长源电力(000966.SZ)发布上半年业绩，归母净利润9482.21万元，下降78.83%

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating financial challenges [1][2] Financial Performance - The company's operating revenue was 6.614 billion yuan, a year-on-year decrease of 16.76% [1] - Net profit attributable to shareholders was 94.8221 million yuan, down 78.83% year-on-year [1] - The net profit excluding non-recurring gains and losses was 72.7002 million yuan, reflecting an 83.40% decrease year-on-year [1] - Basic earnings per share were 0.0272 yuan [1] Power Generation - Total power generation was 16.715 billion kWh, a decrease of 8.30% year-on-year [2] - Thermal power generation was 14.690 billion kWh, down 8.83% year-on-year [2] - Hydropower generation was 564 million kWh, a significant decline of 33.89% year-on-year [2] - Wind power generation was 201 million kWh, decreasing by 12.11% year-on-year [2] - Solar power generation increased to 1.260 billion kWh, showing a growth of 21.70% year-on-year [2] Heat Supply and Pricing - The total heat supply was 10.9889 million GJ, down 6.61% year-on-year [2] - The average on-grid electricity price (excluding tax) was 387.81 yuan per MWh, a decrease of 32.26 yuan per MWh year-on-year [2] Market Dynamics - The decline in thermal power generation was primarily due to rapid growth in installed capacity and generation from renewable energy sources, as well as increased electricity purchases from outside the province [2] - The drop in hydropower generation was attributed to lower water levels in the province during the first half of the year [2] - Wind power generation decreased due to lower wind speeds compared to historical averages [2] - The overall electricity market in Hubei province is experiencing an oversupply situation, influenced by a 28% year-on-year increase in renewable energy installed capacity and a 45% year-on-year increase in inter-provincial electricity imports [2] - Recent policy changes in Hubei province have allowed centralized renewable energy to enter the market, affecting overall pricing mechanisms [2]