中经记者 张英英 吴可仲 北京报道 8月18日，国电电力（600795.SH）发布2025年上半年"成绩单"。报告期内，国电电力实现营业收入 776.55亿元，同比下降9.52%；归属于上市公司股东的净利润为36.87亿元，同比下降45.11%；但归属于 上市公司股东的扣除非经常性损益的净利润（以下简称"扣非净利润"）达到34.10亿元，同比增长 56.12%。 国电电力方面表示，营业收入下降主要系售电单价同比下降，扣非净利润增长则主要源于上年同期转让 控股子公司国电建投内蒙古能源有限公司（以下简称"国电建投"）产生非经常性损益增加。 业内人士告诉《中国经营报》记者，今年以来，大多数发电集团整体利润仍保持增长，个别企业收入降 低但变化幅度不大，行业业绩相对稳定。不过，记者注意到，电力供需转向宽松，电力市场化改革加速 推进，国电电力的发电业务也面临量价下行的压力。 计划分红17.84亿元 国电电力是国家能源集团控股的核心电力上市公司和常规能源发电业务的整合平台，主要经营业务为电 力、热力生产及销售，产业涉及火电、水电、风电、光伏发电等领域。截至2025年6月末，公司资产总 额达5104.41亿元。 2025年上 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [7]. Core Views - The company's revenue for the first half of 2025 was 77.655 billion yuan, a year-on-year decrease of 9.52%, while the net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year [1][5]. - The decline in revenue is attributed to the downward trend in electricity prices, with the average on-grid electricity price falling by 29.51 yuan per megawatt-hour [5]. - The company has strengthened its control over fuel costs, with a total procurement of 80.97 million tons of raw coal, of which 97.05% was long-term contracted coal [5]. - The company is accelerating the transformation of thermal power, with significant investments in new coal-fired power generation and initiatives to integrate renewable energy sources [5]. Summary by Sections Financial Performance - In 2025H1, the company achieved a total revenue of 77.655 billion yuan, a decrease of 9.52% year-on-year, and a net profit of 3.687 billion yuan, down 45.11% year-on-year. Excluding non-recurring gains, the adjusted net profit was 3.410 billion yuan, an increase of 56.12% year-on-year [1][5]. - The total on-grid electricity generated was 195.801 billion kilowatt-hours, a decrease of 3.53% year-on-year, with specific declines in thermal and hydropower generation [5]. Operational Highlights - The company has focused on controlling fuel costs, achieving a 9.52% decrease in the average coal price to 831.48 yuan per ton [5]. - The company is actively pursuing the transformation of its thermal power operations, with new high-quality coal-fired power units coming online and initiatives to incorporate biomass and renewable energy [5]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.40 yuan, 0.42 yuan, and 0.43 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 11x, and 11x [5][6].