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. FIRST QUARTERLY REPORT OF 2025 Pursuant to the regulations of Shanghai Stock Exchange, the Company is required to publish a quarterly report for each of the first and third quarters. All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC Accounting Standards (“PRC GAAP”). This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). IMPORTANT NOTICE (1) The board of directors and the supervisory committee of Huaneng Power International, Inc. (the “Company”, “ Huaneng International”) together with the members thereof and the senior management warrant that the information contained in this quarterly report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this quarterly report. (2) All financial information set out in this quarterly report is unaudited and prepared in accordance with the PRC GAAP. (3) The legal representative, person in charge of accounting function and person in charge of the accounting department warrant the truthfulness, accuracy and completeness of the content of the quarterly report.
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– 2 – (4) This announcement is made by the Company pursuant to Rule 13.09 and Rules 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong). I. MAJOR FINANCIAL DATA (1) Major accounting data and financial indices (Amounts: In RMB Yuan) Items Current reporting period Fluctuation from same period of last year (%) Operating Revenue 60,334,914,635 (7.70) Net profit attributable to equity holders of the Company 4,972,738,942 8.19 Net profit after deducting non-recurring profit or loss items attributable to equity holders of the Company 4,798,389,360 9.61 Net cash flows generated from operating activities 17,395,885,484 43.26 Basic earnings per share (RMB per share) 0.27 8.00 Diluted earnings per share (RMB per share) 0.27 8.00 Return on net assets (weighted average) (%) 7.15 Increased by 0.08 percentage points End of current reporting period End of last year Fluctuation from end of last year (%) Total Assets 588,492,644,964 586,842,753,960 0.28 Equity attributable to equity holders of the Company 141,852,976,940 137,414,784,587 3.23
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– 3 – (2) Non-recurring profit or loss items and amounts (Amounts: In RMB Yuan) Items Total amount of current reporting period (January to March) Notes Gains from disposal of non-current assets, including the write-off of the impairment on assets 7,401,167 Government grants recognised in profit or loss (except for government grants which are closely related to the Company’s business and are either in fixed amounts or determined under quantitative methods in accordance with the determined standard) 139,136,277 Mainly included coal purchase subsidies, environmental protection subsidies, heat supply subsidies, etc. Profit or loss on investment or management of assets entrusted to others (3,729,500) Reversal of impairment loss on receivables tested individually for impairment 9,098,245 Income from custodian fees obtained from entrusted operations 16,437,059 Other non-operating income and expenses excluding the above items 62,240,089 Less: Income tax impact 21,004,334 Impact of non-controlling interests, net of tax 35,229,421 Total 174,349,582
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– 4 – When items not listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Non-recurring Profit and Loss are recognised as non-recurring profit and loss items with significant amounts, and non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Their Securities to the Public – Non- recurring Profit and Loss are recognised as recurring profit and loss items, the reasons should be explained. ✓ Applicable Not applicable (Amounts: In RMB Yuan) Items Amount involved Reason Value-added tax levied immediately returned, refund of individual income tax handling fee 78,543,936 Closely related to the normal business of the Company Carbon emissions quota trading fees 24,049,394 Closely related to the normal business of the Company Carbon emissions quota trading income 136,170 Closely related to the normal business of the Company
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– 5 – (3) Disclosure as to, and reasons for, material changes in accounting data and financial indices ✓ Applicable Not applicable Item Fluctuation Reasons (%) Items of Major Accounting Data and Financial Indices: Operating revenue (7.70) Mainly due to the decrease in domestic power generation and the decrease in average electricity tariffs. Net profit attributable to equity holders of the Company 8.19 Mainly due to the year-on-year decline in domestic fuel costs. Net profit after deducting non-recurring profit or loss items attributable to equity holders of the Company 9.61 Mainly due to the year-on-year decline in domestic fuel costs. Basic earnings per share (RMB per share) 8.00 Mainly due to the year-on-year decline in domestic fuel costs. Diluted earnings per share (RMB per share) 8.00 Mainly due to the year-on-year decline in domestic fuel costs. Items of Consolidated Statement of Financial Position: Derivative financial assets (Current assets) (52.52) Mainly due to changes in the fair value of foreign exchange contracts, fuel contracts and interest rate contracts held by Sinosing. Accounts receivable 0.68 Mainly due to the increase in electricity receivables. Long-term equity investments 1.71 Mainly due to the increase in investment in associates and joint ventures. Fixed assets 0.65 Mainly due to the combined effects of the fact that construction-in-progress transferred into fixed assets and the depreciation of fixed assets. Construction-in-progress (2.52) Mainly due to the combined effects of new investments in infrastructure construction and the fact that construction-in-progress transferred into fixed assets in renewable energy sector. Intangible assets 2.32 Mainly due to the increase in land use rights during the period.
