According to the Open Source Securities Research Report, profits have been released from rising coal prices in the new energy business, and electricity prices are very resilient. 2026H1 achieved operating revenue/net profit to mother of 78.92/1,217 billion yuan, respectively, or +35.82%/+32.27% year-on-year. Looking at a single quarter, in 2026Q2, the company achieved operating revenue/net profit of RMB 4.286/669 million yuan, respectively, or +47.71%/+72.22% compared with the same period last year. Cycle upward+structural improvements, profits in the coal sector were further released, new units were put into operation centrally, and regional optimization strengthened the company's electricity price resilience. Driven by rising coal prices and the volume of the company's electricity business, the profit forecast for 2026-2028 was raised. Coal prices rose, the company's coal profits were released, electricity business volume, and electricity prices were resilient, maintaining a “buy” rating.

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