Research Brief | Hebei Construction Investment Energy Receives 22 Institutions Including Changjiang Securities; 2025 Net Profit Up 253% YoY; Capacity Tariff Increased 65%

Basic Research Overview

Hebei Construction Investment Energy Co., Ltd. (hereinafter referred to as “the Company”) hosted an on-site institutional research visit from March 18 to 20, 2026, at the company’s conference room, Beijing, and Wuhan. Participating institutions included Changjiang Securities, CITIC Securities, Huayuan Securities, Orient Securities, First Capital Securities, Datong Securities, Puyin Ansheng, Ping An Fund, Beijing Shunxin Capital, China New Rongchuang, Tianhong Fund, Huatai-PineBridge Fund, Yuance Investment, China Life Anbao Fund, China Life Asset Management, CITIC Construction Investment Fund, China Post Insurance, Dajia Asset Management, Juzheng Asset, Great Wall Wealth Insurance, Sunshine Asset Management, Xinghe Fund, among others, totaling 22 organizations. The company’s Secretary of the Board, Sun Yuan, and Securities Affairs Representative, Guo Jia, participated in the reception and addressed investor questions.

Key Research Highlights

2025 Operating Performance: Net Profit Surges 253% Year-over-Year, Industrial Heating Grows Against the Trend

The company’s 2025 introduction: Due to factors such as renewable energy consumption and a warm winter climate, electricity generation and grid-connected power slightly declined year-over-year: total power generation reached 52.321 billion kWh, down 3.56%; total grid-connected power was 48.562 billion kWh, down 3.58%. In terms of heating, total heat supply was 70.7536 million GJ, down 1.27% YoY, with residential heating at 64.3586 million GJ (down 3.15%), and industrial heating at 6.395 million GJ (up 22.58%), showing significant growth in industrial demand.

Despite slight declines in volume, the company effectively seized the phase of coal price declines, optimized coal resource allocation, and strengthened cost control, leading to substantial profit improvement in thermal power. In 2025, the company expects net profit attributable to shareholders of the listed company to increase by 253.38% YoY, with basic earnings per share of 1.04 yuan.

Private Placement Progress: Approved by Shenzhen Stock Exchange, Awaiting CSRC Registration

Regarding the market-focused private placement, the company stated that the issuance of shares to specific targets has been approved by the Shenzhen Stock Exchange’s Listing Review Center and is currently undergoing registration procedures with the China Securities Regulatory Commission. Further updates will be disclosed in accordance with regulations.

Electricity Price Policy: Capacity Price to Rise 65% to 165 RMB/kW in 2026

Regarding the electricity pricing mechanism, in 2025, Hebei Province’s coal power capacity price was 100 RMB/kW annually, with capacity fees compensated based on maximum unit output and settled monthly alongside electricity trading. The company has received capacity fees monthly. In 2026, Hebei’s coal power capacity price will increase to 165 RMB/kW annually, a 65% increase over 2025, potentially further boosting thermal power revenue.

Coal Market Outlook: Supply and Demand Balance in 2026, Price Volatility Narrows

For 2026, the company predicts that the domestic coal market will generally balance, with the annual coal price midpoint close to 2025 levels, and price fluctuations narrowing compared to previous years, providing a relatively stable external environment for thermal power cost control.

Project Construction and “14th Five-Year” Plan: Ongoing Projects to Commence, “One Body, Two Wings” Layout

The company’s controlling stake in Xibaipo Power Plant’s Phase IV (2×660 MW) and Renqiu Thermal Power Phase II (2×350 MW) projects are under construction, with planned commissioning in the second half of 2026. In terms of equity projects, Cangdong Power Plant Phase III (2×660 MW) and Dingzhou Power Plant Phase III (2×660 MW) are under construction; Qin Power’s 2×350 MW project has been commissioned; Hengfeng Power Plant’s expansion (2×660 MW) is progressing pre-construction work. The company’s thermal power installed capacity will further expand.

During the “14th Five-Year” period, the company aims to become a “regional leader and top-tier national” integrated energy enterprise, developing a “one body, two wings” industrial layout centered on thermal power, supplemented by energy storage and new energy: focusing on ongoing projects, capacity replacement, and industrial steam projects; exploring high-quality resource areas for new energy projects, while also deploying flexible resources to optimize asset structure.

Investor Returns: Dividend Payout Ratio Increased to 50%, Distributing 180 Million Yuan in the First Three Quarters

The company emphasizes investor returns, increasing the profit distribution ratio from 30% to 50% for 2025, based on the lower of consolidated profit available for distribution and parent company profit. In the first three quarters of 2025, cash dividends of 1.00 yuan per 10 shares were paid, totaling approximately 180 million yuan. By increasing dividend frequency and proportion, the company aims to balance short-term and long-term interests and actively reward investors.

This research did not involve any major undisclosed information.

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Editor: Xiao Lang Kuai Bao