Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Incorporated in Hong Kong with limited liability under the Companies Ordinance) (Stock Code: 836) ANNOUNCEMENT OF INTERIM RESULTS FOR 2025 SUMMARY OF OPERATING RESULTS The board (the “Board”) of directors (the “Director(s) ”) of China Resources Power Holdings Company Limited (the “Company ”) announces the unaudited financial results of the Company and its subsidiaries (the “Group ”) for the six months ended 30 June 2025. For the first half of 2025, the Group recorded a profit attributable to owners of the Company of HK$7,872 million, representing a decrease of HK$1,491 million or 15.9% from the profit attributable to owners of the Company of HK$9,363 million for the first half of 2024. Basic earnings per share amounted to HK$1.52. The Board has resolved to declare an interim dividend of HK$0.356 per share for 2025. The core business profit attributable to owners of the Company for the first half of 2025 was HK$8,278 million, representing an increase of HK$7 million or 0.1% from HK$8,271 million in the first half of 2024. The core profit before income tax from renewable energy business amounted to HK$7,148 million, representing an increase of HK$491 million or 7.4% from HK$6,657 million in the first half of 2024; due to tax liabilities, the core business profit from renewable energy business attributable to owners of the Company was HK$5,637 million, representing an increase of HK$81 million or 1.5% from HK$5,556 million in the first half of 2024. The core profit before income tax from thermal power business amounted to HK$4,285 million, representing an increase of HK$15 million or 0.4% from HK$4,270 million in the first half of 2024; the core business profit from thermal power business attributable to owners of the Company was HK$2,641 million, representing a decrease of HK$74 million or 2.7% from HK$2,715 million in the first half of 2024. Of which, the core business profit from thermal power business excluding the coal production business attributable to owners of the Company was HK$2,788 million, representing an increase of HK$477 million or 20.6% from HK$2,311 million in the first half of 2024.
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2 For the six months ended 30 June 2025 2024 (Unaudited) (Unaudited) Turnover (HK$’000) 50,266,881 51,119,684 Profit attributable to owners of the Company (HK$’000) 7,872,138 9,362,748 Basic earnings per share (HK$) 1.52 1.95 Dividend per share (HK$) 0.356 0.455 HK$’000 RMB’000 For the six months ended 30 June For the six months ended 30 June 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Profit before income tax 11,023,455 12,017,811 10,164,550 10,925,286 Adjustments for: Exchange losses (gains), net 1,480 (287,700) 1,492 (261,965) Impairment charges 408,150 72,998 373,465 66,429 Bargain purchase gain in acquisition of a subsidiary – (876,408) – (798,564) Core profit before income tax 11,433,085 10,926,701 10,539,507 9,931,186 Core business profit attributable to owners of the Company 8,277,518 8,270,512 7,630,821 7,517,530 As at 30 June As at 31 December 2025 2024 (Unaudited) (Audited) Equity attributable to owners of the Company (HK$’000) 105,517,094 99,151,499 Total assets (HK$’000) 390,711,807 362,464,381 Cash and cash equivalents (HK$’000) 9,364,393 5,834,307 Pledged and restricted bank deposits (HK$’000) 286,850 297,510 Bank and other borrowings (HK$’000) 201,182,219 190,366,783 Net debt to total equity (%) 145.3 153.6
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3 BUSINESS REVIEW FOR THE FIRST HALF OF 2025 Installed capacity As at 30 June 2025, the Group ’s manageable grid-connected installed capacity was 88,931MW and attributable grid-connected installed capacity was 78,094MW, of which, the attributable grid-connected installed capacity of thermal power amounted to 39,139MW or 50.1%; and total attributable grid-connected installed capacity of wind, photovoltaic and hydro power projects amounted to 38,955MW or 49.9%, representing an increase of 2.7 percentage points compare to the end of 2024. As at the end of June 2025, the Group ’s attributable grid-connected installed capacity of wind power amounted to 25,549MW, with 8,679MW of manageable installed capacity under construction. Attributable grid-connected installed capacity of photovoltaic power amounted to 12,966MW, with 6,515MW of manageable installed capacity under construction. In the first half of 2025, the total new grid-connected generation capacity of wind and photovoltaic power projects of the Group amounted to approximately 4,839MW. In the first half of 2025, the Group obtained renewable energy development and construction permits of 5,874MW, including 3,996MW for wind power projects and 1,878MW for photovoltaic power projects. In the first half of 2025, the Group ’s new attributable grid-connected installed capacity of thermal power projects amounted to 894MW, mainly including (i) a 660MW unit at Guangdong Yunfu Power Plant, which is owned by the Group as to 80%; (ii) a 1,000MW unit at Chongqing Energy Hami Power Plant, which is owned by the Group as to 38.25%. Net generation volume and tariffs In the first half of 2025, the net generation volume of the Group ’s consolidated power plants amounted to 101,979,952MWh, up by 3.8% from 98,239,596MWh in the first half of 2024, of which the net generation volume of wind farms, photovoltaic power plants and hydroelectric power plants increased by 15.5%, 31.3% and 50.9%, respectively, as compared to the first half of 2024. The net generation volume of thermal power plants decreased by 1.4% as compared to the first half of 2024 due to the facts that national electricity consumption grew by 3.7% year-on-year in the first half of 2025, indicating a periodic slow down in electricity demand, and the growth of new energy installed capacity squeezed the space for thermal power generation. In the first half of 2025, the average utilization hours of the wind farms were 1,268 hours, increased by 45 hours or 3.7% as compared to the first half of 2024, exceeding the national average utilization hours for wind power generation units by 181 hours. The average utilization hours of photovoltaic power plants were 676 hours, decreased by 29 hours or 4.1% as compared to the first half of 2024, exceeding the national average utilization hours for photovoltaic power plants by 116 hours. On a same plant basis, the average utilization hours of our consolidated coal-fired power plants were 2,074 hours, decreased by 81 hours or 3.8% as compared to the first half of 2024, exceeding the national average utilization hours of thermal power units by 106 hours.
