Xin Lang Cai Jing·2025-08-31 04:23Core Insights - Company reported a revenue of 59.953 billion yuan for the first half of 2025, a decrease of 8.98% year-on-year, while net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [1] - The company completed asset restructuring, leading to significant performance improvement [1] - The average on-grid electricity price was 516.8 yuan per megawatt-hour, down 1.44% year-on-year, while the fuel cost decreased by 13.28% to 37.952 billion yuan [2] Financial Performance - The company achieved a gross margin of 10.72%, an increase of 2.1 percentage points year-on-year, and a net margin of 8.26%, up 1.16 percentage points [3] - Investment income rose to 2.481 billion yuan, a year-on-year increase of 9.25%, with contributions from Huadian New Energy [3] - The company plans to distribute an interim dividend of 0.09 yuan per share, with a payout ratio of 26.8% [1] Operational Metrics - Total on-grid electricity generation was 113.289 billion kilowatt-hours, a decrease of 6.46% year-on-year, with thermal power generation down 7.1% [2] - The company’s controllable installed capacity reached 77.4446 million kilowatts, a 29.5% increase from the end of 2024 [3] - The company’s fuel cost per kilowatt-hour for thermal power was 0.325 yuan, a decrease of 0.023 yuan year-on-year [2] Future Outlook - The company maintains profit forecasts for 2025-2027, with net profit expectations of 6.534 billion, 7.171 billion, and 7.973 billion yuan, representing year-on-year growth of 15%, 10%, and 11% respectively [3] - The company is expected to benefit from ongoing projects and asset injections, contributing to high growth potential [3]