Core Viewpoint - The report from Guozheng International indicates a significant increase in social electricity consumption in July, driven mainly by the growth in electricity usage in the tertiary sector and urban-rural residential life [1][2] Group 1: Electricity Consumption Data - In July, the total social electricity consumption reached 10,226 billion kWh, marking a year-on-year increase of 8.6% and a month-on-month increase of 17.9%, with the growth rate up by 3.2 percentage points compared to June [2] - From January to July, the cumulative electricity consumption was 58,633 billion kWh, showing a year-on-year growth of 4.5% [2] - The breakdown of July's electricity consumption shows that the primary industry consumed 170 billion kWh (up 20.2%), the secondary industry consumed 5,936 billion kWh (up 4.7%), the tertiary industry consumed 2,081 billion kWh (up 10.7%), and urban-rural residential life consumed 2,039 billion kWh (up 18.0%) [2] Group 2: Sector-Specific Insights - The high-tech sector's electricity consumption grew by 4.6% from January to July, outpacing the overall secondary industry growth by 1.8 percentage points, with the new energy vehicle manufacturing sector seeing a remarkable growth of 25.7% [3] - The internet and related services sector experienced a year-on-year electricity consumption increase of 28.2%, while the wholesale and retail sector grew by 12% [3] - The hot weather in July contributed to a significant rise in residential electricity consumption, with some regions reporting increases of up to 30% [3] Group 3: Industrial Power Generation - In July, the power generation from large-scale industries reached 9,267 billion kWh, reflecting a year-on-year growth of 3.1%, which is an acceleration of 1.4 percentage points compared to June [4] - The growth rates for various power generation types in July include: thermal power up 4.3%, wind power up 5.5%, solar power up 28.7%, while hydropower saw a decline of 9.8% [4] - The cumulative power generation from January to July was 54,703 billion kWh, with a year-on-year growth of 1.3% [4]

Group 1 - China's electricity consumption in July exceeded 1 trillion kilowatt-hours, significantly stimulating major economies [1] - China possesses unique advantages in the energy sector, including the largest renewable energy installed capacity globally, the largest UHV power grid, and a nationwide unified electricity market system [1] - Other countries, particularly South Korea and India, are actively pursuing nuclear power development to challenge China's leading position in the electricity sector [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's clean energy performance has been under pressure due to reduced water inflow, with hydroelectric net profit decreasing by 28.2% year-on-year. However, the thermal power segment showed improvement, achieving a net profit of 1.428 billion yuan, a year-on-year increase of 28.89%. Overall, the company reported a profit attributable to ordinary shareholders of 2.587 billion yuan for the first half of 2025, a year-on-year growth of 0.65% [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.858 billion yuan, a decrease of 9.87% year-on-year. The net profit attributable to ordinary shareholders was 2.587 billion yuan, reflecting a growth of 0.65% year-on-year [6]. Clean Energy Segment - The hydroelectric segment faced challenges with a significant drop in sales volume by 23.02%, leading to a net profit of 550 million yuan, down 28.2% year-on-year. The average on-grid electricity price for hydroelectric power increased slightly to 0.278 yuan/kWh [6]. - The wind power segment saw a net profit increase of 8.36% year-on-year, reaching 2.124 billion yuan, supported by a 26.90% increase in sales volume. However, the average on-grid price decreased by 0.036 yuan/kWh [6]. - The photovoltaic segment's net profit decreased by 36.9% year-on-year to 716 million yuan, impacted by lower resource availability and increased competition [6]. Thermal Power Segment - The thermal power segment's sales volume decreased by 14.03% year-on-year, but net profit improved to 1.428 billion yuan, a growth of 28.89% year-on-year, due to a significant drop in coal prices [6]. Future Outlook - The company is expected to benefit from the acceleration of asset securitization and has a positive outlook on growth opportunities from both internal and external sources. Projected earnings for 2025-2027 are 4.132 billion, 4.744 billion, and 5.132 billion yuan, respectively, with corresponding EPS of 0.33, 0.38, and 0.41 yuan [2][6].

