长江电力连续两年中期分红51.38亿 2025年发电量3072亿千瓦时增3.82%

Core Viewpoint - Changjiang Electric Power has consistently returned over 20 billion yuan to investors for three consecutive years, demonstrating a strong commitment to shareholder value through substantial dividends [2][4][6]. Dividend Distribution - For the 2025 interim profit distribution plan, the company will distribute a cash dividend of 2.10 yuan per 10 shares, totaling 5.138 billion yuan (after tax) based on a total share capital of 24.468 billion shares [2][4][5]. - The company has implemented interim dividends for two consecutive years, with the same amount of 5.138 billion yuan (after tax) for the 2024 interim dividend [5]. - Since its listing in 2003, Changjiang Electric Power has distributed dividends 24 times, accumulating a total of 207.27 billion yuan [6]. Financial Performance - In 2025, the total water inflow for the Wudongde Reservoir was approximately 105.135 billion cubic meters, a decrease of 6.44% year-on-year, while the Three Gorges Reservoir saw an inflow of about 396.268 billion cubic meters, an increase of 5.93% year-on-year [10]. - The total power generation from the company's six domestic hydropower stations in 2025 was approximately 307.194 billion kilowatt-hours, representing a year-on-year increase of 3.82% [10]. - For the first three quarters of 2025, the company reported operating revenue of 65.741 billion yuan, a decrease of 0.89% year-on-year, and a net profit attributable to shareholders of 28.193 billion yuan, an increase of 0.6% year-on-year [10]. Shareholder Engagement - The company plans to maintain a dividend payout ratio of at least 70% of the net profit attributable to shareholders for the years 2026 to 2030 [6]. - The controlling shareholder, China Three Gorges Corporation, has committed to increasing its stake in the company by investing between 4 billion and 8 billion yuan over the next 12 months [6][7]. - As of December 8, 2025, China Three Gorges Corporation increased its shareholding from 12.865 billion shares to 12.968 billion shares, raising its ownership percentage from 52.58% to 53.00% [7]. Strategic Management - The company has integrated market value management into its overall strategic planning, aiming to enhance investment value and shareholder returns [12][13]. - The management emphasizes a balanced approach to governance, operations, and major decision-making, ensuring that investor interests are considered while avoiding reckless expansion [13].