Soochow Securities' research report points out that in the first half of 2025, JEI achieved a net profit attributable to shareholders of approximately 880 million yuan, a year-on-year increase of 153.4%, slightly exceeding expectations. It is worth noting that the company achieved a grid-connected electricity generation of 10.764 billion kilowatt-hours in the second quarter, a year-on-year increase of 1%. Benefiting from the regional power supply and demand without nuclear poverty water, the company's grid-connected electricity generation in Q2 2025 increased by 1% year-on-year. Due to the supply structure of non-nuclear poverty water power sources, it is expected that in the next three years, the thermal power prices and electricity generation in Hebei Province will lead the industry: currently, the proportion of conventional power sources is far below the national average, and it is expected to maintain a tight trend in the next three years. In terms of national power sources, we expect thermal power to be squeezed by new energy and nuclear power, with the growth rate of electricity generation slowing down year by year; in terms of power sources in Hebei Province, it is expected to maintain a non-nuclear poverty water trend, with thermal power growth slightly higher than the national level, photovoltaic growth slowing down, and wind power maintaining rapid growth. Maintain a "Buy" rating