中国电力(02380)2025年自由现金流大幅转正派息率提升至70%

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智通财经APP讯，中国电力(02380)公布2025年业绩，实现收入约490.29亿元，年度利润约59.18亿元，每股盈利0.24元，末期股息每股0.168元(同比增长3.7%)，派息率提升至70%。经营活动现金流净额达185.18亿元，同比大幅增长74.35%；叠加资本开支审慎优化，自由现金流强势回正。截至2025年12月31日，现金及现金等价物约63.78亿元。

收入结构方面，清洁能源收入占比由上年的59.48%提升至64.51%，其中风电收入126.51亿元(占比25.80%)、光伏收入98.00亿元(占比19.99%)、水电收入47.75亿元(占比9.74%)；火电收入174.01亿元(占比35.49%)，受益于煤价下行与高效采购，火电利润同比大增45.76%，为公司现金流提供重要支持。

装机结构方面，截至期末合并装机容量达54,753.7兆瓦，其中光伏22,071.5兆瓦(占比40.31%)、风电15,996.8兆瓦(占比29.22%)、水电6,025.1兆瓦(占比11.00%)、火电9,820.0兆瓦(占比17.93%)、储能及其他840.3兆瓦(占比1.53%)，清洁能源合并装机占比达82.07%。

年内公司完成与电投水电重大资产重组，持股电投水电55.13%，构建“红筹控A”资本架构，旗下持有省公司共计10家。国家电投赋予中国电力“综合性清洁能源旗舰上市公司”及“综合清洁能源产业平台”新定位，背靠集团强大支持，公司正加速打造水火风光储综合能源一体化上市平台。

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