Core Insights - The company reported a decrease in electricity generation and sales for the first three quarters of 2025 compared to the same period last year, primarily due to increased renewable energy generation in the region [1][2] Group 1: Electricity Generation and Sales - The total electricity generation reached 401.58 billion kWh, a decline of 10.96% year-on-year [1][2] - The on-grid electricity volume was 371.86 billion kWh, down 11% from the previous year [1] - Market-oriented transaction electricity volume was 362.88 billion kWh, accounting for 97.59% of the on-grid electricity [1][2] - The average selling price of electricity was 341.52 RMB per MWh (excluding tax), an increase of 6.74 RMB per MWh (excluding tax), representing a year-on-year growth of 2.01% [1][2] Group 2: Coal Production and Sales - Coal production amounted to 10.459 million tons, a decrease of 0.92% year-on-year [1][2] - External coal sales reached 4.8108 million tons, down 8% compared to the previous year [1][2] - The average selling price of coal was 304.10 RMB per ton (excluding tax), a decrease of 109.19 RMB per ton (excluding tax), reflecting a year-on-year decline of 26.42% [1][2]

内蒙华电（600863）(600863.SH)发布公告，公司2025年前三季度完成发电量401.58亿千瓦时，较上年同 期下降10.96%;完成上网电量371.86亿千瓦时，较上年同期下降11%。2025年前三季度，公司市场化交易 电量完成362.88亿千瓦时，占上网电量比例为97.59%。2025年前三季度，公司实现平均售电单价341.52 元/千千瓦时(不含税)，同比增加6.74元/千千瓦时(不含税)，同比增长2.01%。 ...

Core Viewpoint - Inner Mongolia Huadian (600863.SH) reported a decline in electricity generation and sales for the first three quarters of 2025 compared to the same period last year [1] Group 1: Electricity Generation and Sales - The company completed an electricity generation of 401.58 billion kWh, a decrease of 10.96% year-on-year [1] - The total on-grid electricity reached 371.86 billion kWh, down 11% compared to the previous year [1] - Market-oriented transaction electricity amounted to 362.88 billion kWh, accounting for 97.59% of the on-grid electricity [1] Group 2: Pricing and Revenue - The average selling price of electricity was 341.52 yuan per MWh (excluding tax), an increase of 6.74 yuan per MWh (excluding tax), representing a year-on-year growth of 2.01% [1]

Core Viewpoint - Inner Mongolia Huadian (600863) reported a decline in power generation and sales for the first three quarters of 2025 compared to the same period last year, indicating potential challenges in operational performance [1] Group 1: Power Generation and Sales - The company achieved a power generation of 401.58 billion kWh, a decrease of 10.96% year-on-year [1] - The on-grid electricity volume reached 371.86 billion kWh, down 11% compared to the previous year [1] - Market-oriented transaction electricity volume was 362.88 billion kWh, accounting for 97.59% of the on-grid electricity [1] - The average selling price of electricity was 341.52 RMB per MWh (excluding tax), an increase of 2.01% year-on-year [1] Group 2: Coal Production and Sales - Coal production for the first three quarters was 10.459 million tons, a decrease of 0.92% year-on-year [1] - External coal sales amounted to 4.8108 million tons, down 8% from the previous year [1] - The average selling price of coal was 304.1 RMB per ton (excluding tax), a decline of 26.42% year-on-year [1]

| | | | | 发电量（亿千瓦时） | | | 上网电量（亿千瓦时） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 分类 | 项目名称 | 电源 种类 | 本期 | 去年同期 | 同比增减 | 本期 | 去年同期 | 同比增减 | | 蒙东 | 乌力吉木仁风电场 | 风电 | 0.61 | 0.51 | 19.61% | 0.60 | 0.51 | 17.65% | | | 额尔格图风电场 | 风电 | 0.59 | 0.61 | -3.28% | 0.58 | 0.60 | -3.33% | | | 蒙东电网小计 | | 1.20 | 1.12 | 7.14% | 1.18 | 1.11 | 6.31% | | | 白云鄂博风电场 | 风电 | 0.46 | 0.39 | 17.95% | 0.44 | 0.37 | 18.92% | | | 乌海发电厂 | 火电 | 26.39 | 28.30 | -6.75% | 24.61 | 26.53 | -7.24% | | | | 风电 | 11.14 | 9.51 | 1 ...

