Zhong Guo Dian Li Bao·2025-09-04 08:05Core Viewpoint - Huadian International Power Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of the year, indicating a mixed financial performance driven by lower fuel costs despite reduced electricity generation [1][2]. Financial Performance - Operating revenue for the first half of the year was approximately 59.95 billion yuan, a year-on-year decrease of 8.98% [1]. - Net profit attributable to shareholders was about 3.90 billion yuan, reflecting a year-on-year increase of 13.15%, marking three consecutive years of profit growth [1]. Revenue Sources - Electricity and heat sales accounted for 99.23% of Huadian International's main business revenue, remaining the primary source of income [1]. Generation and Pricing - Total electricity generation was 120.62 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1]. - Grid electricity sales reached 113.29 billion kWh, down about 6.46% year-on-year [1]. - The average grid electricity price was 516.80 yuan per MWh, a decline of approximately 1.44% year-on-year [1]. Cost Structure - The price of standard coal for fuel was 850.74 yuan per ton, down 12.98% year-on-year, contributing positively to profitability [1]. - The company's gross profit margin improved by 2.1 percentage points, aided by lower coal prices and higher compensation ratios for coal power capacity in Shandong and Henan [2]. Installed Capacity - As of the end of June, Huadian International's total installed capacity was 77.44 million kW, with coal-fired power accounting for approximately 70.24% of the total [1]. - Gas-fired and hydroelectric power installations were 20.58 million kW and 2.46 million kW, respectively, together making up about 29.76% of the total capacity [1].