Earnings release
Page 1
1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a sino-foreign joint stock limited company incorporated in the People’s Republico f China) (StockC ode: 00991) OVERSEAS REGULATORY ANNOUNCEMENT AND INSIDE INFORMATION ANNOUNCEMENT THIRD QUARTERLY REPORT OF 2025 In accordance with the requirements of the China Securities Regulatory Commission, Datang International Power Generation Co., Ltd. (the “Company ”) is required to publish quarterly reports for the first and third quarters of the year. The financial information contained in this quarterly report is unaudited, and was prepared in accordance with the China Accounting Standards for Business Enterprises. This announcement is made by the Company pursuant to the Inside Information Provisions (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”)) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and Rules 13.09(2)(a) and 13.10B of the Listing Rules. IMPORTANT NOTICE: The board of directors, the directors and senior management members of the Company warrant the truthfulness, accuracy and completeness of the content hereof and that there are no false representations, misleading statements contained in, or material omissions from this quarterly report, and severally and jointly accept the legal responsibility. The person-in-charge of the Company, the person-in-charge of accounting affairs and the person- in-charge of the accounting institution (head of the accounting department) hereby warrant the truthfulness, accuracy and completeness of the financial information contained in this quarterly report. The third quarterly financial statements are unaudited.
Page 2
2 I. MAJOR FINANCIAL DATA (I) Major accounting data and financial indicators Unit: ’000 Currency: RMB Item The reporting period The corresponding period of the previous year Change rate of the reporting period as compared to the corresponding period of the previous year (%) From the beginning of the year to the end of the reporting period The corresponding period of the previous year Change rate of the period from the beginning of the year to the end of the reporting period as compared to the corresponding period of the previous year (%) Before adjustment After adjustment After adjustment Before adjustment After adjustment After adjustment Operating revenue 32,152,080 32,675,879 32,682,394 -1.62 89,344,803 90,985,720 90,999,960 -1.82 Total profit 4,161,895 2,730,477 2,732,771 52.30 11,446,071 8,081,375 8,083,259 41.60 Net profit attributable to equity holders of the Company 2,132,922 1,321,254 1,323,292 61.18 6,712,123 4,429,393 4,431,041 51.48 Net profit attributable to equity holders of the Company after deducting non-recurring profit/loss 2,198,506 1,260,653 1,260,653 74.39 6,687,914 4,379,989 4,379,989 52.69 Net cash flows generated from operating activities N/A N/A N/A N/A 29,723,065 22,083,421 22,094,475 34.53 Basic earnings per share (RMB/share) 0.0934 0.0559 0.0560 66.79 0.2990 0.1801 0.1801 66.02 Diluted earnings per share (RMB/share) 0.0934 0.0559 0.0560 66.79 0.2990 0.1801 0.1801 66.02 Weighted average return on net assets (%) 5.05 3.42 3.42 Increased by 1.63 percentage points 16.92 11.46 11.46 Increased by 5.46 percentage points
Page 3
3 The end of the reporting period The end of the previous year Change rate of the end of the reporting period as compared to the end of the previous year (%) Before adjustment After adjustment After adjustment Total assets 323,999,439 322,601,537 322,601,537 0.43 Owners ’ equity attributable to equity holders of the Company 90,889,946 76,560,601 76,560,601 18.72 Note: The “reporting period ” refers to the period of three months from the beginning of this quarter to the end of this quarter, similarly hereinafter. Explanation of retrospective adjustment or restatement On 30 November 2024, the Company acquired 95% equity interest in Datang Solar Energy Industry (Yingde) Co., Ltd. (ʮ̡), which is also under the ultimate control of China Datang Corporation Ltd. In the third quarter of 2025, a retrospective adjustment was made to the figures for the corresponding period of the previous year. (II) Non-recurring profit/loss items and amounts ✓ Applicable ½ Not applicable Unit: ’000 Currency: RMB Non-recurring profit/loss items Amount for the period Amount for the period from the beginning of the year to the end of the reporting period Note Profit/loss from disposal of non-current assets (including the write-off of the asset impairment provision) -116,230 -116,743 Government subsidies included in the profit/loss for the current period (except for those closely related to the Company ’s normal business operation, granted in accordance with determined standards and in compliance with the State ’s policies and regulations, and had continuous impact on the Company ’s profit/loss) 19,470 86,791
Page 4
4 Non-recurring profit/loss items Amount for the period Amount for the period from the beginning of the year to the end of the reporting period Note Other than effective hedging business related to the Company ’s ordinary course of business, profit/loss from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and profit/loss from disposal of financial assets and financial liabilities -5,149 Profit/loss from loans entrusted to external entities 9,019 25,954 Other non-operating income and expenses excluding the above- mentioned items 5,536 46,288 Less: Impact of income tax -8,919 4,334 Impact of minority interests (after tax) -7,702 8,598 Total -65,584 24,209 For the items not set out in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public – Non-recurring Profit/Loss (ʮѓୋ 1ฦू) defined by the Company as non-recurring profit/loss items and with significant amount, as well as the non-recurring profit/loss items set out in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public – Non-recurring Profit/Loss classified by the Company as recurring profit/loss items, the related reasons shall be explained. ½ Applicable ✓ Not applicable
Page 5
5 (III) Details and reasons of the change in major accounting data and financial indicators ✓ Applicable ½ Not applicable Item Change (%) Main reason Major accounting data and financial indicators: Total profit from the beginning of the year to the end of the reporting period 41.60 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Net profit attributable to equity holders of the Company from the beginning of the year to the end of the reporting period 51.48 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Net profit attributable to equity holders of the Company after deducting non-recurring profit/ loss from the beginning of the year to the end of the reporting period 52.69 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Basic earnings per share (RMB/share) from the beginning of the year to the end of the reporting period 66.02 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Diluted earnings per share (RMB/share) from the beginning of the year to the end of the reporting period 66.02 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Total profit for the reporting period 52.30 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Net profit attributable to equity holders of the Company for the reporting period 61.18 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Net profit attributable to equity holders of the Company after deducting non-recurring profit/loss for the reporting period 74.39 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period.
Page 6
6 Item Change (%) Main reason Basic earnings per share (RMB/share) for the reporting period 66.79 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Diluted earnings per share (RMB/share) for the reporting period 66.79 Mainly due to the overall improvement of operating indicators and the year-on-year increase in profit for the period. Main data of the balance sheet: Cash balance 37.44 Mainly due to the increase in cash inflows from the operating profits for the period. Notes receivable -70.82 Mainly due to the decrease in the proportion of settlement by notes from regional grid companies received during the period. Prepayments 41.15 Mainly due to the increase in prepayments for fuel during the period. Non-current assets due within one year -99.05 Mainly due to business combination not under common control for the period. Debt investments -100.00 Mainly due to business combination not under common control for the period. Goodwill 61.85 Mainly due to business combination not under common control for the period. Notes payable 44.49 Mainly due to the increase in the scale of business settled through notes during the period. Contract liabilities -58.80 Mainly due to the decrease in heat charges received in advance as the heating season ended. Other current liabilities -57.97 Mainly due to the repayment of partial short-term bonds during the period.
Page 7
7 Item Change (%) Main reason Bonds payable 75.00 Mainly due to the increase in bonds issued during the period. Long-term payables 32.71 Mainly due to the increase in sale-and-leaseback transactions during the period. Main data of the income statement: Loss on impairment of credit -7,335.32 Mainly due to business combination not under common control for the period. Loss on impairment of assets 53.80 Mainly due to provision for impairment of assets made by the Company during the period. Non-operating income -36.63 Mainly due to the recovery of transaction funds written-off during the corresponding period of the previous year. Non-operating expenses 121.90 Mainly due to the occurrence of fixed-asset retirement during the period. Main data of the cash flow statement: Net cash flows generated from operating activities 34.53 Mainly due to the year-on-year decrease in fuel procurement expenses during the period. Net cash flows generated from financing activities -455.22 Mainly due to the increase in repayment of debt as the Company made a profit during the period.
