事件：公司发布2025 年中报。2025H1，公司实现营业收入776.55 亿元，同比下降9.52%；实现归母净 利润36.87 亿元，同比下降45.11%；基本每股收益为0.207 元/股，同比下降45.09%；加权平均ROE 为 6.36%，同比下降6.50 个百分点；现金分红总额17.84 亿元，现金分红比例48.38%；投资收益12.29 亿 元，同比下降79.72%，扣非净利润达34.10 亿元，同比大幅增长56.12%，主要因2024 年同期转让国电建 投内蒙古公司股权影响。 燃料价格大幅降低，常规电源夯实盈利基本盘。经营数据方面，2025H1，公司煤机/ 燃机/ 水电发电量 为1601.24/13.43/228.7 亿千瓦时， 同比-7.58%/19.91%/-6.44%；上网电价为428.75/853.43/273.53 元/兆瓦 时，同比-6.97%/-2.65%/4.96%； 对应利用小时数2185/802/1530h ， 同比-9.75%/-26.96%/-6.42%。盈利 数据方面，公司火电/水电板块归母净利润为19.67/8.83 亿元，占比53.35%/23.95%。2025 年上 ...

国能集团常规能源整合平台，预计2025-2026 年投产8GW 火电、4GW 水电。公司为国家能源集团常规 能源整合平台，享受集团内火电、水电项目的优先发展权以及收并购权。截至2023 年底，集团已投产 未上市火电约80GW、水电8GW（含在建）。预计公司将在2025-2026 年投产8GW 火电与4GW 水电， 新增火电资产为发达地区的大功率机组，水电主要为四川大渡河流域机组（3.5GW）。公司计划2025 年资本性支出741 亿，与2024 年基本相当，但2025 年新能源资本性支出计划约280 亿，较2024 年减少 37 亿元。公司计划2025 年新开工新能源5.2GW，较2024 年减少3.4GW，目前在建风电212 万千瓦，主 要在内蒙、甘肃等地；在建光伏343 万千瓦，主要在天津、新疆、内蒙等地。 事件：1）公司发布2025 年半年报，上半年实现营收776.55 亿元，同比下降9.52%；归母净利润36.87亿 元，同比下降45.11%；扣非后归母净利润34.1 亿元，同比增长56.12%。对应单二季度归母净利润18.76 亿元，同比下降61.96%；单二季度扣非后归母净利润18.03 亿元，同 ...

2025 年 08 月 25 日 公司研究 评级：买入(维持) [Table_Title] 经营性利润稳健增长， 未来三年分红比例拟提升至 60%以上 ——国电电力（600795）2025 年中报点评 最近一年走势 投资要点: | 相对沪深 | 表现 300 | | | | 2025/08/22 | | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | 国电电力 | | 0.4% | 3.8% | -9.1% | | | 沪深 300 | | 6.3% | 11.9% | 32.1% | | | 市场数据 | 2025/08/22 | | --- | --- | | 当前价格（元） | 4.79 | | 52 周价格区间（元） | 4.07-6.02 | | 总市值（百万） | 85,432.62 | | 流通市值（百万） | 85,432.62 | | 总股本（万股） | 1,783,561.91 | | 流通股本（万股） | 1,783,561.91 | | 日均成交额（百万） | 615.20 | | 近一月换手（%） | ...

长源电力（000966）(000966.SZ)发布2025年半年度报告，该公司营业收入为66.14亿元，同比减少 16.76%。归属于上市公司股东的净利润为9482.21万元，同比减少78.83%。归属于上市公司股东的扣除 非经常性损益的净利润为7270.02万元，同比减少83.40%。基本每股收益为0.0272元。 报告期内，公司完成发电量167.15亿千瓦时，同比降低8.30%。其中，火电发电量146.90亿千瓦时，同 比降低8.83%;水电发电量5.64亿千瓦时，同比降低33.89%;风电发电量2.01亿千瓦时，同比降低12.11%; 光伏发电量12.60亿千瓦时，同比增长21.70%。完成售热量1098.89万吉焦，同比降低6.61%。不含税平 均上网电价387.81元/千千瓦时，同比减少32.26元/千千瓦时。火电发电量下降主要是因为省内新能源装 机及发电量快速增长，省外购电规模持续扩大，挤占了火电的发电空间。水电发电量下降的主要原因是 上半年省内来水偏枯。风电发电量下降的主要原因是风速较常年降低。上网电价下降的主要原因是湖北 省新能源装机规模持续扩张，省间外购电量急剧增加，湖北电力市场总体上呈现供 ...

