DTPC(SH:600719) Zheng Quan Shi Bao Wang·2025-08-15 09:13Core Viewpoint - Dalian Thermal Power faced challenges in the first half of 2025 due to energy price fluctuations and declining industrial demand, yet managed to narrow losses while ensuring supply stability through cost control and operational optimization [1][2]. Revenue and Profit Summary - The company's revenue for the first half of 2025 was 379 million yuan, a year-on-year decrease of 6.41% [2]. - The net loss attributable to shareholders was 40.69 million yuan, a reduction of 1.62% compared to the previous year [2]. - The decline in revenue was primarily due to higher temperatures and a slowdown in industrial activities, with steam sales decreasing by 16,000 tons and high-temperature water sales down by 440,000 gigajoules [2]. - The actual loss from core operations was only 2.3 million yuan after excluding non-operating factors, showing a significant improvement of 39.12 million yuan year-on-year [2]. Cash Flow and Financial Management - The net cash outflow from operating activities was 201 million yuan, an increase of 62.27% year-on-year, mainly due to increased prepayments for coal storage and extended heat fee recovery periods [2]. - Short-term borrowings surged to 901 million yuan, a year-on-year increase of 52.83%, while cash reserves at the end of the period were only 54.52 million yuan, with 35% being restricted funds [2]. Policy and Operational Efficiency - Non-operating income contributed 1.98 million yuan, including government subsidies of 798,700 yuan [3]. - The main drivers for loss reduction were improved machine efficiency, with electricity sales increasing by 14.58 million kilowatt-hours, and a decrease in coal procurement prices leading to an 18.69% reduction in operating costs [3]. - The company serves a heating market covering 1,847 million square meters, with a year-on-year increase of 52,000 square meters, supported by rigid demand for residential heating [3]. Supply Assurance and Management Practices - The company completed major repairs on four boilers and three units at the Beihai Thermal Power Plant, achieving stable electricity supply of 99.38 million kilowatt-hours, a year-on-year increase of 17.2% [4]. - Implementation of comprehensive coal quality control and smart heating platforms improved operational efficiency and reduced fuel costs [4]. - A prepayment system for industrial users improved cash flow quality and reduced accounts receivable risks, with bad debt provisions reaching 45.77 million yuan [4]. Green Transition and Procurement Management - The Beihai Thermal Power Plant completed ultra-low emission renovations, laying the groundwork for future policy benefits [5]. - The company restructured its procurement management system through a dynamic supplier evaluation and inventory warning mechanism, further reducing procurement costs [5].