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One of China's largest independent power producers, operating thermal and a growing share of renewable generation nationwide.
One of China's largest independent power producers, operating thermal and a growing share of renewable generation nationwide.
Sells electricity to provincial grids at tariffs set under government rules, now moving toward negotiated market pricing, so profit depends on the gap between that tariff and its coal cost. China Huaneng Group, a central state-owned parent, controls it. It also owns Tuas Power in Singapore.
In one line: China's Duke Energy/NRG Energy generation arm.
Moat: narrow (scale, regulatory licence). Large generation fleet scale under the China Huaneng Group, but regulated tariffs cap margins.
Headquarters: Beijing, China · Founded: 1994 · Employees: 56,104
Size Huaneng Power International (600011.SS) is a China Utilities company (Electric Utilities) with a market value of $16.4B, the 139th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.65 on 6 Nov 2026.
Performance Over six months the shares gained 9.4%, against +1.6% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 5.1% over the last twelve months (peer median +2.4%); the operating margin is 8.7% (peer median 19.5%).
Valuation It trades at 13.5× forward earnings against a peer median of 18.4× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥222B | CN¥228B | CN¥245B | CN¥254B | CN¥246B |
| Revenue growth | — | -7% | -4% | +3% | — |
| Gross profit | CN¥53.6B | CN¥40.6B | CN¥35.6B | CN¥29.5B | CN¥6.56B |
| EBITDA | n/a | CN¥57.6B | CN¥52.3B | CN¥45.9B | CN¥22.6B |
| Net income | CN¥4.62B | CN¥11.6B | CN¥7.21B | CN¥5.53B | -CN¥9.58B |
| Free cash flow | CN¥2.94B | CN¥9.51B | -CN¥12.7B | -CN¥10.6B | -CN¥7.50B |
| Capital expenditure | CN¥53.3B | CN¥58.3B | CN¥63.7B | CN¥59.4B | CN¥40.7B |
| Total debt | CN¥323B | CN¥402B | CN¥389B | CN¥377B | CN¥372B |
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 |
|---|---|---|---|---|---|---|
| Huaneng Power International 600011.SS | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% |
| GD Power Development 600795.SS | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% |
| SDIC Power 600886.SS | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% |
| Datang International Power Generation 601991.SS | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% |
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 | 600011.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | +5.4% | 11th highest of 21 |
| 6-month return | +9.4% | +1.6% | 4th highest of 21 |
| Distance from 52-week high | -21.6% | -9.7% | 7th lowest of 21 |
| Revenue growth (TTM) | -5.1% | +2.4% | 4th lowest of 21 |
| Operating margin | 8.7% | 19.5% | 5th lowest of 21 |
| Forward P/E | 13.5× | 18.4× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.1% | 6.4% | least demanding of 11 |
| Growth delivered (Del g) | +6.2% | +4.6% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -8.4 pp | +1.7 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +0.6 pp | -1.9 pp | 3rd highest of 21 |
| Net debt / EBITDA | 7.1× | 5.5× | 3rd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |