长源电力发布上半年业绩，归母净利润9482.21万元，下降78.83%

Group 1 - The core viewpoint of the report indicates that Changyuan Power (000966.SZ) experienced a significant decline in both revenue and net profit for the first half of 2025, with revenue decreasing by 16.76% to 6.614 billion yuan and net profit dropping by 78.83% to 94.82 million yuan [1] - The company's net profit attributable to shareholders after deducting non-recurring gains and losses fell by 83.40% to 72.70 million yuan, with basic earnings per share reported at 0.0272 yuan [1] Group 2 - During the reporting period, the total power generation was 16.715 billion kilowatt-hours, reflecting a decrease of 8.30% year-on-year, with thermal power generation down by 8.83% to 14.690 billion kilowatt-hours, hydropower down by 33.89% to 0.564 billion kilowatt-hours, and wind power down by 12.11% to 0.201 billion kilowatt-hours [2] - In contrast, solar power generation increased by 21.70% to 1.260 billion kilowatt-hours [2] - The average on-grid electricity price (excluding tax) was 387.81 yuan per megawatt-hour, a decrease of 32.26 yuan per megawatt-hour compared to the previous year [2] - The decline in thermal power generation was primarily due to the rapid growth of installed capacity and generation from renewable energy sources within the province, as well as an increase in electricity purchases from outside the province, which squeezed the generation capacity of thermal power [2] - The decrease in hydropower generation was attributed to lower water inflow in the province during the first half of the year, while the reduction in wind power generation was linked to lower wind speeds compared to historical averages [2] - As of the end of June, the installed capacity of renewable energy sources grew by 28% year-on-year, and inter-provincial electricity imports increased by 45%, significantly impacting the generation space of existing power plants [2] - Changes in trading policies in Hubei province allowed centralized renewable energy to fully enter the market, replacing guaranteed consumption with medium- and long-term trading mechanisms, which introduced spot pricing linked to market supply and demand, affecting overall pricing [2]