Every reporter: Peng Fei Every editor: Wei Wenyi
In 2025, domestic power generation giant GDPD (SH600795, stock price 4.82 yuan, market value 85.968 billion yuan) delivered a mixed report card.
On the evening of April 14, GDPD released its 2025 annual report, showing that the company achieved an operating income of 170.244 billion yuan for the year, a year-on-year decrease of 4.99%; the net profit attributable to shareholders was 7.161 billion yuan, a year-on-year decline of 27.15%.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O9J4czLQ6dqXe6qYVLha59x6ZRV7_ZSYCs39DfMNcb6vAAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O9J4czLQ6dqXe6qYVLha59x6ZRV7_ZSYCs39DfMNcb6vAAA/641"/>
Image source: GDPD 2025 Annual Report
The reporter from Daily Economic News (hereinafter referred to as &#34;the reporter&#34;) noted that under the pressure of a &#34;double decline&#34; in performance in 2025, GDPD still demonstrated strong sincerity to investors, proposing an annual cash dividend plan that accounts for 60.02% of the net profit attributable to the consolidated financial statements, totaling 4.298 billion yuan.
A closer look at this annual financial report reveals the complex situation currently faced by GDPD: on one hand, the photovoltaic and other new energy sectors have emerged strongly, achieving nearly double growth in power generation against the trend; on the other hand, the traditional thermal power business, as the foundation, has been dragged down by factors such as declining electricity sales prices, resulting in a revenue gap of nearly 10 billion yuan.
At the same time, an asset-liability ratio exceeding 73% and capital expenditures exceeding 50 billion yuan for the year have put GDPD to the test of balancing multiple strategies, including maintaining high dividends, stabilizing fundamentals, and investing heavily in transformation.
<h2>Photovoltaic power generation increased by over 90%, unable to offset the decline in thermal power</h2>
From the annual report data, GDPD's net profit attributable to shareholders decreased by 27.15% year-on-year in 2025. The annual report provided two reasons for this: first, the investment income from the transfer of the controlling subsidiary, GDPD Jiantou Inner Mongolia Energy Co., Ltd., increased in the previous period; second, the Daxingchuan Power Station made provisions for impairment of construction in progress in the previous period, which was not present in the current period.
The annual report shows that GDPD's investment income in 2025 was 2.361 billion yuan, a significant decrease of 67.81% year-on-year. The decline in operating income was mainly due to a decrease in electricity sales prices compared to the same period last year. In 2025, the company's average on-grid electricity price was 400.90 yuan per megawatt-hour, a decrease of 28.92 yuan per megawatt-hour compared to the previous year.
In terms of core business, thermal power generation remains the absolute pillar of GDPD, but it faced significant pressure in 2025. During the reporting period, the company's operating income from the thermal power industry was 141.719 billion yuan, a decrease of 6.42% compared to the previous year. Although the decline was not large, in the face of a foundation of over 100 billion yuan, the operating income from the thermal power segment alone evaporated nearly 10 billion yuan compared to the previous year.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OqArIiweh-obu7TdSkBLwD8ykAE8LWd5UAiEOlzNQfzhQAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OqArIiweh-obu7TdSkBLwD8ykAE8LWd5UAiEOlzNQfzhQAA/641"/>
Image source: GDPD 2025 Annual Report
According to the reporter's analysis, although GDPD's average coal consumption for thermal power generation has decreased to 293.85 grams/kWh, and the average purchase price of raw coal has dropped by 10.53% year-on-year, effectively controlling fuel costs, it is still difficult to fully offset the revenue decline caused by falling electricity prices.
In stark contrast to the pressure on the thermal power main business, the new energy sector has experienced significant growth against the trend. By the end of 2025, GDPD's installed capacity of non-fossil energy, including wind, solar, and hydropower, reached 44.5156 million kW, accounting for 35.11%.
In terms of power generation, the company's wind power enterprises have cumulatively generated 21.291 billion kWh, an increase of 5.53% compared to the previous year; solar power enterprises have cumulatively generated 21.866 billion kWh, a dramatic increase of 93.78% year-on-year.