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4 In the first half of 2025, the net generation volume of the Group ’s consolidated power plants that followed market-based pricing accounted for 84.4%, and the average market tariff was 1.3% higher than that of the benchmark on-grid tariff. In the first half of 2025, affected by, among others, relaxed electricity supply and demand and declines in fuel prices, the average on-grid tariff (excluding taxes) for the Group ’s consolidated coal-fired power plants was RMB391.2 per MWh, representing a year-on-year decrease of 6.1%; due to the commissioning of parity projects and the increased proportion of market-based electricity, the average on-grid tariff (excluding taxes) for the Group ’s consolidated wind farms was RMB396.8 per MWh, representing a year-on-year decrease of 11.0%; and the average on-grid tariff (excluding taxes) for the Group ’s consolidated photovoltaic power plants was RMB304.9 per MWh, representing a year-on-year decrease of 6.1%. In the first half of 2025, the ignition price difference of the Group ’s consolidated coal-fired power plants was RMB149.9 per MWh, representing an increase of RMB9.6 per MWh year-on-year, mainly due to the fact that the decline in coal price was greater than that in tariffs. Fuel costs In the first half of 2025, the average unit cost of standard coal of the consolidated coal-fired power plants was RMB823.8 per tonne, representing a decrease of 11.8% as compared to the same period last year; the average unit fuel cost was RMB241.3 per MWh, representing a decrease of 12.7% as compared to the same period last year; and the average net generation standard coal consumption rate was 290.16g per kWh, representing a decrease of 2.34g or 0.8% as compared to the same period last year. Capital expenditure In the first half of 2025, cash capital expenditure of the Group amounted to approximately HK$21,067 million, of which approximately HK$15,800 million was used in the construction of wind farms and photovoltaic power plants, approximately HK$4,378 million was used in the construction of thermal power units, approximately HK$560 million was used in the technological upgrades of operational power generation units, approximately HK$157 million was used in the construction of coal mines, and approximately HK$172 million was used in the construction of integrated energy and other projects. FUTURE PROSPECTS Carry out green development into practice The Group will remain committed to the “Dual Carbon ” goal, closely aligning with the development plans for new power systems and driving the green, low-carbon transformation of the energy industry. We will uphold a strong sense of responsibility and mission at all times, engage in scientific planning and forward-looking strategies, and devote our full efforts to the growth of renewable energy such as wind power and photovoltaics power. In 2025, the Group aims to achieve an additional 10,000 MW of newly grid-connected installed capacity for new wind power and photovoltaic power projects, and project construction and grid connection will be proceeded steadily as planned in the second half of the year. It is expected that by the end of the “14th Five-year Plan ” period (i.e. the end of 2025), the proportion of installed capacity of renewable energy will reach more than 50%.
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5 Seek for low-carbon innovation transformation Adhering to the innovation-driven concept, by combining its rich experience and advanced technologies, the Group enhances the quality and efficiency of the industry and cultivates the future ecology, for the purpose of providing solid support for the construction of new-quality productivity. We fully encourage the development of low-carbon technologies such as carbon capture, utilization and storage (CCUS), actively explore new fields such as smart energy storage and virtual power plants, promote the implementation of carbon reduction targets, drive the transformation of innovative achievements, improve comprehensive energy service capabilities, and effectively leveraging the value of China Resources in the field of low-carbon innovation. The Group explicitly includes carbon emission reduction and renewable energy development in the performance contracts of the senior management, with the key performance indicators including, among others, the proportion of attributable generation capacity of renewable energy, new grid-connected capacity of renewable energy and the intensity of carbon emissions in power supply, for which the appraisal of results performance will be conducted based on the actual completion status. Future capital expenditure The cash capital expenditure in 2025 is expected to be approximately HK$56,800 million, including approximately HK$42,000 million for the construction of wind and photovoltaic power plants; approximately HK$9,500 million for the construction of thermal power units, approximately HK$1,500 million for the technological upgrades of operational power generation units, approximately HK$300 million for the construction of coal mines, and approximately HK$3,500 million for the construction of integrated energy and other projects. In the second half of 2025, it is expected that thermal power generation units with attributable generation capacity of approximately 5,982.5MW will commence operation, including two 1,000MW ultra-supercritical coal-fired power units at Hubei Puqi Power Plant (Phase III), which are 100% owned by the Group; two 1,000MW ultra-supercritical coal-fired power units at Zhejiang Wenzhou Power Plant (Phase II), which are 80% owned by the Group; two 1,000MW ultra-supercritical coal-fired power units at Shenshan Power Plant (Phase II), which are 100% owned by the Group; and a 1,000MW ultra-supercritical coal-fired power unit at Chongqing Energy Hami Power Plant, which is 38.25% owned by the Group.
