China Shuifa Singyes Energy Holdings Ltd. (“SFSY Energy”) reported a turnaround for the six months ended 30 June 2026, posting a profit attributable to shareholders of RMB3.65 million versus a RMB19.18 million loss a year earlier.
Total revenue slipped 10.5% to RMB1.51 billion, yet consolidated gross profit rose to RMB358.73 million, lifting the gross margin to 23.8% from 21.0% in 1H 2025. Management attributed the rebound to a sharper focus on higher-margin wind and storage EPC contracts, high-end curtain wall projects, improved settlement of legacy EPC work and stringent cost controls.
SEGMENT DETAILS • Engineering & Construction Services: Revenue fell 24.7% year-on-year to RMB777.30 million, but the segment margin improved to 7.4% (1H 2025: 4.7%) amid a shift away from low-margin solar EPC work and stronger contributions from wind and storage contracts. • Sale of Electricity: Revenue increased 7.3% to RMB353.20 million; margin edged up to 56.7%. Installed capacity reached 1.38 GW across 32 plants, generating 558.35 million kWh (+9.6%). The group connected 84.7 MW in 1H and targets another ~200 MW in 2H, aiming for 285 MW of new capacity in 2026. • Sales of Products: Revenue rose 18.9% to RMB361.10 million on demand for photovoltaic materials, wind-turbine equipment and smart dimming films; segment margin eased to 25.3% (1H 2025: 37.9%). • Other Income: Thermal transmission and consulting contributed RMB16.90 million.
CASH & CAPITAL Net operating cash inflow improved to RMB216.99 million (1H 2025: RMB157.74 million), helped by timely project collections and accelerated receipt of RMB68.30 million in renewable-energy tariff subsidies. Capital expenditure decreased to RMB144.18 million (1H 2025: RMB272.50 million), mainly for self-owned solar plants.
At period-end, total bank and other borrowings stood at RMB5.96 billion and bonds payable at RMB2.54 billion. Interest-bearing liabilities maturing within one year represented 28.5% of the total.
STRATEGIC PRIORITIES • Deepen transition toward wind power, energy-storage EPC and high-end overseas curtain-wall markets. • Expand international clean-energy footprint, particularly in Southeast Asia, Central Asia and Africa; pursue “development-build-transfer” (DBT) asset-light projects. • Target annual capacity additions of at least 250–300 MW; focus on volume–price coordination to stabilise power-sales cash flows.
OTHER HIGHLIGHTS • No interim dividend declared for 1H 2026. • No material post-balance-sheet events reported. • Headcount declined to 978 (31 Dec 2025: 1,005) amid ongoing efficiency initiatives.
SFSY Energy’s margin-focused realignment, expanding power-generation base and disciplined cost management underpinned its return to profitability in 1H 2026, setting a foundation for further capacity growth and cash-flow resilience in the remainder of the year.