Financial Highlights Huadian Power International Corporation Limited (Huadian Power, 01071) reported 2025 operating revenue of RMB126.01 billion, down 10.95% year on year. Net profit attributable to shareholders edged up 1.39% to RMB6.07 billion, lifting basic EPS to RMB0.49. The Board proposes a full-year cash dividend of RMB0.23 per share (RMB0.09 already paid as interim, RMB0.14 final), implying a total distribution of RMB2.67 billion and a payout ratio of 44.0%.

Operating Performance • Power generation fell 7.15% to 262.27 million MWh; on-grid sales declined 7.09% to 246.45 million MWh. • Average utilisation hours decreased 378 hours to 3,427. Coal-fired utilisation dropped 294 hours, gas-fired 24 hours, while hydropower rose 707 hours. • Group-wide coal consumption improved to 283.05 g/KWh.

Cost Structure Total operating costs fell 13.97% to RMB111.60 billion, outpacing the revenue decline. Key drivers: • Fuel costs down 15.92% to RMB79.21 billion on lower coal prices. • Finance costs decreased 16.37% to RMB3.16 billion due to capital-management initiatives. • Despite cost savings, taxes and surcharges rose 19.27% to RMB1.81 billion, mainly from higher environmental levies.

Balance Sheet & Cash Flow • Total assets stood at RMB264.23 billion; the liabilities-to-assets ratio moderated to 61.36%. • Gross borrowings were RMB101.64 billion (56% short term). • Operating cash inflow increased to RMB27.22 billion (2024: RMB19.46 billion), reflecting reduced fuel payments; free cash flow was offset by RMB14.26 billion in capex and RMB12.79 billion of net financing outflows.

Capacity Expansion Controlled installed capacity reached 77,924 MW across 15 provinces. In 2025 the Group commissioned 18,781 MW, including: • 8,650 MW new coal-fired units (notably two 1,000 MW units each at Jiangsu Jurong and Huadian Jurong). • 10,131 MW gas-fired capacity additions across multiple subsidiaries. The pipeline includes 10,818 MW under construction, featuring 4,000 MW of coal, 1,100 MW of gas and 5,718 MW of pumped-storage projects.

Share Capital & Fund-raising During 2025 Huadian Power issued 678.86 million A-shares to China Huadian as consideration shares for asset acquisitions and placed 705.35 million new A-shares to 15 investors, raising RMB3.43 billion for project funding and transaction cash consideration. Total share capital rose to 11.61 billion shares.

2026 Outlook Management guides for c.240 million MWh of power generation in 2026 and plans around RMB19 billion of capital expenditure focused on high-efficiency thermal units, pumped-storage projects and emerging energy solutions. Key risks highlighted include intensified power-market competition, fuel price volatility and tighter environmental regulations.