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6 OPERATING RESULTS The operating results for the six months ended 30 June 2025, which have been reviewed by the auditor (in accordance with the Hong Kong Standard on Review Engagements 2410) and the Audit and Risk Committee of the Company, are set out as follows: CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Turnover 50,266,881 51,119,684 Operating expenses Fuels (21,717,287) (24,747,777) Depreciation and amortisation (8,696,235) (8,053,070) Employee benefit expenses (3,721,480) (3,376,293) Repairs and maintenance (1,211,448) (1,035,254) Consumables (501,785) (513,620) Impairment charges (408,150) (72,998) Tax and surcharges (526,434) (528,663) Others (2,177,759) (1,937,905) Total operating expenses (38,960,578) (40,265,580) Other income 760,040 865,308 Other gains and losses 80,110 1,547,025 Operating profit 12,146,453 13,266,437 Finance costs (1,907,844) (2,070,242) Share of results of associates 660,521 644,121 Share of results of joint ventures 124,325 177,495 Profit before income tax 11,023,455 12,017,811 Income tax expense (2,364,952) (2,064,698) Profit for the period 8,658,503 9,953,113 Profit for the period attributable to: Owners of the Company 7,872,138 9,362,748 Non-controlling interests 786,365 590,365 8,658,503 9,953,113 Basic earnings per share HK$1.52 HK$1.95
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7 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Profit for the period 8,658,503 9,953,113 Other comprehensive income (expense): Items that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign operations (301) (1,160,943) Share of other comprehensive income (expense) of investments accounted for using the equity method 150,457 (37,588) Release to profit or loss in relation to disposal of subsidiaries – (44,574) Release to profit or loss in relation to deemed disposal of a joint venture – 78,151 Items that will not be reclassified to profit or loss Exchange differences arising on translation from functional currency to presentation currency 2,018,073 – Share of other comprehensive income of investments accounted for using the equity method 15,910 – Fair value changes on equity investments at fair value through other comprehensive income ( “FVTOCI ”), net of tax 13,398 40,077 Other comprehensive income (expense) for the period, net of tax 2,197,537 (1,124,877) Total comprehensive income for the period, net of tax 10,856,040 8,828,236 Attributable to: Owners of the Company 9,872,642 8,290,132 Non-controlling interests 983,398 538,104 Total comprehensive income for the period, net of tax 10,856,040 8,828,236
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8 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 260,535,067 244,851,344 Right-of-use assets 13,280,308 13,018,773 Goodwill 1,054,650 1,153,985 Mining rights 4,289,767 3,671,090 Contractual rights 985,918 998,534 Deferred tax assets 1,328,345 1,270,882 Other receivables and prepayments 22,343,706 20,469,699 Interests in associates 18,548,559 17,743,295 Interests in joint ventures 3,969,529 3,591,310 Financial assets at FVTOCI 1,022,566 989,432 Loan to an associate 723,641 712,633 Loans to a non-controlling shareholder of a subsidiary 13,707 13,498 Pledged and restricted bank deposits 105,368 122,466 328,201,131 308,606,941 Current assets Inventories 5,477,298 5,073,959 Trade receivables, other receivables and prepayments 47,142,735 42,410,949 Loan to an associate 219,310 – Loans to joint ventures – 131,765 Amounts due from associates 93,095 183,295 Amounts due from joint ventures 18,407 35,899 Amounts due from other related companies 13,956 12,222 Pledged and restricted bank deposits 181,482 175,044 Cash and cash equivalents 9,364,393 5,834,307 62,510,676 53,857,440 Total assets 390,711,807 362,464,381
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9 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) EQUITY AND LIABILITIES Capital and reserves Share capital 29,513,636 29,513,636 Other reserves 10,914,813 8,619,991 Retained earnings 65,088,645 61,017,872 Equity attributable to owners of the Company 105,517,094 99,151,499 Perpetual capital securities holders 15,029,871 10,686,771 Other non-controlling interests 11,232,469 10,113,769 Total equity 131,779,434 119,952,039 LIABILITIES Non-current liabilities Borrowings 141,465,750 140,160,247 Contract liabilities 932,577 981,453 Lease liabilities 3,564,924 3,376,479 Deferred tax liabilities 472,608 440,570 Deferred income 795,812 807,912 Retirement and other long-term employee benefits obligations 743,073 743,353 Other long-term payables 2,922,880 2,776,182 150,897,624 149,286,196
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10 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) Current liabilities Trade payables, other payables and accruals 41,154,055 37,446,823 Contract liabilities 682,724 1,574,666 Lease liabilities 394,059 413,130 Amounts due to associates 1,795,684 1,245,427 Amounts due to joint ventures 537,229 599,133 Amounts due to other related companies 2,707,972 661,856 Tax liabilities 1,046,557 1,078,575 Borrowings 59,716,469 50,206,536 108,034,749 93,226,146 Total liabilities 258,932,373 242,512,342 Total equity and liabilities 390,711,807 362,464,381
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11 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Net cash inflow from operating activities 14,115,569 10,372,544 Cash flows from investing activities Dividends received from associates and joint ventures 387,543 272,175 Interest received 164 10,486 Proceeds from disposal of property, plant and equipment and right-of-use assets 33,180 21,682 Proceeds from disposal of subsidiaries – 295,143 Payments for purchase of property, plant and equipment and right-of-use assets (20,927,487) (17,403,543) Cash outflow on acquisition of interest in an associate – (3,251,285) Capital contributions into associates (23,205) (160,169) Capital contributions into joint ventures (18,932) (14,404) Capital contributions into a FVTOCI investee company – (4,158) Loan to an associate (215,560) – Net cash inflow on acquisition of interest in subsidiaries – 81,370 Net cash outflow from investing activities (20,764,297) (20,152,703)