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– 6 – Item Fluctuation Reasons (%) Short-term loans (1.12) Mainly due to the decrease in credit borrowing. Contract liabilities (78.87) Mainly due to the decrease in prepaid heating fee following the end of the residential heating season. Other payables (8.08) Mainly due to the decrease in construction payables during the period. Current portion of non-current liabilities (2.08) Mainly due to the decrease in bonds payable maturing within one year. Other current liabilities (34.48) Mainly due to the repayment of short-term bonds payable during the period. Long-term loans (1.08) Mainly due to the increase in long-term loans reclassified to maturity within one year. Bonds payable 16.04 Mainly due to the increase in bond issuance during the period. Items of Consolidated Statement of Comprehensive Income: Operating cost (10.97) Mainly due to the decrease in coal purchase cost. Financial expense (15.12) Mainly due to the decrease in interest expense for the period resulting from the year-on-year decrease in interest rates for domestic interest-bearing liabilities. Investment income 37.63 Mainly due to the increase in profit of associates and joint ventures. Items of Consolidated Statement of Cash Flows: Net cash flows generated from operating activities 43.26 Mainly due to the decrease in coal procurement. Net cash flows generated from financing activities (400.30) Mainly due to the decrease in net financing during the period.
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– 7 – (4) The profits from the different segments in domestic (Unit: RMB100 million) Profit before tax for the first quarter The Company’s domestic segments 2025 2024 Fluctuation (%) Coal-fired 39.82 28.25 40.96 Combined cycle 7.53 5.36 40.58 Wind-power 22.52 24.14 (6.70) PV 5.64 3.70 52.59 Hydro-power (0.19) 0.05 (474.47) Biomass power 0.05 (0.05) 186.92
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– 8 – II. SHAREHOLDER INFORMATION (1) Total number of shareholders of ordinary shares and shareholders of preference shares with restored voting rights and shareholdings of the top ten shareholders Unit: share Total number of ordinary shareholders at the end of the reporting period 109,069 Total number of preference shareholders whose voting rights have been restored at the end of the reporting period (if any) – Shareholdings of the top ten shareholders (excluding shares lent through securities lending and refinancing) Name of shareholders Nature of shareholder Number of shares held Percentage of shareholding (%) Number of shares held with selling restriction Shares pledged, marked or frozen Status of shares Number Huaneng International Power Development Corporation State-owned entity 5,066,662,118 32.28% – Nil – HKSCC Nominees Limited Foreign entity 4,203,452,330 26.78% – Nil – China Huaneng Group Co., Ltd. State-owned entity 1,555,124,549 9.91% – Nil – Hebei Construction & Investment Group Co., Ltd. State-owned entity 493,316,146 3.14% – Nil – China Hua Neng Group Hong Kong Limited Foreign entity 472,000,000 3.01% – Nil – China Securities Finance Corporation Limited State-owned entity 466,953,720 2.97% – Nil – Jiangsu Guoxin Investment Group Limited State-owned entity 258,452,600 1.65% – Nil – Dalian State-Owned Capital Management and Operation Co., Ltd. State-owned entity 253,740,000 1.62% – Pledged 100,000,000 Liaoning Energy Investment (Group) Limited State-owned entity 244,205,000 1.56% – Nil – Hong Kong Securities Clearing Company Limited Others 188,025,262 1.20% – Nil –
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– 9 – Shareholdings of the top ten shareholders whose shares are not subject to selling restrictions (excluding shares lent through securities lending and refinancing) Name of shareholders Number of shares in circulation without any selling restrictions Type and number of shares Type Number Huaneng International Power Development Corporation 5,066,662,118 RMB denominated ordinary shares 5,066,662,118 HKSCC Nominees Limited 4,203,452,330 Overseas listed foreign invested shares 4,203,452,330 China Huaneng Group Co., Ltd. 1,555,124,549 RMB denominated ordinary shares 1,555,124,549 Hebei Construction & Investment Group Co., Ltd. 493,316,146 RMB denominated ordinary shares 493,316,146 China Hua Neng Group Hong Kong Limited 472,000,000 Overseas