SDIC Power (600886) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB 53.01 billion, down 8.31% year-over-year, while net profit attributable to shareholders rose 11.30% to RMB 7.39 billion.

• Clean energy accounted for 72.12% of installed capacity, with significant expansion in solar and wind projects.

• The company completed a private placement of A-shares, raising RMB 7 billion, and distributed a cash dividend of RMB 0.5081 per share, totaling RMB 4.07 billion (55% payout ratio).

• Total assets reached RMB 313.58 billion, up 5.75% from the prior year.

Financial highlights

• Net profit attributable to shareholders: RMB 7.39 billion, up 11.30% year-over-year.

• Operating revenue: RMB 53.01 billion, down 8.31% year-over-year.

• Basic EPS: RMB 0.9166, up 5.73% year-over-year.

• Net cash flow from operating activities: RMB 31.57 billion, up 28.03% year-over-year.

• Asset-liability ratio: 60.52%, down 2.70 percentage points.

Outlook and guidance

• China's power consumption is projected to grow 5–6% in 2026, with renewable energy capacity expansion outpacing coal.

• The company plans RMB 7.27 billion in equity investment and RMB 24.45 billion in capital construction for 2026.

• Domestic financing target for 2026 is RMB 12.3 billion; overseas debt financing target is RMB 17.7 billion.