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12 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Cash flows from financing activities Proceeds from borrowings 41,480,303 49,600,022 Repayment of borrowings (33,729,469) (25,578,175) Proceeds from issuance of perpetual capital securities 4,343,100 – Capital contribution by non-controlling interests 475,778 442,605 Capital reduction by a non-controlling interest (568) – Transaction costs attributable to issue of shares (1,478) – Repayment of advances from an intermediate holding company – (5,231,512) Advances from associates 393,754 1,019,362 (Repayment of advances from) advances from joint ventures (67,380) 860,786 Repayment of advances from other related companies (182,393) (149,632) Repayment of advances from non-controlling interests of subsidiaries (1,119) (220) Interests paid on borrowings and advances from related companies (2,216,248) (2,386,065) Dividends paid to owners of the Company (18) (2,406,101) Dividends paid to non-controlling interests of subsidiaries (322,812) (289,236) Repayment of lease liabilities (114,986) (172,620) Transaction costs attributable to issue of perpetual capital securities (2,167) – Net cash inflow from financing activities 10,054,297 15,709,214 Net increase in cash and cash equivalents 3,405,569 5,929,055 Cash and cash equivalents at the beginning of the period 5,834,307 4,082,972 Effect of exchange rate changes 124,517 (53,691) Cash and cash equivalents at the end of the period 9,364,393 9,958,336
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13 BASIS OF PREPARATION OF FINANCIAL INFORMATION AND PRINCIPAL ACCOUNTING POLICIES This condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 ( “HKAS 34 ”) “Interim Financial Reporting ” as issued by the Hong Kong Institute of Certified Public Accountants ( “HKICPA ”) as well as with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. As at 30 June 2025, the Group had net current liabilities of HK$45,524 million. The Directors are of the opinion that, taking into account the current operation of the Group as well as the unutilised banking facilities available to the Group, the Group has sufficient working capital to enable it to meet in full its financial obligations as and when they fall due in the coming twelve months from the date of the condensed consolidated statement of financial position. Therefore, such condensed consolidated interim financial information has been prepared on a going concern basis. Changes in accounting policies and disclosures The condensed consolidated financial information has been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values. The accounting policies and methods of computation used in the condensed consolidated financial information for the six months ended 30 June 2025 is the same as those presented in the Group ’s annual financial statements for the year ended 31 December 2024. The Group has not applied the new and amendments to HKFRS Accounting Standards that have been issued by the HKICPA but are not yet effective.
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14 TURNOVER AND SEGMENT INFORMATION Turnover represents revenue arising from sales of electricity and heat, net of value-added tax, during the reporting period. HK$’000 RMB’000 For the six months ended 30 June For the six months ended 30 June 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales of electricity 45,976,948 46,764,018 42,384,270 42,499,683 Including: Sales of power generated from thermal power plants 31,473,944 33,611,324 29,011,061 30,542,663 Sales of power generated from renewable energy 14,503,004 13,152,694 13,373,209 11,957,020 Heat supply 4,289,933 4,355,666 3,955,967 3,957,683 50,266,881 51,119,684 46,340,237 46,457,366 The Group ’s turnover for the first half of 2025 was HK$50,267 million, representing a decrease of HK$853 million or 1.7% from HK$51,120 million in the first half of 2024. In RMB terms, the Group ’s turnover for the first half of 2025 was RMB46,340 million, representing a decrease of RMB117 million or 0.3% from RMB46,457 million in the first half of 2024. The change in the amounts in HK$ was attributable to (1) a year-on-year decrease of 6.1% in average on-grid tariff (tax exclusive) of consolidated coal-fired power plants; (2) a year-on-year decrease of 11.0% in average on-grid tariff (tax exclusive) of consolidated wind power projects; and (3) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$; however, the decrease was partially offset by a year-on-year increase of 3.8% in net generation volume of consolidated power plants. The Group is engaged in two business segments – thermal power (inclusive of coal-fired power, gas-fired power and coal production) and renewable energy (inclusive of wind power, photovoltaic power and hydro power).
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15 The following is an analysis of the Group ’s revenue and results by operating and reportable segments: For the six months ended 30 June 2025 Thermal Power Renewable Energy Total HK$’000 HK$’000 HK$’000 (Unaudited) (Unaudited) (Unaudited) Segment revenue External sales 35,763,877 14,503,004 50,266,881 Profit before income tax 4,052,268 6,971,187 11,023,455 Adjustments for: Exchange losses, net 218 1,262 1,480 Impairment charges 232,397 175,753 408,150 Core profit before income tax 4,284,883 7,148,202 11,433,085 Core business profit attributable to owners of the Company 2,640,868 5,636,650 8,277,518 For the six months ended 30 June 2024 Thermal Power Renewable Energy Total HK$’000 HK$’000 HK$’000 (Unaudited) (Unaudited) (Unaudited) Segment revenue External sales 37,966,990 13,152,694 51,119,684 Profit before income tax 5,422,141 6,595,670 12,017,811 Adjustments for: Exchange gains, net (287,697) (3) (287,700) Impairment charges 12,126 60,872 72,998 Bargain purchase gain in acquisition of a subsidiary (876,408) – (876,408) Core profit before income tax 4,270,162 6,656,539 10,926,701 Core business profit attributable to owners of the Company 2,714,958 5,555,554 8,270,512 The thermal power segment includes the impact from the transition of West Area No.1 of Inner Mongolia Coal-Electricity Integration from the trial operation stage to the formal production stage, and the one-off impact on profit or loss in the liquidation process of the closed coal mine that is to be disposed of.
