Shanghai Electric Power (600021) investor relations material

Executive summary

• Q3 revenue rose 1.95% YoY to RMB 11.91bn, while attributable net income fell 98.82% to RMB 13.48m; 9M revenue and attributable net income declined 6.85% and 66.72%, respectively.

• 9M operating cash flow was RMB 8.51bn, down 31.50% YoY; financial statements were unaudited.

Financial highlights

• 9M total revenue was RMB 29.95bn versus RMB 32.15bn YoY; total profit was RMB 3.65bn, down 41.90%.

• 9M attributable net income was RMB 1.015bn versus RMB 3.050bn; adjusted for non-recurring items, net income was RMB 728.84m, down 74.73%.

• Q3 attributable net income was RMB 13.48m, down 98.82%; adjusted net income was a loss of RMB 17.79m, down 101.71% YoY.

• 9M consolidated net income was RMB 2.23bn versus RMB 5.16bn; income tax expense increased to RMB 1.42bn from RMB 1.12bn.

• 9M non-recurring gains net of tax and minority interests totaled RMB 286.00m.

Key financial ratios and metrics

• 9M basic and diluted EPS were RMB 0.2572 and RMB 0.2570, down 74.30% and 74.32% YoY; Q3 basic and diluted EPS were both negative RMB 0.0294.

• 9M weighted average ROE was 3.59%, down 10.32 percentage points YoY; Q3 ROE was -0.42%, down 5.60 percentage points.

• Total assets at Sept. 30 were RMB 215.43bn, up 4.26% from year-end 2025; equity attributable to shareholders was RMB 33.70bn, down 1.09%.