China Resources Power Holdings Company (836) H1 2025 earnings summary

Executive summary

• Attributable grid-connected installed capacity reached 78,094MW as of June 30, 2025, with renewable energy accounting for 49.9% and thermal power 50.1%.

• Net generation volume rose 3.8% year-over-year, driven by strong growth in wind, photovoltaic, and hydroelectric output.

• Profit attributable to owners fell 15.9% year-over-year to HK$7,872 million, with basic EPS at HK$1.52 and an interim dividend of HK$0.356 per share declared.

• Turnover decreased 1.7% year-over-year to HK$50,267 million, mainly due to lower tariffs and currency depreciation.

• Core business profit was stable at HK$8,278 million, with renewable energy core profit rising 1.5% and thermal power core profit down 2.7%.

Financial highlights

• Operating profit for H1 2025 was HK$12,146 million, down 8.4% year-over-year.

• EBITDA interest coverage improved to 9.1x from 8.6x a year earlier.

• Net debt to total equity stood at 145.3% as of June 30, 2025.

• Cash capital expenditure was HK$21,067 million, with HK$15,800 million allocated to wind and photovoltaic projects.

• Cash and cash equivalents were HK$9,364 million, up from HK$5,834 million at end-2024.

Outlook and guidance

• Targeting 10,000MW of new grid-connected wind and photovoltaic capacity in 2025, aiming for renewable energy to exceed 50% of total installed capacity by year-end.

• 2025 capital expenditure budgeted at HK$56,800 million, with HK$42,000 million for renewables.

• Second half of 2025 to see 5,982.5MW of new thermal power units commence operation.

• Focus on green development, low-carbon innovation, and carbon emission reduction, with management performance contracts tied to renewable and carbon targets.