龙源电力(00916) - 2025 - 中期财报

Interim Results Key Data Financial Performance Overview In H1 2025, the Group's consolidated operating revenue, profit before tax, net profit, and basic EPS decreased year-on-year, impacted by lower revenue and increased operating costs. 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB '000) | 2024 H1 (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 15,657,018 | 19,236,132 | -18.6% | | Profit Before Tax | 5,149,453 | 5,855,739 | -12.1% | | Profit for the Period | 4,174,485 | 4,864,018 | -14.2% | | Net Profit Attributable to Equity Holders of the Company | 3,519,492 | 4,074,861 | -13.6% | | Basic and Diluted Earnings Per Share (RMB cents) | 42.10 | 48.74 | -13.6% | - As of June 30, 2025, net assets per share (excluding non-controlling interests) were RMB 8.91[3] Operational Data Overview In H1 2025, the Group added 2,053.54 MW of new energy controlled installed capacity, with significant growth in wind and solar power, and total power generation increased year-on-year, especially for solar. Controlled Installed Capacity (As of June 30, 2025) | Energy Type | June 2025 (MW) | June 2024 (MW) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 31,396 | 28,349 | 10.75% | | Thermal Power | 0 | 1,875 | -100% | | Solar Power | 11,795 | 7,620 | 54.79% | | Other | 6 | 36 | -83.33% | | Total | 43,197 | 37,880 | 14.03% | Electricity Sales (January-June 2025) | Energy Type | Jan-Jun 2025 (GWh) | Jan-Jun 2024 (GWh) | Change Rate | | :--- | :--- | :--- | :--- | | Wind Power | 32,676 | 31,992 | 2.14% | | Thermal Power | 0 | 3,674 | -100% | | Solar Power | 6,096 | 4,469 | 36.44% | | Other | 3 | 6 | -50% | | Total | 38,778 | 40,138 | -3.39% | Management Discussion and Analysis Industry Review In H1 2025, China's economy showed stable and positive growth, with increases in electricity consumption and installed generation capacity, particularly rapid growth in new energy capacity, while power market reforms deepened. - National electricity consumption was 4,841.8 billion kWh, a 3.7% year-on-year increase; industrial power generation above designated size was 4,537.1 billion kWh, a 2.3% year-on-year increase[18] - As of June 30, 2025, national installed generation capacity reached 3.65 billion kW, a 18.7% year-on-year increase, with wind power at 570 million kW (up 22.7%) and solar power at 1.1 billion kW (up 54.2%)[18] - Cumulative market-based electricity transactions reached 2.95 trillion kWh, a 4.8% year-on-year increase, accounting for 60.9% of total electricity consumption; green power transactions were 154 billion kWh, up 49.3% year-on-year[19] Operating Environment The national economy maintained overall stability and positive momentum, with steady growth in production demand, stable employment, increased resident income, and strong growth in new drivers. - The national average utilization hours of power generation equipment were 1,504 hours, a decrease of 162 hours compared to the same period last year[19] Policy Environment National policies emphasize market-based pricing for new energy, inclusion of new entities in auxiliary service markets, and accelerated development of spot electricity markets. - The "Notice on Deepening Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy" (Document No. 136) mandates that all new energy on-grid electricity enter the power market, with prices determined by market transactions[21] - The "Basic Rules for Power Auxiliary Service Market" includes new entities like energy storage companies, virtual power plants, and smart microgrids, following the principle of "whoever provides, profits; whoever benefits, bears the cost"[22] - The "Notice on Comprehensively Accelerating the Construction of Spot Electricity Markets" aims for national coverage of spot electricity markets by the end of 2025, with continuous settlement operations[23] - The "2025 Energy Work Guidance Opinion" outlines three main goals: enhancing energy supply security, deepening green and low-carbon transformation, and improving development quality and efficiency[25] - The "Opinions on Promoting High-Quality Development of Renewable Energy Green Certificate Market" aims to establish a green certificate market system by 2027 and achieve international application by 2030[26] - The "Notice on Orderly Promoting the Development of Green Power Direct Connection" defines green power direct connection as direct supply from new energy to a single user via dedicated lines, requiring new energy installed capacity to be determined by load[27] Business Review In H1 2025, the Group adhered to its "stability, safety, innovation, and high-quality development" strategy, adding 2,053.54 MW of new energy capacity, with growth in both wind and solar power generation, and made progress in safety, development, engineering, marketing, digitalization, financing, and overseas expansion. - In H1 2025, the Group's net new controlled installed capacity for new energy was 2,053.54 MW, including 986.95 MW of wind power and 1,096.59 MW of solar power[29] - As of June 30, 2025, the Group's controlled installed capacity was 43,196.74 MW, comprising 31,395.72 MW of wind power and 11,794.92 MW of solar power[29] - The Group's cumulative power generation in 2025 reached 39,652,477 MWh, with wind power generation at 33,502,617 MWh (up 6.07% year-on-year) and solar power generation at 6,146,915 MWh (up 71.37% year-on-year)[29] - In H1 2025, the Group's average on-grid tariff for all power generation businesses was RMB 399/MWh (excluding VAT), a decrease of RMB 23/MWh compared to the same period in 2024[46] - In H1 2025, green power transactions totaled 4.14 billion kWh, a 41.67% year-on-year increase; green certificate transactions reached 4.232 million certificates, an 81.46% year-on-year increase[47] Safety Operations The Group is committed to a "zero-start, zero-effort" safety philosophy, aiming for zero casualties, zero accidents, and zero losses through comprehensive safety management. - The Group comprehensively promotes the construction of a safety production management system, firmly establishing the "starting from zero, striving for zero" safety philosophy, with goals of zero casualties, zero accidents, and zero losses[30] - Safety management is innovated through "three-one" regular education and training, "three rectifications" to strengthen civilized production, "three links" to strictly control outsourced operations, and "three lines of defense" to strictly control accident risks[30] - No general or above accidents or ecological environment incidents occurred in H1[30] Early-Stage Development and Resource Layout The Group actively promotes large-scale wind and solar power bases in desert areas and expands offshore wind power, aiming to create national landmark new energy bases with Longyuan characteristics. - The Group is fully promoting "desert, Gobi, and barren land" wind and solar power bases, strengthening offshore wind power expansion, and building national landmark new energy bases with Longyuan characteristics[39] - In H1 2025, the Group signed new development agreements for 1.24 GW, including 1.04 GW for wind power and 0.2 GW for energy storage[39](index