Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 20.475 billion yuan, a year-on-year increase of 1.76%, and a net profit attributable to shareholders of 1.909 billion yuan, a year-on-year increase of 43.85% [1][2][3] Financial Performance - The company's revenue growth is primarily driven by an increase in electricity sales and heating volume [1][3] - The net profit increase is attributed to a decline in coal prices, which improved fuel costs, and enhanced internal cost management [1][3] - The average price of standard coal (including tax) was 936.14 yuan/ton, a year-on-year decrease of 12.7% [1][3] - The financial expenses decreased by 23.73% year-on-year due to reduced funding costs and foreign exchange gains [1][3] - As of June 2025, the company's comprehensive funding cost was 2.70%, down 0.50 percentage points year-on-year [1][3] Operational Metrics - As of June 2025, the company's installed capacity was 25.8013 million kilowatts, with clean energy accounting for 61.83% of the total capacity [4] - The company completed a total power generation of 37.848 billion kWh in the first half of 2025, a year-on-year increase of 5.48% [4] - The average on-grid electricity price in the first half of 2025 was 0.58 yuan/kWh, a decrease of 0.03 yuan/kWh compared to the same period last year [5] Future Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 3.573 billion yuan, 3.981 billion yuan, and 4.319 billion yuan, respectively, with corresponding EPS of 1.18 yuan/share, 1.32 yuan/share, and 1.43 yuan/share [1][5] - The company is progressing well with the construction of six 1 million kilowatt thermal power units, expected to be operational after 2026 [5] - The company is committed to a balanced growth strategy and is rapidly promoting the optimization and transformation of the energy structure [5]