要挂机。 Sorry, the subscriber you dialed. 导致各国之间的贸易冲突严重压制了全球贸易以及消费的信心，这些连带影响新加坡的制造业、批发贸易以及航运板块的增长。 Second, because the external environment has been worsened for the Singapore market affected by the tariff and the lack of confidence of some industries such as manufacturing that have worsened the external environment for Tuas Power. 同时，贸工部已经将新加坡全年的GDP增长预期，从此前的1%到3%，下调到0%到2%。 The expected GDP growth rate have been shifted from 1.3% to 0.2%. 在天然气方面，受到国际天然气供应紧张程度的缓解，新加坡的天然气供应逐步由供应紧张和不确定转向相对稳定。 Of gas supply, the natural gas supply has been released and the tightness has been shifted and now the gas supply is stable. 同时，由于新加坡政府已经启动了集中采购天然气的政策的影响，整体新加坡发电市场的天然气供应的稳定性将进一步增强。 Affected by the government support, the Singapore natural gas supply will be more stable. 综合以上情况，对于新加坡的项目，在2025年仍然面临着监管环境的压力增加、新增产能的冲击，以及整个新加坡绿色转型加速等三重挑战。 Singapore market has faced three challenges, both from the green transition, from the capacity and some pressures from the economy. 后续公司也将持续地跟踪新加坡电力市场的政策变化，积极参与能源管理局有关天然气集采政策的有关细则的制定，做好零售新客户的争取，优化市场竞争的策略，通过积极、主动和灵活的营销策略，在批发市场取得更加合理的收益，并进一步加强成本管控，强化燃料和运营成本的优化，不断提升项目的市场竞争力，努力争取在当前市场下最好的盈利水平。 Facing all the market changes in Singapore market, Tuas Power will actively participate in the policy making and grab the retail market and have optimized our strategy to optimize the wholesale market and have more control on the cost, both the fuel cost and operation cost, to enhance our competitiveness and strive for a better performance in the second half of the year. 关于第一季度公司火电整体的供电煤耗是275.67克/千瓦时，同比下降4.01克/千瓦时。其中，煤电的供电煤耗是283.94克/千瓦时，同比下降3.58克/千瓦时。 About the company's coal consumption rate. The thermal coal consumption rate in the first quarter was 275.67g/MWh. It decreased by 4.01g. The coal consumption rate for coal sector was 283.94g, decreasing by 3.58g year-on-year. 有请下一条问题. The next question comes from Sun Hui Xian of 国泰君安 Securities. 各位领导好，我这边也有三个问题想请教一下。我是国泰君安的研究员孙危险。第一个问题是刚才领导介绍说，咱们一季度煤电的综合电价是降了1分，然后容量电价是补了5分钱，那是不是可以理解为煤电的电量电价这一块是只降了1分5呢？这个好像比咱们交流的之前的常规电价降得更少一点，想请教一下原因主要是什么？这是第一个问题。然后第二个问题是想请教一下，在一季度煤电电量大幅下滑的同时，咱们的煤耗是做了同比下降，这个的主要原因是什么呢？是因为我们采购的煤炭的热值变高了吗？这是第二个问题。第三个问题是我们看到一季度咱们总共的财务费用也是下降了CNY 3亿元左右。那想请教一下，如果说我们单煤电分布的话，这个财务费用下降大概是多少呢？主要是这三个问题。谢谢。 I have three questions. First, as the company's power tariff have decreased by CNY 10 per MWh. However, the capacity tariff increased by CNY 5 per MWh. Could you talk about what is the actual power tariff decrease excluding the capacity tariff? Second, the power generation for coal sector have decreased, however the coal consumption rate have decreased as well. Could you talk about the reason? Is that because the heat value have increased for the company? Third, in the first quarter, the financial costs have decreased by CNY 300 million. Could you talk about what is the financial cost for the coal sector alone? 第一个、第二个由运营部来回答，第三个由财务部来回答。投资者你好，我先跟你确认一下。第一个问题，你说的是好于一个全年的预期电价。你这个指的值是什么？是全年的一个均数，还是只是做了一个一季度的一个预算值？