China Energy Engineering (3996) Q4 2025 earnings summary

Executive summary

• Achieved operating income of RMB452.93 billion in 2025, up 3.71% year-over-year, with net profit attributable to shareholders at RMB5.84 billion, down 30.44% year-over-year.

• Strategic emerging industries contributed 40.81% of total operating income, with a 9.5% year-over-year increase.

• Maintained industry leadership in energy, power, and water conservancy, with a backlog of nearly RMB3 trillion in orders.

• Overseas business saw strong growth, with newly signed contracts up 9.05% and gross profit up 46.43% year-over-year.

Financial highlights

• Operating income: RMB452.93 billion (+3.71% YoY); net profit attributable to shareholders: RMB5.84 billion (-30.44% YoY).

• Basic EPS: RMB0.13 (-31.58% YoY); weighted average ROE: 5.05% (-2.69pp YoY).

• Net cash flows from operating activities: RMB11.55 billion (+4.74% YoY).

• Total assets: RMB941.60 billion (+8.35% YoY); net assets attributable to shareholders: RMB119.98 billion (+3.42% YoY).

• Gross profit margin: 12.19% (slight decrease YoY); gearing ratio: 77.74% (+1.43pp YoY).

Outlook and guidance

• 2026 targets: newly signed contracts of RMB1,450 billion, operating income of RMB476.6 billion, and planned investment of RMB83.5 billion.

• Focus on strengthening core businesses, expanding strategic emerging industries, and accelerating internationalization.

• Anticipates continued growth in new energy, water conservancy, and green infrastructure, with robust opportunities in hydrogen, energy storage, and digital transformation.