Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a sino-foreign joint stock limited company incorporated in the People’s Republico f China) (StockC ode: 00991) ANNOUNCEMENT OF 2026 INTERIM RESULTS OPERATING AND FINANCIAL HIGHLIGHTS: • Operating revenue amounted to approximately RMB58,418 million, representing an increase of approximately 2.14% as compared to the first half of 2025. • Total profit before tax amounted to approximately RMB8,715 million, representing an increase of approximately 13.61% as compared to the first half of 2025. • Net profit attributable to equity holders of the Company amounted to approximately RMB5,815 million, representing an increase of approximately 19.32% as compared to the first half of 2025. • Basic earnings per share attributable to shareholders of the Company amounted to approximately RMB0.2845, representing an increase of RMB0.063 per share as compared to the first half of 2025.
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2 I. COMPANY RESULTS The board of directors (the “Board”) of Datang International Power Generation Co., Ltd. (the “Company ”) hereby announces the unaudited consolidated operating results of the Company and its subsidiaries (the “Group ”) prepared in conformity with the IFRS Accounting Standards for the six months ended 30 June 2026 (the “Period ”), together with the unaudited consolidated operating results of the first half of 2025 (the “Corresponding Period Last Year”) for comparison. Such operating results have been reviewed and confirmed by the audit committee of the Board of the Company (the “Audit Committee ”). Operating revenue of the Group for the Period was approximately RMB58,418 million, representing an increase of approximately 2.14% as compared to that of the Corresponding Period Last Year. Total profit before tax for the Period amounted to approximately RMB8,715 million, representing an increase of approximately 13.61% as compared to that of the Corresponding Period Last Year. Net profit attributable to equity holders of the Company for the Period was approximately RMB5,815 million, representing an increase of approximately 19.32% as compared to that of the Corresponding Period Last Year. Basic earnings per share attributable to shareholders of the Company for the Period amounted to approximately RMB0.2845, representing an increase of RMB0.063 per share as compared to that of the Corresponding Period Last Year. II. MANAGEMENT DISCUSSION AND ANALYSIS (I) Overview The Company is one of the largest independent power generation companies in the People ’s Republic of China (the “PRC”). The power generation businesses of the Company and its subsidiaries mainly cover 20 provinces, municipalities and autonomous regions across the country. Whereas thermal power generators of the Company are centralised in the Beijing-Tianjin-Hebei and southeast coastal regions, most of the hydropower projects are located in the southwest region, and wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. (II) Review on the Operating Results of Principal Businesses 2026 marks the inaugural year of the “15th Five-Year Plan ”. Aiming to achieve a good start, the Company pushed forward all work under the “Management Enhancement Year ( ၍ଣʺϋ )” initiative, mobilizing resources to navigate multiple operational headwinds. The special campaign for quality upgrade, efficiency enhancement and stable growth yielded substantive outcomes, once again driving all operational results to record highs in the first half of the year.
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3 1. By consolidating its business foundations, the Company has built a highly resilient energy supply system. Adhering to a bottom-line mindset, the Company strengthened look-through supervision to sustain safe and stable energy and power supply. In preparation for the winter and summer peak load seasons as well as power guarantee periods for key political events, it conducted regular hazard screening, rectification and targeted equipment renovations, coordinated coal supply and power dispatch to solidify the inventory fundamentals. The Company fulfilled all energy supply obligations in the first half of the year, demonstrating its role as a core pillar among central power enterprises. 2. Against pressures, the Company achieved steady progress in operating results. Navigating an adverse business environment riddled with market volatility, the Company further advanced lean management in a marketing-led, fuel-based and policy-oriented manner to maximise operating returns. It realized total profit before tax of RMB8,715 million, representing a year-on-year increase of 13.61%, once again hitting a record high for the corresponding period in the Company ’s history. 3. Concentrating all efforts, the Company steadily elevated the quality of its green transition. By improving its development mechanism and solidly rolling out the special campaign “Harness Wind & Embrace Solar (ӕΈ )”, the Company accelerated the layout of strategic emerging industries dominated by new energy sources, yielding sustained improvements in development quality and efficiency. In the first half of 2026, the Company ’s installed capacity of clean energy reached 37,177.765 MW, representing 43.27% of total installed capacity, further enriching the green foundation underpinning the Company ’s transformative development. 4. With in-depth development and refined management, the Company ’s financing costs continued to decrease. The Company further deepened the cost leadership special campaign, vigorously expanded low-cost financing channels and effectively cut financing costs. Its coupon rates stayed at an industry-leading level, furnishing steady support for the Company ’s high-quality development. The comprehensive financing costs have been finalised at 2.28%, dropping by 15 basis points year-on-year and 5 basis points from the beginning of the year, marking the best-ever performance in terms of financing cost reduction for the corresponding period.
