China Three Gorges Renewables (600905) H2 2024 earnings summary

Executive summary

• Achieved operating revenue of RMB 29.72 billion in 2024, up 12.13% year-over-year; net profit attributable to shareholders was RMB 6.11 billion, down 14.81% year-over-year.

• Grid-connected installed capacity reached 47.96 GW, with 7.92 GW new capacity added; wind and solar power accounted for 46.70 GW.

• Total power generation reached 71.95 billion kWh, up 30.40% year-over-year; wind power output grew 15.96%, solar power output grew 65.44%.

• Maintained industry leadership in offshore wind, with 7.05 GW grid-connected, ranking first domestically and globally.

• Recognized in the Global Top 500 New Energy Enterprises and Fortune China 500.

Financial highlights

• Operating revenue: RMB 29.72 billion (+12.13% YoY); operating cost: RMB 14.08 billion (+18.34% YoY).

• Net profit attributable to shareholders: RMB 6.11 billion (-14.81% YoY); basic EPS: RMB 0.2135 (-14.80% YoY).

• Total assets: RMB 356.87 billion (+14.44% YoY); net assets attributable to shareholders: RMB 86.72 billion (+5.14% YoY).

• Operating cash flow: RMB 18.90 billion (+30.97% YoY); asset-liability ratio: 70.96% (+1.56pp YoY).

• Gross margin: wind power 53.02%, solar power 53.08%.

Outlook and guidance

• Will continue to expand offshore wind and large-scale onshore wind/solar bases, with a focus on innovation and digital transformation.

• 2025 strategy emphasizes high-quality growth, risk management, and strengthening core competitiveness.

• Plans to maintain strong capital investment, optimize project portfolio, and enhance ESG performance.