GED(SZ:000539)2026-02-11 08:50Group 1: Financial Performance - In 2025, the company's coal-fired power generation faced significant revenue pressure due to a sharp decline in on-grid electricity prices, despite a decrease in coal prices that positively impacted cost control [1] - The average gross profit margin for coal-fired units decreased year-on-year due to the adverse effects of falling electricity prices [1] Group 2: Coal Procurement Structure - The company procures coal through a joint venture, Guangdong Power Industry Fuel Co., Ltd., with a procurement structure of approximately 50% domestic coal and 50% imported coal in 2025, primarily sourcing imported coal from Indonesia [1] Group 3: 2026 Operational Outlook - The company anticipates continued operational pressure in 2026, with the average transaction price in the Guangdong electricity market expected to decline further; efforts will focus on controlling fuel procurement costs and optimizing electricity market trading strategies [1] Group 4: Construction and Investment Plans - As of the end of 2025, the company has 5 million kW of coal-fired power generation under construction, with 3 million kW expected to be operational in 2026 and the remainder in 2027; gas-fired projects are also in progress with specific capacities to be confirmed [2] Group 5: Renewable Energy Development - The company is currently drafting its 14th Five-Year Plan, focusing on accelerating energy transition in line with "carbon peak" and "carbon neutrality" goals, with a particular emphasis on offshore wind power and optimizing the power generation structure for cleaner and low-carbon energy [2]