China Resources Power Holdings Company (836) H1 2026 earnings summary

Executive summary

• Profit attributable to owners fell 15.5% year-over-year to HK$6,649 million, with basic EPS at HK$1.28 and an interim dividend of HK$0.321 per share, payout ratio up to 25.0%.

• Turnover rose 9.4% to HK$54,977 million, driven by a 12.8% increase in net generation volume, offsetting a 7.2% drop in average on-grid tariffs.

• Core business profit from renewable energy dropped 30.7%, while thermal power core profit rose 16.1%.

Financial highlights

• Turnover: HK$54,977 million (+9.4% YoY); profit attributable to owners: HK$6,649 million (-15.5% YoY).

• Operating profit: HK$9,763 million (-19.6% YoY); EBITDA interest coverage: 8.5x.

• Net debt to total equity improved to 115.5% from 150.8% at year-end 2025.

• Cash and cash equivalents surged to HK$33,153 million from HK$11,675 million at year-end.

• Interim dividend: HK$0.321 per share (payout ratio 25.0%).

Outlook and guidance

• Focus on expanding renewable energy, especially wind and photovoltaic, with 2026 capex planned at HK$47,200 million.

• Emphasis on integrated energy services, technological innovation, and international expansion.

• Continued optimization of industrial structure and enhancement of sustainable competitiveness.