The performance of the three major companies in the Datang group listed on Hong Kong stocks has been announced, with one reporting a net profit increase of over 60%.

The three Tang Dynasty-related companies listed on Hong Kong stocks successively held 2025 performance briefings in Hong Kong. Among them, Datang Power (601991)(601991.SH, 00991.HK), as the core listed platform of the Tang Dynasty group and listed in both places, disclosed that it achieved operating revenue of approximately RMB 121.26B (the same applies below); net profit attributable to equity holders of the company was approximately RMB 7.54B, a significant year-on-year increase of 66.13%. Both the profitability scale and growth rate reached nearly the highest levels in recent years.

Datang Power said that in 2025, the company worked in tandem with a “wind, solar, and thermal, with complementary integration” multi-energy model to ensure stable and orderly safe production, completing total electricity sold to the grid of approximately 273.1092 billion kWh for the full year. Benefiting from the rational return of domestic coal market prices, it deepened its procurement strategy; the benchmark coal price for coal-fired boiler entering the furnace declined by 14.80% year-on-year, with remarkable results in stabilizing and controlling fuel costs. At the same time, it seized the window period of falling market interest rates and optimized its financing structure, bringing comprehensive financing costs down to 2.33%.

Datang Power stated that the company firmly implemented its “dual carbon” goals and continued to advance the coordinated “three renovations and one linkage” of coal power, with both energy utilization efficiency and energy-saving and emissions-reduction performance improving in parallel. In 2025, it added 5,120.854 MW of clean energy installed capacity, bringing total clean energy installed capacity to 37,058.081 MW, increasing the proportion of total installed capacity to 42.99%, up 2.62 percentage points from the previous year, with a more distinct green development foundation.

Datang Environment (01272.HK) achieved operating revenue of RMB 5.4B in 2025, a year-on-year decrease of 6.41%; net profit of RMB 573 million, a year-on-year increase of 4.44%. Its announcement shows that in 2025, the company’s various business segments developed steadily; its environmental protection facility concession operations and denitration catalyst business continued to maintain leading positions in the industry. Based on the cumulative capacity of units put into operation as of the end of 2025, the company continued to hold its position as China’s largest flue gas desulfurization and denitration concession operator. Based on the total production volume of denitration catalyst in 2025, the company continued to maintain its position as China’s largest denitration catalyst producer.

As of December 31, 2025, the company’s cumulative installed capacity in flue gas desulfurization concession operations was 47,610 MW, while its cumulative installed capacity in flue gas denitration concession operations was 40,600 MW, and its installed capacity for entrusted operations of flue gas desulfurization projects was 1,960 MW. Among projects outside China Datang Group, there were 5 projects, with flue gas desulfurization installed capacity of 7,060 MW and flue gas denitration installed capacity of 3,180 MW.

Datang New Energy (01798.HK) announced that in 2025, operating revenue was approximately RMB 12.58B, up 0.01% year-on-year; net profit attributable to owners of the parent company was approximately RMB 1.6B, down 32.59% year-on-year. In 2025, the company’s electricity sales revenue was approximately RMB 12.46B, down 0.07% year-on-year, mainly due to the combined impact of increased generation from commercial operation of new projects and lower electricity prices.

Datang Power is one of China’s large independent power producers. Its power generation business and subsidiaries are mainly distributed across 20 provinces nationwide. The Beijing-Tianjin-Hebei and southeastern coastal regions are the areas where the company’s thermal power installed capacity is most concentrated; its hydropower projects are mostly located in the southwestern region; and wind and solar are broadly distributed across resource-rich regions nationwide. China Datang Group holds 35.34% of its shares, and Datang (Hong Kong) Limited holds 17.70% of its shares. Meanwhile, China Datang Group holds 78.96% and 57.37% of Datang Environment and Datang New Energy, respectively.

(Editor: Zhang Yang HN080)

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