Report date: 2026-09-13 | Price data: As of the September 11, 2026 close; some technical indicators refer to data as of September 10 or 11, respectively. Differences across platforms reflect variations in adjustment methods, calculation times, MACD parameters, and valuation conventions. | Sources: 30 | Report engine: v1 (v2 available)

Report engine upgraded to v2 (2026-09-24)

This report was generated by engine v1. v2: Rebuilt like a professional research note: a conclusion-first summary with where the evidence differs from market expectations, a dated catalyst calendar, a watch list you can track, and a one-week price range based on historical volatility, all in a tighter write-up. What's new

View PDF Download Word Download Markdown

Price history

Loading price history...

Latest market data

Close	28.54 (+0.56% on the day; +1.86% over 5 sessions; +0.49% over 20 sessions)
Market cap	CNY 698.32 billion
P/E (TTM)	19.29x (30th percentile over 5.2 years)
P/B (MRQ)	3.23x (77th percentile over 5.2 years)
P/S (TTM)	7.98x (29th percentile over 5.2 years)
52-week range	24.38 (2026-01-29) – 29.57 (2026-07-29)
Moving averages	MA5 28.38 / MA10 28.32 / MA20 28.31 / MA60 28.25
MACD (12,26,9)	DIF 0.061, DEA 0.047, histogram 0.029
RSI	RSI6 62 / RSI14 55.9
Bollinger bands (20,2)	Upper 28.82 / middle 28.31 / lower 27.8
Volume	0.8x the 20-day average
One-week range (about 68% coverage)	28.06 – 29.06 (-1.7% ~ +1.8%)
One-week range (about 95% coverage)	27.57 – 29.6 (-3.4% ~ +3.7%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

China Yangtze Power Co., Ltd. (Yangtze Power) (600900)

Individual Stock Analysis Report | Industry: Large-Scale Hydropower Operations | Report Date: September 13, 2026 | As of the close on September 11, 2026; certain technical indicators reference data as of September 10 or September 11, 2026 respectively. Discrepancies exist across platforms due to differences in adjustment methods, calculation timing, MACD parameters, and valuation methodologies.

This report was automatically compiled and generated by AI based on publicly available information, for reference only, and does not constitute investment advice.

1. Core Summary

The core investment characteristics of China Yangtze Power are "ultra-large scale, scarce river-basin hydropower assets + stable cash flow + relatively high dividends," rather than high growth. In 2025, the company's operating revenue was RMB 86.242 billion and net profit attributable to shareholders of the parent company was RMB 34.503 billion, representing year-on-year growth of 2.07% and 6.17% respectively; in the first half of 2026, operating revenue was RMB 37.929 billion and net profit attributable to shareholders of the parent company was RMB 14.756 billion, representing year-on-year growth of 3.36% and 13.02% respectively. The profit growth rate was notably higher than the revenue growth rate, primarily driven by increased power generation, lower operating costs, and reduced financial expenses.

In the first half of 2026, the company's six cascade hydropower stations in China generated 132.744 billion kWh, up 4.81% year-on-year; operating costs decreased 0.81% year-on-year, and financial expenses decreased 13.61% year-on-year to approximately RMB 4.201 billion, demonstrating that improved water inflow, cascade joint dispatch, and expense reduction supported profits. In 2025, the gross margin of the domestic hydropower segment reached 65.79%, and the company continues to maintain strong profitability quality underpinned by low marginal costs, river-basin dispatch capabilities, and long operating cycles.

The company's controllable hydropower installed capacity is 71.795 GW, significantly ahead of major comparable hydropower and integrated power listed companies, and its downstream customers are primarily State Grid and China Southern Power Grid, with relatively stable payment collection. As of fiscal year 2025, the company's cash dividend was approximately RMB 24.468 billion, with a dividend payout ratio of approximately 70.92%; the five-year dividend return plan going forward is cited by brokers as no less than 70% of net profit attributable to shareholders of the parent company each year in cash dividends, but the actual return level still depends on earnings, cash flow, and the company's final announcements.

As of September 11, 2026, the company's share price was RMB 28.45, with a dynamic P/E ratio of approximately 19–23x depending on the methodology used, near its 52-week high; technically, the share price has reclaimed several moving averages and trading volume expanded on the day, but the MACD reversal has not been fully confirmed, and net outflow of main-force funds over the past 10 trading days remains slightly negative on a cumulative basis. The consensus estimates of institutions for net profit attributable to shareholders of the parent company for 2026–2028 are approximately RMB 35.912 billion, RMB 37.233 billion, and RMB 38.170 billion, which overall reflect stable cash flow, scarce assets, and dividend attributes rather than significant high earnings growth.

2. Company Overview

2.1 Basic Information

Item	Content
Stock Ticker	600900
Stock Abbreviation	Yangtze Power
Listing Exchange	Shanghai Stock Exchange; the company also has GDRs listed on the London Stock Exchange
Controlling Shareholder and Actual Controller System	China Three Gorges Corporation
Latest Complete Fiscal Year Data As Of	December 31, 2025
2025 Annual Report Disclosure Date	April 30, 2026
2025 Operating Revenue	RMB 86.242 billion
2025 Controllable Hydropower Installed Capacity	71.795 GW, of which 71.695 GW domestic and 0.1 GW overseas
2025 Hydropower Generation and Electricity Sales	Total hydropower business generation of 307.1944 billion kWh, electricity sales of 305.8088 billion kWh

2.2 Main Business and Product Layout

Domestic large-scale cascade hydropower operations: primarily operating six large hydropower stations — Wudongde, Baihetan, Xiluodu, Xiangjiaba, Three Gorges, and Gezhouba — responsible for power production and sales
International hydropower and related power businesses: its subsidiary Luz del Sur primarily engages in Peru power-related businesses
Pumped-storage hydropower: advancing projects in Gongyi (Henan), Xunwu (Jiangxi), Qinglong (Hebei), Zhangye (Gansu), Youxian (Hunan), and others
Other clean energy and new-type power system businesses: including hydro-wind-solar-storage integration, digital operations and maintenance, intelligent dispatch, and power station safety management

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

China Yangtze Power is positioned in the upper-middle reaches of the hydropower industry chain, a clean energy power generation leader whose core capabilities are based on scarce large-scale hydropower resources, river-basin cascade dispatch, and long-term low-cost operations. The company's core assets are large cascade hydropower stations along the main stream of the Yangtze River and the lower reaches of the Jinsha River, characterized by large scale, pronounced river-basin cascade synergies, strong dispatch capabilities, and long operating cycles.

