Beijing Energy International Holding Co. Ltd. (BJ Energy Intl) reported a net loss of RMB69 million for the six months ended 30 June 2026, reversing a RMB293 million profit a year earlier. The setback stemmed from a 6.7% decline in average on-grid tariffs to RMB0.33 per kWh and higher operations, maintenance and depreciation expenses, which offset modest growth in power output and reduced finance costs.

Revenue fell 7.4% year-on-year to RMB3.78 billion, while EBITDA slipped 10.4% to RMB2.94 billion, compressing the margin to 77.6% from 80.2%. Electricity generation from consolidated assets inched up 1% to 11.63 million MWh; installed capacity rose 5.7% to 14.99 GW following the addition of one solar, one wind, one energy-storage station and the Group’s first gas-fired plant.

Lower borrowing costs partly cushioned earnings. Average funding cost dropped 39 basis points to 2.54% after refinancing high-interest debt and issuing a RMB300 million tranche of three-year green perpetual bonds at a 2.08% coupon. Finance expenses declined 14.1% to RMB944 million.

Total borrowings expanded to RMB67.99 billion (31 December 2025: RMB64.81 billion), pushing the gearing ratio to 69.6% from 66.8%. Net debt-to-EBITDA rose to 21.2x, while funds-from-operations to net debt edged down to 3.4%. Cash and cash equivalents stood at RMB5.53 billion, and committed capital expenditure totalled RMB1.55 billion.

BJ Energy Intl distributed a final dividend of HK8.00 cents per share in July but declared no interim dividend. The Board cited near-term pressure from market-based tariff fluctuations and industry-wide resource constraints but reiterated its focus on expanding wind, solar, hydro, gas-fired and storage portfolios, enhancing asset-light models, and pursuing further cost and efficiency gains.