Core Viewpoint - Hangzhou Thermal Power experienced a decline of 4.99% on November 21, with a trading volume of 136 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On November 21, Hangzhou Thermal Power had a financing buy amount of 11.11 million yuan and a financing repayment of 12.40 million yuan, resulting in a net financing outflow of 1.30 million yuan [1]. - As of November 21, the total financing and securities lending balance for Hangzhou Thermal Power was 94.10 million yuan, with the financing balance of 93.81 million yuan accounting for 1.14% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending repayment of 100 shares on November 21, with no shares sold, and a remaining securities lending amount of 14,300 shares valued at 294,300 yuan, which is below the 40th percentile level over the past year, indicating a low level of short selling activity [1]. Financial Performance Summary - As of September 30, the number of shareholders for Hangzhou Thermal Power increased by 5.34% to 28,900, while the average circulating shares per person decreased by 5.07% to 13,824 shares [2]. - For the period from January to September 2025, Hangzhou Thermal Power reported operating revenue of 2.31 billion yuan, a year-on-year decrease of 11.17%, and a net profit attributable to shareholders of 145 million yuan, down 14.14% year-on-year [2]. - Since its A-share listing, Hangzhou Thermal Power has distributed a total of 360 million yuan in dividends, with 216 million yuan distributed over the past three years [2]. Shareholding Structure Summary - As of September 30, 2025, the top ten circulating shareholders of Hangzhou Thermal Power included Southern CSI 1000 ETF (512100) as the fifth largest shareholder with 729,100 shares, a decrease of 9,100 shares from the previous period [2]. - Huaxia CSI 1000 ETF (159845) ranked as the seventh largest shareholder with 435,000 shares, an increase of 1,400 shares compared to the previous period [2]. - Hong Kong Central Clearing Limited entered as the eighth largest circulating shareholder with 369,100 shares [2].

Group 1 - On November 14, Hangzhou Thermal Power saw a stock price increase of 2.20% with a trading volume of 296 million yuan [1] - The financing data for Hangzhou Thermal Power on the same day indicated a financing purchase amount of 34.71 million yuan and a net financing purchase of 7.16 million yuan, with a total financing and securities balance of 110 million yuan [1] - The company’s main business revenue composition includes thermal power business at 51.54%, coal business at 45.13%, and other at 3.33% [1] Group 2 - As of September 30, the number of shareholders for Hangzhou Thermal Power increased by 5.34% to 28,900, while the average circulating shares per person decreased by 5.07% to 13,824 shares [2] - For the period from January to September 2025, Hangzhou Thermal Power reported a revenue of 2.306 billion yuan, a year-on-year decrease of 11.17%, and a net profit attributable to shareholders of 145 million yuan, down 14.14% year-on-year [2] - The company has distributed a total of 360 million yuan in dividends since its A-share listing, with 216 million yuan distributed over the past three years [2]

Core Points - The company reported a total operating revenue of 1.475 billion yuan for the first half of 2025, representing a year-on-year increase of 1.12% [1] - The net profit attributable to shareholders reached 380 million yuan, showing a significant year-on-year growth of 233.08% [1] - The net profit after deducting non-recurring gains and losses was 361 million yuan, with a remarkable year-on-year increase of 436.42% [1] - Basic earnings per share were reported at 0.18 yuan [1] Financial Performance - The substantial growth in performance was primarily driven by a significant increase in the fair value change of financial assets and a notable reduction in credit impairment losses on purchased financial assets [1] - The company's main businesses include thermal power and securities, with the latter operated through its wholly-owned subsidiary, Jianghai Securities [1] Securities Business - Jianghai Securities achieved an operating revenue of 726 million yuan, reflecting a year-on-year growth of 81.17% [1] - The net profit attributable to the parent company from Jianghai Securities was 288 million yuan, marking an extraordinary year-on-year increase of 1311.60% [1] - Brokerage business generated operating revenue of 209 million yuan, up 21.11% year-on-year [1] - Investment banking business saw a decline in operating revenue to 30 million yuan, down 16.53% year-on-year [1] - Proprietary trading business reported operating revenue of 406 million yuan, with a year-on-year increase of 211.77% [1] - Asset management business generated operating revenue of 10 million yuan, up 6.49% year-on-year [1] - Credit business achieved operating revenue of 39 million yuan, reflecting a year-on-year growth of 112.59% [1] Thermal Power Business - The thermal power business, which includes thermal power plants and heating companies, contributed a total profit of 109 million yuan [2] - The net profit attributable to shareholders from the thermal power segment was reported at 123 million yuan [2]

Group 1 - The company reported a total operating revenue of 1.475 billion yuan for the first half of 2025, representing a year-on-year growth of 1.12% [2] - The net profit attributable to shareholders reached 380 million yuan, showing a significant year-on-year increase of 233.08% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 361 million yuan, with a remarkable year-on-year growth of 436.42% [2] - The basic earnings per share were 0.18 yuan [2] Group 2 - The substantial growth in the company's performance was primarily driven by a significant increase in the fair value change gains of financial assets and a notable reduction in credit impairment losses on purchased financial assets [2] - The main business segments of the company include thermal power and securities, with the latter operated through its wholly-owned subsidiary, Jianghai Securities [2] Group 3 - Jianghai Securities achieved an operating revenue of 726 million yuan, reflecting a year-on-year increase of 81.17% [2] - The net profit attributable to the parent company from Jianghai Securities was 288 million yuan, marking a staggering year-on-year growth of 1311.60% [2] - The brokerage business generated an operating revenue of 209 million yuan, up by 21.11% year-on-year [2] - The investment banking business reported an operating revenue of 30 million yuan, down by 16.53% year-on-year [2] - The proprietary trading business achieved an operating revenue of 406 million yuan, with a year-on-year increase of 211.77% [2] - The asset management business generated an operating revenue of 10 million yuan, reflecting a year-on-year growth of 6.49% [2] - The credit business reported an operating revenue of 39 million yuan, showing a year-on-year increase of 112.59% [2] Group 4 - The thermal power business contributed a total profit of 109 million yuan, with a net profit attributable to shareholders of 123 million yuan [3]