Page 8
8 II. SHAREHOLDER INFORMATION (I) Total number of ordinary shareholders and of preference shareholders 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 196,377 Total number of preference shareholders with restored voting rights at the end of the reporting period (if any) Ŋ Shareholdings of the top ten shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage (%) Number of shares held with selling restrictions Pledged, marked or frozen Share status Number China Datang Corporation Ltd. State-owned legal person 6,540,706,520 35.34 0 Unknown 49,000,000 HKSCC NOMINEES LIMITED Foreign legal person 6,090,329,827 32.91 0 Pledged 3,275,623,820 Hebei Construction & Investment Group Co., Ltd. State-owned legal person 1,281,872,927 6.93 0 Nil 0 Tianjin Jinneng Investment Co., Ltd. State-owned legal person 1,214,966,500 6.57 0 Nil 0 Beijing Energy Holding Co., Ltd. State-owned legal person 241,670,937 1.31 0 Nil 0 Hong Kong Securities Clearing Company Limited Foreign legal person 148,146,890 0.80 0 Nil 0 Agricultural Bank of China Limited – CSI 500 Exchange Traded Securities Investment Fund (ʮ̡ Ñ ʕᗇ 500 ۨ ږOthers 54,185,463 0.29 0 Nil 0 Chen Rui Domestic natural person 19,696,700 0.11 0 Nil 0 China Construction Bank Corporation – GF CSI All Share Electric Power & Utilities Exchange Traded Open-ended Index Securities Investment Fund (ʮ̡ Ñ ᄿ೯ʕᗇ ږOthers 16,579,564 0.09 0 Nil 0 Basic Pension Insurance Fund Portfolio 902 (ɘཧɚଡ଼Υ ) Others 15,854,228 0.09 0 Nil 0
Page 9
9 Shareholdings of the top ten holders of shares free from selling restriction (excluding shares lent through refinancing) Name of shareholder Number of circulating shares held not subject to selling Class and number of shares restrictions Class Number China Datang Corporation Ltd. 6,540,706,520 RMB-denominated ordinary shares 6,540,706,520 HKSCC NOMINEES LIMITED 6,090,329,827 Overseas-listed foreign shares 6,090,329,827 Hebei Construction & Investment Group Co., Ltd. 1,281,872,927 RMB-denominated ordinary shares 1,281,872,927 Tianjin Jinneng Investment Co., Ltd. 1,214,966,500 RMB-denominated ordinary shares 1,214,966,500 Beijing Energy Holding Co., Ltd. 241,670,937 RMB-denominated ordinary shares 241,670,937 Hong Kong Securities Clearing Company Limited 148,146,890 RMB-denominated ordinary shares 148,146,890 Agricultural Bank of China Limited – CSI 500 Exchange Traded Securities Investment Fund (ʮ̡ Ñ ʕᗇ 500 ږ) 54,185,463 RMB-denominated ordinary shares 54,185,463 Chen Rui 19,696,700 RMB-denominated ordinary shares 19,696,700 China Construction Bank Corporation – GF CSI All Share Electric Power & Utilities Exchange Traded Open-ended Index Securities Investment Fund (ʮ̡ Ñ ᄿ೯ ό ږ) 16,579,564 RMB-denominated ordinary shares 16,579,564 Basic Pension Insurance Fund Portfolio 902 (ɘཧɚଡ଼Υ ) 15,854,228 RMB-denominated ordinary shares 15,854,228
Page 10
10 Notes on the related relationship or acting in concert among the above shareholders China Datang Overseas (Hong Kong) Co., Limited, a wholly- owned subsidiary of China Datang Corporation Ltd., held 3,275,623,820 H shares of the Company, representing approximately 17.70% of the Company ’s total share capital, which were included in the shareholding held by HKSCC NOMINEES LIMITED; China Datang Overseas (Hong Kong) Co., Limited has pledged all the H shares of the Company held by it. As at 30 September 2025, China Datang Corporation Ltd. and its subsidiaries held a total of 9,816,330,340 issued shares of the Company, representing approximately 53.04% of the Company ’s total issued shares. Notes on participation in securities lending and refinancing businesses by top ten shareholders and top ten holders of shares free from selling restriction (if any) As at 30 September 2025, among top ten shareholders and top ten holders of shares free from selling restriction, Chen Rui held 19,696,700 shares through credit securities account, representing approximately 