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Zhejiang Zheneng Electric Power (600023) investor relations material
Zhejiang Zheneng Electric Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q3 2025 was RMB 23.34 billion, down 10.68% year-over-year; YTD revenue was RMB 58.81 billion, down 11.29% year-over-year.
Net profit attributable to shareholders for Q3 was RMB 2.72 billion, down 1.87% year-over-year; YTD net profit was RMB 6.23 billion, down 6.96% year-over-year.
The company completed the acquisition of Zhejiang Zheneng Carbon Asset Management, now holding 55% equity, consolidated from July 2025.
Financial highlights
Operating income for Q3 was RMB 23.34 billion, a 10.68% decrease year-over-year.
Total profit for Q3 was RMB 3.76 billion, down 3.21% year-over-year.
Net profit attributable to shareholders for Q3 was RMB 2.72 billion, down 1.87% year-over-year.
Basic and diluted EPS for Q3 were both RMB 0.20, down 4.76% year-over-year.
Net cash flow from operating activities for the first nine months was RMB 10.96 billion, up 11.31% year-over-year.
Outlook and guidance
Revenue and profit declines were mainly due to lower electricity sales prices and reduced external sales of photovoltaic products.
- Net profit rose 18.92% year-over-year on strong power output and robust cash flow.600023
H2 202419 Dec 2025 - Net profit fell 10.6% on lower revenue, but cash flow and dividends remained robust.600023
H1 202528 Nov 2025 - YTD net profit rose 12.37% despite revenue decline, driven by lower coal costs.600023
Q3 202413 Jun 2025 - Net profit jumped 41% as cost controls offset flat revenue, but solar losses persisted.600023
H1 202413 Jun 2025 - Net profit dropped 40.81% on lower electricity prices, but cash flow nearly doubled.600023
Q1 20256 Jun 2025
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Next Zhejiang Zheneng Electric Power earnings date
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