Huaneng Power International (902) Q4 2025 earnings summary

Executive summary

• Consolidated operating revenue for 2025 was RMB229,288 million, down 6.62% year-over-year, mainly due to lower domestic electricity sales and tariffs.

• Net profit attributable to equity holders rose 42.73% to RMB14,537 million, with EPS at RMB0.75.

• The Board proposed a final dividend of RMB0.40 per share, with a payout ratio of 53.96%.

• Domestic power plants sold 437.563 billion kWh, a 3.39% decrease year-over-year.

• Significant progress in green development, with 41.01% of installed capacity from low-carbon and clean energy.

Financial highlights

• Operating expenses decreased 10.08% to RMB197,407 million, mainly due to lower fuel costs.

• Fuel costs dropped 15.80% to RMB119,666 million, reflecting effective procurement and lower coal prices.

• Net cash flows from operating activities increased 33.02% to RMB67,213 million.

• Total assets reached RMB619,678 million, up 4.05% from 2024.

• Total liabilities rose to RMB400,140 million, with interest-bearing debt at RMB321,310 million.

Outlook and guidance

• Targeting domestic power generation of approximately 460 billion kWh in 2026.

• Continued focus on green and low-carbon transition, new energy project development, and cost control.

• Plans to optimize coal-fired power, enhance emergency response, and improve operational flexibility.

• Will leverage strong financing capabilities and maintain a stable capital structure.