listed foreign invested shares 472,000,000 China Securities Finance Corporation Limited 466,953,720 RMB denominated ordinary shares 466,953,720 Jiangsu Guoxin Investment Group Limited 258,452,600 RMB denominated ordinary shares 258,452,600 Dalian State-Owned Capital Management and Operation Co., Ltd. 253,740,000 RMB denominated ordinary shares 253,740,000 Liaoning Energy Investment (Group) Limited 244,205,000 RMB denominated ordinary shares 244,205,000 Hong Kong Securities Clearing Company Limited 188,025,262 RMB denominated ordinary shares 188,025,262 Details relating to the related relationship of the above shareholders or the parties acting in concert Among the above shareholders, China Huaneng Group Co., Ltd., Huaneng International Power Development Corporation and China Hua Neng Group Hong Kong Limited are regarded as parties acting in concert under the “Management Rules on Acquisition of Listing Companies”. The Company is not aware any related relationship among other shareholders. Description of the top 10 shareholders and the top 10 unrestricted shareholders participating in margin trading and securities lending and refinancing business (if any) Nil
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– 10 – Information on shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders holding shares in circulation without selling restrictions who participated in securities lending and refinancing business Applicable ✓ Not applicable Changes in the top 10 shareholders and top 10 shareholders of shares without selling restrictions from previous period due to lending/returning of shares through securities lending and refinancing business Applicable ✓ Not applicable III. OTHER REMINDERS Other important information about the operation of the Company during the reporting period that needs to be reminded of investors Applicable ✓ Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (1) Type of Audit Opinion Applicable ✓ Not applicable
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– 11 – (2) Financial Statements HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRC GAAP) As AT 31 MARCH 2025 Amounts: In RMB Yuan ASSETS 31 March 2025 31 December 2024 CURRENT ASSETS Bank balances and cash 24,016,893,929 19,932,035,366 Derivative financial assets 121,586,138 256,065,161 Notes receivable 424,887,118 419,949,382 Accounts receivable 47,976,662,672 47,653,275,009 Advances to suppliers 4,651,877,165 4,926,966,476 Other receivables 3,434,688,098 3,501,815,820 Inventories 10,119,225,048 13,444,393,643 Contract assets 38,599,213 47,863,241 Current portion of non-current assets 1,077,041,786 1,049,886,560 Other current assets 4,941,811,163 5,067,403,846 Total current assets 96,803,272,330 96,299,654,504
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– 12 – ASSETS (CONTINUED) 31 March 2025 31 December 2024 NON-CURRENT ASSETS Derivative financial assets 16,117,959 38,104,951 Long-term receivables 6,824,028,905 7,115,271,095 Long-term equity investments 25,066,644,295 24,645,900,611 Other equity instrument investments 590,919,597 589,919,597 Investment property 582,523,589 591,511,948 Fixed assets 330,660,950,848 328,511,290,218 Construction-in-progress 70,036,707,813 71,844,297,025 Right-of-use assets 10,394,498,374 10,032,927,974 Intangible assets 18,634,182,242 18,211,165,654 Goodwill 11,613,623,901 11,523,428,427 Long-term deferred expenses 319,845,029 324,977,964 Deferred income tax assets 2,974,235,419 3,256,059,471 Other non-current assets 13,975,094,663 13,858,244,521 Total non-current assets 491,689,372,634 490,543,099,456 TOTAL ASSETS 588,492,644,964 586,842,753,960
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– 13 – LIABILITIES AND EQUITY (OR EQUITY INTEREST) 31 March 2025 31 December 2024 CURRENT LIABILITIES Short-term loans 60,477,958,810 61,165,907,856 Derivative financial liabilities 160,378,969 176,614,037 Notes payable 2,563,475,616 2,721,899,076 Accounts payable 16,271,910,177 16,452,989,043 Contract liabilities 745,590,873 3,528,663,617 Salary and welfare payables 1,913,584,217 1,153,030,328 Taxes payable 2,529,428,937 2,235,282,697 Other payables 38,014,946,264 41,358,132,876 Current portion of non-current liabilities 40,296,545,274 41,152,560,129 Other current liabilities 5,761,094,285 8,792,986,775 Total current liabilities 168,734,913,422 178,738,066,434 NON-CURRENT LIABILITIES Long-term loans 150,192,449,533 151,827,548,212 Derivative financial liabilities 281,922,308 271,621,472 Bonds payable 43,224,332,600 37,248,234,560 Lease liabilities 6,957,806,700 6,683,805,553 Long-term payables 1,525,749,779 1,462,886,537 Long-term employee benefits payable 25,209,208 25,209,571 Provision 1,344,900 42,066,382 Deferred income 1,680,106,583 1,454,942,456 Deferred income tax liabilities 1,721,701,167 1,711,661,531 Other non-current liabilities 4,233,301,680 4,328,884,882 Total non-current liabilities 209,843,924,458 205,056,861,156 TOTAL LIABILITIES 378,578,837,880 383,794,927,590
