GDPD(SH:600795) Zhong Guo Jing Ying Bao·2025-08-22 20:58Core Viewpoint - Guodian Power's financial performance in the first half of 2025 shows a decline in revenue and net profit, but an increase in net profit excluding non-recurring items, indicating a mixed financial outlook amid industry challenges [2][3]. Financial Performance - Guodian Power reported operating revenue of 77.655 billion yuan, a year-on-year decrease of 9.52% [2]. - The net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year, while the net profit excluding non-recurring items reached 3.410 billion yuan, an increase of 56.12% [2][3]. - The decline in revenue is attributed to a decrease in electricity sales prices, while the growth in net profit excluding non-recurring items is due to the absence of last year's non-recurring gains from the transfer of a subsidiary [2][3]. Industry Context - The overall profit of most power generation groups remains stable, with some companies experiencing slight revenue declines [4]. - The power supply-demand situation is shifting towards a more relaxed state, and market reforms are accelerating, putting pressure on Guodian Power's generation business [2][4]. Dividend Plan - Guodian Power announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of the net profit attributable to shareholders each year, with a proposed dividend of 1.0 yuan per share for the first half of 2025, totaling 1.784 billion yuan [5]. Power Generation and Pricing - In the first half of 2025, Guodian Power's total electricity generation was 2060.26 billion kWh, a decrease of 3.61% year-on-year, with thermal power generation down 7.51% [6]. - The average on-grid electricity price was 409.7 yuan/MWh, a decrease of 6.72% year-on-year, while the average on-grid price for thermal power was 428.75 yuan/MWh, down 6.97% [6]. Fuel Cost Management - Guodian Power managed to procure 80.97 million tons of raw coal, with 97.05% from long-term contracts, and the average coal price decreased by 9.52% year-on-year [7]. - The company is focusing on optimizing fuel procurement and enhancing management to cope with rising cost pressures in the thermal power sector [7]. New Energy Development - Guodian Power's new energy segment has seen significant growth but is now entering an adjustment phase, with a notable decline in new project approvals and resource availability [10][11]. - The company added 6.4516 million kW of new energy capacity in the first half of 2025, but the resource volume and approved capacity saw significant year-on-year declines [10][11]. - The introduction of market-based pricing for new energy projects has created uncertainty in revenue, prompting a more cautious investment strategy [12].