Datang Power (00991) released its audited 2025 results to IFRS, reporting a 66.13% year-on-year surge in net profit attributable to equity holders to RMB7.54 billion, despite revenue edging down 1.80% to RMB121.26 billion. Basic EPS nearly doubled to RMB0.3237.

Profitability drivers • Profit before tax climbed 49.85% to RMB12.99 billion, supported by a 5.93% cut in total operating costs to RMB105.66 billion. • Fuel expenses fell 14.80% per tonne as the average coal-into-furnace price retreated to RMB742.4 per tonne. • Finance costs decreased 16.54% to RMB4.43 billion, reflecting a lower blended financing rate of 2.33% (-30 bps).

Cash flow and balance sheet • Operating cash flow strengthened 44.84% to RMB37.84 billion. • Total assets reached RMB333.64 billion (+3.39%), while total liabilities stood at RMB234.03 billion, implying a debt ratio of 70.15% and a net debt-to-equity ratio of 180.48%. • Cash and cash equivalents were RMB9.27 billion; short-term and long-term borrowings (including current portion) were RMB41.12 billion and RMB135.81 billion respectively.

Dividend policy The board recommends a final dividend of RMB0.0930 per share (RMB1.72 billion). Combined with the interim RMB0.055 already paid, full-year distribution totals RMB0.148 per share, or RMB2.74 billion.

Operational highlights • Total on-grid generation reached 273.11 billion kWh. • Newly added clean-energy capacity was 5,120.85 MW, lifting the clean-energy share to 42.99% of the 86,166 MW portfolio (+2.62 ppts). • Coal procurement volume was 119.77 million tonnes. • Comprehensive safety and governance enhancements included completion of board re-election and removal of the supervisory committee.

Outlook for 2026 Management targets a “Management Enhancement Year” to deepen cost leadership, accelerate green transformation, and strengthen governance as the company enters the first year of China’s 15th Five-Year Plan.