好，女士们，先生们，大家下午好。欢迎各位参加华能国际2026年中期业绩推介电话会议。昨天，公司已经发布中期经营业绩。下面简要介绍有关情况。

Ladies and gentlemen, good afternoon. Welcome to the 2026 Interim Results Conference of Huaneng Power International.

We've already announced the operating results for the first half of 2026 yesterday. Now, I'd like to give you a brief introduction.

今年上半年，在董事会的正确领导下，公司围绕年度目标任务，统筹发展和安全，经营工作保持稳定，科技创新成果显著，转型发展步伐加快，境外业务运行平稳，为完成年度目标任务奠定了良好的基础。 Under solid leadership of the board, the company struck a balance between tangible development outcomes as well as securing production.

Our business both at home and abroad maintained stable while witnessing steady progress in scientific innovations. We also accelerated our pace towards business transformation, which has paved the way for fulfilling our annual development goals.

按照中国会计准则计算，上半年，公司实现合并营业收入1069.09亿元人民币，同比下降4.57%；归属于本公司股东的净利润65.86亿元人民币，同比下降28.89%；每股收益为0.35元。

Calculating under China's accounting principle, in the first half of this year, the company has realized a consolidated operating revenue of 106.91 billion yuan, decreased by 4.58% year-on-year. The net profit attributable to the company's shareholders scaled 6.59 billion yuan, decreasing by 28.89% yearly.

The EPS is now at 0.35

yuan RMB. 电力生产方面，公司持续推进绿色低碳转型，风电、光伏装机容量持续提升。但是，受到全国新能源装机增长、煤电机组装机份额降低等相关因素影响，上网电量同比下降。

In terms of power production, we actively promoted the low-carbon green energy transformation. The overall installed capacity of the company's photovoltaic and wind farms has seen a consistent growth, while the on-grid power sold has seen a year-on-year decrease as the capacity of renewables is growing rapidly nationwide and taking the share of coal-fired units in the energy mix.

上半年，公司境内各运行电厂累计完成上网电量1995.78亿千瓦时，同比下降2.97%；平均结算电价463.02元每兆瓦时，同比下降4.53%。

In H1, the company's domestic on-grid power sales decreased by 2.97% at 199.78 billion kilowatt-hours, and the average tariff was 463.02 yuan per megawatt-hour, decreasing by 4.59%. 燃料供应方面，公司积极开展市场研判与电量预测，动态调整电煤采购计划，强化优质长协履约，优化现货采购策略，做好进口煤替代工作。同时，加强库存动态管理，多措并举控制燃料成本。

In terms of coal supply, we swiftly adjusted our coal purchase plan based on the solid research of coal market dynamics and the estimation of electricity consumptions. The company has made multiple efforts in controlling the fuel cost, including strengthening honoration of high-quality long-term contracts and updating our strategies in making spot market deals.

Besides, we also replaced the proportion of coal from price-surged overseas market and optimized our dynamic control in coal inventory.

上半年，公司累计境内出税发电耗用标煤单价891.02元每吨，同比下降2.84%。

The standard coal price of H1 decreasing by 2.84% year-on-year at 891.02 yuan per ton. 转型发展方面，公司坚持低碳转型的战略方向，科学安排工期，在确保安全合规、质优双优的前提下，全力推进项目建设。

The company always hold its strategy of low-carbon transformation. In the first half of this year, we have taken every effort propelling the construction of infrastructure.

公司上半年新增装机容量304万千瓦。其中，新能源255万千瓦，燃机49万千瓦。公司可控发电装机容量达到1.59亿千瓦，低碳清洁能源装机占比增至42.16%。

We've added 2.55 gigawatts of renewable capacity out of 3.04 gigawatts in total this year by the end of June. All those newly installed capacity are with competitiveness, both in their quality and market bidding capabilities.

Plus 490 megawatts newly installed gas-fired units, the total installed capacity under control now scaled 159 gigawatts. Low-carbon clean energy takes more than 42% in the chart.

海外运营方面，大士能源认真研判新加坡电力和燃料市场走势，敏捷响应市场变化，持续深化降本增效与精益化管理，力争在当前市场环境下实现最优经营业绩。 In terms of business overseas, we swiftly optimized our market bidding strategy based on the solid research of both Singaporean electricity market and fuel market, pursuing the best performance under current conditions.

上半年，大士能源实现税前利润7.45亿元人民币。巴基斯坦萨希瓦尔电厂经营效益保持稳定，实现税前利润4.51亿元人民币。

In the first half of this year, Tuas Power has realized an earning before interest and taxes of 745 million yuan. Sahiwal plant in Pakistan keeps a stable operation as well, earning 451 million

yuan. 下半年，公司将持续夯实能源安全保障基础，坚持质量第一、效益优先，进一步优化资产结构、电源结构，加强电力供需形势分析，优化发电时序和发电结构，全力以赴争取高价时段发电机遇，多发效益电量。

During the rest of this year, putting efficiency and quality first, we will push forward our cause in optimizing both power generation and assets portfolio, cementing the very foundation of energy security. In terms of the power generation, the company will level up our analyzation and demand-supply relation.

With refined market strategy, we'll shift our power generation curve for better efficiency at peak hours. 公司也将密切跟踪煤炭市场变化，全力提升长协合同履约质量，优化内外贸采购节奏与热值结构，强化库存管理，多渠道统筹做好保供控价工作。

In terms of coal consumption, we will tightly focus on the dynamics of coal market, safeguarding a stable supply while controlling the cost via multiple channels, improving the fulfillment of mid- and long-term contracts, optimizing schedule and heat value while purchasing on domestic and international spot markets, and via better inventory management as well. 面对复杂的市场环境，公司将强化战略引领，持续推进提质增效，加快战略性新兴产业发展步伐，全面推进完成全年各项目标任务，确保公司“十五五”开好局、起好步。

Standing on the starting point of the 15th Five-Year Plan, amid the complex market horizon and new requirements, Huaneng Power International will reinforce strategic leadership to ensure better developing quality and efficiency. We will secure the achievement of the full-year target while stepping up development of new programs, delivering an excellent prologue of the next Five-Year Plan.

好，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 colleagues and I are willing to take your questions.

My first question goes to the Tuas Power in Singapore. I wonder that what is the tariff mechanism in Singapore?

Also in the second quarter of the year, what is the year-on-year change of the tariff and the power generation output of Tuas Power? Going to the third quarter, how does the company optimize the performance based on this revenue in second quarter?

