WTECL(SH:600157) Zheng Quan Ri Bao Wang·2025-10-29 13:10Core Viewpoint - Yongtai Energy reported strong performance in its electricity business and significant progress in coal mining projects, indicating robust growth potential for the company in the medium to long term [1][2]. Financial Performance - In the first three quarters of the year, Yongtai Energy achieved an operating income of 17.728 billion yuan and a net profit attributable to shareholders of 198 million yuan [1]. - The company recorded a historical high in electricity generation, with 13.535 billion kWh in the third quarter [1]. Electricity Business - The electricity business has been optimized through equipment management and technological upgrades, enhancing unit reliability and frequency modulation performance [1]. - The profitability of the electricity business has improved due to favorable coal prices [1]. Coal Mining Projects - The Haizetang coal mine project is progressing well, with 70% of the underground phase two construction completed and over 12,300 meters of roadway established by the end of September 2025 [1][2]. - The coal mine is expected to complete its first mining face installation by the end of June 2026, with trial production starting in early July [2]. Coal Business Quality Improvement - Despite market price fluctuations, the company has improved coal business quality through smart mining construction, coal quality control, and cost reduction measures [2]. - The recovery rate of premium coal increased by 1.05% in the third quarter compared to the second quarter, indicating effective cost control [2]. Energy Storage Technology - Yongtai Energy has made significant advancements in energy storage technology, with its subsidiary Vnergy developing a first-generation solid-state material that reduces electrolyte costs and broadens battery operating temperature ranges [2]. - The company’s self-developed 1.2 generation 32kW power stack has achieved a current density of 180 mA/cm and energy efficiency exceeding 80%, positioning it at an advanced level domestically [2].