Huayuan keeps Buy rating on China Yangtze stock

Published on 10/14/2026 at 16:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 3.36 percent to CNY 37.929 billion. China Yangtze stock had a 3.70 percent implied yield.

Output pressure meets earnings resilience

China Yangtze Power reported 225.058 billion kilowatt-hours of output for the first three quarters on October 12, 2026.
First-half 2026 operating revenue reached CNY 37.929 billion, up 3.36 percent year over year.
Huayuan Securities maintained a Buy rating and cited a 3.70 percent implied dividend yield on September 21, 2026.

China Yangtze, CNE000001G87, Illustration mit AI erstellt.

China Yangtze Power generated 225.058 billion kilowatt-hours in the first three quarters of 2026, down 4.28 percent year over year. On September 21, 2026, Futubull reported that Huayuan Securities maintained a Buy rating on China Yangtze Power, while the latest operating update pointed to weaker generation in the third quarter.

First-half earnings stayed resilient

China Yangtze Power's first-half 2026 operating revenue reached CNY 37.929 billion, up 3.36 percent year over year, according to Futubull. Adjusted net profit attributable to shareholders rose 13.02 percent to CNY 14.756 billion in the same period, while adjusted net profit excluding non-recurring items increased 8.37 percent to CNY 14.294 billion.

The second quarter delivered CNY 19.818 billion of operating revenue and CNY 7.995 billion of adjusted net profit attributable to shareholders. Those figures were up 0.69 percent and 1.51 percent year over year, respectively, according to Futubull.

What does lower output mean?

The October production figure creates a sharper operating contrast. Generation from the six mainland hydropower stations fell 14.89 percent year over year to 92.314 billion kilowatt-hours in the third quarter, according to Futubull.

Huayuan Securities attributed the earlier earnings resilience to the generation mix, cost reductions and lower financial expenses in the second quarter. Its report said operating costs fell by CNY 163 million year over year in the second quarter, while depreciation on fixed assets and other items declined by CNY 306 million year over year in the first half.

Three dated operating signals

On September 21, 2026, the half-year figures showed CNY 37.929 billion of revenue and CNY 14.756 billion of adjusted net profit. The same report recorded CNY 19.818 billion of second-quarter revenue and CNY 7.995 billion of adjusted net profit. On October 12, 2026, the company reported first-three-quarter generation of 225.058 billion kilowatt-hours, down 4.28 percent year over year.

The investor case therefore rests on the balance between earnings conversion and water-driven output. Huayuan Securities cited a 3.70 percent implied dividend yield based on its assumption that the 2025 payout ratio would be maintained in 2026, while also identifying interest rates, short-term inflows and electricity pricing policy as risks.

China Yangtze Power facts

China Yangtze Power operates six major cascade hydropower stations in mainland China and also has pumped-storage, new-energy and international businesses. The company website states that its domestic hydropower capacity reached 71.695 million kilowatts and that total assets stood at CNY 559.063 billion at the end of 2025.