Group 1 - The company reported a revenue of 10.904 billion yuan for the first half of 2025, a year-on-year decrease of 10.16% [1] - The net profit attributable to shareholders was 1.412 billion yuan, down 1.23% year-on-year, with basic earnings per share at 0.34 yuan [1] - The performance slightly fell short of expectations [1] Group 2 - The company achieved a power generation of 8.250 billion kWh and grid-connected power of 8.060 billion kWh, representing year-on-year increases of 9.55% and 9.58% respectively [2] - The average utilization hours of the company's wind farms were 1,235 hours, an increase of 23 hours year-on-year, exceeding the national average by 148 hours [2] - The wind and solar segments generated revenues of 3.411 billion yuan, a year-on-year growth of 4.75%, with net profits of 1.247 billion yuan, up 7.42% [2] Group 3 - The company's natural gas sales volume was 2.578 billion cubic meters, a decline of 14.56% year-on-year, attributed to warmer winter weather and weak commercial demand [3] - The natural gas business revenue was 7.488 billion yuan, down 15.63% year-on-year, with net profit at 321 million yuan, a decrease of 28.48% [3] - The company is expanding its business channels and plans to launch four window period products in the second half of 2025 [3] Group 4 - The company's capital expenditure totaled 3.016 billion yuan, a year-on-year increase of 19.18%, with 2.4 billion yuan allocated to renewable energy and 600 million yuan to natural gas [4] - Operating cash flow improved by 47.03% year-on-year to 3.082 billion yuan, supporting stable dividend payouts [4] - The company has a clear dividend return plan, with a minimum payout ratio of 40% during its mature development phase, resulting in a high dividend yield of 6.7% at current stock prices [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][17]. Core Insights - The company reported a revenue of 10.904 billion RMB for the first half of 2025, a year-on-year decrease of 10.16%, and a net profit attributable to shareholders of 1.412 billion RMB, down 1.23% year-on-year, slightly below expectations [7]. - The renewable energy segment showed growth with a power generation of 8.250 billion kWh, up 9.55% year-on-year, despite a decrease in national average wind power utilization hours [7]. - The natural gas segment faced challenges with sales volume dropping to 2.578 billion m³, a decline of 14.56% year-on-year, primarily due to warmer winter weather and weak commercial demand [7]. - The company is expanding its LNG project and has plans to launch new products in the second half of 2025, which may enhance profitability in the long term [7]. - Cash flow improved significantly, with operating cash flow increasing by 47.03% to 3.082 billion RMB, supporting a stable dividend payout [7]. Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 20.282 billion RMB (2023), 21.372 billion RMB (2024), 20.994 billion RMB (2025E), 24.447 billion RMB (2026E), and 27.329 billion RMB (2027E) [6][8]. - Net profit forecasts for the same period are: 2.207 billion RMB (2023), 1.672 billion RMB (2024), 2.767 billion RMB (2025E), 3.022 billion RMB (2026E), and 3.460 billion RMB (2027E) [6][8]. - The company’s price-to-earnings (PE) ratios for 2025 to 2027 are projected at 5.9, 5.4, and 4.7 respectively, indicating potential value [7].