Ge Long Hui·2025-09-15 20:10Group 1 - The company reported a mid-year performance for 2025, achieving a revenue of 23.858 billion yuan, a year-on-year decrease of 9.87%, while the profit attributable to ordinary shareholders was 2.587 billion yuan, a year-on-year increase of 0.65% [1] - The thermal power segment benefited from a decline in coal prices, with the average coal price in Qinhuangdao at approximately 676 yuan/ton, down about 199 yuan/ton year-on-year, leading to a net profit of 1.428 billion yuan, an increase of 28.89% [1] - The hydropower segment faced challenges due to reduced rainfall, resulting in a decrease in utilization hours and a net profit of 0.55 billion yuan, down 28.20% year-on-year [1] Group 2 - The company’s installed capacity reached 53.9406 million kilowatts by mid-2025, with clean energy capacity at 44.1206 million kilowatts, accounting for 81.79% of the total, an increase of 4.72 percentage points year-on-year [2] - Wind and solar power generation saw significant increases in sales volume, with wind power at 16.685 billion kWh (up 26.90%) and solar power at 12.970 billion kWh (up 9.63%) [2] - However, the average on-grid prices for wind and solar power decreased, leading to net profits of 2.124 billion yuan (up 8.36%) for wind and 0.716 billion yuan (down 36.90%) for solar [2] Group 3 - The company is actively integrating hydropower assets to establish a clean energy flagship platform, with a restructuring plan approved by shareholders and accepted by the Shanghai Stock Exchange [3] - The restructuring involves the acquisition of shares in Yuanda Environmental Protection in exchange for stakes in the company’s subsidiaries, enhancing its position as a comprehensive clean energy platform [3] - Profit forecasts have been adjusted, with expected net profits for 2025 and 2026 at 4.081 billion yuan and 4.463 billion yuan, representing year-on-year growth of 21.31% and 9.36%, respectively [3]