China Yangtze Power (600900) H2 2025 earnings summary

Executive summary

• Achieved record annual power generation of 309.74 billion kWh, up 3.82% year-over-year, with six major domestic hydropower stations contributing 307.19 billion kWh.

• Net profit attributable to shareholders rose 6.17% year-over-year to ¥34.50 billion; total revenue increased 2.07% to ¥86.24 billion.

• Maintained industry-leading safety and operational standards, with all major hydropower units achieving 100% premium overhaul rate for three consecutive years.

• Continued expansion in pumped storage, international business, and capital operations, including successful acquisition of Peru's largest wind power operator.

Financial highlights

• Operating income: ¥86.24 billion, up 2.07% year-over-year.

• Net profit attributable to shareholders: ¥34.50 billion, up 6.17% year-over-year.

• Basic and diluted EPS: ¥1.4101, up 6.17% year-over-year.

• Gross margin for domestic hydropower: 65.79%, up 3.28 percentage points.

• Operating cash flow: ¥60.56 billion, up 1.53% year-over-year.

Outlook and guidance

• 2026 national electricity demand expected to grow 5–6%, with new generation capacity exceeding 400 GW.

• Company targets 306 billion kWh annual generation from six major hydropower stations, focusing on stable marketing and value-driven investments.

• Will continue to prioritize clean energy expansion, pumped storage, and international projects.