GD Power Development (600795) investor relations material

Executive summary

• Revenue for H1 2026 reached RMB 79.03 billion, up 1.77% year-over-year, driven by increased power generation despite lower average selling prices and higher fuel costs.

• Net profit attributable to shareholders was RMB 3.01 billion, down 18.25% year-over-year, mainly due to lower electricity prices, higher fuel costs, and reduced investment income from associates.

• Power generation volume grew 6.25% year-over-year to 218.91 TWh, with renewable energy capacity and output expanding.

• The company continued its green transition, adding 3.5 GW of new installed capacity, with 1.03 GW from renewables.

Financial highlights

• Operating income: RMB 79.03 billion (+1.77% YoY); operating cost: RMB 67.79 billion (+4.27% YoY).

• Net profit attributable to shareholders: RMB 3.01 billion (-18.25% YoY); basic EPS: RMB 0.169 (-18.36% YoY).

• Net cash flow from operating activities: RMB 20.52 billion (-21.02% YoY).

• Total assets: RMB 524.45 billion (+0.83% from year-end 2025); net assets attributable to shareholders: RMB 60.25 billion (+1.31%).

• Weighted average ROE: 4.93% (-1.42pp YoY).

Outlook and guidance

• National electricity demand is expected to grow 5–6% in H2 2026.

• The company will continue to expand renewable energy, optimize cost controls, and pursue high-quality growth.

• Plans for interim dividend in 2026, subject to regulatory and operational conditions.