Beijing Energy International (0686) H2 2025 earnings summary

Executive summary

• Achieved significant expansion in clean energy, increasing grid-connected installed capacity by 12.2% year-over-year to 14,185MW, with 256 power plants in operation as of 31 December 2025.

• Total electricity generation rose 29.2% year-over-year to 22,831,615MWh, driven by new solar and wind projects.

• Net profit dropped sharply to RMB32 million from RMB557 million in 2024, mainly due to lower tariffs, increased curtailment losses, and higher income tax expenses.

• Revenue increased 10.4% year-over-year to RMB7,737 million, while EBITDA rose to RMB6,162 million.

Financial highlights

• Revenue: RMB7,737 million (2024: RMB7,011 million); EBITDA: RMB6,162 million (2024: RMB5,622 million).

• Net profit: RMB32 million (2024: RMB557 million); basic EPS: (7.23) RMB cents (2024: 3.88 RMB cents).

• Average tariff per kWh declined to RMB0.34 (2024: RMB0.40) due to higher share of grid-parity projects.

• Finance costs decreased 6.7% to RMB2,219 million, reflecting successful refinancing at lower rates.

• Final dividend proposed: HK8.00 cents per share (2024: HK10.00 cents).

Outlook and guidance

• Focus remains on value creation, integrating asset-light and asset-heavy strategies, and executing the 15th Five-Year Plan.

• Plans to expand green power supply to Beijing and leverage AI for innovation in energy storage and smart operations.

• Management expects continued growth in installed capacity and operating cash flows, with risk controls and compliance prioritized.