宝新能源：多途径降本提质，第三季度归母净利润大增20.22%

Company Performance - In the first three quarters of 2025, the company achieved a revenue of 6.754 billion yuan, a year-on-year increase of 10.61% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 779 million yuan, an increase of 29.47% compared to the same period last year [1] - In the third quarter, the company reported a revenue of 2.396 billion yuan, slightly up year-on-year, while the net profit attributable to shareholders after deductions surged by 20.22% to 235 million yuan [1] Industry Context - The company's performance growth is attributed to the strong electricity demand in Guangdong province, driven by the economic recovery [1] - The continuous decline in coal prices during the third quarter significantly enhanced the company's cost optimization benefits, with the average port coal price at 673 yuan per ton, down 180 yuan per ton year-on-year [1] - The industry is entering a new cycle characterized by "loose electricity supply" and "regional/time-specific tightness," influenced by factors such as increased renewable energy installations and the introduction of new coal-fired power units [2] Future Outlook - Recent national policies emphasize both "stabilizing electricity prices" and "stabilizing coal prices," indicating a shift towards a more robust industry profitability environment [2] - The improvement in capacity pricing is expected to enhance the revenue structure for coal-fired power, providing better income security for power companies [2]