0.11% of the Company ’s total share capital. Information of shares lent through participation in refinancing business by shareholders who hold more than 5% of shares, top ten shareholders and top ten holders of shares free from selling restriction ½ Applicable ✓ Not applicable Change in top ten shareholders and top ten holders of shares free from selling restriction over the last period as a result of lending/returning shares through refinancing business ½ Applicable ✓ Not applicable III. OTHER REMINDERS Other important information on the operation conditions of the Company during the reporting period that need to be reminded of the investors ½ Applicable ✓ Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½ Applicable ✓ Not applicable
Page 11
11 (II) Financial statements CONSOLIDATED BALANCE SHEET 30 SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item 30 September 2025 31 December 2024 Current assets: Cash balance 10,630,021 7,734,434 Notes receivable 136,861 469,031 Accounts receivable 20,411,257 20,898,338 Receivables financing 15,652 17,787 Prepayments 3,556,207 2,519,474 Other receivables 1,425,974 1,706,652 Including: Interests receivable 94,322 Dividends receivable 311,029 672,161 Inventories 3,531,840 4,824,979 Non-current assets due within one year 6,295 664,283 Other current assets 4,121,368 4,596,526 Total current assets 43,835,475 43,431,504
Page 12
12 Item 30 September 2025 31 December 2024 Non-current assets: Debt investments 191,777 Long-term receivables 43,521 43,521 Long-term equity investments 21,135,345 20,958,916 Investments in other equity instruments 806,052 769,672 Other non-current financial assets 4,140,884 4,146,033 Investment properties 463,185 475,973 Fixed assets 211,633,900 204,941,578 Construction-in-progress 21,564,023 29,545,636 Right-of-use assets 2,305,076 2,415,124 Intangible assets 4,913,168 4,416,844 Development expenses 393,546 377,976 Goodwill 1,040,362 642,802 Long-term deferred expenses 532,487 477,052 Deferred income tax assets 2,515,916 2,869,615 Other non-current assets 8,676,499 6,897,514 Total non-current assets 280,163,964 279,170,033 Total assets 323,999,439 322,601,537
Page 13
13 Item 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings 31,354,444 36,833,122 Notes payable 1,549,521 1,072,413 Accounts payable 18,384,101 22,386,324 Receipts in advance 1,499 3,390 Contract liabilities 774,428 1,879,740 Salaries payable 232,643 155,091 Taxes payable 1,515,814 1,142,557 Other payables 5,599,306 4,367,502 Including: Interests payable Dividends payable 361,953 145,919 Non-current liabilities due within one year 22,601,327 24,292,170 Other current liabilities 3,678,384 8,750,782 Total current liabilities 85,691,467 100,883,091 Non-current liabilities: Long-term borrowings 113,264,537 117,093,432 Debentures payable 7,000,000 4,000,000 Including: Preference shares Perpetual liabilities Lease liabilities 1,801,370 1,616,881 Long-term payables 4,798,482 3,615,701 Long-term salaries payable 4,987 5,496 Accrued liabilities 17,776 24,725 Deferred income 1,142,528 1,238,785 Deferred income tax liabilities 824,932 639,842 Other non-current liabilities Total non-current liabilities 128,854,612 128,234,862 Total liabilities 214,546,079 229,117,953
Page 14
14 Item 30 September 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid-up capital (or share capital) 18,506,711 18,506,711 Other equity instruments 55,785,638 46,271,881 Including: Preference shares Perpetual liabilities 55,785,638 46,271,881 Capital surplus 6,148,232 6,115,791 Less: Inventory shares Other comprehensive income -561,190 -590,662 Specific reserve 1,066,803 697,504 Surplus reserve 16,815,759 16,602,111 General risk reserve Undistributed profits -6,872,007 -11,042,735 Total owners ’ equity (or shareholders ’ equity) attributable to the parent company 90,889,946 76,560,601 Minority interests 18,563,414 16,922,983 Total owners ’ equity (or shareholders ’ equity) 109,453,360 93,483,584 Total liabilities and owners ’ equity (or shareholders ’ equity) 323,999,439 322,601,537 Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan
