China Longyuan Power Group (916) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB37,070 million, down 2.6% year-over-year, with RMB31,370 million from continuing operations and RMB5,700 million from discontinued operations.

• Net profit attributable to equity holders was RMB6,425 million, up 0.2% year-over-year; total net profit was RMB8,368 million, up 20.2%.

• The coal power segment was disposed of in 2024, with a net gain on sale of RMB433 million and net profit from discontinued operations of RMB682 million.

• Earnings per share reached RMB0.7630, an increase of RMB0.0166 year-over-year.

Financial highlights

• Operating revenue from continuing operations rose 5.9% to RMB31,370 million, driven by wind and photovoltaic (PV) segments.

• Operating profit increased 9.0% to RMB12,615 million; net finance expenses decreased 1.1% to RMB3,421 million.

• Depreciation and amortisation rose 8.8% to RMB11,559 million due to new projects.

• Net profit from continuing operations was RMB7,686 million, up 14.5% year-over-year.

• Final dividend proposed at RMB0.2278 per share, totaling RMB1,904 million, subject to AGM approval.

Outlook and guidance

• Plans to start construction on 5.5 GW and commission 5 GW of new energy projects in 2025.

• Focus on expanding large-scale bases, offshore projects, and digital transformation.

• Emphasis on innovation, risk management, and maintaining global leadership in new energy.