My second question goes to as I was raised the question in the conference call of the first quarter performance conference, and we wonder that based on the market-based transactions of thermal power generators and what is the profitability change quarter-on-quarter in the second quarter? My third question goes to the PV sectors of the corporation.

How does the company view the profitability of the PV sector as in the second quarter we have seen a quarter-on-quarter increase, and what is the expectation going forward? Thank you.

投资人你好，那我来回答您关于新加坡大士的这个相关问题吧。今年上半年，大士发电量总体完成了53.2亿千瓦的电量，同比是增加了0.49亿千瓦时。实现了税前利润是7.45亿人民币，同比叫去年同期降了6.18亿人民币。

In the first half of this year, Tuas Power has accomplished the 5.32 billion kilowatt-hours entire power generation output, which has saw a 49 million kilowatt-hour increase. We have a earning before interest and taxes increase of [618 million?]

[unclear]

of yuan. 利润下降了主要是由三个大的方面吧。第一个是汇率的影响。新加坡对人民币的汇率去年的同期和当前现在比，整体下降了将近6.3个百分点。那么对我们整体当期折到人民币的这个利润的影响将近9,000万人民币左右。

The first reason that triggered this year-on-year decrease is about the exchange rate. We have saw a 6.3% of year-on-year decrease in exchange rates from the Singaporean to RMB, and which has affected our profit about 90 million

RMB. 第二方面大的影响是碳税的影响。新加坡政府从今年起将碳税从25新元提高到了45新元。那么对整个上半年整个的我们碳税的支出增加了，折人民币应该是在2.4亿左右。

The second I want to argue is about the carbon dioxide tax in the Singaporean market. The Singaporean administration has raised the tax rate from 25 yuan to 45 yuan, and which has triggered about 24 million RMB increase in terms of the expenditures on the carbon dioxide tax.

第三方面的影响主要是由于我们整个的这个售电的边际的毛利较去年同期有一个降幅，降幅在这个22新元左右，22新元每千瓦时左右。

The third reason is the margin have shown a year-on-year decrease as well, which is about 22 yuan per megawatt-hour. 新加坡的刚刚您提到了关于新加坡的这个电价的机制，因为我们新加坡大士能源在整个新加坡它的发电的结构呢，其中有20%是来自于政府的固定合同，这一部分的毛利率相对是比较稳定的。还有另外70%是来源于我们跟长期的客户签的一些零售合同。这一部分的零售合同的因为是是在一定期限的，这一部分的零售合同的这个毛利呢，我们会通过金融衍生品，包括这个燃料的长协来进行一个锁定。这一部分的这个价格也这个这这一部分的毛利也相对是比较稳定。那么还有10%的电量是来源于这个新加坡的现货市场。新加坡的现货市场是一个完全公开的这个完全竞争的一个市场，它的电价水平是完全是和天然气的价格全面挂钩，而新加坡的天然气是和国际原油的GPM的原油指数进行挂钩的。所以从今年上半年情况来看，它现货市场的电价确实是从年初181新元左右目前涨到了这个到6月底基本是在180在在200在涨到了200，我看一下，涨到了240左右，是这么一个水平。所以导致所以这一部分虽然它的这个电力现货市场的价格在涨，但是对应的燃料这个天然气的价格也在涨，所以这一部分的毛利相对要要要要比我们，要比政府的固定合同的毛利要相对是要小。

As you mentioned about the price mechanism in Singaporean electricity market, now the Tuas Power has the contract that 20% of the electricity contract was signed with the government and authorities, which has a comparatively stable profitability. Another proportion, about 70%, is which is a retail contract with a longer term, and that has a margin that connected with the long-term contracts of gas and financial tools as well.

That is also comparatively stable compared with the spot market. We also have 10% of the entire power generation output on the market, which was settled on the spot market.

That is fully public, which is with many competitions on the spot market. The price was tightly connected with the gas price.

On the other hand, the gas price of Singaporean electricity market is connected with the GBN index in the international oil index. In the first half of 2026, the spot market price has raised from 181 yuan per megawatt-hour to 240 Singaporean yuan per megawatt-hour.

Although the spot market price of electricity has shown a year-on-year increase, but the gas price is increased simultaneously, the margin of Singaporean electricity market, especially the Tuas Power, has been decreased year-on-year.

刚刚也提到了我们大部分的合同是通过零售合同来锁定的，那么由于零售合同的我们在25年的时候的零售合同的签约基本上是在23、24年，那个时间段整个的新加坡电力就是零售它的现货市场的电价相对较高，所以我们在去年的一些零售合同的整体的毛利率整个电价水平是要是要好的。那么随着进入26年，有一大有一批的高毛利的这个零售合同到期之后，今年由于从去年下半年开始到今年的年初，整个的现货市场电价整体是相对比较低的，那么导致我们后续续签的一些合同的毛利率跟去年同期比是有个比较大的比较大的一个降幅，所以导致我们也是对我们上半年的这个大士的业绩产生了一些不利的影响。

As I mentioned that majority of our contracts of electricity was settled by the retail contracts and the price was locked. In the year of 2025, the contracts fulfilled was largely signed between the year of 2023 and 2024.

At that time, the price of electricity on the spot market was comparatively high. Last year, so that triggers the better profitability and the better tariff in the Singaporean Tuas Power last year.

This year, as the contracts with higher profit margin has been expired, and the newly signed contract on the spot market is based on the downward trend of the spot market tariff. That also triggers the decrease of our marginal and that also triggers the year-on-year decrease in the first quarter of the year for the Tuas Power in Singapore.

随着今年上半年这个现货市场的价格在逐步的回升，目前我们也是要求大士能源在进一步的对零售合同进行新的策略进行调整，积极的去锁定相对高毛利的这个零售合同，为我们下半年以至于以后年度的这个利润打好一个基础。回答完毕。 Since the beginning of this year, as the tariff on the spot market of Singapore has risened, and we also urged the Tuas Power in Singapore to reconsider the contracts with higher margin and to implementing new strategies on the spot market to lock even more contracts with higher profitability, cement the foundation for a better profitability in the second half of this year and going forward.

Thank you.

