Zhejiang Zheneng Electric Power (600023) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was RMB 23.34 billion, down 10.68% year-over-year; YTD revenue was RMB 58.81 billion, down 11.29% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 2.72 billion, down 1.87% year-over-year; YTD net profit was RMB 6.23 billion, down 6.96% year-over-year.

• The company completed the acquisition of Zhejiang Zheneng Carbon Asset Management, now holding 55% equity, consolidated from July 2025.

Financial highlights

• Operating income for Q3 was RMB 23.34 billion, a 10.68% decrease year-over-year.

• Total profit for Q3 was RMB 3.76 billion, down 3.21% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 2.72 billion, down 1.87% year-over-year.

• Basic and diluted EPS for Q3 were both RMB 0.20, down 4.76% year-over-year.

• Net cash flow from operating activities for the first nine months was RMB 10.96 billion, up 11.31% year-over-year.

Outlook and guidance

• Revenue and profit declines were mainly due to lower electricity sales prices and reduced external sales of photovoltaic products.