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Huaneng Power International
(0902)
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Rating:52Neutral
Price Target:
HK$5.50
▼(-8.64% Downside)
Action:Reiterated
Date:08/20/26
The score is held back primarily by high leverage and volatile/negative free cash flow, which constrain financial flexibility, alongside weak technical momentum (below key moving averages with negative MACD). These are partially offset by an attractive income profile (high dividend yield) and earnings-call positives around reaffirmed targets, low-carbon capacity growth, and a reinforced dividend policy, though near-term profitability remains under pressure due to tariffs and fuel costs.
Positive Factors
Low-Carbon Capacity Expansion
Renewables and gas are steadily increasing the portfolio’s low-carbon share, reducing long-term dependence on coal and positioning the company for China’s energy transition. The planned 7.7 GW of new capacity supports future growth and regulatory resilience.
Negative Factors
High Leverage and Refinancing Sensitivity
The capital-intensive balance sheet leaves Huaneng sensitive to interest rates, refinancing conditions, and earnings volatility. High leverage can restrict investment flexibility and make the transition toward cleaner capacity more dependent on continued financing access.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-Carbon Capacity Expansion
Renewables and gas are steadily increasing the portfolio’s low-carbon share, reducing long-term dependence on coal and positioning the company for China’s energy transition. The planned 7.7 GW of new capacity supports future growth and regulatory resilience.
Read all positive factors
Huaneng Power International (0902) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$110.13B
Dividend Yield8.4%
Average Volume (3M)31.20M
Price to Earnings (P/E)12.8
Beta (1Y)0.49
Revenue Growth-3.23%
EPS Growth7.26%
CountryHK
Employees56,104
SectorUtilities
Sector Strength65
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)0.76
Shares Outstanding4,700,383,300
10 Day Avg. Volume30,061,728
30 Day Avg. Volume31,197,093
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)0.67
Price to Sales (P/S)0.41
P/FCF Ratio10.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$6.10Price Target Upside1.33% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.62
Revenue Forecast (FY)HK$222.62B
Huaneng Power International Business Overview & Revenue Model
Company Description
Huaneng Power International, Inc., along with its affiliated entities, primarily generates and distributes electricity to regional and provincial grid companies both within the People's Republic of China and internationally. The company's core ope...
How the Company Makes Money
Huaneng Power International makes money mainly by producing electricity (and, in some locations, heat/steam) and selling it under regulated or market-based arrangements.
1) Electricity sales (core revenue stream)
- Grid/market sales: The company ...
Huaneng Power International Earnings Call Summary
Earnings Call Date:Aug 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Negative
The call presented a mixed picture: meaningful progress on the company’s low‑carbon transition (notable renewable capacity additions, strong Q2 PV growth, expanding energy storage, and maintained/improved dividend policy) alongside operational challenges that weighed heavily on financials (material YoY decline in net profit, widespread loss-making plants, rising Q2 unit fuel costs, and tariff pressure). Management highlighted active cost control, diversified coal purchasing and contract strategies, but near-term profitability remains under pressure.Positive Updates
Renewable Capacity Additions and Low-Carbon Mix
Added 3.04 GW of total new capacity by end-June (2.55 GW renewables + 490 MW gas); total installed capacity reached ~159 GW and low-carbon/clean energy represents >42% of portfolio.
Negative Updates
Material Decline in Consolidated Profitability
Consolidated operating revenue for H1 was RMB 106.91 billion, down 4.58% YoY; net profit attributable to shareholders fell sharply to RMB 6.59 billion, down 28.89% YoY; EPS RMB 0.35.
Read all updates
Q2-2026 Updates
Positive
Negative
Renewable Capacity Additions and Low-Carbon Mix
Added 3.04 GW of total new capacity by end-June (2.55 GW renewables + 490 MW gas); total installed capacity reached ~159 GW and low-carbon/clean energy represents >42% of portfolio.
