China Three Gorges Renewables (600905) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 13.36 billion, down 9.36% year-over-year; net profit attributable to shareholders was RMB 1.22 billion, down 68.05%.

• Declines were mainly due to adverse weather, lower wind/solar resources, increased market-based trading, and lower average electricity prices.

• Cash flow from operations increased 6.23% year-over-year, driven by higher renewable energy tariff surcharges.

• Installed capacity reached 52.70 GW, with 0.36 GW new additions in H1 2026.

Financial highlights

• Operating income: RMB 13.36 billion, -9.36% year-over-year.

• Net profit attributable to shareholders: RMB 1.22 billion, -68.05% year-over-year.

• Operating cash flow: RMB 8.76 billion, +6.23% year-over-year.

• Basic EPS: RMB 0.0426, -68.04% year-over-year.

• Total assets: RMB 395.40 billion, +2.11% from end-2025.

Outlook and guidance

• The company will continue to focus on high-quality development, expanding wind and solar bases, and integrating new energy with storage and hydrogen.

• Market and policy support for renewables remains strong, with national targets for wind and solar to exceed 50% of installed capacity by 2030.

• Management expects continued industry growth but highlights ongoing market, resource, and policy risks.