Guangdong No.2 hydropower reaches 2024 profit target amid ongoing reorganization

Guangdong No. 2 Hydropower Engineering (SZSE: 002060) announced it has met its 2024 profit target, achieving CNY 1,108.76 million in net profits attributable to shareholders, as detailed in its 2024 annual report. This success comes amid ongoing strategic initiatives, including a significant asset reorganization. In 2023, the company began a process to transfer its holdings in 25 subsidiaries to Guangdong Hydropower Bureau as part of efforts to streamline operations and reduce management costs, with a subsequent transfer of five clean energy subsisdiaries to the Energy Group. This transfer, involving CNY 360.68 million shares, was completed by February 2023.