TG SMART ENERGY (01083) has released its interim results for 2026, reporting total revenue of HK$11.328 billion, representing an 8.54% increase year-on-year. Profit attributable to shareholders of the company stood at HK$690 million, with basic earnings per share of 18.8 HK cents. The board has declared an interim dividend of 5 HK cents per share.
In its mainland China gas business, the company faced challenges from a sluggish real estate sector and a warm winter, which led to a decline in national natural gas consumption. However, it actively leveraged policy opportunities related to "energy transition" and "upgrading old urban infrastructure," while aggressively expanding its "gas plus" integrated energy services to boost sales volume. The implementation of residential gas price pass-through was steady, with the city gas comprehensive price spread increasing by 2 RMB cents to 0.59 RMB per cubic meter, supporting stable profit growth in the overall gas business.
For its renewable energy segment, during the period, distributed photovoltaic (PV) capacity added 0.2 gigawatts to the grid, bringing total installed capacity to 3 gigawatts. PV electricity sales grew by 12% to 1.32 billion kWh, while power trading volume doubled to 7.23 billion kWh. The company successfully issued inter-institutional REITs and similar REITs, raising approximately RMB 900 million, bringing total cumulative financing to RMB 5.5 billion, which is being actively invested in business-related projects. Assets under management (AuM) increased by 0.66 gigawatts year-on-year to 1.5 gigawatts, with ongoing deployment in three key areas: integrated solar-storage, independent energy storage, and direct green electricity connections.
2026 marks the first year of China's "15th Five-Year Plan," which clearly outlines the orderly construction of a new energy system and aims to build 100 national-level zero-carbon industrial parks 鈥?aligning closely with the company's business strengths. With further deepening of mainland China's electricity market reforms, the industry is set to move toward higher-quality development. PV asset management and market-based electricity trading will become core drivers of the company's future earnings growth.