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16 Geographical information Substantially all of the Group ’s non-current assets are located in China, and operations for the reporting period were substantially carried out in China. Operating expenses Operating expenses mainly comprise fuel costs, depreciation and amortisation, employee benefit expenses, repairs and maintenance, consumables, impairment charges, tax and surcharges, and other operating expenses. Other operating expenses include office rent, water charges, utility expenses, production safety expenses and other management fees. Total operating expenses for the first half of 2025 amounted to HK$38,961 million, representing a decrease of HK$1,305 million or 3.2% from HK$40,266 million for the first half of 2024. Fuel costs decreased from HK$24,748 million for the first half of 2024 to HK$21,717 million for the first half of 2025, representing a decrease of HK$3,031 million or 12.2%, mainly due to (1) a year-on-year decrease of 11.8% in the unit price of standard coal of consolidated coal-fired power plants; (2) a year-on-year decrease of 0.8% in net generation standard coal consumption rate of consolidated coal-fired power plants; (3) a year-on-year decrease of 1.3% in net generation volume of consolidated coal-fired power plants; and (4) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$. Depreciation and amortisation increased by HK$643 million or 8.0% from HK$8,053 million for the first half of 2024 to HK$8,696 million for the first half of 2025. This was mainly due to the increase in depreciation cost arising from the commissioning of new projects and newly acquired projects, however the increase was also partially offset by (1) the decrease in depreciation cost resulted from the expiration of depreciation of part of the thermal power units; and (2) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$. Employee benefit expenses for the first half of 2025 amounted to HK$3,721 million, representing an increase of HK$345 million or 10.2% from HK$3,376 million for the first half of 2024, which was mainly due to the impact of the commissioning of new projects and an increase in newly acquired projects, and partially offset by a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$. Repairs and maintenance expenses increased by HK$176 million or 17.0% from HK$1,035 million for the first half of 2024 to HK$1,211 million for the first half of 2025, which was mainly due to (1) during the reporting period, some renewable energy projects were out of warranty period and newly acquired projects led to an increase in projects that required maintenance; and (2) a year-on-year increase in the workload of repairs and maintenance arrangements during the reporting period; however, the increase declined due to a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$. Consumables decreased by HK$12 million or 2.3% from HK$514 million in the first half of 2024 to HK$502 million in the first half of 2025, which was mainly due to (1) a year-on-year decrease in coal-fired power generation and a decrease in material consumption; (2) a slight year-on-year decrease in material prices; and (3) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$.
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17 Impairment charges increased by HK$335 million from HK$73 million in the first half of 2024 to HK$408 million in the first half of 2025, mainly due to (1) the provision of HK$121 million for the impairment of goodwill of a new energy project; (2) the provision of HK$154 million for the impairment of other receivables of Derun Biomass project (ሯධͦ ); and (3) the provision for the impairment of project exit or equipment dismantled for technological upgrade purpose. Tax and surcharges were HK$529 million in the first half of 2024 and HK$526 million in the first half of 2025, representing a decrease of HK$3 million or 0.6% on a year-on-year basis, mainly due to (1) an increase in real estate tax and land use tax due to the commissioning of new projects or the increase in newly acquired projects; and (2) an increase in resource tax due to the “tax-for-fees ” reform of water resources; however, the increase was offset by the corresponding decrease in stamp duty due to the reductions from in intra-group reorganisation during the reporting period. Other operating expenses increased by HK$240 million or 12.4% from HK$1,938 million for the first half of 2024 to HK$2,178 million for the first half of 2025. Other operating expenses mainly include (1) expenses related to production safety of HK$426 million; (2) other production costs such as water charges, utility expenses and electricity transaction fees amounting to a total of HK$1,334 million; and (3) other administrative expenses such as office rent, building management fees, professional fees and administrative charges amounting to a total of HK$418 million. All employees of the Group have established a mind-set to tighten corporate spending by strictly implementing various measures to reduce costs, control expenses, improve quality and enhance efficiency. The increase in other operating expenses was mainly due to the increase in installed capacity and other factors. Other income Other income amounted to HK$760 million, representing a decrease of HK$105 million or 12.1% from HK$865 million for the first half of 2024, which was mainly attributable to a decrease in income from the sales of by-products, income from service fees and income from trading of coal production capacity indicators. Other income for the first half of 2025 mainly included income from government subsidies of HK$454 million, income the sales of by-products of HK$126 million and income from service fees of HK$86 million, etc. Other gains and losses Other gain and losses amounted to HK$80 million, a decrease of HK$1,467 million or 94.8% compared to HK$1,547 million in the first half of 2024. This decrease was primarily due to a decrease in gain on acquisition of a subsidiary and exchange gains. In the first half of 2025, other gain and losses primarily included (1) gains on disposal of right-of-use assets and property, plant and equipment of HK$87 million, (2) income from insurance compensation and liquidated damages of HK$54 million, and (3) public welfare donation expenditure of HK$47 million, etc. Operating profit Operating profit represents profit from subsidiaries before deduction of finance costs, income tax expense and non-controlling interests. Operating profit for the first half of 2025 amounted to HK$12,146 million, representing a decrease of HK$1,120 million or 8.4% from HK$13,266 million for the first half of 2024. The decrease in operating profit was mainly due to (1) a year-on-year decrease in the average on-grid tariff (tax exclusive) and utilization hours of consolidated coal-fired power plants; (2) a year-on-year decrease in the average on-grid tariff (tax exclusive) of consolidated wind power projects; (3) an increase in impairment loss; (4) a decrease in exchange gains; (5) absence of bargain purchase gain on acquisition of a subsidiary; and (6) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$, and was partially offset by (1) a year-on year decrease in the unit cost of standard coal in consolidated coal-fired power plants; and (2) profit contribution from newly invest projects.
