China Three Gorges Renewables (600905) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 21.28 billion, down 2.26% year-over-year, mainly due to lower average utilization hours and a decrease in average electricity price from changes in power mix and increased market-based transactions.

• Net profit attributable to shareholders for Q3 2025 was RMB 497.69 million, a 52.87% decrease compared to the same quarter last year, impacted by lower utilization, increased depreciation, and higher non-operating expenses.

• Cash flow from operating activities for the first nine months reached RMB 17.22 billion, up 20.94% year-over-year, driven by higher recovery of renewable energy tariff surcharges.

Financial highlights

• Q3 2025 revenue: RMB 6.54 billion, down 2.40% year-over-year.

• Q3 2025 net profit attributable to shareholders: RMB 497.69 million, down 52.87% year-over-year.

• Basic and diluted EPS for Q3: RMB 0.0174, down 52.85% year-over-year.

• Total assets at Q3-end: RMB 377.02 billion, up 5.65% from year-end 2024.

• Shareholders’ equity: RMB 89.22 billion, up 2.89% from year-end 2024.

Outlook and guidance

• Profitability is expected to remain under pressure due to continued changes in power mix, market-based transaction ratios, and increased depreciation and operating costs from new projects.