Tongbao Energy released its 2026 interim report on August 28. During the reporting period, the company achieved operating revenue of 5.532 billion yuan, down 0.51% year on year, while net profit attributable to the parent reached 392 million yuan, up 24.66% year on year. Deducted non-recurring net profit was 383 million yuan, up 22.64% year on year. The profit growth was mainly driven by a significant contribution from its associate Shanxi Ningwu Yushupo Coal Industry Company Limited. The associate posted a net profit of 496 million yuan in the first half, and the company's investment income recognized under the equity method increased substantially. Investment income from associates and joint ventures reached 112 million yuan, a sharp year-on-year increase. The company's main business is thermal power generation and power distribution. In the first half, power generation was 2.529 billion kilowatt-hours, down 2.77% year on year, while electricity sales were 10.103 billion kilowatt-hours, basically flat compared with the same period last year. However, by strengthening fuel management and controlling costs, the power generation segment remained stable. The company implemented its 2025 profit distribution plan, paying a total cash dividend of 206 million yuan, with a payout ratio of 31.84%. In addition, the company added investments in clean energy projects such as wind power and photovoltaics. Projects including the 100-megawatt wind power project at Gaojiayan in Pinglu are progressing as planned, and the industrial structure is gradually upgrading toward an integrated energy system. Looking ahead, the downward shift in the spot electricity price midpoint for thermal power, uncertainty over capacity compensation implementation, and rising compliance costs from tighter carbon allowances continue to pressure the company's traditional thermal power business. Close attention should be paid to coal price fluctuations and the actual consumption and profitability of new energy projects after they come online.
Top Energy Shanxi Co LtdInterim report shows net profit up 24.66% YoY, driven by investment income from its coal associate.
The associate posted a net profit of 496 million yuan in H1, driving Tongbao Energy's equity-method investment income sharply higher.
