华润电力：25 财年业绩：燃料成本低于预期，表现超预期

Asia Pacific Equity Research 18 March 2026 China Resources Power Neutral First Take: FY25 results – Beat on lower-than- expected fuel costs Our First Take: While China Resources Power's FY25 earnings beat consensus by 5% at HK$14.5bn, this was mainly a function of lower fuel costs and a lack of impairment charges, while other operating trends are largely in-line. As elevated oil and gas prices may have spillover impact to global coal prices, we believe the tailwinds from improvements in thermal margin may f ...