Read all positive updates
Company Guidance
Management guided it will "secure the achievement of the full‑year target" while accelerating cost control, portfolio optimization and low‑carbon transformation: full‑year newly installed capacity target remains 7.7 GW (about 3.04 GW added by end‑June, including 2.55 GW renewables and 490 MW gas), total installed capacity ~159 GW with low‑carbon >42%; electricity storage operational 802 MW (1,661 MWh) and 653 MW (1,390 MWh) under construction; H1 consolidated revenue RMB 106.91bn, net profit attributable RMB 6.59bn (EPS RMB 0.35), H1 capacity‑based subsidy ~RMB 7.4bn (≈RMB 48/MWh); H1 standard coal price RMB 891.02/ton (Q2 company average RMB 907.20/ton), Q2 unit fuel cost RMB 281.03/MWh (coal-fired 269.92/MWh, gas 443.82/MWh) up ~14.6% QoQ, ancillary services revenue H1 RMB 530m; overseas Tuas Power H1 generation 5.32bn kWh with EBIT ~RMB 745m (Sahiwal ~RMB 451m); other near‑term actions include tightening coal purchase management, improving mid/long‑term contract fulfillment (mid/long‑term coverage cited ~84%; 128bn kWh mid/long‑term contracts with yearly contracts ~58%), locking higher‑margin contracts, and maintaining a dividend policy with 2026 interim dividend RMB 0.40/share and a minimum payout ratio of 50%.Huaneng Power International Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
42
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 225.74B | 229.29B | 245.55B | 254.40B | 246.72B | 204.61B |
| Gross Profit | 41.89B | 42.30B | 37.19B | 30.78B | 7.50B | 41.77B |
| EBITDA | 36.39B | 58.21B | 51.71B | 47.04B | 24.13B | 16.44B |
| Net Income | 13.92B | 14.41B | 10.14B | 8.45B | -10.08B | -13.19B |
Balance Sheet | ||||||
| Total Assets | 614.70B | 611.79B | 586.84B | 541.16B | 502.61B | 500.77B |
| Cash, Cash Equivalents and Short-Term Investments | 21.73B | 19.46B | 19.93B | 16.85B | 17.18B | 16.35B |
| Total Debt | 293.01B | 276.91B | 256.93B | 253.78B | 300.51B | 297.70B |
| Total Liabilities | 407.69B | 399.27B | 383.79B | 369.80B | 376.06B | 367.21B |
| Stockholders Equity | 134.51B | 142.47B | 137.41B | 52.51B | 108.54B | 113.05B |
Cash Flow | ||||||
| Free Cash Flow | 3.83B | 8.89B | -13.12B | -13.88B | -8.21B | -37.45B |
| Operating Cash Flow | 62.25B | 67.21B | 50.53B | 45.50B | 32.52B | 6.03B |
| Investing Cash Flow | -57.36B | -57.29B | -63.60B | -55.23B | -39.97B | -42.66B |
| Financing Cash Flow | -7.20B | -10.50B | 15.48B | 9.42B | 7.97B | 39.77B |
Huaneng Power International Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$94.43B | 6.51 | 12.76% | 5.87% | -3.11% | -5.45% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | HK$208.37B | 20.44 | 7.69% | 3.42% | -16.49% | -5.62% | |
63 Neutral | HK$58.21B | 9.03 | 9.35% | 6.27% | 12.74% | 6.35% | |
62 Neutral | HK$34.14B | 18.79 | 3.55% | 7.03% | -4.60% | -50.42% | |
58 Neutral | HK$99.95B | 13.86 | 16.76% | 6.66% | -2.05% | 96.13% | |
52 Neutral | HK$110.13B | 12.83 | 13.13% | 7.55% | -3.23% | 7.26% |
* Utilities Sector Average
HK:0902
Huaneng Power International
5.42
0.10
1.80%
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2.88
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-5.73%
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China Power International Development
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-0.21
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China Resources Power Holdings Co
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4.68%
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Huadian Power International
3.92
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Huaneng Power International Corporate Events
Huaneng Power Profit Slides as Green Shift and Lower Utilisation Hit Interim Results
Aug 18, 2026
Huaneng Power International reported interim consolidated operating revenue of RMB106,909 million for the first half of 2026, down 4.57% year on year, with net profit attributable to equity holders falling 28.29% to RMB6,868 million and earnings p...
Huaneng Power International Schedules 2026 Interim Results Call for Global Investors
Aug 11, 2026
Huaneng Power International has scheduled the disclosure of its 2026 interim results for the evening of 18 August 2026, and will host a global investor conference call on 19 August 2026 from 16:00 to 17:30 Beijing time. The call aims to give inves...