As a result, in 2025, the company's revenue from the new energy generation sector reached 14.685 billion yuan, an increase of 18.92% compared to the previous year. However, due to the significant difference in revenue scale between new energy and thermal power sectors, the additional revenue of over 2 billion yuan is still insufficient to fill the revenue gap of over 10 billion yuan left by the thermal power main business.
<h2>Net profit shrinks by 27%, still distributing over 60% of profits as dividends</h2>
Despite facing a dual decline in operating revenue and net profit, GDPD has not been stingy in rewarding its shareholders.
According to the profit distribution plan approved by the 42nd meeting of the eighth board of directors, the company plans to distribute a cash dividend of 0.241 yuan per share (tax included). Based on this calculation, the total cash dividend distributed by GDPD for the 2025 fiscal year will be 4.298 billion yuan, accounting for 60.02% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for 2025.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OVDR_4F25bYeagtcQq94b2H7DD0DXRufSB_JSGuAWE-ywAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OVDR_4F25bYeagtcQq94b2H7DD0DXRufSB_JSGuAWE-ywAA/641"/>
Image source: GDPD Announcement
GDPD stated in the announcement that this profit distribution plan needs to be reviewed by the company's 2025 annual general meeting of shareholders and will be implemented within two months after approval. This high dividend payout ratio fulfills GDPD's commitment to &#34;convey long-term investment value through a stable and sustainable return policy.&#34;
In addition to the high dividend payout ratio, GDPD faces high debt levels and significant capital expenditure needs. As of December 31, 2025, the company's total assets amounted to 520.152 billion yuan, with total liabilities reaching 382.038 billion yuan, resulting in a debt-to-asset ratio of 73.45%, a slight increase from 73.40% in the same period last year.
In the debt structure, short-term loans alone reached 32.409 billion yuan, mainly due to an increase in credit loans during the period; non-current liabilities due within one year amounted to 38.527 billion yuan. The large debt scale has brought a heavy financial burden, with the company's financial expenses amounting to 5.888 billion yuan in 2025
According to reporters from Daily Economic News, heavy debts have not hindered GDPD's pace of green transformation, as the company continues to invest heavily in fixed assets.
The annual report reveals that in 2025, the company's fixed asset investment will reach 50.369 billion yuan, of which 44.782 billion yuan is allocated for preliminary and infrastructure projects, specifically including 17.343 billion yuan for renewable energy projects, 12.179 billion yuan for hydropower projects, and 15.155 billion yuan for thermal power projects. Looking ahead, the company plans to increase its fixed asset investment to 51.735 billion yuan in 2026, with 47.071 billion yuan for preliminary and infrastructure projects, including 18.890 billion yuan for renewable energy projects.
Amidst performance pressures, GDPD's management faces the challenge of distributing substantial dividends to shareholders while also shouldering the responsibility of hundreds of billions in investments for renewable energy transformation and coal power upgrades, all while managing the risks associated with high debt levels, testing the company's financial balancing skills.
However, the financial report also reveals a positive aspect: in 2025, the net cash flow generated from operating activities for GDPD will reach 53.668 billion yuan, and the abundant cash flow from daily operations may be the key support for GDPD to maintain strategic stability and dividend commitments amidst multiple challenges.
Daily Economic News

600795

GDPD (SH600795) released its 2025 annual report, with operating revenue of 170.244 billion yuan, a year-on-year decrease of 4.99%; net profit attributable to shareholders was 7.161 billion yuan, a year-on-year decline of 27.15%. Despite facing a double decline in performance, GDPD still plans to distribute a dividend of 4.298 billion yuan, accounting for 60.02% of net profit. New energy power generation has increased significantly, but the main business of thermal power has been affected by the decline in electricity sales prices, resulting in a revenue gap of nearly 10 billion yuan. The company's asset-liability ratio exceeds 73%, facing the challenge of balancing high dividends and transformation

腾讯新闻 - 财经

GDPD

GDPD's performance in 2025 sees a double decline: despite a significant increase in new energy generation, it fails to fill the nearly 10 billion yuan gap in thermal power, with net profit shrinking by 27% while still distributing nearly 4.3 billion yuan in dividends