CHANGYUAN POWER released its performance for the first half of the year, with a net profit attributable to the parent company of 94.8221 million yuan, a decrease of 78.83%

According to the Zhitong Finance APP, CHANGYUAN POWER (000966.SZ) released its semi-annual report for 2025, reporting an operating income of 6.614 billion yuan, a year-on-year decrease of 16.76%. The net profit attributable to shareholders of the listed company was 94.8221 million yuan, a year-on-year decrease of 78.83%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 72.7002 million yuan, a year-on-year decrease of 83.40%. The basic earnings per share were 0.0272 yuan.

During the reporting period, the company completed a power generation of 16.715 billion kilowatt-hours, a year-on-year decrease of 8.30%. Among them, thermal power generation was 14.690 billion kilowatt-hours, a year-on-year decrease of 8.83%; hydropower generation was 564 million kilowatt-hours, a year-on-year decrease of 33.89%; wind power generation was 201 million kilowatt-hours, a year-on-year decrease of 12.11%; and photovoltaic power generation was 1.260 billion kilowatt-hours, a year-on-year increase of 21.70%. The total heat sold was 10.9889 million gigajoules, a year-on-year decrease of 6.61%. The tax-excluded average on-grid electricity price was 387.81 yuan/kilowatt-hour, a decrease of 32.26 yuan/kilowatt-hour year-on-year. The decline in thermal power generation was mainly due to the rapid growth of installed capacity and generation of new energy within the province, as well as the continuous expansion of electricity purchases from outside the province, which squeezed the generation space of thermal power. The decrease in hydropower generation was mainly due to the relatively low water inflow in the province during the first half of the year. The decline in wind power generation was mainly due to lower wind speeds compared to previous years. The decrease in the on-grid electricity price was mainly due to the continuous expansion of new energy installed capacity in Hubei Province and a sharp increase in inter-provincial electricity purchases, leading to an overall supply exceeding demand in the Hubei electricity market. As of the end of June, new energy installed capacity increased by 28% year-on-year, and inter-provincial electricity input increased by 45% year-on-year, severely squeezing the generation space of existing units and significantly impacting local power generation companies. Meanwhile, the trading policy in Hubei Province has been adjusted, with centralized new energy fully entering the market, replacing guaranteed consumption with participation in medium- and long-term trading, and introducing a mechanism linking spot pricing to market supply and demand ratios, affecting overall prices