GDG(SH:600098) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-20 23:33Group 1: Power Generation Business - In Q4 2025, the company's consolidated power generation reached 5.461 billion kWh, with grid electricity sales (including photovoltaic sales) at 5.236 billion kWh, representing year-on-year growth of 3.03% and 2.97% respectively [1] - For the full year 2025, the total power generation was 24.376 billion kWh, and grid electricity sales were 23.389 billion kWh, showing year-on-year increases of 1.99% and 2.26% respectively [1] - The company is in the process of decommissioning two 320MW coal-fired units at the Zhujiang Power Plant and replacing them with two 640MW ultra-supercritical coal-fired units, with the first phase expected to be completed by December 31, 2024 [1] Group 2: Natural Gas Business - As of December 31, 2025, the company reported an increase in LNG sales, attributed to growth in both city gas terminal consumption and wholesale gas volumes [3] Group 3: Fuel Business - The company sold 52.02 million tons of coal by December 31, 2025, marking a year-on-year increase of 20.9% [4] Group 4: Overall Strategy and Development - The year 2025 marks the conclusion of the "14th Five-Year Plan," with the company achieving its strategic goals of tripling investment, installed capacity, and natural gas supply by the end of the year, reaching a total installed capacity of 10.97 million kW [5] - The company is expanding its operations from the Guangdong-Hong Kong-Macao Greater Bay Area to 26 provinces and 11 countries, focusing on a transition from clean energy to a green low-carbon model, with 77% of its installed capacity being green low-carbon [5] - The company is shifting its development model from primarily industrial operations to a capital-linked approach, accelerating the development of energy storage and hydrogen energy, and advancing digital projects such as smart power plants and smart gas platforms [5]