Group 1: Electricity Trading and Market Conditions - In 2025, the bilateral negotiation for electricity direct trading in Hebei South Network was completed, with a transaction volume accounting for approximately 80% [1] - The continuous settlement trial for the electricity spot market in Hebei South Network began on March 1, 2025 [1] - The company's electricity generation in Q1 2025 saw a slight year-on-year decline due to high demand in winter 2024 and slower growth in social electricity consumption in Hebei [1] Group 2: Coal Procurement and Pricing - The company expects a decrease in electricity generation in Q2 2025 due to maintenance after the heating season, but falling coal prices are anticipated to enhance profitability [2] - The main sources of coal procurement are local Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - The company is optimizing its coal procurement structure to reduce costs, closely monitoring market trends [2] - A general oversupply of domestic thermal coal is expected in 2025, leading to further price declines [2] Group 3: Capacity Expansion and Projects - The company completed the acquisition of 50% stakes in Qin Electric Company and Jiantou Zhuneng Company at the end of 2024, adding 1.32 million kW of controlled capacity and 1.195 million kW of equity capacity in 2025 [2] - Ongoing projects include the construction of the 2×660 MW Phase IV of Xibaipo Power Plant and the 2×35 MW Phase II of Renqiu Thermal Power Plant, with plans for commissioning in 2026 [2] - The company is also increasing investment in offshore wind projects, specifically two projects of 250 MW each in Tangshan [2] Group 4: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits as approved at the annual shareholders' meeting [3]