净利减少主要由于新投产项目转固导致经营成本增加及处置火电分部导致。 此外，公司将于2025年12月30日派发中期股息每股0.1元。 智通财经获悉，龙源电力(00916)绩后跌近5%，截至发稿，跌4.96%，报6.71港元，成交额1.41亿港元。 消息面上，8月19日，龙源电力公布2025年中期业绩，持续经营收入人民币156.57亿元，同比增长 3.1%；公司权益持有人应占净利润人民币35.19亿元，同比下降14.4%；每股盈利人民币0.42元。 公告称，营业收入增长的主要原因为：风电分部2025年上半年的销售电力及其他收入为人民币138.26亿 元，比2024年同期的人民币140.51亿元减少人民币2.25亿元，降幅1.6%。主要由于平均利用小时数及平 均上网电价下降所致；光伏分部2025年上半年售电收入及其他收入为人民币17.02亿元，比2024年同期 人民币10.28亿元增加6.74亿元，增幅65.6%，主要由于装机容量及发电量增加所致。 本文源自：智通财经网 ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Views - The company reported better-than-expected performance in its interim results, with a proposed interim dividend of 0.1 CNY per share, totaling 836 million CNY, representing a payout ratio of 24.77% [1]. - The company anticipates a revaluation of its value due to the compliance and confirmation of national subsidies [4]. - The company has adjusted its profit forecasts slightly downward for 2025-2027, with a projected compound annual growth rate (CAGR) of 10.1% for net profit [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 15.657 billion CNY, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.375 billion CNY, down 13.8% year-on-year [1]. - The second quarter saw revenue of 7.517 billion CNY, a year-on-year decrease of 18.2% and a quarter-on-quarter decrease of 7.7% [1]. Installed Capacity and Generation - The company added 2,053.54 MW of installed capacity in the first half of 2025, bringing the total to 43.197 GW, with wind power contributing 986.95 MW and solar power 1,096.59 MW [2]. - The company's electricity generation increased by 12.7% year-on-year, with wind power generation up 6.1% to 33,502 GWh, primarily due to new installations [2]. Profitability Analysis - The operating profit from the wind power segment decreased by 11% year-on-year to 6.213 billion CNY, with a corresponding profit per MWh down 16% to 185 CNY/MWh [3]. - The photovoltaic segment saw a 51% increase in operating profit to 550 million CNY, with a profit per MWh of 89 CNY/MWh, down 12% year-on-year [3]. Cash Flow and Receivables - As of June 2025, the company's receivables financing increased by 5.96 billion CNY compared to the beginning of the year, accounting for 55.7% of net assets, indicating a rising trend since the end of 2022 [4]. - The operating cash flow for the first half of 2025 decreased by 8.5% year-on-year to 6.673 billion CNY, but the second quarter saw a year-on-year increase of 7.3% to 3.977 billion CNY [4]. Valuation Adjustments - The target price for A-shares is adjusted to 18.72 CNY, down from 18.96 CNY, based on a 24x PE for 2025, while the target price for H-shares is adjusted to 7.63 HKD from 7.73 HKD, based on a 9x PE for 2025 [5].

公告称，营业收入增长的主要原因为：风电分部2025年上半年的销售电力及其他收入为人民币138.26亿 元，比2024年同期的人民币140.51亿元减少人民币2.25亿元，降幅1.6%。主要由于平均利用小时数及平 均上网电价下降所致；光伏分部2025年上半年售电收入及其他收入为人民币17.02亿元，比2024年同期 人民币10.28亿元增加6.74亿元，增幅65.6%，主要由于装机容量及发电量增加所致。 净利减少主要由于新投产项目转固导致经营成本增加及处置火电分部导致。 此外，公司将于2025年12月30日派发中期股息每股0.1元。 龙源电力（001289）(00916)绩后跌近5%，截至发稿，跌4.96%，报6.71港元，成交额1.41亿港元。 消息面上，8月19日，龙源电力公布2025年中期业绩，持续经营收入人民币156.57亿元，同比增长 3.1%；公司权益持有人应占净利润人民币35.19亿元，同比下降14.4%；每股盈利人民币0.42元。 ...

