China Power (02380) announced its interim results for 2025. The group recorded revenue of RMB 23.858 billion, representing a year-on-year decrease of 9.87%. Profit attributable to ordinary shareholders reached RMB 2.587 billion, up 0.65% compared to the same period last year. Basic earnings per share stood at RMB 0.21.

For the first half of 2025, profit attributable to equity holders of the group increased slightly by 1.16% to RMB 2.83 billion, mainly driven by the wind power and thermal power segments. The profit growth in the wind power segment was primarily attributable to offshore wind power projects, while the thermal power segment benefited from declining fuel costs and effective coal procurement measures.

During the review period, revenue from wind power and photovoltaic power generation continued to grow by 16.69% and 3.08% respectively due to certain acquisitions and new projects commencing commercial operations. This partially offset the decline in revenue from thermal power and hydropower, which decreased by 17.77% and 14.88% respectively during the same period.

Reduced rainfall in regions where the group's hydropower plants operate led to an overall decline in both revenue and profit for the hydropower segment. The decrease in thermal power segment revenue was due to the partial disposal of interests in a coal-fired power generation subsidiary at the end of last year, which subsequently became an associate of the company. The group's consolidated revenue declined by 9.87%.

Affected by the comprehensive market-oriented renewable energy tariff policy implemented this year, average on-grid tariffs were adjusted, resulting in year-on-year decreases in operating profit margins for both wind power and photovoltaic power generation segments.

As of June 30, 2025, the group's consolidated installed capacity of power plants reached 53,940.6 MW, representing an increase of 5,612.8 MW or 11.61% year-on-year. The group's clean energy consolidated installed capacity was 44,120.6 MW, accounting for approximately 81.79% of total installed capacity.