On April 29, 2025, China Energy (688599.SH) released its annual business report for 2024 and its quarterly business report for the first quarter of 2025. The financial report indicates that in 2024, China Energy’s revenue reached 802.82 billion yuan, representing a decrease of 29.20% compared to the previous year. The net profit attributable to shareholders was -34.43 billion yuan, a decline of 162.25%. Additionally, the net profit for the first quarter of 2025 was -52.32 billion yuan, down 190.91% year-on-year.
In the first quarter of 2025, China Energy reported a net loss of 13.2 billion yuan. According to the company’s representatives, this year’s business focus will be on the gaming application market. In early 2025, China Energy will issue a letter to the relevant authorities, advocating for increased investments in renewable energy sources, particularly focusing on hydroelectric power generation.
Additionally, in 2024, the company plans to reduce its energy production capacity by 200 billion yuan, which is approximately 25% of its total revenue, while maintaining a stable profit margin. In February of this year, the National Development and Reform Commission and the National Energy Administration released the “Guidelines for the New Energy Power Market,” which aims to enhance the development of high-quality new energy resources.
China Energy is expected to maintain its market leadership and continue to adapt to changing industry demands. By May 2024, China Energy plans to ramp up its electricity generation capabilities to meet growing demand, targeting capacities of 60/105/120GW for hydro, battery, and renewable energy sources respectively.
In September of this year, China Energy will also aim to produce 35GW of power, with the goal of transitioning to a more sustainable operation model by June 2026. The company is committed to reducing reliance on traditional energy sources and enhancing its renewable energy output significantly.
With the implementation of these measures, China Energy is prepared to respond to the evolving energy landscape, ensuring a balance between supply and demand while maintaining environmental sustainability.
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