Beijing Jingneng Clean Energy Co., Limited (JNCEC, 00579) reported half-year results for the six months ended 30 June 2026. Revenue declined 6.67 % year on year to RMB 10.17 billion, while profit attributable to equity shareholders dropped 31.86 % to RMB 1.35 billion. Total profit for the period fell 31.33 % to RMB 1.42 billion.

Segment performance diverged. Gas-fired power and heat energy remained the largest contributor, booking revenue of RMB 6.46 billion (-1.79 %) and operating profit of RMB 0.89 billion (-10.42 %). Wind power revenue fell 15.30 % to RMB 2.27 billion and operating profit contracted 35.27 % to RMB 0.97 billion, reflecting lower wind resources and tariff pressure. Photovoltaic revenue decreased 12.61 % to RMB 1.34 billion; segment operating profit slid 27.53 % to RMB 0.60 billion. Hydropower revenue edged up 4.65 % to RMB 74.17 million, swinging from a RMB 22.20 million operating loss to a RMB 10.37 million profit on stronger water inflows.

Total installed capacity reached 18.62 GW at 30 June 2026, up 0.25 GW since year-end, with non-fossil assets accounting for more than 74 % (13.78 GW). Equipment utilisation continued to outpace national averages: wind 1,060 hours (+143 hours versus national average), solar 572 hours (+45 hours), and gas-fired generation 1,964 hours (+1,101 hours).

JNCEC generated free cash flow of RMB 1.82 billion, an improvement of RMB 2.07 billion year on year, supported by renewable subsidy receipts of RMB 0.74 billion and a 60.1 % reduction in net investing outflow to RMB 1.22 billion. Average financing cost fell 18 basis points to 2.22 %, aided by expanded green financing channels and issuance of RMB 3.90 billion in ultra-short-term debentures during the period.

Total assets stood at RMB 104.07 billion, little changed from year-end. Net gearing eased to 54.06 % (31 December 2025: 54.42 %). Cash and cash equivalents increased 10.11 % to RMB 8.99 billion. Capital expenditure was RMB 841.90 million, allocated mainly to wind (RMB 257.30 million) and solar (RMB 490.90 million) projects.

The board declared no interim dividend. A final dividend of RMB 1.48 billion (RMB 0.180 per share, tax inclusive) for FY 2025 was approved on 25 June 2026 and paid during the period. Perpetual note distributions totalled RMB 19.80 million.

Management reaffirmed its focus for H2 2026 on cost control, flexible gas-fired operations, expansion of green power projects serving Beijing, and continued digital-intelligence initiatives, while maintaining strict safety and capital discipline.