JXGNCL(SZ:000899) Xin Lang Cai Jing·2025-08-24 12:31Core Viewpoint - The company reported a mixed performance for H1 2025, with a slight decline in revenue but a significant increase in net profit, driven by lower fuel costs and improved operational efficiency [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.031 billion yuan, a year-on-year decrease of 1.53%, while net profit attributable to shareholders was 438 million yuan, an increase of 29.39% [1]. - For Q2 2025, the company reported revenue of 1.561 billion yuan and net profit of 245 million yuan, reflecting year-on-year increases of 12.81% and 81.47%, respectively [1]. - The company's gross margins improved, with Q1 and Q2 gross margins at 17.63% and 23.75%, showing increases of 2.57 and 7.53 percentage points year-on-year [2]. Operational Highlights - The company's electricity generation in H1 2025 was 7.002 billion kWh, a year-on-year increase of 0.81%. Q1 saw a decline of 12.55%, while Q2 experienced a recovery with a growth of 17.40% [1]. - The average on-grid electricity price for H1 2025 was approximately 0.4317 yuan per kWh, reflecting a decrease of nearly 1 jiao year-on-year [1]. Future Outlook - The company is set to commission two high-efficiency coal-fired units at the Shanggao power plant, with the first unit expected to start operations on August 25, 2025, and the second on November 25, 2025, which will contribute to future revenue growth [3]. - Profit forecasts for 2025-2027 estimate net profits of 1.014 billion, 1.340 billion, and 1.346 billion yuan, representing year-on-year growth rates of 42%, 32%, and 0.47%, respectively [3].