第三张电网，核心业务有望上市

Core Viewpoint - Inner Mongolia Power Group is actively pursuing asset securitization and plans to list its core business, focusing on capital market operations and green finance to support the development of the energy sector [1][2]. Group 1: Company Overview - Inner Mongolia Power Group is the third major power grid in China, following the State Grid and Southern Power Grid, and is seeking to enhance its capital structure through asset securitization [1]. - The company was established in 2002 during the restructuring of the national power sector, which led to the formation of two major grid companies and several power generation groups [2]. Group 2: Financial Performance - As of the end of 2024, Inner Mongolia Power Group reported total assets of 1,472 billion yuan and net assets of 595.40 billion yuan, with an operating income of 1,218.06 billion yuan and a total profit of 45.17 billion yuan [3]. - The company achieved a total electricity sales volume of 3,140.38 billion kWh in 2024, with a maximum supply load exceeding 48.87 million kW [4]. Group 3: Renewable Energy Initiatives - In the first half of 2024, the company's renewable energy generation (wind and solar) reached 731 billion kWh, marking a 41% year-on-year increase, positioning it second among provincial power grids in China [4]. - The company is focusing on the development of its energy storage and information technology sectors, with plans for independent listings of these business units [5]. Group 4: Capital Market Engagement - Inner Mongolia Power Group is engaging with both the Shanghai and Shenzhen Stock Exchanges to explore various capital market opportunities, including green bonds and public REITs [1][2]. - The company plans to issue up to 3 billion yuan in corporate bonds in 2025 to support debt repayment and renewable energy project development [5].