Huadian Power International Corporation Limited (Huadian Power) released unaudited interim results for the six months ended 30 June 2026. Net profit attributable to shareholders declined 20.47% year-on-year (YoY) to RMB3.11 billion, as operating revenue slipped 9.49% to RMB54.26 billion following a double-digit drop in generation volume.
Power generation reached 107.79 million MWh, down 10.65% YoY, with on-grid sales of 101.04 million MWh (-10.82% YoY). Average utilisation hours fell to 1,382, comprising 1,639 hours for coal units, 732 hours for gas units and 1,398 hours for hydropower. The average on-grid tariff edged up 0.19% to RMB517.78/MWh, while the standard coal price eased 2.00% to RMB833.75/ton. Coal consumption for power supply improved to 286.40 g/kWh.
Operating costs decreased 10.48% to RMB47.92 billion, led by a 12.49% reduction in fuel costs to RMB33.21 billion. Depreciation and amortisation totalled RMB6.39 billion (-3.90% YoY). Finance costs fell 10.15% to RMB1.47 billion, reflecting lower funding expenses. Investment income declined 49.03% to RMB1.26 billion, contributing to a 10.89% drop in total profit to RMB5.30 billion. Basic earnings per share came in at RMB0.25, down from RMB0.33 a year earlier.
The balance sheet showed total assets of RMB261.27 billion and total liabilities of RMB158.53 billion, implying a liabilities-to-assets ratio of 60.68%. Borrowings stood at RMB95.72 billion, of which RMB52.94 billion are due within one year. Net cash inflow from operating activities reached RMB9.13 billion (H1 2025: RMB15.46 billion).
Huadian Power controlled 78,645.60 MW of installed capacity across 57 operating subsidiaries at period-end, dominated by 53,980 MW of coal-fired units, 22,173.05 MW of gas-fired units and 2,459 MW of hydropower. During the half-year, 1,100.24 MW of new gas-fired capacity in Chongqing entered service. Projects under construction total 12,918 MW, primarily pumped-storage and high-efficiency coal units.
The Board proposed an interim cash dividend of RMB0.09 per share (tax inclusive), equating to a payout of approximately RMB1.05 billion and payable on or before 31 December 2026, subject to shareholder approval.
Management signalled continued pressure from rising renewable penetration and volatile coal markets in the second half, and plans to refine trading strategies, enhance fuel procurement and advance low-carbon retrofits to safeguard profitability and compliance.
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