JEI(000600)2025-01-08 03:26Group 1: Coal Procurement and Pricing Strategy - In 2025, the company's long-term coal contract signing coverage rate exceeds 80% [2] - The main sources for coal procurement are Shanxi, Shaanxi, Inner Mongolia, and local Hebei [2] - The company will continue to implement the national development and reform commission's policies, focusing on long-term coal procurement while monitoring market coal price changes to reduce costs [2] Group 2: Electricity Pricing and Revenue - The capacity electricity price in Hebei province is currently set at 100 RMB per kilowatt annually, with monthly settlements based on maximum output [4] - The company has received capacity electricity fees monthly for 2024 [4] Group 3: Market Trading and Heat Recovery - The national pilot for spot trading has been initiated with two batches, and Hebei's spot trading is progressing rapidly [5] - The company is actively preparing for new trading models and has conducted three trial runs for spot settlement in 2024 [5] - Heat fee recovery is generally timely, and the company is advocating for an increase in heating prices to alleviate operational pressure [6] Group 4: Future Project Development - The company is developing several power projects, including the 2×66 MW project at Xibaipo Power Plant and the 2×35 MW project at Renqiu Thermal Power, both expected to be operational by 2026 [7] - The company is also increasing investment in offshore wind projects, including two 250 MW projects in Tangshan [8] Group 5: Dividend Policy - The company has a stable profit distribution policy, ensuring that cash dividends are no less than 30% of the distributable profits each year [8] - Future efforts will focus on enhancing investor returns while balancing short-term and long-term interests [8]