【Power Stock 836 Results】China Resources Power Full Year Profit Up 0.9% to 14.5 Billion Yuan, Final Dividend Increased 11.6% to 0.771 Yuan

China Resources Power (00836)
Announces full-year results. The H-share company’s attributable profit for the year was RMB 14.52 billion, up 0.9% year-on-year. The attributable core business profit was RMB 15.24 billion, up 9.9%. Basic earnings per share were RMB 2.8, with a final dividend of RMB 0.771, up 11.6%.

During the period, China Resources Power’s revenue was RMB 102 billion, a decrease of 3.1% year-on-year.

The company’s attributable core business profit from renewable energy was RMB 7.6 billion, down 17.6% year-on-year. The attributable core business profit from thermal power was RMB 7.64 billion, up 64.7%. Among them, the pure thermal power business (excluding coal) had an attributable core profit of RMB 7.34 billion, an increase of 79.8%.

By the end of 2025, the group’s managed grid-connected installed capacity was 104,118 MW, with an equity grid-connected capacity of 89,647 MW. Of this, the capacity for thermal power grid connection was 44,796 MW, accounting for 50%; wind, solar, and hydropower projects had a combined grid-connected capacity of 44,851 MW, also 50%, an increase of 2.8 percentage points from the end of 2024.

China Resources Power stated that the group plans to add 5,450 MW of wind and solar capacity to the grid in 2026, continuing to increase the proportion of clean energy installations. The focus will be on large-scale wind and solar bases in Shago Desert, offshore wind farms along the coast, and high-quality projects in central, eastern, and southern regions with high power consumption. Leveraging the industrial synergy advantages of China Resources Group, the company aims to innovate integrated development models to ensure asset revenue quality from the source.

The estimated cash capital expenditure for 2026 is about RMB 47.2 billion, with approximately RMB 35 billion allocated to the construction of wind and solar power stations, about RMB 7.6 billion for thermal power unit construction, around RMB 1.9 billion for technical upgrades of existing power units, RMB 300 million for the coal mine payments related to the Inner Mongolia coal power integration project, and RMB 2.4 billion for the construction of integrated energy and other projects.

Source: China Resources Power Announcement

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