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4 (III) Major Financial Indicators and Analysis 1. Operating Revenue During the Period, the Group realized operating revenue of approximately RMB58,418 million, representing an increase of approximately 2.14% as compared to the Corresponding Period Last Year, among which revenue from electricity sales was approximately RMB49,373 million, representing an increase of approximately RMB600 million as compared to the Corresponding Period Last Year or a year-on-year increase of approximately 1.23%. 2. Operating Costs During the Period, total operating costs of the Group amounted to approximately RMB48,657 million, representing an increase of approximately RMB392 million or 0.81% as compared to the Corresponding Period Last Year, which was mainly attributable to higher operating costs arising from newly commissioned generating units. 3. Net Finance Costs During the Period, finance costs of the Group amounted to approximately RMB2,081 million, representing a decrease of approximately RMB185 million or approximately 8.18% as compared to the Corresponding Period Last Year. The decrease in finance costs was mainly due to lower interest rates of borrowings. 4. Total Profit During the Period, the Group achieved total profit before tax of approximately RMB8,715 million, representing an increase of approximately 13.61% as compared to the Corresponding Period Last Year. The Group also achieved net profit of approximately RMB7,067 million, representing an increase of approximately 10.76% as compared to the Corresponding Period Last Year. 5. Financial Position As at 30 June 2026, total assets of the Group amounted to approximately RMB338,376 million, representing an increase of approximately RMB4,740 million as compared to that at the end of 2025. Total liabilities of the Group amounted to approximately RMB235,280 million, representing an increase of approximately RMB1,250 million as compared to that at the end of 2025.
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5 6. Liquidity As at 30 June 2026, the asset-to-liability ratio of the Group was approximately 69.53%. The net debt-to-equity ratio was approximately 177.02%. As at 30 June 2026, cash and cash equivalents and restricted deposits of the Group amounted to approximately RMB10,921 million, among which approximately RMB123 million were foreign currency deposits. The Group had no entrusted deposits and overdue fixed deposits during the Period. As at 30 June 2026, short-term loans of the Group amounted to approximately RMB43,665 million, bearing annual interest rates ranging from 0.70% to 3.80%. Long-term loans (excluding those repayable within one year) amounted to approximately RMB117,536 million and long-term loans repayable within one year amounted to approximately RMB17,150 million. Long-term loans (including those repayable within one year) were at annual interest rates ranging from 1.20% to 4.40%. 7. Welfare Policy As at 30 June 2026, the total number of employees of the Group was 26,545. For the overall payroll management, the Group adheres to performance orientation, attaches great importance to benefit contribution and efficiency improvement, and implements a performance and salary connected system. The Group conducted in-depth performance appraisal for all employees, adhered to the double benchmarking of salary and performance, and explored to establish and continuously improve a market-oriented and differentiated compensation distribution mechanism, so as to fully stimulate the motivation of employees and the business operation vitality. The Group attaches importance to employee training, continuously deepens the multi-channel growth mechanism of talents, proactively carries forward the construction of talent team with innovative and craftsmanship talent as the core, builds a platform for the career development of the employees, and constantly stimulates the vitality of employees. Adhering to the concept that “talent is the primary resource, and training is to create benefits for employees ”, the Group delicately designed training topics in close combination with the actual condition of the Company and the needs of employees, and vigorously carried out the hierarchical and classified training for all employees by way of “distance training + centralized training + on-site practical training ”, which continuously improved the pertinence and effectiveness of the training. In the first half of 2026, the Group organized and implemented 980 diverse training programs, with total attendance of 20,050.
