CTGR(SH:600905) Ge Long Hui A P P·2025-10-30 10:52Core Viewpoint - The financial performance of Three Gorges Energy (600905.SH) has declined in the first three quarters of 2025, with both revenue and net profit showing year-on-year decreases, primarily due to various operational challenges [1] Financial Performance Summary - For the first three quarters, the company achieved a revenue of 21.28 billion yuan, a year-on-year decrease of 2.26% [1] - The net profit attributable to shareholders was 4.31 billion yuan, down 15.31% year-on-year [1] - In the third quarter, revenue was 6.55 billion yuan, reflecting a 2.40% year-on-year decline [1] - The net profit for the third quarter was 498 million yuan, a significant drop of 52.87% compared to the same period last year [1] Reasons for Performance Decline - The decline in performance is attributed to several factors: - A decrease in the average utilization hours of power generation due to the distribution of power sources and regional consumption conditions [1] - Changes in the structure of on-grid electricity and an increase in the proportion of market-based trading electricity, leading to a reduction in the average comprehensive electricity price year-on-year [1] - Increased depreciation and operating costs resulting from the commissioning of grid-connected projects and the solidification of construction projects [1] - A rise in non-operating expenses, such as donations, in the third quarter, further impacting profit performance [1]