Dongfang Electric Corporation (1072) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached RMB38.15 billion, up 14.03% year-over-year; net profit attributable to shareholders was RMB1.91 billion, up 12.91% year-over-year; EPS was RMB0.60.

• Clean and efficient energy equipment and renewable energy equipment segments drove revenue growth, while engineering and supply chain business declined.

• New effective orders totaled RMB65.49 billion, up 16.78% year-over-year, with significant contributions from clean energy and emerging industries.

• The company deepened reforms, enhanced digital transformation, and maintained strong R&D investment.

• No interim dividend was declared for H1 2025.

Financial highlights

• Total operating income: RMB38.15 billion (up 14.03% year-over-year); net profit attributable to shareholders: RMB1.91 billion (up 12.91% year-over-year).

• Net profit after non-recurring items: RMB1.81 billion (up 10.52% year-over-year).

• Basic and diluted EPS: RMB0.60 (up 11.11% year-over-year).

• Net cash flow from operating activities: -RMB556 million (down from RMB4.06 billion in H1 2024).

• Gross margin for renewable energy equipment increased by 4.83 percentage points year-over-year.

Outlook and guidance

• The company aims to leverage development opportunities, optimize investment structures, and pursue high-quality growth in the second half of 2025.

• Focus remains on sustainable development, prudent operations, and laying the foundation for the next five-year plan.