Core Viewpoint - The company reported its 2025 interim results, showing a decline in revenue but an increase in net profit, indicating stable performance amidst challenging market conditions [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 59.953 billion yuan, a year-on-year decrease of 8.98% [1]. - The net profit attributable to shareholders was 3.904 billion yuan, reflecting a year-on-year increase of 13.15%, meeting expectations [1]. - The total electricity generation for the first half of 2025 was 120.621 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1]. Pricing and Cost Dynamics - The average on-grid electricity price was 0.517 yuan per kWh, a slight decrease of 0.007 yuan per kWh from the adjusted figures of the previous year, indicating stable pricing strategies [1]. - The average price of Qinhuangdao Q5500 thermal coal was 675.67 yuan per ton, down 199.21 yuan per ton, a decline of 22.77% year-on-year, contributing to improved profitability [2]. - Fuel costs decreased by 13.28% year-on-year, with the standard coal price at 850.74 yuan per ton, down approximately 12.98% from the previous year [2]. Capacity Expansion and Growth - The company added 17.6247 million kW of new installed capacity in the first half of 2025, bringing the total installed capacity to 77.4446 million kW [2]. - The company has 11.966 million kW of approved and under-construction capacity, which will support future growth as these projects come online [2]. Shareholder Returns - The company plans to distribute a cash dividend of 0.09 yuan per share (before tax) to all shareholders registered by the mid-year equity distribution date [2]. - The dividend for 2024 was 0.21 yuan per share, resulting in a dividend yield of 3.96% for A shares and 5.38% for H shares based on the latest closing price as of August 29, 2025 [2]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 6.636 billion, 7.117 billion, and 7.424 billion yuan respectively [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 9, 9, and 8 times for the respective years, maintaining a "buy" rating [3].