Beijing-based clean-energy producer JNCEC reported first-half 2026 revenue of RMB 10.17 billion, 6.67% lower year on year, as softer wind and solar output and falling market tariffs outweighed a largely resilient gas-fired portfolio. Profit before tax fell 28.07% to RMB 1.81 billion, while profit attributable to equity shareholders slid 31.86% to RMB 1.35 billion. Basic earnings per share came in at RMB 0.1639.
Segment performance diverged sharply. • Gas-fired power & heat revenue eased 1.79% to RMB 6.46 billion; operating profit declined 10.42% to RMB 0.89 billion on lower dispatch volumes and higher fuel consumption. • Wind power revenue retreated 15.30% to RMB 2.27 billion as weaker resources and lower tariffs cut operating profit 35.27% to RMB 0.97 billion. • Photovoltaic power sales slipped 12.61% to RMB 1.34 billion; operating profit contracted 27.53% to RMB 0.60 billion. • Hydropower turned around to a RMB 10.37 million operating profit from a RMB 22.21 million loss a year earlier, helped by stronger water inflows. • Other operations booked a RMB 0.23 billion operating loss, narrower than the prior-year deficit.
Group operating profit declined 26.57% to RMB 2.24 billion. Finance costs decreased 9.80% to RMB 0.55 billion, helped by a lower average funding cost of 2.22% (-18 bps YoY). Share of profits from associates and a joint venture rose to RMB 93.08 million.
Financial position remained stable. Total assets stood at RMB 104.07 billion and total equity at RMB 39.19 billion. Net gearing eased slightly to 54.06% (end-2025: 54.42%). Cash and cash equivalents increased to RMB 8.99 billion, while net current liabilities narrowed to RMB 5.43 billion. Capital expenditure reached RMB 841.90 million, predominantly allocated to wind (RMB 257.30 million) and solar (RMB 490.90 million) projects.
Installed capacity expanded by 0.25 GW to 18.62 GW, of which 13.78 GW, or just over 74%, is non-fossil. Average utilisation remained above national levels: wind 1,060 hours (national average 917), solar 572 hours (527), and gas-fired 1,964 hours (863).
During the period JNCEC issued four tranches of ultra-short-term debentures totalling RMB 3.90 billion at coupon rates between 1.40% and 1.52%. No interim dividend was declared following the RMB 1.48 billion final and special dividend paid for FY 2025.
Management plans to sharpen cost control, deepen market-based power trading, and accelerate development of green-power-to-Beijing projects. Focus areas for H2 2026 include advancing 1.54 GW of renewable projects under construction, expanding AI-driven operational tools, and exploring integrated “wind-solar-storage-computing” models, while maintaining safety and liquidity discipline.
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