Zhejiang Zheneng Electric Power (600023) H2 2025 earnings summary

Executive summary

• Achieved total revenue of ¥79.55 billion, down 9.61% year-over-year, with net profit attributable to shareholders of ¥7.53 billion, down 2.99% year-over-year.

• Completed major power projects and expanded in nuclear and renewable energy, with total managed installed capacity reaching 41.04 GW.

• Maintained strong safety, compliance, and internal control, with no major legal or regulatory issues.

Financial highlights

• Operating income: ¥79.55 billion, down 9.61% year-over-year; operating cost: ¥69.75 billion, down 9.76%.

• Net profit attributable to shareholders: ¥7.53 billion, down 2.99% year-over-year; basic EPS: ¥0.56.

• Operating cash flow: ¥11.45 billion, down 16.45% year-over-year.

• Gross margin for power and heat: 14.28% (up 1.29pp); for PV products: 26.78% (up 2.07pp).

• Total assets: ¥156.34 billion, up 1.45% year-over-year; net assets attributable to shareholders: ¥76.51 billion, up 4.33%.

Outlook and guidance

• 2026 national power demand expected to grow 5–6%, with installed capacity reaching 4.3 billion kW.

• Focus on high-quality energy supply, green transition, cost control, and innovation.

• Plans to further expand nuclear, storage, and integrated energy services, and enhance digital and safety management.