SDIC Power (600886) H1 2026 earnings summary

Executive summary

• Operating revenue for H1 2026 was RMB 23.89 billion, down 7.05% year-over-year; net profit attributable to shareholders was RMB 3.54 billion, down 6.83% year-over-year.

• Clean energy accounted for 72.57% of installed capacity, with hydropower at 44.70% and new energy (including storage) at 27.87%.

• Total assets reached RMB 317.47 billion, up 1.24% from year-end 2025; asset-liability ratio increased to 61.26%.

Financial highlights

• Operating costs decreased 2.76% year-over-year to RMB 14.56 billion.

• Basic EPS was RMB 0.4330, down 9.09% year-over-year; weighted average ROE was 5.05%.

• Net cash flow from operating activities was RMB 10.95 billion, down 22.33% year-over-year.

• Non-recurring gains and losses totaled RMB 48.44 million.

Outlook and guidance

• The company will continue to expand clean energy, optimize its energy mix, and focus on high-quality project deployment.

• Plans to strengthen risk management, adapt to market reforms, and enhance operational efficiency.

• The controlling shareholder intends to increase holdings by RMB 150 million within six months, signaling confidence in long-term value.