Group 1 - The company reported a revenue of 13.185 billion yuan in 1H2025, a year-on-year decrease of 5.83%, while the net profit attributable to shareholders was 1.082 billion yuan, a slight increase of 1.05% [1] - In 2Q2025, the company achieved a revenue of 6.766 billion yuan, down 3.57% year-on-year, but the net profit attributable to shareholders increased by 3.26% to 638 million yuan [2] - The decline in revenue is attributed to a 7.9% decrease in power generation from thermal power in Anhui province and a reduction in electricity prices [1][2] Group 2 - The company is accelerating its energy transition by increasing its renewable energy capacity, with 1.5 million kilowatts under construction and 523,000 kilowatts of renewable energy indicators acquired [3] - The company aims to have its large-scale photovoltaic project in Xinjiang and a wind power project in Suzhou fully connected to the grid by the end of 2025 [3] - Revenue projections for 2025-2027 are estimated at 32.086 billion, 30.722 billion, and 30.287 billion yuan, with net profits of 2.175 billion, 2.337 billion, and 2.436 billion yuan respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 13.185 billion yuan in the first half of 2025, a year-on-year decrease of 5.83%, while the net profit attributable to shareholders increased by 1.05% to 1.082 billion yuan [1]. - The decline in revenue is attributed to a drop in both power generation and electricity prices in Anhui province, but cost improvements and the commissioning of new units have driven profit growth [1][3]. - The company’s gross profit margin for its power generation business improved to 18.63%, a 35.89% increase year-on-year, due to falling coal prices and optimized costs [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 6.766 billion yuan, down 3.57% year-on-year, while net profit rose by 3.26% to 638 million yuan [1]. - The average electricity price in Anhui province for 2025 is approximately 413 yuan/MWh, a decrease of 5.4% from 2024 [2]. - The company’s net profit from its coal power operations in Anhui for the first half of 2025 was 555 million yuan, a slight decline of 0.61% year-on-year [2]. Cost and Profitability - The average coal price in the Bohai Rim region was 663 yuan/ton as of June 25, 2025, down 5.7% since the beginning of the year [3]. - The company’s sales, management, and financial expenses for the first half of 2025 were 95.7 million, 820.3 million, and 406.07 million yuan, reflecting changes of -7.43%, +0.7%, and -5.36% respectively [3]. Strategic Developments - The commissioning of the Qianyingzi Phase II unit in March 2025 has helped offset the decline in volume and price in the province [2]. - The company has deepened its strategic layout in Xinjiang, with the new Yinggema power plant contributing to performance growth [3]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 29.062 billion, 29.625 billion, and 29.575 billion yuan respectively, with expected year-on-year growth rates of -3.4%, 1.9%, and -0.2% [4][5]. - The net profit attributable to shareholders is projected to be 2.120 billion, 2.346 billion, and 2.409 billion yuan for the same years, with corresponding EPS of 0.94, 1.04, and 1.06 yuan per share [4][5].