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18 Finance costs Finance costs amounted to HK$1,908 million for the first half of 2025, representing a decrease of HK$162 million or 7.8% from HK$2,070 million for the first half of 2024, which was mainly attributable to (1) a decrease in the average interest rate of borrowings; and (2) a year-on-year decrease in the amount presented in HK$ arising from the depreciation of RMB against HK$, which had offset the effects of (1) an increase in borrowings; and (2) the increase in finance costs arising from the commissioning of new generation units. For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Interests on borrowings 2,217,679 2,340,919 Interests on corporate bonds 56,804 19,757 Interests on loans from related parties 885 103,290 Interests on lease liabilities 20,083 16,283 Unwinding of discounting effect of certain other long-term payables 49,018 240 Others 55,533 38,426 2,400,002 2,518,915 Less: Interest capitalised in construction in progress (492,158) (448,673) 1,907,844 2,070,242 Share of results of associates Share of results of associates for the first half of 2025 amounted to HK$661 million, representing an increase of HK$17 million or 2.6% from HK$644 million for the first half of 2024, mainly due to an increase in the profit of coal-fired power associates. Share of results of joint ventures Share of results of joint ventures for the first half of 2025 amounted to HK$124 million, representing a decrease of HK$53 million or 29.9% from HK$177 million for the first half of 2024, mainly due to the transition of Guangxi Hezhou Thermal Power Company ( ᄿГ൭ψ˦ཥʮ̡ ) and Gansu Jiugang Company ( ͚ഠৢ፻ʮ̡ ) to subsidiaries, which led to a decrease in the share of results of joint ventures. Income tax expense Income tax expense for the first half of 2025 amounted to HK$2,365 million, representing an increase of HK$300 million or 14.5% from HK$2,065 million for the first half of 2024, mainly due to (1) an increase in the profit of consolidated coal-fired power plants, resulting in an increase in income tax expense; and (2) an increase in income tax expenses resulted from changes in the tax reduction and exemption for some renewable energy projects.
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19 For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Current income tax – The People ’s Republic of China (the “PRC”) Enterprise Income Tax ( “EIT”) 2,156,838 1,937,570 – Withholding tax in respect of dividends 225,579 182,119 Deferred taxation credit (17,465) (54,991) 2,364,952 2,064,698 No provision for Hong Kong Profits Tax has been made as the Group had no taxable profit or incurred tax losses in Hong Kong Special Administrative Region ( “Hong Kong ”) of the PRC for both periods. The PRC EIT has been calculated based on the estimated assessable profits in accordance with the relevant tax rates applicable to the subsidiaries in the PRC under the Corporate Income Tax Law of the People ’s Republic of China. Profit for the period For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Profit for the period has been arrived at after charging the following items: Depreciation and amortisation 8,696,235 8,053,070 Employee benefit expenses 3,721,480 3,376,293 Profit for the period has been included in other income Sales of by-product 126,254 151,876 Government grants 454,388 317,363 Interest Income 38,340 54,153 Service Income 85,790 119,872 Trading income from carbon emission rights 14,326 43,378 Trading income from coal production capacity indicators – 135,108 Others 40,942 43,558 Profit for the period has been included in other gains and losses Exchange (losses) gains, net (1,480) 287,700 Gains on disposal of property, plant and equipment and right-of-use assets 87,149 78,383 Gains on disposal of subsidiaries – 46,171 Bargain purchase gain on acquisition of a subsidiary – 876,408 Others (5,559) 258,363
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20 Profit for the period attributable to owners of the Company As a result of the above, profit attributable to owners of the Company for the first half of 2025 amounted to approximately HK$7,872 million, representing a decrease of HK$1,491 million or 15.9% as compared to HK$9,363 million in the first half of 2024. Earnings per share The calculation of the basic earnings per share attributable to owners of the Company is based on the following data: For the six months ended 30 June 2025 2024 HK$’000 HK$’000 (Unaudited) (Unaudited) Profit attributable to owners of the Company 7,872,138 9,362,748 For the six months ended 30 June 2025 2024 Weighted average number of ordinary shares for the purpose of basic earnings per share 5,177,057,740 4,810,443,740 Interim dividend and closure of register of members The Board resolved to declare an interim dividend of HK$0.356 per share for the six months ended 30 June 2025 (the “2025 Interim Dividend ”) (2024: interim dividend of HK$0.455 per share). Based on the number of shares in issue as at the date of this announcement, total amount of the 2025 Interim Dividend of approximately HK$1,843 million will be distributed. At the Board meeting held on 20 March 2025, the Board proposed a final dividend of HK$0.691 per share for the year ended 31 December 2024. The proposal was subsequently approved by the shareholders of the Company ( “Shareholders ”) on 5 June 2025. The final dividend paid in July 2025 was approximately HK$3,577 million (2024: HK$2,824 million). The 2025 Interim Dividend will be distributed to Shareholders whose names appear on the register of members of the Company at the close of business on 17 September 2025. The register of members of the Company will be closed from Friday, 12 September 2025 to Wednesday, 17 September 2025 (both days inclusive), during such period no share transfer will be registered. To qualify for the 2025 Interim Dividend, all transfer of shares accompanied by the relevant share certificates must be lodged with the Company ’s share registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on Thursday, 11 September 2025. The 2025 Interim Dividend will be payable to each Shareholder in cash in HK$ unless an election is made by the Shareholder to receive the 2025 Interim Dividend in cash in RMB.
