HTGF(SH:600864) Chang Jiang Shang Bao·2025-08-15 02:24Core Viewpoint - The performance of Harbin Investment Co., Ltd. (哈投股份) is significantly driven by its securities business, with a notable increase in net profit and revenue in the first half of 2025 despite challenges in its thermal power segment [2][3]. Financial Performance - In the first half of 2025, Harbin Investment achieved operating revenue of 1.475 billion yuan, a year-on-year increase of 1.12% [2]. - The net profit attributable to shareholders reached 380 million yuan, up 233.08% year-on-year, while the net profit excluding non-recurring gains was 361 million yuan, reflecting a 436.42% increase [2]. - The thermal power segment reported operating revenue of 983 million yuan, a decline of 5.27%, with a net profit of 123 million yuan [3]. Securities Business - The securities business, primarily through its subsidiary Jianghai Securities, generated total operating revenue of 726 million yuan, marking an 81.17% increase year-on-year [3]. - Net profit from the securities business reached 288 million yuan, a staggering increase of 1311.60% [3]. - Key revenue contributions from Jianghai Securities included brokerage services at 209 million yuan (up 21.11%), proprietary trading at 406 million yuan (up 211.77%), and credit business at 39 million yuan (up 112.59%) [3]. Market Conditions - The company faced ongoing cost pressures due to high coal prices and reduced government heating subsidies, impacting its thermal power operations [2][3]. - The total heating supply decreased by 4.46% year-on-year, completing 57.61% of the annual plan [3]. Shareholder Actions - Major shareholder Heilongjiang Dazheng Investment Group plans to reduce its stake by up to 20.81 million shares, representing no more than 1% of the total share capital [4]. - As of June 30, 2025, Dazheng Group held 197 million shares, accounting for 9.45% of the company's total shares, making it the second-largest shareholder [4].