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6 (IV) Outlook for the Second Half of 2026 In the second half of 2026, adhering to a problem-oriented, goal-oriented and result-oriented approach, the Company will stay firmly anchored on its annual business and development objectives, prioritise core tasks including stabilizing operations, advancing green transition, boosting benefits and mitigating risks, remedy deficiencies, reinforce weak areas and foster new growth momentum, striving to propel the Company ’s development to a new stage. Strictly observe the bottom line of production safety and consolidate the cornerstone of stable development. The Company will consistently enforce production safety responsibilities, conduct regular equipment hazard inspections and targeted safety rectification campaigns to comprehensively improve equipment reliability and intrinsic safety. Major equipment defects will be placed on supervised rectification lists to effectively improve the reliability of power generation and heating services. We will further carry out the special campaign “Curb Violations and Prevent Accidents ( ˀ༼ ݂to fully implement safety responsibilities at all levels. Adhering to the principle that “potential hazards cause accidents ”, the Company will conduct full-chain traceability and retrospective investigations for major hazards, so as to fully reinforce the foundation of production safety. Deepen refined operation management to stabilize the fundamental growth momentum. The Company will strive to improve an operation management system led by marketing and coordinated by all professional departments, improve operational quality and efficiency guided by market demands, and optimise the linkage mechanism between production and operation. Keeping pace with reforms to the electricity spot market, it will optimize peak-valley operation modes of generating units and strengthen full-lifecycle operation and maintenance for new energy station equipment. The Company will also conduct coordinated trading of all categories, including medium and long-term contracts, monthly contracts, inter-provincial spot transactions and peak regulation auxiliary services, and facilitate integrated trading of green power and green certificates. Forge ahead with green development to unlock pivotal drivers for transformation. Aligning with the priorities and supportive policies outlined in the national “15th Five-Year Plan ” for energy development, the Company will adhere to base-oriented layout, intensive management and professional support, fully advance key base projects, coordinate and optimise regional layout structures, and drive high-quality development of new energy across all regions. Focusing on resource conversion rate and on-time project completion rate, guided by the strategic initiative to build cost-competitive core projects, the Company will realize the high-efficiency transformation of resource endowments into high-quality productive capacity.
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7 Solidify fuel supply and cost control to build a solid firewall against cost risks. The Company will coordinate coal stockpiling to secure summer and winter supply, flexibly optimize transportation and delivery schedules, and raise inventories in a scientific manner to guarantee stable fuel supply. Continuous efforts will be made to improve the quality and efficiency of coal under long-term agreements, improve the relevant fulfillment ratios and give full play to long-term coal contracts as a stabilizer. Regional coal price benchmarking will be conducted on an ongoing basis; pre-plant and pre-furnace transportation and miscellaneous fees will be strictly controlled to cut per-ton coal transportation and storage losses. By advancing fuel violation rectification and standardized management of fuel sampling, preparation and testing procedures, the Company aims to reduce hidden fuel costs across the whole process. III. SHARE CAPITAL AND DIVIDENDS (I) Share Capital As of 30 June 2026, the total share capital of the Company amounted to 18,506,710,504 shares with a par value of RMB1 per share. (II) Dividends Pursuant to the Board meeting on 28 August 2026, the directors of the Company approved the declaration of the interim dividends for the six months ended 30 June 2026 of RMB0.068 (tax inclusive) per share. Dividends declared after the end of the reporting period are not recognised as a liability at the end of the reporting period. (III) Shareholding of Directors and Chief Executive As of 30 June 2026, to the knowledge of the Board, none of the directors and chief executive of the Company nor their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporation (as defined in the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the “SFO”)) that were required to be notified to the Company and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange ”) pursuant to Divisions 7 and 8 of Part XV of the SFO, or required to be recorded in the register mentioned in the SFO pursuant to section 352 of the SFO or otherwise required to be complied with the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set out in Appendix C3 to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the “Listing Rules ”).