Page 15
15 CONSOLIDATED INCOME STATEMENT JANUARY TO SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) I. Total operating revenue 89,344,803 90,999,960 Including: Operating revenue 89,344,803 90,999,960 II. Total operating costs 78,272,273 84,326,535 Including: Operating costs 72,003,059 77,668,362 Business tax and surcharges 1,240,304 970,175 Selling expenses 95,049 87,891 Administrative expenses 1,589,881 1,570,399 R&D expenditures 6,264 5,902 Financial expenses 3,337,716 4,023,806 Including: Interest expenses 3,323,173 4,040,790 Interest income 16,120 39,426 Add: Other income 176,022 346,109 Investment income (losses stated with “-”) 1,588,669 2,060,710 Including: Investment income from associates and joint ventures 1,513,758 1,998,406 Gains arising from changes in fair value (losses stated with “-”) -5,149 -22,469 Loss on impairment of credit (losses stated with “-”) 279,645 -3,865 Loss on impairment of assets (losses stated with “-”) -1,477,883 -960,889 Gains from disposals of assets (losses stated with “-”) -28 -145
Page 16
16 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) III. Operating profit (losses stated with “-”) 11,633,806 8,092,876 Add: Non-operating income 66,514 104,960 Less: Non-operating expenses 254,249 114,577 IV. Total profit (total loss stated with “-”) 11,446,071 8,083,259 Less: Income tax expenses 2,025,550 1,647,016 V. Net profit (net loss stated with “-”) 9,420,521 6,436,243 (I) Classified by continuity of operations 1. Net profit from continuing operations (net loss stated with “-”) 9,420,521 6,436,243 2. Net profit from discontinued operations (net loss stated with “-”) (II) Classified by ownership of equity 1. Net profit attributable to the shareholders of the parent company (net loss stated with “-”) 6,712,123 4,431,041 2. Minority shareholders ’ profit and loss (net loss stated with “-”) 2,708,398 2,005,202 VI. Other comprehensive income after tax (net) 29,472 -49,804 (I) Other comprehensive income after tax attributable to owners of the parent company (net) 29,472 -50,818 1. Other comprehensive income that cannot be reclassified to profit and loss 34,830 -46,345 (1) Changes arising from the re- measurement of defined benefit plans (2) Other comprehensive income that cannot be reclassified to profit and loss under equity method (3) Changes in fair value of investments in other equity instruments 34,830 -46,345 (4) Changes in fair value of enterprise ’s own credit risk
Page 17
17 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) 2. Other comprehensive income that will be reclassified to profit and loss -5,358 -4,473 (1) Other comprehensive income that can be reclassified to profit and loss under equity method -3,299 -3,956 (2) Changes in fair value of other debt investments (3) Amount of financial assets reclassified to other comprehensive income (4) Credit impairment provision for other debt investments (5) Cash flow hedging reserves (6) Exchange differences from retranslation of financial statements -2,059 -517 (7) Others (II) Other comprehensive income after tax attributable to minority shareholders (net) 1,014 VII. Total comprehensive income 9,449,993 6,386,439 (I) Total comprehensive income attributable to owners of the parent company 6,741,595 4,380,223 (II) Total comprehensive income attributable to minority shareholders 2,708,398 2,006,216 VIII. Earnings per share: (I) Basic earnings per share (RMB/share) 0.2990 0.1801 (II) Diluted earnings per share (RMB/share) 0.2990 0.1801 Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan
Page 18
