14.41 billion yuan! Huaneng International reaches a 10-year high

(Source: China Electric Power News)

Transferred from: China Electric Power News

China Energy News, March 25 (Reporter: Yin Yuntong) — Huaneng International Power Co., Ltd. (hereinafter referred to as “Huaneng International”) released its 2025 annual report. Full-year revenue was RMB 229.29B, down 6.62% year over year; attributable to shareholders’ net profit was RMB 14.41 billion, up 42.17% year over year; after excluding non-recurring gains and losses, attributable to shareholders’ net profit was RMB 13.48B, up 28.13% year over year. According to Wind data, this attributable to shareholders’ net profit figure reached the highest level in nearly 10 years.

The annual report shows that power and heat sales revenue accounted for approximately 96.37% of Huaneng International’s total revenue. In 2025, the company’s domestic power plants accumulated grid-connected electricity generation of 437.56B kWh, down 3.39% year over year; traded electricity volume was 373.88 billion kWh, accounting for 85.43%; the average on-grid settlement electricity price was RMB 477.08 per MWh, down 3.48% year over year. With both volume and price of electricity sold declining, total revenue fell. According to a calculation by Song Yingying, an analyst covering environmental protection and public utilities at China Merchants Securities, the decrease in revenue was about RMB 155.87M.

However, in 2025, domestic coal supply and demand in China continued to improve, and the shift downward of the price midpoint drove Huaneng International’s domestic thermal power plants’ unit fuel cost down 11.13% year over year, to only RMB 266.88 per MWh. The total profit per kWh from coal-fired power and gas-fired power increased by 0.020 yuan/kWh and 0.004 yuan/kWh year over year, respectively, reaching 0.039 yuan/kWh and 0.044 yuan/kWh. The decline in fuel costs far exceeded the drop in electricity prices, becoming the key driver for increased profitability in the thermal power business.

Improved cost-side management and control helped boost performance growth in traditional thermal power, and the increase in new energy installed capacity has also continued to create new growth points. According to statistics, by the end of 2025, Huaneng International’s controllable installed power generation capacity was 63.92M kW, while its low-carbon and clean energy installed capacity was 20.62M kW, accounting for 41.01%—up 5.19 percentage points from 2024.

Among them, wind power and solar installed capacity were 25.07M kW and 25.069 million kW, respectively. Full-year grid-connected electricity generation increased 10.59% and 42.77% year over year, respectively, and achieved total profit of RMB 2.88B and RMB 7.86M, respectively. In particular, the total photovoltaic profit grew 5.8% year over year, which provided a positive drag on Huaneng International’s overall performance. According to Lianfu Securities, with the sustained advancement of structural transformation, it will further support the stability of its future profitability.

Song Yingying also said that in 2026, long-term contract electricity prices are expected to decline across the board; coal prices are expected to remain relatively stable; and Huaneng International’s coal power business performance may narrow somewhat. But in 2025, the company added 7.862 million kW of new energy installed capacity. With low-carbon transition accelerating, it is expected to continue releasing performance. It is expected that attributable to shareholders’ net profit for 2026–2028 will be RMB 13.4B, RMB 14.14B, and RMB 14.98B, respectively.

责任编辑：江蓬新

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