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8 IV. SIGNIFICANT EVENTS 1. During the Period and from the Period to the date of this announcement, the Company issued medium-term notes totalling RMB15,000 million. 2. During the Period and from the Period to the date of this announcement, the Company issued super short-term debentures totalling RMB18,000 million. 3. During the Period and from the Period to the date of this announcement, the Company issued corporate bonds totalling RMB6,500 million. 4. On 26 June 2026, pursuant to the Resolution on the Election of the Director of the Company considered and approved at the 2025 annual general meeting of the Company, Mr. Song Bo was appointed as an executive director of the twelfth session of the Board of the Company. On the same day, the Company convened the fourteenth meeting of the twelfth session of the Board and elected Mr. Song Bo as the Chairman of the Company. Mr. Li Xiaofei ceased to act as an executive director of the twelfth session of the Board of the Company due to work adjustment, with effect from 26 June 2026. V. PURCHASE, SALE AND REDEMPTION OF THE COMPANY ’S LISTED SECURITIES During the Period, the Group did not purchase, sell or redeem any of the Company ’s listed securities (including sale of treasury shares (as defined in the Listing Rules)). As at 30 June 2026, the Company did not hold any treasury shares. VI. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE To the knowledge of the Board, the Company complied with the code provisions (the “Code Provision(s) ”) under Part 2 of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the Period, except for the followings: During the Period, Mr. Pang Xiaojin, the then non-executive director, was unable to attend the 2026 first extraordinary general meeting of the Company in person due to business engagements; Mr. Li Xiaofei, the then executive director, and Mr. Wang Jianfeng, Mr. Han Fang and Mr. Jin Shengxiang, the then non-executive directors, were unable to attend the 2025 annual general meeting of the Company in person due to business engagements, which failed to comply with the relevant requirement for directors to attend general meetings as stipulated under Code Provision C.1.5. However, there were sufficient directors (including other non-executive directors and independent non-executive directors) present at those meetings to ensure that the directors had a full and fair understanding of the views of the shareholders of the Company.
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9 During the Period, the Nomination Committee, the Remuneration and Appraisal Committee, the Audit Committee as well as the Strategic Development and Risk Control Committee set up by the Board carried out their work in accordance with their respective terms of reference. Their terms of reference have covered the responsibilities to be performed as required by Code Provisions B.3.1, E.1.2 and D.3.3. The only discrepancies between such terms of reference and the aforesaid Code Provisions were in the expressions or sequences. VII. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The Company has adopted a code of conduct regarding directors ’ securities transactions on terms no less exacting than the required standards set out in the Model Code. Upon specific enquiries made to all directors of the Company and in accordance with information available, the Board confirmed that all directors have complied with the Model Code during the Period. VIII. AUDIT COMMITTEE The Audit Committee is comprised of Mr. Zong Wenlong as convenor alongside Mr. Xie Qiuye, Mr. You Yong, Ms. Zhu Mei and Mr. Han Fang as committee members. The Audit Committee has reviewed the interim results for the Period and discussed matters regarding internal control and the financial statements, including the review of the financial report of the Group for the Period. The Audit Committee considers that the financial report of the Group for the Period has complied with the applicable accounting standards, and that the Group has made appropriate disclosures thereof. IX. SUBSEQUENT EVENTS Save as disclosed in this announcement, no other significant events affecting the Group have occurred subsequent to the Period and as of the date of this announcement. By order of the Board Sun Yanwen Joint Company Secretary Beijing, the PRC, 28 August 2026 As at the date of this announcement, the directors of the Company are: Song Bo, Sun Yanwen, Jiang Jianhua, Han Xuwang, Zhu Mei, Wang Jianfeng, Zhao Xianguo, Li Zhongmeng, Han Fang, Jin Shengxiang, Zong Wenlong*, Zhao Yi*, You Yong*, Pan Kunhua*, Xie Qiuye*. * Independent non-executive directors