就是我们的实际值，你说的是电能量的价差要好于你相比的那个值，那个值是全年的还是一季度的？长协价是吧？嗯。这个是这样，首先口径是不一样，长协是一个交易电价，然后综合结算电价它除了电能量之外，它还有一些服务，辅助服务和一些核准费。这样一季度由于我们的煤机更多的在现货地区采用了少发增利以及高价时段多发增利这样一个策略，所以会出现综合结算电价比长协的签约电价要好的这样一个现象。 About the company's tariff, actual settlement of tariff. It is higher than our tariff signed in the contract. First, it was because the actual tariff is including the ancillary services fee and capacity tariff. However, our contract tariff haven't had this included. Second, because in some areas that have small market, the company have decreased the generation to increase the profit. So the actual settlement of our tariff is higher than what we have signed in the first quarter. 投资者你好，关于您提的第二个问题，我们煤耗下降的原因主要有这么几点。第一个就是今年以来，我们公司入炉煤它的热值会有所上升，与去年相比。第二个就是我们今年一季度供热的占比同比比去年也有提升。第三就是公司狠抓设备治理，尤其是节能管理提升，导致我们小指标、厂用电率有相应的下降。第四，就是狠抓检修技改的质量，重点是在节能技改方面加大投资等方面，导致我们今年的煤耗相比去年一季度有不同程度的改善。 About the company's coal consumption rate. Here are the reasons for the coal consumption rate drop. First, the company's heat value has increased. Second, the proportion of heat supply has increased for the company. Third, the company has some management enhancements for the energy conservation. The house consumption has decreased. Fourth, the company has some maintenance and operation and has raised investment in technological innovation. The coal consumption rate has improved for the company in the first quarter. 投资者你好，我来回答您第三个关于财务费用的问题。得益于去年国家下调了两次LPR，两次一年期的LPR，三次五年期以上的LPR，公司也是紧抓整个资本市场的有利变化，然后去换了高负债成本融资，使得公司的综合融资成本下降。公司整体的财务费用同比是下降CNY3.11亿元，其中煤电的财务费用同比是下降CNY3.23亿元左右。谢谢。 Because in the last year the government has cut the LPR for several times. The company has grabbed this opportunity in the financial market and has some of our debt refinancing. The company's interest bearing debt has saved the financial cost for CNY 310 billion. For the coal sector, the company's financial cost was CNY 323 million. Thank you. [Foreign language] The next question comes from Albert of Morgan Stanley. 感谢。关玉成，我是大摩的分析师李轶凡。我这边三个问题想请教一下，第一个是关于我们煤电，我们看一季度整个现货的煤价下降是比较快的，然后想问一下关玉成觉得现货的这个下降是否在一季度充分体现了？还是说觉得二季度可能会继续体现，从这个煤炭的下降，会在二季度继续更多地体现？这是关于煤电。第二个问题是关于我们光伏的这个单位度电利润。我们看到电价，刚才管理层也分享了，电价是同比下降的，可能相对多的。但是我看到这个单位度电利润好像还是同比维持稳定的。所以想了解一下成本这边有什么原因让这个出现成本的一个节约。然后第三个问题是想问一下上半年我们公司现在预期新能源装机大概投多少，主要是可能光伏，想了解一下大概上下半年现在的一个判断。然后还有就是对于电价，我不知道管理层现在怎么看新能源电价在接下来情况下的变化。谢谢。 I have three questions. First, in the coal sector, we can see the spot price in the first quarter has a rapid cut. Could you talk about what is the guidance for the spot market tariff? Will the spot market tariff continue to decrease in the second quarter? Second, about the company's solar profit. As the solar profit is quite stable, could you talk about why is that? Is that because of the cost? Third, in the first half of the year, what is the company's guidance for the renewable capacity added, and what is the pace for the capacity added in the first half of year and second half of year? Could you talk about the company's expectation for the renewable tariff? 