内蒙华电公告，公司2025年前三季度完成发电量401.58亿千瓦时，较上年同期下降10.96%；完成上网电 量371.86亿千瓦时，较上年同期下降11%。前三季度，公司市场化交易电量完成362.88亿千瓦时，占上 网电量比例为97.59%。，公司实现平均售电单价341.52元/千千瓦时（不含税），同比增加6.74元/千千 瓦时（不含税），同比增长2.01%。2025年前三季度，公司煤炭产量实现1,045.90万吨，同比减少 0.92%；煤炭外销量实现481.08万吨，同比减少8%；煤炭销售平均单价完成304.10元/吨（不含税），同 比减少109.19元/吨（不含税），同比下降26.42%。 ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Core Insights - The article discusses the performance and growth of China's power generation industry, highlighting a slight increase in electricity production in 2025 compared to the previous year [1] Industry Overview - In April 2025, China's electricity generation reached 711.1 billion kilowatt-hours, marking a year-on-year growth of 0.9% [1] - From January to April 2025, the cumulative electricity generation in China was 2,983.96 billion kilowatt-hours, with a cumulative growth of 0.1% [1] Company Insights - The article lists several publicly traded companies in the energy sector, including Huaneng International, Datang Power, Guodian Power, Huadian International, and others, indicating their relevance in the market [1] - The report by Zhiyan Consulting provides a comprehensive analysis of the energy industry in China, projecting market trends and investment opportunities from 2026 to 2032 [1]

Group 1 - Power stocks have rebounded today, with notable increases in share prices for companies such as China General Nuclear Power (up 4.76% to HKD 3.08), Datang International Power Generation (up 3.96% to HKD 2.36), Huaneng International Power (up 3.89% to HKD 5.61), and Longyuan Power (up 3.65% to HKD 8.53) [1] - On September 25, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting focusing on stabilizing electricity prices, coal prices, and preventing "involution" competition [1] - Guosen Securities predicts that the downward pressure on electricity prices will ease as the most challenging period is coming to an end, with a comprehensive marketization of green electricity gradually releasing price risks [1] Group 2 - GF Securities notes that while there are significant differences regarding the long-term contract electricity prices for 2025, expectations for stable electricity prices are strengthening [2] - The focus is shifting towards the proportion of long-term contract electricity, with thermal power companies now prioritizing efficiency and revenue per kilowatt-hour rather than merely increasing generation volume [2] - Current dividend yields for Huaneng International and Huadian International are close to 8% in the Hong Kong market, while Sheneng shares and Inner Mongolia Huadian have yields near 6% in the A-share market, enhancing the low volatility dividend attributes under stable electricity prices [2]

Core Viewpoint - Inner Mongolia Huadian's stock price has shown a modest increase, with a current trading price of 4.18 CNY per share and a market capitalization of 27.282 billion CNY, indicating a stable performance in the market [1] Company Overview - Inner Mongolia Huadian was established on May 12, 1994, and listed on May 20, 1994. The company primarily engages in thermal power generation, heating, and the production and supply of steam and hot water, as well as wind power and other renewable energy sources [2] - The revenue composition of Inner Mongolia Huadian is as follows: electricity accounts for 81.70%, coal for 11.43%, other sources for 4.43%, and heating for 2.44% [2] - The company is classified under the public utility sector, specifically in electricity and thermal power generation, and is associated with concepts such as green power, low prices, wind energy, offshore wind power, and photovoltaic glass [2] Financial Performance - For the first half of 2025, Inner Mongolia Huadian reported a revenue of 9.827 billion CNY, a year-on-year decrease of 8.75%, and a net profit attributable to shareholders of 1.557 billion CNY, down 11.91% year-on-year [2] - The company has distributed a total of 11.656 billion CNY in dividends since its A-share listing, with 3.714 billion CNY distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Inner Mongolia Huadian was 152,000, a decrease of 6.28% from the previous period, with an average of 42,927 circulating shares per shareholder, an increase of 6.70% [2] - Among the top ten circulating shareholders, the Southern CSI 500 ETF holds 48.361 million shares, an increase of 6.5621 million shares compared to the previous period, while Hong Kong Central Clearing Limited has exited the top ten list [3]