Every reporter: Peng Fei Every editor: Wei Wenyi
In 2025, domestic power generation giant GDPD (SH600795) delivered a mixed report card.
On the evening of April 14, 2026, GDPD released its annual report for 2025, showing that the company achieved an operating income of 170.244 billion yuan for the year, a year-on-year decrease of 4.99%; net profit was 7.161 billion yuan, a year-on-year decrease of 27.15%.
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Every reporter noticed that despite the dual pressure of declining operating income and net profit in 2025, GDPD still demonstrated strong sincerity to investors by proposing an annual cash dividend plan that accounted for 60.02% of net profit, totaling 4.298 billion yuan.
A closer look at this annual report reveals the complex situation currently faced by GDPD: on one hand, the new energy sector has emerged strongly, with photovoltaic power generation achieving nearly double growth 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 in balancing high dividends, maintaining stability, and investing heavily in transformation.
Photovoltaic power generation increased by over 90%, still unable to fill the gap from thermal power decline
In 2025, GDPD's net profit fell by more than 27% year-on-year. The annual report provided two reasons for this: first, the investment income from the transfer of the controlling subsidiary, GDPD Investment Inner Mongolia Energy Co., Ltd., increased in the previous period; second, the Daxingchuan Power Plant made provisions for impairment of construction in progress in the previous period, which was not present in the current period.
The annual report showed that GDPD's investment income for 2025 was 2.361 billion yuan, a year-on-year decrease of 67.81%. 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, down 28.92 yuan per megawatt-hour from the previous year.
In terms of its main 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 thousand billion yuan foundation, the operating income from the thermal power segment alone &#34;evaporated&#34; nearly 10 billion yuan compared to the previous year.
Every reporter found that although the average coal consumption for power generation units of GDPD decreased to 293.85 grams per kilowatt-hour, and the average purchase price of raw coal for the year decreased by 10.53% year-on-year, effectively controlling fuel costs, it was still unable 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, the total installed capacity of non-fossil energy holdings, including wind, solar, and hydropower, for GDPD reached 44.5156 million kilowatts, increasing its proportion to 35.11%.
In terms of electricity generation, the company's wind power enterprises achieved a cumulative electricity generation of 21.291 billion kilowatt-hours, an increase of 5.53% compared to the previous year; the solar power enterprises achieved a cumulative electricity generation of 21.866 billion kilowatt-hours, a dramatic increase of 93.78% compared to the previous year.
As a result, the company's revenue from the new energy power generation sector reached 14.685 billion yuan in 2025, 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 from new energy is still insufficient to fill the revenue gap of over 10 billion yuan left by the thermal power main business.
Distributing over 60% of net profit as dividends, with fixed asset investment exceeding 50 billion yuan last year
In the face of a dual decline in revenue and net profit, GDPD has not been stingy in returning to 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) for the year 2025. Based on this calculation, the total cash dividend distributed by GDPD for the year 2025 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.
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 substantial 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%, slightly up 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 massive debt scale has brought a heavy financial burden, with the company's financial expenses reaching 5.888 billion yuan in 2025.
Journalists noted that the heavy debt has not hindered GDPD's green transformation efforts, as the company continues to invest heavily in fixed assets.
The annual report disclosed that the company's fixed asset investment in 2025 was 50.369 billion yuan, including 44.782 billion yuan for preliminary and infrastructure projects, specifically 17.343 billion yuan for new 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 fixed asset investment to 51.735 billion yuan in 2026, with 47.071 billion yuan allocated for preliminary and infrastructure projects, including 18.890 billion yuan for new energy projects
Against the backdrop of performance pressure, the management of GDPD must insist on distributing substantial dividends to shareholders while also shouldering the heavy investment responsibilities of hundreds of billions in new energy transformation and coal power upgrades, all while preventing risks brought by high debt, testing the company's financial balancing skills.
However, the annual report also reveals a positive side: by 2025, the net cash flow generated from operating activities of GDPD is expected to reach 53.668 billion yuan. The abundant daily operating cash flow may be the key support for GDPD to maintain strategic determination 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 of 7.161 billion yuan, a year-on-year decrease of 27.15%. Despite a significant increase in revenue from renewable energy generation, with photovoltaic power generation nearly doubling, the main business of thermal power was affected by the decline in electricity sales prices, resulting in a revenue gap of nearly 10 billion yuan. The company plans to distribute a dividend of 4.298 billion yuan, accounting for 60.02% of net profit. High asset-liability ratios and capital expenditure pressures pose balancing challenges for the company

腾讯新闻 - 财经

GDPD

GDPD's revenue and net profit are expected to "decline" in 2025, while revenue from renewable energy generation increases significantly but still fails to fill the nearly 10 billion yuan gap in thermal power