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– 14 – LIABILITIES AND EQUITY (OR EQUITY INTEREST) (CONTINUED) 31 March 2025 31 December 2024 EQUITY Share capital 15,698,093,359 15,698,093,359 Other equity instruments 79,978,466,363 80,170,696,120 Capital surplus 16,567,691,031 16,520,150,916 Other comprehensive income (508,551,937) (540,803,705) Special reserves 1,062,181,506 771,123,728 Surplus reserves 8,186,274,738 8,186,274,738 Undistributed profits 20,868,821,880 16,609,249,431 Equity attributable to equity holders of the Company 141,852,976,940 137,414,784,587 Non-controlling interests 68,060,830,144 65,633,041,783 Total equity 209,913,807,084 203,047,826,370 LIABILITIES AND EQUITY (OR EQUITY INTEREST) 588,492,644,964 586,842,753,960 Legal representative: Wang Kui Person in charge of accounting function: Huang Lixin Person in charge of accounting department: Zhou Yuanhui
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– 15 – HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (PRC GAAP) FOR THE FIRST QUARTER ENDED 31 MARCH 2025 Amounts: In RMB Yuan For the first quarter 2025 2024 Operating revenue 60,334,914,635 65,366,884,717 Less: Operating cost 48,844,078,005 54,860,145,929 Tax and levies on operation 555,280,155 493,460,580 Selling expenses 55,696,048 47,604,202 General and administrative expenses 1,521,863,414 1,378,989,937 Research and development expenses 234,949,448 205,855,654 Financial expenses 1,738,049,710 2,047,557,821 Add: Other income 223,339,960 305,165,792 Investment income 524,662,624 381,223,788 Including: Investment income from associates and joint ventures 524,908,296 380,929,444 Credit loss 9,098,245 (8,660,464) Asset impairment loss 12,960,025 32,287 Gain on disposal of assets 2,332,749 54,823 Operating profit 8,157,391,458 7,011,086,820 Add: Non-operating income 108,815,248 38,123,247 Less: Non-operating expenses 63,069,995 50,856,470 Profit before tax 8,203,136,711 6,998,353,597 Less: Income tax expense 1,243,755,966 1,161,037,239 Net profit 6,959,380,745 5,837,316,358 (1) Classification according to the continuity of operation Continuing operations net profit 6,959,380,745 5,837,316,358 (2) Classification according to ownership Equity holders of the Company 4,972,738,942 4,596,138,134 Non-controlling interests 1,986,641,803 1,241,178,224
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– 16 – For the first quarter 2025 2024 Other comprehensive income, net of tax (4,194,633) 300,171,960 Other comprehensive income attributed to equity holders of the Company, net of tax 32,251,768 205,007,243 Other comprehensive income that will not be reclassified to profit or loss (33,313,937) 3,951,119 Share of other comprehensive income of the equity-accounted investee that may not be reclassified to profit or loss (33,313,937) 3,951,119 Other comprehensive that will be reclassified to profit or loss 65,565,705 201,056,124 Share of other comprehensive income of investees accounted for under the equity method (8,303,601) (1,066,382) Effective portion of cash flow hedges (33,518,677) 430,243,588 Exchange differences on translation of foreign operations 107,387,983 (228,121,082) Other comprehensive income attributable to non-controlling interests, net of tax (36,446,401) 95,164,717 Total comprehensive income 6,955,186,112 6,137,488,318 Equity holders of the Company 5,004,990,710 4,801,145,377 Non-controlling interests 1,950,195,402 1,336,342,941 Earnings per share (expressed in RMB per share) – Basic earnings per share 0.27 0.25 – Diluted earnings per share 0.27 0.25 Legal representative: Wang Kui Person in charge of accounting function: Huang Lixin Person in charge of accounting department: Zhou Yuanhui
