Investment Rating - The report maintains a "Recommended" rating for Jilin Electric Power Co., Ltd. (吉电股份) [1] Core Views - The company's revenue for the first half of 2025 was 6.569 billion yuan, a year-on-year decrease of 4.63%, with a net profit attributable to shareholders of 726 million yuan, down 33.72% year-on-year [3] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, corresponding to a dividend payout ratio of approximately 10% [3] - The stable profitability of thermal power is highlighted, while the performance is dragged down by new energy and asset impairment losses [3] - The company has a clean energy installed capacity of 11.35 million kilowatts, with a focus on wind power projects, indicating a strategic shift towards quality over quantity in new energy development [3] - The successful launch of the green ammonia project marks the beginning of the company's green hydrogen-based energy platform [3] - The company plans to change its name to reflect its focus on green energy, which aligns with its current business structure and future development priorities [3] Financial Summary - For the first half of 2025, the revenue breakdown includes coal power (2.212 billion yuan), wind power (1.537 billion yuan), solar power (1.941 billion yuan), heating (714 million yuan), and other operations (165 million yuan) [3] - The gross profit margins for these segments were 29.12%, 46.93%, 40.27%, -21.19%, and 14.20% respectively [3] - The report forecasts a decline in net profit for 2025-2027, estimating 1.030 billion yuan, 1.312 billion yuan, and 1.461 billion yuan respectively, with corresponding P/E ratios of 18.73x, 14.70x, and 13.21x [4][6]