The core production factor is water energy resources with river-basin control rights and dispatch conditions, rather than fuels such as coal or natural gas; power generation is affected by Yangtze River water inflow, rainfall, and reservoir dispatch, and water resources themselves essentially have no procurement cost in the traditional sense.
Major inputs include hydropower station construction and technical renovation services, turbines, generators, transformers, power transmission and transformation equipment, maintenance of hydraulic structures such as dams, powerhouses, and water conveyance systems, as well as steel, cement, metal structural components, spare parts, engineering consulting, design, overhaul, operations and maintenance, and IT services.
In 2025, the main costs of the domestic hydropower business were depreciation expenses and various government levies, with related costs of RMB 25.882 billion, accounting for 53.07% of the company's total costs; the company does not bear fuel procurement costs such as coal and natural gas, and other business costs are primarily materials and labor costs.
Large hydropower equipment and engineering construction are typically undertaken by large engineering, equipment, and design enterprises, and suppliers have specialized technical thresholds; the procurement systems and project bidding mechanisms of large central SOEs impose certain constraints on suppliers, and the company has some procurement bargaining power over upstream equipment and engineering service suppliers, but is not entirely immune to cost changes.
In 2025, the top five suppliers' procurement amounted to RMB 4.367 billion, accounting for 55.29% of total domestic annual procurement; this supplier concentration is not low, but no single supplier accounted for more than 50% of procurement, and the company disclosed that it does not have severe dependence on any single supplier. This data is based on the 2025 annual report disclosure basis.
The electricity the company sells is primarily sold through State Grid and China Southern Power Grid, ultimately covering multiple electricity-consuming regions including Central China, East China, and South China.
In 2025, sales to State Grid amounted to RMB 58.919 billion, accounting for 68.8% of total annual sales; sales to China Southern Power Grid amounted to RMB 26.721 billion, accounting for 31.2% of total annual sales. Sales to the top five customers accounted for approximately 100% of total domestic annual sales.
The above customer concentration data is from the 2025 annual report disclosure, with a statistical basis of domestic annual sales; it cannot be simply equated with customer concentration for all consolidated revenue. The meeting minutes did not provide customer concentration data for other years for cross-comparison; please refer to the latest annual report for specifics.
Electricity sales prices and trading methods are affected by government pricing, market-based trading, cross-regional power transmission, and power dispatch rules, and the company cannot fully determine electricity prices on its own; grid customer concentration is high, and the grid has strong bargaining power in trading and dispatch.
China Yangtze Power possesses scarce large-scale hydropower assets, with clean energy, low marginal cost, peak-shaving, and cross-regional power transmission value, and holds a strong strategic position in power supply security and green energy consumption; the six cascade hydropower stations can improve water energy utilization through river-basin joint dispatch and transmit electricity to multiple regions.
Unlike resource commodities companies that directly accept commodity benchmark prices, the company's downstream bargaining relationship is mainly manifested in electricity pricing mechanisms, market-based trading, cross-regional power transmission, and grid dispatch rule constraints; its profits are also highly sensitive to water inflow and power generation.
As of December 31, 2025, the book balance of accounts receivable was RMB 7.365 billion, equivalent to approximately 8.5% of full-year operating revenue of RMB 86.242 billion; the 2025 accounts receivable turnover days were approximately 34.6 days, lower than approximately 50.4 days in 2024, indicating improved collection efficiency; inventory turnover days were approximately 8 days. The company does not need to stockpile large amounts of coal, natural gas, or other production fuels, so inventory occupation is light, and its main customers are large grid central SOEs such as State Grid and China Southern Power Grid, which the annual report states have good credit status and no significant credit risk. The above data indicate relatively stable downstream payment collection, but it cannot be inferred that the company has full electricity pricing power; electricity prices and dispatch remain influenced by electricity market rules and the grid system.
On the upstream side, in 2025, the top five suppliers' procurement accounted for 55.29% of total domestic annual procurement, but no single supplier accounted for more than 50%; on the downstream side, in 2025, sales to State Grid and China Southern Power Grid together accounted for 100% of total annual sales, and sales to the top five customers accounted for approximately 100% of total domestic annual sales. The downstream concentration data comes from the 2025 annual report, using the domestic annual sales basis, and cannot directly derive customer concentration for all consolidated revenue; the meeting minutes did not provide data for other years; please refer to the latest annual report for specifics.

Gross Margin

Fiscal Year	Gross Margin	Net Margin	Brief Explanation
2021	~62.06%	~47.2%, calculated as net profit attributable to shareholders of the listed company ÷ operating revenue	The company still focused on high-margin large-scale hydropower, with low variable production costs other than depreciation; however, Yangtze River water inflow was below normal, affecting power generation.
2022	~57.13%	~40.9%, calculated as net profit attributable to shareholders of the listed company ÷ operating revenue	Annual Yangtze River water inflow was severely below normal, power generation fell 10.92%, and domestic hydropower revenue and profit were significantly affected; meanwhile, financial expenses and related costs increased after asset scale expansion.
2023	~57.83%	~34.9%, calculated as net profit attributable to shareholders of the listed company ÷ operating revenue	After business scale expansion, depreciation, financial expenses, and other business costs remained high; the hydropower main business recovered, but consolidated reporting of diversified businesses and changes in capital structure kept the net margin attributable to the parent company below the 2021–2022 levels.
2024	~59.13%	~38.5%, calculated as net profit attributable to shareholders of the listed company ÷ operating revenue	Water inflow and power generation improved, and hydropower main business revenue grew; improved operating efficiency of large power stations, reduced depreciation pressure on certain fixed assets, and lower financial expenses drove margin recovery.
2025	~61.67%; domestic hydropower segment gross margin 65.79%	~40.0%, calculated as net profit attributable to shareholders of the listed company ÷ operating revenue	Power generation of the six domestic cascade hydropower stations increased 3.82% year-on-year, and domestic hydropower business revenue grew 1.59%; domestic hydropower operating costs decreased 7.30%, with declines in depreciation and government levies among main costs, driving the hydropower segment gross margin up 3.28 percentage points year-on-year.

