XCEP(SH:600505) Ge Long Hui A P P·2025-08-04 08:20Core Viewpoint - The new electricity pricing policy in Sichuan Province will lead to a decrease in the average selling price of residential electricity, impacting the company's operating performance in 2025 [1][2]. Summary by Relevant Sections Electricity Pricing Policy - The Sichuan Provincial Development and Reform Commission issued a notification on July 31 regarding the implementation of a low valley electricity price policy for residential users in local power grids, effective from September 1, 2025 [1]. - The policy includes a "one household, one meter" pricing structure for residential users, with low valley pricing applicable only to these users, while combined meter users will not benefit from the low valley pricing [1]. - During the abundant water period (June to October), the low valley electricity price will be set at 0.175 yuan per kilowatt-hour, while during the dry and normal water periods (November to May), it will be 0.2535 yuan per kilowatt-hour [1]. Impact on Company - The implementation of the new pricing policy is expected to lower the average selling price of residential electricity, which will have a negative impact on the company's operating performance in 2025 [2]. - Preliminary estimates suggest that the new pricing policy will reduce the company's net profit by approximately 5.55 million yuan in 2025 [2].