Zhejiang Zheneng Electric Power (600023) H2 2024 earnings summary

Executive summary

• Achieved annual revenue of ¥88.00 billion, net profit attributable to shareholders of ¥7.75 billion, up 18.92% year-over-year.

• Power generation reached 173.95 billion kWh, up 6.56% year-over-year; heat supply up 5.15%.

• Maintained strong energy supply during peak demand, expanded green transformation, and enhanced operational efficiency.

Financial highlights

• Revenue decreased 8.31% year-over-year due to lower photovoltaic product sales volume and price.

• Net profit attributable to shareholders increased 18.92% year-over-year; basic EPS ¥0.58.

• Operating cash flow rose 19.43% to ¥13.71 billion.

• Gross margin for power and heat supply was 12.97%; for photovoltaic manufacturing, -1.22%.

• Total assets at year-end: ¥154.09 billion; net assets attributable to shareholders: ¥73.32 billion.

Outlook and guidance

• National energy policy targets further growth in non-fossil energy and green transition.

• Company to focus on high-quality energy supply, green transformation, and innovation.

• 2025 guidance includes continued investment in new energy and grid stability.