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14 Jul 2025 13:09
SDIC Power Holdings Co., Ltd.
(GDR under the symbol: "SDIC")
Second Quarter 2025 Operating Results
This announcement contains the English translation of the Chinese version of "SDIC Power Holdings Co., Ltd. Second Quarter 2025 Operating Results" as published on the website of the Shanghai Stock Exchange, and is provided for your reference only. In case of discrepancy between the Chinese version and the English version, the Chinese version shall prevail.
According to the preliminary statistics of SDIC Power Holdings Co., Ltd. ("the company"), the company's domestic holding enterprises have completed a total of 38.067 TWh of gross electricity generated and 37.074 TWh of net electricity generated in Q2 2025, representing an increase of 0.52% and 0.59% respectively compared with the same period last year. In H1 2025, the gross power generation of the company's domestic holding enterprises reached 77.059 TWh, while total net electricity generated reached 75.178 TWh, representing year-over-year declines of 0.54% and 0.25%, respectively.
In Q2 2025, the average on-grid tariff across the company's domestic holding enterprises was recorded at 0.350 RMB/kWh, marking a 4.6% decrease compared to the same period in 2024. In H1 2025, the average on-grid tariff of the company's domestic holding enterprises amounted to 0.353 RMB/kWh, a 6.4% reduction year-over-year.
The operating results of the company's domestic holding enterprises in 2025 Q2 are as follows:
Item | Electricity Generated(TWh) | Net Electricity Generated(TWh) | |||||
Current period | Same period last year | Change (YOY%) | Current period | Same period last year | Change (YOY%) | ||
Hydropower | 22.511 | 21.886 | 2.85% | 22.378 | 21.755 | 2.87% | |
Thermal power | 11.971 | 13.026 | -8.10% | 11.184 | 12.203 | -8.35% | |
Wind power | 1.799 | 1.787 | 0.67% | 1.756 | 1.745 | 0.63% | |
Solar power | 1.786 | 1.172 | 52.39% | 1.757 | 1.155 | 52.12% | |
Total | 38.067 | 37.871 | 0.52% | 37.074 | 36.858 | 0.59% | |
The operating results of the company's domestic holding enterprises from January to June 2025 are as follows:
Item | Electricity Generated(TWh) | Net Electricity Generated(TWh) | |||||
Current period | Same period last year | Change (YOY%) | Current period | Same period last year | Change (YOY%) | ||
Hydropower | 47.782 | 43.321 | 10.30% | 47.508 | 43.059 | 10.33% | |
Thermal power | 22.258 | 28.210 | -21.10% | 20.790 | 26.477 | -21.48% | |
Wind power | 3.714 | 3.608 | 2.94% | 3.627 | 3.525 | 2.89% | |
Solar power | 3.306 | 2.336 | 41.52% | 3.254 | 2.302 | 41.36% | |
Total | 77.059 | 77.476 | -0.54% | 75.178 | 75.363 | -0.25% | |
Explanation of year-on-year changes in gross electricity generated of holding enterprises in H1 2025:
1. The main reasons for the overall year-on-year increase of hydropower generation are as follows:
The Yalong River Lianghekou Hydropower Station achieved full reservoir storage last year, delivering significant regulatory benefits to the basin. Additionally, the Dachaoshan and Xiaosanxia hydropower stations recorded year-on-year declines in water inflow levels.
2. The main reasons for the overall year-on-year decrease of thermal power generation are due to increased clean energy generation in some regions, coupled with the impact of outbound electricity transmission to other areas.
3. The main reason for the overall year-on-year increase of wind power generation is the successive commissioning of multiple projects.
4. The main reason for the overall year-on-year increase of solar power generation is the successive commissioning of multiple projects.
Explanation of year-on-year changes in average on-grid tariff of holding enterprises in H1 2025:
The main reasons for the year-on-year decline in the average on-grid tariff are as follows: Firstly due to the changes in the electricity generation mix: Specifically, the decrease in thermal power generation connected to the grid led to a reduction in the proportion of higher-priced electricity segments. Secondly due to the decline in medium-to-long-term trading prices for thermal power in certain regions. Thirdly due to the gradual increase in the share of subsidy-free new energy projects.
The company's installed capacity under holding and operation decreased by 546.2 MW in Q2 2025. This included the handover of Phase I of the Meizhou Wan Power Plant BOT project (786 MW), while newly added capacity comprised 99.8 MW of wind power, 70.5 MW of solar power, and 69.6 MW of energy storage. As of the end of Q2, its total operational installed capacity under ownership stood at 44,088.5 MW, distributed as follows:Hydropower: 21,304.5 MWThermal Power: 12,414.8 MW (including waste-to-energy)Wind power: 3,988.3 MWSolar Power: 5,849.4 MWEnergy storage: 531.6 MW
The Board of Directors of SDIC Power Holdings Co., Ltd.
July 14, 2025
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