Ge Long Hui·2025-09-10 20:05Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue of 23.858 billion yuan, a year-on-year decrease of 13.48%, while the profit attributable to equity holders increased by 1.16% to 2.835 billion yuan, slightly exceeding market expectations [1] Group 1: Financial Performance - The company's net profit attributable to shareholders (including perpetual bond interest) for the first half of 2025 was 2.835 billion yuan, with contributions from coal power, hydropower, wind power, and solar power being 919 million, 368 million, 1.316 billion, and 453 million yuan respectively, showing changes of +17%, -23%, +5%, and -39% compared to the same period in 2024 [2] - The growth in performance was mainly driven by coal and wind power, which contributed an increase of 136 million and 64 million yuan respectively, while hydropower and solar power saw declines of 110 million and 287 million yuan [2] - The unit fuel cost for coal power was 234.52 yuan/MWh, a decrease of 14% year-on-year, which contributed to the better-than-expected performance in the coal power segment [2] Group 2: Operational Data - The company had a total installed capacity of 53.94 million kW in the first half of the year, with coal power, hydropower, wind power, and solar power capacities being 9.82 million, 6 million, 15.77 million, and 21.51 million kW respectively [2] - The company completed a sales volume of 62.5 billion kWh in the first half, with coal power, hydropower, wind power, and solar power sales being 22.9 billion, 8.2 billion, 16.7 billion, and 13 billion kWh respectively, showing year-on-year changes of -15%, -23%, +27%, and +10% [2] - The average utilization hours for coal power, hydropower, wind power, and solar power were 2469, 1387, 1122, and 665 hours respectively, with year-on-year changes of -3.7%, -23.8%, +5.3%, and -9.9% [2] Group 3: Strategic Developments - The company is positioned as the flagship platform for the State Power Investment Corporation, aiming to become a world-class clean energy supplier [3] - A major asset restructuring plan was announced in September 2024, intending to inject assets from Wuling Power and Changzhou Hydropower in exchange for controlling stakes in Yuanda Environmental Protection, which will become the hydropower integration platform for the group [3] - The company is expected to achieve net profits of approximately 3.7 billion, 4 billion, and 4.5 billion yuan for 2025-2027, with current stock prices corresponding to P/E ratios of 11, 10, and 9 times respectively [3]