Jiangsu Xinneng released its 2026 interim report on August 26. During the reporting period, the company achieved operating revenue of 937 million yuan, down 11.05% year on year. Net profit attributable to the parent company was 132 million yuan, down 53.14% year on year. Net profit after deducting non-recurring items was 164 million yuan, down 38.48% year on year. The decline in performance was mainly affected by weaker wind resources, a higher curtailment rate, and the expiry of preferential tax policies. At the same time, the controlling subsidiary Xinneng Haili was fined approximately 62.2679 million yuan for illegal sea use, which was recorded as non-operating expenses and further dragged down profits. The company's total power generation was 1.61 billion kilowatt-hours, down 9.70% year on year, of which wind power generation was 1.42 billion kilowatt-hours, down 13.04% year on year, and photovoltaic power generation was 190 million kilowatt-hours, up 26.67% year on year. The company stated that after excluding the impact of the administrative penalty, the decline in core business profit narrowed, but the decline in revenue and the compression of gross margin remain the core pain points.
Jiangsu New Energy Development Co LtdNet profit fell over 50% due to weaker wind resources, higher curtailment, tax expiry, and a fine for illegal sea use.
Subsidiary Xinneng Haili fined 62.27 million yuan for illegal sea use, recorded as non-operating expenses.
