GDPD(SH:600795) Xin Lang Cai Jing·2025-10-30 00:28Core Insights - The company reported a revenue of 125.205 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.47%, and a net profit attributable to shareholders of 6.777 billion yuan, down 26.27% [1] - In Q3 2025, the company achieved a revenue of 47.551 billion yuan, a slight year-on-year decline of 1.01%, but net profit increased by 24.87% to 3.090 billion yuan [1] - The recovery in thermal power generation volume supported revenue performance, with a total on-grid electricity of 332.134 billion kWh for the first three quarters, a 1.75% increase year-on-year [1] Revenue and Profit Analysis - The average on-grid electricity price in Q3 2025 was 376.36 yuan per thousand kWh, a decrease of approximately 0.034 yuan per kWh, but revenue only slightly declined due to increased electricity volume [1] - The company’s cost of sales decreased by 3.88% in Q3 2025, attributed to low coal prices, which helped improve profit margins despite a slight drop in revenue [2] - The net profit margin for Q3 2025 rose to 11.19%, reflecting effective cost control measures [2] Project Development and Future Outlook - The company has a robust pipeline of wind and solar projects, with 2.1183 million kW of wind and 3.4334 million kW of solar under construction as of June 2025 [2] - New thermal power installations of 2.66 million kW and renewable energy installations of 425,800 kW were added in Q3 2025, with significant projects expected to enter production between 2025 and 2026 [2] - Profit forecasts for 2025 to 2027 indicate net profits of 7.069 billion, 7.937 billion, and 8.570 billion yuan, with respective year-on-year changes of -28.10%, +12.27%, and +7.98% [3]