Shanghai Electric Power (600021) Q2 2025 earnings summary

Executive summary

• Achieved revenue of ¥20.47 billion, up 1.76% year-over-year for H1 2025, with net profit attributable to shareholders rising 43.85% to ¥1.91 billion and total profit up 27.47%.

• Clean energy accounted for 61.83% of installed capacity; total installed capacity reached 25.8 GW, up 13.7% year-over-year.

• Power generation volume increased 5.48% year-over-year to 37.85 TWh; heat supply rose 10.49%.

• Weighted average ROE reached 8.79%, up 2.46 percentage points year-over-year.

Financial highlights

• Operating income: ¥20.47 billion (+1.76% YoY); net profit attributable to shareholders: ¥1.91 billion (+43.85% YoY).

• Operating cash flow: ¥6.15 billion (+41.59% YoY); total assets: ¥199.48 billion (+5.34% from year-end 2024).

• Basic and diluted EPS: ¥0.6232 (+49.59% YoY); net assets per share: ¥10.75.

• Gross margin improved due to a 12.7% drop in standard coal price.

• EBITDA/total debt: 0.0683; interest coverage: 3.46; cash interest coverage: 3.74.

Outlook and guidance

• Full-year national electricity demand expected to grow 5–6%; company to continue expanding clean energy and optimize coal power structure.

• Six new 1 GW coal units to be commissioned post-2026, further enhancing asset quality and profitability.

• Focus on high-quality growth, cost control, and international expansion.