投资者你好，我来回答您的第二个问题。上半年公司煤机的售电量是1529亿千瓦时左右，其中煤机的中长期电量大概是1280亿千瓦时，中长期的覆盖率在84%左右。

In the first half this year, the coal-fired units of the power has generated the electricity about 152.9 billion kilowatt-hour, and the mid- and long-term contracts has signed about 158 billion kilowatt-hour and takes about 84%.

煤机量价统筹参与现货市场能够实现提价。上半年公司煤机的电能量电价大概在387元每千千瓦时左右，较中长期的价格提价大概在24元每千千瓦时左右。

Bidding in the spot market for the coal-fired units can improve its profitability. In the first half of this year, the coal-fired units of the company has realized a tariff about 387 yuan per megawatt-hour on the market, and that is about 24 yuan per megawatt-hour increase compared with the mid- and long-term contract the signed price.

投资者您好，由我来回答您第三个有关光伏季度利润环比增长较多的问题。第二季度公司光伏利润是9.89亿元，环比增长是7.56亿元，环比增长较多。这个主要是因为光伏的第二季度的电量增长较多，这里边有两个因素吧。一个因素是因为公司在国家的低碳背景下，光伏的装机是稳步增长。另外一个就是一个季节性的因素，因为第二季度的光资源比较好，从历年来情况来看，就是第二季度的利用小时都比较高。

I'd like to answer the quarter-on-quarter increase in terms of the profitability of the PV sectors of the company. In the second quarter, the PV sectors of the company has realized a earning of 989 million yuan, which has an increase about 756 million, which is a large increase.

That is because the power output of the PV sector of the company has shown a quarter-on-quarter increase in the second quarter. That is because that during this recent years, under the guidelines of low carbon emissions strategy and initiatives of the country, we have a larger installed capacity of PV sectors.

The second reason is the seasonal reason, because the utilization hour in the second quarter is comparatively high.

第二季度光伏的上网电量是76.59亿千瓦时，比上个季度环比是增长了21.93亿千瓦时，增幅是在40%左右。所以这个就是第二季度光伏利润环比增长较多的原因。回答完毕，谢谢。

The second reason is about the increase of the on-grid power sales. The PV sectors has scaled about 7.65 billion kilowatt-hours on-grid power sales, which has a 40% increase equivalent to 2.19 billion kilowatt-hours increase.

哎，好的，谢谢各位领导，我没有其他问题。

Bank. 管理层们，你们好，我是花旗银行刘显达。我有三个问题想请教管理层的。第一个问题就是今年上半年我们总体的国内的平均上网电价大概是下降了4.6%到那个463。我想知道就是分为那个火电、风电还有光伏，上半年电价分别 numeric 是多少？同比是下降的话是上涨的具体情况怎么样？还有就是管理层对今年下半年的电价跟今年上半年的展望应该是提高还是下降？第二个问题是有关于大宗原料成本的。我们也看到就是二季度大宗原料成本应该比一季度有个反弹，可能我们估计也是受那个中东战争的影响。想知道就是管理层对今年下半年那个大宗原料成本觉得应该是比二季度高还是比二季度低？第三个问题就是我们之前对今年2026年新的装机目标是增加7.7个GW。我们看到上半年有3个GW，想知道我们全年的目标有没有改变？谢谢。

I have three questions. My first question goes to the on-grid power sales of the thermal power plants.

We have saw a 4.6% decrease of the on-grid power tariff of the thermal power generation, which is at about 463 yuan per megawatt-hour. I want to know the tariff broken down by different energy types, including the thermal power generators, wind power, and PV sectors.

What about its year-on-year change? What about the expectation of the company towards the tariff in the second half of this year?

My second question goes to the unit fuel cost of the company. We have saw a unit fuel cost rebounded compared with the first quarter of the year in the second quarter of the year.

I believe that is mainly because the geopolitical contradictions in the Middle East areas. What does the company's expectation towards the unit fuel cost and its trend in the coming next half of this year?

My third question is the company has set a goal for newly installed capacity in the year of 2026 at 7.7 gigawatts in total, and we have accomplished already in the first half of this year at 3 gigawatts. What does the company view in the coming next half of this year?

Does the company will change the full-year goal of the newly installed capacity? Thank you.

投资者您好，我来回答您第一个有关分板块电价的问题。2026年上半年，煤机电价是445.26元每千千瓦时，同比是下降26.21元每千千瓦时，降幅是5.56%。燃机的电价是792.57元每千千瓦时，同比是上涨49.86元每千千瓦时，涨幅在6.71%。风电的电价是462.67元每千千瓦时，下降了16.69元每千千瓦时，降幅在3.48%。

I'd like to answer a question about the on-grid power tariff. In the first half of the year of 2026, we have realized the coal-fired unit on-grid power tariff of 445.26 yuan per megawatt-hour, which has shown a year-on-year decrease of 26.21 yuan per megawatt-hour, equivalent to 5.56%.

In terms of the gas-fired unit, the tariff was 792.57 yuan per megawatt-hour, increasing by 49.86 yuan per megawatt-hour, equivalent to 6.71% increase. In terms of wind turbine, we have a average tariff of 462.67 yuan per megawatt-hour, which has decreased by 16.69 yuan per megawatt-hour, equivalent to 3.48% decrease.

光伏的电价是370.44元每千千瓦时，同比是下降20.83元每千千瓦时，降幅在5.32%。水电的电价是361.40元每千千瓦时，同比上涨2.77元每千千瓦时，涨幅是0.77%。生物质的电价是718.38元每千千瓦时，同比是下降6.63元每千千瓦时，降幅是0.91%。回答完毕，谢谢。

In terms of the PV farms, we have a average tariff of 370.44 yuan per megawatt-hour, decreasing by 20.83 yuan per megawatt-hour, equivalent to 5.32%. In terms of hydropower, the average tariff was 361.4 yuan per megawatt-hour, increasing by 2.77 yuan per megawatt-hour, the percentage is about 0.77%.

The biomass sector of the company has scaled 718.38 yuan per megawatt-hour and decreasing by 6.63 yuan per megawatt-hour, equivalent to 0.91%. 投资者您好，我来回答您的第二个问题。总体来看，下半年的燃料市场仍然是供应比较紧张，然后需求会有一个阶段性的上升。从供应方面，国内煤炭受到安全的高压检查的影响，然后供应恢复比较困难。叠加市场的价格上行，长协的供应商业的长协兑现意愿有所下降。进口煤源受到印尼减产的刚性收缩，再叠加了美伊冲突的不确定性，进口的整体不确定性比较大。

I'd like to answer a question about the coal market going forward to the second half this year. We believe that the coal supply in the second half of this year will be tightened as well, and the supply will be slacked as well.

