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China Three Gorges Renewables (600905) investor relations material
China Three Gorges Renewables Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was RMB 13.36 billion, down 9.36% year-over-year; net profit attributable to shareholders was RMB 1.22 billion, down 68.05%.
Declines were mainly due to adverse weather, lower wind/solar resources, increased market-based trading, and lower average electricity prices.
Cash flow from operations increased 6.23% year-over-year, driven by higher renewable energy tariff surcharges.
Installed capacity reached 52.70 GW, with 0.36 GW new additions in H1 2026.
Financial highlights
Operating income: RMB 13.36 billion, -9.36% year-over-year.
Net profit attributable to shareholders: RMB 1.22 billion, -68.05% year-over-year.
Operating cash flow: RMB 8.76 billion, +6.23% year-over-year.
Basic EPS: RMB 0.0426, -68.04% year-over-year.
Total assets: RMB 395.40 billion, +2.11% from end-2025.
Outlook and guidance
The company will continue to focus on high-quality development, expanding wind and solar bases, and integrating new energy with storage and hydrogen.
Market and policy support for renewables remains strong, with national targets for wind and solar to exceed 50% of installed capacity by 2030.
Management expects continued industry growth but highlights ongoing market, resource, and policy risks.
- Net profit declined 39.20% year-over-year, but installed capacity and power output increased.600905
H2 2025 - Q1 2026 saw sharp declines in revenue and profit amid lower power generation and prices.600905
Q1 2026 - Net profit fell 52.87% year-over-year amid lower utilization and higher costs.600905
Q3 2025 - Revenue up 12.13%, net profit down 14.81%, installed capacity at 47.96 GW.600905
H2 2024 - Revenue and profit fell, but capacity and generation grew; cash flow and project pipeline strong.600905
H1 2025 - Revenue up 12.81% but net profit down 6.31% as market and investment headwinds persist.600905
Q3 2024 - Revenue up 9.89%, net profit down 10.58%, installed capacity 41.37 GW.600905
H1 2024 - Net profit rose 1.16% despite revenue decline, driven by asset disposals and non-recurring gains.600905
Q1 2025
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