Ge Long Hui A P P·2026-01-19 07:55Core Viewpoint - Huaneng International Power's main business is facing both volume and price weaknesses, leading to continued revenue pressure in 2025 [1] Group 1: Financial Performance - The total on-grid electricity generated by the company's operational power plants in China is expected to reach 4,375.63 billion kWh in 2025, representing a year-on-year decline of 3.39%, with the decline rate widening by 0.52 percentage points compared to the first three quarters [1] - The decrease in fuel costs is marginally narrowing, but the overall performance outlook for the year remains optimistic [1] Group 2: Investment and Infrastructure - During the "14th Five-Year Plan" period, the company's fixed asset investment is projected to reach 4 trillion yuan, a 40% increase compared to the "13th Five-Year Plan" [1] - The company aims to further consolidate the energy transmission network of "West-to-East Power Transmission and North-to-South Power Supply" and accelerate the construction of ultra-high voltage direct current transmission channels, enhancing cross-region and cross-province transmission capacity by over 30% compared to the end of the "14th Five-Year Plan" [1] Group 3: Future Outlook - These investments are expected to provide strong support for improving the situation of renewable energy consumption [1] - As the installed capacity enters a rational expansion phase, the pressure on renewable energy prices and operations is anticipated to ease marginally [1]