华电辽能发预减，预计2025年度归母净利润同比减少59.17%到70.84%

Core Viewpoint - Huadian Liaoning Energy (600396.SH) forecasts a significant decline in net profit for 2025, projecting a range of CNY 0.25 billion to CNY 0.35 billion, which represents a decrease of CNY 0.50 billion to CNY 0.60 billion compared to the same period in 2024, equating to a year-on-year decline of 59.17% to 70.84% [1] Financial Performance Summary - The company expects to achieve a total profit of CNY 2.71 billion to CNY 3.79 billion for the reporting period, an increase of CNY 1.89 billion to CNY 2.98 billion year-on-year [1] - The anticipated net profit attributable to shareholders is projected to be CNY 0.25 billion to CNY 0.35 billion, reflecting a decrease of CNY 0.50 billion to CNY 0.60 billion year-on-year [1] - The primary reason for the performance change is the issuance of REITs in December 2024, which resulted in a change in ownership percentage of four subsidiaries from 100% to 20.02%, leading to the recognition of 79.98% of these subsidiaries' earnings as minority interests [1] Adjusted Profit Analysis - Excluding the impact of the REITs issuance, the net profit attributable to shareholders is expected to increase by CNY 1.03 billion to CNY 1.13 billion year-on-year [1] - The net profit attributable to shareholders, after excluding non-recurring gains and losses, is projected to increase by CNY 1.34 billion to CNY 1.39 billion year-on-year [1]