Shangao New Energy (01250) announced interim results. Profit attributable to shareholders of 154 million yuan decreased by 46.23% year-on-year

According to the Zhitong Finance App, Shangao New Energy (01250) announced interim results for the six months ended June 30, 2026. The group achieved operating revenue of RMB 2,131 billion (same unit), a year-on-year decrease of 11.18%; profit attributable to the company's equity holders was RMB 154 million, a year-on-year decrease of 46.23%; profit per share was 6.87 points.

According to the announcement, the increase in electricity volume brought about by new grid-connected projects during the reporting period was offset by the impact of widespread intensification of electricity restrictions across the country and the decline in market-based electricity prices. As the electricity limit rate increased, the loss of power generation revenue due to power restrictions in the first half of the year became a core negative factor affecting profits. At the same time, market-based electricity prices began to be implemented this year. New energy electricity prices have fully entered the market-based trading era. Incremental projects no longer enjoy fixed guaranteed electricity prices (at the same time, stock projects also have a slight impact), and their profits are determined by medium- to long-term transactions, spot markets, green electricity transactions, etc. As a result, the Group's daily operations began to face downward pressure on electricity prices. The combination of the above has contributed to an increase in the share of revenue from affordable projects (but also a decrease in the share of revenue from subsidized projects).