运营部回答第一个和第三个问题，财务部回答第二个问题。投资者您好。一季度我们的国内现货采购煤价是625.66元每吨，原煤价，同比下降了111元每吨。这个在一季度的现货市场下行对于我们的影响还是比较大的。我们现货的采购比例大概占整个集团的48%。二季度的话，因为目前从需求来看，根据其预测，在迎峰度夏期间，虽然有可能会有一些支撑，但是经过我们的一些工作，比如说和铁路的运费优惠等一些去和供应商洽谈，我们的二季度煤价预计还将保持在低位。预计现货价格仍将保持现在的水平，整体采购价格可能较一季度小幅下降。 About the company's spot market coal purchase. The company's local price in the first quarter was CNY 625.66/ton, decreasing by CNY 111/ton. In the first quarter, the spot market price have a great impact to our procurement cost. Our spot market coal accounts for 48% of our total coal purchase. In the second quarter affected by the weather, there might be some support for price in the summer peak period. However, the company will take measures to negotiate with our suppliers and to strive for a transportation rate cut. We estimate in the second quarter the coal price will remain at a low level, and it will remain the same level comparing to the first quarter. 投资者您好，我来回答您第二个关于光伏度电利润增幅小于上网电量增幅的原因。首先我给您报一组数字，就是光伏的单位度电利润，2025年一季度是115.75元每千千瓦时，比上年2024年一季度的114.70元每千千瓦时涨了一点点，是1.05元每千千瓦时，涨幅在0.91%。但是我们同时也看到光伏的电量是大幅增长，增长了51.21%左右。这里面我们也要看一下光伏的电价。光伏的电价是在下降，降幅在7.93%左右。其实可以看见我们整个光伏的发电因素来看，是在一个增长的状态。光伏的利润的单位度电利润没有电量增幅大，也是因为公司近年在大力发展新能源，光伏的投产的容量也比较多，所以光伏的折旧比去年同比增长了2亿元左右。以上就是我的分析，谢谢。 About the company's growth rate for the profit have been lower than our generation growth. First, please let me give you some number. In the first quarter, the unit profit for our solar sector was CNY 115.75/MWh. The number for the first quarter last year was CNY 114.7/MWh, has a CNY 1.05/MWh increase or 0.91% increase. The power generation for solar sector have increased by 51.21%. However, the tariff has decreased by 7.93%. We can see the profit growth rate has been lower than the power generation growth rate for the solar sector. That was because the companies have added some capacity in the solar sector and the depreciation has increased by CNY 200 million. 投资者，我来回答第三个问题。从整个的市场形势来看，随着新能源渗透率以及入市比重的提升，整个市场电能量价格呈下行趋势。但是从136号文的政策的走向来看，今年这第一年它还是要考虑到和既有政策的一个延续。在综合考虑到场外的机制保障之后，我们认为今年后续这三个季度的整个的电价应该会有一定的下降，但是整个幅度还是在我们之前的预期内，也就是和一季度比较不会有大幅的一个变化。 About the company's renewable tariffs. Affected by the current market situation, including the renewable penetration have increased, the proportion of market-based power sales have increased. We can see the tariff have decreased for the renewable sector. However, document 136 is seeking a policy continue. Considering the mechanism tariffs guarantee, the tariff won't have a great decrease. We think the decreasing amount will be in line with our expectation. 投资者，你好。我来回答一下公司全年新能源装机计划的安排。在一季度完成2,435兆瓦新能源安装的基础上，公司上半年计划要实现装机新增7,000兆瓦。全年的计划安排是1万兆瓦，这里头涉及光伏的发电项目大概是5,800兆瓦。 About the company's renewable capacity plan this year, the company has added 2,435 megawatts in the first quarter. For the first half of the year, the company aimed to add 7 gigawatts and for the whole year's capacity plan was 10 gigawatts, and the solar was about 5.8 gigawatts. Thank you. 