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Renewable power-generation arm of State Power Investment Corp (SPIC), one of China's largest clean-power producers.
Renewable power-generation arm of State Power Investment Corp (SPIC), one of China's largest clean-power producers.
Earns by selling wind and solar power to the regional grid at set or auction-based tariffs, so revenue follows installed capacity, weather and the tariff its plants receive. It grows by building or buying more plants. State Power Investment Corp, the state-owned parent group, controls it.
In one line: A China-focused NextEra Energy.
Moat: narrow (scale, regulatory licence, installed base). One of China's largest renewable-generation platforms, backed by state-owned SPIC's capital and grid access.
Headquarters: Beijing, China · Employees: 3,919
Size SPIC Green Energy (000875.SZ) is a China Utilities company (Electric Utilities) with a market value of $2.34B, the 1092nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.31 on 6 Nov 2026.
Performance Over six months the shares fell 34.0%, against -21.1% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 4.0% over the last twelve months (peer median -1.7%); the operating margin is 16.3% (peer median 9.0%).
Valuation It trades at 35.0× forward earnings against a peer median of 11.1× (2nd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.8B | CN¥13.1B | CN¥13.7B | CN¥14.4B | CN¥14.9B |
| Revenue growth | — | -5% | -5% | -4% | — |
| Gross profit | CN¥5.78B | CN¥3.01B | CN¥3.62B | CN¥3.64B | CN¥3.52B |
| EBITDA | n/a | CN¥6.77B | CN¥7.21B | CN¥6.82B | CN¥6.60B |
| Net income | CN¥115M | CN¥515M | CN¥1.10B | CN¥908M | CN¥675M |
| Free cash flow | CN¥2.27B | CN¥1.26B | -CN¥1.41B | -CN¥1.34B | CN¥636M |
| Capital expenditure | CN¥4.09B | CN¥5.79B | CN¥6.89B | CN¥6.79B | CN¥6.69B |
| Total debt | CN¥54.3B | CN¥56.3B | CN¥52.7B | CN¥51.8B | CN¥46.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SPIC Green Energy 000875.SZ | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% |
| China Longyuan Power 0916.HK | $13.8B | -17% | -6% | 27% | 11.5× | 0.6% |
| CECEP Wind-Power 601016.SS | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% |
| China Three Gorges Renewables (Group) 600905.SS | $14.7B | -16% | -8% | 17% | 39.8× | n/a |
| China Datang Corp. Renewable Power 1798.HK | $904M | -42% | -6% | 21% | 8.8× | n/a |
| Zhejiang Provincial New Energy Investment 600032.SS | $2.59B | -27% | -6% | 27% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000875.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.1% | -3.1% | 4th lowest of 21 |
| 6-month return | -34.0% | -21.1% | 3rd lowest of 21 |
| Distance from 52-week high | -48.5% | -37.1% | 5th lowest of 21 |
| Revenue growth (TTM) | -4.0% | -1.7% | 10th lowest of 21 |
| Operating margin | 16.3% | 9.0% | 7th highest of 20 |
| Forward P/E | 35.0× | 11.1× | 2nd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -0.2% | 2.0% | 4th least demanding of 10 |
| Growth delivered (Del g) | +5.6% | +8.7% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -5.8 pp | -4.5 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -0.1 pp | -1.2 pp | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% | +5.6% |
| Shikoku Electric Power 9507.T | Japan | $2.33B | +24% | -3% | 6% | 9.8× | n/a | n/a |
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 48% | 15.9× | n/a | n/a |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 0% | 9.3× | n/a | n/a |
| MVV Energie MVV1.DE | Germany | $2.23B | +1% | -8% | 4% | n/a | n/a | n/a |
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | 8% | n/a | n/a | n/a |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 11% | 9.2× | 1.3% | +10.4% |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 6% | 21.2× | 7.0% | +8.7% |
| Henan Yuneng 001896.SZ | China | $2.14B | -39% | -6% | 5% | n/a | n/a | n/a |
| HCIG Energy Investment 000600.SZ | China | $2.01B | -31% | -12% | 9% | 11.1× | n/a | n/a |
| Chongqing Fuling Electric Power Industrial 600452.SS | China | $2.00B | -25% | -7% | 17% | 22.9× | 3.6% | +2.4% |
| CHN Energy Changyuan Electric Power 000966.SZ | China | $1.99B | -16% | -9% | 1% | 22.4× | 6.6% | +6.2% |
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% | +9.1% |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| Guangdong Baolihua New Energy Stock 000690.SZ | China | $1.87B | +9% | +1% | 14% | 11.1× | -11.6% | +3.9% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Datang Huayin Electric Power 600744.SS | China | $1.83B | -30% | -10% | 6% | n/a | n/a | n/a |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 12% | 9.9× | n/a | n/a |
| Beijing Jingneng Clean Energy 0579.HK | Hong Kong | $1.74B | -27% | -1% | 18% | 4.7× | -1.0% | +3.5% |