China Yangtze Power (600900) H2 2024 earnings summary

Executive summary

• Achieved record annual revenue of ¥84.49 billion, up 8.12% year-over-year, and net profit attributable to shareholders of ¥32.50 billion, up 19.28% year-over-year.

• Maintained industry leadership in hydropower, with total installed capacity of 71.8 GW, accounting for 16.45% of national hydropower capacity.

• Completed major supply security tasks, enhanced operational efficiency, and advanced digital and technological innovation.

• Expanded international business, completed acquisition of two wind farms in Peru, and accelerated new energy and storage projects.

Financial highlights

• Operating income: ¥84.49 billion, up 8.12% year-over-year.

• Net profit attributable to shareholders: ¥32.50 billion, up 19.28% year-over-year.

• Basic EPS: ¥1.3281, up 19.28% year-over-year.

• Gross margin for domestic hydropower: 62.51%, up 1.54 percentage points.

• Operating cash flow: ¥59.65 billion.

Outlook and guidance

• 2025 power generation target set at 300 billion kWh, assuming favorable hydrological conditions.

• Plans to deepen market-oriented electricity sales, optimize investment in clean energy, and maintain high cash dividend payout (≥70% of net profit).

• Will continue to expand in pumped storage, new energy, and international markets.