智通财经APP获悉，龙源电力(00916)绩后跌近5%，截至发稿，跌4.96%，报6.71港元，成交额1.41亿港 元。 消息面上，8月19日，龙源电力公布2025年中期业绩，持续经营收入人民币156.57亿元，同比增长 3.1%；公司权益持有人应占净利润人民币35.19亿元，同比下降14.4%；每股盈利人民币0.42元。 公告称，营业收入增长的主要原因为：风电分部2025年上半年的销售电力及其他收入为人民币138.26亿 元，比2024年同期的人民币140.51亿元减少人民币2.25亿元，降幅1.6%。主要由于平均利用小时数及平 均上网电价下降所致；光伏分部2025年上半年售电收入及其他收入为人民币17.02亿元，比2024年同期 人民币10.28亿元增加6.74亿元，增幅65.6%，主要由于装机容量及发电量增加所致。 净利减少主要由于新投产项目转固导致经营成本增加及处置火电分部导致。 此外，公司将于2025年12月30日派发中期股息每股0.1元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.83, 0.91, and 1.00 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 8x, 7x, and 6x [4]. Core Insights - The company reported a revenue of 15.66 billion RMB for the first half of 2025, reflecting a 3.1% increase in continuing operations compared to the same period last year, while the net profit attributable to shareholders decreased by 14.4% to 3.52 billion RMB [2]. - The average on-grid electricity prices for wind and solar power decreased, with wind power at 422 RMB/MWh and solar power at 273 RMB/MWh, down by 16 RMB/MWh and 5 RMB/MWh respectively. Despite this, the company achieved a growth in electricity generation of 6.1% for wind and 71.4% for solar [2][3]. - The company plans to prioritize wind power development, focusing on high-capacity and high-price regions, and aims to return value to shareholders with a mid-term dividend of 0.1 RMB per share [3]. Performance Analysis - In the first half of 2025, the company’s capital expenditure was approximately 11.8 billion RMB, a decrease of 5.4% year-on-year, primarily due to reduced investment in new energy projects compared to the previous year [3]. - The installed capacity for wind and solar power increased by 10.8% and 54.8% respectively, although wind power utilization hours decreased by 68 hours due to unfavorable wind conditions [3]. - The company signed new development agreements totaling 1.24 GW during the period, with wind power accounting for 83.9% of this total [3]. Financial Forecast - The company is projected to achieve net profits of 6.97 billion RMB, 7.62 billion RMB, and 8.38 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 9.33%, 9.18%, and 9.28% [9].

Core Viewpoint - Longyuan Power announced a profit distribution plan for the first half of 2025, proposing a cash dividend of RMB 1.00 per 10 shares to all shareholders, amounting to a total cash dividend of approximately RMB 835.98 million [1] Group 1 - The total share capital of the company is 8,359,816,164 shares, which includes 5,041,934,164 A-shares and 3,317,882,000 H-shares [1] - The cash dividend is proposed to be distributed on a pre-tax basis [1] - The expected total cash dividend payout is RMB 835,981,616.40 [1]

