YXCHC(SZ:000987) Hua Xia Shi Bao·2025-10-19 23:57Core Viewpoint - Yuexiu Capital expects a significant increase in net profit for the first three quarters of 2025, driven by strong investment returns and growth in its renewable energy business [2][3][4]. Financial Performance - The projected net profit attributable to shareholders for the first three quarters of 2025 is between 29.22 billion to 30.94 billion yuan, representing a year-on-year growth of 70% to 80% [2][3]. - The expected net profit for the third quarter is between 13.64 billion to 15.36 billion yuan, with a year-on-year increase of 94% to 118% [2][4]. - Excluding non-recurring gains, the net profit is projected to be between 14 billion to 15.8 billion yuan, reflecting an 18% to 32% increase year-on-year [3]. Investment and Business Strategy - The company has actively seized opportunities in the capital market, leading to a substantial increase in investment income [4]. - The renewable energy sector has shown significant growth, with total electricity generation reaching 78.1 billion kWh in the first half of 2025, resulting in electricity revenue of 24.2 billion yuan, a 123% increase year-on-year [6]. - The company is focusing on diversifying its renewable energy product offerings, including solar, wind, and energy storage projects [6]. Accounting Changes and Impacts - A change in accounting for long-term equity investments has contributed to non-recurring gains, with an estimated one-time income of approximately 20.22 billion yuan recognized [5]. - The company anticipates asset impairment provisions of 14 billion to 16 billion yuan for the first three quarters of 2025, which may reduce net profit by about 7.20 billion to 8.20 billion yuan [5]. Management and Governance - Wu Yonggao was appointed as the new general manager in August 2025, marking a significant leadership change [9]. - Investors are keenly observing the company's performance under the new management and its strategic direction, particularly in light of recent acquisitions by its parent group [10].