HUANENG LANCANG RIVER HYDROPOWER (600025) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 5.76 billion, up 7.02% year-over-year, with net profit attributable to shareholders at RMB 1.54 billion, a 2.32% increase compared to Q1 2025.

• Operating cash flow rose 24.40% year-over-year to RMB 3.75 billion, mainly due to increased cash collection from electricity sales.

Financial highlights

• Total assets at March 31, 2026 were RMB 228.97 billion, up 0.99% from year-end 2025.

• Shareholders’ equity attributable to listed company shareholders increased 3.92% to RMB 85.17 billion.

• Basic and diluted EPS remained at RMB 0.08 per share, unchanged year-over-year.

• Gross margin improved as revenue growth outpaced cost increases.

Outlook and guidance

• Management highlighted strong cash flow and stable profitability, with no significant operational risks or uncertainties noted for the near term.