Zhong Guo Dian Li Bao·2025-09-03 12:01Core Viewpoint - The five major power generation companies in China reported mixed results for the first half of the year, with collective revenue decline but an increase in net profits, reaching a total of 24.018 billion yuan, marking a 3% year-on-year increase and the highest in nearly a decade [1][2]. Revenue and Profit Performance - Huaneng International led the five companies with a revenue of 112.032 billion yuan and a net profit of 9.262 billion yuan, being the only company to exceed 100 billion yuan in revenue and approach 10 billion yuan in profit [2]. - Datang Power experienced the smallest revenue decline, less than 2% year-on-year, while achieving the highest net profit growth rate of 47.35% among the five companies [5]. Market Conditions and Cost Management - The domestic coal market saw a continued easing of supply-demand tensions, with Qinhuangdao Q5500 thermal coal prices dropping approximately 22.2% year-on-year. Huaneng International's optimized procurement strategy led to a 9.23% decrease in standard coal prices, contributing to a profit increase of 3.56 billion yuan in the thermal power sector [4]. - The implementation of market-based pricing for renewable energy resulted in a decline in both electricity volume and prices, impacting revenue across major power generation companies. However, falling coal prices provided a buffer against these declines, allowing for profit growth [7]. Dividend Distribution - Guodian Power announced the highest total dividend of 1.784 billion yuan among the five companies, reflecting a commitment to enhancing shareholder returns [8]. Financial Health and Debt Management - As of the end of June, the asset-liability ratios of the five major power companies ranged from 62% to 75%. Huaneng International and Huadian International maintained asset-liability ratios below 65%, indicating strong financial health [11][13]. Clean Energy Capacity - China Power reported the highest proportion of clean energy capacity, with a total installed capacity of 44.1206 million kilowatts, accounting for 81.79% of its total installed capacity, an increase of 4.72 percentage points year-on-year [14]. - Renewable energy sources now contribute nearly 60% of China Power's revenue, with wind and solar segments generating 6.83 billion yuan and 4.87 billion yuan, respectively, making up 28.72% and 20.48% of total revenue [16].