11月6日，中国神华披露投资者关系活动记录。2025年1~9月全国规模以上电厂发电量同比增长1.6%， 火力发电量同比下降1.2%。中国神华发电机组基本是火电机组，1~9 月发电量1628.7亿度，同比下降 5.4%。中国神华发售电量降幅大于行业水平。2025年1~9月，该公司平均售电价格382元/兆瓦时，同比 下降18元/兆瓦时，降幅4.5%。 针对公司售电量下降、平均售电价格同比下滑的情况，中国神华回应，下降的主要原因是今年大部分省 份电力中长期合约签约价格同比下降，以及新能源全面参与市场竞价，公司电厂所在的大部分区域电力 市场竞争加剧。公司位于四川、福建、广东、江西、广西等区域电厂电价下降明显。未来，火电盈利模 式重构，电量电费占比将进一步下降，容量电费+辅助服务将是重要盈利来源。下一步公司将加强火电 项目投资管控，实施三改联动，强化电力营销，提高火电项目容量电费和辅助收入占比，实现火电板块 差异化、高质量发展。 针对如何应对电价市场化改革和新能源发电竞争的问题，中国神华表示，受行业煤炭价格下降、火电利 用小时和电价下降等因素影响，公司前三季度累计业绩同比有所下滑，但下滑幅度逐季收窄，经营业绩 保持较强 ...

Core Viewpoint - China Shenhua's financial performance in the first three quarters shows a decline in revenue and net profit, attributed to lower coal and electricity prices and sales volumes, while the company emphasizes its integrated business model and future transformation pressures in the power sector [1][2]. Group 1: Financial Performance - In the first three quarters, China Shenhua reported operating revenue of 213.15 billion yuan, a year-on-year decrease of 16.6%, and a net profit attributable to shareholders of 39.05 billion yuan, down 10.0% [1]. - The coal sales volume reached 316.5 million tons, with an average price of 496 yuan per ton, reflecting a 14.3% decline from the previous year [2]. - The company's coal production cost per ton decreased by 7.5%, leading to a gross margin of 30.5%, which is an increase of 1.1 percentage points year-on-year [2]. Group 2: Market Outlook - The coal market is expected to maintain a high level of consumption for an extended period, despite uncertainties in price trends due to various factors such as economic conditions and climate change [3]. - The company aims to control coal production costs with a target increase not exceeding 6% [3]. Group 3: Power Generation Segment - The power generation segment contributed approximately 15% to the company's profits, with total profit reaching 10.14 billion yuan in the first three quarters, a year-on-year increase of 20.4% [4]. - Despite profit growth, the company's power generation volume decreased by 5.4% year-on-year, attributed to regional declines in electricity generation [5]. - Future profitability in the power sector is expected to shift towards capacity fees and auxiliary services, as traditional revenue sources face increased competition from renewable energy [5].