新能源：H1 新增风光装机6.3GW，实现利润总额57 亿元上半年公司新增并网风电装机1928.45 兆瓦， 光伏装机4334.46 兆瓦。从运营情况来看，上半年风电机组利用小时1,133 小时，同比减少67 小时；太 阳能发电机组利用小时583 小时，同比减少11 小时。叠加装机增长，上半年公司完成风电发电量210.31 亿千瓦时，同比增长11.39%；光伏发电量122.43 亿千瓦时，同比增长49.33%。成本端，新投产机组带 动营业成本提升。综合来看，上半年公司风电板块实现利润总额39.1 亿元，同比下降3%；光伏板块实 现利润总额18.23 亿元，同比高增46%。 海外：H1 新加坡和巴基斯坦贡献税前利润18 亿，增厚公司业绩上半年新加坡大士能源发电量市场占有 率为18.61%，同比下降1.79 个百分点，实现营业收入96.03 亿元，同比下降19.32%；实现税前利润13.63 亿元，同比下降20.94%。上半年巴基斯坦业务实现营业收入21.36 亿元，同比增长19.87%；实现税前利 润4.36 亿元，同比增长1.63%。 点评 煤电：成本改善带动盈利改善，H1 利润总额同比高增84%收入端，上半 ...

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].