韶能股份：华源证券研究所投资者于8月15日调研我司

Core Viewpoint - Company experienced a decline in overall operating performance in the first half of 2025 due to reduced rainfall affecting hydropower operations and changes in foreign trade policies impacting the paper tableware business [2][3] Business Performance - In the first half of 2025, the company reported a year-on-year decline in overall operating performance due to significant decreases in rainfall and water inflow, as well as a drop in sales volume of paper tableware [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with notable increases in rainfall and water inflow compared to the first half of the year [2] - The company plans to focus on "brand building, market expansion, and internationalization" in the second half of the year to improve operational performance and increase sales revenue [2][3] Revenue and Profitability - The company reported a total revenue of 2.335 billion yuan in the first half of 2025, a year-on-year increase of 6.95%, while net profit attributable to shareholders decreased by 42.43% to 95.903 million yuan [6] - The second quarter of 2025 saw a slight decline in revenue to 1.227 billion yuan, with a net profit of 77.740 million yuan, reflecting a year-on-year decrease of 45.45% [6] New Business Initiatives - The company established a wholly-owned subsidiary, Guangdong Shaoneng Suandian Integration Investment Co., Ltd., with a registered capital of 300 million yuan to engage in integrated power and data center projects [4][5] - The new subsidiary aims to explore the construction of a data center cluster with integrated power supply, focusing on clean renewable energy to enhance profitability and support the development of the computing power industry in Shaoguan [5] Accounts Receivable Management - The company reported a 31.56% decrease in accounts receivable for biomass power generation by the end of 2024 compared to the end of 2023, indicating improved cash flow management [4] - In early August 2025, the company received over 60 million yuan in accounts receivable from previous years, further enhancing cash flow [4] Market Position and Future Outlook - The company is positioned as a key player in the clean renewable energy sector, with a focus on expanding its ecological plant fiber products and precision manufacturing [6] - The company is optimistic about overcoming challenges related to the new business initiatives and aims to ensure timely project implementation to create new profit growth points [6]