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21 Shareholders will be given the option to elect to receive all (but not part, save in the case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in RMB) of the 2025 Interim Dividend in RMB at the exchange rate of HK$1.0 to RMB0.91155, being the average benchmark exchange rate of HK$ to RMB as published by the People ’s Bank of China during the five business days immediately before 21 August 2025. If Shareholders elect to receive the 2025 Interim Dividend in RMB, such dividend will be paid to Shareholders at RMB0.32451 per share. To make such election, Shareholders should complete the dividend currency election form which is expected to be dispatched to Shareholders by the end of September 2025 as soon as practicable after the record date of 17 September 2025 to determine Shareholders ’ entitlement to the 2025 Interim Dividend, and return it to the Company ’s share registrar, Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on 10 October 2025. Shareholders who intend to elect to receive all (but not part, save in the case of HKSCC Nominees Limited, which may elect to receive part of its entitlement in RMB) of their dividends in RMB by cheques or by transfer through the RMB bank account should note that (1) they should ensure that they have an appropriate bank account to which the RMB cheques for dividend can be presented for payment or transferred; and (2) there is no assurance that RMB cheques can be cleared or transferred without material handling charges or delay in Hong Kong or that RMB cheques will be honoured for payment upon presentation outside Hong Kong. The cheques are expected to be sent to the relevant Shareholders by ordinary post on 30 October 2025 at the Shareholders ’ own risk. The transfer is expected to be made to the RMB account designated by the Shareholders on 30 October 2025. If no election is made by a Shareholder or no duly completed dividend currency election form in respect of that Shareholder is received by the Company ’s share registrar by 4:30 p.m. on 10 October 2025, such Shareholder will automatically receive the 2025 Interim Dividend in HK$. All dividend payments in HK$ will be made on 30 October 2025. Capital structure management The Group and the Company manage its capital structure to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders through optimising the debt and equity structures. The overall strategies of the Group and the Company remain unchanged as those adopted in the previous years. The capital structure of the Group consists of net debts (including long-term and short-term bank borrowings, corporate bonds, medium-term notes and loans from related parties), cash and cash equivalents, pledged and restricted bank deposits and total equity. The Directors review the capital structure on a regular basis, including the cost of capital and the risks associated with each class of capital. The Group will balance its overall capital structure through payment of dividends and the issue of new debts or the repayment of existing debts.
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22 Liquidity and financial resources, borrowings, and charge of assets Cash and cash equivalents as at 30 June 2025 denominated in local currency and foreign currencies mainly included RMB7,472 million, HK$1,114 million, Great Britain Pound ( “GBP”) 5.2775 million, United States Dollar ( “USD”) 0.0192 million and Bangladeshi taka ( “BDT”) 0.7306 million. The bank and other borrowings of the Group as at 30 June 2025 and 31 December 2024 were as follows: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) Secured bank loans 1,694,844 1,781,585 Unsecured bank loans 195,101,175 184,265,718 Corporate bonds and medium-term notes 4,386,200 4,319,480 201,182,219 190,366,783 The maturity profile of the above bank loans is as follows: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) Within 1 year 58,619,919 50,206,536 More than 1 year and within 2 years 32,149,652 35,065,977 More than 2 years and within 5 years 40,005,850 46,187,334 Over 5 years 66,020,598 54,587,456 196,796,019 186,047,303
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23 The maturity profile of the above corporate bonds and medium-term notes is as follows: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) Within 1 year 1,096,550 – More than 1 year and within 2 years – 1,079,870 Over 5 years 3,289,650 3,239,610 4,386,200 4,319,480 The above secured bank borrowings are secured by: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) Property, plant and equipment 2,334,236 2,351,724 Trade receivable 203,458 174,022 2,537,694 2,525,746
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24 The bank and other borrowings as at 30 June 2025 denominated in local currency and foreign currency amounted to RMB183,459 million and EUR1.1073 million, respectively. As at 30 June 2025, the portion of bank and other borrowings bearing interest at HIBOR plus 0.90% per annum was fully repaid in the first half of the year (2024: HK$2,573 million), and the remaining bank and other borrowings carried interest rates at a range from 0.9% to 3.85% (2024: 0.9% to 4.1%) per annum. As at 30 June 2025, the ratio of the Group ’s net debt to total equity was 145.3%. In the opinion of the Directors, the Group has a reasonable capital structure, which can support its future development plans and operations. For the six months ended 30 June 2025, the Group ’s primary sources of funding included proceeds from borrowings, net cash inflow from operating activities, proceeds from issuance of perpetual capital securities, capital contribution by non-controlling interests, advances from associates and dividends received from associates and joint ventures, which amounted to HK$41,480 million, HK$14,116 million, HK$4,343 million, HK$476 million, HK$394 million and HK$388 million, respectively. The Group ’s funds were primarily used for the repayment of borrowings, payments for purchase of property, plant and equipment and right-of-use assets, interests paid on borrowings and advances from related companies, dividends paid and loans to an associate, which amounted to HK$33,729 million, HK$20,927 million, HK$2,216 million, HK$323 million and HK$216 million, respectively. Trade receivables Trade receivables are generally due within 30 days from the date of billing, except for the portion of wind or photovoltaic power electricity tariff beyond the local thermal power benchmark on-grid tariff. The settlement of the portion of wind or photovoltaic power electricity tariff beyond the local thermal power benchmark on-grid tariff is subject to approval by the government and being included in the renewable energy tariff subsidy directory. Thereafter, funds to the local grid companies are disbursed by the government, resulting in a relatively longer time for settlement. The following is an ageing analysis of trade receivables by invoice date before loss allowance at the end of the reporting period: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) 0-30 days 10,373,220 11,273,378 31-60 days 1,858,077 1,431,468 Over 60 days 26,637,533 21,933,498 38,868,830 34,638,344
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25 Trade payables The following is an ageing analysis of trade and notes payables by invoice date at the end of the reporting period: As at 30 June As at 31 December 2025 2024 HK$’000 HK$’000 (Unaudited) (Audited) 0-30 days 4,829,470 5,557,929 31-90 days 429,142 711,309 Over 90 days 1,119,399 590,606 6,378,011 6,859,844 Key financial ratios of the Group As at 30 June As at 31 December 2025 2024 Current ratio (times) 0.58 0.58 Quick ratio (times) 0.53 0.52 Net debt to total equity (%) 145.3 153.6 EBITDA interest coverage (times) (Note) 9.1 8.1 Current ratio Ø balance of current assets at the end of the period/balance of current liabilities at the end of the period Quick ratio Ø (balance of current assets at the end of the period – balance of inventories at the end of the period)/balance of current liabilities at the end of the period Net debt to total equity Ø (balance of borrowings at the end of the period – cash and cash equivalents at the end of the period – balance of pledged bank balance at the end of the period)/total equity at the end of the period EBITDA interest coverage Ø (profit before income tax + interest expenses + depreciation and amortisation)/interest expenses (including capitalised interests) Note: Excluding non-cash income and expenses, being loss on disposal of assets, impairment charges and exchange gains and losses.