China Yangtze Power is positioned in the upper-middle reaches of the hydropower industry chain, close to the upstream resource-based high-barrier segment: the company is not a downstream enterprise with brand premium, nor a traditional midstream power generation enterprise relying on fuel procurement, but rather earns profits by leveraging scarce large-scale hydropower resources, river-basin cascade dispatch, and long-term low marginal cost operations. Further margin improvement mainly depends on water inflow improvement, cascade dispatch efficiency enhancement, depreciation and financial expense reduction, electricity price and market-based trading optimization, and pumped-storage and international business expansion, rather than traditional manufacturing-style raw material cost reduction. Hydropower generation is highly affected by Yangtze River basin water inflow, and installed capacity scale and historical profitability do not mean that future annual power generation and profits will be completely stable.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting Period	Operating Revenue	YoY	Net Profit Attributable to Parent	YoY
H1 2026	RMB 37.929 billion	+3.36% YoY	Net profit attributable to shareholders of the listed company RMB 14.756 billion	+13.02% YoY
Q2 2026	RMB 19.818 billion	+0.69% YoY, ~9.42% QoQ	Net profit attributable to shareholders of the listed company RMB 7.995 billion	+1.51% YoY, ~18.25% QoQ
FY2025	RMB 86.242 billion	+2.07% YoY	Net profit attributable to shareholders of the listed company RMB 34.503 billion	+6.17% YoY

As of August 31, 2026, the company's latest financial report is the "2026 Semi-Annual Report," covering the reporting period from January 1 to June 30, 2026, with financial statements unaudited. In H1 2026, net profit attributable to the parent excluding non-recurring items was RMB 14.294 billion, up 8.37% year-on-year, with basic earnings per share of RMB 0.6031; in FY2025, net profit attributable to the parent excluding non-recurring items was RMB 33.446 billion, up 2.89% year-on-year, with basic earnings per share of RMB 1.4101.

In H1 2026, profit growth was significantly higher than revenue growth, primarily driven by increased power generation, cost reduction, and financial expense compression. The company's six domestic cascade hydropower stations generated 132.744 billion kWh, up 4.81% year-on-year; operating costs were RMB 15.971 billion, down 0.81% year-on-year; gross margin was 57.89%, up 1.77 percentage points year-on-year; financial expenses were approximately RMB 4.201 billion, down 13.61% year-on-year. In 2025, operating costs decreased 4.26% year-on-year, and financial expenses decreased 15.81% year-on-year. It should be noted that H1 2026 net profit attributable to the parent was higher than net profit attributable to the parent excluding non-recurring items, and the research minutes noted that the difference was mainly related to fair value change gains from holding equity in Nanwang Digital.

3.2 Earnings Forecasts

As of September 5, 2026, Tonghuashun F10 compilation shows that within the past 6 months, a total of 20 institutions have forecast China Yangtze Power's 2026 performance. The 2026 net profit attributable to the parent and EPS forecasts come from 20 institutions respectively, and the 2028 net profit attributable to the parent and EPS forecasts come from 18 institutions respectively. The forecast data is a compilation of institutional research reports, not official company guidance; different institutions have significant differences in assumptions regarding water inflow, electricity prices, market-based trading proportions, investment income, and fair value changes.

Fiscal Year	Operating Revenue	Net Profit Attributable to Parent	Net Profit Growth Rate	Earnings Per Share (EPS)
2026	Institutional average forecast RMB 86.637 billion	Institutional average forecast net profit attributable to parent RMB 35.912 billion, forecast range RMB 34.530–37.352 billion	Not separately disclosed; research minutes state 2026–2028 net profit attributable to parent growth rate is roughly 2%–6%	Average forecast RMB 1.47, forecast range RMB 1.41–1.53
2027	Institutional average forecast RMB 88.135 billion	Institutional average forecast net profit attributable to parent RMB 37.233 billion, forecast range RMB 34.866–39.965 billion	Not separately disclosed; research minutes state 2026–2028 net profit attributable to parent growth rate is roughly 2%–6%	Average forecast RMB 1.52, forecast range RMB 1.42–1.63
2028	Institutional average forecast RMB 88.899 billion	Institutional average forecast net profit attributable to parent RMB 38.170 billion, forecast range RMB 36.260–40.921 billion	Not separately disclosed; research minutes state 2026–2028 net profit attributable to parent growth rate is roughly 2%–6%	Average forecast RMB 1.56, forecast range RMB 1.48–1.67

3.3 Valuation Levels and Institutional Ratings

Institution	Rating	Date	Remarks
Tonghuashun research report rating statistics over the past 6 months	Buy 22; Hold, Neutral, Reduce, and Sell ratings all 0	As of September 5, 2026	This is a compilation of publicly available research report samples, not equivalent to complete coverage by all institutions in the entire market.
Orient Securities	Buy	September 4, 2026	Forecasts 2026–2028 net profit attributable to parent of RMB 36.357 billion, RMB 39.208 billion, and RMB 39.749 billion respectively, with EPS of RMB 1.49, RMB 1.60, and RMB 1.62 respectively; target price RMB 34.27.
Tianfeng Securities	Buy	September 4, 2026	Forecasts 2026–2028 net profit attributable to parent of RMB 36.045 billion, RMB 37.441 billion, and RMB 38.463 billion respectively; corresponding forecast P/E ratios of approximately 19.3x, 18.6x, and 18.1x.
Huatai Securities	Buy	September 3, 2026	Forecasts 2026–2028 net profit attributable to parent of RMB 35.927 billion, RMB 37.471 billion, and RMB 38.943 billion respectively, with EPS of RMB 1.47, RMB 1.53, and RMB 1.59 respectively; target price RMB 37.44, with valuation methodology of 25.5x 2026 forecast P/E.
Soochow Securities	Buy	September 2, 2026	Forecasts 2026–2028 net profit attributable to parent of RMB 35.865 billion, RMB 36.431 billion, and RMB 36.643 billion respectively; corresponding 2026–2028 P/E ratios of approximately 19.4x, 19.1x, and 19.0x.
Shenwan Hongyuan	Buy	September 1, 2026	Forecasts 2026–2028 net profit attributable to parent of RMB 37.352 billion, RMB 38.788 billion, and RMB 39.853 billion respectively; corresponding P/E ratios of approximately 19x, 18x, and 17x, relatively optimistic among the sample.
Caitong Securities	Buy	September 2, 2026	Forecasts 2026–2028 operating revenue of RMB 86.470 billion, RMB 89.661 billion, and RMB 89.068 billion respectively; net profit attributable to parent of RMB 35.511 billion, RMB 37.132 billion, and RMB 37.134 billion respectively; EPS of RMB 1.45, RMB 1.52, and RMB 1.52 respectively.
Guotai Haitong	Hold	May 28, 2026	Target price RMB 32.34; the target price was published relatively early, and its reference value is lower than the latest reports from September 2026.

