华润电力光伏电站售电量增35.1% 预计年底可再生能源装机占逾50%

Core Viewpoint - China Resources Power (00836.HK) is focusing on achieving its "dual carbon" goals, with significant growth in electricity sales from its photovoltaic power stations [1][3]. Sales Performance - In the first nine months of 2025, the total electricity sales from China Resources Power's subsidiary power plants reached 161 million megawatt-hours, an increase of 4.2% year-on-year [2][3]. - The electricity sales from subsidiary photovoltaic power stations amounted to 7.0886 million megawatt-hours, reflecting a year-on-year increase of 35.1% [2][3]. - In September 2025, the electricity sales from subsidiary photovoltaic power stations were 0.9224 million megawatt-hours, showing a substantial increase of 49.7% year-on-year [2]. Installed Capacity - As of June 30, 2025, the total installed capacity of wind, water, and photovoltaic power generation rights reached 38,955 megawatts, accounting for approximately 49.9% of the total installed capacity [1][3]. - The company operates 50 coal-fired power plants, 209 wind farms, 205 photovoltaic power stations, 20 hydropower stations, and 6 gas-fired power plants [3]. Future Plans - China Resources Power plans to add 10,000 megawatts of new wind and photovoltaic projects by the end of 2025, with steady progress expected in the second half of the year [1][5]. - The company anticipates that by the end of the 14th Five-Year Plan (end of 2025), the proportion of renewable energy in its installed capacity will exceed 50% [1][5]. Financial Investment - The company expects a cash capital expenditure of approximately HKD 56.8 billion for 2025, with around HKD 42 billion allocated for the construction of wind and photovoltaic power stations [4][5]. - Research and development investment for 2024 is projected to be HKD 1.398 billion, representing a year-on-year increase of 89% [4].