Guangdong Meiyan Jixiang Hydropower Co Ltd

Meiyan Jixiang released its 2026 interim report. Leveraging its core hydropower business and the newly consolidated BPO operations, the company achieved a doubling of revenue during the reporting period, while its losses narrowed significantly. Data shows the company recorded operating revenue of 201 million yuan, up 143.67 percent year on year. Net profit attributable to the parent company was a loss of 2.2708 million yuan, a substantial improvement from a loss of 30.3546 million yuan in the same period last year. Net profit after deducting non-recurring items was a loss of 24.0984 million yuan, also showing a narrowing trend year on year. Net cash flow from operating activities was 16.6779 million yuan, turning positive from a net outflow in the prior-year period. In terms of business structure, the company has formed a diversified portfolio of hydropower, BPO, and geographic information services. The hydropower business benefited from abundant rainfall, with power generation up 29.45 percent year on year, driving segment revenue up 30.46 percent to approximately 66.51 million yuan. The newly consolidated BPO business contributed 113 million yuan in revenue, becoming the main engine of revenue growth. The geographic information business continued to incur losses due to impairment provisions caused by collection difficulties. The main reasons for the performance change include changes in the scope of consolidation, higher hydropower volumes and prices, and asset disposal gains of approximately 30.77 million yuan from the transfer of cement clinker production capacity indicators by subsidiary Meiyan Rotary Kiln Cement, which was a key factor in the substantial narrowing of total profit. Looking ahead, synergies from the company's diversified operations are expected to emerge, but risks remain from bad debts in the geographic information business's accounts receivable and fluctuations in hydropower water inflows.