China Power’s 2025 Profit Slips as Market-Based Tariffs Pressure Renewables
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China Power International Development (HK:2380) reported a 9.6% drop in 2025 revenue to RMB49.0 billion and a 9.5% decline in net profit to RMB5.9 billion, attributed to reduced contributions from hydropower, wind, and solar segments. The introduction of market-based tariffs for renewables compressed margins, while lower rainfall affected hydropower output. Despite a sharp fall in thermal power revenue, profit in this segment rose by 45.8% due to lower fuel costs. The stock is rated as a Hold with a price target of HK$3.50.
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