As of the close on September 4, 2026, the company's share price was RMB 28.42, with a total market capitalization of approximately RMB 695.387 billion, a dynamic P/E ratio of approximately 19.21x, a price-to-book ratio of approximately 3.22x, and a static dividend yield of approximately 3.52%. Based on the institutional consensus EPS as of September 5, 2026, the consensus P/E ratios for 2026–2028 are approximately 19.3x, 18.7x, and 18.2x respectively. The latest publicly disclosed target price range is approximately RMB 32.34–37.44, of which Orient Securities' target price is RMB 34.27 and Huatai Securities' target price is RMB 37.44; target prices are judgments by individual institutions based on their own valuation assumptions and should not be regarded as market consensus target prices. In institutional reports, the company's 2026 forecast P/E is mostly around 19–20x, and Huatai Securities assigned 25.5x 2026 forecast P/E, reflecting a valuation premium for the scarcity of large-scale hydropower assets, cash flow, dividend payout ratio, joint dispatch capability of six cascade hydropower stations, and central SOE background. The company's 2025 cash dividend total was approximately RMB 24.468 billion, with a dividend payout ratio of approximately 70.92%; some institutions estimate the forecast dividend yield at approximately 3.5%–3.7% based on an approximately 70%–71% payout ratio for 2026. Overall, the company's valuation is not cheap, and the current share price reflects more of stable cash flow, high dividends, and scarcity of hydropower assets rather than high-growth expectations; the main uncertainties for future earnings and valuation come from water inflow, electricity prices, market-based trading proportions, inter-provincial power transmission prices, fair value changes, and investment income.

4. Recent News and Announcements

4.1 Controlling Shareholder Increase Plan and Progress

Disclosed on August 23, 2025, the "Announcement on the Controlling Shareholder's Plan to Increase Shareholding" (No. 2025-041), the controlling shareholder China Three Gorges Corporation planned to increase its shareholding within 12 months through centralized bidding, block trades, and other methods, with an amount of no less than RMB 4 billion and no more than RMB 8 billion. As of October 23, 2025, a cumulative 90.7038 million shares had been increased through centralized bidding, accounting for approximately 0.37% of total share capital, with a cumulative increase amount of RMB 2,530,978,300 (approximately RMB 2.531 billion). As of June 30, 2026, China Three Gorges Corporation had cumulatively increased its shareholding in the company by 162 million shares through centralized bidding, with an increase amount of RMB 4.499 billion. A Shenyin & Wanguo research report (September 1, 2026) stated that as of August 22, 2026, the major shareholder's cumulative increase amount reached RMB 4.499 billion, and the increase plan was implemented; this completion date is only found in that research report and is a single source; please refer to the company's final announcement for specifics.

4.2 Controlling Shareholder Receives Special Loan Commitment Letter for Shareholding Increase

Announced on October 24, 2025 (No. 2025-049), China Three Gorges Corporation received a "Loan Commitment Letter" from Agricultural Bank of China Three Gorges Branch, with a limit of no more than RMB 7.2 billion, a term of 3 years, to be used solely for increasing its shareholding in China Yangtze Power, valid until the date of formal signing of the loan contract.

4.3 Implementation of FY2025 Final Dividend

Announcement date July 10, 2026, plan of RMB 7.90 per 10 shares (tax included), implemented, ex-dividend date July 17, 2026, record date July 16, 2026.

4.4 Implementation of 2025 Interim Dividend

Announcement date February 5, 2026, RMB 2.10 per 10 shares (tax included), implemented, ex-dividend date February 12, 2026; corresponding to the "2025 Interim Profit Distribution Plan" (RMB 2.10 per 10 shares, preliminary plan) approved by the board of directors on December 30/31, 2025, totaling approximately RMB 5.138 billion, based on total share capital of 24.468 billion shares. There are two designations — "interim/third quarter" — please refer to the original company announcement for the final version.

4.5 FY2025 Full-Year Dividend and Shareholder Return Plan

Shanghai Securities News (August 31, 2026) reported that the FY2025 "interim dividend + final dividend" cumulatively distributed cash dividends of RMB 24.468 billion (tax included) for the full year, a record high dividend total, equivalent to approximately RMB 1 per share for the full year; a Tianfeng Securities research report (September 4, 2026) stated that the 2025 dividend was RMB 1 per share (tax included), accounting for 70.92% of 2025 net profit attributable to the parent. On November 20, 2025, the 2025 Third Extraordinary General Meeting was held (notice announcement 2025-054, October 31, 2025), deliberating proposals including the "Five-Year (2026–2030) Shareholder Dividend Return Plan," with brokers citing the commitment of "annual cash dividends of no less than 70% of net profit attributable to the parent for each year from 2026–2030."

4.6 No Profit Distribution Plan for H1 2026

The 2026 semi-annual report explicitly states "no profit distribution plan or capital reserve conversion to share capital plan for this reporting period."

4.7 Board Re-election and Senior Management Appointment

On June 23, 2026, the 2026 First Extraordinary General Meeting was held (announcement No. 2026-023), approving the "Compensation Management System" proposal and completing the election of the seventh board of directors: non-independent directors Liu Weiping, He Hongxin, Liu Haibo, Jin Heping, Huang Jin, Teng Weiheng, Su Tianpeng, Wu Di; independent directors Sun Zhengyun, Zhang Xianyang, Wang Fang, Zhao Xinyan, Li Jianwei. Shareholders attending held voting rights representing 64.4174% of total share capital, with no rejected proposals. On June 24, 2026, the first meeting of the seventh board of directors (announcement No. 2026-024, disclosed on June 25, 2026) elected Liu Weiping as Chairman and He Hongxin as Vice Chairman; appointed Liu Haibo as General Manager, Zhang Chuanhong as Chief Financial Officer, Duan Kailin/Lin Feng/Jiang Dezheng as Deputy General Managers, Xue Ning as Board Secretary, and Pan Jing as General Counsel.

4.8 FY2025 Earnings Flash Report and Power Generation Completion Announcement

Disclosed on January 14, 2026, the "FY2025 Earnings Flash Report Announcement"; disclosed on January 6, 2026, the "2025 Power Generation Completion Announcement." Total 2025 power generation was 309.735 billion kWh (+3.97%), generation of the six cascade hydropower stations was 307.194 billion kWh (+3.82%), and net profit attributable to the parent was RMB 34.503 billion (+6.17%).

