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华能国际:2018年公开发行公司债券(第二期)募集说明书摘要(面向合格投资者)2018-09-05  

						1-2-1
                      ①




               2018        3                                         9,434,642.54


865,387.16          2015       2016          2017
                                                       1.5    2018      8   16
                    [2018]1337
             250
                                      2015           2016       2017
             2015                               2017                         2018      1-3
                   2018                                                             2017




                                      2017
                    《 2016                            2017                         2016




      2017




                                             1-2-2
     AAA
                                           AAA


          》


/                                                     ①


                                      》         ①




                    “




                                                           ①
                                                 ①


     》
               》        》
》




                              1-2-3
                   2015          2016             2017            2018     3
              0.26 0.31 0.31             0.37                       0.22 0.26 0.26            0.31




                                        2015             2016       2017               2018       3
                                                 19,547,996.24             24,468,302.97
24,507,948.18               24,297,885.17                                                  72.98%
73.90%   74.23%           74.31%


                                   “




                                          2015             2016          2017              2018        3
                                            20,378,986.56                27,256,867.19
28,649,006.03               28,824,545.80
         。                                                                ①


                                                                                    2015          2016
      2017                2018      3                                           542,273.20
804,600.91            738,541.15                831,151.76
  17.01% 16.54% 15.22%                  14.94%
                                                                                                  ①


              ①
                     2015           2016            2017            2018        3
                    1,439,961.12                 1,715,763.82              2,183,666.71
2,137,309.73                                                      45.16% 35.26% 44.99%
38.42%




                                                 1-2-4
                 2018      5     3          “2017                  ”
       24
                        343




                                                                           50
                               220


                    2018                                     2018        1-6
                        824.05            27.85                                 15.36%
  168.56%                2018        6                                    3,815.83
  938.25                                 0.76%       1.76%
2018                                                   “                2018
            ”




                                         1-2-5
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                  2018                                              ............................................................................. 38

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                                   1-2-7
         2018   5      3                     2017




                                 》                              24
         2018   6      29




         2018   8      16                                         [2018]1337
                                                250




                                                        2018


                                                         250     250
                                        50            50
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      2019         2023   9   10
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              2013         3   7              ①            AAA-
2013     6       26                 ①             AAA-
  2014       4        21
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                                   2-1


                 2018-05-07        AAA
                 2018-05-07        AAA
                 2018-04-23        AAA
                 2017-10-24        AAA
                 2017-09-14        AAA
                 2017-06-20        AAA
                 2017-05-18        AAA
                 2017-04-27        AAA
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                 2016-09-26        AAA
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                                         1-2-
                                          18
2015-07-22   AAA
2015-05-18   AAA
2015-04-23   AAA
2015-04-20   AAA
2015-03-02   AAA
2014-07-09   AAA
2014-05-08   AAA
2014-04-21   AAA
2014-04-16   AAA
2014-04-14   AAA
2013-10-23   AAA
2013-06-28   AAA
2013-06-26   AAA-
2013-05-13   AAA
2013-03-07   AAA-
2012-11-05   AAA
2012-08-17   AAA
2012-06-29   AAA
2012-06-22   AAA
2012-01-11   AAA
2011-07-21   AAA
2011-07-07   AAA
2011-05-30   AAA
2010-12-15   AAA
2010-10-15   AAA
2010-05-25   AAA
2010-03-16   AAA
2010-02-21   AAA
2009-09-04   AAA
2009-08-27   AAA
2009-05-11   AAA
2009-04-10   AAA
2008-12-08   AAA
2008-06-11   AAA
2008-05-06   AAA
2008-04-29   AAA
2008-04-28   AAA
2008-04-22   AAA
2007-12-20   AAA
2007-10-08   AAA
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2006-06-21   BBB      -
2006-05-17   BBB      -



                    1-2-
                     19
                     2005-05-25        BBB+            -




                                                                                     2017


                                                3,646.43
                2,418.79                                                   66.33%




