华润电力(00836.HK)：纯火电权益核心利润保持增长 一次性因素扰动业绩

Core Viewpoint - The company reported a decrease in profit for the first half of 2025, with a profit attributable to shareholders of HKD 7.872 billion, down 15.9% year-on-year, while core business profit slightly increased by 0.1% to HKD 8.278 billion [1] Group 1: Financial Performance - The company plans to distribute an interim dividend of HKD 0.356 per share for the first half of 2025 [1] - The average on-grid electricity price for the company's coal-fired power plants was HKD 391.2 per MWh, a decrease of 6.1% year-on-year, while the average coal price was HKD 823.8 per ton, down 11.8% [2] - The core profit before tax from the renewable energy business was HKD 71.48 billion, an increase of 7.4% year-on-year, while the profit attributable to shareholders was HKD 56.37 billion, up 1.5% [3] Group 2: Capacity and Production - The company added approximately 4,839 MW of new wind and solar capacity and 894 MW of new coal-fired capacity in the first half of 2025 [1] - As of the end of June, the company had a total coal-fired power capacity of 39.14 GW, wind power capacity of 25.55 GW, and solar power capacity of 12.97 GW [1] - The company plans to add a total of 10,000 MW of new wind and solar capacity by the end of the year, consistent with its initial target [1] Group 3: Market Dynamics - The increase in core profit from pure coal-fired power operations was 21% year-on-year, driven by a relaxed power supply-demand balance and declining fuel prices [2] - The price difference for coal-fired power plants increased by HKD 9.6 per MWh year-on-year, primarily due to the larger decline in coal prices compared to electricity prices [2] - The average on-grid electricity price for the company's wind power plants was HKD 396.8 per MWh, down 11.0% year-on-year, and for solar power plants, it was HKD 304.9 per MWh, down 6.1% [3]