China Resources Power Holdings Company (836) H2 2025 earnings summary

Executive summary

• Net profit attributable to owners rose 0.9% year-over-year to HK$14,519 million, while basic EPS declined 5.7% to HK$2.80 due to share dilution.

• Core business profit increased 9.9% to HK$15,243 million, with thermal power profit up 64.7% and renewable energy profit down 17.6%.

• Turnover decreased 3.1% to HK$102,010 million, mainly due to lower average on-grid tariffs, partially offset by higher generation volume.

• Final dividend of HK$0.771 per share proposed, total 2025 dividend HK$1.127 per share (40.2% payout ratio).

Financial highlights

• Turnover: HK$102,010 million, down 3.1% year-over-year.

• Operating profit: HK$21,959 million, down 5.5% year-over-year.

• Net profit: HK$14,519 million, up 0.9% year-over-year.

• Cash and cash equivalents: HK$11,675 million at year-end.

• Net cash from operating activities: HK$44,651 million.

Outlook and guidance

• Plans to add 5,450MW of new wind and photovoltaic capacity in 2026, focusing on clean energy and integrated energy services.

• 2026 capex budgeted at HK$47,200 million, with HK$35,000 million for renewables.

• Strategic focus on quality, efficiency, and digital innovation to drive sustainable growth.