Shanghai Electric Power (600021) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 9.92 billion, down 4.98% year-over-year due to lower power generation and market demand.

• Net profit attributable to shareholders fell 31.59% year-over-year to RMB 567 million, mainly due to reduced generation and lower average on-grid tariffs.

• Operating cash flow increased 6.96% year-over-year to RMB 2.92 billion.

Financial highlights

• Total revenue: RMB 9.92 billion, down from RMB 10.44 billion year-over-year.

• Net profit attributable to shareholders: RMB 567 million, down from RMB 829 million year-over-year.

• Basic EPS: RMB 0.1668, down 37.53% year-over-year.

• Operating profit: RMB 1.27 billion, down from RMB 1.74 billion year-over-year.

• Net cash from operating activities: RMB 2.92 billion, up from RMB 2.73 billion year-over-year.

Outlook and guidance

• Net profit decline attributed to scheduled thermal power unit maintenance and weaker market demand, leading to lower generation and tariffs.