In the demand side, the domestic output was constrained as the country is delivering a security inspection. On the spot market, the price is comparatively higher recently.

The suppliers of the long-term contracts coal are not willing to fulfill their contract as well. In terms of the international market, as the Indonesia has delivered its quota for the coal export and the Middle East contradictions between the Iran and US, it also increase the risk on the international spot market of coal.

从需求方面看，受到夏季的平均气温比常年偏高，叠加了一个铁路的运力持续偏紧，然后部分的区域受到陕西减产的影响，库存水平下滑至了同期水平以下。然后到了下半年，由于库存偏低，整体补库的需求将进一步回升。预计迎峰度夏结束后，如果各个电厂的库存整体消耗超过预期，整个煤价将维持一个高位水平。如果库存较预期的有所好转，煤价可能会小幅回调，但受供应总体缩紧的影响，整体煤价仍将处于偏高水平。

As

this year in the supply side, the average temperature is comparatively high compared with the same period of other years, and the tightened supply of logistic market as well as the security inspection in Shaanxi province and other reasons, we believe that the inventory is lower than the average of previous years. Going to the second half of this year, we believe that if the inventory is better than our prediction, the coal price on the spot market will be better than our expectation.

If the inventory is comparatively tightened, we believe that that will support the comparatively higher price of the coal on the spot market.

关于您提到的第三个今年新能源投产的计划，目前公司没有新的调整。而且目前公司截止到上半年年末，截止到6月底，我们整个新能源的在建规模也有近1,000万千瓦的规模，应该是完全能够支撑全年的投产任务及时的能够按期完成。

We haven't adjust our installment plan on the renewables for the full year. By the end of June, we have more than 10 gigawatts of entire installed capacity is under construction, and that is able to support to fulfill the full-year goal.

好，谢谢管理层，谢谢。

My first question goes to the Tuas Power in Singapore to the company. As we mentioned that the profitability of the Tuas Power has been decreased because of the contracts with higher profit margin has been expired.

I wanted to know that how many contracts is due in fulfillment with higher profit margin? My second question goes to the tax rate in the second quarter of the year.

We wonder the reason that why the company's tax rate has shown a quarter-on-quarter increase and what about the expectation towards the tax rate of the company? What about the company's plan to return the perpetual bonds?

My third question goes to the standard coal price of the company. I wonder that the standard coal price of the company in the second quarter and in the first quarter, respectively, and what is the quarter-on-quarter change?

Thank you.

哎，我来回答您关于大士的这个问题啊。就是刚刚也提到了这个今年的利润下降，主要还是受其中一部分原因是受到了前期的些高毛利的合同的逐渐的到期和更新导致的。目前因为新加坡的这个我们的这个70%的零售合同呢，它的用户既有工业用户，也有一些大的这个商业用户，就这个合同量还是比较大的。这个我这边很难给出，因为它也是一个滚动签定的一个状态。所以能给您这个一个参考吧，就是我们今年上半年我整个大士能源加权平均就是所有的售电合同加权平均的毛利，较去年同期的毛利下降是在22新元，就这这是是这个趋势。那么

In terms of Tuas Power, the profit margin has been decreased mainly because that the contracts with higher profitability and profit margin has been expired. We have a 70% of the contracts in Singaporean market was signed with the retail customers, and that is including the customers in industries and in business circle.

Those contracts are signing based on a rollover signing basis. In the first half of this year, for Tuas Power, the average profit margin has shown a year-on-year decrease at 22 yuan for Singaporean current.

但是随着现在今年由于上半年这个天然气的全球天然气的供应紧张，导致现在新加坡的现货市场的电价持续在走高，那么对我们后续在续签新的零售合同来说是一个利好的条件。所以我们也是也是在希望我们在后面的这个新签的零售合同的毛利在持续的回升，这样逐步来提升我们整个新加坡大士能源的一个盈利的一个水平。 Since the beginning of this year, in the first half, the gas price worldwide has saw a year-on-year increase and the supply was tightened.

That also supports the higher price in the spot market of electricity in Singaporean market, which is conducive for us to signing new contracts and the fulfillment of new contracts that increase and expand our profit margin.

投资者您好，我来回答您有关所得税率的问题。2026年上半年公司的所得税率是18.6%，然后去年同期是16.63%。是一个就是在正常的那个所得税率的一个正常的范围内。然后引起这个提高的可能主要原因，一个就是下属电厂的享受的那个“三免三减半”企业所得税的优惠不一样。还有就是部分子公司盈利和亏损造成的递延所得税的一个综合影响。回答完毕，谢谢。

I'd like to answer a question towards the tax rate of the company. In the first half of the year of 2026, the average tax rate of the company is 18.6%.

In the first half of 2026, that number was 16.63%. That is within the regular range of the tax rate of the company.

That is mainly because of the following two reasons: the first is that we have a different policy in terms of different plants in terms of this taxational preferential policies; and the second is because the DTA and DTL of the company.

我来回答您一下第三个有关出税发电耗用标煤单价的问题。2026年上半年，公司整体的出税发电耗用标发电耗用标煤单价是891.02元每吨，同比是下降26.03元每吨，降幅在2.84%。其中煤机是832.67元每吨，同比下降16.33元每吨，降幅在1.92%。燃机的是2057.19元每吨，同比是下降96.96元每吨，降幅在4.5%。生物质是839.58元每吨，同比是下降53.44元每吨，降幅在5.98%。回答完毕，谢谢。

In terms of the standard coal price of the company in the first half of 2026, the average of the company scaled about 891.02 yuan per ton, which has shown a year-on-year decrease of 26.03 yuan per ton, equivalent to 2.84%. In terms of the coal-fired units specifically, the coal-fired units has a standard coal price of 832.67 yuan per ton, decreasing by 16.33 yuan per ton, which equivalent to 1.92%.

The gas-fired units has a standard coal price of 2057.19 yuan per ton, decreasing by 96.96 yuan per ton, equivalent to 4.5% decrease. In terms of the biomass sectors of the company has a standard coal price of 839.58 yuan per ton, decreasing by 53.44 yuan per ton, which equivalent to 5.98% decrease.

Thank you.

