Ge Long Hui·2025-10-30 21:02Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first three quarters of 2025, indicating improved cost management and profitability despite challenges in coal power generation [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 95.872 billion yuan, a year-on-year decrease of 9.72%, while net profit attributable to shareholders was 6.437 billion yuan, an increase of 15.87% [1]. - In Q3 2025, the company recorded operating revenue of 35.92 billion yuan, down 10.92% year-on-year, and net profit of 2.533 billion yuan, up 20.32% year-on-year [1]. - The average on-grid electricity price for the first three quarters was 509.55 yuan per megawatt-hour, a decrease of 2.76% year-on-year [1]. Profitability and Cost Structure - The company reported a gross margin of 12.12%, an increase of 3.03 percentage points year-on-year, and a net margin of 8.65%, up 1.53 percentage points year-on-year [2]. - Investment income for the first three quarters was 3.078 billion yuan, a slight increase of 0.16% year-on-year, while Q3 investment income was 597 million yuan, down 30.12% year-on-year [2]. Asset Management and Growth Potential - As of September 2025, the company's asset-liability ratio was 60.41%, a decrease of 2.29 percentage points from June 2025 [2]. - The company has ongoing projects and asset injections that are expected to drive high growth, with a planned increase in new energy capacity of 75 GW during the 14th Five-Year Plan [3]. - The company maintains net profit forecasts of 6.534 billion yuan, 7.171 billion yuan, and 7.973 billion yuan for 2025-2027, representing year-on-year growth of 15%, 10%, and 11% respectively [3].