有请下一条问题。 The next question comes from Li Yalin of Huatai Securities. 各位领导好，我有几个小问题想请教一下，也是看到我们季报里披露了分板块的利润总额，发现其实从去年开始燃机的盈利有持续改善的迹象，想请问一下主要原因。然后第二个是想请教一下一季度分板块的净利润的拆分。然后第三个问题是想请教一下公司和集团甘肃的火电2024年全年和今年一季度盈利的情况，因为我们听说甘肃的火电这两年的盈利改善是比较明显的，那在这个央企市值管理的考核下，想请教一下各位领导，未来集团的这个火电装机是否会有注入的可能性？以上是我的三个问题，谢谢。 I have three questions. First, we can see the gas profits have improved the company. Could you talk about why? Second, could you give us the net profit breakdown to different energy sector? Third, could you talk about the company's thermal power profit situation in Gansu province, both for last year and for the first quarter this year? Could you talk about the asset injection possibility in the future? 请财务部把这个新闻数据汇报一下。投资者，您好，我先来回答一下您分板块的净利润的情况。煤机2025年1到3月的利润是33亿元左右，同比是上涨10.38亿元左右，增幅在45%。燃机的净利润是5.64亿元，同比是增加1.89亿元，增幅在50%左右。风电的净利润一季度是20.06亿元，是下降的，下降是1.38亿元左右，降幅在6.4%。光伏的净利润是5.23亿元，增加是1.86亿元，增幅在55%左右。水电的利润是负2,000万左右。生物质是基本盈亏平衡。谢谢。 First, let me give you the numbers of our net profit to the different energy sector. The coal sector in the first quarter, the net profit was CNY 3.3 billion, increasing by CNY 1.038 billion or 45%. Gas sector, CNY 564 million, increasing by CNY 189 million, or 50%. Wind sector, CNY 2.006 billion, decreasing by CNY 138 million or 6.4%. Solar Sector CNY 523 million, increasing by CNY 186 million or 55%. Hydro Sector have a net profit of CNY 20 million and it's break even for Biomass Sector. 燃机利润我想给您汇报一下，燃机利润增长是在2.1亿元左右，增幅是40.58%。然后我们先看一下整个的基本指标，看到燃机的单燃是263元每千千瓦时左右，同比上涨2.49元每千千瓦时，增幅在1%左右。所以其实燃机整个的单位边际贡献是一个正增长。然后同时也看到燃机的上网电量是一个增幅比较大的增利因素，增幅是在6%左右。除了整个的发电因素以外，也要看到因为燃机的电量在上涨，所以燃机的供热收入也在增加。以上上述因素导致了燃机的利润增幅比较大。谢谢。 About the company's gas sector. The company's profit from gas sector has increased by CNY 210 billion or 40.58%. The unit fuel cost for the gas sector was CNY 263 per MWh, increasing by CNY 2.49 or 1%. We can see the marginal contribution have a positive growth for the gas sector, and the company's gas sector power generation have increased by 6%. That is the major contributor. The company's heat supply revenue have increased in accordance with the power generation increase. So the profit for our gas sector have increased. 投资者，您好，我来回答您关于公司在甘肃地区火电的盈利情况。公司在甘肃地区，2024年整个的火电是一个盈亏平衡的状态，然后得益于今年一季度煤价的大幅下降，整个甘肃地区的火电利润是增长比较多，是在2.5亿元左右。谢谢。 About the company's thermal performance in province of Gansu. in 2024, it break even for our thermal sector in Gansu. However, in the first quarter this year, because the coal price have dropped greatly, the profit have increased for our thermal in that area. The profit was around CNY 250 million. Thank you. [Foreign language] The next question comes from 张子淳 of 长江 Securities. 各位领导好，我是来自长江证券的研究员张子淳。我这边有几个小问题想跟各位领导请教一下。第一想问一下，关于我们一季度火电这边年度履约以及月度和现货交易的比例分别是多少？然后对应的电价分别是什么水平？然后第二想问一下风电和光伏，我们参与市场化这部分电价水平今年的一季度是多少，以及和去年同期相比的情况大概是什么样的？