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10 FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS PREPARED UNDER IFRS ACCOUNTING STANDARDS CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Six months ended 30 June 2026 2025 Note RMB’000 RMB’000 (unaudited) (unaudited) Operating revenue 3 58,418,195 57,192,723 Operating costs Fuel for power and heat generation (29,198,423) (28,727,512) Depreciation (7,979,670) (7,599,203) Repairs and maintenance (934,016) (1,026,524) Salaries and staff welfare (4,419,127) (3,851,958) Local government surcharges (802,821) (733,840) Others 7(b) (5,323,410) (6,326,395) Total operating costs (48,657,467) (48,265,432) Operating profit 9,760,728 8,927,291 Share of results of associates 907,743 893,425 Share of results of joint ventures 2,096 5,585 Investment income 25 16,935 Interest income 7(a) 7,871 12,187 Other income and other gains and losses, net 117,169 81,124 Finance costs 5 (2,080,530) (2,265,773) Profit before tax 8,715,102 7,670,774 Income tax expense 6 (1,648,035) (1,290,101) Profit for the period 7 7,067,067 6,380,673 Profit for the period attributable to: Holders of equity instruments of the Company – Owners of the Company 5,264,551 4,099,953 – Holders of other equity instruments 550,705 773,698 5,815,256 4,873,651 – Non-controlling interests 1,251,811 1,507,022 7,067,067 6,380,673 Earnings per share Basic and diluted (RMB cents) 9 28.45 22.15
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11 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2026 Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Profit for the period 7,067,067 6,380,673 Other comprehensive income, net of tax: Items that may be reclassified subsequently to profit or loss: Share of other comprehensive expense of associates (3,591) (671) Exchange differences on translating foreign operations (5,019) (2,398) Item that will not be reclassified to profit or loss: Fair value gain on investments in equity instruments at fair value through other comprehensive income 25,507 39,430 Other comprehensive income for the period, net of income tax 16,897 36,361 Total comprehensive income for the period 7,083,964 6,417,034 Total comprehensive income for the period attributable to: Holders of equity instruments of the Company – Owners of the Company 5,281,448 4,136,314 – Holders of other equity instruments 550,705 773,698 5,832,153 4,910,012 – Non-controlling interests 1,251,811 1,507,022 7,083,964 6,417,034
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12 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 30 June 31 December 2026 2025 Note RMB’000 RMB’000 (unaudited) (audited) Non-current assets Property, plant and equipment 240,180,800 240,860,407 Right-of-use assets 7,326,197 7,398,004 Investment properties 557,928 507,714 Intangible assets 1,828,077 1,860,494 Interests in associates 22,380,267 21,672,759 Interests in joint ventures 174,902 172,806 Financial assets at fair value through profit or loss 4,134,742 4,111,385 Financial assets at fair value through other comprehensive income 838,434 843,603 Deferred tax assets 2,076,774 2,268,924 Other non-current assets 12,748,862 10,648,653 292,246,983 290,344,749 Current assets Inventories 4,232,215 4,314,914 Trade and notes receivables 10 21,086,328 20,829,884 Prepayments and other receivables 9,817,039 8,762,517 Tax recoverable 72,720 117,177 Current portion of other non-current assets 3 – Cash and cash equivalents and restricted deposits 10,920,823 9,267,252 46,129,128 43,291,744 Current liabilities Trade payables and accrued liabilities 11 26,076,665 29,326,460 Contract liabilities 179,745 1,942,373 Consideration payable 213,158 213,158 Tax payables 2,031,530 1,799,526 Dividend payables 2,785,936 194,613 Short-term loans 43,665,069 41,115,743 Short-term bonds 8,022,476 5,018,623 Current portion of lease liabilities 149,076 242,915 Current portion of non-current liabilities 22,091,610 23,892,173 105,215,265 103,745,584 Net current liabilities (59,086,137) (60,453,840) Total assets less current liabilities 233,160,846 229,890,909
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13 30 June 31 December 2026 2025 Note RMB’000 RMB’000 (unaudited) (audited) Capital and reserves Share capital 18,506,711 18,506,711 Reserves 19,175,161 15,573,000 37,681,872 34,079,711 Non-controlling interests 19,407,651 19,223,546 Other equity instruments 46,006,209 46,303,465 Total equity 103,095,732 99,606,722 Non-current liabilities Long-term loans 117,536,490 113,819,201 Long-term bonds 3,500,000 7,000,000 Deferred income 1,073,035 1,114,222 Deferred tax liabilities 1,095,014 997,847 Lease liabilities 1,999,922 1,902,818 Other non-current liabilities 4,860,653 5,450,099 130,065,114 130,284,187 233,160,846 229,890,909
