CHINA POWER (02380) announced its 2025 financial results, reporting revenue of approximately RMB 49.029 billion and an annual profit of about RMB 5.918 billion. Earnings per share were RMB 0.24, with a final dividend of RMB 0.168 per share, representing a year-on-year increase of 3.7%. The dividend payout ratio was raised to 70%. Net cash flow from operating activities reached RMB 18.518 billion, a significant increase of 74.35% compared to the previous year. Combined with prudent optimization of capital expenditures, free cash flow turned strongly positive. As of December 31, 2025, cash and cash equivalents stood at approximately RMB 6.378 billion.

In terms of revenue structure, the proportion of revenue from clean energy increased to 64.51%, up from 59.48% the previous year. This included wind power revenue of RMB 12.651 billion (25.80% of total revenue), photovoltaic revenue of RMB 9.800 billion (19.99%), and hydropower revenue of RMB 4.775 billion (9.74%). Revenue from thermal power was RMB 17.401 billion (35.49% of total revenue). Benefiting from lower coal prices and efficient procurement, thermal power profit surged by 45.76% year-on-year, providing significant support to the company's cash flow.

Regarding installed capacity, the consolidated installed capacity reached 54,753.7 MW by the end of the period. This comprised 22,071.5 MW of photovoltaic capacity (40.31%), 15,996.8 MW of wind power capacity (29.22%), 6,025.1 MW of hydropower capacity (11.00%), 9,820.0 MW of thermal power capacity (17.93%), and 840.3 MW of energy storage and other capacity (1.53%). The proportion of consolidated installed capacity from clean energy reached 82.07%.

During the year, the company completed a major asset restructuring with EDIAN Hydropower, acquiring a 55.13% stake. This established a "Red Chip controlling A-shares" capital structure, and the company now holds a total of 10 provincial subsidiaries. Backed by strong support from its parent group, State Power Investment Corporation (SPIC), which has designated CHINA POWER as the "flagship listed company for comprehensive clean energy" and the "integrated clean energy industry platform," the company is accelerating its transformation into a comprehensive integrated energy listed platform encompassing hydro, thermal, wind, solar, and storage.