Fujian MinDong Electric Power Co Ltd

Mindong Electric Power, which had surged more than 100 percent over 10 trading days, hit the daily limit-down in early trading on September 23. The company said in an announcement on the evening of September 22 that its share price had risen more than most companies in the industry over the short term, and that after excluding overall market and sector factors, the actual volatility was relatively large. The share price is currently at a historical high with a high turnover rate, and the company solemnly reminds investors to fully understand the risks of secondary-market trading. The company also clarified that it has not carried out computing-power coordination, direct green power connection, or smart grid businesses, and has no cooperation with computing power centers or data centers. Its virtual power plant business is still in the early cultivation stage and has not yet achieved formal commercial operation, with no substantial revenue or profit, and is expected to generate no benefits in 2026. The offshore wind power projects in which it has taken equity stakes are all in a state of not yet started construction or not yet put into production, have not yet generated revenue, and are expected to generate no benefits in 2026. The semi-annual report shows that in the first half of 2026, the company achieved operating revenue of 237 million yuan, down 17.65 percent year on year; net profit attributable to shareholders of the listed company was 29 million yuan, down 58.68 percent year on year; and net profit after deducting non-recurring gains and losses was 22 million yuan, down 64.48 percent year on year.

Mindong Electric Power released its 2026 interim report, with net profit attributable to the parent company of 29.4147 million yuan, a decrease of 58.68% compared with the same period last year. The company's total operating revenue was 237 million yuan, down 17.65% year-on-year; net cash inflow from operating activities was 30.1589 million yuan, down 50.20% year-on-year. The company's latest asset-liability ratio was 28.99%, gross margin was 43.56%, ROE was 1.17%, and diluted earnings per share was 0.06 yuan.

Mindong Electric Power disclosed its earnings forecast, expecting attributable net profit for the first half of 2026 to be between 25 million and 35 million yuan, a year-on-year decline of 50.83% to 64.88%. Deducted non-recurring net profit is expected to be between 16 million and 24 million yuan, a year-on-year decline of 61.98% to 74.65%. Basic earnings per share are estimated at 0.05 to 0.08 yuan. The company stated that the decline in performance is mainly due to reduced precipitation in the Ningde area compared to the same period last year, leading to a decrease in hydroelectric power generation and sales.