Core Insights - The report highlights the growth in electricity generation in the Xinjiang Uygur Autonomous Region, with a total generation of 475.1 billion kWh in September 2025, marking a year-on-year increase of 14.5% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 67.5% of the total generation, while hydropower, wind power, and solar power contributed 6.9%, 14.8%, and 10.7% respectively, with solar power experiencing the highest growth at 41.3% year-on-year [1] Electricity Generation Statistics - From January to September 2025, the total electricity generation in Xinjiang reached 4,192 billion kWh, reflecting a year-on-year growth of 4% [1] - Thermal power generation was 2,830.8 billion kWh, showing a slight decline of 0.2% year-on-year [1] - Hydropower generation was 290.3 billion kWh, with a year-on-year increase of 1% [1] - Wind power generation reached 621.5 billion kWh, up by 5.4% year-on-year [1] - Solar power generation totaled 449.41 billion kWh, with a significant year-on-year increase of 41.3% [1] Industry Context - The report is part of a broader market research analysis and investment outlook for the energy industry in China from 2026 to 2032, published by Zhiyan Consulting [1][2] - The data is sourced from the National Bureau of Statistics and is based on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2]

Core Insights - The report by Zhiyan Consulting highlights the performance of Qinghai Province's power generation in 2025, indicating a decline in total power generation compared to the previous year [1] Power Generation Performance - In September 2025, Qinghai Province generated 7.26 billion kilowatt-hours, representing a year-on-year decrease of 7.7% [1] - From January to September 2025, the total power generation reached 78.42 billion kilowatt-hours, showing a slight year-on-year increase of 0.1% [1] Breakdown by Energy Source - Thermal power generation accounted for 8.58 billion kilowatt-hours, making up 10.9% of the total, with a year-on-year decline of 4.2% [1] - Hydropower generation was 35.56 billion kilowatt-hours, representing 45.3% of the total, and experienced a year-on-year decrease of 2.8% [1] - Wind power generation reached 10.91 billion kilowatt-hours, contributing 13.9% to the total, with a year-on-year increase of 4% [1] - Solar power generation was 23.369 billion kilowatt-hours, accounting for 29.8% of the total, and saw a year-on-year growth of 4.6% [1]

Core Insights - The report highlights the growth and changes in electricity generation in Sichuan Province, with a total generation of 571.4 billion kWh in September 2025, marking a year-on-year increase of 6% [1] - The cumulative electricity generation from January to September 2025 reached 3936.6 billion kWh, showing a slight year-on-year growth of 0.5% [1] Generation Breakdown - In the first nine months of 2025, thermal power generation was 703.2 billion kWh, accounting for 17.9% of total generation, which represents a year-on-year decline of 4.1% [1] - Hydropower generation stood at 3007.6 billion kWh, making up 76.4% of the total, with a year-on-year increase of 1.1% [1] - Wind power generation was recorded at 130.1 billion kWh, contributing 3.3% to the total, experiencing a year-on-year decrease of 10.4% [1] - Solar power generation reached 95.7 billion kWh, representing 2.4% of the total, with a significant year-on-year growth of 50.3% [1] Industry Context - The report is part of a broader analysis by Zhiyan Consulting, which provides insights into the energy sector in China from 2026 to 2032, focusing on market research and investment prospects [1][2] - The data is sourced from the National Bureau of Statistics and is based on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2]

证券日报网讯通宝能源（600780）11月10日在互动平台回答投资者提问时表示，根据公司2024年及2025 年半年报，火力发电毛利率分别为3.58%及6.09%(不考虑热力)。2024年主要受电力现货市场总体电价水 平较低，导致毛利率较低，2025年发电板块上网电价同比增加，同时增加低热值煤使用量，燃料采购综 合成本同比下降，使得毛利率有所提升，不存在购买高价煤的情形。 ...

Core Insights - The report highlights a decline in electricity generation in Guangxi Zhuang Autonomous Region in September 2025, with a total output of 20.39 billion kilowatt-hours, representing a year-on-year decrease of 1.6% [1] - For the period from January to September 2025, the total electricity generation reached 187.41 billion kilowatt-hours, showing a year-on-year increase of 1.8% [1] Generation Breakdown - In the first nine months of 2025, thermal power generation accounted for 83.57 billion kilowatt-hours, which is 44.6% of the total generation, reflecting a year-on-year decline of 9.1% [1] - Hydropower generation was 45.81 billion kilowatt-hours, making up 24.4% of the total, with a year-on-year increase of 8.8% [1] - Nuclear power generation reached 24.37 billion kilowatt-hours, representing 13% of the total, and saw a year-on-year growth of 14.8% [1] - Wind power generation was 25.63 billion kilowatt-hours, accounting for 13.7% of the total, with a year-on-year increase of 16.6% [1] - Solar power generation totaled 8.034 billion kilowatt-hours, which is 4.3% of the total, and experienced a year-on-year growth of 19.1% [1]

Core Insights - The report highlights the performance of Jilin Province's power generation in 2025, indicating a total generation of 79.3 billion kWh in September, representing a year-on-year increase of 5.9% [1] - For the first nine months of 2025, Jilin's total power generation was 811.1 billion kWh, showing a slight decline of 0.5% compared to the previous year [1] Power Generation Breakdown - In the first nine months of 2025, thermal power generation accounted for 485.6 billion kWh, which is 59.9% of the total, reflecting a year-on-year decrease of 1.3% [1] - Hydropower generation was 65.5 billion kWh, making up 8.1% of the total, with a significant year-on-year decline of 21.5% [1] - Wind power generation reached 219 billion kWh, representing 27% of the total, with a year-on-year increase of 7.8% [1] - Solar power generation was 41.01 billion kWh, accounting for 5.1% of the total, and saw a year-on-year growth of 12.8% [1] Statistical Context - The report's data is based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [1] - The methodology for calculating year-on-year growth rates is adjusted annually to ensure comparability, which may lead to discrepancies with previously published data [2]

