China Power International Development (2380) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 23.86 billion, down 9.87% year-over-year, while profit attributable to equity holders rose 1.16% to RMB 2.83 billion and net profit increased 0.42% to RMB 4.61 billion.

• Installed capacity increased 11.61% year-over-year to 53,940.6 MW, with clean energy accounting for 81.79% of the total.

• Clean energy revenue share rose to 64.2%, reflecting a strategic shift toward renewables.

• Wind and photovoltaic segments saw strong growth, while hydropower and thermal power declined due to weather and asset reclassification.

• No interim dividend declared for H1 2025.

Financial highlights

• EBITDA increased 5.61% year-over-year to RMB 15.53 billion.

• Operating profit rose 1.94% to RMB 7.61 billion; basic EPS stable at RMB 0.21.

• Net assets rose 4.98% to RMB 112.89 billion as of June 30, 2025.

• Gearing ratio stable at 63%.

• Cash and cash equivalents increased to RMB 8.88 billion.

Outlook and guidance

• National electricity consumption expected to grow 5–6% year-over-year in H2 2025.

• Focus on integrated thermal, wind, solar, and hydro projects, flexible power trading, and cost control.

• Projected consolidated installed capacity to reach approximately 55,000 MW by end-2025.

• Major asset restructuring and new capacity additions to drive growth.