SDIC Power (600886) H1 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was RMB 25.70 billion, down 5.18% year-over-year, while net profit attributable to shareholders rose 1.36% to RMB 3.79 billion.

• Clean energy accounted for 71.84% of installed capacity by June 2025, with hydropower as the largest segment.

• The company completed a non-public A-share issuance, increasing total share capital to 8.00 billion shares.

Financial highlights

• Total assets reached RMB 315.25 billion, up 6.3% from year-end 2024.

• Net cash flow from operating activities increased 13.01% year-over-year to RMB 14.10 billion.

• Basic EPS was RMB 0.4763, down 2.84% year-over-year.

• Asset-liability ratio was 63.08%, a slight decrease from the previous year.

• Non-recurring profit and loss items contributed RMB 18.02 million to net profit.

Outlook and guidance

• The company continues to focus on expanding clean energy, especially hydro, wind, and solar, and aims to further increase the proportion of green energy in its portfolio.

• Ongoing investments in major hydro and renewable projects are expected to support future growth.