Shanghai Electric Power (600021) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 18.04 billion, down 11.88% year-over-year due to lower sales volume and reduced average on-grid electricity price.

• Net profit attributable to shareholders was RMB 1.00 billion, a 47.55% decrease year-over-year, mainly due to reduced sales from thermal power projects and intensified market competition.

• EBITDA to total debt ratio and interest coverage ratios declined, reflecting increased financial pressure.

Financial highlights

• Operating income: RMB 18.04 billion, down 11.88% year-over-year.

• Net profit attributable to shareholders: RMB 1.00 billion, down 47.55% year-over-year.

• Basic EPS: RMB 0.2866, down 54.01% year-over-year.

• Operating cash flow: RMB 5.16 billion, down 16.15% year-over-year.

• Gross margin and net margin both declined due to lower sales and pricing.

Outlook and guidance

• The company aims to complete annual operating targets by focusing on power and heat supply, cost control, and efficiency improvement.

• Strategic focus remains on high-quality growth, project execution, and international expansion.