Core Insights - China Three Gorges New Energy (Group) Co., Ltd. reported a total power generation of 17.44 billion kWh for Q3 2025, representing a year-on-year increase of 5.78% [1] - Cumulative power generation for the first three quarters of 2025 reached 56.75 billion kWh, marking a year-on-year growth of 7.89% [2] Power Generation Breakdown - In Q3 2025, wind power generation was 9.62 billion kWh, up 4.85% year-on-year, with onshore wind contributing 6.51 billion kWh (up 4.86%) and offshore wind contributing 3.11 billion kWh (up 4.82%) [1] - Solar power generation in Q3 2025 was 7.65 billion kWh, reflecting a significant increase of 12.93% year-on-year [1] - Independent energy storage generation in Q3 2025 was 0.17 billion kWh, showing a decline of 2.35% year-on-year [1] Cumulative Power Generation Details - For the first three quarters of 2025, wind power generation totaled 34.68 billion kWh, an increase of 7.60% year-on-year, with onshore wind at 24.04 billion kWh (up 12.22%) and offshore wind at 10.65 billion kWh (down 1.55%) [2] - Solar power generation for the first three quarters was 21.56 billion kWh, up 11.18% year-on-year [2] - Independent energy storage generation for the first three quarters reached 0.51 billion kWh, a notable increase of 43.10% year-on-year [2]

Core Insights - The company, Three Gorges Energy, reported a total power generation of 17.44 billion kilowatt-hours (kWh) for Q3 2025, representing a year-on-year increase of 5.78% [1] Power Generation Breakdown - Wind power generation reached 9.62 billion kWh, up 4.85% year-on-year, with onshore wind contributing 6.51 billion kWh (up 4.86%) and offshore wind contributing 3.11 billion kWh (up 4.82%) [1] - Solar power generation totaled 7.65 billion kWh, showing a significant increase of 12.93% compared to the same period last year [1] - Independent energy storage generation was 0.166 billion kWh, which marked a decline of 2.35% year-on-year [1] Cumulative Performance - For the first three quarters of 2025, the total power generation reached 56.75 billion kWh, reflecting a growth of 7.89% compared to the same period in the previous year [1]

Core Insights - The company reported a total power generation of 17.44 billion kWh for Q3 2025, representing a year-on-year increase of 5.78% [1] - Wind power generation reached 9.62 billion kWh, up 4.85% year-on-year, while solar power generation increased by 12.93% to 7.65 billion kWh [1] - Cumulative power generation for the first three quarters was 56.75 billion kWh, a 7.89% increase compared to the same period last year [1] Wind Power Generation - Total wind power generation for Q3 2025 was 34.68 billion kWh, reflecting a 7.60% increase year-on-year [1] - Onshore wind power generation was 24.04 billion kWh, up 12.22%, while offshore wind power generation decreased by 1.55% to 10.65 billion kWh [1] Solar Power Generation - Solar power generation for Q3 2025 totaled 21.56 billion kWh, marking an 11.18% increase year-on-year [1] Independent Energy Storage - Independent energy storage generation for Q3 2025 was 1.66 billion kWh, showing a decline of 2.35% year-on-year [1] - Cumulative independent energy storage generation for the first three quarters was 0.51 billion kWh, which is a significant increase of 43.10% compared to the previous year [1]

Core Viewpoint - The company, Three Gorges Energy, reported a year-on-year increase in total power generation for the third quarter of 2025, indicating growth in both wind and solar energy sectors while noting a decline in independent energy storage generation [1] Summary by Category Power Generation Performance - Total power generation for Q3 2025 reached 17.44 billion kWh, a 5.78% increase compared to the same period last year [1] - Wind power generation was 9.62 billion kWh, up 4.85% year-on-year, with onshore wind contributing 6.51 billion kWh (up 4.86%) and offshore wind contributing 3.11 billion kWh (up 4.82%) [1] - Solar power generation totaled 7.65 billion kWh, reflecting a 12.93% increase year-on-year [1] - Independent energy storage generation was 0.17 billion kWh, down 2.35% compared to the previous year [1] Cumulative Power Generation - Cumulative total power generation for the first three quarters of 2025 reached 56.75 billion kWh, a 7.89% increase year-on-year [1] - Wind power generation for the first three quarters was 34.68 billion kWh, up 7.60% year-on-year, with onshore wind at 24.04 billion kWh (up 12.22%) and offshore wind at 10.65 billion kWh (down 1.55%) [1] - Solar power generation for the same period was 21.56 billion kWh, reflecting an 11.18% increase year-on-year [1] - Independent energy storage generation reached 0.51 billion kWh, showing a significant increase of 43.10% year-on-year [1]