问这两个小问题。 I have two questions. First, could you talk about the tariff for our annual contract, monthly contract and spot market for thermal sector in the first quarter? Second, could you talk about the wind and solar tariff market base and what is the year-on-year change? 请运营部回答这个问题，可以把这个。我先回答第一个问题吧，就是关于火电的交易。火电的话，一季度整个的年度长协，我们大概覆盖率在68%左右。整体的年度长协的签约价格，同比大概降的是不到2分钱，然后最后综合结算下来就是整体的降幅是不到1分钱，也就是像刚才投资者也问到，就是我们的综合结算电价同比降幅要好于年度签约的同比降幅。主要的原因就是说是我们的火电一方面是通过电能量之外的辅助服务和容量是一方面的收入，另一方面就是在电能量市场通过这种发挥灵活调节作用，实现了一个增加电费。所以最后就是说综合结算电价的同比降幅其实是优于年度签约的一个降幅。这第一个问题。 First, let me answer your questions about the tariff of our thermal sector. In the first quarter, the annual contract was around 68% of our total market-based sales volume. For the tariff, it has decreased less than CNY 8.20 per MWh. Considering the settlement price, it has decreased lower than CNY 10 per MWh. That is higher than our contract signed tariff. That was mainly because for thermal units we have ancillary services payment as well as capacity payment, and the company have increased our collection by the flexibility adjustment. So our settlement tariff was higher than our contracted tariff. 你好，我回答一下您刚刚提到关于分板块的交易电价的情况和变化和它同比。公司一季度全口径的交易电价是432.4元每兆瓦时，同比下降是2.9%。 About the company's market-based tariff. In the first quarter, the average market-based tariff was CNY 432.4 per MWh, decreasing by 2.9%. 其中煤机的交易价是428.8元每兆瓦时，同比下降3.4%，燃机是588元每兆瓦时，同比增长2.2%。 The market-based tariff for coal sector was CNY 428.8 per MWh, decreasing by 3.4%. For gas sector it was CNY 588 per MWh, increasing by 2.2%. 风电的交易价是470.9元每兆瓦时，同比增长8.1%，光伏的是386.8元每兆瓦时，同比下降10%。 The average market-based tariff for wind sector was CNY 470.9 per MWh, increasing by 8.1%. For solar sector was CNY 386.8 per MWh, decreasing by 10%. 谢谢。 Thank you. 有请下一条问题. The next question comes from Gary Zhang of Bank of America. 你好，领导，谢谢。我是美国银行的Gary Zhang。我想先问一下，刚才听到我们风电的市场电价是同比上升8%的，如果没听错，但是总的风电电价是下降6个点，是吧？这个背后可以讲一下原因吗？然后第二个问题是我们火电的发电量，我看我们一季度还是比全行业做得比较弱的，尤其是在山东、江苏这些比较重要的省份。可以说一下主要的原因，然后现在展望二季度或者是全年，我们现在火电的发电量的情况会是怎么样？然后第三个是刚才讲过几次，我们这个辅助服务，可以讲一下辅助服务收入一季度的水平跟上年相比变化是怎么样？谢谢。 I have three questions. First, could you please clarify why the wind market-based tariff has increased while the average tariff has decreased? Second, in the first quarter, why the company's power generation was lower than the industry average? Could you talk about the reason? Could you give us the guidance for the second quarter? My third question is about ancillary services. Could you talk about the revenue from ancillary services and the year-on-year change? 请运营部的相关同志来回答一二三个问题。先回答一下第二个问题，就是关于火电电量下降。是这样，一季度最大的原因还是因为受新能源挤占。一季度随着风光的增发，那火电的定价空间是减小的。但是电量下降，火电并没有完全导致收益的下降，就是因为你提到像在山东这种现货市场，火电更多的是采取了减发增效的这样一个策略，所以就会导致我们整个的综合结算电价还是可以，但是电量呈现出来是利用小时出现一个明显的下降。这是第二个问题。第三个问题是你提到辅助服务的收入。确实这个辅助服务，现在从我们掌握的数据看，整个的全公司口径，火电是正的收入，新能源是一个支出的收入，全部加在一起，我们的净收入也是一个正数，接近将近CNY3.5亿元。 