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Zhejiang province's main power generator, operating coal, gas and minority nuclear/renewable interests.
Zhejiang province's main power generator, operating coal, gas and minority nuclear/renewable interests.
Sells electricity to the provincial grid at regulated on-grid tariffs, so profit depends on the gap between tariff and coal cost, and its large coal-fired fleet is the base. Minority stakes in nuclear plants add equity income without fuel costs of its own. The Zhejiang provincial government's energy group controls it.
In one line: China's a regional multi-fuel utility.
Moat: narrow (regulatory licence, scale). Dominant provincial generation scale under Zhejiang Energy Group, but regulated tariffs cap returns.
Headquarters: Hangzhou, China · Founded: 1993 · Employees: 12,889
Size Zhejiang Zheneng Electric Power (600023.SS) is a China Utilities company (Electric Utilities) with a market value of $10.8B, the 227th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.39 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against +0.2% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 7.2% over the last twelve months (peer median +6.7%); the operating margin is -0.7% (peer median 16.6%).
Valuation It trades at 17.4× forward earnings against a peer median of 17.0× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥74.7B | CN¥79.4B | CN¥87.8B | CN¥95.8B | CN¥80.1B |
| Revenue growth | — | -10% | -8% | +20% | — |
| Gross profit | CN¥8.76B | CN¥9.52B | CN¥10.4B | CN¥8.80B | -CN¥3.27B |
| EBITDA | n/a | CN¥13.5B | CN¥13.9B | CN¥11.9B | CN¥274M |
| Net income | CN¥2.74B | CN¥7.53B | CN¥7.76B | CN¥6.52B | -CN¥1.83B |
| Free cash flow | CN¥3.70B | CN¥7.41B | CN¥7.29B | CN¥5.94B | -CN¥3.17B |
| Capital expenditure | CN¥5.66B | CN¥7.22B | CN¥9.68B | CN¥9.27B | CN¥5.64B |
| Total debt | CN¥53.2B | CN¥49.9B | CN¥49.0B | CN¥50.3B | CN¥40.6B |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Zheneng Electric Power 600023.SS | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% |
| 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% |
| Shenergy 600642.SS | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% |
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 | 600023.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.2% | +2.5% | 7th lowest of 21 |
| 6-month return | -5.4% | +0.2% | 9th lowest of 21 |
| Distance from 52-week high | -20.4% | -14.8% | 9th lowest of 21 |
| Revenue growth (TTM) | -7.2% | +6.7% | lowest of 21 |
| Operating margin | -0.7% | 16.6% | lowest of 21 |
| Forward P/E | 17.4× | 17.0× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 6.7% | 4th most demanding of 8 |
| Growth delivered (Del g) | +9.0% | +5.6% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -2.0 pp | -0.9 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | -2.2 pp | -1.4 pp | 8th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Datang International Power Generation 601991.SS | China | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% | +4.9% |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |