Beijing Jingneng Clean Energy (579) investor relations material

Executive summary

• Revenue for H1 2026 was RMB10.17 billion, down 6.67% year-over-year, with profit attributable to equity shareholders at RMB1.35 billion, a 31.86% decrease, mainly due to lower wind and solar output and tariffs.

• Hydropower segment turned profitable due to increased water inflow, while gas-fired and heat energy segments remained stable with smaller profit declines.

• Free cash flow improved to RMB1.82 billion, up RMB2.07 billion year-over-year, and financing costs dropped to 2.22%.

• Installed capacity increased to 18,615,000 kW, with non-fossil energy accounting for over 74%.

Financial highlights

• Revenue: RMB10.17 billion (down 6.67% YoY); profit attributable to equity shareholders: RMB1.35 billion (down 31.86% YoY).

• Operating profit: RMB2.24 billion (down 26.57% YoY); profit before tax: RMB1.81 billion (down 28.07% YoY).

• Free cash flow: RMB1.82 billion (up RMB2.07 billion YoY); net cash outflow from investing: RMB1.22 billion (down 60.1% YoY).

• Finance costs: RMB552 million (down 9.80% YoY); average financing cost: 2.22% (down 18 bps YoY).

• Total assets: RMB104.07 billion; total equity: RMB39.19 billion.

Outlook and guidance

• Focus on quality and efficiency, leveraging capacity electricity tariff policy for gas-fired power in Beijing.

• Accelerate green power transmission projects to Beijing and expand high-quality green assets.

• Continue digital and intelligent transformation, aiming for operational excellence and cost control.

• Commitment to market value management and shareholder returns, including special dividends and Stock Connect eligibility.

• No interim dividend recommended for H1 2026.