First, let me answer your questions about the power generation decrease. In the first quarter, the company's power generation decreased because of the renewable energy capacity increase. The wind and solar capacity have increased significantly that dampens the coal generation. However, the company has decreased the power generation in order to maintain our revenue. The company has decreased the power generation in order to realize better profits. Third, about the company's ancillary services. The company's thermal power has a positive ancillary services revenue, while the renewable has a cost. The average ancillary services revenue was about CNY 350 million. 你好，我补充回答一下刚刚您问的第一个问题，就是我的风电的交易电价是上涨的，但是整体的风电的结算电价是下降的。这个最主要原因还是结构的问题，就是2025年的一季度，我们风电的交易电量的占比是占到42%，同比去年一季度，我们的风电的交易电的占比只有33%。主要这有9个百分点的变化，导致虽然交易价是在上涨，但我整体的电价还是在下降。 In 2025, the market-based proportion for wind sector was 42%. However, in the first quarter last year, the proportion was 33%. Because of the structural change, the company's average tariff has decreased while the company's market-based tariff has increased. 关于辅助服务的具体的数字，再给您报一下。一季度公司整体的辅助服务收入是5.1亿元，调频服务收入是1.04亿元。这两个值相较2024年一季度的时，调峰服务的收入是下降了3亿元左右，调频服务的收入是增长了4000万左右。谢谢。 About the company's ancillary service revenue in the first quarter, the peak shaving income was around CNY 510 million, decreasing by CNY 300 million. From frequency adjustment, the revenue was around CNY 104 million, increasing by CNY 40 million. Thank you. 领导，我可以再问你一下，可能我没有理解很懂。就是一季度我们风电刚才领导说市场化的比例是有提升的，然后市场化的风电的电价也是上升了8个点，但是最后还是降了6个点。所以我会理解的为市场化的部分是有一个比较大幅度的同比下降，这样吗？投资人好，我再给您把这个数再报几个具体的数。我们一季度的基本的电量，就是风电执行批准电价的电量是在大数58个亿左右，它的电价水平是在535元左右，每千千瓦时。这个电价是同比是有一个10%左右的一个下降，但交易的电量是46亿千瓦时，这个交易的电价是470元每千千瓦时。所以虽然是我交易的价格是上涨的，但是由于我的交易价格的整体水平是要低于我的批准电价的水平，所以整体从结构的影响导致我综合的电价水平是下降的。 The company's first quarter power generation from the wind sector was 5.8 billion kWh. The average tariff was CNY 535 per MWh, decreasing by 10%. The power sales from the market was 4.6 billion kWh. The average tariff was CNY 470 per MWh. Because the structural change, that affected the company's tariff changes. Thank you. 谢谢。 [Foreign language] The next question comes from Jiang Tao of Guangfa Securities. 管理层好，我是广发的 Jiang Tao。我有两个小问题。第一个小问题其实刚才也提到了，还是关于风电这块的。因为第一季的风电其实电量增长比较高，我看下来应该是有9个点的电量增长，但是整体利润是下降的。这个是不是刚才管理层提到的市场化交易电价的下行还是拖累了整体电价？这是第一个问题。第二个问题想问一下，从公司一季度的，如果以长协煤的这种标煤采购单价来看的话，这个降幅大概有多少？考虑到煤质之后，整体长协煤的价格是不是有一定的下降？这是第二个问题。第三个问题是，看到了今年公司披露的少数股东权益还是有一定的程度的增加，这块是不是有发生类似的原因？有没有其他的原因？我就这三个问题。 I have three questions. First, in the first quarter, the company's wind power generation have increased by 9%. However, the profit decreased. Was that because the proportion of market-based sales have increased? Second, what is the company's long-term contract coal standard coal price? Third, as the company's minority interests have increased, could you talk about the reason? Is that because the company's rates issued? 请运营部回答第一、第二个问题，请财务部回答第三个问题。投资人你好，来回答你第一个关于风电的。