Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with a decline in total revenue but an increase in net profit, indicating resilience in certain operational areas despite market challenges [1][2]. Financial Performance - For the first nine months of 2025, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51%, while net profit attributable to shareholders was 1.559 billion yuan, an increase of 4.23% [1]. - In Q3 alone, the company recorded operating revenue of 3.541 billion yuan, down 3.03% year-on-year, but net profit rose significantly by 122.98% to 147 million yuan [1]. - The company's financial expenses for the first nine months were 793 million yuan, a decrease of 13.37% year-on-year, contributing to improved cash flow [3]. Operational Highlights - Wind power generation showed steady growth, with total generation of 10.768 billion kWh in the first nine months, up 9.47% year-on-year, and Q3 generation of 2.518 billion kWh, an increase of 9.20% [1]. - The average on-grid electricity price (excluding tax) decreased by 5.4% to 0.415 yuan/kWh due to increased market-oriented trading [1]. - The company is expected to maintain a new wind power installation capacity of 1 GW from 2025 to 2026, supporting long-term performance growth [1]. Market Dynamics - LNG sales showed signs of recovery in Q3, with wholesale and LNG volumes increasing by 27.66% and 11.04% respectively, reversing earlier declines due to lower LNG prices stimulating market demand [2]. - The company’s gas sales volume for the first nine months was 3.521 billion m³, down 10.90%, with retail gas volume continuing to decline due to weak industrial demand [2]. Dividend and Shareholder Returns - The company has a clear dividend return plan for 2024-2026, with a minimum cash dividend ratio of 40%, resulting in a current dividend yield of 5.7% [3].
新天绿色能源(00956.HK)：Q3风电电量稳健增长LNG销售回暖