投资者您好，我来回答一下关于永续债这个未来偿还计划方面。截止2026年那个6月末，公司其他权益工具余额在734.75亿元，较年初减少40亿元左右，主要为公司有序调整了永续债的发行安排，预计2026年年末与年初将保持不变。

In terms of the perpetual bonds payout plan, by the end of the first half of 2026, we have a 73.47 billion of perpetual bonds of the company, which has saw a decrease of 4 billion RMB. That is because we have rescheduled our issuance plan.

We anticipated that by the end of the year of 2026, the scale of our perpetual bonds will keep comparatively stable. 喂，好的好的，谢谢各位领导，特别清楚。然后方便我再追问一个小问题吗？就是关于咱们的这个燃料成本方面，然后有没有季度上的分拆呀？

I'd like to answer about the unit fuel cost. Do we have a quarterly anticipation and calculation of unit fuel cost?

投资者您好，来回答您就是按分板块二季度分拆的单位燃料成本。第二季度公司的单燃是281.03元每千千瓦时，环比是上涨35.7元每千千瓦时，环比增幅是14.56%。煤机的单燃269.92元每千千瓦时，环比增长36.03元每千千瓦时，增幅在15.4%。燃机的单燃是443.82元每千千瓦时，环比增长68.41元每千千瓦时，增幅18.22%。生物质是372.32元每千千瓦时，环比增长89.60元每千千瓦时，增幅是31.69%。回答完毕，谢谢。

In the second quarter alone, we have an average unit fuel cost of 281.03 yuan per megawatt-hour, which has shown a quarter-on-quarter increase of 35.7 yuan per megawatt-hour, equivalent to 14.56%. In terms of coal-fired unit alone, it has a average unit fuel cost of 269.92 per megawatt-hour, which has a quarterly increase of 36.03 yuan per megawatt-hour, increasing by 15.4%.

In terms of gas-fired unit, we have an unit fuel cost of 443.82 yuan per megawatt-hour, a quarterly increase of 68.41 yuan per megawatt-hour, equivalent to 18.22%. In terms of the biomass sector, we scaled a unit fuel cost on average of 372.32 yuan per megawatt-hour, a quarterly increase of 89.60 yuan per megawatt-hour, equivalent to 31.69% increase.

Thank you. 好的，我这边暂时没有其他问题了，然后谢谢各位领导。

各位领导好，感谢这次提问机会，我是招商证券的宋盈盈。我这边的话也是有三个小问题想请教一下。第一个是刚刚关于这个煤电这个整体的年度长协的比例是怎么样？因为刚刚公司领导已经分享了，我们中长期这边的一个交易大概是占比是84%，就是煤机的中长期电量，然后想具体请教一下这个里面年度长协占比是多少？然后如果有关于省份的划分，想请教一下关于江苏和浙江不知道有没有拆分的年度长协占比的情况，这是第一个问题。然后第二个问题是想请教大士能源一般我们和大士能源的固定客户的零售合同周期一般是多久？然后它的这个售价就是固定毛利的形式，还是会以前固定价格的形式？这个是第二个问题，就是签约机制。第三个是想请公司帮忙拆分一下二季度分板块的净利润情况，谢谢。

I do have three questions. My first question goes to the electricity long-term contracts signed, how many electricity long-term contracts are signed in of the coal-fired units of the company?

How many long-term contract was signed yearly? As you mentioned that we have a 84% of the mid- and long-term coverage ratio, and how many are yearly signed yearly?

What about the yearly contract covered ratio by province, especially in Zhejiang province and Jiangsu province? My second question also goes to the Tuas Power and about the tariff mechanism of Tuas Powers in Singapore.

What is the signing cycle for the long-term contract to the final users or end users in Singapore electricity market? Does the contract signed between the company and the end users was fixed by its profit margin or fixed tariff?

My third question goes to the net profit broken down by different energy types in the second quarter of the year. Thank you.

我先来回答你关于这个大士的零售合同的问题。因为这个零售合同主要还是面对客户，所以这个周期呢，没有一个就是说一定是一年、两年、三年、五年也都有。另外一个关于我们零售合同的这个定价的机制呢，首先它的对应的签约的电价其实是锚定签约当时的这个现货市场的电价是高度是趋同的。但是这个我们大士在生产经营过程中对于零售合同这一部分的合同锁定之后呢，我们会后续会通过我签定天然气的长协以及通过这个金融衍生品套期保值的方式来尽量的锁定我的这个相应合同的这个毛利，来以此来稳定我长期的一个利润的一个稳定。但是如果现零售市场的价格

偏低的时候，那么实际上我通过燃料市场去锁定这个燃料成本的这个空间就相对会小，所以这样我当锁定的毛利也相对会小，只有在现货市场价格在比较高的水平，例如在22年、23年的时候，这样才会出现我的零售合同锁定的毛利会相对比较高。这样会对位后期的经营会有一个增利的一个影响。

In terms of the Tuas Power's electricity selling contract, as the contracts was signed with those end users, we do not have the fixed cycle of signing those contracts. The the the signing price of the long-term contract has a mechanism that the price was tightly connected with the electricity average price on the spot market.

We also use the gas long-term contract and financial tools to locking our to lock our profit margins as well. In the year that the price on the Singaporean electricity spot market is comparatively low, the gas the gas fire the gas long-term contract is not that effective.

Just in the year if in early in the year that the spot market tariff is comparatively higher just like the year of year of 2022 and the year 2023, and that will ensure a comparatively higher profitability of the company. Thank you.

投资者您好，我来回答您这个关于中长期电量拆分的问题。刚刚我提到的这个煤机的中长期电量大概是1280亿千瓦时，然后这里面呢年度电量大概在58%左右。

In terms of the mid- and long-term contract of electricity for the coal-fired units, we have signed a mid- long-term contract about 128 billion kilowatt-hour, and the yearly contracts is take about 58%.

然后关于这个浙江地区的这个年度电量的比例稍微高一些，在75%左右。

In Zhejiang province, the yearly signed contracts is comparatively higher, which is around 75%.

江苏的年度电量的比例大概在60%。

In Jiangsu province, the proportion is around 60%.

