China Three Gorges Renewables (600905) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 6.95 billion, down 8.92% year-over-year due to lower-than-expected power generation and a decline in average on-grid electricity prices.

• Net profit attributable to shareholders was RMB 1.04 billion, a 57.49% decrease year-over-year, mainly from reduced power generation, lower prices, and decreased investment income.

• Cash flow from operating activities was RMB 3.88 billion, down 6.4% year-over-year, reflecting lower revenue and slower electricity payment collection.

Financial highlights

• Total assets at quarter-end were RMB 393.05 billion, up 1.5% from year-end 2025.

• Shareholders’ equity attributable to listed company shareholders reached RMB 89.72 billion, up 1.2% from year-end 2025.

• Basic and diluted EPS were both RMB 0.0364, down 57.43% year-over-year.

• Operating profit for Q1 2026 was RMB 1.44 billion, down from RMB 3.04 billion in Q1 2025.

Outlook and guidance

• The company cited ongoing challenges from regional power consumption changes and market-driven electricity price declines, impacting both generation and profitability.