Guangxi Guiguan Electric PowerCo (600236) Q3 2025 earnings summary

Executive summary

• Achieved significant year-over-year growth in Q3 2025, with net profit attributable to shareholders up 69.49% and revenue up 26.05% compared to the same quarter last year.

• Water power generation surged 68.32% year-over-year in Q3, driving strong profit and revenue growth.

• Impact from the new Guangxi regional electricity spot market settlement scheme reduced water power income and net profit, but overall results remained robust.

Financial highlights

• Q3 2025 revenue: RMB 3.18 billion, up 26.05% year-over-year; YTD revenue: RMB 7.34 billion, down 0.25% year-over-year.

• Q3 net profit attributable to shareholders: RMB 1.23 billion, up 69.49% year-over-year; YTD: RMB 2.42 billion, up 11.80%.

• Q3 basic and diluted EPS: RMB 0.1549, up 73.87% year-over-year; YTD EPS: RMB 0.3016, up 13.39%.

• Operating cash flow for the first nine months: RMB 5.28 billion, up 23.27% year-over-year.

• Total assets at Q3-end: RMB 51.21 billion, up 2.00% from year-end 2024.

Outlook and guidance

• Expectation that the impact of the spot market settlement scheme on water power income will decrease or disappear in the dry season.

• Company is actively communicating with local authorities to optimize the settlement scheme.