Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight earnings beat, benefiting from a nuclear-free water supply, with Q2 on-grid electricity volume increasing by 1% year-on-year [7] - The company achieved a net profit attributable to shareholders of approximately 880 million yuan in the first half of 2025, representing a year-on-year increase of 153.4% [7] - The company is expected to maintain a tight supply trend in Hebei province, with fire power generation prices and volumes leading the industry over the next three years [7] Financial Forecasts - Total revenue forecast for 2023A is 19,583 million yuan, with a year-on-year growth of 6.98% [1] - The net profit attributable to shareholders is projected to be 1,339.60 million yuan in 2025E, with a year-on-year growth of 152.20% [1] - The latest diluted EPS for 2025E is estimated at 0.74 yuan per share, with a P/E ratio of 10.29 [1] Operational Highlights - In Q2 2025, the company completed an on-grid electricity volume of 10.764 billion kWh, up 1% year-on-year, and a total generation of 11.615 billion kWh, up 0.67% year-on-year [7] - The company has developed a local economic circle, with industrial heating volume increasing by 37.3% year-on-year in Q2 2025 [7] - The company aims to optimize its heating assets and leverage the diverse value of coal power assets [7]