苏能股份三季报回暖：火电建设取得突破，能源转型成效初显

Core Viewpoint - Jiangsu Xukang Energy Co., Ltd. (referred to as "Sunan Co.") reported a recovery in its performance in Q3, with revenue of 3.186 billion yuan and a net profit of 95 million yuan, showing a quarter-on-quarter increase despite a year-on-year decline [1] Group 1: Financial Performance - In Q3, the company achieved a revenue increase of 763 million yuan and a net profit increase of 203 million yuan compared to Q2, indicating a warming trend [1] - The gross profit margin for the power business reached 23.10% in Q3 2025, with thermal power at 20.37% and renewable energy at 77.37%, reflecting significant growth compared to the previous half-year and year [1] Group 2: Business Development - The company made notable breakthroughs in its thermal power segment, with the commissioning of the Ulagai No. 1 1000MW ultra-supercritical coal-fired power unit in September, which is recognized as a major technological achievement in the energy sector [2] - Ongoing projects, including Ulagai No. 2 1000MW unit and Baiyin Hua 2×660MW project, are expected to be operational by 2025 and 2026, respectively, contributing to the company's future power business growth [2] Group 3: Renewable Energy Growth - The renewable energy segment has become a significant growth driver for Sunan Co., with substantial year-on-year increases in power generation, sales volume, revenue, and gross profit [3] - The company is actively advancing its renewable energy projects, with a total installed capacity of 647.8MW and ongoing projects totaling 477.5MW, indicating a growing scale in its renewable energy business [2][3] Group 4: Future Outlook - Sunan Co. is expected to continue its positive development trend, solidifying its competitive edge in the energy sector while focusing on clean, efficient, and diversified energy transformation [3] - The gradual implementation of ongoing projects and continuous improvement in operational efficiency are anticipated to enhance the company's future performance elasticity [3]