Core Viewpoint - The company reported a revenue decline of 9.9% year-on-year in H1 2025, while net profit attributable to shareholders increased by 0.8% year-on-year, indicating mixed performance across different segments [1][2]. Revenue Breakdown - In H1 2025, the company's total revenue was 23.86 billion yuan, with thermal power revenue at 9.57 billion yuan, down 17.8% year-on-year due to the change in accounting treatment of a power generation subsidiary [1]. - Hydropower revenue was 2.29 billion yuan, down 14.8% year-on-year, primarily due to lower water inflow, resulting in a 23% decrease in hydropower sales volume [1]. Profit Analysis - The net profit from thermal, hydropower, wind, and solar segments was 1.43 billion, 0.55 billion, 2.12 billion, and 0.72 billion yuan respectively, showing a year-on-year increase of 29.1% for thermal power, but declines of 28.2% for hydropower, 36.6% for solar, and an 8.2% increase for wind [1][2]. - The net profit per kilowatt-hour for coal power was 0.058 yuan, up 1.9 fen year-on-year, with a decrease in unit fuel costs by 3.9 fen per kilowatt-hour [1]. Wind and Solar Performance - Wind and solar segments saw net profit changes of +8.2% and -36.6% respectively, with wind sales volume increasing by 26.9% due to a change in accounting treatment of a wind power subsidiary [2]. - The net profit per kilowatt-hour for wind and solar was 0.127 yuan and 0.056 yuan respectively, reflecting declines of 2.2 and 4.0 fen year-on-year due to increased grid parity projects [2]. Future Outlook - The company anticipates steady growth in performance driven by declining coal prices and increased wind power installations, with projected revenues of 54.7 billion, 57.6 billion, and 60.5 billion yuan for 2025-2027, and net profits of 3.77 billion, 3.81 billion, and 3.89 billion yuan respectively [2].

人民财讯8月13日电，兖矿能源（600188）8月13日晚间公告，预计2025年上半年实现归属于上市公司股 东的净利润约46.5亿元，与上年同期相比，减少29亿元左右，同比减少38%左右。报告期内，煤炭供需 总体宽松，煤价较上年同期大幅下降。 ...

证券日报网讯皖能电力（000543）7月29日发布公告，在公司回答调研者提问时表示，进入二季度后， 煤价同比降幅相较一季度有所加大。 ...

Summary of the Conference Call for Jingneng Power Company Overview - **Company**: Jingneng Power - **Industry**: Power Generation, specifically focusing on thermal and renewable energy Key Points and Arguments Financial Performance - In Q1 2025, the company reported a total profit increase of 770 million yuan, with the thermal power segment contributing at least 570 million yuan, indicating that thermal power remains the main driver of profit growth [2][10] - The overall revenue from the new energy sector reached nearly 400 million yuan, with profits exceeding 200 million yuan, showing significant year-on-year growth [2][8] - The profit from the new energy segment in Q1 2025 was 200 million yuan, a substantial increase compared to the previous year, primarily due to the performance of newly commissioned wind power projects [2][9] Power Generation and Pricing - The long-term contract electricity volume for 2025 was 75 billion kWh, accounting for less than 80% of total electricity volume, with the settlement price for thermal power increasing year-on-year despite a decrease in utilization hours by approximately 100 hours [2][4] - The average price of standard coal for power generation decreased by 3.9% in 2024, with a more significant decline of over 10% in Q1 2025 [3] - The overall electricity price increased by approximately 5% in Q1 2025, with notable increases in regions such as Inner Mongolia, Shanxi, and Beijing-Tianjin-Tangshan [2][19] New Energy Development - The company added 130,000 kW of solar power capacity in Q1 2025, contributing to a significant increase in overall installed capacity, particularly in the new energy sector [2][7] - Plans for 2025 include adding 1.7167 million kW of new energy capacity, with projects expected to be commissioned within the year, although specific timelines are pending due to preliminary procedures [2][11] Coal Procurement Strategy - The company maintains a coal procurement strategy primarily based on long-term contracts, with approximately 90% of coal sourced through this method in the previous year [2][5][17] - The long-term contract prices vary by region and supplier, but the company has improved its bargaining power due to increased pricing capabilities on the generation side [2][18] Dividend Policy - The company has committed to a dividend payout ratio of no less than 70% of the distributable profits for the years 2023 to 2025, with the actual payout ratio exceeding 70% in 2024 [2][13][14][22] Market Outlook - The future trajectory of coal prices remains uncertain due to the highly market-driven nature of the coal market, although the company aims to manage market fluctuations through long-term contracts [2][16] - The sustainability of the electricity price increase will depend on various factors, including coal market conditions and electricity market policies [2][24] Other Notable Information - The company’s asset-liability ratio was below 65% in 2024 and remains under 65% in Q1 2025, indicating a stable financial position despite ongoing investments in new energy projects [2][25] - The company is currently in the preliminary stages for the expansion of the Zhuozhou Thermal Power Phase II project and the flexibility transformation project in Inner Mongolia, with plans to commence construction soon [2][20]