On the evening of September 14, Datang International Power Generation Co., Ltd. (SH601991), with a share price of 5.68 yuan and a market capitalization of 105.1 billion yuan, disclosed its response to the Shanghai Stock Exchange's review inquiry letter regarding its 8 billion yuan private placement, providing detailed explanations on issues such as funded projects and operational conditions. The private placement is intended to raise no more than 8 billion yuan in total, which will be directed toward four coal power expansion projects in Fuzhou, Lvsi Port, Chaozhou, and Taizhou, as well as to supplement working capital.

According to the announcement, Datang Power received the inquiry letter from the Shanghai Stock Exchange on August 26 regarding its application documents for issuing shares to specific targets. Subsequently, the company, together with its sponsor CITIC Securities, Beijing Jingdu Law Firm, and Baker Tilly China Certified Public Accountants, jointly formulated the response. The private placement plans to issue shares to specific targets, raising no more than 8 billion yuan (inclusive). After deducting issuance expenses, the proceeds will be used for the Datang Fuzhou Power Plant 2×1000MW Expansion Project (23 billion yuan planned), Datang Lvsi Port 2×1,000MW Expansion Project (1.5 billion yuan planned), Datang Chaozhou Power Plant Units 5-6 Project (1 billion yuan planned), Taizhou Toumen Port Power Plant Project (1 billion yuan planned), as well as to supplement working capital and repay national allocation fund special payables (2.2 billion yuan).

Regarding the funded projects that drew regulatory attention, the response letter stated that all four coal power projects comply with national industrial policies and fall under the encouraged category of the Industrial Structure Adjustment Guidance Catalogue (2024 Edition), specifically ultra-supercritical supporting coal power projects with single-unit capacity of 600MW and above. The construction scales of these projects have been incorporated into the National 14th Five-Year Plan for Power Development or local "build first, adjust later" coal power supporting power source construction plans. Among them, the Fuzhou, Chaozhou, and Taizhou projects have been included in the 15th Five-Year Plans of Jiangxi, Guangdong, and Zhejiang provinces respectively, and have completed preliminary procedures including approval, environmental impact assessment, and energy efficiency evaluation.

In terms of new installed capacity, the Fuzhou, Lvsi Port, and Chaozhou projects each add 2,000MW, while the Taizhou project adds 1,320MW. The response letter also cited relevant calculations showing significant power supply-demand gaps in Jiangxi, Jiangsu, Guangdong, and Zhejiang provinces, thereby demonstrating that there is no major uncertainty regarding power absorption for the funded projects.

Regarding related-party transactions, during the reporting period (2023 to January-June 2026), the proportion of related-party procurement amounts to operating costs was 26.10%, 27.32%, 30.24%, and 28.14% respectively, primarily consisting of centralized procurement of coal and production-related materials and equipment. The average unit price difference between related-party coal procurement and non-related-party procurement remained within 5%, indicating fair pricing. On the issue of horizontal competition, China Datang Corporation has designated Datang Power as the ultimate integration platform for thermal power business, committing to inject thermal power assets into the company when profitability improves and conditions are met. In August 2026, the parent company issued the Commitment on Regulating Related-Party Transactions.

According to Datang Power's unaudited semi-annual report for 2026, the company achieved operating revenue of approximately 58.418 billion yuan in the first half of the year, up 2.14% year-on-year; total profit of approximately 8.299 billion yuan, up 13.93% year-on-year; net profit attributable to parent of approximately 5.509 billion yuan, up 20.31% year-on-year; and net profit attributable to parent excluding non-recurring items of approximately 5.441 billion yuan, up 21.21% year-on-year. Basic earnings per share reached 0.2679 yuan, up 30.30% year-on-year, while the weighted average return on net assets was 13.82%, an increase of 1.86 percentage points year-on-year.

On the operational front, the company completed cumulative on-grid electricity of approximately 129.4693 billion kWh in the first half of the year, up about 4.42% year-on-year; the average on-grid settlement price was 430.92 yuan/MWh (including tax), down about 3.05% year-on-year, reflecting a pattern of "higher volume, lower price." As of the end of the reporting period, the company's installed capacity in operation reached 85,911.765MW, of which clean energy installed capacity was 37,177.765MW, accounting for 43.27% of total installed capacity, up 0.28 percentage points from the beginning of the year.

By segment, the thermal power (including heat) total profit was 2.6 billion yuan (down 17.41% year-on-year), gas turbines (including heat) 421 million yuan (up 225.64%), hydropower 1.727 billion yuan (up 42.71%), wind power 1.569 billion yuan (down 19.01%), and photovoltaics 252 million yuan (down 37.57%). In terms of shareholder returns, the 12th Board of Directors' 17th meeting held on August 28, 2026, approved the interim dividend distribution plan for 2026, proposing a cash dividend of 0.068 yuan per share (including tax), with an estimated total dividend payout of approximately 1.258 billion yuan.