NMHD(SH:600863) Shang Hai Zheng Quan Bao·2025-10-29 23:35Core Viewpoint - The company reported a decrease in net profit for the first nine months of 2025, primarily due to reduced power generation and coal sales prices, alongside an increase in average electricity selling prices [4][5][6]. Financial Data - For the period from January to September 2025, the net profit attributable to shareholders was CNY 2,207.70 million, a year-on-year decrease of 10.60% [4]. - The net profit after deducting non-recurring gains and losses decreased by 8.24% year-on-year [4]. - The total power generation was 40.158 billion kWh, down 10.96% year-on-year, with thermal power generation at 37.508 billion kWh, a decrease of 11.80% [4]. - The average selling price of electricity was CNY 341.52 per MWh (excluding tax), an increase of 2.01% year-on-year [4]. - The average selling price of coal was CNY 304.10 per ton (excluding tax), down CNY 109.19 per ton, a decrease of 26.42% year-on-year [5]. - The procurement price of fuel also decreased, with the standard coal price at CNY 508.65 per ton, down CNY 70.36 per ton, a decrease of 12.15% year-on-year [5]. Management Changes - The company appointed Zhang Yan as the new General Manager, following the resignation of Wang Zhenrui due to work changes [9][18]. - Zhang Yan has a background in finance and management, with previous roles in various power generation companies [11][18]. Board Meeting Resolutions - The board approved the third-quarter report for 2025 and the appointment of Zhang Yan as General Manager [24][31]. - The board also agreed on several amendments to internal management policies, which will require shareholder approval [35][47][50].