Core Viewpoint - The company reported a revenue decline in the first half of 2025 but achieved a slight increase in net profit, indicating resilience amid challenging market conditions [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 13.185 billion yuan, a year-on-year decrease of 5.83%, while the net profit attributable to shareholders was 1.082 billion yuan, a year-on-year increase of 1.05% [1]. - In Q2 2025, the company recorded a revenue of 6.766 billion yuan, a year-on-year decrease of 3.6%, with a net profit of 638 million yuan, reflecting a year-on-year increase of 3.2% [1]. Operational Analysis - The positive growth in net profit for the first half of 2025 was driven by a decline in electricity costs, despite pressures from electricity prices and demand [2]. - The average electricity price in Anhui province decreased by over 0.02 yuan/kWh compared to 2024, and the purchasing price in Q2 2025 fell by 6.4% year-on-year, impacting revenue [2]. - The company’s installed capacity increased significantly, with new coal and gas power plants coming online, although overall electricity consumption in Anhui province grew at a slower rate than the national average [2]. - The decline in coal prices in Q2 2025, with long-term and market coal prices dropping by 3.6% and 25.3% respectively, contributed to a reduction in operational costs by approximately 11.6% [2]. Future Outlook - The company is expected to see continued growth in performance throughout the year, supported by low coal prices and increased installed capacity [3]. - Although coal prices have risen due to demand, they remain 22.6% lower than the previous year, and are expected to stabilize as temperatures drop [3]. - Upcoming projects, including several new power plants expected to be operational between 2025 and 2026, are anticipated to contribute positively to investment returns [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2.19 billion yuan, 2.33 billion yuan, and 2.41 billion yuan for the years 2025 to 2027, with corresponding EPS of 0.97, 1.03, and 1.06 yuan [4]. - The current stock price corresponds to PE ratios of 7.53, 7.07, and 6.85 for the years 2025 to 2027, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profit turned positive in Q2 2025, driven by a significant decline in electricity costs despite ongoing pressure on electricity prices and volumes [2][3] - The company is expected to achieve continuous growth in performance throughout the year, supported by lower coal prices and the expansion of installed capacity [3][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 13.185 billion yuan, a year-on-year decrease of 5.83%, and a net profit attributable to shareholders of 1.082 billion yuan, a year-on-year increase of 1.05% [1] - Q2 2025 results showed revenue of 6.766 billion yuan, down 3.6% year-on-year, with a net profit of 638 million yuan, up 3.2% year-on-year [1] Cost and Revenue Drivers - The decline in electricity prices in Anhui province, with a decrease of over 0.02 yuan/kWh compared to 2024, and a 6.4% drop in the provincial purchasing price in Q2 2025, pressured revenue [2] - The company's installed capacity increased significantly due to new gas and coal power plants coming online, although overall electricity consumption in Anhui province saw a year-on-year decline of 5.9% in Q2 2025 [2] - The cost of coal continued to decline, with long-term and market coal prices dropping by 3.6% and 25.3% year-on-year, respectively, leading to a 11.6% reduction in the company's power generation costs [2] Future Outlook - The company is projected to achieve net profits of 2.19 billion yuan, 2.33 billion yuan, and 2.41 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97, 1.03, and 1.06 yuan [4] - The current stock price corresponds to a PE ratio of 7.53, 7.07, and 6.85 for the years 2025, 2026, and 2027, indicating potential for growth [4]

2025 年 08 月 26 日 皖能电力（000543.SZ） 买入（维持评级） 公司点评 证券研究报告 度电成本显著下滑，2Q25 利润转正 2025 年 8 月 25 日公司披露半年报，上半年实现营收 131.85 亿元， 同比-5.83%；实现归母净利润 10.82 亿元，同比+1.05%。其中，公 司 Q2 实现营收 67.66 亿元，同比-3.6%；实现归母净利润 6.38 亿 元，同比+3.2%。 公司 1H25 归母净利润正增长，其中 Q1 负增长，Q2 在电价、电量持 续承压时净利润由负转正，主要受度电成本下滑驱动： ①电价：根据 2025 年安徽年度长协电量签约结果，省内发电企业电 价较 2024 年下降略超 0.02 元/kwh，2Q25 安徽省代理购电价格同比 下滑 6.4%，压低度电收入。 ②电量：公司省内控股 2×45 万千瓦气电机组、控股新疆英格玛电 厂 2×66 万千瓦煤电机组分别于 4M24、11-12M24 投产，且钱营孜公 司二期 100 万千瓦机组扩建工程已于 25 年 3 月正式投产，1H25 公 司控股火电装机较去年同期增幅明显；或因受部分终端制造业用电 短期增长承 ...

