Core Viewpoint - Company released its 2025 mid-year report, showing significant profit growth despite a slight decline in revenue, and plans to raise funds for new coal power projects [2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 11.113 billion yuan, a year-on-year decrease of 3.28%, while net profit attributable to shareholders was 897 million yuan, representing a year-on-year increase of 157.96% (non-recurring profit increased by 182.50%) [2]. - For Q2 2025, the company reported revenue of 4.538 billion yuan, a year-on-year increase of 0.68%, and net profit of 453 million yuan, reflecting a substantial year-on-year growth of 374.71% (non-recurring profit increased by 560.34%) [2]. - The company's gross margin and net margin improved to 23.40% and 11.82%, respectively, with year-on-year increases of 9.58 percentage points and 8.41 percentage points [2]. Operational Metrics - The company's power generation volume in the first half of 2025 was 22.837 billion kWh, a year-on-year decrease of 3.52%, with thermal power generation down by 4.06% [3]. - The average on-grid electricity price was 438.95 yuan/MWh, showing a slight year-on-year decrease of 0.05% [3]. - The average coal price for the company decreased by 14.77% year-on-year, but recent market prices have rebounded, indicating potential for profit growth in the second half of the year [3]. Future Projects - The company plans to raise up to 2 billion yuan through a private placement to fund the construction of the Xibaipo Power Plant Phase IV, which will add 660 MW of coal power capacity [4]. - The total investment for this project is estimated at 5.863 billion yuan, with a post-tax internal rate of return of 7.10% and a payback period of 11.83 years [4]. - The company’s coal power capacity is expected to increase by 390 MW, representing a 33% growth in equity capacity upon completion of ongoing and planned projects by 2026 [4]. Investment Outlook - The company is projected to achieve net profits of 1.403 billion yuan, 1.545 billion yuan, and 1.672 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 9.6, 8.7, and 8.1 [4].

记者：衣韵潼 周倜然 编辑：刘卓 建投能源拟定增募资20亿元支持煤电项目发展 建投能源表示，西柏坡电厂四期工程项目建成后，不仅可以满足电力需求和供热需求，还能增强电网调峰能力，丰富电源结构，提高电 网稳定水平和抵御风险能力。公司拟通过本次募投项目持续扩大清洁高效的优质火电装机规模，充分发挥火电作为基础负荷的兜底保障 和灵活性调节作用。 据了解，建投能源是河北省国资委旗下上市主体，火电业务为营收主导。据该公司同日发布的半年报，建投能源上半年营收111.13亿 元，同比下降3.28%；盈利8.97亿元，同比增长157.96%。其中火力发电电量、热量销售占总营收的比重为97.10%。 财报显示，截至6月底，建投能源控股装机总计1245.65万千瓦，其中火电装机容量1177万千瓦，光伏装机容量68.65万千瓦。上半年，该 公司控股运营的14家火电公司共完成发电量242.69亿千瓦时、上网电量225.34亿千瓦时。得益于国内煤炭供应宽松、价格下行，建投能源 综合标煤单价同比降低124.51元/吨，推动净利润增长。 8月16日，河北建投能源投资股份有限公司（以下简称"建投能源"）公告，拟向不超过35名特定投资者发行A股股 ...