CHINA RES POWER

China Resources Power slipped 0.41% to HK$19.34, pressured by profit-taking following the completion of its new energy subsidiary's Shenzhen IPO in June, which reduced the parent's stake to 83.8%. Positive operational momentum failed to support the price; H1 generation data remained robust with June net generation rising 5.1% year-over-year to 19.35 million MWh, driven by surging solar capacity additions. Q4 earnings showed net profit surging 32.26% to HK$3.32 billion, while revenue declined 4.47% to HK$25.87 billion as cost discipline offset softer volumes. The stock, at HK$19.34, has retreated 12.73% from its May 52-week high of HK$22.16, though it remains up 9.7% year-to-date. Valuation remains undemanding with a P/E of 6.9x and P/B of 0.9x, while the dividend yield of 5.83% offers defensive appeal alongside growth from renewable expansion.

China Resources Power fell 0.36% to HK$19.42 as profit-taking followed a 17% rebound from the 52-week low, though morning strength to HK$19.64 reflected support from robust renewable generation. First-half solar output surged with June net generation rising 5.1% year-over-year to 19.35 million MWh, while completion of the renewable subsidiary's Shenzhen IPO—retaining 83.8% stake—clarifies asset structure. Q4 EPS jumped 24.97% to HK$0.6419 and net profit grew 32.26%, showing improved profitability at attractive valuations (PE 6.92, PB 0.90). However, revenue declined 4.47% year-over-year amid industry cost pressures, and the stock trades 12.36% below the 52-week high of HK$22.16.

China Resources Power advanced 1.1% to HK$19.19 today, buoyed by robust first-half generation growth and a rebound from the July 1 lows. Morning session opened at HK$18.98 before gradually gaining ground; afternoon trading accelerated toward the day's peak of HK$19.19 reached at 3:32 PM Beijing time. June net generation surged 5.1% year-over-year to 19.35 million MWh, with solar output as the primary catalyst. On the earnings front, Q4 2025 EPS hit HK$0.6419, up 25% annually, and net profit jumped 32% despite a 4.5% revenue decline, demonstrating robust operational leverage. From a valuation perspective, the stock has recovered over 15% from early July lows but still stands 13% below its May high of HK$22.16, currently trading below the 60-day moving average of HK$19.28. The company maintains an attractive valuation with PE of 6.84x and PB of 0.89x, supported by a 5.87% dividend yield, further boosted by the recent HK$0.77 per-share distribution following the new energy unit's spin-off and A-share listing.

China Resources Power declined 1.35% to close at HKD 18.98, pulled back from the morning opening of HKD 19.26 and hitting a session low of HKD 18.85, before recovering in afternoon trading. The decline likely reflects profit-taking following the recent completion of the new energy unit spin-off and Shenzhen listing (stake reduced to 83.8%), along with normalization of prior momentum. Fundamentals remain supportive—June net generation reached 19.35 million MWh, up 5.1% year-over-year, with renewable energy including solar showing notable growth in the first half. Q4 net profit surged 32.26% year-over-year to HKD 3.32 billion, though operating revenue declined 4.47% to HKD 25.87 billion, reflecting efficiency improvements. Valuation remains attractive with a P/E of only 6.77x and dividend yield of 5.94%, while the stock is up 7.66% year-to-date and currently trades between its 20-day and 60-day moving averages.

China Resources Power declined 2.04% to HK$19.24 today, mainly reflecting profit-taking after recent gains. The morning session opened at HK$19.50, peaked at HK$19.54, then retreated throughout the afternoon to close at HK$19.24. Fundamentals remain constructive: June generation surged 5.1% year-over-year to 19.35 million MWh, with renewable energy output accelerating. Q4 2025 EPS stood at HK$0.6419, up 24.97% YoY, and net profit jumped 32.26% to HK$3.32 billion, offsetting a 4.47% revenue decline. Valuation metrics are compelling—P/E of 6.86 and P/B of 0.89 suggest undervaluation. Year-to-date the stock has gained 9.13%, rebounding 16% from the July low of HK$16.59. The recent spinoff and Shenzhen listing of its renewable energy arm, with stake reduced to 83.8%, marks a significant capital deployment unlocking asset value. The company maintained dividend discipline with a final dividend of HK$0.77 per share.