Financial Performance - As of June 30, 2025, the total assets of the company amounted to 47.006 billion yuan, a decrease of 0.28% year-on-year [2] - The equity attributable to the parent company increased by 121.41% year-on-year, reaching 16.25 billion yuan [2] - The debt-to-asset ratio was 58.40%, down by 4.31 percentage points from the beginning of the year [2] - The company achieved an operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.28% [3] - The net profit attributable to shareholders was 0.897 billion yuan, a year-on-year increase of 157.96% [3] Power Generation and Sales - The total electricity generated by the company in the first half of 2025 was 22.837 billion kWh, a decrease of 3.52% year-on-year [3] - The average settlement price for electricity was 438.95 yuan/MWh (including tax), a decrease of 0.24 yuan/MWh year-on-year [3] - The company sold 41.8948 million GJ of heat, a decrease of 2.18% year-on-year [3] - The company procured 15.3247 million tons of coal, with an average price of 718.26 yuan/ton, down 14.77% year-on-year [3] Market and Operational Strategy - The coal market was relatively loose in the first half of 2025, leading to a continuous decline in prices [4] - The company adopted a strategy of "intensive management at both ends, specialized control in the middle," focusing on market orientation and efficiency [4] - The company enhanced its electricity and heat marketing and optimized fuel procurement management [4] Future Outlook - The capacity price in Hebei province is currently set at 100 yuan/kW, with a planned increase to at least 50% of fixed cost recovery starting in 2026 [6] - The company predicts limited upward movement in coal prices after the peak consumption period in July-August 2025 [9] - Ongoing construction projects include the Xibaipo Power Plant Phase IV and the Renqiu Thermal Power Phase II, both expected to be operational by 2026 [10] Development Plans - During the 14th Five-Year Plan period, the company aims to become a leading comprehensive energy enterprise, focusing on thermal power while integrating renewable energy [11] - The company plans to optimize its asset structure and develop new energy projects in high-quality resource areas [11] Shareholder Returns - The company has established a profit distribution policy, increasing the cash dividend payout from 30% to 50% of distributable profits starting from 2024 [12][13]