Ge Long Hui·2026-01-30 10:33Core Viewpoint - The company reported a year-on-year increase in electricity generation, driven by steady growth in societal electricity demand and an expansion in renewable energy capacity [1] Group 1: Electricity Generation - As of December 31, 2025, the company and its subsidiaries achieved a cumulative electricity generation of approximately 273.1092 billion kilowatt-hours, representing a year-on-year increase of about 1.41% [1] - The increase in electricity generation is attributed to multiple positive factors, including improved hydropower output compared to the previous year [1] Group 2: Pricing and Market Transactions - The average on-grid electricity price for the company as of December 31, 2025, was approximately RMB 434.82 per megawatt-hour (including tax), reflecting a year-on-year decrease of about 3.68% [1] - In 2025, the company's market-oriented electricity transaction volume was approximately 235.776 billion kilowatt-hours, accounting for about 86.33% of total electricity generation [1]