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14 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 1 BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ( “IAS”) 34 “Interim Financial Reporting ” issued by the International Accounting Standards Board (the “IASB”) as well as with the applicable disclosures requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules ”). The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards issued by the IASB. At 30 June 2026, the Group had net current liabilities of approximately RMB59,086,137,000. The Group meets its day to day working capital requirements from cash generated from its operating activities and available financing facilities from banks and other financial institutions. The Group had significant undrawn borrowing facilities, subject to certain conditions, of not less than RMB150 billion and may refinance and/or restructure certain short-term borrowings into long-term borrowings and will also consider alternative sources of financing, where applicable. The directors of the Company are of the opinion that the Group will be able to meet its liabilities as and when they fall due within the next twelve months and have prepared these condensed consolidated financial statements on a going concern basis. 2 ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values, as appropriate. Other than changes in accounting policies resulting from application of amendments to IFRS Accounting Standards, as mentioned in this note, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2026 are the same as those presented in the Group ’s annual financial statements for the year ended 31 December 2025. Application of amendments to IFRS Accounting Standards In the current interim period, the Group has applied the following amendments to IFRS Accounting Standards issued by the IASB, for the first time, which are mandatorily effective for the Group ’s annual period beginning on 1 January 2026 for the preparation of the Group ’s condensed consolidated financial statements: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards – Volume 11
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15 The application of the amendments to IFRS Accounting Standards in the current interim period has had no material impact on the Group ’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements. 3 OPERATING REVENUE The Group ’s operating revenue was generated from contracts with customers and revenue is recognised at a point in time. The disaggregation of the Group ’s operating revenue by product types for the period is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Disaggregation of revenue from contracts with customers Sales of electricity and heat supply 55,175,590 54,204,843 Others 3,242,605 2,987,880 Total 58,418,195 57,192,723 4 SEGMENT INFORMATION Executive directors and certain senior management (including chief accountant) of the Company (collectively referred to as the “Senior Management ”) perform the function as chief operating decision makers (the “CODM”). Senior Management reviews the internal reporting of the Group in order to assess performance and allocate resources. Senior Management has determined the operating segments based on these reports. Senior Management considers the business from a product perspective. Senior Management primarily assesses the performance of power and heat generation and other operating activities separately. Other operating activities primarily include aluminium smelting products, coal mining, treatment of flyash, etc., and are included in “other segments ”. Senior Management assesses the performance of the operating segments based on a measure of profit before tax prepared under China Accounting Standards for Business Enterprises ( “PRC GAAP ”). Unless otherwise noted below, all such financial information in the segment tables below is prepared under PRC GAAP. 1. Power and heat generation segment – operation of power plants through subsidiaries, generating electric power and heat for sale to external power grid companies, investing in power plants through joint ventures and associates; 2. Other segments – engaged in aluminium smelting, coal mining and treatment of flyash and others. The “other segments ” comprises a number of immaterial businesses and none of these units has ever individually met the quantitative thresholds for determining a reportable segment.