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– 17 – HUANENG POWER INTERNATIONAL, INC. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS (PRC GAAP) FOR THE FIRST QUARTER ENDED 31 MARCH 2025 Amounts: In RMB Yuan For the first quarter 2025 2024 Cash flows generated from operating activities Cash received from sales of goods and services rendered 65,035,785,817 70,675,373,200 Cash received from return of taxes and fees 72,167,444 171,770,992 Other cash received relating to operating activities 417,364,999 393,582,357 Sub-total of cash inflows of operating activities 65,525,318,260 71,240,726,549 Cash paid for goods and services received 40,220,140,209 51,182,902,437 Cash paid to and on behalf of employees including salary, social welfare, education funds and others in such manner 4,115,688,879 4,231,693,404 Payments of taxes 2,854,993,151 3,239,932,822 Other cash paid relating to operating activities 938,610,537 443,619,294 Sub-total of cash outflows of operating activities 48,129,432,776 59,098,147,957 Net cash flows generated from operating activities 17,395,885,484 12,142,578,592
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– 18 – For the first quarter 2025 2024 Cash flows generated from investing activities Cash received from return of investments – 11,601,000 Cash received on investment income 935,752 9,581,747 Cash received from disposal of fixed assets, intangible assets and other long-term assets 98,437,462 42,875,581 Other cash received relating to investing activities 11,588,488 – Sub-total of cash inflows of investing activities 110,961,702 64,058,328 Payment for the purchase of fixed assets, intangible assets and other non-current assets 9,053,639,993 9,161,317,124 Cash paid for investments 51,800,000 184,824,700 Other cash paid relating to investing activities 12,573,422 – Sub-total of cash outflows of investing activities 9,118,013,415 9,346,141,824 Net cash flows used in investing activities (9,007,051,713) (9,282,083,496) Cash flows generated from financing activities Cash received from investments 3,545,548,807 35,034,709 Including: ca sh received from non-controlling interests of subsidiaries 257,438,671 35,034,709 Cash received from borrowings 45,665,770,636 36,583,901,299 Other cash received relating to financing activities – 344,782,123 Sub-total of cash inflows of financing activities 49,211,319,443 36,963,718,131
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– 19 – For the first quarter 2025 2024 Repayments of borrowings 47,102,956,322 31,838,222,006 Redemption of other equity instruments 3,000,000,000 – Payments for dividends, profit or interest expense 2,940,971,931 3,227,140,313 Including: dividends paid to non-controlling interests of subsidiaries 226,877,806 163,287,609 Other cash paid relating to financing activities 504,500,374 454,077,823 Sub-total of cash outflows of financing activities 53,548,428,627 35,519,440,142 Net cash flows (used in)/generated from financing activities (4,337,109,184) 1,444,277,989 Effect of exchange rate fluctuations on cash held (97,280,400) 19,315,719 Net increase in cash and cash equivalents 3,954,444,187 4,324,088,804 Add: cash and cash equivalents at beginning of period 18,601,106,276 16,150,634,832 Cash and cash equivalents at end of period 22,555,550,463 20,474,723,636 Legal representative: Wang Kui Person in charge of accounting function: Huang Lixin Person in charge of accounting department: Zhou Yuanhui
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– 20 – Adjustments of financial statements at the beginning of the year in which the new accounting standards or standards interpretation were implemented for the first time since 2025 Applicable ✓ Not applicable By Order of the Board Huaneng Power International, Inc. Huang Chaoquan Company Secretary As at the date of this announcement, the directors of the Company are: Wang Kui (Executive Director) Huang Lixin (Executive Director) Du Daming (Non-executive Director) Zhou Yi (Non-executive Director) Li Lailong (Non-executive Director) Cao Xin (Non-executive Director) Ding Xuchun (Non-executive Director) Wang Jianfeng (Non-executive Director) Xia Qing (Independent Non-executive Director) He Qiang (Independent Non-executive Director) Zhang Liying (Independent Non-executive Director) Zhang Shouwen (Independent Non-executive Director) Dang Ying (Independent Non-executive Director) Beijing, the PRC 29 April 2025