4.9 2026 Semi-Annual Report Disclosure

Disclosed on August 30, 2026, the 2026 semi-annual report: revenue RMB 37.929 billion (+3.36%), net profit attributable to parent RMB 14.756 billion (+13.02%), net profit attributable to parent excluding non-recurring items RMB 14.294 billion (+8.37%); H1 domestic six hydropower stations generation of 132.744 billion kWh (+4.81%), a record high for the same period; financial expenses RMB 4.201 billion (-13.61%); debt-to-asset ratio 59.36%.

4.10 Operational and Project Updates

In H1 2026, the main construction of the Gongyi pumped-storage project in Henan commenced; projects in Zhangye (Gansu), Fengjie (Chongqing), Youxian (Hunan), and Xunwu (Jiangxi) continued construction; the Tiantai power station in Zhejiang achieved full-capacity operations and maintenance takeover; international business net profit grew over 30% year-on-year. In H1 2026, the company confirmed holding a 3.44% equity stake in listed company Nanwang Digital (301638.SZ), generating a net fair value change gain of RMB 574 million.

4.11 Shareholder Structure Updates (Basis Difference Notice)

Huaxi Securities F10 top ten shareholders (page updated June 13, 2026): China Three Gorges Corporation 43.47% (unchanged), Hong Kong Central Clearing 4.24% (decreased), Ping An Life Insurance-Traditional Ordinary Insurance 4.04% (unchanged), Yangtze Eco-Environmental Protection Group 4% (unchanged), Sichuan Energy Investment Group 3.75% (unchanged), Three Gorges Construction Engineering 3.6% (unchanged), Yunnan Energy Investment Group 2.17% (increased), China Life Insurance-Traditional Ordinary Insurance 1.64% (decreased), Kunming Yunneng Hydropower 1.63% (new entrant). Tonghuashun profile page shows China Three Gorges Corporation shareholding ratio of 47.21%, with a basis of total share capital including concert parties/restricted shares, inconsistent with Huaxi Securities' 43.47% (free float or disclosure basis), due to different statistical bases; this top ten shareholder detail is from a single source and should be noted as such.

4.12 Broker Dividend Yield Estimates

Shenwan research report stated a static dividend yield of approximately 3.52% based on the September 1, 2026 closing price; Tianfeng Securities stated approximately 3.48% as of September 2, 2026; Orient Securities stated a 2026E dividend yield of approximately 3.7% (as of September 2, 2026). All are broker estimates based on different closing dates/bases, not company-disclosed values.

4.13 Policy and Industry Background (Weakly Related)

In January 2025, the National Development and Reform Commission and the National Energy Administration jointly issued the "Special Action Plan for Optimizing Power System Regulation Capacity (2025–2027)," emphasizing the enhancement of overall river-basin regulation efficiency of hydropower. In 2025, nationwide total electricity consumption was 10.37 trillion kWh (+5.0%); nationwide hydropower installed capacity was 450 GW, and hydropower generation was 1.46 trillion kWh (+2.8%). This is industry background, not company-specific announcements.

4.14 Uncertainties and Items Requiring Verification

1. Time window: The latest confirmed date found in the search is approximately September 7, 2026, and announcements after mid-September 2026 could not be confirmed; this "recent" section covers up to early September 2026. 2. The increase "completion date of August 22, 2026" is only found in one Shenwan Hongyuan research report, and the original announcement was not directly obtained, making it a single source; the amount of RMB 4.499 billion has been cross-verified by the semi-annual report basis. 3. The RMB 4.499 billion is near the lower limit of the increase (RMB 4 billion) and far below the upper limit (RMB 8 billion); the statement of "successful plan implementation" comes from a broker, and whether the full RMB 4–8 billion range was utilized needs to be confirmed by the company's final announcement. 4. There are basis differences in top ten shareholder shareholding ratios (43.47% vs 47.21%), and the details are from a single source. 5. The dividend yields of 3.48%–3.7% are all broker estimates based on different closing dates/bases, not company-disclosed values. 6. Some portals (cls.cn, etc.) have outdated versions of company profiles, and their current status descriptions have been excluded. 7. Dividends: The interim dividend implemented in February 2026 (RMB 2.1 per 10 shares) has two designations — "interim/third quarter" — please refer to the original company announcement for the final version.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing Price	RMB 28.45
Change	+RMB 0.36
Change %	+1.28%
Opening Price	RMB 28.10
High	RMB 28.57
Low	RMB 27.95
Volume	~159.8 million shares
Turnover	~RMB 4.537 billion
Turnover Rate	0.65%
Total Market Capitalization	~RMB 696.121 billion; different platforms show approximately RMB 696.1–696.9 billion
Total Share Capital	~24.468 billion shares
52-Week Price Range	~RMB 25.38–29.57; the corresponding high/low dates could not be confirmed in this search
Dynamic P/E	~19–23x; common market platform basis is ~19.2x, other sources show 18.99x or 23.29x, with basis differences

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
Moving Average Structure (September 11, 2026)	MA5 RMB 28.45; MA10 RMB 28.26; MA20 RMB 28.07; MA50 RMB 28.22; MA100 RMB 28.17; MA200 RMB 28.32	The closing price has reclaimed MA10, MA20, MA50, MA100, and MA200, with only MA5 showing short-term price and moving average convergence; this presents a structure of short-term rebound and contention around long-cycle moving averages, and cannot be simply defined as a one-sided strong trend.
Moving Average Structure (September 10, 2026, another data source)	MA5 RMB 28.06; MA10 RMB 28.20; MA20 RMB 28.17; MA60 not fully disclosed; closing price RMB 28.09	The share price is slightly above MA5 but below MA10 and MA20. Combining data from different dates and bases, the short-term key moving average dense zone is approximately RMB 28.05–28.30.
MACD (September 10, 2026)	DIF 0.01; DEA 0.05; MACD histogram -0.09	DIF is below DEA and the MACD histogram is below the zero line, indicating weakening bearish momentum but not yet a confirmed reversal.
MACD (September 11, 2026)	MACD(12,26) at 0.07; Investing.com rating is Buy	Showing signs of improvement compared to the previous trading day, but due to possible differences in display basis and calculation timing across platforms, one trading day alone is insufficient to confirm a trend reversal.
RSI (September 10, 2026)	RSI6 46.7; RSI12 48.4; RSI24 51.3	RSI6 is in the neutral 30–70 range and slightly below 50, with short-term buying and selling forces relatively balanced, not yet in oversold or overbought territory.
RSI (September 11, 2026)	RSI(14) at 63.962	Short-term strength has improved notably from earlier levels and is approaching the stronger territory; due to different periods for RSI6 and RSI14, they cannot be directly substituted for each other.
Bollinger Bands (September 10, 2026)	Upper band RMB 28.59; middle band RMB 28.17; lower band RMB 27.75; closing price RMB 28.09	On September 10, the share price was between the middle and lower bands, slightly weak to neutral; based on the September 11 closing price of RMB 28.45, it has reclaimed the previous trading day's middle band and is approaching the upper band area, with RMB 28.55–28.60 forming the first resistance zone.
Main-force Funds (as of September 10, 2026)	Net outflow of approximately RMB 3.84 million on the day; cumulative net outflow of approximately RMB 39.89 million over the past 10 trading days; net inflow on 6 trading days and net outflow on 4 trading days over the past 10 days	There was a relatively large net inflow in early September, significant net outflow on September 7, and divergent fund flows from September 8 to September 10, overall closer to range-bound divergence rather than sustained one-sided outflow. Main-force net amount is calculated as the difference between large and extra-large order transactions, not equivalent to actual institutional fund flows.
Main-force Fund Anomalies	Net outflow of approximately RMB 664 million on September 7; net inflow of approximately RMB 49.35 million on September 8; net inflow of approximately RMB 138 million on September 9	Fund flows fluctuate significantly in the short term, and single-day data should not be used alone as a basis for trend confirmation.
Trading Activity	September 11 volume of approximately 159.8 million shares, approximately 1.3x the 3-month average volume of 122.67 million shares; turnover of approximately RMB 4.537 billion	September 11 saw expanded volume accompanied by share price gains, with improved volume-price coordination; however, September 7 also saw turnover of approximately RMB 4.469 billion, and single-day volume expansion is insufficient to confirm sustained capital participation.
Recent Turnover Range	September 8 to September 11 approximately RMB 2.551 billion, RMB 1.956 billion, RMB 1.727 billion, and RMB 4.537 billion respectively	September 11 turnover was significantly higher than the previous three days, but continued volume expansion still needs to be observed.
Shareholder Concentration (as of June 30, 2026)	Top ten circulating shareholders collectively held approximately 17.356 billion shares, accounting for 70.93% of circulating shares; total shareholder count of 775,019, an increase of approximately 4.79% from 739,609 as of March 31, 2026	Top ten circulating shareholder concentration is high, and the latest disclosed quarter showed an increase in shareholder count, indicating that chips have become somewhat more dispersed compared to the previous quarter; this data is more than two months old as of September 11, 2026, and the actual structure may have changed.
Institutional Holdings (as of June 30, 2026)	Approximately 1,199 institutions held positions, with holdings of approximately 18.006 billion shares, accounting for approximately 73.59% of free float; insurance companies approximately 5.74%, funds approximately 2.11%, other institutions approximately 65.19%	Among the top ten shareholders are both the controlling shareholder and related industrial capital, as well as long-term or institutional funds such as Hong Kong Central Clearing, Ping An Insurance, and China Life Insurance. The reporting period is lagged and cannot be directly equated with the real-time chip structure as of September 11, 2026.
Key Technical Levels	Short-term resistance zone RMB 28.55–28.75; first support zone RMB 28.05–28.30; strong support zone RMB 27.75–27.95	The resistance zone corresponds to intraday highs, Bollinger upper band, and some pivot levels; the first support corresponds to the moving average dense zone; strong support corresponds to the Bollinger lower band, intraday lows, and recent low areas.

As of September 11, 2026, China Yangtze Power closed at RMB 28.45, with the share price reclaiming multiple short-to-medium-term moving averages, and turnover significantly expanding compared to the previous three days, indicating improved short-term volume-price coordination. However, MACD data remained weak on September 10 and only showed improvement on September 11, RSI conclusions differ across periods, and main-force funds still show a slight cumulative net outflow over the past 10 trading days; a stable one-sided strong technical trend has not yet been confirmed. The share price is approximately 3.9% from the 52-week high of RMB 29.57, still near a high-level key resistance and moving average contention phase in the short term. In terms of chips, the top ten circulating shareholders' holding ratio as of June 30, 2026 was 70.93%, with a relatively high institutional holding ratio, but the data is quarterly lagged. Overall, in the short term, more attention should be paid to whether the RMB 28.55–28.75 resistance zone can be effectively broken through with sustained volume expansion, and the support situation at the RMB 28.05–28.30 moving average dense zone and the RMB 27.75–27.95 strong support zone.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, For Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario analysis based on September 11, 2026 closing data, historical prices, and technical indicators. It does not constitute investment advice and does not represent a definitive prediction of future prices.

① Key Technical Levels

Level	Range	Explanation
Short-term Resistance	RMB 28.55–28.75	Corresponds to the September 11 intraday high of RMB 28.57, the previous trading day's Bollinger upper band of approximately RMB 28.59, and Investing.com's R1 of approximately RMB 28.57 and R2 of approximately RMB 28.66. If volume breaks through RMB 28.65–28.75, it may open space to test the RMB 29.00–29.30 area; if repeatedly blocked, it may fall back to the moving average dense zone.
First Support	RMB 28.05–28.30	Corresponds to MA10, MA20, MA50, and prior pivot points, and is the core area of short-term bull-bear contention. If it continuously breaks below RMB 28.05, the short-term rebound structure may weaken.
Strong Support	RMB 27.75–27.95	Corresponds to the Bollinger lower band of approximately RMB 27.75, the September 11 intraday low of RMB 27.95, and recent low areas. If it effectively breaks below RMB 27.75, it may further test the RMB 27.50 area or even lower prior support; if it stabilizes in this zone with volume expansion, a technical rebound may form.

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

Range-bound consolidation (relatively high subjective weight, approximately 60%; a heuristic weight based on current technical and fund flow conditions, not statistical probability): price range approximately RMB 28.05–28.70. Trigger conditions are the share price maintaining above or near the moving average dense zone, volume within the recent normal range, and no consecutive large net outflows of main-force funds; under this scenario, the share price may oscillate around RMB 28.20–28.60.
Weaker downside (moderate subjective weight; a heuristic weight based on current technical and fund flow conditions, not statistical probability): price range approximately RMB 27.75–28.05. Trigger conditions include consecutive breaks below RMB 28.05, expanded turnover but weak closing, or synchronous declines in the power and utilities sectors; if it further breaks below RMB 27.75, the adjustment space may expand to around RMB 27.50.
Rebound strengthening (low-to-moderate subjective weight; a heuristic weight based on current technical and fund flow conditions, not statistical probability): price range approximately RMB 28.65–29.30. Requires the share price to effectively break through RMB 28.60–28.75, turnover to remain continuously above recent norms, and main-force funds to shift from net outflow to consecutive net inflow. If it cannot expand volume after the breakout, or significant net fund outflow occurs on a spike, it may evolve into a false breakout and return to around RMB 28.30.

③ Fund and Liquidity Background

As of September 11, 2026, the turnover rate was 0.65%, and turnover was approximately RMB 4.537 billion, significantly higher than the turnover range of approximately RMB 1.727–2.551 billion from September 8 to September 10; the 3-month average volume was approximately 122.67 million shares, and September 11 volume was approximately 159.8 million shares. China Yangtze Power is not a low-liquidity small-cap stock, but its daily turnover rate is relatively low and chip concentration is relatively high, requiring volume coordination to break through key levels. According to data as of June 30, 2026, the top ten circulating shareholders' holding ratio was 70.93%, and the shareholder count increased approximately 4.79% from March 31, 2026; Tonghuashun disclosed approximately 1,199 institutions holding positions, with institutional holdings accounting for approximately 73.59% of free float. The above shareholder and institutional holding data are quarterly lagged, and the actual chip structure may have changed. The practical implication is that long-term shareholders and industrial capital account for a relatively high proportion, and freely circulating chips are relatively limited; if large capital concentrated trading occurs in key zones, prices may fluctuate rapidly; therefore, short-term judgments should focus on whether turnover continues to expand, rather than only observing single-day price changes.

An inspectable volume-price confirmation signal is: if turnover remains above RMB 4 billion for two consecutive trading days, the closing price holds above RMB 28.65–28.75, and main-force funds do not show consecutive large net outflows, the effectiveness of the upward breakout can be considered strengthened; if volume expands but the share price cannot hold above RMB 28.55, caution should be exercised regarding a spike and pullback.

④ Points of Attention (Observation Thoughts Only, Not Operational Instructions)

Observation thought, not operational instruction: Watch whether the share price can effectively hold above the RMB 28.55–28.75 resistance zone, rather than only looking at intraday breakouts.
Observation thought, not operational instruction: Watch whether the RMB 28.05–28.30 moving average dense zone can provide support.
Observation thought, not operational instruction: If it breaks below the RMB 27.75–27.95 strong support zone, the short-term consolidation structure may weaken.
Observation thought, not operational instruction: Watch whether turnover can continuously remain above RMB 4 billion and coordinate with main-force net fund flow direction.

The above scenario analysis is based on September 11, 2026 closing data and historical price and technical indicator calculations. Short-term share prices are also affected by multiple factors including news, fund flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future trends, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

China's hydropower remains an important baseload and regulating power source in the new-type power system, but new capacity additions are now primarily contributed by wind and solar. As of 2025, nationwide cumulative hydropower installed capacity was approximately 450 GW, of which conventional hydropower was approximately 380 GW and pumped-storage approximately 65.94 GW; in 2025, nationwide hydropower generation was approximately 1.46 trillion kWh, and the average utilization hours of hydropower above designated size was 3,367 hours.

6.2 Competitive Landscape

Resource scarcity: Large high-quality rivers and developable hydropower resources are mainly concentrated in the Jinsha, Yalong, Lancang, Hongshui, and Wu river basins, and resources suitable for large-scale cascade development are becoming increasingly scarce.
High entry barriers: Large hydropower projects require long-term planning, river-basin development rights, environmental and resettlement approvals, massive capital investment, and complex engineering construction capabilities.
Stable cost structure: Hydropower has no coal or natural gas fuel costs, with low marginal costs during long-term operations, and main costs concentrated in depreciation, financial expenses, taxes, and maintenance.
Competition is not simply homogeneous: Operational large hydropower projects typically have regional and river-basin exclusivity, and competition is mainly manifested in resource acquisition, project development, cross-regional power transmission, market-based electricity pricing, and reservoir dispatch capabilities.
Substitution and synergy coexist: Wind, solar, and nuclear power exert volume substitution pressure on hydropower, but the intermittency of wind and solar also increases demand for hydropower peak-shaving, energy storage, and flexible dispatch capabilities.
Pumped-storage is a new competitive field: Compared to conventional large hydropower, pumped-storage project competition is more open, and future competition will increasingly revolve around project approval, grid dispatch, capital strength, and operational capabilities.
In terms of industry concentration, China Yangtze Power is significantly ahead in scale among large hydropower listed companies. According to China Chengxin International's peer comparison based on 2023 data, China Yangtze Power's controlling installed capacity of 71.795 GW is significantly higher than comparable companies such as SDIC Power; its 2023 operating gross margin of 57.83% was higher than SDIC Power's 36.08% for the same period.

6.3 Major Competitors

Company	Positioning	Explanation
Huaneng Hydropower (600025)	Lancang River basin hydropower and clean energy operator	As of end-2025, operational installed capacity of 34.2081 GW, of which hydropower 28.1158 GW and new energy 6.0923 GW; strong resource reserves and hydro-wind-solar integrated development capabilities, with relatively prominent growth and project pipeline under construction, but installed scale smaller than China Yangtze Power.
SDIC Power (600886)	Integrated power listed platform	As of end-2025, controlling installed capacity of 46.8956 GW, of which hydropower 21.3045 GW; has hydropower, thermal power, wind, solar, and energy storage businesses, with Yalong River hydropower possessing multi-year regulation and cascade compensation advantages; power mix more diversified than China Yangtze Power.
Guiguan Power (600236)	Hongshui River basin hydropower and integrated clean energy operator	As of end-2025, in-service installed capacity of 15.0304 GW, of which hydropower 10.2404 GW, thermal power 1.33 GW, wind power 1.2835 GW, and solar 2.1765 GW; regional hydropower resources concentrated with relatively high clean energy proportion, but overall scale significantly smaller than China Yangtze Power.
Qianyuan Power (002039)	Guizhou river-basin cascade hydropower and solar operator	As of end-2025, total operational installed capacity of 3.9731 GW, of which hydropower 3.2335 GW and solar 0.7396 GW; possesses Guizhou regional hydropower resources and river-basin cascade development experience, but asset scale, cross-regional power transmission capability, and capital strength are significantly smaller than China Yangtze Power.
Three Gorges Water Conservancy (600116)	Regional integrated energy and distribution/sales electricity enterprise	Businesses include hydropower, electricity distribution and sales, integrated energy, and related investments, with strong regional and grid-side attributes; compared to China Yangtze Power, it is not a large hydropower asset operating platform of equivalent scale, and more reflects regional power supply, distribution/sales electricity, and integrated energy service competition.