Huaneng Power Issues RMB2.5 Billion Mid-Term Notes for Debt Refinancing
Aug 7, 2026
Huaneng Power International has completed the issuance of its tenth tranche of mid-term notes for 2026, labeled as Special Debentures for Energy Supply Assurance, with a total size of RMB2.5 billion. The notes carry a 1.67% interest rate, a 2+N ye...
Huaneng Power International Sets Board Meeting to Approve 2026 Interim Results
Aug 6, 2026
Huaneng Power International, Inc. has scheduled a board meeting for 18 August 2026 to review and approve the interim results for the six months ended 30 June 2026, covering the company and its subsidiaries, ahead of their planned publication. The ...
Huaneng Power Investors Back Board and Committee Reshuffle at 2026 EGM
Aug 6, 2026
Huaneng Power International, Inc. held its first extraordinary general meeting of 2026 in Beijing on 6 August, where shareholders approved a key resolution put forward by the board. The meeting confirmed adjustments to the composition of the compa...
Huaneng Power International Details Board and Committee Structure
Aug 6, 2026
Huaneng Power International has announced the current composition of its board, detailing executive, non-executive, independent non-executive and employee representative directors, with Wang Kui serving as chairman. The company also outlined membe...
Huaneng Power Raises RMB2.5 Billion with New Energy Supply Assurance Notes
Jul 23, 2026
Huaneng Power International has issued its ninth tranche of 2026 mid-term notes, designated as a Special Debenture for Energy Supply Assurance, raising RMB2.5 billion. The notes carry a 2+N-year maturity structure, a face value of RMB100 per unit,...
Huaneng Power Raises RMB2 Billion in Eighth Tranche of 2026 Mid-Term Notes
Jul 22, 2026
Huaneng Power International Inc. has issued its eighth tranche of mid-term notes in 2026, raising RMB2 billion in the domestic bank bond market at a 1.55% interest rate and a three-year maturity. The issuance is part of a broader mandate allowing ...
Huaneng Power International Details Board and Committee Structure
Jul 17, 2026
Huaneng Power International, Inc. is a major Chinese power generation company operating in the utilities sector, focusing on electricity production and supply in the People’s Republic of China. Its board incorporates executive, non-executive...
Huaneng Power bolsters governance with new joint company secretary
Jul 17, 2026
Huaneng Power International, Inc. announced a change in its joint company secretary, reflecting ongoing adjustments in its corporate governance and compliance arrangements as a Hong Kong-listed power producer. The board reported that incumbent joi...
Huaneng Power Calls August EGM to Elect New Independent Director
Jul 17, 2026
Huaneng Power International has convened its first extraordinary general meeting of 2026 for 6 August in Beijing, with shareholders asked to vote on the election of a new independent non-executive director. The meeting arrangements detail proxy, r...
Huaneng Power International Reshapes Board Committees and Plans Bond Issue
Jul 17, 2026
Huaneng Power International’s board has approved the nomination of Mei Shengwei as an additional independent non-executive director for its eleventh board session, with his appointment still subject to shareholder approval and regulatory cle...
Huaneng Power Moves to Strengthen Board with New Independent Director
Jul 17, 2026
Huaneng Power International, Inc. has proposed the election of Professor Mei Shengwei as an independent non-executive director to fill the vacancy created by the resignation of Xia Qing. The appointment, to be voted on at an extraordinary general ...
Huaneng Power Raises RMB3 Billion in Latest Mid-Term Note Issue
Jul 16, 2026
Huaneng Power International has completed the issuance of its seventh tranche of mid-term notes for 2026, raising RMB3 billion in the domestic interbank bond market. The three-year notes, carrying a 1.55% interest rate and underwritten by a syndic...
Huaneng Power’s First-Half 2026 Electricity Sales Dip Amid China’s Green Energy Shift
Jul 15, 2026
Huaneng Power International reported that its operating power plants in China sold 98.090 billion kWh of electricity in the second quarter of 2026, down 0.97% year-on-year, and 199.578 billion kWh in the first half, a 2.97% decline, alongside a 4....
Huaneng Power Raises RMB3 Billion via Super Short-Term Commercial Paper
Jul 15, 2026
Huaneng Power International, Inc. has completed the issuance of its tenth tranche of super short-term commercial papers for 2026, raising RMB3 billion through a 99-day debenture carrying an interest rate of 1.34%. The notes were placed in the dome...