          2-2

                                                                                         %
                                                                                    “
18         SCP010         2018-08-24           20.00       0.2466   2.80
18         PPN001         2018-07-26           25.00           3    4.68
18         MTN002         2018-07-11           20.00           3    4.41
18         SCP009         2018-06-01           40.00       0.4932   4.05
18         SCP007         2018-05-18           20.00       0.4932   3.98
18         SCP006         2018-05-02           40.00        0.411   4.08
18         MTN001         2018-05-02           30.00           3    4.80
18         SCP005         2018-05-02           25.00       0.4932   4.25
     18         01        2018-04-04           15.00           3    4.90
18         SCP004         2018-03-23           40.00       0.4932   4.45
     17         01        2017-11-06           23.00           3    4.99
     17         Y2        2017-09-25           25.00           5    5.17
     17         Y1        2017-09-25           25.00           3    5.05
17         PPN001         2017-07-18            5.00           3    4.75
17         MTN001         2017-07-12           50.00           5    4.69
     16         02        2016-06-13           12.00          10    3.98
     16         01        2016-06-13           30.00           5    3.48
14         MTN001         2014-07-14           40.00           5    5.30
                                              485.00




                                                   1-2-
                                                    20
                               /
     /




                 250     250


(       330           2018        3
                           36.93%




          1-2-
           21
              Huaneng Power International,Inc.


                   15,200,383,440
       15,200,383,440
                                 600011.SH            0902.HK
     HNP.N
         1994      6        30
              ”                       6
                       ”                    6
 :      100031


         010-63226640
     010-63226888


                    91110000625905205U
     http://www.hpi.com.cn/


                                                 。
。




                                    1-2-
                                     22
            2018     3
                                                 ①                        75%      ①
              25%                                       ①                100%




                              3-1




                                               100%




                    25%                          75%

                                                                           10.23%


                                               33.33%




        1                                                    100%

                     25%                                            25%


        2                    10.23%

3.11%                                                                       0.49%




            2018     3

                     3-1   2018     3

                                                                                         %



                                         33.33                        -
                                         26.20                        -
                                         10.23                        -



                                        1-2-
                                         23
                                             3.47                                -
                                             3.11                                -
                                             2.74                                -
                                             2.72                                -
                                             2.45                                -
                                             2.38                                -
                                             1.98                          150,750,000
                                            88.61              --                --                --




      1
                                         1985       6      8                          4.5




                                                                           。




             2018   3
      1988     8                                                    2002        12




200


                                                            2016
                               1.6
                                                                                                        500
      2016              217
             2017                                 10,396.07                           2,195.92
2017                          2,607.50                                68.98                    2018
3                              10,428.66                            2,210.36                2018        1-3
                     677.77                             19.19


                                           1-2-
                                            24
    2018   3


2
    2018   3


    2018   3




               ①




                    3-2




                          1-2-
                           25
     2017

            3-2   2017
                                “
1
                           1
2
3
4
5
6
7
8
9
10
11
12
13
14




                         1-2-
                          26
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53   ”
54
55


          1-2-
           27
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96


     1-2-
      28
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
           2
113
114
115
116
           3
117
118
119
           4
120
121
122
123   ”
124
125
126
127
128
129
130
131
132
133
134
135
136
137


               1-2-
                29
138
                                  5
139
140
141
      1
                                                         ①
      2                                                           25%


                                                  ①
      3                               10%



                             ①
      4



                 ①
      5                                     21%


                        ①




          2017
                  3-3        2017

                                                                              %




                                                50%               1,200,000,000
                                                              2
                                                        50%       1,596,000,000

                                                        50%3         10,000

                                                        50%4        35,000,000

                 1
                                                49%               1,469,800,000
                                               25.02%             3,964,491,597
                        1
                                                20%               5,000,000,000
                        1
                                                40%               1,975,000,000
                        1
                                                50%               3,000,000,000
                                                30%               4,831,460,000
 1



                                        1-2-
                                         30
2              70%
                     50%
3              80%
                                            50%
4              80%
                             50%




                     3-4


                                                        2017       2017




                             1955.08   2008.08.27   0          -
                             1962.10   2008.08.27   0          -
                             1965.02   2017.06.13   0          -
                             1968.08   2014.09.18   0     2.38
                             1968.09   2012.02.21   0          -
                             1963.11   2017.06.13   0          -
                             1963.05   2017.06.13   0          -
                             1974.10   2014.09.18   0     7.37
                             1950.09   2016.06.23   0     7.37
                             1951.08   2017.06.13   0     3.69
                             1955.09   2017.06.13   0     3.69
                             1957.02   2017.06.13   0     3.69




