Harbin Electric Company Limited reported solid first-half 2026 results, led by robust demand for large-scale power equipment and disciplined cost control.

Revenue rose 10.35 % year on year to RMB 24.80 billion, driven mainly by a 10.21 % increase in new-type power equipment sales (RMB 15.94 billion). Gross profit advanced 37.35 % to RMB 3.72 billion as the overall gross margin widened 2.95 percentage points to 15.00 %.

Net profit attributable to shareholders jumped 63.47 % to RMB 1.72 billion. Earnings per share were RMB 0.77, up from RMB 0.47 a year earlier.

Contract momentum remained healthy: newly-signed orders reached RMB 36.04 billion, with coal-power and nuclear-power equipment bookings climbing 41.89 % and 209.80 %, respectively. Export contracts, however, dropped 59.05 % to RMB 4.86 billion due to a high base in 1H25.

Operating cash inflow improved markedly to RMB 6.35 billion (1H25: RMB 3.19 billion) on stronger receivable collections. Capital expenditure was RMB 0.56 billion, focused on nuclear, gas-turbine and hydropower manufacturing upgrades.

The balance sheet strengthened: total assets increased 10.52 % since year-end 2025 to RMB 86.93 billion, while the gearing ratio fell 1.45 percentage points to 77.63 %. Cash and cash equivalents stood at RMB 20.11 billion, up 31.90 %. Total borrowings declined by RMB 229.01 million to RMB 4.28 billion.

R&D spending grew 24.85 % year on year to RMB 0.46 billion, representing a 5.0 % R&D intensity. Key technological milestones included grid connection of four 425 MW units at Tiantai Pumped-Storage Power Station and completion of the domestic first 16 MW gas-turbine full-load tests.

No interim dividend was proposed. Management targets continued order growth, efficiency gains and digital-intelligent transformation in the second half while maintaining focus on cash generation and deleveraging.