Beijing Energy International (0686) H1 2025 earnings summary

Executive summary

• Achieved a slight increase in net profit to RMB293 million for the six months ended 30 June 2025, compared to RMB292 million in the prior year period.

• Revenue rose to RMB4,086 million, up from RMB3,272 million year-over-year, driven by expanded grid-connected installed capacity and effective power plant operations.

• EBITDA increased to RMB3,276 million from RMB2,686 million, with an EBITDA margin of 80%.

• Grid-connected installed capacity reached 13,692MW as of 30 June 2025, up 36.3% year-over-year, mainly through self-development.

• Total electricity generation grew by 51.7% year-over-year to 11,514,751 MWh.

Financial highlights

• Revenue: RMB4,086 million (2024: RMB3,272 million).

• EBITDA: RMB3,276 million (2024: RMB2,686 million).

• Net profit: RMB293 million (2024: RMB292 million).

• Average tariff per kWh (net of VAT): RMB0.35 (2024: RMB0.43), reflecting a higher share of grid-parity projects.

• Total assets: RMB105,627 million; total equity: RMB25,460 million as at 30 June 2025.

• Basic and diluted EPS: RMB7.87 cents (up from RMB1.48 cents year-over-year, adjusted for share consolidation).

Outlook and guidance

• Focus on high-quality development and asset-light strategies, leveraging low interest rate cycles and financial institution partnerships.

• Plans to deepen hydro power in Yunnan and Xizang, advance gas turbine and integrated energy businesses, and prepare for green hydrogen opportunities.

• Emphasis on cost control, asset optimization, and flexible operations to maximize profitability and risk resilience.