CGN POWER (1816) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 2025 reached RMB20.03 billion, up 4.41% year-over-year, driven by a 14.06% increase in on-grid power generation from subsidiaries.

• Net profit attributable to shareholders was RMB3.03 billion, down 16.07% year-over-year, mainly due to lower power prices and increased R&D expenses.

• Total assets stood at RMB432.40 billion as of March 31, 2025, a 1.32% increase from year-end 2024.

Financial highlights

• Operating revenue: RMB20.03 billion, up 4.41% year-over-year (restated).

• Net profit attributable to shareholders: RMB3.03 billion, down 16.07% year-over-year.

• Net cash flows from operating activities: RMB1.96 billion, down 64.88% year-over-year.

• Basic and diluted EPS: RMB0.060, compared to RMB0.071 in Q1 2024.

• Weighted average return on equity: 2.49%, down from 3.10% in Q1 2024.

Outlook and guidance

• The company plans to issue A-share convertible corporate bonds, with regulatory approval received in March 2025.

• Cash dividend of RMB0.95 per 10 shares for 2024 is proposed, pending shareholder approval.