JEI(000600)2025-02-27 06:48Group 1: Company Overview - Jingtou Energy operates 14 wholly-owned and controlled thermal power generation companies and 12 joint venture power companies, with a total controlled thermal power generation capacity of 11.77 million kW, accounting for over 20% of the total coal-fired generation capacity in Hebei's north and south grids [1] - In the first three quarters, the company generated a total of 202.36 billion kWh, a year-on-year increase of 16.70%, with thermal power generation accounting for 35.63 billion kWh, also up by 16.35% [1] Group 2: Financial Performance - The average utilization hours of the power generation units increased by 119 hours to 3,410 hours year-on-year [2] - The average on-grid settlement price was 397.17 RMB/MWh (excluding tax), a decrease of 0.77% year-on-year; the average comprehensive standard coal price was 847.03 RMB/ton, down by 8.53% [2] Group 3: Future Development Plans - The company aims to enhance its value creation capabilities and achieve mutual growth in company value and shareholder value, focusing on green and low-carbon development [2] - In 2025, the company plans to add 1.195 million kW of controlled installed capacity through acquisitions and ongoing projects, with several projects expected to be operational by 2026 [3] Group 4: Coal Supply and Pricing - The company sources its coal primarily from Shanxi, Shaanxi, Inner Mongolia, and local Hebei, with over 80% of coal procurement covered by long-term contracts in 2024 [2] - The demand for coal is expected to grow slightly due to stable domestic economic growth, while supply remains high, leading to a balanced coal supply-demand situation in 2025 [2] Group 5: Investor Relations and Dividends - The company has a stable profit distribution policy, committing to distribute at least 30% of the distributable profits as cash dividends annually [3] - Future efforts will focus on enhancing investor returns while balancing short-term and long-term interests [3]