HUANENG LANCANG RIVER HYDROPOWER (600025) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of ¥26.60 billion, up 6.89% year-over-year, with net profit attributable to shareholders rising 2.5% to ¥8.50 billion.

• Full-year power generation reached 126.93 billion kWh, up 13.32% year-over-year, driven by new hydropower and renewable projects.

• Completed a non-public refinancing, raising ¥5.82 billion, and issued multiple green and innovation bonds to optimize capital structure.

Financial highlights

• Operating income: ¥26.60 billion, up 6.89% year-over-year.

• Net profit attributable to shareholders: ¥8.50 billion, up 2.5% year-over-year.

• EBITDA/total debt ratio: 0.15; interest coverage ratio: 4.41; asset-liability ratio: 61.13%, down 1.98 percentage points.

• Basic and diluted EPS: ¥0.45, up 2.27% year-over-year.

• Cash flow from operations: ¥19.05 billion, up 8.52% year-over-year.

Outlook and guidance

• 2026 power demand expected to grow 5–6% nationwide, with renewable energy capacity to surpass 50% of total.

• Company will focus on safety, efficiency, cost control, and market competitiveness, aiming for further improvements in profitability and capital structure.