    2018   6

                       3-5


                                                        2017        2017




                               1-2-
                                31
                                       1967.08      2014.09.18    0            -
                                       1975.09      2014.09.18    0         2.38
                                       1964.02      2011.05.17    0            -
                                       1966.06      2006.01.18    0         2.38
                                       1966.03      2016.04.26    0         72.73
                                       1972.11      2016.04.26    0         72.23




                              3-6


                                                                                    2017
                                                                        2017




                                       1966.01      2018.07.31    0            -      -
                                       1962.09      2012.10.23    0         79.44
                                       1961.10      2018.02.26    0         79.44
                                       1960.05      2012.10.23    0         79.44
                                       1961.09      2012.10.23    0         79.44
                                                    2015.03.13
                                       1962.06                    0         79.15
               ,                                   2018.06.01
                                       1966.07      2016.01.20    0         79.14
                                       1965.08      2017.05.22    0         72.78




                      “
                    2015        2016         2017          2018       1-3
                    12,890,487.25         13,815,029.62           15,245,944.40
4,325,563.46


                                           1-2-
                                            32
                                  3-7
                                                                                                         %
                        2017                       2016           (       )              2015


                  14,923,163.15          97.88     13,617,064.06       98.57         12,816,581.40      99.43
                     322,781.24           2.12          197,965.56        1.43           73,905.85       0.57
                  15,245,944.40         100.00     13,815,029.62      100.00         12,890,487.25    100.00
    2015           2016              2017                                                9,152,126.38
    10,807,519.52                 13,520,927.18                                               2017
                                        25.11%                                           ②      2017
                                        225.92      /                                         34.39%
                             244.63                                                                  194.65
                                                   23.76



                                  3-8
                                                                                                         %
                        2017                      2016                                    2015


                  13,326,664.74          98.56 10,674,883.93              98.77      9,117,875.94       99.63
                     194,262.44           1.44     132,635.59                 1.23     34,250.44         0.37
                  13,520,927.18         100.00 10,807,519.52          100.00         9,152,126.38     100.00
    2015           2016                 2017                                                  3,738,360.87
      3,007,510.10                 1,725,017.22                                      29.00% 21.77%
11.31%     2015             2016                 2017
3,698,705.46         2,942,180.13                  1,596,498.41                                  28.86%
21.61%     10.70%

                            3-9
                                                                                                         %
                    2017                          2016        (       )                   2015


            1,596,498.41             10.70     2,942,180.13           21.61          3,698,705.46        28.86
               128,518.80            39.82        65,329.97           33.00             39,655.41        53.66
            1,725,017.22             11.31     3,007,510.10           21.77          3,738,360.87        29.00
    2015            2016                2017
12,784,940.81           13,584,641.37                    14,892,544.17



                                                 1-2-
                                                  33
       99.75% 99.76%          99.79%                  99%


                          3-10
                                                                                            %
                     2017                     2016      (       )            2015



                14,892,544.17     99.79     13,584,641.37      99.76    12,784,940.81    99.75
                   23,235.95        0.16          23,734.68     0.17        21,168.48     0.17
                     7,383.03       0.05           8,688.02     0.06        10,472.11     0.08
                14,923,163.15    100.00     13,617,064.06     100.00    12,816,581.40   100.00

                   2017
13,925,706.82        997,456.33                                            9.21%      15.14%
                       3-11            2017
                                                                                            %


                          13,925,706.82              12,320,860.06     1,604,846.76       11.52
                              997,456.33              1,005,804.67        -8,348.34       -0.84




                                           1-2-
                                            34
                                                                                         2015
2016   2017                                              2016                                    2017
                    2018
            2017


                                                                    2017
                                                 《 2016                                  2017
        2016

       ①




                   4-1


                   2018     3      /1-3                              2016           /
                                                  2017        /                           2015            /

                           38,259,188.34           37,869,372.91     37,975,939.61        29,972,972.26
                            1,599,978.88              936,482.35      1,021,418.47           753,781.26
                           28,824,545.80           28,649,006.03     27,256,867.19        20,378,986.56
                            9,434,642.54            9,220,366.88     10,719,072.42         9,593,985.70
                            4,325,563.46           15,245,944.40     13,815,029.62        12,890,487.25
                              172,793.57              214,657.20      1,327,467.13         1,754,967.71

                             936,153.74             2,919,736.26         3,781,416.69      4,236,270.70

                             -395,014.69            -3,406,040.51        -2,344,022.97     -3,379,806.03

                             129,147.72               401,317.99         -1,502,265.55     -1,414,065.87




                     4-2

                                                                                                      %
                     2018    3                                    2016        /
                                            2017          /                             2015      /
                        /1-3
                                  0.37                    0.31               0.31                     0.26



