JEI(SZ:000600) Zheng Quan Ri Bao Wang·2025-08-21 01:44Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by effective cost control and operational strategies in the coal market, despite a slight decline in overall revenue [1][2]. Financial Performance - The company achieved an operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.28% - The net profit attributable to shareholders was 899 million yuan, a year-on-year increase of 157.96% - The net profit excluding non-recurring items was 880 million yuan, a year-on-year increase of 182.50% - The net cash flow from operating activities was 1.728 billion yuan, a year-on-year increase of 130.57% [1]. Operational Strategies - The company implemented a centralized fuel management system to optimize coal procurement and inventory management - Enhanced market decision-making capabilities through collaboration with authoritative institutions for price trend analysis - Advanced digital transformation in fuel management to achieve precise control and cost reduction [2]. Coal Market Outlook - The coal market showed a balanced supply and demand in the first half of the year, with a downward trend in price levels - A slight rebound in market coal prices was observed during the peak consumption period in July-August, but limited upward potential is expected post-peak [2]. Business Segments - The company operates in efficient and clean coal-fired power generation, urban centralized heating, and is expanding into renewable energy projects such as solar, nuclear, offshore wind, and hydropower - In the first half of 2025, the company generated a total of 22.837 billion kWh of electricity, with coal-fired generation accounting for 22.534 billion kWh [2]. Renewable Energy Development - As of June 2025, the company had a cumulative installed capacity of 686,500 kW for solar power generation, with additional projects under construction and in reserve - The company is advancing its energy storage initiatives, including a pumped storage project and proprietary liquid air energy storage technology [3]. Future Development Plans - The company aims to maintain a primary focus on coal-fired power while integrating energy storage and renewable energy as supplementary components - Plans include optimizing existing projects, pursuing large-capacity units, and developing flexible resources in high-quality areas [3]. Capital Investment - The company announced a 2 billion yuan private placement plan to fund the construction of the Xibaipo Power Plant Phase IV, which will enhance heating capacity and grid flexibility - The project will feature advanced ultra-supercritical technology and environmental facilities, aligning with national clean energy policies [4].