中电控股(00002) - 2025 - 中期财报

Financial Summary CLP Holdings Group's operating earnings (before fair value changes) decreased by 8.0% to HKD 5,227 million in H1 2025, primarily due to EnergyAustralia's customer business underperformance and reduced contributions from Mainland China's nuclear and renewable energy assets, partially offset by strong Hong Kong business performance. Total profit was HKD 5,624 million, including a one-off favorable impact from introducing a joint venture partner for the Wooreen Battery Energy Storage System project - Group operating earnings (before fair value changes) decreased by 8.0% to HKD 5,227 million[3] - Total profit was HKD 5,624 million, a 5.5% year-on-year decrease[3][4] - Underperformance of EnergyAustralia's customer business and reduced contributions from Mainland China's nuclear and renewable energy assets were the primary reasons for the decline, partially offset by strong Hong Kong business performance[3] - Introducing a joint venture partner for the Wooreen Battery Energy Storage System project had a one-off favorable impact[3] H1 2025 Key Financial Data (HKD million) | Metric | 2025 | 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Revenue | | Hong Kong Electricity Business | 23,515 | 23,732 | (0.9) | | Energy Business Outside Hong Kong | 18,304 | 19,709 | (7.1) | | Other | 1,035 | 645 | - | | Total Revenue | 42,854 | 44,086 | (2.8) | | Profit | | Hong Kong Energy Business | 4,469 | 4,165 | 7.3 | | Mainland China | 870 | 988 | (11.9) | | Australia | 167 | 611 | (72.7) | | India | 79 | 203 | (61.1) | | Taiwan and Thailand | 19 | 79 | (75.9) | | Operating Earnings before Fair Value Changes | 5,227 | 5,683 | (8.0) | | Total Profit | 5,624 | 5,951 | (5.5) | | Earnings Per Share (HKD) | 2.23 | 2.36 | (5.5) | | Total Interim Dividend (HKD) | 1.26 | 1.26 | – | | Net Debt to Total Capital (%) | 35.0 | 33.0 | - | Chairman's Report CLP Group demonstrated resilience in H1 2025 amidst geopolitical uncertainties and energy demand fluctuations, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million Overall Performance and Strategy CLP Group showed resilience in H1 2025, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million, maintaining a diversified regional portfolio and executing long-term strategic goals - Total profit for H1 2025 was HKD 5,624 million, with operating earnings before fair value changes at HKD 5,227 million, an 8.0% decrease from the prior year[10] - The Board declared a second interim dividend of HKD 0.63 per share, consistent with the prior year[10] - The Group's business is built on a diversified regional portfolio, with the team focused on strict execution of long-term strategic objectives[10] Hong Kong Business Highlights Hong Kong business remained robust with a 1.9% reduction in average net electricity tariff, achieving key decarbonization milestones and advancing digital platforms for grid management and EV charging - The average net electricity tariff decreased by 1.9% in H1 2025, primarily due to falling fuel prices[12] - Completed Hong Kong's first ship-to-ship LNG bunkering with simultaneous cargo operations, promoting Hong Kong as a green marine fuel bunkering hub[12][16] - Actively promoted customer-centric digital platforms, including supporting the EV charging network and introducing heavy-duty electric crane trucks with charging services[13] - Utilized AI technology for real-time grid monitoring and expanded drone applications for inspections, enhancing safety management and operational efficiency[13] - The new headquarters building was completed in the Kai Tak new development area, demonstrating the Group's long-term commitment and confidence in Hong Kong's future development[13][14] Mainland China Business Challenges and Development Mainland China operations faced challenges from slowing electricity demand growth and accelerated new generation capacity, with new tariff mechanisms requiring renewable energy projects to fully participate in market transactions - The Group's asset operations were impacted by slowing electricity demand growth and an accelerated increase in new generation capacity[14] - Mainland authorities issued a revised electricity tariff mechanism, requiring renewable energy projects to fully participate in market transactions[14] Australia Business Transformation and Collaboration EnergyAustralia completed major maintenance works, prioritized customer affordability amidst retail profit pressure, and enhanced energy transition capabilities through partnerships for the Wooreen BESS and Lake Lyell pumped hydro projects - EnergyAustralia completed several major outage maintenance works to maintain stable and reliable power supply[14] - Retail business margins remained under pressure, with the company prioritizing customer affordability and focusing on reducing operating costs[14] - Partnered with Banpu Energy Australia to advance the Wooreen Battery Energy Storage System project and formed a joint venture with EDF Power Solutions Australia to explore the feasibility of the Lake Lyell pumped hydro project, enhancing energy transition capabilities[15] India Business Growth and Safety Apraava Energy's zero-carbon assets performed steadily with increased renewable generation and high transmission network availability, despite a fatal accident at Sidhpur wind farm, reaffirming commitment to safety - Apraava Energy's zero-carbon assets performed steadily, with increased renewable energy generation and extremely high transmission network availability[15] - Construction of new solar and wind projects progressed steadily, and smart meters were installed for more customers[15] - A fatal accident occurred at the Sidhpur wind farm; the company extended condolences to the bereaved families and colleagues and reaffirmed its commitment to the highest operational safety standards[15] Technology Investment and Talent Development CLP Group invested in technology for sustainable development, achieving significant digital transformation milestones in ERP and fostering talent through a partnership with Tsinghua University for student internships - In H1 2025, the Group made significant progress in its digital transformation, completing the first phase of ERP-driven transformation, enhancing flexibility and efficiency in finance, human resources, supply chain management, and procurement[15][17] - Partnered with Tsinghua University to establish its first 'Undergraduate Practical Teaching Base' in Hong Kong, offering summer internships to 10 undergraduates annually[17] Financial Review This section provides a