What is more concerning in the market is the rapid momentum of China Power Construction in the green energy track. Both wind power and hydropower contracts have achieved double-digit growth, and the new energy storage business, which is a strategic focus, has quietly signed a large order of 50 billion yuan. This state-owned enterprise is accelerating towards the blue ocean of new energy.

On the evening of December 24, 2024, an announcement from China Electric Power Construction Corporation (stock code: 601668. SH) brought warmth to the slightly chilly infrastructure market. The announcement disclosed the company's "report card" from January to November 2025, which not only hides the strategy of this state-owned enterprise giant to respond to market changes, but also reflects the profound transformation of China's energy structure.

The total plate remains stable at trillions, with overseas business taking on the main responsibility

According to the announcement, China Power Construction has signed a total of 7382 new projects in the past 11 months, with a total new contract amount of 1031.755 billion yuan, a slight decrease of 1.65% compared to the same period last year. This overall stable performance report contains significant structural changes.

The most prominent highlight is the international business. During the period, China Power Construction Corporation signed new contracts worth up to 231.639 billion yuan in overseas markets, achieving a strong year-on-year growth of 23.15%. Compared to this, the newly signed contracts in the domestic market amounted to 800.116 billion yuan, a year-on-year decrease of 7.07%. This increase and decrease clearly indicate that overseas business has become an important engine to offset fluctuations in domestic market demand and drive the company's growth, demonstrating its strong international competitiveness.

Green energy is advancing rapidly, while thermal power business is experiencing a significant decline

Breaking down the contract by business area, it is clear at a glance the strategic path of China Power Construction towards green and low-carbon transformation. As the core energy and power sector of the company, the newly signed contract amount reached 659.059 billion yuan, a year-on-year increase of 2.39%, demonstrating strong resilience.

Among them, the two major clean energy fields of hydropower and wind power are growing rapidly. The newly signed contracts in the field of hydropower amounted to 166.442 billion yuan, a significant increase of 30.39% year-on-year; The newly signed contract amount in the wind power field is 2011.29 billion yuan, a year-on-year increase of 25.56%. This is in sharp contrast to the situation where the newly signed contract amount in the thermal power sector is 39.529 billion yuan, a year-on-year decrease of 41.97%. Amidst the ups and downs, the key direction of China's energy and power investment has become clear.

Staking on new energy storage to create a second growth curve

The most intriguing data in this announcement is undoubtedly the breakthrough in the new energy storage business. Although not included in the aforementioned segmented business growth rate statistics, the announcement separately disclosed that from January to November this year, China Power Construction signed 180 new projects in the field of new energy storage, with a contract amount of up to 500.03 billion yuan. Especially in 34 major projects with a contract amount of over 500 million yuan, energy storage projects occupy 7 seats, demonstrating the company's strong ability to win large orders in this field.

This achievement is not accidental. As early as March 2024, PowerChina took the lead in establishing the "PowerChina New Energy Storage Research Center", integrating top internal and external resources, and focusing on breaking through the bottleneck of large-scale new energy storage technologies. The company has incorporated new energy storage into strategic emerging industries and deeply participated in it through an integrated model of "investment and financing+EPC+O&M.

In addition, China Electric Power Construction already has an absolute advantage in the field of pumped storage, occupying the majority of the domestic market share in survey, design, and construction. Nowadays, from traditional pumped storage to emerging electrochemical and hydrogen energy storage, China Power Construction is building a comprehensive energy storage industry map. The company's goal is to achieve a revenue contribution of over 40% from strategic emerging industries and an investment proportion of nearly 50% by 2025.Editor/Yang Meiling