Shanghai Electric Power (600021) Q4 2025 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of RMB 2.77 billion, up 35.26% year-over-year; total revenue was RMB 41.86 billion, down 2.05% year-over-year.

• Operating cash flow increased 60% year-over-year to RMB 13.08 billion.

• Clean energy accounted for 62.59% of installed capacity, with significant growth in wind and solar generation.

• International business profit rose 110.61% year-over-year, with new overseas projects operational.

Financial highlights

• Revenue: RMB 41.86 billion, down 2.05% year-over-year.

• Net profit attributable to shareholders: RMB 2.77 billion, up 35.26% year-over-year.

• Operating profit: RMB 6.55 billion, up 24.78% year-over-year.

• Basic EPS: RMB 0.8727, up 41.40% year-over-year.

• Operating cash flow: RMB 13.08 billion, up 60% year-over-year.

Outlook and guidance

• 2026 power generation target: 88.8 billion kWh; revenue target: RMB 44.3 billion.

• Focus on high-quality growth, cost control, and expanding clean energy and international projects.

• Plans to ensure major projects are completed on schedule and to strengthen capital management.