HUANENG POWER (00902) announced the successful issuance of its 2025 Science and Technology Innovation Perpetual Corporate Bonds (Sixth Tranche) targeting professional investors. The bonds were divided into two series:

- **Series 1** has a base term of 3 years, with repricing cycles every 3 years. At the end of each cycle, the issuer may extend the term by another cycle or fully redeem the bonds. The actual issuance size was RMB1 billion, with a final coupon rate of 2.05% and a subscription multiple of 5.53. (Bond abbreviation: 25HPI9YK; code: 244052)

- **Series 2** has a base term of 5 years, with repricing cycles every 5 years. Similarly, the issuer holds extension or redemption rights. The actual issuance size was RMB1 billion, with a final coupon rate of 2.28% and a subscription multiple of 3.65. (Bond abbreviation: 25HPI0YK; code: 244053)

The total issuance cap was set at RMB2 billion (inclusive), and the offering concluded on October 28, 2025.