Core Viewpoint - The company reported a net profit attributable to equity holders of 3.4 billion yuan in 2025, a year-on-year decrease of 11.9%, with a proposed dividend of 0.17 yuan per share, resulting in a payout ratio of 70% [1] Financial Performance - The company achieved a total operating revenue of 49.03 billion yuan in 2025, down 9.6% year-on-year [1] - The net profit attributable to ordinary shareholders was 2.91 billion yuan, reflecting a year-on-year decline of 13.5% [1] Segment Performance Thermal Power - The thermal power segment reported a net profit of 2.27 billion yuan, an increase from 1.56 billion yuan in 2024 [2] - The profit per kilowatt-hour (kWh) was 0.045 yuan, up 0.019 yuan year-on-year, with a coal power price of 0.369 yuan/kWh, down 0.024 yuan [2] Hydropower - The hydropower segment's net profit was 0.3 billion yuan, down from 0.51 billion yuan in 2024, impacted by reduced rainfall [2] - The profit per kWh was 0.016 yuan, down 0.011 yuan year-on-year, with an electricity price of 0.261 yuan/kWh, up 0.001 yuan [2] Renewable Energy - The wind power segment generated a profit of 2.94 billion yuan, down from 3.18 billion yuan in 2024, while the solar power segment reported a profit of 0.98 billion yuan, down from 1.72 billion yuan [3] - The profit per kWh for wind power was 0.096 yuan, down 0.026 yuan year-on-year, and for solar power, it was 0.037 yuan, down 0.036 yuan [3] Future Projections - The company maintains an "overweight" rating, projecting EPS for 2026-2028 to be 0.18, 0.21, and 0.25 yuan respectively, with a BPS of 4.83 yuan in 2026 [1] - The company anticipates a target price of 4.39 HKD based on a 0.8x PB valuation for 2026 [1]