Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's main business remains stable, but the net profit attributable to shareholders for the first half of the year is 3.686 billion yuan, a decrease of 45.11% year-on-year, primarily due to a significant one-time gain from the sale of Guodian Investment in the same period last year. However, the non-recurring net profit attributable to shareholders is 3.410 billion yuan, an increase of 56.12% year-on-year [2][6]. - The company has committed to a high dividend payout, planning to distribute dividends of no less than 60% of the annual net profit attributable to shareholders for the years 2025-2027, with a minimum of 0.22 yuan per share (before tax). The interim dividend for the first half of the year is set at 0.1 yuan per share, accounting for 48.38% of the first half's performance [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 77.655 billion yuan, a decrease of 9.52% year-on-year. The net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year [6]. - The company's coal-fired power generation faced pressure with a total on-grid electricity of 151.84 billion kWh, a decrease of 7.51% year-on-year. The average on-grid electricity price for coal-fired units was 428.75 yuan/MWh, down 6.97% year-on-year [11]. - Clean energy performance remained stable, with hydropower on-grid electricity of 22.685 billion kWh, down 6.44% year-on-year, but the average on-grid electricity price increased by 4.96% year-on-year [11]. Dividend Policy - The company announced a cash dividend plan for 2025-2027, committing to distribute dividends at least 60% of the annual net profit attributable to shareholders, with a minimum of 0.22 yuan per share. The expected dividend yield based on the closing price on August 18 is 4.88% [2][11]. Future Outlook - The company expects earnings per share (EPS) for 2025-2027 to be 0.39 yuan, 0.43 yuan, and 0.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12.12, 11.09, and 10.27 [11].