调研速递|晋能控股山西电力股份有限公司接受线上投资者等多家调研，透露多项业务要点

Core Viewpoint - The company held a performance briefing for the first half of 2025, addressing various operational and business planning questions from investors, highlighting its strategies in response to market conditions and regulatory policies [1] Policy Impact and Business Data Interpretation - The company confirmed that the high energy consumption policies in Shanxi province have not adversely affected its electricity consumption, with a 7.09% year-on-year increase in total electricity usage in the province from January to August [2] - The company's electricity generation decreased by 13.02% year-on-year, while heating supply increased by 6.95%, attributed to increased renewable energy capacity and operational adjustments [2] New Energy Business Layout - The company is actively adapting to new energy system requirements, having already initiated fire power storage projects and considering virtual power plant operations in the future [3] Market Value Management and Resource Integration - The company emphasizes market value management through operational efficiency, investor relations, and improved information disclosure, while also focusing on integrating high-quality power resources within the group [4] Other Business Issues - The company plans to increase R&D investment in 2025, focusing on technology innovation for coal power units [5] - The company is participating in the electricity spot market, with significant price fluctuations, and has optimized its peak-shaving units to enhance profitability [5] - The company has established mechanisms for the recovery of accounts receivable, primarily from national subsidies, and is expanding its solar projects, which are expected to contribute significantly to annual electricity generation [5]