Core Insights - The report highlights the growth in electricity generation in Liaoning Province, with a total generation of 178.2 billion kWh in September 2025, marking a year-on-year increase of 6.3% [1] - For the first nine months of 2025, the total electricity generation reached 1,742.8 billion kWh, reflecting a year-on-year growth of 4.8% [1] Generation Breakdown - Thermal power generation accounted for 979.2 billion kWh, representing 56.2% of total generation, with a year-on-year increase of 4.2% [1] - Hydropower generation was 44.6 billion kWh, making up 2.6% of total generation, and saw a significant year-on-year increase of 37.5% [1] - Nuclear power generation stood at 387.5 billion kWh, which is 22.2% of total generation, experiencing a slight decline of 0.4% year-on-year [1] - Wind power generation reached 275.8 billion kWh, accounting for 15.8% of total generation, with a year-on-year growth of 10.1% [1] - Solar power generation was 55.73 billion kWh, representing 3.2% of total generation, and increased by 8.9% year-on-year [1] Industry Context - The report is part of a comprehensive market research analysis and investment outlook for the energy sector in China from 2026 to 2032, published by Zhiyan Consulting [1][2] - The data is sourced from the National Bureau of Statistics and is focused on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2]

Core Insights - The report highlights the growth in electricity generation in Inner Mongolia, with a total generation of 663.8 billion kWh in September 2025, marking a year-on-year increase of 4.8% [1] - The overall electricity generation from January to September 2025 reached 6250.3 billion kWh, reflecting a year-on-year growth of 3.9% [1] Generation Breakdown - Thermal power generation accounted for 4393.2 billion kWh, representing 70.3% of total generation, but saw a decline of 5% year-on-year [1] - Hydropower generation was 36.9 billion kWh, making up 0.6% of total generation, with a year-on-year increase of 6.2% [1] - Wind power generation reached 1435.9 billion kWh, constituting 23% of total generation, and experienced a significant year-on-year growth of 28.8% [1] - Solar power generation amounted to 384.26 billion kWh, accounting for 6.1% of total generation, with an impressive year-on-year increase of 60.4% [1] Statistical Context - The data presented is based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [1] - The report emphasizes the importance of consistent statistical criteria for year-on-year comparisons, noting that the scope of large-scale industrial enterprises may change annually [2]

Core Insights - The report highlights the performance of the electricity generation sector in Heilongjiang Province, indicating a slight decline in power generation in September 2025 compared to the previous year, while showing an overall increase in the first nine months of 2025 [1] Group 1: Electricity Generation Data - In September 2025, Heilongjiang Province generated 93.3 billion kilowatt-hours, a year-on-year decrease of 0.5% [1] - From January to September 2025, the total electricity generation in Heilongjiang Province reached 991 billion kilowatt-hours, reflecting a year-on-year growth of 4.4% [1] - Breakdown of electricity generation from January to September 2025: - Thermal power generation was 691.2 billion kilowatt-hours, accounting for 69.7% of total generation, with a year-on-year increase of 3.8% [1] - Hydropower generation was 28.4 billion kilowatt-hours, making up 2.9% of total generation, with a year-on-year decline of 13.3% [1] - Wind power generation was 214.6 billion kilowatt-hours, representing 21.7% of total generation, with a year-on-year increase of 8.1% [1] - Solar power generation was 56.78 billion kilowatt-hours, accounting for 5.7% of total generation, with a year-on-year increase of 9.7% [1] Group 2: Industry Context - The report is part of a broader market research analysis and investment outlook for the energy industry in China from 2026 to 2032, published by Zhiyan Consulting [1] - The data presented is based on the output of industrial enterprises with annual main business revenues of 20 million yuan or more, ensuring consistency in year-on-year comparisons despite changes in the scope of large-scale industrial enterprises [2]

Core Viewpoint - The company plans to acquire an 89.30% stake in Huaihe Energy Power Group through a combination of cash and stock issuance, with a total transaction value of approximately 1.169 billion yuan, aiming to enhance its core business in thermal power generation and improve operational efficiency [3][4][9]. Transaction Overview - The transaction involves the acquisition of Huaihe Energy Power Group, which operates in thermal and renewable power generation and owns a coal mine [3][9]. - The total transaction price is set at 1,169,412.85 thousand yuan, with cash payment of 175,411.93 thousand yuan and stock payment of 994,000.92 thousand yuan [4][5]. - The share issuance price is 3.03 yuan per share, resulting in the issuance of 3,280,531,105 shares, which will constitute 45.77% of the company's total share capital post-transaction [4][6]. Financial Impact - The acquisition is expected to increase the company's net profit attributable to shareholders from 85,779.77 thousand yuan to 179,303.58 thousand yuan for the fiscal year 2024, raising the basic earnings per share from 0.22 yuan to 0.25 yuan [9][11]. - The asset evaluation report indicates that the total equity value of the power group is 1,309,532.87 thousand yuan, with a premium rate of 22.23% [9][11]. Shareholding Structure - Post-transaction, Huainan Mining's shareholding will increase from 63.27% to 80.08%, solidifying its position as the controlling shareholder [6][8]. - The transaction will result in a significant change in the shareholding structure, with Huainan Mining holding 5,480,624,854 shares, representing 76.47% of the total [8]. Regulatory Approval - The transaction has received approval from the Anhui Provincial State-owned Assets Supervision and Administration Commission and has been passed by the company's shareholders' meeting, pending further review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [11].