China Power International Development Limited 中國電力國際發展有限公司 {incorporated in Hong Kong with limited liability) (Stock Code : 2380) 图看懂 中国电力2025年中期业绩 02380.HK | 于香港注册成立之有限公司 低碳赋能 美好生活 11 -11 n 11 0) 降本增效成效显著 增量发展稳中有进 归属于权益持有人净利润 同比增长 28.35 亿元 1.16 % 经营性现金流 同比增长 74.71 亿元 37.78 % 每股基本盈利 0.21 元 营业收入 238.58 亿元 清洁能源收入 | 占比 | 同比增长 153.16 亿元 64.2 % 4 个百分点 19 80 17 = 22.88 亿元 5.4% 9.6% 48.87 亿元 其他 水 20.5% 34 各板块 收入占比 X 使 68.52 亿元_ 85.42 亿元 35.8% 28.7% 1 (+) 积极兑现绿色权益价值 绿电绿证交易增利 0.8 亿元 清洁能源板块归母净利润 22.73 亿元 占比(~) 80 % 下 ...

Core Viewpoint - The conference on "Green Leading Smart Empowerment to Build a New Ecosystem for Supply Chain" highlighted the importance of green and smart supply chain management in the electricity sector, emphasizing the need for collaboration among state-owned enterprises and leading private companies to address challenges and seize opportunities in supply chain development [1][2]. Group 1: Industry Overview - The electricity sector is recognized as a crucial pillar of the national economy, with its supply chain being complex and strategically significant, necessitating a transition to digital, intelligent, and green supply chains [2]. - The supply chain in the electricity industry is facing challenges such as long chain links, data silos, complex demands, and regulatory difficulties, which have directed focus towards compliance, cost reduction, efficiency enhancement, and supply assurance [2][3]. Group 2: Company Initiatives - JD Industrial, as a subsidiary of JD Group, is committed to enhancing the electricity sector's supply chain through a comprehensive digital transformation, linking supply and demand to optimize matching and reduce collaboration costs [2][3]. - JD Industrial has aggregated over 120,000 manufacturers, distributors, and agents to create a robust supply chain, providing significant support for cost reduction, efficiency improvement, compliance, and supply assurance in the electricity industry [3]. Group 3: Standardization Efforts - The lack of standardization in the industrial products sector has led to increased communication and transaction costs, complicating procurement processes; JD Industrial is focusing on product standardization to facilitate supply chain upgrades [4]. - The consensus in the industrial sector is that standardization is key to maximizing procurement cost efficiency, with guidance from the State-owned Assets Supervision and Administration Commission (SASAC) emphasizing the need for data standardization and governance [4]. Group 4: Technological Advancements - JD Industrial is leveraging big data and AI algorithms to enhance data capabilities for electricity clients, implementing a three-step approach to standardization, digitalization, and intelligent application to build a standardized product library [4][6]. - The introduction of AI tools like "Gongpin Cha" aims to improve product standardization across the industry, enabling clients to manage product data more effectively and enhance operational efficiency [6].

Core Insights - The National Energy Administration of China reported that in July, the national electricity market transaction volume reached 6,246 billion kilowatt-hours, representing a year-on-year increase of 7.4% [1] - Among this, the intra-provincial transaction volume was 4,614 billion kilowatt-hours, up by 7.3%, while the inter-provincial and inter-regional transaction volume was 1,632 billion kilowatt-hours, increasing by 7.9% [1] - Green electricity transaction volume reached 256 billion kilowatt-hours, showing a significant year-on-year growth of 43.2% [1] Year-to-Date Summary - From January to July 2025, the cumulative national electricity market transaction volume totaled 35.9 trillion kilowatt-hours, marking a year-on-year increase of 3.2%, which accounted for 61.2% of the total social electricity consumption, a decrease of 0.9 percentage points year-on-year [1] - The intra-provincial transaction volume for the same period was 27.3 trillion kilowatt-hours, up by 1.6%, while the inter-provincial and inter-regional transaction volume reached 8,558 billion kilowatt-hours, increasing by 9% [1] - The green electricity transaction volume for the first seven months was 1,817 billion kilowatt-hours, reflecting a year-on-year growth of 42.1% [1] Market Context - Electricity market transactions refer to the activities where power generation companies engage in electricity trading with electricity sales companies or large electricity users through market-oriented methods [1] - Since the new round of electricity system reform, the construction of China's electricity market has been steadily advancing, with the scale of market-oriented transactions expanding year by year [1]

Group 1: Core Business Performance - The company reported its main operating conditions for the period from January to July 2025, detailing performance across various business segments [1] - The energy and power business includes hydropower, wind power, solar power, thermal power, new energy storage, nuclear power, power grid, hydrogen energy, geothermal energy, marine energy, and biomass energy [1] - Water resources and environmental business encompasses water conservancy, water services, water environment governance, marine engineering, soil remediation, and energy-saving projects [1] Group 2: Regional Distribution - The company provided a statistical breakdown of its performance by region for the same period, indicating the geographical distribution of its business activities [2] Group 3: Contract Signing - In July 2025, the company signed new contracts for individual projects exceeding RMB 500 million, highlighting significant contract activity during this period [3]

于2025年6月30日，集团发电厂的合并装机容量为53,940.6兆瓦，同比增加11.61%。集团清洁能源合并 装机容量为44,120.6兆瓦，约占总装机容量81.79%。 本文源自：财华网 2025年上半年，集团权益持有人应占利润轻微增长1.16%至28.3亿元，主要来自风电及火电板块。风电 板块的利润增长主要来自海上风力发电项目，火电板块则受益于燃料成本下降及实施有效的煤炭采购措 施。 【财华社讯】中国电力(02380.HK)公布，截至2025年6月30日止六个月，收入约238.58亿元(人民币,下 同)，同比减少9.87%；公司普通股股东应占利润约25.87亿元，同比增长0.65%；每股基本盈利0.21元。 不派息。 ...

回顾期内，由于若干收购及新项目投入商业营运，本集团风电及光伏发电的收入分别持续增长16.69% 及3.08%，部分抵销同期火电及水电收入分别下跌17.77%及14.88%的影响。我们水电厂营运地区降雨量 减少，导致水电板块的收入及利润整体均有所下降。火电板块收入减少是由于去年底部分出售一家从事 燃煤发电的附属公司权益，该附属公司随后成为本公司的联营公司。本集团综合收入下降9.87%。 受今年实施全面市场化的再生能源电价政策影响，平均上网电价有所调整，风电及光伏发电板块经营利 润率录得同比下降。 于2025年六月叁十日，本集团发电厂的合并装机容量为53,940.6兆瓦，同比增加5,612.8兆瓦或11.61%。 本集团清洁能源合并装机容量为44,120.6兆瓦，约占总装机容量81.79%。 中国电力(02380)发布2025年中期业绩,该集团取得收入人民币238.58亿元(单位下同)，同比减少9.87%;公 司普通股股东应占利润25.87亿元，同比增加0.65%;每股基本盈利0.21元。 2025年上半年，本集团权益持有人应占利润轻微增长1.16%至28.3亿元，主要来自风电及火电板块。风 电板块的利润增长主要 ...

受今年实施全面市场化的再生能源电价政策影响，平均上网电价有所调整，风电及光伏发电板块经营利 润率录得同比下降。 于2025年6月30日，集团发电厂的合并装机容量为53,940.6兆瓦，同比增加5,612.8兆瓦或11.61%。集团 清洁能源合并装机容量为44,120.6兆瓦，约占总装机容量81.79%。 格隆汇8月21日丨中国电力(02380.HK)公告，2025年上半年，集团权益持有人应占利润轻微增长1.16%至 人民币28.3亿元，主要来自风电及火电板块。风电板块的利润增长主要来自海上风力发电项目，火电板 块则受益于燃料成本下降及实施有效的煤炭采购措施。 回顾期内，由于若干收购及新项目投入商业营运，集团风电及光伏发电收入分别持续增长16.69%及 3.08%，部分抵销同期火电及水电收入分别下跌17.77%及14.88%影响。公司水电厂营运地区降雨量减 少，导致水电板块的收入及利润整体均有所下降。火电板块收入减少是由于去年底部分出售一家从事燃 煤发电的附属公司权益，该附属公司随后成为公司的联营公司。集团综合收入下降9.87%。 ...