Ge Long Hui·2025-10-31 11:55Core Viewpoint - In the first three quarters of 2025, the company achieved operating revenue of 89.345 billion yuan, a year-on-year decrease of 1.82%, while net profit attributable to shareholders reached 6.712 billion yuan, a year-on-year increase of 51.48% [1][2] Financial Performance - The company's operating revenue decreased mainly due to the decline in on-grid electricity prices, while the profit from coal power improved due to the decrease in coal prices [1][2] - The company reported a weighted return on equity of 16.92%, an increase of 5.46 percentage points year-on-year, and basic earnings per share of 0.30 yuan, a year-on-year increase of 66.02% [2] - In the first three quarters, the company recorded a net profit of 6.688 billion yuan after deducting non-recurring gains and losses, reflecting a year-on-year increase of 52.69% [2] Cost and Expenses - The company's selling expense ratio, management expense ratio, and financial expense ratio were 0.11%, 1.78%, and 3.74%, with year-on-year changes of +0.01, +0.05, and -0.69 percentage points respectively [1][2] - The financial expense ratio decreased year-on-year due to the continuous reduction in financing costs [2] Capacity and Generation - As of the end of September 2025, the company's controllable installed capacity reached 82.7 million kilowatts, with coal, gas, hydro, wind, and solar power capacities at 48.474 million, 8.185 million, 9.205 million, 10.345 million, and 6.494 million kilowatts respectively [1][2] - The company generated approximately 206.24 billion kilowatt-hours of on-grid electricity in the first three quarters, a year-on-year increase of 2.0% [1][2] Electricity Price and Market Transactions - The average on-grid electricity price for the first three quarters was 430.19 yuan per megawatt-hour (including tax), a year-on-year decrease of approximately 4.32% [2] - The company engaged in market-based electricity transactions amounting to approximately 1785.95 billion kilowatt-hours, accounting for about 86.60% of total electricity sales [2] Future Outlook - The company is expected to maintain coal power profitability despite a decline in on-grid electricity prices, supported by the growth of renewable energy generation and the implementation of new green electricity policies [3] - Forecasted net profits for the company from 2025 to 2027 are 7.42 billion, 7.60 billion, and 7.82 billion yuan respectively, with corresponding EPS of 0.30 yuan, 0.31 yuan, and 0.33 yuan [3]