                                          1-2-
                                           35
                                   2018    3                                                        2016           /
                                                                       2017            /                                   2015          /
                                      /1-3
                                                             0.31                     0.26                        0.26                    0.22
                                                            75.34                    75.65                       71.77                   67.99
                                                             2.00                     7.82                        8.76                    8.60
                                                             4.77                    17.52                       16.05                   14.26
                                                             1.85                     1.32                        2.85                    3.59
EBITDA                                                      96.98                   326.13                      448.16                  456.40
EBITDA                                                       3.71                     3.19                        4.82                    5.24
                                                             1.85                     2.15                       13.07                   18.83
                                                             0.45                     0.57                        3.91                    5.84


     1                 =               /
     2                 =                    -                    /
     3                     =                        /                       ×100%
     4                             =                        /
     5                     =                /
     6                         =                            +                                  。       /                           。       +
              。
     7    EBITDA=                      +                               +                                    +               +
          +                                。
     8    EBITDA                                =                          +                        +                           +
     +                             +                                           。          /                                。      +


     9                         =                    /                               ×100%

     10                        =                        /                            ×100%

              2015             2016                             2017                 2018               3
              29,972,972.26                                     37,975,939.61                               37,869,372.91
38,259,188.34                                                        20,378,986.56                              27,256,867.19
28,649,006.03                  28,824,545.80                                                                     9,593,985.70
10,719,072.42                  9,220,366.88                                    9,434,642.54
67.99%        71.77%       75.65%               75.34%

    2015             2016                  2017                             2018           1-3
   12,890,487.25                   13,815,029.62                                    15,245,944.40                         4,325,563.46
                                   1,754,967.71                                 1,327,467.13                           214,657.20



                                                                     1-2-
                                                                      36
  172,793.57         2015      2016          2017                 EBITDA              456.40
      448.16           326.13          ①                                            2015
    2016       2017             2018     3                                     753,781.26
      1,021,418.47          936,482.35                 1,599,978.88
                        。、

    2015       2016            2017             2018      1-3
                     4,236,270.70            3,781,416.69             2,919,736.26
936,153.74                                                                                  -
3,379,806.03         -2,344,022.97              -3,406,040.51          -395,014.69
                                             。




                                         1-2-
                                          37
                                           2018

                                   2018                                             2018


                       5-1                 2018


                                                      2018      6        /1-6       2017          /1-6
                                                                38,158,294.58              37,869,372.91
                                                                    1,626,451.28                936,482.35
                                                                28,775,757.26              28,649,006.03
                                                                    9,382,537.32            9,220,366.88
                                                                    8,240,491.86            7,143,368.87
                                                                     278,536.93                 103,715.99
                                                                    1,511,553.04            1,430,201.51
                                                                    -610,412.31             -2,258,096.44
                                                                    -209,451.30             1,026,878.47

                        5-2                    2018
                                                                                                              %
                                                                            2018    6      /1-6
                                                                                                          0.40
                                                                                                          0.33
                                                                                                         75.41
                                                                                                          3.85
                                                                                                          8.76
                                                                                                          1.64
EBITDA                                                                                               183.11
EBITDA                                                                                                    3.41
                                                                                                          2.99
                                                                                                          0.73


    1          =               /
    2          =                   -            /
    3              =                   /                   ×100%
    4                      =               /
    5              =               /
    6                  =                   +                          。        /                        。   +
         。
    7    EBITDA=               +                                        +                  。



                                                    1-2-
                                                     38
8    EBITDA       =EBIDTA/        。
9             =    /                   ×100%
10            =        /                ×100%




                           1-2-
                            39
                                                          250
       250
     50      50




                  /



                             



                                    /   “

1                     2018                   2018.09.19     40
2                     2018                   2018.09.29     40
3                                            2018.10.16     14
4                                            2018.10.20     1.5
5                     2018                   2018.10.29     25
6                                            2018.11.13     12
7                     2018                   2018.11.14     20
8                                            2018.11.21     5
9                                            2018.11.27     10
10                    2018                   2018.11.28     40
11                                           2018.12.07     2
12                                           2018.12.11     3
13                                           2018.12.21     1
14                                           2018.12.21     1
15                                           2018.12.22     14
                                                           228.5




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