华润电力(00836) - 2025 - 中期财报

Financial Performance - For the six months ended June 30, 2025, the turnover was HK$50,266,881, a slight decrease from HK$51,119,684 in the same period of 2024[12]. - Profit attributable to owners of the Company was HK$7,872,138, down from HK$9,362,748 in 2024, reflecting a decrease of approximately 15.9%[12]. - The company's turnover for the first half of 2025 was HK$50,267 million, slightly down from HK$51,120 million in the first half of 2024[17]. - Basic earnings per share attributable to owners of the company was HK$1.52 in the first half of 2025, down from HK$1.95 in the first half of 2024[27]. - Operating profit decreased to HK$12,146,453, down 8.43% from HK$13,266,437 in the previous year[73]. - Total operating expenses for the first half of 2025 amounted to HK$38,961 million, a decrease of HK$1,305 million or 3.2% from HK$40,266 million in the first half of 2024[98]. - Profit for the period attributable to owners of the Company was HK$7,872,138, a decline of 15.93% compared to HK$9,362,748 in 2024[73]. - Total comprehensive income for the period, net of tax, increased to HK$10,856,040, up 22.98% from HK$8,828,236 in 2024[74]. Generation and Capacity - Total gross generation volume for operating power plants reached 131,075,587 MWh, compared to 130,243,729 MWh in 2024, indicating a growth of 0.6%[12]. - The total net generation volume was 123,378,799 MWh, an increase from 120,120,268 MWh in 2024, representing a growth of 2.3%[12]. - The net generation volume of operating power plants reached 123.4 million MWh, an increase from 120.1 million MWh in the first half of 2024[15]. - The attributable installed capacity of renewable energy surged to 38,955 MW in the first half of 2025, up from 24,662 MW in the first half of 2024, representing a growth of 58.2%[15]. - As of June 30, 2025, the total attributable grid-connected installed capacity was 78,094 MW, up from 62,758 MW in 2024, marking an increase of approximately 24.4%[12]. - The attributable installed capacity in Central China reached 20,630 MW, up from 16,929 MW in 2024, showing a growth of 21.5%[12]. Financial Position - Non-current assets increased to HK$328,201,131 from HK$284,258,453 in 2024, reflecting a growth of 15.4%[12]. - The net debt to total equity ratio improved to 145.3% from 156.2% in 2024, indicating a strengthening of the Company's financial position[12]. - Total equity attributable to owners of the Company increased to HK$105,517,094 from HK$99,151,499 at the end of 2024[77]. - Total assets reached HK$390,711,807, up from HK$362,464,381 as of 31 December 2024[77]. - Total liabilities increased to HK$258,932 million from HK$242,512 million as of December 31, 2024, representing a growth of approximately 6.5%[78]. - The Group's net current liabilities stood at HK$45,524 million as of June 30, 2025, indicating a need for careful management of working capital[83]. Renewable Energy Focus - The company is focusing on expanding its renewable energy capacity, which has shown significant growth over the past year[15]. - The company continues to explore new strategies for market expansion and technological advancements in renewable energy[15]. - The Group's new grid-connected installed capacity for wind and photovoltaic projects in the first half of 2025 was approximately 4,839 MW[50]. - The Group obtained renewable energy development and construction permits totaling 5,874 MW in the first half of 2025, including 3,996 MW for wind power and 1,878 MW for photovoltaic projects[47]. - The Group plans to achieve an additional 10,000 MW of newly grid-connected installed capacity for wind and photovoltaic projects in 2025[61]. Operational Efficiency - The average utilization hours for wind farms increased by 45 hours (3.7%) to 1,268 hours compared to the first half of 2024, exceeding the national average by 181 hours[52]. - The average utilization hours for photovoltaic power plants decreased by 29 hours (4.1%) to 676 hours compared to the first half of 2024, exceeding the national average by 116 hours[52]. - The average on-grid tariff for the Group's consolidated coal-fired power plants was RMB391.2 per MWh, a year-on-year decrease of 6.1%[54]. - The average unit cost of standard coal for the consolidated coal-fired power plants was RMB823.8 per tonne, representing a decrease of 11.8% year-on-year[58]. Investment and Capital Expenditure - The Group's cash capital expenditure in the first half of 2025 amounted to approximately HK$21,067 million, with HK$15,800 million allocated for wind and photovoltaic power plants[59]. - The Group expects cash capital expenditure in 2025 to be approximately HK$56,800 million, with HK$42,000 million for wind and photovoltaic power plants[67]. - The Group's capital contributions into associates and joint ventures were HK$23,205 and HK$18,932 respectively, reflecting ongoing investment in strategic partnerships[80]. Employee and Operational Costs - Employee benefit expenses rose by HK$345 million or 10.2% to HK$3,721 million in the first half of 2025, driven by new projects[104]. - Depreciation and amortisation increased by HK$643 million or 8.0% to HK$8,696 million in the first half of 2025, mainly due to new project commissioning[103]. - Repairs and maintenance expenses increased by HK$176 million or 17.0% to HK$1,211 million in the first half of 2025, attributed to maintenance needs of newly acquired projects[105]. Dividends and Shareholder Returns - The Board declared an interim dividend of HK$0.356 per share for the six months ended 30 June 2025, compared to HK$0.455 per share in 2024, totaling approximately HK$1,843 million[138]. - The final dividend paid in July 2025 was approximately HK$3,577 million, compared to HK$2,824 million in 2024[139]. - Shareholders can elect to receive the 2025 Interim Dividend in RMB at an exchange rate of HK$1.0 to RMB0.91155, resulting in a dividend of RMB0.32451 per share[143].