China Power International Development (2380) H2 2025 earnings summary

Executive summary

• Completed major asset restructuring in 2025, acquiring a 55.13% stake in SPIC Hydropower and establishing a "Red Chip Controlling A-Share" structure, integrating hydropower, thermal, wind, solar, and energy storage.

• Clean energy installed capacity reached 44,933.7 MW, 82.07% of total, up 10.86% year-over-year.

• Attributable installed capacity increased by 8.85% year-over-year to 43,232.2 MW.

• Clean energy accounted for 82.07% of consolidated capacity and 64.51% of revenue in 2025.

• Wind and photovoltaic revenue grew, but profit fell due to market-based tariff policy and lower hydropower output from reduced rainfall.

Financial highlights

• Revenue decreased 9.56% year-over-year to RMB 49.03 billion in 2025.

• Profit attributable to equity holders fell 11.85% to RMB 3.40 billion; basic EPS dropped 13% to RMB 0.24.

• Operating profit declined 2% to RMB 11.94 billion; EBITDA rose 5% to RMB 28.15 billion.

• Dividend payout ratio increased to 70%, with a final dividend of RMB 0.168 per share.

• Capital expenditure was RMB 18.19 billion, mainly for clean energy projects.

Outlook and guidance

• Plans to deepen industrial platform development, optimize management, and enhance asset quality and efficiency in 2026.

• Targeting total installed capacity of approximately 60,000 MW by 2026, with continued focus on clean energy expansion.

• 2026 electricity consumption in China projected to grow 5–6% to 10.9–11 trillion kWh.

• Policy environment favors new energy expansion and capacity tariff mechanisms for coal-fired power.