华能水电 - 初步看法_2025 年第二季度业绩超预期，因电价好于预期

J P M O R G A N 2Q25 generation reached 31.1bn kWh, up 3% yoy. 2Q25 power tariff was down 1% yoy, on our estimates, likely due to an improving sales mix. This is a sequential improvement, as 1Q power tariff went down 7% yoy, on our estimates. Key Negatives/Question Marks Business taxes and surcharges went up 143% yoy in 2Q25. The net gearing ratio went up 4pcts hoh in 1H25, to 99%. Likely Changes to Consensus Asia Pacific Equity Research 28 August 2025 This material is neither intended to be distributed to ...