China Resources Power's first-half net profit fell 16% year over year, as a 31% decline in renewable core profit more than offset a 16% rise in thermal power core profit.
China’s base-price-plus-floating mechanism for coal-fired power generation and increasing proportion of medium- and long-term thermal coal supply contracts would lead to a more stable earnings outlook for coal-fired power producers.
Bears
China's decarbonization goals would continue to raise renewable energy capacity and gradually decrease demand for coal-fired power generation, negatively affecting China Resources Power’s thermal power segment.
China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 89.6 gigawatts as of end-2025. Renewable energy accounts for about 50.0% of its capacity. China Resources Holdings, a major state-owned conglomerate, is the controlling shareholder of CR Power.