Core Viewpoint - China Power (02380.HK) reported a decline in annual performance for 2025, with total revenue decreasing by 9.56% year-on-year, primarily due to reduced profit contributions from the renewable energy sector [1] Group 1: Financial Performance - The company's revenue for 2025 was RMB 49.029 billion, down 9.56% year-on-year [1] - Profit attributable to equity holders was RMB 3.404 billion, a decrease of 11.85% compared to the previous year [1] - Basic earnings per share were RMB 0.24, with a proposed final dividend of RMB 0.168 per share [1] Group 2: Sector Performance - The decline in annual profit of approximately 9.51% was mainly due to decreased profit contributions from the renewable energy sector, including hydropower, wind, and solar power [1] - Revenue from wind and solar power increased by approximately 7.78% and 3.25%, respectively, driven by several acquisition projects and new power generation units coming into commercial operation [1] - The implementation of the Chinese government's market-oriented pricing policy for renewable energy led to adjustments in average grid connection prices, negatively impacting profits in this sector [1] - The hydropower segment experienced a decline in revenue and profit due to reduced rainfall in operational areas [1] Group 3: Thermal Power Performance - Revenue from the thermal power segment decreased by approximately 19.65% following the partial divestment of equity in a coal-fired power subsidiary, which was reclassified as an associate company [1] - Despite the revenue decline, the thermal power segment's profit increased by approximately 45.76% due to lower fuel costs and effective coal procurement measures, partially offsetting the profit decline in the renewable energy sector [1] Group 4: Capacity Metrics - As of December 31, 2025, the company's consolidated installed capacity reached 54,753.7 MW, representing a year-on-year growth of 10.86% [2] - Clean energy installed capacity was 44,933.7 MW, accounting for approximately 82.07% of the total installed capacity [2]