Third Quarter 2026 Operating Results

SDIC Power Holdings Co., LTD

19 October 2026

 

SDIC Power Holdings Co., Ltd.  

(GDR under the symbol: "SDIC")

 Third Quarter 2026 Operating Results

This announcement contains the English translation of the Chinese version of "SDIC Power Holdings Co., Ltd. Third Quarter 2026 Operating Results" as published on the website of the Shanghai Stock Exchange, and is provided for your reference only. In case of discrepancy between the Chinese version and the English version, the Chinese version shall prevail.

I. Electricity Volume and Tariff

According to preliminary statistics of SDIC Power Holdings Co., Ltd. (hereinafter referred to as the Company), from July to September 2026, the Company's controlled enterprises cumulatively achieved power generation of 54.857 billion kWh and on-grid energy of 53.622 billion kWh, year-on-year increases of 14.55% and 14.56%, respectively. From January to September 2026, the Company's controlled enterprises cumulatively achieved power generation of 125.215 billion kWh and on-grid energy of 122.126 billion kWh, year-on-year increases of 0.21% and 0.12%, respectively.

From July to September 2026, the average on-grid tariff of the Company's controlled enterprises was RMB 0.317/kWh, a year-on-year decrease of 5.09%. From January to September 2026, the average on-grid tariff of these enterprises was RMB 0.345/kWh, a year-on-year decrease of 0.29%.

Main Operating Data of the Company's Controlled Enterprises from July to September 2026

Item		Power generation (100 million kWh)			On-grid energy (100 million kWh)
		Current period	Same period last year	YoY change	Current period	Same period last year	YoY change
Sichuan	Yalong Hydro	337.00	283.09	19.04%	335.37	281.65	19.07%
Yunnan	SDIC Dachaoshan	17.38	21.35	-18.59%	17.27	21.23	-18.65%
Gansu	SDIC Xiaosanxia	10.50	10.99	-4.46%	10.36	10.85	-4.52%
Subtotal of hydropower		364.88	315.43	15.68%	363.00	313.73	15.70%
Tianjin	SDIC Beijiang	45.22	45.37	-0.32%	42.37	42.60	-0.54%
Guangxi	SDIC Qinzhou Electric Power	18.48	20.45	-9.64%	16.71	18.78	-11.05%
	SDIC Qinzhou Second Power	13.95	6.53	113.58%	12.72	6.00	112.17%
Fujian	Huaxia Power	20.21	21.79	-7.26%	19.01	20.48	-7.21%
	SDIC Meizhouwan	31.20	32.20	-3.11%	29.64	30.58	-3.08%
Guizhou	SDIC Panjiang	5.98	4.66	28.31%	5.43	4.21	28.99%
	Guizhou New Sky	0.46	0.42	11.22%	0.39	0.35	13.01%
Zhejiang	Zhoushan Gas Turbine	4.55	-	-	4.45	-	-
Thailand	Newsky (Thailand)	1.67	0.24	606.73%	1.42	0.20	615.73%
Subtotal of thermal power		141.72	131.65	7.65%	132.14	123.20	7.26%
Wind power		16.95	14.75	14.91%	16.43	14.37	14.29%
Solar power generation		25.02	17.08	46.54%	24.65	16.78	46.93%
Total of controlled enterprises		548.57	478.91	14.55%	536.22	468.08	14.56%

Main Operating Data of the Company's Controlled Enterprises from January to September 2026

Item		Power generation (100 million kWh)			On-grid energy (100 million kWh)
		Current period	Same period last year	YoY change	Current period	Same period last year	YoY change
Sichuan	Yalong Hydro	680.94	713.08	-4.51%	677.21	709.32	-4.53%
Yunnan	SDIC Dachaoshan	50.89	50.86	0.06%	50.61	50.57	0.08%
Gansu	SDIC Xiaosanxia	27.57	29.31	-5.94%	27.21	28.92	-5.91%
Subtotal of hydropower		759.40	793.25	-4.27%	755.03	788.81	-4.28%
Tianjin	SDIC Beijiang	104.49	105.54	-0.99%	97.66	98.74	-1.09%
Guangxi	SDIC Qinzhou Electric Power	59.57	64.26	-7.31%	55.18	59.55	-7.34%
	SDIC Qinzhou Second Power	36.57	20.93	74.76%	33.65	19.47	72.83%
Fujian	Huaxia Power	51.01	48.02	6.23%	47.93	44.96	6.60%
	SDIC Meizhouwan	83.40	94.61	-11.85%	79.43	89.60	-11.35%
Guizhou	SDIC Panjiang	22.87	19.15	19.41%	20.85	17.36	20.06%
	Guizhou New Sky	1.23	1.09	13.13%	1.04	0.90	15.04%
Zhejiang	Zhoushan Gas Turbine	4.55	-	-	4.45	-	-
Thailand	Newsky (Thailand)	2.08	0.63	229.57%	1.76	0.52	235.86%
Subtotal of thermal power		365.77	354.23	3.26%	341.94	331.10	3.27%
Wind power		56.51	51.89	8.91%	55.02	50.62	8.70%
Solar power generation		70.47	50.13	40.56%	69.28	49.28	40.58%
Total of controlled enterprises		1,252.15	1,249.50	0.21%	1,221.26	1,219.80	0.12%

Explanation of the year-on-year change in power generation of controlled enterprises from January to September 2026:

1. Main reasons for the year-on-year decrease in hydropower generation

The water inflow in the basin where Yalong Hydro is located was relatively low in the first half of the year; the water inflow in the basin where Xiaosanxia hydropower station is located was relatively low in the first three quarters; the power generation of Dachaoshan was broadly unchanged year-on-year.

2. Main reasons for the year-on-year change in thermal power generation

Main reasons for the change in power generation of thermal power enterprises in Guangxi: the year-on-year changes in power generation among the Company's power plants varied, mainly due to coordinated dispatch among power plants in the region; Unit 4 of Qinzhou Second Power was put into operation in August 2026, and Unit 3 in September 2026.

Main reasons for the change in power generation of Fujian's thermal power enterprises: First, Unit 5 of Huaxia Power was put into operation in July 2025, leading to a year-on-year increase in both installed capacity and power generation. Second, the Meizhouwan Phase I BOT project was handed over at the end of June 2025 and is therefore excluded from the statistics for the current period, resulting in a year-on-year decrease in power generation.

Main reasons for the increase in power generation of Guizhou's thermal power enterprises: The year-on-year growth in power generation was driven by increased electricity consumption and outbound power transmission in Guizhou, as well as the enterprises' efforts to seize opportunities arising from the extended trial operation of the spot market.

Main reasons for the increase in power generation of waste-to-energy enterprises in Thailand: the Nongkhaem Phase II and On Nut waste-to-energy projects in Thailand were put into operation in August 2026.

3. Main reasons for the year-on-year increase in wind power generation

Multiple wind power projects were put into operation successively.

4. Main reasons for the year-on-year increase in solar power generation

Multiple solar power projects were put into operation successively.

II. Installed Capacity

The Company's controlled installed capacity in operation increased by 2,332,500 kW in the third quarter, including 2,238,300 kW of newly installed thermal power, 89,200 kW of newly installed solar power, and 5,000 kW of newly installed energy storage. By the end of the third quarter, the Company had a controlled installed capacity of 49.9931 million kW in operation, including 21.3045 million kW of hydropower, 15.3131 million kW of thermal power (including waste-to-energy generation), 8.4786 million kW of solar power, 4.2053 million kW of wind power, and 0.6916 million kW of energy storage.

Board of Directors of SDIC Power Holdings Co., Ltd.

     October 19, 2026

 

END