China Three Gorges Renewables (600905) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 28.40 billion, down 4.43% year-over-year; net profit attributable to shareholders was RMB 3.71 billion, down 39.20% year-over-year, mainly due to lower-than-expected power generation and a decline in average on-grid tariffs.

• Total assets at year-end reached RMB 387.16 billion, up 8.44% from the previous year; net assets attributable to shareholders increased 2.18% to RMB 88.66 billion.

• The company added 4.62 GW of new installed capacity, reaching a total of 52.37 GW, with wind and solar accounting for 24.43 GW and 26.78 GW, respectively.

• Power generation for the year was 76.26 TWh, up 5.99% year-over-year; wind power output grew 6.08%, solar power 8.87%.

• Cash dividend proposal: RMB 0.41 per 10 shares, totaling RMB 1.17 billion, representing a payout ratio of 31.56%.

Financial highlights

• Operating income: RMB 28.40 billion, down 4.43% year-over-year.

• Net profit attributable to shareholders: RMB 3.71 billion, down 39.20% year-over-year.

• Net profit excluding non-recurring items: RMB 3.15 billion, down 48.03% year-over-year.

• Operating cash flow: RMB 20.94 billion, up 10.81% year-over-year.

• Total assets: RMB 387.16 billion, up 8.44% year-over-year.

• Net assets attributable to shareholders: RMB 88.66 billion, up 2.18% year-over-year.

• Basic EPS: RMB 0.1298, down 39.20% year-over-year.

Outlook and guidance

• The company expects continued growth in renewable energy capacity, focusing on large-scale wind and solar bases, offshore wind, and integrated energy projects.

• Strategic priorities include expanding deep-sea wind, advancing “desert, Gobi, wasteland” bases, and enhancing digital and intelligent operations.

• 2026 targets include further increases in installed capacity, operational efficiency, and market-oriented power sales.