Core Viewpoint - Jin控电力's Tashan Phase III 2×1000 MW coal power project has been approved by the Shanxi Provincial Development and Reform Commission, indicating a significant step in the company's expansion in the coal power sector [1]. Company Summary - The project involves the construction of 2×1000 MW ultra-supercritical, air-cooled coal-fired generating units along with auxiliary facilities, which will include desulfurization and denitrification systems [1]. - The designed standard coal consumption for the project under pure condensing conditions is 282.8 gce/kWh, with an annual coal consumption of 3.689 million tons [1]. - The project plans to connect to the grid at a voltage level of 500 kV, with specific plans to be determined later [1]. Industry Summary - The approval of this project reflects ongoing investments in coal power generation within the region, highlighting the continued reliance on coal as an energy source despite global trends towards renewable energy [1].

Group 1 - The company Jin控电力 has received approval from the Shanxi Provincial Development and Reform Commission for its Tashan Phase III 2×1,000 MW coal power project [1] - The approval document is titled "Approval for Jin控电力 Tashan Phase III 2×1,000 MW Coal Power Project" [1]

每经AI快讯，9月5日，晋控电力（000767）(000767.SZ)公告称，公司塔山三期2×100万千瓦煤电项目获 得山西省发展和改革委员会核准。项目建设地点位于山西省大同市云冈区榆林村东侧，建设规模为 2×100万千瓦超超临界、空冷燃煤发电机组及附属设施，同步建设脱硫脱硝设施。项目静态投资75.18亿 元，其中资本金20%由公司自筹，其余通过银行贷款解决。 ...

格隆汇9月5日｜晋控电力公告，塔山三期2×100万千瓦煤电项目近日获得山西省发展和改革委员会核 准。该项目位于山西省大同市云冈区榆林村东侧，建设规模为2×100万千瓦超超临界、空冷燃煤发电机 组及附属设施，同步建设脱硫脱硝设施。项目设计年耗煤量368.9万吨，静态投资75.18亿元，其中资本 金20%由公司自筹，其余通过银行贷款解决。 ...

智通财经APP讯，晋控电力(000767.SZ)公告，公司塔山三期2×100万千瓦煤电项目获得山西省发展和改 革委员会核准。核准文件《关于晋控电力塔山三期2×100万千瓦煤电项目核准的批复》。 ...

Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

Core Insights - The company reported a total revenue of 7.409 billion yuan for the first half of 2025, a decrease of 8.53% year-on-year, while the net profit attributable to shareholders increased by 138.08% to 143 million yuan [1] - The company's gross margin improved significantly, with a year-on-year increase of 226.67%, reaching 13.57%, and a net margin of 1.31%, up 120.89% [1] - The company has a current cash flow situation that raises concerns, with a cash flow from operations per share of 0.28 yuan, a significant increase of 159.96% year-on-year, but still indicating potential liquidity issues [3] Financial Performance - Total revenue for 2025 was 7.409 billion yuan, down from 8.1 billion yuan in 2024, reflecting an 8.53% decline [1] - Net profit attributable to shareholders rose to 143 million yuan from a loss of 376 million yuan in 2024, marking a 138.08% increase [1] - The company reported a gross margin of 13.57%, up from 4.15% in the previous year, and a net margin of 1.31%, improving from -6.29% [1] Operational Insights - The company relies heavily on long-term coal procurement agreements, which account for approximately 85% of its coal supply [4] - Fuel costs constitute 60-70% of the total cost of power generation, influenced by market dynamics and regulatory changes [4] - The company has 300,000 kW of renewable energy capacity under construction, with future development contingent on provincial policy updates [5] Debt and Cash Flow Analysis - The company has a significant debt burden, with interest-bearing liabilities reaching 41.818 billion yuan, a 7.47% increase from the previous year [1] - The cash flow situation is concerning, with a cash flow to current liabilities ratio of only 43.46% and negative cash flow from operations over the past three years [3] - The company's comprehensive financing cost is currently at 3.4%, with expectations to reduce it to 3.15% [6]

证券代码：000767 证券简称：晋控电力 公告编号：2025 临─039 晋能控股山西电力股份有限公司 关于举办 2025 年半年度报告 业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 晋能控股山西电力股份有限公司（以下简称"公司"） 已于 2025 年 8 月 29 日在巨潮资讯网上披露了《2025 年半年 度报告全文》及《2025 年半年度报告摘要》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况， 公司定于 2025 年 9 月 16 日（星期二）15:00-16:00 在"价 值在线"（www.ir-online.cn）举办晋能控股山西电力股份有 限公司 2025 年半年度报告业绩说明会，与投资者进行沟通和 交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 9 月 16 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 董事长、党委书记、总经理：师李军 独立董事、薪酬与考核委员会主任 ...

证券代码：000767 证券简称：晋控电力 公告编号：2025 临─039 晋能控股山西电力股份有限公司 关于举办 2025 年半年度报告 业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 晋能控股山西电力股份有限公司（以下简称"公司"） 已于 2025 年 8 月 29 日在巨潮资讯网上披露了《2025 年半年 度报告全文》及《2025 年半年度报告摘要》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况， 公司定于 2025 年 9 月 16 日（星期二）15:00-16:00 在"价 值在线"（www.ir-online.cn）举办晋能控股山西电力股份有 限公司 2025 年半年度报告业绩说明会，与投资者进行沟通和 交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 9 月 16 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 董事长、党委书记、总经理：师李军 独立董事、薪酬与考核委员会主任 ...

Group 1 - The company Jin控电力 announced that as of the announcement date, the total actual guarantee balance is RMB 13.955 billion, accounting for 129.76% of the company's most recent audited net assets [1] - The guarantee balance provided to entities outside the consolidated financial statements amounts to RMB 3.305 billion, representing 30.73% of the company's most recent audited net assets [1] - There are no overdue guarantees, guarantees involved in litigation, or losses incurred due to guarantees resulting in adverse judgments [1] Group 2 - For the first half of 2025, the revenue composition of Jin控电力 is as follows: 86.31% from the electricity sector, 40.03% from fuel, 7.73% from heating, 5.52% from other sources, and 1.6% from maintenance services [1]