China Yangtze Power centers on six large cascade hydropower stations along the main stream of the Yangtze River and the lower reaches of the Jinsha River, with controllable hydropower installed capacity of 71.795 GW in 2025, significantly ahead of comparable companies such as Huaneng Hydropower, SDIC Power, Guiguan Power, and Qianyuan Power. Its competitive advantages mainly come from scarce river-basin resources, ultra-large-scale installed capacity, cascade joint dispatch, cross-regional power transmission capability, low marginal costs, and strong capital strength. Compared to Huaneng Hydropower, China Yangtze Power is larger in scale but its growth more depends on pumped-storage, international business, and other clean energy expansion; compared to SDIC Power, China Yangtze Power has more concentrated hydropower attributes, while SDIC Power has a more diversified power mix; compared to Guiguan Power and Qianyuan Power, China Yangtze Power has more obvious advantages in asset scale, river-basin control capability, and cross-regional power transmission capability. Industry judgments still need to note: the company's domestic hydropower installed capacity accounting for approximately 16% of national hydropower installed capacity is affected by statistical basis and should not be mechanically compared; pumped-storage, international business, and other clean energy currently cannot change the company's business attribute of being primarily domestic large-scale hydropower.

7. Risk Warnings

Water inflow and power generation fluctuation risk: The company's profits are highly dependent on Yangtze River basin water inflow, reservoir storage, and cascade dispatch. In 2022, annual Yangtze River water inflow was severely below normal, and power generation fell 10.92%, demonstrating that even with 71.795 GW of controllable hydropower installed capacity, future power generation and profits may still be affected by extreme low water inflow.
Electricity price and market-based trading risk: The company's electricity is primarily sold through State Grid and China Southern Power Grid, which together accounted for 100% of total annual sales in 2025; electricity prices, market-based trading proportions, inter-provincial transmission prices, and dispatch rules are affected by the electricity market system, and the company cannot fully determine sales prices on its own.
Customer concentration risk: In 2025, State Grid sales were RMB 58.919 billion, accounting for 68.8% of total annual sales, and China Southern Power Grid sales were RMB 26.721 billion, accounting for 31.2%, with relatively high downstream customer concentration. Although grid customers have good credit status and accounts receivable turnover has improved, trading and dispatch still have strong dependence on the grid system.
Capital expenditure, depreciation, and financial expense risk: The company's main costs include depreciation expenses and government levies, with domestic hydropower business related costs of RMB 25.882 billion in 2025, accounting for 53.07% of total company costs; pumped-storage and other project construction may also bring new capital expenditure, depreciation, and financing pressure, and if project commissioning progress or returns fall short of expectations, profit growth may be weakened.
Project expansion and business diversification risk: Projects in Gongyi (Henan), Zhangye (Gansu), Fengjie (Chongqing), Youxian (Hunan), and Xunwu (Jiangxi) are still in construction or advancement stages, and international business and other clean energy business scales are relatively limited; project approval, construction, operations, and return realization involve uncertainties, and may not significantly change the company's dependence on domestic large-scale hydropower in the short term.
Investment income and fair value change fluctuation risk: In H1 2026, the company confirmed holding a 3.44% equity stake in Nanwang Digital and generated a net fair value change gain of RMB 574 million; such gains are market-price sensitive and non-recurring in nature, may cause differences between net profit attributable to the parent and net profit attributable to the parent excluding non-recurring items, and cannot be simply regarded as sustained improvement in core operating capability.
Valuation and share price fluctuation risk: As of September 11, 2026, the company's share price was RMB 28.45, with a dynamic P/E ratio of approximately 19–23x depending on different platform bases, and the share price is relatively close to the 52-week high of RMB 29.57; if subsequent profit growth falls below institutional expectations, dividend expectations change, or market risk appetite declines, valuation may come under pressure.
Insufficient technical confirmation risk: Although the share price has reclaimed multiple moving averages and rose on expanded volume on September 11, MACD remained weak on September 10, main-force funds showed a cumulative net outflow of approximately RMB 39.89 million over the past 10 trading days, and whether the RMB 28.55–28.75 resistance zone can be effectively broken through has not been confirmed; if it breaks below RMB 28.05 or further loses RMB 27.75, the short-term consolidation structure may weaken.
Dividend realization risk: The actual cash dividend for FY2025 was approximately RMB 24.468 billion, with a payout ratio of approximately 70.92%; the information on the plan for no less than 70% annual dividends for the next five years is mainly cited by brokers and still needs to be confirmed by company announcements and actual operations and cash flow conditions; the 2026 semi-annual report explicitly states no profit distribution plan for this reporting period, and short-term dividend timing and final amounts involve uncertainties.

8. Conclusion and Outlook

China Yangtze Power's medium-to-long-term growth logic mainly comes from improved power generation efficiency and dispatch capability of existing large cascade hydropower stations, improved water inflow conditions, reduced depreciation and financial expenses, and expansion of pumped-storage, international business, and other clean energy projects. In H1 2026, the Gongyi pumped-storage project in Henan commenced construction, projects in Zhangye (Gansu), Fengjie (Chongqing), Youxian (Hunan), and Xunwu (Jiangxi) continued construction, and international business net profit grew over 30% year-on-year, which is expected to gradually expand the company's revenue and profit sources, but the company's business attribute is still primarily domestic large-scale hydropower.

The company's asset barriers, central SOE background, low fuel costs, and relatively high dividends form the foundation of earnings stability; the controlling shareholder China Three Gorges Corporation's cumulative increase amount of RMB 4.499 billion as of June 30, 2026 also reflects shareholder-level support for the company's long-term value. However, institutional forecasts for 2026–2028 net profit attributable to the parent growth rate are only approximately 2%–6%, and the current valuation has already reflected much of the stable cash flow, dividend capacity, and scarcity of hydropower assets; future earnings elasticity more depends on variables such as water inflow, electricity prices, market-based trading, and investment income.

In the short term, the share price is near the RMB 28.55–28.75 resistance zone, with RMB 28.05–28.30 as the moving average dense support zone and RMB 27.75–27.95 as the stronger support zone. Subsequent technical performance needs to be judged in conjunction with turnover sustainability, fund flow direction, and effective holding of key price levels; technical indicators can only reflect phased trading conditions and cannot replace fundamental analysis of water inflow, electricity prices, project construction, and cash flow.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.