Huaneng Power International (902) Q2 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was RMB112.03 billion, down 5.70% year-over-year, while net profit attributable to equity holders rose 23.19% to RMB9.58 billion and EPS reached RMB0.52, up from RMB0.40 last year.

• The company accelerated its green and low-carbon transition, with new energy (wind and solar) capacity and generation increasing, though total power generation declined due to reduced coal-fired output.

• Cost control measures led to a 14.40% drop in fuel costs and a 9.77% decrease in total operating expenses, supporting profit growth despite lower revenue.

• Overseas operations in Singapore and Pakistan saw mixed results: Singapore's profit declined due to lower market prices, while Pakistan's profit increased slightly.

Financial highlights

• Net profit attributable to equity holders: RMB9.58 billion, up 23.19% year-over-year.

• Operating revenue: RMB112.03 billion, down 5.70% year-over-year.

• Earnings per share: RMB0.52, up from RMB0.40 year-over-year.

• Net cash from operating activities: RMB30.75 billion, up 30.27% year-over-year.

• Dividend of RMB0.27 per share for 2024 approved, totaling over RMB4.2 billion.

Outlook and guidance

• Focus on high-quality, stable growth, further green transformation, and optimizing asset and power supply structure in H2 2025.

• Plans to optimize coal procurement and financing structure, leveraging policy support and market opportunities.

• Anticipates continued pressure on electricity prices due to increased renewable capacity and market competition.