Guizhou Qianyuan Power Co Ltd

Qianyuan Power has released its 2026 interim report, with net profit attributable to the parent company of 233 million yuan, an increase of 83.14% compared with the same period last year. Total operating revenue was 1.112 billion yuan, up 25.92% year on year, marking three consecutive years of growth. Net cash inflow from operating activities was 578 million yuan, up 16.76% year on year. The company's latest asset-liability ratio was 47.18%, down 8.18 percentage points from the same period last year. Gross margin was 59.20%, up 4.77 percentage points year on year. Diluted earnings per share were 0.54 yuan, up 83.15% year on year.

Qianyuan Electric Power announced plans to invest in the project "Research and Demonstration of Key Technologies for a New Generation of Hydropower Units Based on New Power Systems." The project will be carried out at the Beipan River, Sancha River, and Furong River. The total planned investment is 95.05 million yuan, of which 8.3 million yuan is planned for 2026. The project breaks through the limitations of traditional single-station, single-unit, and single-component retrofits, pioneering a new paradigm for a new generation of hydropower units featuring basin-level benchmarking and assessment, digital reverse diagnosis, and systematic coordinated improvement. It fills a domestic gap in building health profiles for existing hydropower unit fleets and in comprehensive diagnostic technologies, reaching an industry-leading level.

Recently, Guizhou listed companies have been intensively disclosing their first-half 2026 earnings forecasts, with many delivering impressive results. CNGR Advanced Material expects a net profit attributable to shareholders of 1.25 billion to 1.35 billion yuan, up 70.58% to 84.23% year-on-year, with core product sales exceeding 250,000 tonnes. Qian Yuan Power expects net profit to rise over 70% year-on-year. Anda Technologies, Panjiang Coal and Electric Power, and Chitianhua all turned losses into profits. At the same time, Guizhou listed companies are actively rewarding investors. Since the beginning of this year, cumulative cash dividends have reached 38.378 billion yuan, and share buybacks have totalled 3.387 billion yuan, both ranking first in the western region. The chairman of Qian Yuan Power has proposed a 2026 interim dividend, and companies including Kweichow Moutai, Guizhou Gas, and Vontron Technology have already made clear plans. In addition, Yibai Pharmaceutical and Guizhou Bailing recently disclosed that they will change the purpose of their share buybacks to cancellation and reduction of registered capital, while Chanhen Chemical completed the cancellation of 1.76 million repurchased shares in March this year.

Qianyuan Electric Power announced that Chairman Yang Yan has proposed an interim profit distribution plan for 2026, intending to distribute a cash dividend of 1 yuan per 10 shares, tax included, to all shareholders based on the total share capital on the record date. No bonus shares will be issued, and no capital reserve will be converted into share capital.

As of now, 22 companies in the Shenzhen-listed utilities sector have disclosed earnings forecasts. More than half reported year-on-year profit growth, and 10 saw net profit rise by over 50%, with overall profitability improving markedly. Qianyuan Power expects first-half net profit attributable to the parent of 220 million to 255 million yuan, up 73.01% to 100.54% year on year, with power generation reaching 4.036 billion kilowatt-hours, a 26.10% increase. Chuanneng Power expects net profit attributable to the parent of 650 million to 720 million yuan, up 112.41% to 135.29%, mainly driven by the commissioning of lithium mining and lithium salt projects and the grid connection of wind power projects. Fuchun Environmental Protection expects net profit attributable to the parent of 298 million to 335 million yuan, up 60% to 80%, with higher product prices in the non-ferrous metal resource recycling business as the main driver. Lixin Energy expects net profit attributable to the parent of 60 million to 80 million yuan, up 570.26% to 793.68%, as the grid connection of a joint venture's outbound power transmission project from Xinjiang led to a sharp increase in investment income. Changyuan Electric Power expects net profit attributable to the parent of 149 million to 215 million yuan, up 57.14% to 126.74%, benefiting from lower standard coal unit prices and higher average electricity selling prices. Hunan Development expects net profit attributable to the parent to rise 318.91% to 391.77% year on year, following the completion of a major asset restructuring that brought four hydropower companies into the consolidated financial statements and significantly expanded hydropower installed capacity. Overall, in the first half of 2026, the Shenzhen-listed utilities sector achieved broad-based growth across sub-sectors such as power, new energy, and environmental protection. Many companies benefited from multiple tailwinds including project commissioning, abundant water inflows, lower fuel costs, and asset restructurings, delivering relatively rapid profit growth.

Qianyuan Electric Power has released its earnings forecast, estimating that net profit attributable to shareholders of the listed company in the first half of 2026 will be between 220 million and 255 million yuan, representing a year-on-year increase of 73.01% to 100.54%. The profit growth is mainly due to increased water inflow in the first half, which drove a 26.10% rise in power generation year-on-year, leading to higher power sales revenue and profit. Net profit for the second quarter is expected to be between 131 million and 166 million yuan, up 46% to 85% quarter-on-quarter.