Jiaze New Energy: Double growth in revenue and net profit by 2025, with operating cash flow significantly increased by 53.97%

On the evening of March 27, Jiaze New Energy (601619) released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 2.499 billion, a year-on-year increase of 3.2%; net profit attributable to shareholders of the listed company was RMB 714 million, a year-on-year increase of 13.35%. Operating cash flow was RMB 2.750 billion, a significant year-on-year increase of 53.97%. Against the backdrop of accelerating market-oriented transformation in the new energy industry, the company’s overall operations have remained steady and trending positively; both profitability quality and cash-flow conditions improved in tandem. Its core new-energy power generation business has continued to be strengthened, laying a solid foundation for long-term high-quality development.

At the same time, the company has continued to optimize its shareholder return mechanism. The 2025 profit distribution proposal shows that the total cash dividend for the full year (including the interim dividend) reached RMB 233 million, accounting for 32.62% of net profit attributable to the parent company. The proposal balances investors’ reasonable returns with the company’s long-term development needs, and aims to convey confidence in operations through stable dividends.

Coordinated deployment across five business lines, with double growth in installed capacity and power generation

Jiaze New Energy focuses on core new-energy power generation businesses such as wind power, solar PV, and energy storage, and has built a coordinated development framework across five business segments: development–construction–operation–sale of new-energy power stations, power station O&M management, rooftop distributed solar PV, new-energy industry funds, and new-energy equipment manufacturing industrial parks. The company adopts a model of “rolling development, asset optimization, and full-cycle operations” to achieve integrated operation covering power generation, O&M, trading, and asset value appreciation. Its businesses have already covered 23 provinces and municipal-level regions nationwide.

During the reporting period, the company’s installed scale expanded steadily, and its asset structure continued to be optimized. As of the end of 2025, its grid-connected installed capacity was 2,487.353 MW, including 2,211 MW of wind power, 30 MW of centralized solar PV, and 239.978 MW of rooftop distributed solar PV. It has completed and grid-connected 150 MW/300 MWh energy storage projects. The scale of wind power projects under construction and awaiting construction totaled 1,932.4 MW, forming a healthy development echelon of “operating a batch, constructing a batch, and reserving a batch.”

With reliance on nationwide deployment and refined O&M management, the company’s power-generation efficiency has stayed leading in the industry. In 2025, total electricity generated reached 5.748 billion kWh, a year-on-year increase of 10.39%; electricity sold reached 5.504 billion kWh, a year-on-year increase of 10.37%. The equipment utilization rate of power generation units in each regional segment remained stable at over 99%. For example, equivalent utilization hours for wind power in the East China and North China regions lead the industry, providing solid support for growth in performance.

During the year, the company adapted deeply to reforms in the power-marketization arena. Approximately 48.7% of its power generation was included in the new-energy sustainable development price settlement mechanism. Meanwhile, it fully participated in market-oriented trading, green power trading, and carbon-asset operations. Its electricity-selling subsidiaries achieved total agency electricity of 6.52 billion kWh in full year. By optimizing returns through multi-mode trading, the company further enhanced earnings stability and market competitiveness.

Policy tailwinds and industry resonance open up continuous room for long-term growth

The national “15th Five-Year Plan” outline clarifies the acceleration of building a new-type energy system, implementing a ten-year “doubling” action for non-fossil energy, and promoting new energy to become the main source of power supply, thereby opening long-term growth space for the industry. In 2025, China’s incremental wind and solar installed capacity reached record highs again. Cumulative installed capacity exceeded that of thermal power historically for the first time. New energy has formally shifted from supplemental energy to a main power source, and the industry has entered a new stage of high-quality development. Jiaze New Energy’s main businesses focus on wind power, solar PV, and energy storage, aligning closely with the national energy strategy. The company has fully benefited from policy dividends and industry capacity expansion.

As power-market reforms continue to deepen—new energy fully entering the market and power price mechanisms being further improved—together with higher data-center consumption and the rapid development of the carbon market and green certificate market, and the steady recovery of renewable energy subsidies, new-energy operators are seeing multiple marginal improvements. The policy focus is shifting from scale expansion to high-quality development. The value of existing high-quality assets is becoming increasingly prominent. Green power enterprises that have location advantages, operational capabilities, and market-oriented trading abilities will continue to benefit.

Multiple brokerage and institutional reports point out that with the continued advancement of the “dual carbon” goals, the logic for long-term growth of green power is clear. Demand-side pull and the realization of environmental value will become the industry’s core driving force. In high-energy-consumption sectors, decarbonization needs and increased green power trading premiums will jointly open up upward space for profitability for new-energy operating companies.

Looking ahead, Jiaze New Energy will continue to focus on its new-energy core businesses, accelerate grid-connected power generation from projects under construction, and steadily advance the issuance of public REITs to revitalize high-quality assets. At the same time, the company will actively deploy emerging tracks such as green hydrogen, green methanol, and sustainable aviation fuel, and build a new low-carbon synergy model of “new-energy power generation + green chemicals.” With clear strategy and prudent operations, Jiaze New Energy will continue to expand its competitive advantages in the construction of a new-type energy system, creating long-term value for investors.

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