China Three Gorges Renewables (600905) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 14.74 billion, down 2.19% year-over-year; net profit attributable to shareholders was RMB 3.82 billion, down 5.48%.

• EBITDA margin and net margin declined due to lower utilization hours, increased market-based trading, and higher depreciation from new projects.

• Installed capacity reached 49.94 GW, with 2.18 GW new additions; wind and solar generation up 8.85% year-over-year.

• Cash flow from operations increased 1.62% year-over-year, driven by new project commissioning and improved receivables.

Financial highlights

• Operating income: RMB 14.74 billion, -2.19% year-over-year.

• Net profit attributable to shareholders: RMB 3.82 billion, -5.48% year-over-year.

• EBITDA: RMB 10.72 billion; EBITDA/total debt ratio: 0.06.

• Basic EPS: RMB 0.1333, -5.46% year-over-year.

• Total assets: RMB 371.02 billion, +3.97% from year-end 2024.

• Net assets attributable to shareholders: RMB 88.68 billion, +2.27% from year-end 2024.

Outlook and guidance

• Focus on large-scale wind and solar base development, offshore wind, and energy storage.

• Policy environment supports further renewable expansion, with national targets for non-fossil energy at 60% of installed capacity by 2025.

• Risks include policy changes, marketization of power prices, and resource competition.