Chang Jiang Shang Bao·2025-03-31 00:22Core Viewpoint - China Huadian Corporation (华电国际) demonstrates stable profitability despite a slight decline in revenue, attributed to reduced operating costs outpacing revenue decreases, leading to increased net profit [1][4]. Financial Performance - In 2024, the company reported operating revenue of 1129.94 billion yuan, a decrease of 3.57% year-on-year, while net profit reached 57.03 billion yuan, an increase of 26.11% [1][3]. - The company achieved a net profit growth for three consecutive years, accumulating a total net profit of 103.41 billion yuan from 2022 to 2024 [4]. - The operating costs for 2024 were approximately 1030.71 billion yuan, a reduction of about 6% compared to the previous year, with fuel costs decreasing by 6.49% [4][7]. Investment and Acquisitions - The company is accelerating a significant related-party acquisition worth 71.67 billion yuan to enhance its business scale, involving the purchase of stakes in multiple subsidiaries [1][6]. - Since 2021, the company has consistently generated annual investment returns exceeding 30 billion yuan, totaling 193.18 billion yuan from 2021 to 2024 [1][7]. Dividend Policy - In 2024, the company announced a cash dividend of 21.48 billion yuan, with a cumulative dividend payout of 57.27 billion yuan over the past three years, resulting in a cash dividend ratio of 230.81% [1][7].