Chongqing Three Gorges Water Conservancy and Electric Power Co Ltd

Three Gorges Water Conservancy announced after market close on September 29 that its wholly owned subsidiary Chongqing Wujiang Industrial Group plans to publicly list for transfer its 100% equity stake in Guizhou Wuling Manganese Co., Ltd., with a reserve price of 664.6 million yuan. At the same time, Wujiang Industrial's wholly owned subsidiary Chongqing Wujiang Electric Power Co., Ltd. plans to simultaneously publicly list for transfer assets related to the Youcai Gully manganese slag storage facility, with a reserve price of approximately 185.4 million yuan, excluding value-added tax. The two targets are mutually preconditions for the transaction and will be transferred as a package. Wuling Manganese was established in 2011, and its first-phase electrolytic manganese production line with an annual capacity of 80,000 tonnes officially began production in 2016. In the first half of 2026, it achieved operating revenue of 443.4733 million yuan and net profit of 27.5629 million yuan. As of June 30, 2026, its net assets were 374.4428 million yuan, while the appraisal value in this transaction was 664.6 million yuan, representing a premium rate of 80.08%. Three Gorges Water Conservancy stated that this transaction is an important measure for the company to focus on its core main business and optimize its industrial layout. The counterparty has not yet been determined, so it does not constitute a related-party transaction for the time being, nor does it constitute a major asset restructuring. The transaction has been reviewed and approved at the ninth meeting of the company's eleventh board of directors and still needs to be submitted to the company's shareholders' meeting for consideration.

Sanxia Water Resources released its 2026 interim report, with net profit attributable to the parent company of 378 million yuan, up 688.61% from the same period last year. Total operating revenue was 5.069 billion yuan, up 3.53% year-on-year. Net cash inflow from operating activities was 1.006 billion yuan, up 325.10% year-on-year. The company's latest asset-liability ratio was 51.97%, down 3.76 percentage points from the same period last year. The latest gross margin was 15.77%, up 5.22 percentage points from the same period last year. Diluted earnings per share were 0.20 yuan, up 566.67% year-on-year.

Dong-E E-Jiao disclosed that first-half net profit rose 5.66% year on year, and it plans to distribute a cash dividend of 13.44 yuan for every 10 shares to all shareholders, with total payout expected to reach 860 million yuan. On the same day, Tuojing Technology, Huachang Chemical, Three Gorges Water Conservancy, Yongmaotai, Sanfu Shares, China Jushi, CITIC Securities, Xiamen Tungsten, and Hunan Gold also released first-half results. Among them, Tuojing Technology's net profit surged 1,324% year on year, Huachang Chemical rose 1,026.9%, and Three Gorges Water Conservancy increased 688.61%. China Telecom's first-half net profit fell 14.9% year on year, while Xinhua Department Store announced plans to buy back shares worth 200 million to 400 million yuan.

Tuojing Technology disclosed its 2026 semi-annual report on the evening of August 20. In the first half, it achieved operating revenue of 2.913 billion yuan, up about 49.06% year on year, and net profit attributable to shareholders of the listed company of 1.343 billion yuan, up 1,324.10% year on year. The company plans to distribute a cash dividend of 0.35 yuan per 10 shares, tax included, with no conversion of capital reserve into share capital and no bonus shares. Tuojing Technology said that as of the end of the reporting period, its order backlog was full, which can provide solid support for full-year delivery and performance growth. On the same evening, semi-annual reports disclosed by Jiangtian Chemical, Huachang Chemical, Tinci Materials, and Three Gorges Water Conservancy also showed substantial net profit growth. Among them, Jiangtian Chemical's net profit rose 22,955.37% year on year, Huachang Chemical's net profit attributable to the parent rose 1,026.9%, Tinci Materials' net profit attributable to the parent rose 967.91%, and Three Gorges Water Conservancy's net profit attributable to the parent rose 688.61%.

Three Gorges Water Conservancy disclosed its earnings forecast, expecting to achieve an attributable net profit of 350 million yuan to 410 million yuan for the first half of 2026, representing a year-on-year increase of 630.19% to 755.36%. The company stated that the significant growth in performance was mainly due to the hydropower business's self-generated electricity on-grid volume increasing by 504 million kilowatt-hours year-on-year, a rise of 52.13%, with the power segment's profit increasing by approximately 146 million yuan year-on-year. The integrated energy services segment contributed an additional profit of approximately 60 million yuan from key projects that commenced production in the second half of 2025. The manganese segment saw its profit increase by 83 million yuan year-on-year, driven by rising electrolytic manganese market prices. In addition, investment income increased by approximately 65 million yuan year-on-year, and asset disposal gains increased by approximately 30 million yuan year-on-year.