<![CDATA[This study aims to examine the effect of capital expenditure, leverage, and firm size on corporate financial performance. A quantitative approach was used with secondary data sourced from companies in the energy sector in China listed on the Osiris website during the period 2021–2023. The sample consisted of 78 companies selected through purposive sampling. Data analysis was conducted using panel data regression with STATA version 17. The findings indicate that capital expenditure has a negative effect on financial performance. Leverage does not have an effect on financial performance. Firm size also does not have a significant effect on financial performance. Based on these results, companies are advised to manage and allocate capital expenditure and leverage carefully. Management's primary focus should not only be on growth in size but also on optimizing cost structure, leveraging technology, and fostering innovation that can enhance overall efficiency and profitability of the company.]]>
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