18 CONSOLIDATED CASH FLOW STATEMENT JANUARY TO SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) I. Cash flows generated from operating activities: Cash received from sales of goods and services rendered 99,192,721 100,570,795 Refund of taxes and levies 364,250 369,392 Other cash received relating to operating activities 1,767,965 2,764,337 Sub-total of cash inflows from operating activities 101,324,936 103,704,524 Cash paid for goods and services received 56,471,661 67,329,524 Cash paid to and for employees 6,411,129 5,933,579 Taxes paid 6,620,614 5,780,204 Other cash paid relating to operating activities 2,098,467 2,566,742 Sub-total of cash outflows from operating activities 71,601,871 81,610,049 Net cash flows generated from operating activities 29,723,065 22,094,475
Page 19
19 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) II. Cash flows generated from investing activities: Cash received on disposals of investments 141,514 419,430 Cash received on investment income 2,064,074 870,750 Net cash received from disposals of fixed assets, intangible assets and other long-term assets 26,155 26,083 Net cash received from disposals of subsidiaries and other operating units 11,114 354,972 Other cash received relating to investing activities 115,247 105,520 Sub-total of cash inflows from investing activities 2,358,104 1,776,755 Cash paid for acquisition and construction of fixed assets, intangible assets and other long-term assets 17,073,957 18,659,843 Cash paid for investments 159,391 444,160 Other cash paid relating to investing activities 43,509 189,704 Sub-total of cash outflows from investing activities 17,276,857 19,293,707 Net cash flows generated from investing activities -14,918,753 -17,516,952
Page 20
20 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) (Restated) III. Cash flows generated from financing activities: Cash received from investments 22,876,852 3,919,797 Including: Cash received from minority shareholders ’ investment in subsidiaries 376,852 419,797 Cash received from borrowings 103,588,170 90,439,595 Other cash received relating to financing activities 2,059,450 669,825 Sub-total of cash inflows from financing activities 128,524,472 95,029,217 Cash paid on repayments of borrowings 119,302,181 86,885,867 Cash paid for distribution of dividends and profit or interest expenses 7,247,202 6,395,074 Including: Dividends and profit paid to minority shareholders by subsidiaries 1,380,321 767,420 Other cash paid relating to financing activities 13,789,322 3,876,141 Sub-total of cash outflows from financing activities 140,338,705 97,157,082 Net cash flows generated from financing activities -11,814,233 -2,127,865 IV. Effect of foreign exchange rate changes on cash and cash equivalents -2,083 -2,742 V. Net increase in cash and cash equivalents 2,987,996 2,446,916 Add: Balance of cash and cash equivalents at the beginning of the period 7,207,988 8,492,980 VI. Balance of cash and cash equivalents at the end of the period 10,195,984 10,939,896 Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan
Page 21
21 BALANCE SHEET OF THE PARENT COMPANY 30 SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item 30 September 2025 31 December 2024 Current assets: Cash balance 1,183,179 1,670,788 Accounts receivable 843,500 1,097,574 Prepayments 167,013 128,809 Other receivables 2,998,481 3,014,801 Including: Interests receivable 6,838 27,930 Dividends receivable 2,649,688 2,677,113 Inventories 163,298 223,573 Non-current assets due within one year 63,069 390,471 Other current assets 396,937 400,960 Total current assets 5,815,477 6,926,976 Non-current assets: Debt investments 6,223,950 4,569,044 Long-term equity investments 97,159,612 95,025,867 Investments in other equity instruments 488,242 461,572 Other non-current financial assets 4,012,684 4,008,183 Investment properties 211,727 220,062 Fixed assets 8,745,194 6,849,341 Construction-in-progress 3,509,669 4,820,251 Right-of-use assets 11,334 13,514 Intangible assets 638,795 644,250 Development expenses 62,775 59,139 Goodwill 33,561 33,561 Long-term deferred expenses 74,216 54,527 Other non-current assets 99,991 552,060 Total non-current assets 121,271,750 117,311,371 Total assets 127,087,227 124,238,347
