Core Viewpoint - The report highlights the financial performance and operational changes of Southern Power Grid Energy Co., Ltd. for the first half of 2025, indicating growth in revenue and profit metrics compared to the previous year [1]. Financial Performance - Total assets at the end of the reporting period reached approximately 54.27 billion RMB, an increase of 7.54% from the previous year [1]. - Operating revenue for the period was approximately 3.30 billion RMB, reflecting a year-on-year increase of 13.38% [1]. - Total profit amounted to approximately 1.27 billion RMB, representing a 24.92% increase compared to the same period last year [1]. - Net profit attributable to shareholders was approximately 838.17 million RMB, up 32.19% from the previous year [1]. Shareholder Information - The total number of shareholders as of the reporting period was 43,020 [2]. - The largest shareholder, China Southern Power Grid Co., Ltd., holds 65.30% of the shares, amounting to approximately 2.09 billion shares [2]. Operational Changes - The company plans to gradually expand the participation of pumped storage power stations in the spot market trading, which will affect revenue and cost structures [5]. - The revenue from electricity sales and costs of electricity purchases for pumped storage stations will increase due to participation in the spot market, with earnings being influenced by market price differences and operational duration [5].