HDECL(SH:600726) Xin Lang Cai Jing·2025-10-30 13:57Core Viewpoint - Huadian Energy, a significant player in the Heilongjiang region's power and heat supply, faces challenges in revenue and profit rankings within the industry, indicating potential areas for improvement and investment opportunities [1][2]. Financial Performance - For Q3 2025, Huadian Energy reported revenue of 11.775 billion, ranking 17th out of 28 in the industry, significantly lower than the top competitors, Huaneng International at 172.975 billion and Guodian Power at 125.205 billion [2]. - The company's net profit for the same period was 707 million, placing it 19th in the industry, again trailing behind Huaneng International's 19.436 billion and Guodian Power's 12.233 billion [2]. Business Composition - The main business segments include electricity sales at 3.752 billion (45.29%), coal sales at 2.717 billion (32.79%), and heat sales at 1.730 billion (20.89%), with engineering and other services contributing 85.712 million (1.03%) [2]. Financial Ratios - As of Q3 2025, Huadian Energy's debt-to-asset ratio was 81.15%, an increase from 78.09% year-on-year, and significantly higher than the industry average of 61.62% [3]. - The gross profit margin for the same period was 18.02%, down from 22.05% year-on-year and slightly below the industry average of 18.24% [3]. Executive Compensation - The chairman, Lang Guomin, received a salary of 862,800, a slight decrease from the previous year, while the general manager, Wei Ning, earned 318,400 in 2024 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.32% to 91,600, with an average holding of 30,000 shares, which increased by 6.74% [5].