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陕西能源: 2025年半年度报告

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Shaanxi Energy Investment Co., Ltd. in the first half of 2025, indicating a decline in revenue and net profit compared to the previous year, while emphasizing the company's strategic initiatives to optimize coal and electricity operations amidst market fluctuations [1][2][9]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 9.86 billion yuan, a decrease of 6.74% compared to 10.57 billion yuan in the same period last year [2][12]. - The net profit attributable to shareholders was approximately 1.33 billion yuan, down 14.02% from 1.55 billion yuan year-on-year [2][12]. - Basic earnings per share decreased by 12.20% to 0.36 yuan from 0.41 yuan [2][12]. - Total assets at the end of the reporting period were approximately 68.16 billion yuan, a slight decrease of 0.08% from the previous year [2][12]. Business Operations - The company’s main business includes thermal power generation and coal production, with a total approved coal power generation capacity of 17.25 million kilowatts as of June 2025 [5][9]. - The total coal production for the first half of 2025 was approximately 988.62 million tons, an increase of 6.53% compared to 928.01 million tons in the previous year [7][9]. - The company has implemented a coal-electricity synergy strategy to mitigate market risks, ensuring stable coal production while controlling fuel costs for electricity generation [7][9]. Industry Context - As of June 2025, the national installed power generation capacity reached 3.65 billion kilowatts, reflecting a year-on-year growth of 18.7%, with significant increases in solar and wind power generation capacities [3][4]. - The overall electricity consumption in the first half of 2025 was approximately 48,418 billion kilowatt-hours, representing a growth of 3.7% year-on-year [3][4]. - The coal production in the first half of 2025 was approximately 2.4 billion tons, with a year-on-year increase of 5.4%, while coal imports saw a decline [5][6]. Strategic Initiatives - The company is focusing on enhancing operational management in response to the evolving electricity market, including the integration of big data for decision-making and improving the flexibility of thermal power units [7][9]. - Ongoing projects such as the second phase of Yan'an Thermal Power and the second phase of Shanzhong Power Plant are progressing well, with plans for commissioning in the near future [8][9]. - The company aims to align with industry best practices to improve efficiency and reduce costs, thereby enhancing overall operational quality and profitability [10][11].