wsdl(SH:600995) Quan Jing Wang·2025-09-01 12:45Core Insights - The company reported a total operating revenue of 3.301 billion yuan for the first half of the year, representing a year-on-year increase of 13.38% [1] - The total profit reached 1.265 billion yuan, up 24.92% year-on-year, while the net profit attributable to shareholders was 832 million yuan, reflecting a 32.93% increase [1] - The gross profit margin improved to 52.74%, marking the highest level for the same period in history [1] Financial Performance - Total operating revenue: 3.301 billion yuan, up 13.38% year-on-year [1] - Total profit: 1.265 billion yuan, up 24.92% year-on-year [1] - Net profit attributable to shareholders: 832 million yuan, up 32.93% year-on-year [1] - Gross profit margin: 52.74%, highest in history for the same period [1] Project Development - As of June 30, 2025, the company has an operational pumped storage capacity of 10.28 million kilowatts, with 10 ongoing projects totaling 12 million kilowatts [1] - Key projects such as the Meizhou Phase II and Nanning projects are expected to be operational within the year [1] - The Shaoguan Xinfeng project has completed feasibility research, and the company has acquired investment development rights for the Lincang Yunnan project [1] Market Positioning - The Meizhou project has officially entered the spot market, which is expected to enhance the profitability of the pumped storage power station [1] - Brokerage reports indicate that the electricity spot market mechanism will transition energy storage from "planned scheduling" to "market bidding," providing opportunities for participation in energy, ancillary services, and capacity markets [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.52 yuan per 10 shares (tax included) for the 2025 semi-annual profit distribution [2] - An earnings briefing is scheduled for September 5, 2025, to address investor concerns and provide a comprehensive understanding of the company's operations [2]