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Hydropower operator running cascade dams on the Lancang (Mekong) River in Yunnan, part of the state-owned Huaneng Group.
Hydropower operator running cascade dams on the Lancang (Mekong) River in Yunnan, part of the state-owned Huaneng Group.
Sells hydropower from a chain of dams, where upstream reservoirs let downstream plants reuse the same water, with output going to the provincial grid and through transmission lines to Guangdong. Earnings track rainfall and power-market rules. Huaneng Group, a state-owned power giant, controls it.
In one line: A regional US hydropower utility scaled to a river cascade.
Moat: wide (scale, regulatory licence, installed base). Owns a licensed cascade of dams on a major river with high barriers to new hydro development.
Headquarters: Kunming, China · Founded: 1993 · Employees: 5,351
Size Huaneng Lancang River Hydropower (600025.SS) is a China Utilities company (Electric Utilities) with a market value of $30.7B, the 58th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.97 on 6 Nov 2026.
Performance Over six months the shares gained 15.3%, against -1.6% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +7.6%); the operating margin is 48.1% (peer median 24.3%).
Valuation It trades at 23.1× forward earnings against a peer median of 17.0× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥27.1B | CN¥26.3B | CN¥24.6B | CN¥23.2B | CN¥23.3B |
| Revenue growth | — | +7% | +6% | -1% | — |
| Gross profit | CN¥20.7B | CN¥14.8B | CN¥13.6B | CN¥12.9B | CN¥12.8B |
| EBITDA | n/a | CN¥20.4B | CN¥18.9B | CN¥17.8B | CN¥18.1B |
| Net income | CN¥8.52B | CN¥8.50B | CN¥8.30B | CN¥7.64B | CN¥7.23B |
| Free cash flow | CN¥2.09B | CN¥2.90B | -CN¥2.59B | -CN¥739M | CN¥8.11B |
| Capital expenditure | CN¥17.9B | CN¥16.5B | CN¥20.4B | CN¥18.1B | CN¥9.80B |
| Total debt | CN¥133B | CN¥138B | CN¥138B | CN¥128B | CN¥111B |
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 Lancang River Hydropower 600025.SS | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% |
| China Yangtze Power 600900.SS | $110B | +9% | 0% | 51% | 21.2× | 1.5% |
| China Three Gorges Renewables (Group) 600905.SS | $14.7B | -16% | -8% | 17% | 39.8× | n/a |
| Sichuan Chuantou Energy 600674.SS | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% |
| SDIC Power 600886.SS | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% |
| Guangxi Guiguan Electric Power 600236.SS | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% |
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 | 600025.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.6% | +6.1% | 8th highest of 21 |
| 6-month return | +15.3% | -1.6% | highest of 21 |
| Distance from 52-week high | -0.5% | -10.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +3.7% | +7.6% | 6th lowest of 21 |
| Operating margin | 48.1% | 24.3% | 2nd highest of 21 |
| Forward P/E | 23.1× | 17.0× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 3.4% | 3rd least demanding of 5 |
| Growth delivered (Del g) | +6.6% | +5.4% | 3rd highest of 5 |
| Hurdle (Req g minus delivered) | -2.9 pp | -3.5 pp | 3rd least demanding of 5 |
| ROIC minus cost of capital | +1.6 pp | -1.1 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |