XCEP(SH:600505) Zheng Quan Zhi Xing·2025-07-14 09:18Core Viewpoint - The company reported its unaudited operating data for the first half of 2025, highlighting significant growth in electricity generation and changes in pricing structures due to favorable water conditions and market dynamics [1][2]. Group 1: Hydropower Generation - The company operates 7 hydropower stations with a total installed capacity of 122.9 MW, generating electricity primarily sold within Liangshan Prefecture [1]. - Electricity generation increased by 22.63% year-on-year, attributed to abundant water supply in the network [1]. - The average on-grid price for purchased electricity decreased by 11.38%, influenced by the growth in generation from network-connected stations [1]. Group 2: Solar Power Generation - The company holds a 90% stake in the Tangniwan photovoltaic power station, which has an installed capacity of 40 MW, generating electricity sold to the State Grid Sichuan Electric Power Company [1][2]. - The Tangniwan solar power station produced 1,067.31 MWh of electricity in the first half of 2025, with an on-grid price based on both grid settlement and subsidies [2]. - The average on-grid price for the solar power station is determined by provincial electricity market trading policies [2]. Group 3: Additional Hydropower Projects - The company also holds a 71.27% stake in the Muli County Guzeng Hydropower Development Co., which operates the Kangwu Hydropower Station with an installed capacity of 172 MW [1][2]. - The Kangwu Hydropower Station generated 10,648.26 MWh in the first half of 2025, with electricity sold to both the State Grid Sichuan Electric Power Company and the State Grid Liangshan Supply Company [2]. - The on-grid price for the hydropower station is set according to specific provincial policies and contracts, with a commercial operation period price of 0.2974 yuan per kWh [2].