Harbin Electric (1133) H1 2025 earnings summary

Executive summary

• Operating revenue for the first half of 2025 reached RMB22,474.01 million, up 31.86% year-over-year, with net profit attributable to owners at RMB1,050.89 million, a 101.06% increase year-over-year.

• Earnings per share rose to RMB0.47, up RMB0.24 from the prior year period.

• Formal contract signings totaled RMB35.561 billion, up 36.64% year-over-year, with export contracts surging 945.25%.

• Total equity attributable to owners increased by RMB639.94 million to RMB16,122.70 million, and net assets per share rose to RMB7.21.

Financial highlights

• Operating revenue: RMB22,474.01 million (+31.86% YoY); net profit attributable to owners: RMB1,050.89 million (+101.06% YoY); EPS: RMB0.47 (+RMB0.24 YoY).

• Gross profit: RMB2,707.83 million (+40.03% YoY); gross profit margin: 12.05% (+0.70pp YoY).

• Operating cost: RMB19,766.18 million (+30.82% YoY).

• Total assets: RMB80,410.03 million (+11.76% from year start); total liabilities: RMB63,588.48 million (+14.05% from year start).

• Net cash flow from operating activities: RMB3,192.09 million (significant YoY increase).

Outlook and guidance

• China's newly installed power generation capacity in 2025 is forecast to exceed 500 million kW, with new energy accounting for 400 million kW.

• By end-2025, total installed capacity expected to reach 3.9 billion kW, with non-fossil energy at 61% of total.

• The company will focus on high-quality growth, technological innovation, and cost competitiveness in H2 2025.