智通财经网·2025-08-22 06:24Group 1 - The core viewpoint of the reports indicates that Longyuan Power's (00916) net profit for the first half of the year decreased by 13.6% to 3.52 billion RMB, which aligns with market expectations [1] - The decline in profit is attributed to reduced utilization hours and electricity prices, with revenue growth lagging behind the cost increase driven by installed capacity growth [1] - The average utilization hours for wind power in the first half were 1,102 hours, down 68 hours year-on-year, primarily due to decreased wind speeds in high-capacity generation areas and increased power restrictions in regions like Jilin and Inner Mongolia [1] Group 2 - The average on-grid electricity price for wind power decreased by 3.7% to 0.422 RMB per kilowatt-hour, while the average on-grid price for solar power remained stable at 0.273 RMB per kilowatt-hour [1] - The company has initiated a mid-term dividend distribution with a payout ratio of 24% [1] - Longyuan Power's earnings forecasts for 2025 and 2026 have been slightly lowered by approximately 0.8% and 0.6% respectively, reflecting the impact of declining electricity prices [2] Group 3 - The company is expected to incur an impairment of about 900 million RMB in the second half of the year due to the replacement of large wind turbines with smaller ones [2] - Despite the impairment, the profit for 2025 is still projected to grow by 4.4% year-on-year [2] - The company has announced a dividend plan for 2025-2027, with a cash dividend ratio of no less than 30% of net profit, and expected dividend yields of 3.8% and 4% for 2025 and 2026 respectively [2]