Xin Lang Cai Jing·2025-10-29 08:33Core Viewpoint - In the first three quarters of 2025, the company achieved operating revenue of 172.975 billion yuan, a year-on-year decrease of 6.19%, primarily due to a decline in domestic on-grid electricity and electricity prices; net profit attributable to shareholders reached 14.841 billion yuan, a year-on-year increase of 42.52%, mainly driven by a decrease in fuel costs leading to increased profits from thermal power [1][2][3] Financial Performance - The company reported a net profit of 5.579 billion yuan for the single quarter, representing a year-on-year growth of 88.54%; the weighted return on net assets was 20.29%, an increase of 5.36 percentage points year-on-year; basic earnings per share were 0.81 yuan, up 52.83% year-on-year [2][3] Segment Analysis - In the first three quarters of 2025, profits from coal, gas, wind, solar, and hydropower segments were 13.27 billion, 0.88 billion, 4.63 billion, 3.31 billion, and 0.09 billion yuan respectively, with year-on-year changes of +102%, +3%, -11%, +36%, and -24% [1][3] - In Q3 alone, profits from these segments were 5.96 billion, 0.13 billion, 0.72 billion, 1.48 billion, and 0.07 billion yuan, with year-on-year changes of +130.2%, -54.2%, -38.5%, +25.2%, and +6.0% [1][3] Electricity Generation - The company completed on-grid electricity generation of 331.45 billion kWh in the first three quarters of 2025, a year-on-year decrease of 2.87%; for Q3, the on-grid electricity generation was 125.77 billion kWh, down 3.67% year-on-year [4] - The comprehensive settlement electricity price for the first three quarters was 478.71 yuan/MWh, a year-on-year decline of 3.54%; in Q3, the price was 467.98 yuan/MWh, down 4.95% year-on-year and 2.93% quarter-on-quarter [4] Future Outlook - The company is expected to see net profits of 17.534 billion, 18.570 billion, and 19.422 billion yuan from 2025 to 2027, maintaining a "buy" rating due to the robust performance of its coal power business and growth in renewable energy installations [5]