GD Power Development (600795) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 170.24 billion, down 4.99% year-over-year; net profit attributable to shareholders was RMB 7.16 billion, down 27.15% year-over-year, mainly due to high base from prior-year asset sales and one-off items.

• Basic EPS was RMB 0.402, down 27.04% year-over-year; cash dividend payout ratio reached 60.02% of net profit.

• The company maintained a strong focus on optimizing its energy mix, accelerating clean energy and high-efficiency coal power projects, and expanding new energy capacity.

Financial highlights

• Operating income: RMB 170.24 billion, down 4.99% year-over-year.

• Net profit attributable to shareholders: RMB 7.16 billion, down 27.15% year-over-year.

• Net profit excluding non-recurring items: RMB 6.78 billion, up 45.23% year-over-year.

• Operating cash flow: RMB 53.67 billion, down 3.54% year-over-year.

• Total assets: RMB 520.15 billion; net assets: RMB 138.11 billion; asset-liability ratio: 73.45%.

• Gross margin for main business: 16.47%.

Outlook and guidance

• 2026 power consumption in China expected to grow 5–6% year-over-year; green energy transition to accelerate, with non-fossil energy capacity expected to reach 63% of total.

• Company plans RMB 51.74 billion in fixed asset investment for 2026, focusing on new energy, coal power upgrades, and digital transformation.

• 2026 targets: new coal, hydro, and new energy capacity additions of 3.45 GW, 3.80 GW, and 6.77 GW, respectively.