GD Power Development Co., Ltd. (hereinafter referred to as GD Power), a nationwide listed power generation company controlled by CHN Energy, released its 2025 annual report on the evening of April 14.
According to the report, during the reporting period, the company recorded operating revenue of 170.244 billion yuan (approximately 24 billion USD), down by 4.99 percent year on year, and net profit attributable to shareholders of the listed company of 7.161 billion yuan (approximately 996 million USD), a decrease of 27.15 percent year on year. Excluding the high base effect from investment gains generated by the transfer of equity in Inner Mongolia Branch in the same period last year, the company achieved net profit attributable to shareholders, excluding non-recurring gains and losses, of 6.776 billion yuan (approximately 942 million USD) in 2025, representing a year-on-year increase of 45.23 percent.
GD Power is primarily engaged in the production and sale of electricity and heat, with operations spanning thermal power, hydropower, wind power and photovoltaic power generation. As of the end of 2025, the company’s controlled installed capacity reached 126.7886 GW, including 82.273 GW of thermal power, accounting for 64.89 percent. Installed capacity of non-fossil energy, including wind, solar and hydropower, totaled 44.5156 GW, with its share rising to 35.11 percent.
In 2025, the company’s average on-grid electricity tariff was 400.90 yuan (approximately 56 USD) per megawatt-hour, down by 28.92 yuan (approximately 4 USD) per megawatt-hour year on year. However, the gross profit margin of the thermal power segment increased by 1.47 percentage points to 10.99 percent despite the downward trend. In terms of fuel costs, leveraging synergies with its parent company, CHN Energy, the proportion of long-term contract coal reached 97.73 percent in 2025, and the unit price of standard coal for power generation declined by 10.53 percent year on year to 825.06 yuan (approximately 115 USD) per ton.
Regarding newly added capacity, the company’s controlled new energy installed capacity increased by 7.2646 GW in 2025, including an increase of 6.6092 GW in photovoltaic capacity. Driven by the rapid growth of new energy capacity, the company’s total power generation reached 467.422 billion kilowatt-hours in 2025, up by 1.73 percent year on year, with photovoltaic generation surging by 93.78 percent and wind power generation rising by 5.53 percent.
By segment, in 2025 the company achieved net profit of 4.400 billion yuan (approximately 612 million USD) from thermal power, 1.627 billion yuan (approximately 226 million USD) from hydropower, and a combined 1.562 billion yuan (approximately 217 million USD) from wind and photovoltaic power, with new energy contributing more than 20 percent of total profits.