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26 Foreign exchange risk The Group collects substantially all of its revenue in RMB and most of its expenditures, including expenditures incurred in the operation as well as capital expenditures, are denominated in RMB. The Group ’s business transactions were mainly carried out in HK$ and RMB. The Group ’s exposure to foreign exchange risk was attributable to the bank balances and debts which were denominated in currencies other than the functional currencies of the relevant entities. In addition, given that there are different functional currencies within the Group, even if the transactions and balances within the Group are offset, there will still be foreign exchange risk. Cash and cash equivalents as at 30 June 2025 denominated in local currency and foreign currencies mainly included HK$1,114 million, GBP5.2775 million, USD0.0192 million and BDT0.7306 million, and a bank borrowing of EUR1.1073 million. The remaining assets and liabilities of the Group were mainly denominated in RMB. Events after the balance sheet date In July and August 2025, the Group has issued two batches of perpetual medium-term notes amounting to RMB2,000 million each. Beside these, the Group had no significant subsequent event since the end of the financial period and up to the date of this announcement. Contingent liabilities There were certain pending litigations and claims against the Group as at 30 June 2025. After consulting with legal counsels, the Directors are of the view that the likelihood of any material financial impact on the Group is remote, therefore, no provisions and disclosure have been made in light of such litigations and claims. Employees As at 30 June 2025, the Group had approximately 21,976 (31 December 2024: 21,849) employees. The Group has entered into employment contracts with all of its employees. The compensation of employees mainly includes salaries and performance-based bonuses.
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27 PURCHASE, SALE OR REDEMPTION OF THE COMPANY ’S LISTED SECURITIES The Company and its subsidiaries did not purchase, sell or redeem any of their listed securities during the six months ended 30 June 2025 (including treasury shares as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ( “Listing Rules ”)). As at 30 June 2025, the Company did not hold any treasury shares. COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE During the period, the Company has complied with the code provisions set out in Part 2 of the Corporate Governance Code contained in Appendix C1 to the Listing Rules. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) set out in Appendix C3 to the Listing Rules as the code of conduct regarding securities transactions by the Directors. Having made specific enquiries of all Directors, the Company confirmed that all Directors have complied with the required standards set out in the Model Code. AUDITOR AND AUDIT AND RISK COMMITTEE The interim results for the six months ended 30 June 2025 have been reviewed by the Audit and Risk Committee under the Board and the Company ’s auditor, Messrs. Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA. A full set of unaudited condensed consolidated financial statements for the six months ended 30 June 2025 which have been prepared in accordance with HKAS 34 “Interim Financial Reporting ” as well as with the applicable disclosure requirements of Appendix D2 to the Listing Rules will be published as soon as practicable. The financial information relating to the year ended 31 December 2024 that is included in the condensed consolidated interim financial information for the six months ended 30 June 2025 as comparative information does not constitute part of the Company ’s statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Chapter 622 of the laws of Hong Kong) is as follows:
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28 The Company has delivered the financial statements for the year ended 31 December 2024 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance. The Company ’s auditor has reported on those financial statements. The auditor ’s report was unqualified, did not make reference to any matters on which the auditors would like to draw attention by way of emphasis without qualifying its reports, and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance. By order of the Board China Resources Power Holdings Company Limited SHI Baofeng Chairman Hong Kong, 21 August 2025 As at the date of this announcement, the Board of the Company comprises three executive Directors, namely Mr. SHI Baofeng (Chairman), Mr. WANG Bo and Mr. SONG Kui; three non-executive Directors, namely Mr. ZHOU Bo, Mr. LI Chuanji and Mr. ZENG Jun; and six independent non-executive Directors, namely Ms. LEUNG Oi-sie, Elsie, Dr. CH ’IEN Kuo Fung, Raymond, Mr. SO Chak Kwong, Jack, Mr. YANG Yuchuan, Mr. CHAN Hak Kan and Mr. CHAN Yung.