East China Securities: Investment Energy's first-half performance slightly exceeded expectations, maintaining a "buy" rating.

Dongwu Securities research report pointed out that Jiantou Energy achieved a net profit of approximately 880 million yuan in the first half of 2025, a year-on-year increase of 153.4%, slightly exceeding expectations. It is worth noting that the company achieved a grid-connected electricity volume of 10.764 billion kilowatt-hours in the second quarter of 2025, an increase of 1% year-on-year. Benefiting from the regional power supply and demand without nuclear power shortage, the company's grid-connected electricity volume in 2025 Q2 increased by 1% year-on-year. Benefiting from the structure of power supply without nuclear power shortage, it is expected that the electricity price and volume of thermal power in Hebei Province will lead the industry in the next three years: the current 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 grid connection, and the growth rate of power generation will slow down year by year; in terms of power sources in Hebei Province, it is expected to maintain the trend of nuclear power shortage, with thermal power growth slightly higher than the national level, photovoltaic growth slowing down, and wind power maintaining a relatively fast growth rate. Maintain a "buy" rating.