内蒙华电2025年半年度业绩快报：净利润同比减少11.91%

Core Viewpoint - Inner Mongolia Huadian (600863) reported a decrease in net profit for the first half of 2025, indicating challenges in the power generation sector due to increased competition from renewable energy sources and fluctuating coal prices [1][2][3][4] Financial Performance - The company achieved a net profit attributable to shareholders of 1.557 billion yuan, a decrease of 11.91% year-on-year [1] - The net profit excluding non-recurring gains and losses was 1.556 billion yuan, down 9.02% year-on-year [1] - Basic earnings per share were 0.23 yuan, a decline of 11.54% compared to the same period last year [1] - In Q2 2025, the net profit attributable to shareholders was 813 million yuan, an increase of 68.96 million yuan or 9.27% quarter-on-quarter [1] Operational Metrics - The total power generation was 24.324 billion kWh, a decrease of 14.58% year-on-year [2] - The on-grid electricity volume was 22.521 billion kWh, also down 14.58% year-on-year [2] - Thermal power generation was 22.376 billion kWh, reflecting a 15.61% decrease year-on-year, primarily due to increased renewable energy generation in the region [2] Pricing and Revenue - The average selling price of electricity was 356.49 yuan per MWh (excluding tax), an increase of 16.12 yuan per MWh or 4.74% year-on-year [2] - The selling price for thermal power was 358.76 yuan per MWh, up 5.61% year-on-year [2] Coal Production and Sales - Coal production reached 6.948 million tons, a year-on-year increase of 1.74% [3] - External coal sales were 3.5763 million tons, up 1.60% year-on-year [3] - The average selling price of coal was 314.04 yuan per ton (excluding tax), a decrease of 102.75 yuan per ton or 24.65% year-on-year [3] Strategic Acquisition - The company plans to acquire 70% of the equity in Zhenglanqi Wind Power and 75.51% of the equity in Northern Dolun from its controlling shareholder, with a transaction price of 5.717 billion yuan [3] - This acquisition aims to enhance the company's asset scale and quality, increasing the proportion of clean energy generation in response to national policies promoting renewable energy [3][4] - Post-acquisition, the financial performance of the acquired companies will be consolidated into Inner Mongolia Huadian's financial statements, improving its asset scale, revenue, and net profit [4]