机构：中信建投证券 研究员：竺劲/高兴/侯启明 核心观点 2025 年上半年，公司营业额为502.67 亿港元，同比下降1.7 %；实现归母净利润78.72 亿港元，同比下 降15.9%。公司上半年营业额同比减少主要系附属电厂上网电价有所下降；归母净利润同比下降主要系 其他损益同比降幅较大。公司实现归母核心净利润82.78 亿港元，同比增长0.1%。其中，可再生能源业 务归母核心净利润为56.37 亿港元，同比增长1.5%。火电业务归母核心净利润为26.41 亿港元，同比下 降2.7%；剔除煤炭业务后，纯火电业务实现归母核心净利润27.88 亿港元，同比增长20.6%。纯火电业 务核心利润贡献增长主要系动力煤价格下行带动度电燃煤成本显著改善。2025H1，公司附属电厂平均 标煤单价为824 元/ 吨，同比下降12%。整体来看，公司2025 火电盈利有望维持，新能源利润贡献平稳 增长，分红派息维持相对稳定。 事件 华润电力公布2025 年中期业绩 2025 年上半年，公司营业额为502.67 亿港元，同比下降1.7 %；实现归母净利润78.72 亿港元，同比下 降15.9%；实现每股基本盈利1.52 港元，每股 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report indicates a decline in thermal coal prices, with significant increases in coal inventory at three major ports [5][30] - The average daily coal consumption of the six major power generation groups has decreased month-on-month, while year-on-year growth is observed [39] - Domestic shipping costs have decreased month-on-month, while international shipping costs show mixed trends [49] Summary by Sections 1. Thermal Coal Prices - As of May 9, the price of Shanxi mixed thermal coal at Qinhuangdao is 635 CNY/ton, down 4.80% from the previous month [3][14] - International thermal coal prices have also decreased, with Newcastle coal at 94 USD/ton, down 3.09% month-on-month [17] 2. Production - In March, the monthly coal production from key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia increased month-on-month [23] - The total coal production in March was 44,058.20 million tons, a year-on-year increase of 10.33% [20] 3. Imports - The monthly import volume of coal and lignite in April was 37.83 million tons, a decrease of 2.34% month-on-month [26] - The monthly import of thermal coal in March was 9.18 million tons, an increase of 4.85% month-on-month but a decrease of 30.58% year-on-year [26] 4. Inventory - As of May 9, the total coal inventory at the three major ports reached 15.76 million tons, an increase of 12.73% month-on-month [30] - The average available days of coal inventory for the six major power generation groups increased by 5.11% month-on-month [38] 5. Downstream Demand - The average daily coal consumption of the six major power generation groups was 759,400 tons, a decrease of 0.26% month-on-month [39] - National electricity generation in March increased by 4.06% year-on-year, while thermal power generation decreased by 1.96% [41][48] 6. Freight Rates - Domestic shipping costs from Qinhuangdao to Shanghai decreased by 13.92% month-on-month [49] - International shipping costs from Newcastle to China decreased by 3.79% month-on-month [49]