Jinneng International: Total installed capacity exceeds 15 million kilowatts, balancing heavy and light industries to reshape the value creation model of clean energy

In 2025, the clean energy industry faced severe challenges in advancing the “dual carbon” goals. Influenced by macroeconomic factors, economic growth slowed, project investments and subsidy disbursements decelerated; electricity market reforms intensified price fluctuations, coupled with tighter grid absorption capacity, putting pressure on project returns; land use tightened, grid connection approval cycles lengthened, further increasing development costs and uncertainties. Under multiple pressures, the industry as a whole fell into a development dilemma of “incremental growth without profit increase,” gradually shifting from scale expansion to stock optimization and efficiency improvement.

Against this backdrop, Beijing Energy International Holdings Limited (00686.HK, hereinafter “Jingneng International” or “the Company”) defied the trend, demonstrating strong resilience. On March 30, 2026, the Company disclosed its full-year 2025 performance: total assets reached 104.18B yuan, a year-on-year increase of 1.7%; total installed capacity achieved 15.28 million kilowatts, up 13.2%; operating revenue was 7.74B yuan, an increase of 10.4%. The Company’s comprehensive strength continued to grow, playing an important role in ensuring the energy security of the capital and promoting green transformation.

Policy-driven, laying out high-value blueprints

In 2026, with the implementation of the “Beautiful Beijing Construction 2026 Action Plan” and the enforcement of the “Beijing Municipal Regulations on Renewable Energy Development and Utilization,” the capital’s green and low-carbon development entered a new stage of legalization and scale. Jingneng International seized policy opportunities and actively responded to industry cycle fluctuations.

On one hand, the Company deepened its energy security efforts in the capital, vigorously promoting green power projects such as “Jidian into Beijing” and “Mengdian into Beijing.” The power supply plan for “Jidian into Beijing” has been approved by the National Energy Administration and is scheduled to start construction within the year; “Mengdian into Beijing” is about to be incorporated into the plan. On the other hand, the Company expanded its nationwide layout, focusing on high-absorption and high-return regions, strengthening multi-asset synergy, and continuously optimizing asset structure. Simultaneously, it proactively explored green hydrogen chemical applications, steadily advancing gas-fired power projects in Yangxi, Chongqing, and other locations, building a diversified business portfolio, and effectively enhancing cyclic risk resistance and core competitiveness.

Innovative models, connecting value cycles

Given the heavy asset nature of the industry, Jingneng International proactively adjusted its development strategy, exploring the financial attributes of power plants, leveraging the low-interest-rate cycle benefits, actively engaging with financial investors, and exploring light-asset development and operation models. The Company promoted a shift from “controlling installed capacity” to “managing installed capacity,” integrating operations at the asset level with capital operations at the equity level, accelerating its strategic transformation from a heavy asset holder to a professional asset manager.

In terms of capital management, the Company efficiently allocated domestic and international funds, strictly controlled non-productive expenditures, optimized debt and asset structures, and comprehensively improved capital utilization efficiency. By broadening diversified financing channels, the overall financing cost domestically and abroad decreased by 80 basis points compared to the same period. Additionally, the Company continued to lead industry financial innovation; after successfully issuing the country’s first photovoltaic public REITs, it completed the first expansion of a “PV + hydropower” asset portfolio, establishing a virtuous cycle of “development-operation-securitization,” laying a solid foundation for sustainable shareholder returns.

Cultural leadership, activating endogenous motivation

Jingneng International takes “integrated culture” as its spiritual core, transforming cultural soft power into a hard support for development. Guided by the principles of “accumulating positive energy, forging new consensus, and seeking breakthroughs through innovation,” the Company builds a cultural ecosystem that deeply integrates talent, wisdom, and business, inspiring all employees to participate in energy development and innovation practices. Mechanically, it adheres to a market-oriented approach to personnel, improves incentive and tolerance mechanisms, allowing innovators to gain rewards and breakthroughs to be supported. The “integrated” culture was awarded the first prize at the 16th National Enterprise Culture Achievement Awards, providing a replicable model for the cultural construction of mixed-ownership enterprises.

Looking ahead, Jingneng International will aim to become “the most respected international clean energy ecosystem investment and operation provider,” uphold long-termism, deepen win-win cooperation, use strategic resolve to navigate cycles, and maintain development resilience to achieve steady progress. The Company will fully serve the green and low-carbon transformation of the capital’s energy, contribute to the construction of the national new energy system, and write a new chapter of high-quality development in the “14th Five-Year Plan” journey.