Zhejiang Xinneng Semi-Annual Report Template

Zhejiang Provincial New Energy Investment Group Co., Ltd. (SSE: 600032), commonly known as Zhejiang Xinneng, is the dedicated renewable-energy platform of Zhejiang Energy Group and one of Zhejiang Province’s leading clean-power operators. Founded in August 2002 and listed on the main board of the Shanghai Stock Exchange on 25 May 2021 — the first independently listed new-energy platform of its parent — the company invests in, develops, operates and manages renewable generation assets and sells the electricity they produce. Its portfolio spans three core segments: wind power, solar PV and hydropower, complemented by emerging businesses such as energy storage.

As of 30 June 2026, its controlled installed capacity stood at 6.93 GW. Wind and solar form the twin pillars of the portfolio: in the first half of 2026, wind generation contributed RMB 906 million, or 40.7% of revenue; PV contributed RMB 847 million (38.1%); and hydropower RMB 435 million (19.5%). Zhejiang Energy Group directly holds 59.88% of the shares, with the State-owned Assets Supervision and Administration Commission of Zhejiang Province as ultimate controller, while China Yangtze Power holds a 4.28% strategic stake.

For the six months ended 30 June 2026, the company reported operating revenue of RMB 2,225 million, down 9.4% year on year from RMB 2,455 million. Total operating costs rose 2.1% to RMB 2,062 million, and this revenue-cost divergence compressed margins: operating profit fell 43.5% to RMB 251 million, and net profit attributable to shareholders declined 46.5% to RMB 155.9 million, with basic earnings per share of RMB 0.0648 against RMB 0.1213 a year earlier.

The balance sheet remained resilient. Total assets were RMB 58.06 billion; total liabilities fell 5.3% to RMB 38.36 billion, cutting the debt-to-asset ratio by 1.75 percentage points to 66.06%; owners’ equity rose 2.5% to RMB 19.70 billion; and cash on hand increased 25.0% to RMB 2.26 billion.

Cash generation was the standout. Net cash from operating activities grew 20.7% to RMB 1,297 million, while net cash used in investing activities narrowed sharply to RMB 485 million from RMB 1,776 million as capital expenditure moderated. Net cash used in financing activities was RMB 953 million, mainly reflecting debt repayment and dividend and interest payments.