Huaneng Hydropower(SH:600025) Chang Jiang Shang Bao·2026-01-08 00:03Core Viewpoint - Huaneng Hydropower is experiencing stable growth in operations, with significant increases in power generation and revenue, driven by rising electricity demand and new project completions [1][2][7]. Group 1: Power Generation Performance - In 2025, Huaneng Hydropower achieved a total power generation of 1,269.32 billion kWh, a year-on-year increase of 13.32%, and grid electricity of 1,258.58 billion kWh, up 13.36% [2][3]. - The increase in power generation is attributed to three main factors: rising electricity demand, full-capacity operation of TB and Huanliangbao hydropower stations, and favorable water conditions in the Lancang River basin [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 20.641 billion yuan, net profit attributable to shareholders of 7.539 billion yuan, and net profit excluding non-recurring items of 7.553 billion yuan, reflecting year-on-year growth of 6.30%, 4.34%, and 4.62% respectively [1][7]. - The gross profit margin reached 60.68% during this period, indicating a strong profitability trend [7]. Group 3: Strategic Developments - Huaneng Hydropower is actively investing in new projects, with a total capital expenditure of 24.034 billion yuan planned for 2024, focusing on the construction of TB and RM hydropower stations and renewable energy projects [4]. - The company is committed to enhancing its competitive edge by expanding its hydropower project portfolio and integrating renewable energy sources [4][6]. Group 4: Operational Efficiency - The company has seen a decline in its expense ratio, which decreased from 19.42% in 2021 to 11.75% in the first three quarters of 2025, contributing to improved profitability [7]. - Huaneng Hydropower has maintained a strong dividend policy, with cumulative dividends amounting to 22.36 billion yuan since its listing, consistently exceeding a 40% dividend payout ratio each year [7].