投资者您好，我来回答您有关分板块净利润的拆分。2026年上半年，煤机的净利润是48.71亿元，同比是下降11.18亿元，降幅是18.66%。燃机的利润是7.07亿元，同比上涨1.80亿元，增幅34.22%。风电的净利润是风电的净利润是27.29亿元，同比是下降7.04亿元，降幅是20.52%。

In terms of the net profit broken down by different energy types, in the first half of the year of 2026, the coal-fired units of the company has realized a net profit of 4.87 billion RMB, which has saw a 1.18 billion decrease, which is equivalent to 18.36%. The gas-fired units has a net profit of 707 million, which has increased about 180 million, equivalent to 34.22% increase.

In terms of the wind power generator sector, we have a net profit of 2.73 billion, which has decreasing by 704 million RMB, equivalent to 20.5% decrease.

光伏是10.64亿元，同比下降5.94亿元，降幅是35.84%。水电是0.44亿元，同比上涨0.31亿元。生物质影响较小，处于盈亏平衡状态。回答完毕，谢谢。

In terms of the PV sector, we have an net profit about 1.06 billion, which has decreasing by 594 million, equivalent to 35.84% decrease. The hydropower has a 44 million margin, which is increasing about 31 margin.

The biomass is a break-even.

好的，感谢各位领导。想刚刚跟您确认一下，就刚刚您提到的年度长协占比58%是占总电量的比例对吧？不是占中长期的比例，谢谢。 是占中长期的比例。

好的，好的，明白，谢谢。

The yearly contracts of the mid- and long-term contracts takes 58% of the entire mid- and long-term contracts. Thank you.

好的，谢谢各位领导，我没有其他问题了，谢谢。

I have three questions. My first question goes to the capacity-based subsidy in the second quarter of the coal-fired units.

My second question goes to in the second quarter and in the first half of the year, respectively, how many plants of thermal power generators and PV sectors and wind sectors has made a loss? My third question is about the net profit attributable to the company's shareholders broken down by different energy types.

Thank you.

投资人你好，我来回答您一下这个关于容量电费的问题。上半年以来呢，这个各地区这个基本上按照14号文的要求，把这个容量电费回收煤机固定成本的比例提高到了50%以上。然后呢，这个公司上半年煤机的容量电费大概在70亿元74亿元左右，折合到度电大概在4分8左右，比去年同期高了1分7左右。

In the first half of this year, the capacity-based subsidy policy has been changed in many provinces, and based on the regulatory regulation of number 136, the capacity-based subsidy was improved to no less than 50%. In the first half of this year, we have a capacity-based subsidy received in total around 7.4 billion RMB yuan, equivalent to 48 yuan per megawatt-hour, which has shown a year-on-year increase of 17 yuan per megawatt-hour.

投资者您好，我来回答您有关第二和第三个问题。第二个问题是分板块的亏损面。2026年上半年，公司燃煤亏损是12家，占公司整体燃煤数量是16%左右。然后燃机燃机的亏损家数是4家，占公司燃机的总总个数是25%。风电的亏损个数是11%，占公司风电总个数8.8%。光伏的亏损个数是44家，占公司光伏的总个数是11%左右。回答完毕。 By the end of the first half of the year, 12 plants of coal-fired power generators has made a loss, equivalent to 16% of all the power generation plants of the company.

In the gas-fired units, four plants has made a loss, which takes about 25%. The wind power generation units has a 11 farms made a loss, which equivalent to 8.8%.

The PV sector, 44 farms has made a loss, equivalent to 11%.

有关第三个分板块净利润单二季度拆分。煤机的二季度净利润是12.04亿元，环比是下降了24.63亿元，降幅是67%左右。燃机的单二季度利润是净利润是负0.32亿元，环比是下降7.71亿元。风电的净利润单二季度是11.77亿元，环比是下降3.74亿元，降幅是24%左右。光伏的单二季度净利润8.71亿元，环比是增长6.77亿元，增幅是350%左右。水电单二季度是0.43亿元，环比也是增加0.43亿元。回答完毕，谢谢。

In terms of the net profit attributable to the company's shareholders in the second quarter alone, the coal-fired units of the company has made a net profit attributable to the common shareholders, which is about 12.04 billion yuan, which has saw a quarter-on-quarter decrease of 24.63 billion yuan, equivalent to 67% decrease. The gas-fired units has made a loss of 32 million yuan, which has a quarter-on-quarter decrease of 771 million yuan.

The wind power generators has made a contribution of 177 million yuan, which has saw a quarter-on-quarter decrease of 374 million yuan, which is equivalent to 24%. The PV sector has made a contribution of 871 million yuan, a quarter-on-quarter increase of 677 million, equivalent to 35 times the net profit in the first quarter of the year.

The hydropower has made a contribution of 43 million yuan, equivalent to 43 million increase as well.

感谢领导。关于火电的那个亏损面的问题，我还想请教一下，就是我们的这个12家亏损的火电主要是集中在拿几个省份？主要是因为什么原因呢？

I also want to ask about we have a 12 plants of coal-fired units has made a loss, I wonder that the geopolitical distribution and the reason that the company has made a loss. Thank you.

上半年燃煤的亏损主要是在辽宁、华北和湖北，然后燃机是在海南。 The plants that made a loss in the first half of 2026, for the coal-fired units, the plants in Liaoning and in northwestern China as well as in Hubei province has made a loss.

For gas-fired units, the Hainan has made a loss. 主要是电量、电价、单燃的一个综合影响。回答完毕，谢谢。

That is triggered because of that the tariff have shown a decrease as well as the increase of unit fuel cost. Thank you.

好的，谢谢各位领导，我没有其他问题了，谢谢。

Hello, 可以听见吗？ 哎，请问各位领导现在能听见吗？

能听见，请讲。 哎，领导好，我是中金的研究员姜雨晴。非常感谢领导给我提问机会。然后我这边还有几个小问题想要再追问一下。一个是想请教一下关于这个煤炭采购结构方面，然后公司能不能帮忙拆分一下单二季度我们的这个长协、现货和进口煤的采购的比例，包括各自的一个价格情况？然后第二个是想请教一下公司有没有统计今年的这个机组折旧到期的一个情况，然后这一块有没有可能有一个这个费用的结余？然后第三块是想请教一下公司单二季度的这个辅助服务费辅助服务收入的一个情况，谢谢。

I have three questions. My first question goes to the coal purchase mechanism of the company in the second quarter alone, and how many coal are purchased via the long-term contract and those from the spot market as well as the markets from overseas?

What about their price, respectively? The second question goes to the depreciation this year of the coal-fired units, and will that save some cost or expenditures by the end of this year?

My third question goes to the second quarter alone, and how many ancillary services revenue has received by the company? Thank you.

投资者您好，回答您第一个问题。我们拆到第二个季度，国内长协的标煤价是907.56元每吨，占比是44.5%；国内现货这边是958.66元每吨，占比是30.72%；进口煤是标煤价就是998.01元，占比是24.78%。回答完毕。

In the second quarter alone, the long-term contracts has covered the entire consumption of 44.5%, and the standard coal price of long-term coal is around 907.56 yuan per ton. Those from the spot market takes the share of 30.72%, the standard coal price of spot market coal scales 958.66 yuan per ton.

Those from overseas market takes 24.78% of the share, and the standard coal price of those from overseas scales 998.01 yuan per ton.

投资者您好，来回答您第二个有关折旧机组到期的问题。确实是有一部分公司煤机因为机组到期，然后折旧减少，释放盈利的影响。2026年上半年，公司煤机的折旧同比是下降3.93亿元。回答完毕，谢谢。

The coal-fired unit depreciation has delivered a contribution in the company's revenue as much as some of the coal-fired units has finished its depreciation cycle. By the end of the first half of the 2026, the coal-fired unit depreciation has saved the company's expenditures around 393 million RMB year-on-year.

Thank you.

投资者您好，我回答您关于辅助服务的问题。上半年公司辅助服务的收入大概在5.3亿元左右，是同比下降的。

In the first half of this year, we have shown a year-on-year decrease in the revenue from the ancillary services. In the first half of this year, we've received the revenue from the ancillary services, which is around 530 million

RMB yuan. 这个下降的原因主要是今年以来全国多数地区已实现了这个电力现货的这个连续运行。在现货连续运行的地区，将市场呢是通过这个完善这个市场规则以及放宽这个限价去引导实现调峰功能，所以说就不再有单独的这个调峰市场。

Since the beginning of this year, the country has introduced the relevant regulations that has implemented or introduced the spot market mechanism in more and more areas and provinces, and that triggers that the peak load management is no longer exists. Thank you.

哎，谢谢各位领导，我没有其他问题。

哎，你好，我是美国银行的Gary Zhang。我想请教第一个问题是我们刚才有提及过煤电的电价，请问有没有一季度跟二季度再细分这个年度长协、月度长协跟现货电价格一个绝对值跟可能同比的一个变化呢？第二个问题是领导一开始有提及过就是希望我们的发电要更匹配更多在一个高峰时间去发生。想请教一下就是我们具体的策略是什么样？就是我们对于储能这边现在是一个什么样的态度？最近这个规划里面也提到一个自行出力的要求。这个公司会对于这个配储或者多做储能有一个不同的一个想法，可以跟我们分享吗？最后一个问题想请教一下派息方面，因为今年上半年看到利润有点压力，可能全年都会有一些的下降，不知道管理层在派息方面会不会对于这个派息率或者是一个绝对值的一个派息金额 DPS 会有一个考量呢？谢谢。

I have three questions. My first questions goes to the tariff of the coal-fired units of the company.

Does the company has a broken down by different contracts types, including the mid- and long-term contracts of electricity price and those from spot market, especially those from the yearly contracts and the monthly contracts and the year-on-year change as well? My second questions goes to that the Chief Executive Officer of the company has mentioned that we'd like to generate even more power at peak hours to improve the company's profitability.

What is the company's specific strategy towards that and what does the company's expectation towards the electricity storage plants as the country and relevant documents are encouraging that? My third question goes to the dividend dispatching plan of the company.

By the end of the first half of this year, we have saw a downward pressure of the company's revenue. What about the company's anticipation towards its dividend dispatching ratio and earnings per share in the year of 2026?

Thank you. 投资人你好，刚刚我们回答了这个上半年的这个中长期电量的这个拆分，关于分季度的数据呢，我们会后提供给您。

We have offered the mid- and long-term contract the signing price of the first half of this year. The quarterly data, we will give you after this conference.

Thank you.

投资者您好，我来回答您关于储能的这个问题。136号文已经明确不得不把这个配储作为新能项目的核准并网上网的一个前置条件。

According to the document number 136, the electricity storage is not the prerequisite of the construction of the renewable projects. 政策导向了这个变化呢，标志着我们国家储能产业发展逻辑正在从政策的驱动转向市场的驱动，从被动的配套向主动的赋能在转化。

According to that policy change, it also triggers that in our country, the strategy for constructing electricity storage is transitioning to a more market-based mentality. 在这个背景下，储能项目的经济性成为我们公司在投资决策时候的核心考量因素。

The efficiency of the electricity storage plants has become the very important factors when we are delivering that.

截至6月底，公司已经投产的新能源储配储的规模大概是802兆瓦、1661兆瓦时。

By the end of the June, we already have about 802 megawatts, equivalent to 1661 megawatt-hours of electricity storage plants has already into business operation.

我们在建的新能源配储的规模是653兆瓦、1390兆瓦时。

Those electricity storage under construction has scaled 653 megawatts, equivalent to 1390 megawatt-hour. 后续我们会进一步结合各个区域的能源禀赋，包括电网调节的需求，还有市场建设的进度，因地制宜、差异化的去实施储能的布局。

Going forward, we will delivering this electricity storage construction plan based on different local conditions, including those conditions in the electricity market as well as the demand side of electricity. 我们觉得这样这样做既是对项目质量负责，也是对股东负责。回答完毕。

We believe that this mentality is responsible for the quality of both the storage capacity itself and our shareholders. Thank you.

投资者您好，我来回答您有关分红派息的问题。分红一直以来都是公司非常重视的一项工作，公司一直以来也是严格按照章程的规定制定分红计划。在公司发展和能满足正常公司经营发展的需求上，在可分配的利润原则上是不少于50%。

We always highlight the dividend dispatching plan, and we are also delivering those dividend dispatching plan based on the article of associate of the company. We want to strike a balance between the company's financial need as well as the development plan.

The dividend dispatching ratio is no less than 50% according to the articles of associate.

2025年公司每股分红4毛钱，比上一年两毛七增长了大概近50%。公司也一直致力于研究持续优化分红政策和分红频率，一直的目标也是与投资者共享这个经营成果。回答完毕，谢谢。

In the year of 2026, we have dispatched the dividends at 0.4 yuan per share, which is increasing about 50% compared with the 0.27 yuan per share in the year of 2024. The company is always devoted to optimizing our policies and plans for dividend dispatching, and we want to share even more with our shareholders as well.

Thank you. 好的，谢谢。

I have three questions. The management has introduced the coal-fired units electricity contracts of coal-fired units of the company by the end of the first half of this year.

I wonder that what is proportion of the yearly contracts, monthly contracts, and spot market contracts and the its price, respectively? You mentioned that the Zhejiang and Jiangsu province has both a larger proportion of contract assigning ratio in the mid- and long-term contracts.

We wonder that how does the company calculating that number and what is the denominator in the fraction? My second question is I want to know that in the year of 2026, what is the standard coal price of the coal-fired units in the in June and in July, respectively?

Thirdly, I want to know that something about the company's 15th Five-Year Plan. Is there some information that is ready for disclosure around the company's 15th Five-Year development plan?

Thank you.

然后我第二个问题就是想请教一下，我不知道公司方不方便帮我们分享一下2026年6月或者是7月我们的这个煤电的入炉标煤单价的情况？然后我的第三个问题想请教一下，就现阶段咱们关于整个“十五五”的发展规划有没有一些可以量化分享给投资者的信息？这就是我的三个问题，谢谢。 投资者您好，回答您第一个问题。刚刚您提到的这个我我说的这个比例，它的分母是这个中长期的电量。

The denominator of the fraction is the mid- and long-term contracts, and we calculated that share of the mid- and long-term contract.

关于这个年度和月度的价格呢，年度的价格大概在3毛6左右。

About those signing price, respectively, those contracts signed yearly is around 360 yuan per megawatt-hour. 月度的价格大概在3毛6分6厘左右，会比年度价格稍微高一点。

The signing price of monthly contracts is a little higher compared with those signing in annually, which is around 366 yuan per megawatt-hour. 关于这个江苏和浙江呢这个中长期的价格，江苏是在335左右，浙江是在345左右。

In terms of the mid- and long-term contract the price of electricity, in Jiangsu province, the price is around 335 yuan per megawatt-hour; in Zhejiang province, 345. 然后在这两个区域呢，这个公司的煤机基本都是可以通过现货实现增收的。江苏的這個抬价的这个江苏这个抬价的这个水平稍微高一些。回答完毕。

In that two provinces, the coal-fired units of the company can expand its revenue on the spot market, and Jiangsu is better.

投资者您好，我来回答您有关入炉标煤单价的问题。公司是没有月度的入炉标煤单价数据，但是我给您分享一下我们的季度数据。2026年上半年第二季度，公司的综合的一个入炉标煤单价是907.20元每吨，环比是上涨33元每吨，涨幅3.77%。其中煤机是855.79元每吨，环比是增长47.26元每吨，涨幅是5.85%。燃机是2013.33元每吨，环比是下降83.45元每吨，降幅4%左右。回答完毕，谢谢。

In terms of the question about the standard coal price broken by month, we do not have the specific data monthly, but I want to share you the standard coal price in the second quarter of the year. The standard coal price of the company has scaled 907.20 yuan per ton in the second quarter, which is a quarterly increase by 33 yuan per ton, equivalent to 3.77%.

The coal-fired unit, respectively, has a standard coal price of 855.79 yuan per ton, a quarterly increase of 47.26 yuan per ton, increasing by 5.85%. The gas-fired unit scales 2013.33 yuan per ton, a quarterly decrease of 83.45 yuan per ton, equivalent to 4% decrease.

Thank you. 我来回答您第三个 好的，谢谢管理层。

关于公司“十五五”规划。总体方向上，公司会延续“十四五”的总体思路，核心还是以提高发展质量和效益为基础。 About the company's 15th Five-Year Plan, we will also highlight the quality and efficiency of development just like what we did during the 14th Five-Year Plan period.

Thank you. 我们会继续服务好能源强国、能源安全新战略等一系列国家重大战略，并在此基础上深化绿色低碳转型。

We will deepen our green energy transformation based on the support towards the country's strategy, including the energy superpower and as well as the energy security. 具体分三个方面来看：首先是煤电方面，公司按照增容量、控电量还有促转型的思路去加快煤电结构的优化升级。

The first is about the coal-fired units, we are expanding our installed capacity while striking a balance between the green energy transformation as well as the power output. 这里的增容量我们指的是就是通过上大压小的替代项目，用高效大容量机组去替代老旧的小机组。

Expanding the installed capacity of coal-fired unit equivalent to delivering a larger and more efficient plants and replace those outdated plants. 控电量呢是指的是要顺应煤电向调节性电源转变的趋势，接受这个利用小时的结构向结构性下下降的这个现实。

In terms of controlling the power generation output, we need to accept the downward trend of the average unit fuel cost of the coal-fired unit and transitioning those coal-fired units into a ancillary services oriented generators. 促转型指的就是积极去推动新一代煤电技术应用，还有产业协同的发展。

Implementing the energy transformation of the coal-fired units equivalent to we need to promote the new technologies in our coal-fired units as well as embrace the industrial revolution. 第二是在新能源方面，我们想重点去布局深远海海上风电等优质的新能源项目，去不断提升新能新能源业务的发展质量。

In terms of the renewables, we want to improve the development quality of renewables by the means of developing those outstanding plants including those offshore wind turbine in deep and far sea. 第三是在战新产业方面，积极的发展新型储能，还有清洁供暖等战略新兴的产业项目，当然这个的前提也是要符合公司的一个投资标准。

Third is we want to embrace the strategic new industries and based on this IRR threshold of the company, including the new strategic programs, including the storage of electricity as well as the clean thermal supply plants. 需要说明的是，目前公司的“十五五”规划还处于编制阶段，我们正在紧密的对接国家还有集团公司的规划，进一步去深化论证。待条件成熟的时候，我们会按照程序出台，具体内容以公司公告为准。

I also want to argue that we still drafting our specific 15th Five-Year Plan based on the country's regulations and those documents from administrations as well as the 15th Five-Year Plan of the entire CHNG Group. When the 15th Five-Year Plan of the companies was ready, we will deliver that to the market in our disclosures.

Thank you.

Thanks for joining us today in this conference call. We always appreciate your long-term support to Huaneng Power International.

那今天的电话会议就到此结束。如果大家还有进一步的问题，那么欢迎大家在会后和公司的投资者关系的工作人员进行联系。谢谢大家。 Now this marks the end of today's conference.

For any further inquiry, please feel free to contact with our IR team. See you this fall.