Sichuan Chuantou reports lower profit: what it means for Sichuan Chuantou stock

Revenue was CNY 680 million in the first half of 2026, down 4.53 percent. For Sichuan Chuantou stock, investment income was CNY 2.399 billion.

Sichuan Chuantou reported CNY 2.33 billion in net profit attributable to shareholders for the first half of 2026, down 5.34 percent year over year. Futunn reports that operating revenue fell 4.53 percent to CNY 680 million during the same period.

Investment income carries the result

The earnings mix explains why the revenue decline does not fully capture the company's financial profile. Investment income reached CNY 2.399 billion in the first half of 2026, down 5.95 percent year over year, according to Futunn.

Yalongjiang Hydropower accounted for CNY 2.182 billion of that contribution, or 92.87 percent of Sichuan Chuantou's total net profit. The company holds a 48 percent stake in the hydropower business, making water inflows, electricity prices and project output central variables for earnings.

Power output offsets part of the pressure

Controlled entities generated 2.381 billion kilowatt-hours in the first half of 2026, up 0.85 percent year over year, while grid deliveries rose 0.21 percent to 2.336 billion kilowatt-hours. The average grid-connected electricity price fell 2.52 percent to CNY 0.271 per kilowatt-hour, showing the tension between higher generation and weaker pricing.

Hydropower generation increased 2.06 percent to 2.274 billion kilowatt-hours, while photovoltaic generation fell 19.55 percent to 107 million kilowatt-hours. Futunn identifies below-average rainfall and lower spot-market prices as important factors behind the weaker result.

What the earnings mix means

For investors, the comparison between operating revenue and investment income matters more than either figure alone. CNY 2.399 billion of investment income was more than three times the CNY 680 million of first-half operating revenue, leaving the company especially sensitive to the performance of its equity-method hydropower investments.

Shanghai stock remains near its yearly high

Sichuan Chuantou was last at CNY 16.62 on the Shanghai Stock Exchange on September 30, 2026 at 3:00 p.m. CST, up 0.73 percent from the prior close of CNY 16.50. Its 52-week range was CNY 13.52 to CNY 16.88, placing the quoted price CNY 0.26 below the high.

Sichuan Chuantou key figures

• Company: Sichuan Chuantou Energy Co., Ltd.
• Ticker: 600674
• Primary exchange: Shanghai Stock Exchange
• Market capitalization: CNY 81.0 billion as of September 30, 2026
• 52-week range: CNY 13.52-CNY 16.88 as of September 30, 2026
• Sector / Industry: Utilities / Independent Power Producers