China Power International Development (2380) H1 2026 earnings summary

Executive summary

• Positioned as a flagship listed company for comprehensive clean energy, integrating hydropower, thermal, wind, solar, and energy storage assets under a streamlined structure.

• Completed major asset restructuring, acquiring a 55.13% stake in SPIC Hydropower and expanding to 10 provincial subsidiaries.

• Revenue for the first half of 2026 was RMB 22.46 billion, down 5.87% year-over-year, with net profit dropping 38.98% to RMB 2.81 billion and profit attributable to ordinary shareholders falling 50.8% to RMB 1.27 billion.

• Hydropower segment saw profit surge 148.93% due to favorable rainfall, while wind and photovoltaic profits declined 51.21% and 89.05% respectively, and thermal power profit dropped 56.17% amid intensified competition.

• Clean energy installed capacity reached 47,577.2MW, 82.89% of total, with total installed capacity up 6.41% year-over-year.

Financial highlights

• Revenue for 1H2026 was RMB 22.46 billion, down 6% year-over-year.

• Operating profit decreased 25% year-over-year to RMB 5.72 billion.

• Profit attributable to equity holders fell 47% year-over-year to RMB 1.51 billion.

• Basic EPS dropped 52% year-over-year to RMB 0.10.

• EBITDA declined 7% year-over-year to RMB 14.43 billion.

Outlook and guidance

• Plans to strengthen marketing, diversify revenue, and accelerate subsidy recovery.

• Intends to use disposal gains to support shareholder returns and redeploy capital to quality projects.

• Focus on advancing wind and solar bases, offshore wind, and quality coal power.

• Strategic focus will be on optimizing the power source mix, accelerating key project construction, and disposing of non-core assets to strengthen cash flow and capital structure.

• The company expects continued momentum in the green energy transition and new power system development, but anticipates ongoing challenges from market reforms, pricing pressure, and competition.