Core Insights - The company reported a revenue of 112 billion yuan for the first half of 2025, a year-on-year decrease of 5.70%, while the net profit attributable to shareholders was 9.262 billion yuan, an increase of 24.26% [1] Group 1: Coal Power Sector - The coal power segment saw a significant profit increase of 84% year-on-year, with total profits reaching 7.31 billion yuan [2] - The utilization hours for coal-fired units decreased by 141 hours to 1,839 hours, leading to a 7.06% decline in coal power generation to 158.363 billion kWh [2] - The average on-grid settlement price for electricity from domestic power plants was 485.27 yuan per megawatt-hour, down 2.69% year-on-year [2] - The company purchased 87.1367 million tons of coal, a decrease of 10.70% year-on-year, and the standard coal price was 917.05 yuan per ton, down 9.23% [2] Group 2: Renewable Energy Sector - In the first half, the company added 6.3 GW of wind and solar capacity, achieving total profits of 5.7 billion yuan [3] - The company installed 1,928.45 MW of wind power and 4,334.46 MW of solar power [3] - Wind power generation hours decreased by 67 hours to 1,133 hours, while solar generation hours decreased by 11 hours to 583 hours [3] - Wind power generation increased by 11.39% to 21.031 billion kWh, and solar generation rose by 49.33% to 12.243 billion kWh [3] - The wind power segment's profits decreased by 3% to 3.91 billion yuan, while the solar segment's profits increased by 46% to 1.823 billion yuan [3] Group 3: International Operations - The Singapore and Pakistan operations contributed a pre-tax profit of 1.8 billion yuan, enhancing the company's overall performance [3] - In Singapore, the market share for power generation was 18.61%, down 1.79 percentage points, with revenue of 9.603 billion yuan, a decrease of 19.32% [3] - The pre-tax profit from Singapore was 1.363 billion yuan, down 20.94% year-on-year, while Pakistan's operations generated revenue of 2.136 billion yuan, an increase of 19.87%, with a pre-tax profit of 436 million yuan, up 1.63% [3] Group 4: Profit Forecast and Valuation - The profit forecast has been adjusted upwards, with expected net profits attributable to shareholders for 2025-2027 at 14 billion, 14.8 billion, and 15.8 billion yuan, respectively [4] - The corresponding price-to-earnings ratios are projected to be 8, 8, and 7 times [4] - The company maintains a "buy" rating based on these projections [4]

Investment Rating - The investment rating for Huaneng International is "Buy" with a target price not specified [6]. Core Views - The company reported a 24.26% year-on-year increase in net profit attributable to shareholders, reaching 9.26 billion yuan in H1 2025, despite a 5.70% decline in revenue [1]. - The profitability of coal power improved significantly, with a total profit of 7.31 billion yuan in H1, marking an 84% increase year-on-year [2]. - The renewable energy segment added 6.3 GW of wind and solar capacity, generating a total profit of 5.7 billion yuan, with solar power profit increasing by 46% [3]. - International operations in Singapore and Pakistan contributed a pre-tax profit of 1.8 billion yuan, enhancing overall performance [4]. - The profit forecast for 2025-2027 has been raised, with expected net profits of 14 billion, 14.8 billion, and 15.8 billion yuan respectively, corresponding to P/E ratios of 8, 8, and 7 times [5]. Financial Performance Summary - H1 2025 revenue was 112 billion yuan, down 5.70% year-on-year, while net profit was 9.26 billion yuan, up 24.26% [1]. - Coal-fired power generation saw a utilization rate of 1,839 hours, a decrease of 141 hours year-on-year, leading to a 7.06% drop in generation volume to 158.36 billion kWh [2]. - The average on-grid electricity price was 485.27 yuan/MWh, down 2.69% year-on-year, while coal procurement decreased by 10.70% to 87.14 million tons [2]. - New wind and solar installations totaled 6.3 GW, with wind generation increasing by 11.39% to 21.03 billion kWh and solar generation rising by 49.33% to 12.24 billion kWh [3]. - The company’s total assets reached 541.16 billion yuan, with a debt-to-asset ratio of 64.52% [7][13].