Page 22
22 Item 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings 4,261,167 10,594,624 Notes payable 287,000 Accounts payable 1,695,135 1,193,343 Contract liabilities 6,435 50,563 Salaries payable 29,502 14,606 Taxes payable 51,697 67,854 Other payables 668,663 621,797 Including: Interests payable Dividends payable Non-current liabilities due within one year 2,220,444 5,244,340 Other current liabilities 1,535,167 5,078,128 Total current liabilities 10,755,210 22,865,255 Non-current liabilities: Long-term borrowings 5,259,768 3,655,794 Debentures payable 7,000,000 4,000,000 Lease liabilities 8,305 4,421 Deferred income 91,732 94,360 Deferred income tax liabilities 189,855 188,730 Other non-current liabilities Total non-current liabilities 12,549,660 7,943,305 Total liabilities 23,304,870 30,808,560
Page 23
23 Item 30 September 2025 31 December 2024 Owners ’ equity (or shareholders ’ equity): Paid-up capital (or share capital) 18,506,711 18,506,711 Other equity instruments 55,785,638 46,271,881 Including: Preference shares Perpetual liabilities 55,785,638 46,271,881 Capital surplus 10,044,398 10,044,533 Less: Inventory shares Other comprehensive income -469,793 -493,164 Specific reserve 699,600 576,913 Surplus reserve 16,682,230 16,468,582 Undistributed profits 2,533,573 2,054,331 Total owners ’ equity (or shareholders ’ equity) 103,782,357 93,429,787 Total liabilities and owners ’ equity (or shareholders ’ equity) 127,087,227 124,238,347 Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan
Page 24
24 INCOME STATEMENT OF THE PARENT COMPANY JANUARY TO SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) I. Operating revenue 5,571,662 6,027,377 Less: Operating costs 5,937,903 6,066,500 Business tax and surcharges 112,347 111,171 Selling expenses Administrative expenses 440,864 459,702 R&D expenditures 72 76 Financial expenses 361,390 547,958 Including: Interest expenses 361,245 550,629 Interest income 4,169 3,536 Add: Other income 7,627 12,006 Investment income (losses stated with “-”) 4,546,631 5,019,298 Including: Investment income from associates and joint ventures 1,500,511 1,969,455 Gains arising from changes in fair value (losses stated with “-”) 4,501 -16,639 Loss on impairment of credit (losses stated with “-”) 2,847 Loss on impairment of assets (losses stated with “-”) -263,720 -763,806 Gains from disposals of assets (losses stated with “-”) 6 II. Operating profit (losses stated with “-”) 3,016,972 3,092,835 Add: Non-operating income 9,778 23,382 Less: Non-operating expenses 4,988 1,475
Page 25
25 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) III. Total profit (total loss stated with “-”) 3,021,762 3,114,742 Less: Income tax expenses 1,125 -4,160 IV. Net profit (net loss stated with “-”) 3,020,637 3,118,902 (I) Net profit from continuing operations (net loss stated with “-”) 3,020,637 3,118,902 (II) Net profit from discontinued operations (net loss stated with “-”) V. Other comprehensive income after tax (net) 23,371 -47,976 (I) Other comprehensive income that cannot be reclassified to profit and loss 26,670 -44,020 1. Changes arising from the re- measurement of defined benefit plans 2. Other comprehensive income that cannot be reclassified to profit and loss under equity method 3. Changes in fair value of investments in other equity instruments 26,670 -44,020 4. Changes in fair value of enterprise ’s own credit risk (II) Other comprehensive income that will be reclassified to profit and loss -3,299 -3,956 1. Other comprehensive income that can be reclassified to profit and loss under equity method -3,299 -3,956 2. Changes in fair value of other debt investments 3. Amount of financial assets reclassified to other comprehensive income 4. Credit impairment provision for other debt investments 5. Cash flow hedging reserves 6. Exchange differences from retranslation of financial statements 7. Others