（原标题：长源电力：上半年净利润9482.21万元 同比下降78.83%） 人民财讯8月22日电，长源电力(000966)8月22日晚间披露2025年半年报，公司上半年实现营业收入66.14 亿元，同比下降16.76%；归母净利润为9482.21万元，同比下降78.83%。基本每股收益0.03元。报告期 内，公司完成发电量167.15亿千瓦时，同比降低8.30%。其中，火电发电量146.90亿千瓦时，同比降低 8.83%；水电发电量5.64亿千瓦时，同比降低33.89%；风电发电量2.01亿千瓦时，同比降低12.11%；光 伏发电量12.60亿千瓦时，同比增长21.70%。完成售热量1098.89万吉焦，同比降低6.61%。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits of 7.01 billion, 7.88 billion, and 8.67 billion for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 12.1x, 10.8x, and 9.8x [4]. Core Views - The company reported a significant increase in non-recurring profit, with a 56.12% year-on-year growth in the first half of 2025, despite a 45.11% decline in net profit attributable to shareholders [4]. - The company has committed to a minimum dividend payout ratio of 60% from 2025 to 2027, with a minimum cash dividend of 0.22 yuan per share, indicating strong confidence in its market value management [4]. - The company experienced a decline in revenue of 9.52% year-on-year in the first half of 2025, with total revenue reaching 77.655 billion yuan [4]. Financial Performance Summary - The company achieved a revenue of 776.55 billion yuan in the first half of 2025, down 9.52% year-on-year, and a net profit of 3.687 billion yuan, with a non-recurring profit of 3.410 billion yuan, reflecting a 45.11% decline [4]. - The gross margin, net margin, and non-recurring net margin for the first half of 2025 were 16.27%, 8.90%, and 4.39% respectively, showing a mixed performance compared to the previous year [4]. - The company’s financial expenses decreased by 10.5% year-on-year to 2.883 billion yuan, contributing to improved cash flow [4]. Segment Performance Summary - In terms of electricity generation, the company reported a decline in coal power generation by 7.5% and a significant increase in solar power generation by 122.8% year-on-year in the first half of 2025 [4]. - The average on-grid electricity price decreased by 29.5 yuan per megawatt-hour year-on-year, impacting revenue from coal and wind power [4]. - The net profit from coal power, hydropower, wind power, and solar power for the first half of 2025 was 4.51 billion, 1.21 billion, 0.69 billion, and 0.77 billion yuan respectively, with hydropower showing a substantial increase of 357% year-on-year [4].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has committed to a cash dividend plan of at least 60% of net profit for the next three years, which exceeds expectations [1] - The decline in fuel costs has helped offset the decrease in electricity sales prices, maintaining stable profitability in thermal power [2] - The increase in hydropower tariffs and the upcoming capacity additions in the Dadu River area are expected to drive growth [3] - The growth in renewable energy installations is noted, although profitability per unit of electricity has declined [4] - The company is positioned as a leading player in the national power sector, benefiting from cost advantages and diversified operations [5] Financial Performance Summary - For the first half of 2025, the company reported revenue of 776.55 billion yuan, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 36.87 billion yuan, down 45.11% [1] - The company expects to distribute a cash dividend of 1 yuan per 10 shares, amounting to 17.84 billion yuan, which represents 48.38% of the net profit for the first half of the year [1] - The projected revenues for 2025-2027 are 1819.01 billion yuan, 1878.93 billion yuan, and 1946.69 billion yuan, with year-on-year growth rates of 1.5%, 3.3%, and 3.6% respectively [5] - The expected net profits for the same period are 75.81 billion yuan, 84.70 billion yuan, and 91.01 billion yuan, with corresponding EPS of 0.43 yuan, 0.47 yuan, and 0.51 yuan [5] Operational Insights - The average coal price for the first half of 2025 was 831.48 yuan per ton, a decrease of 87.46 yuan per ton compared to the previous year [2] - The hydropower segment achieved a net profit of 12.11 billion yuan in the first half of 2025, with a unit profit of 5.3 fen per kilowatt-hour [3] - Wind and solar power generation saw increases in output, with wind power generation up 11.11% and solar power up 122.85% year-on-year [4]

