Investment Rating - The report assigns a rating of "Accumulate" for the company [5] Core Insights - The company has experienced significant profit growth driven by its wholly-owned subsidiary, Jianghai Securities, which reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, a year-on-year increase of 1312% [2][21] - The company's revenue for the first half of 2025 reached 1.475 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year growth of 1.12% and 233.08% respectively [1][14] - The dual business model of thermal power and securities is expected to continue driving growth, with projections for revenue and net profit growth in the coming years [8][33] Summary by Sections 1. Financial Performance - In the first half of 2025, the company achieved total revenue of 1.475 billion yuan and a net profit of 380 million yuan, with respective year-on-year growth rates of 1.12% and 233.08% [1][14] - Jianghai Securities contributed significantly to the overall profit, with 65% of net profit coming from securities and 28% from the thermal power segment [3][20] 2. Business Segments - The thermal power segment generated revenue of 982 million yuan, a year-on-year decrease of 5.06%, while contributing a net profit of 123 million yuan [17][29] - Jianghai Securities reported total revenue of 726 million yuan, with a net profit of 288 million yuan, marking a substantial increase compared to the previous year [21][34] 3. Investment Strategy - The company is focusing on diversifying its investments through its subsidiary, Hato Jiaxin, which is involved in industry funds, carbon asset management, and optimizing financial equity [3][31] - The company aims to enhance its investment value creation capabilities to support sustainable development [31][34] 4. Future Projections - Revenue projections for 2025-2027 are estimated at 2.814 billion yuan, 2.882 billion yuan, and 2.916 billion yuan, with corresponding net profits of 466 million yuan, 494 million yuan, and 497 million yuan [8][33] - The report anticipates continued growth in the securities business, while the thermal power segment is expected to stabilize around historical averages [33][34]