Core Viewpoint - Longyuan Power, a leading wind power company under China Energy Group, reported strong financial performance in the first half of 2025, with significant growth in installed capacity and a commitment to cash dividends for shareholders [1][3]. Financial Performance - In the first half of 2025, Longyuan Power achieved operating revenue of 15.657 billion yuan and a net profit attributable to shareholders of 3.375 billion yuan, resulting in earnings per share of 0.4037 yuan [1]. - The company initiated a mid-term cash dividend, distributing 1 yuan per 10 shares, totaling approximately 836 million yuan [3]. Capacity Expansion - Longyuan Power added 2,053.54 MW of new renewable energy capacity in the first half of 2025, including 986.95 MW of wind power (a year-on-year increase of 65.87%) and 1,096.59 MW of solar power [1]. - As of June 30, 2025, the total installed capacity reached 43,196.74 MW, comprising 31,395.72 MW of wind power and 11,794.92 MW of solar power [1]. Market Strategy - The company is actively tracking the implementation of market-oriented electricity pricing reforms across provinces and is participating in the formulation of favorable policies [2]. - Longyuan Power is optimizing trading strategies to ensure the best volume and price through a dynamic approach to both long-term and short-term trading [2]. Technological Innovation - Longyuan Power is investing in technological innovation, leveraging a digital platform and AI models to enhance operational efficiency [2]. - The company has received approval for several key national projects aimed at advancing wind power and solar technology [2]. Future Outlook - Longyuan Power aims to focus on high-quality development, emphasizing stable operations, innovation, investment optimization, management enhancement, and safety [3].

Core Viewpoint - Longyuan Power, a leading wind power company under China Energy Group, reported strong financial performance for the first half of 2025, with significant revenue and profit growth, while also emphasizing its commitment to sustainable development and innovation in the renewable energy sector [1][4]. Financial Performance - In the first half of 2025, Longyuan Power achieved operating revenue of 15.657 billion yuan and a net profit attributable to shareholders of 3.375 billion yuan, resulting in earnings per share of 0.4037 yuan [1]. Resource Optimization - The company accelerated the extension of its resource development value chain, adding 2,053.54 MW of new installed capacity in renewable energy, including 986.95 MW of wind power (a year-on-year increase of 65.87%) and 1,096.59 MW of solar power [2]. - As of June 30, 2025, Longyuan Power's total installed capacity reached 43,196.74 MW, comprising 31,395.72 MW of wind power, 11,794.92 MW of solar power, and 6.10 MW of other renewable energy sources [2]. Market Strategy - The company is actively tracking the implementation of market-oriented electricity pricing reforms across provinces and is participating in the formulation of favorable policies to enhance its market position [2]. - Longyuan Power is optimizing its trading strategies to ensure the best price and volume in both long-term and short-term transactions, while also exploring opportunities in energy storage and green certificate sales [2]. Technological Innovation - Longyuan Power is investing in technological innovation, leveraging a digital platform and AI models to enhance its operational efficiency and safety [3]. - The company has received approval for several key national projects aimed at advancing wind power and solar technology, including the development of critical software and materials [3]. Dividend Policy - In response to regulatory encouragement, Longyuan Power has initiated a mid-term dividend policy, planning to distribute 1 yuan per 10 shares, amounting to a total cash dividend of 836 million yuan [4]. - The company aims to maintain a cash dividend ratio of no less than 30% of the net profit attributable to shareholders from 2025 to 2027 [4]. Future Outlook - Looking ahead, Longyuan Power is focused on high-quality development, emphasizing stable operations, innovation, investment optimization, management enhancement, and safety assurance to solidify its leading position in the renewable energy industry [4].

Group 1 - The core point of the article is that Longyuan Power (SZ 001289) held its third board meeting of 2025 on August 19, where it reviewed a risk assessment report related to financial business with Guoneng Finance Co., Ltd [1] - Longyuan Power's revenue composition for the first half of 2025 shows that the power industry accounted for 99.22% of its total revenue, while other sectors contributed only 0.78% [2] - As of the time of reporting, Longyuan Power's market capitalization stands at 139.1 billion yuan [3]

Core Viewpoint - Longyuan Power reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in the current market environment [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 15.657 billion yuan, a year-on-year decrease of 18.61% [2] - The net profit attributable to shareholders was around 3.375 billion yuan, reflecting a year-on-year decline of 13.79% [2] - Basic earnings per share were 0.4037 yuan, down 13.01% compared to the previous year [2]