Second Quarter 2026 Operating Results

SDIC Power Holdings Co., LTD

17 July 2026

SDIC Power Holdings Co., Ltd. 

(GDR under the symbol: "SDIC")

 Second Quarter 2026 Operating Results

This announcement contains the English translation of the Chinese version of "SDIC Power Holdings Co., Ltd. Second 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 the preliminary statistics of SDIC Power Holdings Co., Ltd. (hereinafter referred to as the "Company"), from April to June 2026, the Company's holding enterprises cumulatively achieved power generation of 32.451 billion kWh and on-grid energy of 31.456 billion kWh, a year-on-year decrease of 14.75% and 15.15% respectively. From January to June 2026, the Company's holding enterprises cumulatively achieved power generation of 70.358 billion kWh and on-grid energy of 68.503 billion kWh, a year-on-year decrease of 8.70% and 8.88% respectively.

From April to June 2026, the average on-grid tariff of these enterprises was RMB 0.379/kWh, a year-on-year increase of 8.29%. From January to June 2026, the average on-grid tariff of these enterprises was RMB 0.366/kWh, a year-on-year increase of 3.68%.

Main Operating Data of the Company's Holding Enterprises from April to June 2026

Item		Power generation (100 million kWh)			On-grid energy (100 million kWh)
		Current period	Same period last year	Change (YOY%)	Current period	Same period last year	Change (YOY%)
Sichuan	Yalong Hydro	134.64	197.63	-31.87%	133.71	196.53	-31.97%
Yunnan	SDIC Dachaoshan	15.88	15.83	0.31%	15.79	15.74	0.26%
Gansu	SDIC Xiaosanxia	11.06	11.65	-5.01%	10.93	11.51	-5.05%
Subtotal of hydropower		161.59	225.11	-28.22%	160.42	223.78	-28.31%
Tianjin	SDIC Beijiang	29.46	30.32	-2.83%	27.48	28.33	-2.99%
Guangxi	SDIC Qinzhou Electric Power	23.13	21.58	7.21%	21.41	20.05	6.75%
	SDIC Qinzhou Second Power	12.14	8.38	44.99%	11.19	7.77	43.97%
Fujian	Huaxia Power	17.17	16.67	2.99%	16.11	15.52	3.79%
	Meizhouwan Electric Power	29.72	35.68	-16.69%	28.31	33.77	-16.19%
Guizhou	SDIC Panjiang	7.07	6.60	7.02%	6.41	5.99	7.11%
	Guizhou New Sky	0.34	0.31	7.51%	0.28	0.26	9.77%
Thailand	C&G Environmental Protection	0.17	0.17	2.43%	0.14	0.14	4.58%
Subtotal of thermal power		119.21	119.71	-0.42%	111.34	111.84	-0.45%
Wind power		19.14	17.99	6.35%	18.65	17.56	6.22%
Solar power generation		24.57	17.86	37.62%	24.15	17.57	37.49%
Total of holding enterprises		324.51	380.67	-14.75%	314.56	370.74	-15.15%

Main Operating Data of the Company's Holding Enterprises from January to June 2026

Item		Power generation (100 million kWh)			On-grid energy (100 million kWh)
		Current period	Same period last year	Change (YOY%)	Current period	Same period last year	Change (YOY%)
Sichuan	Yalong Hydro	343.94	430.00	-20.01%	341.84	427.67	-20.07%
Yunnan	SDIC Dachaoshan	33.52	29.51	13.58%	33.33	29.34	13.60%
Gansu	SDIC Xiaosanxia	17.07	18.31	-6.79%	16.84	18.07	-6.77%
Subtotal of hydropower		394.52	477.82	-17.43%	392.02	475.08	-17.48%
Tianjin	SDIC Beijiang	59.27	60.17	-1.50%	55.28	56.14	-1.52%
Guangxi	SDIC Qinzhou Electric Power	41.09	43.82	-6.22%	38.47	40.76	-5.62%
	SDIC Qinzhou Second Power	22.63	14.40	57.15%	20.92	13.47	55.32%
Fujian	Huaxia Power	30.80	26.23	17.44%	28.92	24.48	18.16%
	Meizhouwan Electric Power	52.20	62.41	-16.36%	49.79	59.01	-15.63%
Guizhou	SDIC Panjiang	16.89	14.49	16.54%	15.42	13.16	17.21%
	Guizhou New Sky	0.77	0.67	14.32%	0.65	0.56	16.31%
Thailand	C&G Environmental Protection	0.40	0.39	2.79%	0.34	0.33	4.11%
Subtotal of thermal power		224.05	222.58	0.66%	209.79	207.90	0.91%
Wind power		39.57	37.14	6.54%	38.59	36.27	6.42%
Solar power generation		45.44	33.06	37.47%	44.63	32.54	37.17%
Total of holding enterprises		703.58	770.59	-8.70%	685.03	751.78	-8.88%

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

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

Affected by rainfall, the water inflow in the basins where Yalong Hydro and Xiaosanxia Hydropower Station are located was relatively small. Benefiting from the increase in water released by upstream hydropower stations for power generation, the power generation of Dachaoshan Hydropower Station achieved year-on-year growth.

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

Main reasons for the change in power generation of Guangxi's thermal power enterprises: Generally, power generation remained largely flat compared to the same period last year, with divergent year-on-year changes among internal power plants (some increased while others decreased) mainly due to the unified balancing dispatch within the region.

Main reasons for the change in power generation of Fujian's thermal power enterprises: First, No. 5 Unit 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 power generation growth is driven by increased social electricity consumption and outbound power transmission in Guizhou, as well as the province's proactive participation in the long-cycle trial operation of the spot market.

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.

Explanation of the year-on-year change in average on-grid tariff of holding enterprises from January to June 2026:

Main reasons for the year-on-year increase in average on-grid tariff: Firstly, the Company's strengthened electricity marketing efforts and optimized trading strategies; and secondly, higher capacity payments following the implementation of the new coal-fired power capacity pricing policy in regions where certain of the Company's thermal power enterprises operate.

II. Installed Capacity Status

In Q2 2026, the controlled installed capacity put into operation by the Company increased by 465,000 kW, of which the newly installed capacity of solar power was 400,000 kW and that of wind power was 65,000 kW. As of the end of Q2 2026, this figure reached 47,660,600 kW, including 21,304,500 kW of hydropower, 13,074,800 kW of thermal power (including waste-to-energy generation), 8,389,400 kW of solar power, 4,205,300 kW of wind power and 686,600 kW of energy storage.

It is hereby announced.

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

                                                           July 17, 2026

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