Penghua Shenzhen Energy REIT: 2025 revenue of 1.356 billion, annualized cash flow distribution rate of 7.47%

**Insight Network: **On March 30, Penghua Shenzhen Energy Clean Energy REIT released its 2025 annual report. During the reporting period, this Fund achieved revenue of 1.356 billion yuan, a year-on-year decrease of 13.15%; net profit was 55.5712 million yuan, a year-on-year decrease of 58.66%. Net cash flow from operating activities was 305 million yuan. Both the cash distribution rate for the current period and the annualized cash distribution rate were 7.47%, down 1.87 percentage points year over year.

During the reporting period, the Fund generated a distributable amount of 241 million yuan, a year-on-year decrease of 32.32%; the distributable amount per unit was 0.4011 yuan. The actual distributed amount was 259 million yuan (including distributions from the fourth quarter of 2024 and from 2025 Q1 to Q3 earnings), with an actual distributed amount per unit of 0.4316 yuan. At period end, the net asset value per Fund unit was 5.0233 yuan. Total assets were 3.27 billion yuan, and net assets were 3.014 billion yuan.

The distributable amount decreased 32.32% year over year, mainly due to multiple factors: year-on-year power generation (grid-supplied electricity) volume decreased 10.28%, and the grid electricity price decreased 3.37%, resulting in a year-on-year decrease in operating revenue of 208 million yuan. EBITDA decreased 35.06%, with a decrease amount of approximately 127 million yuan. Historical comparison: 2023 cash distribution rate 11.15%, 2024 9.34%, 2025 7.47%—the distribution rate has fallen for two consecutive years, reflecting industry pressure faced by thermal power REITs.

The Fund’s underlying assets are Shenzhen Energy East Power Plant (Phase I), located in Dapeng New District, Shenzhen, and it is a gas-fired combined-cycle power plant. The fund manager reminds investors: Guangdong’s power market is affected by complex factors such as primary energy prices, precipitation in the southwestern region, market electricity demand, installed capacity on the generation side, and competition among power sales companies; therefore, the risk of electricity price fluctuations should be monitored.