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16 Segment revenues and results The following is an analysis of the Group ’s revenue and results by reportable and operating segments: Six months ended 30 June 2026 Power and heat generation segment Other segments Total reportable segments RMB’000 RMB’000 RMB’000 (unaudited) (unaudited) (unaudited) SEGMENT REVENUE External sales 55,175,590 3,242,605 58,418,195 Inter-segment sales (Note) 397,917 143,074 540,991 55,573,507 3,385,679 58,959,186 Segment profit 7,013,072 1,286,078 8,299,150 Six months ended 30 June 2025 Power and heat generation segment Other segments Total reportable segments RMB’000 RMB’000 RMB’000 (unaudited) (unaudited) (unaudited) SEGMENT REVENUE External sales 54,204,843 2,987,880 57,192,723 Inter-segment sales (Note) 386,748 161,461 548,209 54,591,591 3,149,341 57,740,932 Segment profit 6,990,841 293,335 7,284,176 Note: The inter-segment sales were carried out with reference to market prices. Segment results does not include income tax expense. This is the measure reported to the CODM of the Group for the purposes of resource allocation and performance assessment.
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17 Segment assets and liabilities The following is an analysis of the Group ’s assets and liabilities by reportable segments: 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) SEGMENT ASSETS Power and heat generation segment 332,062,565 327,614,025 Other segments 6,138,374 5,912,846 Total reportable segment assets 338,200,939 333,526,871 SEGMENT LIABILITIES Power and heat generation segment 230,629,624 228,940,447 Other segments 4,477,252 5,013,162 Total reportable segment liabilities 235,106,876 233,953,609 Reconciliations of reportable segment results and assets and liabilities under PRC GAAP and IFRS Accounting Standards: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Total reportable segment profit 8,299,150 7,284,176 IFRS Accounting Standards adjustments 415,952 386,598 Profit before tax under IFRS Accounting Standards 8,715,102 7,670,774
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18 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) Assets Total reportable segment assets 338,200,939 333,526,871 IFRS Accounting Standards adjustments 175,172 109,622 Total assets under IFRS Accounting Standards 338,376,111 333,636,493 Liabilities Total reportable segment liabilities 235,106,876 233,953,609 IFRS Accounting Standards adjustments 173,503 76,162 Total liabilities under IFRS Accounting Standards 235,280,379 234,029,771 Geographical information No geographical information is presented as more than 90% of the Group ’s revenue during the six months ended 30 June 2026 and 2025 and most of their customers and non-current assets as at 30 June 2026 and 31 December 2025 were located in the PRC. 5 FINANCE COSTS Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Interest on bank loans, bonds and other borrowings 2,267,856 2,410,879 Interest on lease liabilities 27,723 26,338 Less: Amounts capitalised in property, plant and equipment (226,519) (188,219) 2,069,060 2,248,998 Others 11,470 16,775 2,080,530 2,265,773
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19 6 INCOME TAX EXPENSE Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Current tax: People ’s Republic of China ( “PRC”) Enterprise Income Tax ( “EIT”) 1,356,772 1,076,689 Deferred tax 291,263 213,412 1,648,035 1,290,101 The PRC EIT represents tax charged on the estimated assessable profits arising in the PRC. In general, the Group ’s subsidiaries operating in the PRC are subject to the PRC EIT rate of 25% (six months ended 30 June 2025: 25%), except for certain subsidiaries which are tax exempted or entitled to preferential tax rates, as determined in accordance with the relevant tax rules and regulations in the PRC. 7 PROFIT FOR THE PERIOD (a) Profit for the period has been arrived at after charging/(crediting) the following items: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Interest income (7,871) (12,187) Depreciation of property, plant and equipment 7,791,814 7,434,242 Depreciation of investment properties 19,546 13,315 Depreciation of right-of-use assets 168,310 151,646
