China Three Gorges Renewables (600905) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 7.63 billion, down 3.47% year-over-year due to lower comprehensive electricity prices and market trading impacts.

• Net profit attributable to shareholders was RMB 2.45 billion, up 1.16% year-over-year, mainly from gains on hydropower asset disposals and increased non-recurring income.

• Core profit (excluding non-recurring items) fell 13.87% year-over-year, reflecting higher depreciation and operating costs and reduced trial operation income.

Financial highlights

• Operating cash flow was RMB 4.14 billion, down 6.20% year-over-year due to lower tax rebates and higher cash outflows.

• Basic and diluted EPS were both RMB 0.0855, up 1.18% year-over-year.

• Total assets at quarter-end were RMB 360.53 billion, up 1.03% from year-end 2024.

• Shareholders' equity attributable to listed company shareholders rose 2.92% to RMB 89.25 billion.

Outlook and guidance

• Management cited ongoing focus on core business and strategic asset adjustments, with continued attention to market and policy changes affecting renewable energy pricing and consumption.