浙江新能(600032.SH)：2025年度累计完成发电量111.59亿千瓦时，同比增长6.56%

Core Insights - Zhejiang Xinneng (600032.SH) reported a total power generation of 24.73 billion kWh in Q4 2025, representing a year-on-year increase of 6.24% [1] - The company achieved a total power generation of 111.59 billion kWh for the entire year of 2025, marking a growth of 6.56% compared to the previous year [2] Hydropower - In Q4 2025, hydropower generation reached 4.90 billion kWh, up 16.01% year-on-year [1] - For the full year 2025, hydropower generation totaled 26.56 billion kWh, reflecting a modest increase of 1.12% from the previous year [2] Photovoltaic Power - Q4 2025 photovoltaic generation was 8.00 billion kWh, an increase of 10.95% year-on-year, with existing projects contributing 7.69 billion kWh (up 6.67%) and new projects adding 0.31 billion kWh [1] - In 2025, photovoltaic generation amounted to 39.03 billion kWh, a significant increase of 19.09%, with existing projects generating 28.94 billion kWh (down 11.70%) and new projects contributing 10.09 billion kWh [2] Wind Power - Wind power generation in Q4 2025 was 11.83 billion kWh, showing a slight decline of 0.11% year-on-year, with onshore wind contributing 5.94 billion kWh (up 25.95%) and offshore wind at 5.89 billion kWh (down 17.36%) [1] - For the full year 2025, wind power generation reached 46.00 billion kWh, a marginal increase of 0.69%, with onshore wind at 23.16 billion kWh (up 6.79%) and offshore wind at 22.83 billion kWh (down 4.83%) [2]