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20 (b) Other operating expenses: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Reversal of impairment of trade receivables, net (431) (117) Reversal of impairment of other receivables, net – (3,159) Impairment of property, plant and equipment 140 272,280 Amortisation of intangible assets 72,825 72,264 Procurement cost of aluminum products and coal products 2,072,551 2,684,898 Environmental protection fee 1,625,209 1,654,675 Electricity expense 131,969 158,084 Water fee and water resource fee 289,030 210,207 Intermediary fees 13,089 35,494 Insurance 106,202 101,630 Office expenses 23,330 33,595 Travel expenses 47,000 63,630 Outsourcing expenses 109,305 88,656 Public security fire fee 26,818 41,761 Information expenses 37,623 41,702 Entertainment expenses 1,612 7,669 Sales services fee 39,061 20,372 Short-term lease expenses 62,636 47,351 Building management fee 73,794 94,553 Greenery expenses 11,597 18,065 Technical services fee 58,038 50,570 Others (Note) 522,012 632,215 5,323,410 6,326,395 Note: Others mainly represents expenses of utilities concession income and heat supply cost. 8 DIVIDENDS Pursuant to the Board of Directors ’ meeting on 28 August 2026 and the authorisation granted by the shareholders at the 2025 Annual General Meeting held on 26 June 2026, the directors of the Company approved to declare the interim dividends for the six months ended 30 June 2026 of RMB0.068 per share, totaling RMB1,258,456,000 (tax inclusive). Dividends approved after the end of the reporting period are not recognised as a liability at the end of the reporting period. During the six months ended 30 June 2026, a final dividend of RMB0.093 per share in respect of the year ended 31 December 2025 amounting to approximately RMB1,721,124,000 (tax inclusive) was declared and payable to the owners of the Company. During the year ended 31 December 2025, an interim dividend of RMB0.055 per share in respect of the year ended 31 December 2025 amounting to approximately RMB1,017,869,000 (tax inclusive) was declared and paid to the owners of the Company.
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21 During the six months ended 30 June 2025, a final dividend of RMB0.0621 per share in respect of the year ended 31 December 2024 amounting to approximately RMB1,149,267,000 (tax inclusive) was declared and paid to the owners of the Company. 9 EARNINGS PER SHARE The calculation of basic and diluted earnings per share attributable to the owners of the Company is based on the following data: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Earnings Earnings for the purpose of basic and diluted earnings per share 5,264,551 4,099,953 ’000 ’000 Number of shares Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 18,506,711 18,506,711 Note: The diluted earnings per share is equal to the basic earnings per share as there were no dilutive potential ordinary shares outstanding during the six months ended 30 June 2026 and 2025. 10 TRADE AND NOTES RECEIVABLES 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) Trade receivables 21,177,853 21,040,303 Less: Allowance for credit losses (272,905) (273,336) 20,904,948 20,766,967 Notes receivables – At amortised cost 146,865 28,869 – At fair value through other comprehensive income 34,515 34,048 181,380 62,917 21,086,328 20,829,884 As at 30 June 2026 and 31 December 2025, trade receivables from contracts with customers amounted to RMB20,904,948,000 and RMB20,766,967,000 respectively.
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22 Except for tariff premium receivables which have no due date for settlement, the Group usually grants credit period of approximately one month to local power grid customers, heat supply customers and coal sales customers from the month end after sales and sale transactions made, respectively. The following is an aged analysis of trade and notes receivables net of allowance for credit losses, presented based on the invoice dates, which approximates the respective revenue recognition dates, at the end of the reporting period. 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) Within one year 12,805,591 14,292,916 Between one to two years 3,143,784 3,115,928 Between two to three years 2,373,791 1,615,583 Over three years 2,763,162 1,805,457 21,086,328 20,829,884 11 TRADE PAYABLES AND ACCRUED LIABILITIES 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) Trade payables 19,099,847 21,949,736 Notes payables 1,148,251 1,059,505 Accrued expenses 219,060 191,533 Other payables 5,609,507 6,125,686 26,076,665 29,326,460 The ageing analysis of the trade and notes payables as at the end of the reporting period, based on the invoice date, is as follows: 30 June 31 December 2026 2025 RMB’000 RMB’000 (unaudited) (audited) Within one year 15,223,748 18,673,404 Between one to two years 2,437,570 1,906,804 Between two to three years 854,908 767,597 Over three years 1,731,872 1,661,436 20,248,098 23,009,241