Ge Long Hui·2025-09-01 09:28Core Viewpoint - Huadian International's revenue for the first half of 2025 was 59.953 billion yuan, a year-on-year decrease of 9.0%, slightly below market expectations, while the net profit attributable to shareholders was 3.904 billion yuan, a year-on-year increase of 13.2%, in line with market expectations [1] Revenue and Profit Analysis - The company achieved profitability across its three main segments: coal power, gas power, and hydropower [1] - Coal power segment reported a total profit of 2.748 billion yuan, an increase of 25.9% year-on-year [1] - Gas power segment reported a total profit of 318 million yuan, with a profit increase of 245 million yuan after excluding a one-time asset disposal gain of 1.386 billion yuan from the first half of 2024 [1] - Hydropower segment reported a total profit of 109 million yuan, a significant year-on-year increase of 119.5% [1] Cost and Pricing Factors - The average capacity electricity price in Shandong province was approximately 0.0991 yuan per kilowatt-hour, contributing to profitability despite a 20% year-on-year decrease in power generation [1] - The cost of coal for power generation decreased by 13.0% year-on-year, which positively impacted profit margins [1] Technological Improvements - The company focused its technological upgrades on three main areas: energy efficiency, safety, and flexibility modifications [1] - Ongoing projects include flexibility upgrades, reducing unit energy consumption, and equipment safety inspections [1] Investment Rating - The company maintains a "Buy" rating based on its performance and outlook [1]