CR Power released its 2026 interim report showing turnover of HK$54.98 billion, up 9.4% year-on-year, driven by a 12.8% rise in subsidiary net generation to 120.44 million MWh. Profit attributable to owners declined 15.5% to HK$6.65 billion, pulling basic EPS down to HK$1.28 from HK$1.52.

Renewable projects continued to expand. Subsidiary grid-connected renewable capacity reached 45,974 MW, representing 51.7% of the 88,944 MW total, compared with 50.8% at the end of 2025. New renewable additions during the period totaled 1,583 MW, while 4,410 MW of new development quotas were secured.

Thermal fundamentals weakened. The average tax-exclusive on-grid tariff of coal-fired plants fell 7.0% to RMB364.0/MWh, and the ignition spread dropped RMB30.4/MWh to RMB119.5/MWh amid higher coal prices and softer tariffs. Group fuel cost rose 19.9% to HK$26.03 billion; average standard coal price climbed 1.0% to RMB832.3/t.

Operating profit came in at HK$9.76 billion, down 19.6%. Finance costs increased 18.7% to HK$2.26 billion on higher borrowings and reduced capitalised interest. Share of profit from associates jumped to HK$1.59 billion, mainly from Shanxi Zhongrun Aluminum, Gansu Changle Power Plant and Chongqing Energy, while joint-venture contribution rose to HK$0.21 billion.

Cash capital expenditure reached HK$14.45 billion, of which 77% was allocated to renewable construction. Net proceeds of HK$24.35 billion were received from the spin-off listing of China Resources New Energy in July; the Group’s stake diluted from 100% to 83.80% at listing and to 81.81% after option shares were issued in August.

Total assets stood at HK$453.17 billion, with cash and cash equivalents of HK$33.15 billion. Net debt-to-equity improved to 115.5% from 150.8% at end-2025 after listing proceeds, while total borrowings climbed to HK$225.66 billion. Undrawn banking facilities were HK$417.88 billion.

The Board declared an interim dividend of HK$0.321 per share (2025: HK$0.356), payable on 30 October 2026 to shareholders on record as of 17 September 2026. Management guides full-year cash capex of approximately HK$47.20 billion, prioritising large desert-region wind-solar bases, offshore wind and integrated energy services.