Guizhou Panjiang Refined Coal Co.,Ltd. swung to a net profit in the first half of 2026, helped by higher coal prices that offset a sharp decline in power revenue.

The company posted operating revenue of 4.85 billion yuan ($0.72 billion) in January-June, down 5.95% year on year, while non-GAAP net profit reached 76 million yuan, compared with a loss of 18 million yuan in the same period last year.

Coal sales revenue rose 15.52% year on year, adding 398 million yuan, as coal prices increased. Commercial coal output totaled 4.66 million tonnes in the first half, with sales of 4.64 million tonnes, including 3.54 million tonnes sold externally.

Power revenue fell 26.06% year on year, down 637 million yuan, due to a surge in hydropower generation and declining electricity prices. Power generation reached 5.64 TWh in the period, with 5.28 TWh fed into the grid, comprising 4.28 TWh from thermal and 1.00 TWh from new energy sources.

Coal operations contributed 2.96 billion yuan in revenue, accounting for 61.06% of total revenue, up 11.35 percentage points from a year earlier. Power operations generated 1.81 billion yuan, or 37.32% of total revenue, down 10.15 percentage points.

As of end-June 2026, the company held coal resources of 8 billion tonnes with recoverable reserves of 4.1 billion tonnes. Production mine capacity stood at 20.70 million tonnes per annum (Mtpa), with 2.20 Mtpa under construction. Advanced coal-fired power capacity in operation reached 2.64 GW, with 1.32 GW under construction, while grid-connected new energy capacity totaled 3.21 GW with 0.73 GW in development.

The company said it remains focused on integrating coal, advanced coal-fired power and new energy development as part of its strategy to build a comprehensive energy base and serve as a coal supply guarantee center in southwest China.