从一季度的执行情况来看，一季度的上网电量的同比增长在8%左右，但是同时我的平均的结算电价下降了将近6.4%，所以导致虽然是电量增幅比较大，但是在利润上的增幅就明显地要落后于，要出现了一个同比的一个负增长。这个影响最大的因素还是电价的影响。 In the first quarter, the company's power generation for wind sector had increased by 8%. However, the tariff of wind sector had decreased by 6.4%, so that is the main reason the company's generation increased. However, the profit is not increased as much as the generation increase. 投资者您好，我来回答第二个长协煤的问题。公司一季度的长协煤的标煤结算价是938.27元，同比下降是8%，降幅还可以，然后也是下降得比较多。回大陆边。 In the first quarter, the standard coal price for the company's long-term contract coal purchase was CNY 938.27 per ton. It has decreased by 8%. 投资者您好，我来回答您有关少数股东损益增长比较多的原因。我先给您汇报一下，一季度公司少数股东损益是19.8亿元左右，然后上年同期是12.4亿元左右，同比增长是7.45亿元，增幅在60%。这个增幅确实是比较大，主要有两个方面的原因，一个是得益于公司整体的盈利情况向好的原因；第二个也是您说到的，就是在去年三季度的时候，公司发行了230亿元左右的这个非利率的影响。谢谢。 Please let me answer your questions about minority interest. In the first quarter, the company's minority interest was CNY 1.98 billion, and in the first quarter last year it was CNY 1.24 billion. It has increased by CNY 745 million or 60%. It is mainly because first, the company's profit performance has improved in this year. Second, in the third quarter last year, the company has issued CNY 23 billion equity rates. 好的，谢谢马林总，没有其他问题了。 [Foreign language] The next question comes from 王俊杰 of 国信 Securities. 各位领导好，我是黄秀杰，国信证券的。想请教领导两个问题，一个就是因为咱们布局的省份比较多，有些省份它是在年度交易、市场交易没有公开信息的，领导能不能帮我们看一下黑吉辽，黑龙江、吉林、辽宁，因为它们的电价甚至是高于2024年的，包括甘肃、山东、湖南、湖北、山西、江西的一季度电价相对于去年的一些变化。第二个问题就是这些省份里面，它电价还在上涨的省份主要的原因是什么？就是和我们全国大范围在降电价的时候，有些省份的电价还在涨，领导能帮我们分析一下这些省份的供需或者和其他省份不太一样的，包括一些政策方面，或者说我们在参与市场方面的一些方法方面的一些原因吗？主要是这些。 I have two questions because the company has a very extended geographic layout. Could you talk about the different market tariff in different provinces, especially provinces in the Northeast China, in Gansu, Hunan, Hubei, and Jiangxi? In those provinces, the tariff has been higher than the year of 2024. Second, could you give us the reason why in some provinces the tariff has been increased? Could you talk about the supply and demand situation in those areas and the policy as well as the market situation? 请运营部把这两个问题一起回答一下吧。投资者您好。从我们目前掌握的数据看，您刚才提到的这几个地区，煤电的交易电价同比，就是这个交易电价同比都没有增长，都是持平或者说是下降的。但是您提到这个电价上涨，应该是最后的综合结算电价出现了上涨。这个原因我逐步分析是两个方面，第一个就是电量下降之后，总量电费获取之后，造成了度电的容量电价提升。第二个就是您刚才提到的有不少是已经开始了现货连续运行。在现货连续运行继续中，煤机一旦有了一个比较好的中长期合同的持仓，它在低价时会以减发少发的策略来实行增收。所以这两个因素综合作用下，会导致煤机的综合结算电价会高于年度长协签约电价，所以就会出现提升的情况。 First, let me answer your questions about the market-based tariff. In the provinces that you mentioned, there's no tariff increase. However, we can explain for the following reasons. First, because the generation have decreased in those areas, the capacity payment stay stable, so the settlement price have increased. Second, because in those areas, they have a continuous run of spot market, because some of our units have a proper position holding for the mid to long term contract, the units can minimize their power generation in order to increase their revenue. 