【三峡能源：第三季度总发电量同比增长5.78%】智通财经10月13日电，三峡能源(600905.SH)公告称， 截至2025年9月30日，公司2025年第三季度总发电量174.40亿千瓦时，较上年同期增长5.78%。其中，风 电完成发电量96.23亿千瓦时，较上年同期增长4.85%（陆上风电完成发电量65.14亿千瓦时，较上年同 期增长4.86%，海上风电完成发电量31.09亿千瓦时，较上年同期增长4.82%）；太阳能完成发电量76.51 亿千瓦时，较上年同期增长12.93%；独立储能完成发电量1.66亿千瓦时，较上年同期下降2.35%。2025 年前三季度累计总发电量567.54亿千瓦时，较上年同期增长7.89%。 转自：智通财经 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][29] Core Views - The company's revenue slightly decreased in the first half of 2025, with a significant decline in net profit due to factors such as reduced average utilization hours and a decrease in average electricity prices [1][8] - The company is actively advancing its renewable energy projects, focusing on land-based wind and solar power, and has seen a continuous increase in installed capacity [2][24] - The company maintains its profit forecast, expecting net profits of 6.74 billion, 7.23 billion, and 7.74 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24, 0.25, and 0.27 yuan [3][25] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 14.736 billion yuan, a decrease of 2.19%, and a net profit of 3.815 billion yuan, down 5.48% [1][8] - The average utilization hours for wind and solar power decreased, impacting overall performance, with wind power utilization down by 97 hours and solar power by 96 hours year-on-year [13][17] - The company added 2.1807 million kilowatts of new installed capacity in the first half of 2025, with a total operational capacity of 49.9366 million kilowatts as of June 2025 [2][24] Profit Forecast and Financial Indicators - The company forecasts net profits for 2025, 2026, and 2027 to be 6.736 billion, 7.232 billion, and 7.744 billion yuan respectively, with growth rates of 10.2%, 7.4%, and 7.1% [3][25] - The expected EPS for the same years is 0.24, 0.25, and 0.27 yuan, with corresponding PE ratios of 18.1, 16.8, and 15.7 [3][25] - The company's gross margin for the first half of 2025 was 47.06%, a decrease of 8.62 percentage points year-on-year, primarily due to lower electricity prices and increased depreciation and operational costs [17][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company's revenue slightly decreased in the first half of 2025, with a significant decline in net profit due to factors such as reduced average utilization hours and a decrease in average electricity prices [1][8] - The company is actively advancing its renewable energy projects, focusing on land-based wind and solar power, and has seen a continuous increase in installed capacity [2][24] - Profit forecasts for the company remain stable, with expected net profits of 6.74 billion, 7.23 billion, and 7.74 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 10.2%, 7.4%, and 7.1% [3][25] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 14.736 billion yuan, a decrease of 2.19%, and a net profit of 3.815 billion yuan, down 5.48%. The non-recurring net profit fell by 20.74% to 3.200 billion yuan [1][8] - The average utilization hours for wind and solar power decreased, impacting overall performance, with wind power utilization down by 97 hours and solar power by 96 hours year-on-year [13][17] Project Development - The company added 2.1807 million kilowatts of new installed capacity in the first half of 2025, with 538,100 kilowatts from wind power and 1,642,600 kilowatts from solar power [2][24] - As of June 2025, the total operational installed capacity reached 49.9366 million kilowatts, with plans for an additional 26.9649 million kilowatts in new projects [24] Profit Forecasts and Valuation - The company maintains its profit forecasts, expecting net profits of 6.736 billion yuan in 2025, 7.232 billion yuan in 2026, and 7.744 billion yuan in 2027, with corresponding EPS of 0.24, 0.25, and 0.27 yuan [3][25] - The current stock price corresponds to a PE ratio of 18.1, 16.8, and 15.7 for the years 2025, 2026, and 2027 respectively [3][25]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's revenue increased by 12.13% year-on-year to 29.717 billion yuan in 2024, while the net profit attributable to shareholders decreased by 14.81% to 6.111 billion yuan due to factors such as declining electricity prices and increased operational costs [1][8]. - The company is actively advancing its renewable energy projects, with a planned installed capacity of 16.4385 million kilowatts by the end of 2024, including 4.8684 million kilowatts of wind power and 7.4501 million kilowatts of solar power [3][20]. - The company has adjusted its profit forecast downward due to the impact of falling electricity prices, with expected net profits of 6.74 billion yuan in 2025, 7.23 billion yuan in 2026, and 7.74 billion yuan in 2027, reflecting growth rates of 10.2%, 7.4%, and 7.1% respectively [4][21]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 29.717 billion yuan, a 12.13% increase, while the net profit attributable to shareholders was 6.111 billion yuan, a decrease of 14.81% [1][8]. - For Q1 2025, the company reported a revenue of 7.628 billion yuan, down 3.47%, and a net profit of 2.447 billion yuan, up 1.16% [2][9]. Project Development - The company is focusing on offshore wind power development in regions such as Guangdong, Fujian, and Jiangsu, while also expanding into other areas like Shandong and Liaoning [3][20]. - By the end of 2024, the company plans to have 16.4385 million kilowatts of projects under construction, with significant contributions from wind and solar energy [3][20]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 6.74 billion yuan, 7.23 billion yuan, and 7.74 billion yuan respectively [4][21]. - The current stock price corresponds to a PE ratio of 18.2 for 2025, 16.9 for 2026, and 15.8 for 2027 [4][21].