China Yangtze Power (CYPC), the world’s largest listed hydropower company, has released its 2026 semi-annual report, delivering steady revenue growth and a record-high profitability for the first half of the year.
Financial results show that the company achieved operating revenue of CNY 37.929 billion, a year-on-year increase of 3.36%. Net profit attributable to parent shareholders reached CNY 14.756 billion, representing a year-on-year growth of 13.02% and hitting an all-time high for the first-half period.
Driven by robust operational performance, CYPC’s six cascade hydropower stations along the Yangtze River generated a total electricity output of 132.744 billion kWh in the first half of the year, rising 4.81% year on year and setting a new record for the same period. The peak load regulation capacity reached 26.87 million kW during critical power supply periods. Fully leveraging the flexible regulation advantages of hydropower units, the company strongly supported the stable and safe operation of regional power grids.
The notable profit growth outpaced revenue expansion, mainly benefited from effective cost and expense optimization. During the reporting period, continuous improvement in financial expense management effectively boosted overall profitability. Meanwhile, CYPC steadily increased investment in technological innovation to advance intelligent operation, maintenance upgrading and energy efficiency optimization across its hydropower assets.
In terms of business layout, the company’s overseas business maintained rapid profit growth, with improved operational efficiency in overseas projects such as those in Peru. The international segment has become a new driving force for the company’s profit expansion.
CYPC also pressed ahead with its new energy strategic layout. A number of pumped storage hydropower projects are under steady construction, while entrusted operation services for existing pumped storage stations maintained stable performance, accelerating the company’s strategic transformation from a traditional hydropower producer to a comprehensive clean energy operator.
The company maintained a sound and robust financial structure with a reasonable asset-liability ratio and sufficient operating cash flow, ensuring solid solvency and operational resilience. Adhering to a stable dividend policy, CYPC has consistently delivered generous returns to long-term investors with prominent high-dividend attributes.
Industry analysts pointed out that low-carbon, cost-effective and flexibly adjustable hydropower continues to gain strategic importance in China’s new power system. Going forward, the company’s performance will still be affected by water inflow conditions, electricity pricing policies, overseas project operations and the commissioning progress of new pumped storage projects.
Disclaimer: This article is for information reference only and does not constitute any investment advice.