领导我能追问一下吗？黑龙江、吉林、辽宁包括湖南、湖北的一度的煤电的电价相对于24年一度的情况吗？你好，简单跟你报几个数吧。嗯。黑龙江的一季度的上网电价是结算那个，上网电价是462，同比掉了12%；吉林是488，降了4.9%；辽宁是571，降了4%；湖南是535，基本持平；湖北是449，降了5%。 About the provincial on-grid tariff in the first quarter, the on-grid tariff for 黑龙江 was CNY 462 per MWh, decreasing by 12%. 吉林 CNY 488 per MWh, decreasing by 4.9%. 辽宁 CNY 571 per MWh, decreasing by 4%. 湖南 CNY 535 per MWh, it remained the same level and Hubei CNY 449 per MWh, decreasing by 15.9%. 好，感谢领导。刚刚给您报的数都是各个区域的煤机的价格。哦，明白。 It's for the coal sector. 好，感谢领导。由于时间关系，我们有请最后一位提问。 Here comes the last question. The last question comes from 李想 of 中信德邦证券. 是领导啊，中信研究部的李想。我这边报进来得有点晚，有一个小问题，不知道前面的投资者或者分析师有没有问过。就一个小问题是，因为从公司的一季报的情况来看，Q1的公司新能源板块里边，风电、光伏两个板块的业绩的增速和电量的增速其实有点不匹配。怎么说呢？就是风电的电量是增长的，然后之后增加接近10%，然后从分板块的利润的情况来看，利润稍微有点下滑。光伏这边的话是电量的增长和利润的增长比较匹配。因为之前市场上一直是担忧光伏，因为总觉得光伏在市场化交易各方面的情况下，竞争性不太好，盈利可能相对而言会有一定的承压。但是这个数据从咱们的Q1的情况来看，跟大家可能的通常的理解，或者说固有的印象有点不符合，想请教一下是什么原因。谢谢领导。 My question is about the company's wind and solar profit. For the renewable sector, the wind and solar power generation have increased. However, the profit is mismatching the power generation growth. Especially for the wind sector, the power generation increased by 10%. However, the profit increased not as much. For the solar sector, it stayed quite stable. However, the market have more concern for the solar sector. Could you explain the reason for the renewable profit? 请运营部的思泽同志回答这个问题。你好，简单回答一下您这个问题。首先，一季度我们的风电板块上网电量同比增长是在8%左右，但是结算电价这一块是同比下降了6.36%，这样导致我整个的税前利润是有6%的一个降幅。这是风电。光伏板块是上网电量的增幅在51%，电量的增加量是相对比较大的，但是结算电价是有8%左右的一个下降，导致最终的利润实现将近50%左右的一个增长。所以这两块板块差异的最主要的原因还是因为今年的一季度和去年的一季度同比，光伏的装机规模增长得比较多，同向的发电量增速比较高。 For the wind sector, the power generation increased by 8%, while the tariff had decreased by 6.36%, the profit before tax decreased by 6%. For solar sector, the power generation increased by 51%, the tariff decreased by 8% and profit increased by 50%. So in the first quarter for the solar sector, it was because the rapid growth in capacity that have leads to a higher power generation. Thank you. 不好意思，我追问一下，就是刚才领导介绍的时候，我不知道是不是没听清楚，还是听错了。光伏的电价其实也是有一定程度的下滑，大概也是有8%左右的一个下滑，是吗？是的。明白。好，谢谢。 The average tariff for solar had decreased by 8%. Thank you. 谢谢各位，也感谢各位管理层的解答。 Thank you so much for all the questions and participation today. 最后请王董事长为我们今天的电话会议做个简单的总结。 Finally, Mr. Wang would like to give us a summary. 感谢各位参加华能国际一季度业绩推介会。感谢大家一直以来对于公司的持续关注和大力支持。今天的电话会因为时间关系，如果有进一步的问题，欢迎大家会后与公司的工作人员联系。再次感谢大家。 Thank you for participating in the conference call. Thank you for your continued support. Please contact our IR if you have any further questions. Thank you. 再次感谢各位出席华能国际电力股份有限公司2025年第一季度业绩发布会。我们期待下一次业绩时再见。 Thanks again for your attendance of the conference call regarding the first quarterly results announcement of 2025. We are looking forward to meeting with all of you in our next results announcement. Thank you.