Huaneng Power Issues RMB2 Billion Mid-Term Notes for Debt Refinancing
Jul 10, 2026
As resolved at its 2025 annual general meeting, Huaneng Power International received a mandate to issue up to the equivalent of RMB170 billion in domestic and overseas debt instruments through the conclusion of the 2026 meeting. Within this mandat...
Huaneng Power Raises RMB3 Billion via Super Short-Term Commercial Papers
Jul 9, 2026
Huaneng Power International has issued its ninth tranche of super short-term commercial papers in 2026, raising RMB3 billion in the domestic bond market with a 98-day maturity and a 1.30% interest rate. The issuance forms part of a broader debt fi...
Huaneng Power Raises RMB2 Billion in Mid-Term Notes to Refinance Energy Debentures
Jul 8, 2026
Huaneng Power International has received shareholder approval to issue up to the equivalent of RMB170 billion in domestic and overseas debt instruments between its 2025 and 2026 annual general meetings. This mandate allows the power producer to ra...
Huaneng Power Raises RMB2 Billion via New Mid-Term Energy Assurance Notes
Jun 25, 2026
Huaneng Power International has completed the issuance of its fourth tranche of mid-term notes for 2026, a Special Debenture for Energy Supply Assurance, raising RMB2 billion in the domestic interbank bond market. The notes carry a 2+N-year maturi...
Huaneng Power Raises RMB2 Billion via Energy Security Mid-Term Notes
Jun 18, 2026
Huaneng Power International has issued its third tranche of 2026 mid-term notes designated as Special Debentures for Energy Supply Assurance, raising RMB2 billion in the domestic interbank bond market. The notes carry a 2+N-year maturity and a 1.7...
Huaneng Power International Shareholders Approve All AGM Resolutions and 2025 Final Dividend
Jun 16, 2026
Huaneng Power International, Inc. announced that all resolutions proposed at its 2025 annual general meeting, held on 16 June 2026 in Beijing, were duly passed by poll, with the meeting convened in compliance with PRC company law, Hong Kong listin...
Huaneng Power Sets 2025 Final Dividend and Outlines Tax Terms for H Shareholders
Jun 16, 2026
Huaneng Power International, Inc. has declared a final ordinary cash dividend of RMB 0.4 per share for the financial year ended 31 December 2025, approved on 16 June 2026. For Hong Kong-registered H shares, the dividend will be paid in Hong Kong d...
Huaneng Power Director Resigns as Six-Year Term Reaches Regulatory Limit
Jun 15, 2026
Huaneng Power International, Inc. announced that independent non-executive director Xia Qing has tendered his resignation as his six-year term approaches the regulatory limit, and he will also step down from his roles as chairman of the Nomination...
Huaneng Power Flags Unusual A-Share Surge as Q1 Profit Declines
Jun 1, 2026
Huaneng Power International, Inc. reported unusual trading in its A shares after the stock’s closing price rose more than 20% over three consecutive trading days at the end of May and early June 2026, triggering a regulatory alert on the Sha...
Huaneng Power Sets 2025 AGM to Seek Wider Financing Mandates and Revamp Pay Structure
May 22, 2026
Huaneng Power International has called its 2025 annual general meeting for 16 June 2026 in Beijing to seek shareholder approval for the 2025 board work report and the company’s profit distribution plan. The agenda also includes mandates to i...
Huaneng Power International Sets 2025 Final Dividend and Outlines Tax Treatment for H-Shareholders
May 22, 2026
Huaneng Power International has proposed a final ordinary dividend of RMB 0.4 per share for the financial year ended 31 December 2025, with shareholder approval scheduled for 16 June 2026 and key entitlement dates set in late June and early July. ...
Huaneng Power International Board Backs New Executive Remuneration Framework
May 20, 2026
Huaneng Power International’s board of directors has approved several resolutions focused on director and senior management remuneration for 2025 and 2026, underscoring an effort to formalize compensation governance. The company emphasized c...
Huaneng Power International Unveils Overhaul of Executive Remuneration System
May 20, 2026
Huaneng Power International, Inc. has introduced a new remuneration management system for its directors and senior management, aiming to create a more efficient incentive and restraint mechanism and to elevate its corporate governance standards. T...
Huaneng Power International Unveils Performance-Linked 2026 Pay Plan for Directors and Executives
May 20, 2026
Huaneng Power International has approved a 2026 remuneration plan for its directors and senior management, effective from 1 January to 31 December 2026, aimed at aligning pay with the company’s development strategy and reform objectives. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.