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the **U.S. economy** and **China's trade dynamics**, particularly in relation to the **Belt and Road Initiative** and the impact of U.S. fiscal policies on global capital expenditure cycles. U.S. Economic Insights - U.S. fiscal policy is experiencing cyclical expansion, particularly during the third to sixth years of a presidential term, significantly influencing global capital expenditure cycles and indirectly affecting the global economy through domestic industry and U.S. stock performance [1][4] - Post-pandemic, U.S. consumer spending has reached historical highs, while the savings rate has dropped to historical lows, indicating a close relationship between personal consumption expenditures, fiscal policy, and stock market performance, suggesting a potential economic recession starting in 2027-2028 [1][6] - Employment in private education, healthcare services, leisure, and hospitality has significantly increased, while manufacturing and mining sectors have contracted, reflecting structural shocks from the pandemic and advancements in artificial intelligence [1][8][9] - The U.S. stock market is expected to have upward momentum before the midterm elections, but a significant downturn is anticipated between 2027 and 2030, coinciding with structural employment issues leading to a negative feedback loop in the economy [1][10] China Trade Dynamics - As of May 2025, exports to Belt and Road countries accounted for half of China's total exports, with growth rates significantly outpacing those to non-Belt and Road countries, highlighting the increasing support of the Belt and Road strategy for China's foreign trade [3][13] - In the first five months of 2025, China's export share slightly increased from 13.9% to 14.0%, with expectations of exceeding 14% for the entire year despite challenges such as U.S. tariffs [12] - The July 2025 import and export data showed strong performance, with exports reaching $321.78 billion, a year-on-year increase of 7.2%, and imports at $223.54 billion, up 4.1% [14] - Key contributors to China's export growth include electromechanical products and high-tech products, with integrated circuits experiencing a 29.2% year-on-year increase in July, driven by global AI demand [16] Employment Trends in the U.S. - The U.S. unemployment rate has shown a slight increase compared to 2022, indicating potential recession signs, but the overall economic condition remains stable, suggesting a recession may not occur until 2027-2028 [7] - Employment growth has been notable in private education and healthcare sectors due to increased demand post-pandemic, while manufacturing and mining sectors have faced declines due to structural changes [8][9] Future Outlook - The U.S. economy is expected to maintain strength through 2026, with a significant downturn anticipated post-2027, emphasizing the importance of the current trading window [10] - China's trade performance is expected to face challenges in the second half of the year due to high base effects from the previous year, but the Belt and Road Initiative may continue to provide support [18] Additional Insights - Traditional export categories such as textiles, bags, and clothing have shown poor performance, indicating a shift in trade dynamics [19] - The U.S. continues to exert a drag on China's exports, while ASEAN and EU countries provide substantial support, with July exports to ASEAN and the EU growing by 16.6% and 9.24%, respectively [20]

Investment Rating - The investment rating for Huaneng International is upgraded to "Buy" [5] Core Views - The company's significant profit increase in the first half of 2025 is attributed to the decline in coal prices and growth in new energy installations [8] - The company achieved a net profit of 9.262 billion yuan in the first half of 2025, a year-on-year increase of 24.26% [8] - The company added approximately 8GW of new low-carbon clean energy capacity in the first half of 2025, with wind and solar power installations increasing by 21% and 59% year-on-year, respectively [8] Financial Performance Summary - Revenue for 2025 is projected at 238.673 billion yuan, a decrease of 2.80% year-on-year [7] - Net profit attributable to shareholders is expected to reach 12.794 billion yuan in 2025, reflecting a year-on-year growth of 26.23% [7] - Earnings per share (EPS) is forecasted to be 0.82 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 9.06 [7] Operational Highlights - The company reported a significant increase in pre-tax profits from coal, wind, and solar energy, with respective profits of 7.31 billion, 3.91 billion, and 1.823 billion yuan in the first half of 2025 [8] - The average on-grid electricity price remained stable at 485.27 yuan per megawatt-hour in the first half of 2025 [8] - The company's return on equity (ROE) reached a historical high of 12.71% in the first half of 2025 [8]

Investment Rating - The investment rating for Huaneng International is "Buy" with a target price not specified [6]. Core Views - The company reported a 24.26% year-on-year increase in net profit attributable to shareholders, reaching 9.26 billion yuan in H1 2025, despite a 5.70% decline in revenue [1]. - The profitability of coal power improved significantly, with a total profit of 7.31 billion yuan in H1, marking an 84% increase year-on-year [2]. - The renewable energy segment added 6.3 GW of wind and solar capacity, generating a total profit of 5.7 billion yuan, with solar power profit increasing by 46% [3]. - International operations in Singapore and Pakistan contributed a pre-tax profit of 1.8 billion yuan, enhancing overall performance [4]. - The profit forecast for 2025-2027 has been raised, with expected net profits of 14 billion, 14.8 billion, and 15.8 billion yuan respectively, corresponding to P/E ratios of 8, 8, and 7 times [5]. Financial Performance Summary - H1 2025 revenue was 112 billion yuan, down 5.70% year-on-year, while net profit was 9.26 billion yuan, up 24.26% [1]. - Coal-fired power generation saw a utilization rate of 1,839 hours, a decrease of 141 hours year-on-year, leading to a 7.06% drop in generation volume to 158.36 billion kWh [2]. - The average on-grid electricity price was 485.27 yuan/MWh, down 2.69% year-on-year, while coal procurement decreased by 10.70% to 87.14 million tons [2]. - New wind and solar installations totaled 6.3 GW, with wind generation increasing by 11.39% to 21.03 billion kWh and solar generation rising by 49.33% to 12.24 billion kWh [3]. - The company’s total assets reached 541.16 billion yuan, with a debt-to-asset ratio of 64.52% [7][13].