China Power International Development (2380) H1 2026 earnings summary

Executive summary

• Revenue for 1H2026 was RMB22.46 billion, down 5.87% year-over-year, with net profit at RMB2.81 billion, a 38.98% decrease, and profit attributable to equity holders at RMB1.51 billion.

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

• Clean energy accounted for 82.89% of total installed capacity, which increased 6.41% year-over-year to 57,397.2MW.

• Total electricity sold decreased by 0.81% to 62.03 million MWh, with hydropower up 51.95% and wind, photovoltaic, and coal-fired power down.

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

Financial highlights

• Operating profit was RMB5.72 billion, down 24.82% year-over-year; EBITDA declined 7% to RMB14.43 billion.

• Basic EPS was RMB0.10, down 52% year-over-year.

• Cash and cash equivalents rose 60.35% to RMB10.23 billion as of June 30, 2026.

• Total assets reached RMB373.12 billion, up 1.51% from year-end 2025.

• Gearing ratio increased to 65% from 63% at year-end 2025.

Outlook and guidance

• The company expects continued momentum in the green energy transition and plans to focus on high-quality projects, especially offshore wind and large-scale new energy bases.

• Plans include further synergy with SPIC Hydropower, disposal of non-core assets, and strengthening cash flows.

• 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.