CHANGYUAN POWER(SZ:000966) Jing Ji Guan Cha Wang·2026-02-14 05:22Core Viewpoint - The company Longyuan Power (000966.SZ) is expected to report a loss for 2025, despite strong performance in January's power generation and ongoing investment in renewable energy projects, amid increasing volatility in main capital and changing industry policy environment [1]. Financial Performance - The company forecasts a net profit loss attributable to shareholders of between 65 million to 97 million yuan for 2025, representing a year-on-year decline of 109.09% to 113.56%, primarily due to decreases in both power generation and electricity selling prices [2]. Operational Status - In January 2026, the company achieved a power generation of 3.971 billion kWh, a year-on-year increase of 37.81%, with thermal and hydro power generation rising by 41.13% and 133.37% respectively, while renewable energy generation decreased by 12.73%, potentially impacting short-term market sentiment [3]. Project Development - In January 2026, the company announced plans to invest 572 million yuan in a 100MW wind power project, with an expected internal rate of return of 7.33%, aimed at accelerating its green transition, which may support long-term performance post-project launch [4]. Capital Situation - Recent capital flows have shown divergence, with a net outflow of 18.556 million yuan on February 13, 2026, leading to a 2.17% drop in stock price, while a net inflow of 13.5188 million yuan on February 6 resulted in a 2.02% increase, reflecting market speculation on transformation expectations [5]. Industry Policy and Environment - The thermal power industry in 2026 faces trends of bottoming electricity volume and prices, alongside rising capacity prices, with deepening electricity market reforms potentially affecting the company's profit stability. Attention is needed on the long-term driving effect of "dual carbon" policies on renewable energy consumption [6].