上海电力2025年业绩大幅增长，新能源战略成效凸显

上海电力股份有限公司（600021.SH）于近日发布了2025年年度报告摘要，本年度公司经营业绩实现大幅跃升，新能源战略持续推进，资产质量显著提升，具备多项可能影响股价的关键因素。

一、主要财务表现亮眼，净利润大幅增长

• 营业收入：2025年度实现营业收入418.58亿元，同比下降2.05%。
• 归属于上市公司股东净利润：27.67亿元，同比增长35.26%。
• 扣除非经常性损益后归母净利润：25.94亿元，同比增长36.93%。
• 基本每股收益：0.8727元，同比大幅增长41.40%。
• 加权平均净资产收益率：12.41%，提升3.08个百分点。
• 资产负债率：69.32%，较去年下降3.59个百分点，财务结构进一步优化。
• 经营活动现金流净额：130.76亿元，同比增长60%。

二、利润分配方案：高现金分红回馈股东

• 2025年度拟每股派发现金红利0.37元（含税），总计分配约10.44亿元，需股东大会审议通过。
• 本年度末可供分配利润余额为11.78亿元。

三、主营业务持续优化，新能源占比快速提升

• 装机结构：截至2025年末，公司控股装机容量2632.13万千瓦，清洁能源占比62.59%；
  • 煤电：984.8万千瓦，占比37.41%
  • 气电：382.51万千瓦，占比14.53%
  • 风电：539.81万千瓦，占比20.51%
  • 光伏发电：725.01万千瓦，占比27.55%
• 新能源装机总量高达1264.82万千瓦。
• 国际化布局成效显著，境外项目装机213.37万千瓦，涵盖土耳其、马耳他、匈牙利、日本、黑山等地。

四、发电与热力业务稳健增长

• 2025年合并口径发电量782.32亿千瓦时，同比增长1.41%。
  • 其中煤电发电量同比下降1.87%，风电和光伏分别增长19.05%和23.58%。
• 供热量2166.16万吉焦，同比增长8.95%。

五、新兴产业和科技创新亮点

• 吴泾独立储能项目全容量并网，赋能新质生产力。
• 上海长兴岛CCUS创新示范项目累计捕集二氧化碳超16万吨，保持火电行业碳捕集与利用装置连续运行最长记录。
• 漕泾电厂百万煤电机组成功掺烧芦竹生物质，热值比例高达22%，为低碳转型提供范例。

六、债券兑付平稳，信用状况良好

• 公司所有债券、超短融及中票均按期兑付，无违约记录。
• 年度内无信用评级下调，债务利息保障倍数提升至3.03。

七、行业环境与市场地位

• 2025年全国电力装机容量和新能源占比再创新高，风光生物质等新能源为新增电量主体。
• 上海电力作为国家电投集团旗下主要上市公司，继续巩固其在长三角及国际市场的领先地位。

八、股东结构稳定，大股东控股超57%

• 国家电力投资集团有限公司持股44.36%，中国电力国际发展有限公司持股12.88%，公司实际控制权稳定。
• 年末普通股股东24.1万户。

【投资者需关注的潜在股价影响因素】

• 盈利能力和现金流大幅提升，新能源装机占比快速上升，有利于估值提升。
• 高比例现金分红增强股东回报，或吸引长期投资者。
• 公司在碳捕集、生物质掺烧等低碳转型技术领域取得行业领先，有望获得政策和市场更多支持。
• 国际化与多元化布局降低区域性风险，提升抗周期波动能力。
• 债券兑付良好、财务结构优化，信用水平提升。

风险提示

受煤价波动、政策调整、行业周期、国际项目运营等因素影响，公司业绩和估值仍可能出现波动，投资需谨慎。

免责声明：本文基于公开年度报告编写，内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

Shanghai Electric Power’s 2025 Profit Surged, New Energy Strategy Drives Growth

Shanghai Electric Power Co., Ltd. (600021.SH) has released its 2025 annual report summary, revealing substantial earnings growth, ongoing strategic transition to new energy, and improved asset quality, containing several factors that could be price sensitive for its stock.

1. Key Financial Highlights: Net Profit Soars

• Operating revenue: RMB 41.86 billion, down 2.05% YoY.
• Net profit attributable to shareholders: RMB 2.77 billion, up 35.26% YoY.
• Net profit after extraordinary items: RMB 2.59 billion, up 36.93% YoY.
• Basic EPS: RMB 0.8727, up 41.40% YoY.
• Weighted average ROE: 12.41%, increased by 3.08 percentage points.
• Asset-liability ratio: 69.32%, down 3.59 percentage points YoY.
• Operating cash flow: RMB 13.08 billion, up 60% YoY.

2. Dividend Plan: Strong Cash Payout

• Proposed cash dividend of RMB 0.37 per share (pre-tax), totaling about RMB 1.04 billion, subject to shareholder approval.
• Undistributed profit available at year-end: RMB 1.18 billion.

3. Core Business Optimization, Rapid New Energy Expansion

• Installed capacity: By end-2025, the company’s consolidated capacity reached 26.32 GW, with clean energy at 62.59%:
  • Coal: 9.85 GW (37.41%)
  • Gas: 3.83 GW (14.53%)
  • Wind: 5.40 GW (20.51%)
  • Solar: 7.25 GW (27.55%)
• Total new energy installed capacity: 12.65 GW.
• International projects (Turkey, Malta, Hungary, Japan, Montenegro, etc.) contribute 2.13 GW.

4. Power Generation and Heating Business Grow Steadily

• 2025 consolidated power generation: 78.23 TWh, up 1.41% YoY.
  • Coal power output down 1.87% YoY; wind and solar up 19.05% and 23.58% respectively.
• Heat supply: 21.66 million GJ, up 8.95% YoY.

5. New Industry & Tech Innovation Highlights

• Wujing independent energy storage project fully connected to grid.
• Changxing Island CCUS demonstration project accumulatively captured over 160,000 tons of CO₂, setting a record for continuous operation in China’s coal power industry.
• Caojing Power Plant’s million-kilowatt coal units successfully co-fired 22% reed biomass, pioneering low-carbon transformation practices.

6. Bonds Duly Redeemed, Improved Credit Profile

• All bonds and short-term notes settled on time, no defaults.
• No credit rating downgrades, interest coverage ratio up to 3.03.

7. Industry Context & Market Position

• China’s 2025 national power capacity and renewable share both hit new highs, renewables dominate incremental generation.
• Shanghai Electric Power remains a core subsidiary of SPIC, consolidating its leading position in the Yangtze River Delta and international markets.

8. Stable Shareholder Structure, Major Shareholder Holds Over 57%

• SPIC holds 44.36%; China Power International 12.88%. Actual control is stable.
• 240,000+ ordinary shareholders at year-end.

[Potential Price-Sensitive Factors for Investors]

• Profitability and cash flow surges, rapid new energy expansion support potential for higher valuation.
• Strong cash dividend payout enhances shareholder return and may attract long-term investors.
• Industry-leading CCUS and biomass co-firing projects could win further policy and market support.
• Diversified and international layout reduces regional risks and boosts anti-cyclical capacity.
• Solid bond redemption, optimized financial structure, improved credit profile.

Risk Warning

Company performance and valuation remain subject to coal price volatility, policy changes, industry cycles, and international project operations. Investors should exercise caution.

Disclaimer: This article is based on publicly disclosed annual report information and is for reference only. It does not constitute investment advice. Investors act at their own risk.

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