Page 26
26 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) VI. Total comprehensive income 3,044,008 3,070,926 VII. Earnings per share: (I) Basic earnings per share (RMB/share) (II) Diluted earnings per share (RMB/share) Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan
Page 27
27 CASH FLOW STATEMENT OF THE PARENT COMPANY JANUARY TO SEPTEMBER 2025 Prepared by: Datang International Power Generation Co., Ltd. Unit: ’000 Currency: RMB Audit Type: unaudited Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) I. Cash flows generated from operating activities: Cash received from sales of goods and services rendered 6,457,182 7,114,841 Refund of taxes and levies 1,926 42,564 Other cash received relating to operating activities 685,724 1,157,176 Sub-total of cash inflows from operating activities 7,144,832 8,314,581 Cash paid for goods and services received 3,337,538 4,972,069 Cash paid to and for employees 1,091,490 1,041,126 Taxes paid 363,220 320,244 Other cash paid relating to operating activities 771,466 995,158 Sub-total of cash outflows from operating activities 5,563,714 7,328,597 Net cash flows generated from operating activities 1,581,118 985,984
Page 28
28 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) II. Cash flows generated from investing activities: Cash received on disposals of investments 891,325 2,022,530 Cash received on investment income 4,784,057 3,518,161 Net cash received from disposals of fixed assets, intangible assets and other long-term assets 25 20,155 Sub-total of cash inflows from investing activities 5,675,407 5,560,846 Cash paid for acquisition and construction of fixed assets, intangible assets and other long-term assets 1,083,384 1,260,623 Cash paid for investments 4,407,756 3,636,471 Other cash paid relating to investing activities 409 563 Sub-total of cash outflows from investing activities 5,491,549 4,897,657 Net cash flows generated from investing activities 183,858 663,189 III. Cash flows generated from financing activities: Cash received from investments 22,500,000 3,500,000 Cash received from borrowings 34,677,844 20,047,152 Other cash received relating to financing activities 2,990 2,139 Sub-total of cash inflows from financing activities 57,180,834 23,549,291 Cash paid on repayments of borrowings 45,714,480 21,496,500 Cash paid for distribution of dividends and profit or interest expenses 2,710,257 1,637,635 Other cash paid relating to financing activities 11,008,682 1,514,690 Sub-total of cash outflows from financing activities 59,433,419 24,648,825 Net cash flows generated from financing activities -2,252,585 -1,099,534
Page 29
29 Item The first three quarters in 2025 (January to September) The first three quarters in 2024 (January to September) IV. Effect of foreign exchange rate changes on cash and cash equivalents V. Net increase in cash and cash equivalents -487,609 549,639 Add: Balance of cash and cash equivalents at the beginning of the period 1,670,788 658,252 VI. Balance of cash and cash equivalents at the end of the period 1,183,179 1,207,891 Person-in-charge of the Company: Li Xiaofei Person-in-charge of accounting affairs: Sun Yanwen Person-in-charge of the accounting institution: Wang Tiankan Adjustment to financial statements as at the beginning of the current year upon initial adoption of new accounting standards or interpretation of standards for the first time since 2025 ½ Applicable ✓ Not applicable By order of the Board Sun Yanwen Joint Company Secretary Beijing, the PRC, 28 October 2025 As at the date of this announcement, the directors of the Company are: Li Xiaofei, Jiang Jianhua, Pang Xiaojin, Ma Jixian, Zhu Mei, Wang Jianfeng, Zhao Xianguo, Li Zhongmeng, Han Fang, Jin Shengxiang, Zong Wenlong*, Zhao Yi*, You Yong*, Pan Kunhua*, Xie Qiuye*. * Independent non-executive directors