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][5] Core Views - The company's effective cost control has successfully offset revenue declines, with incremental contributions from new power plants driving performance growth [2] - The overall performance remains stable despite a year-on-year revenue decrease of 5.83%, primarily due to lower power generation and on-grid electricity prices in Anhui [2] - Future growth is anticipated from ongoing investments in new power generation projects and the continued operation of existing facilities [3][5] Financial Performance Summary - For H1 2025, WanNeng Electric Power reported total revenue of 13.185 billion yuan, a decrease of 5.83% year-on-year, while net profit attributable to shareholders was 1.082 billion yuan, an increase of 1.05% [1][2] - The company achieved a net cash flow from operating activities of 3.102 billion yuan, reflecting a year-on-year increase of 20.40% [1] - In Q2 2025, revenue was 6.766 billion yuan, down 3.57% year-on-year but up 5.39% quarter-on-quarter, with net profit of 638 million yuan, up 3.26% year-on-year and 43.86% quarter-on-quarter [1][2] Performance Contribution Breakdown - The profitability of the Xinjiang power plants remains stable, contributing significantly to the company's overall performance [2] - The company’s investment income decreased by 27.31% year-on-year to 498 million yuan, primarily due to reduced earnings from key equity investments [2] - The report highlights improvements in profitability across most domestic power plants, with notable contributions from several facilities [2] Growth Potential - The company is expected to see continued growth from its ongoing and upcoming power generation projects, with several new installations projected to come online in 2025-2026 [3] - The report anticipates that the ongoing construction of various power projects will support sustained performance growth in the coming years [3][5]

截至发稿，皖能电力市值为165亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ 每经AI快讯，皖能电力（SZ 000543，收盘价：7.28元）8月25日晚间发布半年度业绩报告称，2025年上 半年营业收入约131.85亿元，同比减少5.83%；归属于上市公司股东的净利润约10.82亿元，同比增加 1.05%；基本每股收益0.48元，同比增加2.13%。 （记者 张喜威） ...

Group 1 - The core point of the article is that WanNeng Electric Power announced the results of its board meeting held on August 22, 2025, where it reviewed the performance assessment indicators and target values for the management team for the year 2025 [1] - For the first half of 2025, WanNeng Electric Power's revenue composition is as follows: 79.28% from the power generation industry, 17.97% from the coal industry, 1.52% from the transportation industry, 1.09% from waste treatment, and 0.14% from other sectors [1] - As of the time of reporting, WanNeng Electric Power has a market capitalization of 16.5 billion yuan [1]

智通财经APP讯，皖能电力(000543.SZ)发布2025年半年度报告，该公司营业收入为131.85亿元，同比减 少5.83%。归属于上市公司股东的净利润为10.82亿元，同比增长1.05%。归属于上市公司股东的扣除非 经常性损益的净利润为10.7亿元，同比增长1.00%。基本每股收益为0.48元。 ...

安徽省皖能股份有限公司 关于安徽省能源集团财务有限公司的风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》的 要求，安徽省皖能股份有限公司（以下简称"皖能电力""本公司"），通过查验安 徽省能源集团财务有限公司（以下简称"财务公司"）《金融许可证》《企业法人营 业执照》等证件资料，并审阅了财务公司包括资产负债表、利润表、现金流量表等 财务报告，对财务公司的经营资质、业务和风险状况进行了评估，现将风险持续评 估情况报告如下： 一、基本情况 安徽省能源集团财务有限公司经中国银行业监督管理委员会银监复〔2012〕450 号文件批准，于2012年9月18日经工商行政管理局批准，取得《企业法人营业执照》 （注册号：91340000054468522J），2012年9月12日取得中国银行业监督管理委员会 安徽监管局颁发的《金融许可证》。 财务公司注册资本人民币10.00亿元，股东构成及出资比例如下：安徽省能源 集团有限公司出资人民币5.10亿元，占注册资本51.00%、安徽省皖能股份有限公司 出资人民币4.90亿元，占注册资本49.00%。法定代表人：盛胜利。 经营范围：许可项目：企 ...