Shanghai Electric Power (600021) Q1 2025 earnings summary

Executive summary

• Net profit attributable to shareholders rose 30.78% year-over-year to RMB 828.95 million, driven by lower coal costs and reduced financial expenses.

• Operating cash flow increased 47.53% year-over-year, reflecting improved receivables collection.

• Basic and diluted EPS both increased 34.98% year-over-year to RMB 0.2670.

Financial highlights

• Revenue for Q1 2025 was RMB 10.44 billion, down 1.56% year-over-year.

• Net profit attributable to shareholders was RMB 828.95 million, up 30.78% year-over-year.

• Net profit excluding non-recurring items was RMB 807.55 million, up 27.04% year-over-year.

• Operating cash flow reached RMB 2.73 billion, up 47.53% year-over-year.

• Weighted average ROE increased by 0.78 percentage points to 3.82%.

Outlook and guidance

• Profit growth attributed to lower coal costs and financial expenses, supporting continued improvement in the power generation segment.