REG - SDIC Power Holdings - Fourth Quarter 2025 Operating Results

SDIC Power Holdings CoAnnouncement

14/01/2026 12:00

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RNS Number : 8626O  SDIC Power Holdings Co., LTD  14 January 2026

SDIC Power Holdings Co., Ltd.

(GDR under the symbol: "SDIC")

 Fourth Quarter 2025 Operating Results

 

 

This announcement contains the English translation of the Chinese version of
"SDIC Power Holdings Co., Ltd. Fourth 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.

 

I. Electricity Volume and Tariff

According to the preliminary statistics of SDIC Power Holdings Co., Ltd.
(hereinafter referred to as the "Company"), from October to December 2025, the
holding enterprises of the Company cumulatively achieved power generation of
33.142 billion kWh and on-grid energy of 32.229 billion kWh, a year-on-year
decrease of 14.22% and 14.43% respectively. From January to December 2025, the
holding enterprises of the Company cumulatively achieved power generation of
158.093 billion kWh and on-grid energy of 154.209 billion kWh, a year-on-year
decrease of 8.12% and 8.06% respectively.

From October to December 2025, the average on-grid tariff of the holding
enterprises of the Company was RMB 0.390/kWh, a year-on-year increase of
8.03%. From January to December 2025, the average on-grid tariff of the
holding enterprises of the Company was RMB 0.355/kWh, a year-on-year decrease
of 1.11%.

Main Operating Data of the Company's Holding Enterprises from October to
December 2025

 Item                                               Power generation                                On-grid energy

                                                    (100 million kWh)                               (100 million kWh)

                  Current period                    Same period last year  Change   Current period  Same period last year  Change

                                                                           (YOY%)                                          (YOY%)

 Sichuan          Yalong Hydro                      158.43                 210.74   -24.82%         157.42                 209.57   -24.88%
 Yunnan           SDIC Dachaoshan                   18.84                  15.56    21.09%          18.73                  15.47    21.12%
 Gansu            SDIC Xiaosanxia                   10.42                  11.11    -6.18%          10.29                  10.96    -6.15%
 Subtotal of hydropower                             187.69                 237.40   -20.94%         186.44                 236.00   -21.00%
 Tianjin          SDIC Beijiang                     32.30                  34.07    -5.20%          30.16                  31.82    -5.22%
 Guangxi          SDIC Qinzhou Electric Power       19.76                  26.16    -24.46%         18.25                  24.44    -25.32%
                  SDIC Qinzhou Second Power         7.89                   3.47     127.08%         7.28                   3.34     118.16%
 Fujian           Huaxia Power                      20.15                  15.70    28.35%          19.03                  14.78    28.75%
                  Meizhou Wan Electric Power        24.13                  34.07    -29.18%         23.01                  32.11    -28.34%
 Guizhou          SDIC Panjiang                     6.30                   7.30     -13.75%         5.73                   6.63     -13.68%
                  Guizhou New Sky                   0.36                   0.34     7.14%           0.30                   0.28     8.96%
 Thailand         C&G Environmental Protection      0.22                   0.23     -3.31%          0.19                   0.19     -3.49%
 Subtotal of thermal power                          111.11                 121.34   -8.43%          103.94                 113.59   -8.50%
 Wind power                                         17.34                  15.62    11.01%          16.93                  15.24    11.06%
 Solar power generation                             15.28                  12.01    27.23%          14.98                  11.82    26.74%
 Total of holding enterprises                       331.42                 386.38   -14.22%         322.29                 376.65   -14.43%

 

Main Operating Data of the Company's Holding Enterprises from January to
December 2025

 Item                                               Power generation                                 On-grid energy

                                                     (100 million kWh)                                (100 million kWh)

                  Current period                    Same period last year  Change    Current period  Same period last year  Change

                                                                           (YOY%)                                           (YOY%)

 Sichuan          Yalong Hydro                      871.51                 929.43    -6.23%          866.74                 924.45    -6.24%
 Yunnan           SDIC Dachaoshan                   69.70                  66.98     4.06%           69.31                  66.58     4.09%
 Gansu            SDIC Xiaosanxia                   39.73                  44.44     -10.61%         39.21                  43.87     -10.63%
 Subtotal of hydropower                             980.94                 1,040.85  -5.76%          975.25                 1,034.90  -5.76%
 Tianjin          SDIC Beijiang                     137.84                 163.40    -15.64%         128.90                 153.17    -15.85%
 Guangxi          SDIC Qinzhou Electric Power       84.02                  120.75    -30.41%         77.80                  112.95    -31.12%
                  SDIC Qinzhou Second Power         28.82                  24.36     18.29%          26.74                  23.00     16.25%
 Fujian           Huaxia Power                      68.17                  71.33     -4.43%          63.99                  67.16     -4.73%
                  Meizhou Wan Electric Power        118.74                 156.07    -23.92%         112.61                 147.20    -23.50%
 Guizhou          SDIC Panjiang                     25.45                  26.79     -5.03%          23.09                  24.34     -5.15%
                  Guizhou New Sky                   1.45                   1.44      1.22%           1.21                   1.19      1.51%
 Thailand         C&G Environmental Protection      0.85                   0.85      -0.13%          0.71                   0.71      -0.70%
 Subtotal of thermal power                          465.34                 564.99    -17.64%         435.04                 529.74    -17.88%
 Wind power                                         69.24                  66.67     3.86%           67.54                  65.07     3.79%
 Solar power generation                             65.41                  48.21     35.68%          64.26                  47.50     35.29%
 Total of holding enterprises                       1,580.93               1,720.72  -8.12%          1,542.09               1,677.20  -8.06%

Explanation of the year-on-year change in power generation of holding
enterprises from January to December 2025:

1. Main reasons for the year-on-year decrease in hydropower generation

The inflow from the Yalong River Basin and the upper reaches of the Yellow
River decreased year-on-year.

2. Main reasons for the year-on-year decrease in thermal power generation

The power generation from clean energy in some regions where thermal power
plants are located has increased, and there is an impact from external power
transmission.

3. Main reason for the year-on-year increase of wind power generation

This year, the installed capacity of wind power has increased year-on-year.
However, due to insufficient wind resources and power curtailment, the
year-on-year increase in power generation is relatively small.

4. Main reasons for the year-on-year increase in solar power generation

Multiple solar power projects have been successively put into operation.

Explanation of the year-on-year change in average on-grid tariff of holding
enterprises from January to December 2025:

The main reasons for the year-on-year decrease in the average on-grid tariff
are as follows: First, the change in the electric energy mix, that is, the
on-grid energy of thermal power has decreased, and the proportion of
electricity corresponding to the higher tariff has decreased; second, the
medium and long-term transaction prices of thermal power in some regions have
decreased.

II. Installed Capacity Status

In the fourth quarter, the holding installed capacity put into operation by
the Company increased by 2.1471 million kW, including 152,100 kW of wind
power, 1.84 million kW of solar power, and 155,000 kW of energy storage. By
the end of the fourth quarter, the holding installed capacity put into
operation by the Company had reached 46.8965 million kW, including 21.3045
million kW of hydropower, 13.0748 million kW of thermal power (including
waste-to-energy generation), 4.1403 million kW of wind power, 7.6894 million
kW of solar power, and 686,600 kW of energy storage.

 

 

The Board of Directors of SDIC Power Holdings Co., Ltd.

 

January 14, 2026

 

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