HUANENG LANCANG RIVER HYDROPOWER (600025) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached RMB 20.64 billion, up 6.3% year-over-year, driven by an 11.9% increase in power generation volume.

• Net profit attributable to shareholders for the first nine months was RMB 7.54 billion, up 4.34% year-over-year.

• Third quarter net profit attributable to shareholders declined 4.12% year-over-year, with a 4.66% drop in total profit for the quarter.

Financial highlights

• Operating income for Q3 was RMB 7.68 billion, up 1.92% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 2.93 billion, down 4.12% year-over-year.

• Basic and diluted EPS for Q3 were both RMB 0.15, down 6.25% year-over-year; for the first nine months, EPS was RMB 0.40, up 5.26%.

• Total assets at quarter-end were RMB 225.18 billion, up 4.93% from the previous year-end.

• Shareholders’ equity attributable to listed company shareholders increased 10.32% from year-end to RMB 81.20 billion.

Outlook and guidance

• Management attributes revenue growth to higher power generation, but notes that Q3 profit growth lagged due to costs rising faster than revenue.