China Power International Development Limited reported FY2025 revenue of RMB 49.03 billion, a 9.56% decline, as lower market-based tariffs for wind, solar and hydro offset volume growth.

Net profit fell 9.51% to RMB 5.92 billion. Profit attributable to equity holders dropped 11.85% to RMB 3.40 billion, while profit attributable to ordinary shareholders slid 13.50% to RMB 2.91 billion, translating into basic EPS of RMB 0.24.

The Board proposes a final dividend of RMB 0.168 per share (up 3.70%), equal to a payout of RMB 2.08 billion and a 70% payout ratio.

Segment performance • Hydropower profit: RMB 0.30 billion (-41.65%) on reduced rainfall and a one-off tax charge. • Wind profit: RMB 2.94 billion (-7.50%); revenue rose 7.78% to RMB 12.65 billion but tariffs fell. • Photovoltaic profit: RMB 0.98 billion (-43.32%); revenue increased 3.25% to RMB 9.80 billion. • Thermal profit: RMB 2.27 billion (+45.76%) as lower coal prices outweighed a 19.65% revenue drop after the partial disposal of a coal unit. • Energy-storage profit: RMB 11.89 million (-86.27%) due to intense pricing pressure.

Operating metrics • Electricity sold: 126.33 TWh (-1.27%); total generation: 130.97 TWh (-1.57%). • Average coal unit fuel cost: RMB 232.76/MWh, down 13.98%. • Average tariffs: hydro RMB 261.16/MWh (+0.36%); wind RMB 410.77/MWh (-8.18%); solar RMB 371.49/MWh (-8.32%); coal RMB 368.57/MWh (-6.09%).

Capacity build-out Installed capacity reached 54,753.7 MW (+10.86%), of which 44,933.7 MW is clean energy, representing 82.07% of the total.

Cash flow & balance sheet Operating cash inflow rose to RMB 18.52 billion. Capital expenditure totaled RMB 18.19 billion, mainly for new wind, solar and storage projects. Net debt stood at RMB 203.95 billion, with a gearing ratio of 63% and cash of RMB 6.38 billion.

Corporate actions Completion of an asset restructuring on 31 October 2025 brought SPIC Hydropower under consolidation, adding a bargain-purchase gain of RMB 321.68 million and lifting installed hydro capacity.

Outlook Management anticipates further market-based tariff volatility for renewables but expects continued growth in clean-energy capacity, strengthened cost controls in coal-fired operations and full integration of the newly acquired hydro assets.