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Liaoning coal-fired power-generation utility, part of the state-owned China Huadian Group.
Liaoning coal-fired power-generation utility, part of the state-owned China Huadian Group.
Sells electricity into the Liaoning grid at tariffs set by authorities and market arrangements, with coal the main cost, so profit depends on the spread between power prices and coal. It is a unit of the state-owned China Huadian group.
Moat: narrow (regulatory licence, installed base). Regulated regional power generator under the China Huadian state group, with installed capacity.
Headquarters: Shenyang, Liaoning, China · Employees: 1,542
Size Huadian Liaoning Energy Development (600396.SS) is a China Utilities company (Electric Utilities) with a market value of $2.23B, the 1144th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.08 on 6 Nov 2026.
Performance Over six months the shares gained 1.6%, against -21.1% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median -1.7%); the operating margin is 7.7% (peer median 8.1%).
Valuation It trades at 11.35× book value against a peer median of 0.96× (most expensive of 21).
Price implies The share price implies a return on equity of about 26.9%; Huadian Liaoning Energy Development delivers -5.5%, so the price asks more than the business earns today.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.39B | CN¥4.33B | CN¥4.40B | CN¥6.27B | CN¥7.12B |
| Revenue growth | — | -2% | -30% | -12% | — |
| Gross profit | CN¥1.22B | CN¥878M | CN¥600M | CN¥53.3M | -CN¥860M |
| EBITDA | n/a | CN¥1.20B | CN¥972M | CN¥670M | -CN¥52.7M |
| Net income | -CN¥73.3M | CN¥28.4M | CN¥84.7M | CN¥2.14B | -CN¥2.02B |
| Free cash flow | -CN¥395M | -CN¥116M | CN¥315M | -CN¥531M | -CN¥93.1M |
| Capital expenditure | CN¥1.28B | CN¥1.21B | CN¥491M | CN¥576M | CN¥541M |
| Total debt | CN¥12.2B | CN¥9.32B | CN¥8.65B | CN¥11.8B | CN¥18.6B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Huadian Liaoning Energy Development 600396.SS | $2.23B | +2% | 0% | -6% | 11.35× | 26.9% |
| Huaneng Power International 600011.SS | $16.4B | +9% | -5% | 3% | 0.84× | 4.4% |
| Datang International Power Generation 601991.SS | $10.8B | +14% | 0% | 20% | 2.37× | 11.8% |
| Huadian Power International 600027.SS | $8.61B | +3% | -7% | 7% | 1.18× | 3.7% |
| SDIC Power 600886.SS | $19.0B | +16% | -3% | 10% | 1.84× | 5.2% |
| Beijing Jingneng Power 600578.SS | $5.06B | +3% | -6% | 11% | 1.33× | 5.9% |
| China Res Power 0836.HK | $13.5B | +6% | +2% | 12% | 0.87× | 6.5% |
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 | 600396.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.8% | -2.8% | lowest of 21 |
| 6-month return | +1.6% | -21.1% | 4th highest of 21 |
| Return on equity | -5.5% | 7.1% | 2nd lowest of 21 |
| Price / book | 11.35× | 0.96× | most expensive of 21 |
| ROE the price implies | 26.9% | 7.0% | 3rd most demanding of 20 |
| ROE delivered | -5.5% | 6.7% | 2nd lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | -6% | 11.35× | 26.9% | -5.5% |
| MVV Energie MVV1.DE | Germany | $2.23B | +1% | -8% | 2% | 0.87× | 4.5% | 1.9% |
| Henan Yuneng 001896.SZ | China | $2.14B | -39% | -6% | 6% | 3.92× | 33.6% | 5.7% |
| Shikoku Electric Power 9507.T | Japan | $2.33B | +24% | -3% | 9% | 0.77× | 4.4% | 8.5% |
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 1% | 0.89× | 6.7% | 0.7% |
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 7% | 1.50× | 24.0% | 6.7% |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 9% | 0.49× | 4.4% | n/a |
| HCIG Energy Investment 000600.SZ | China | $2.01B | -31% | -12% | 7% | 0.96× | 5.7% | 7.4% |
| Chongqing Fuling Electric Power Industrial 600452.SS | China | $2.00B | -25% | -7% | 8% | 2.30× | 18.6% | 7.6% |
| CHN Energy Changyuan Electric Power 000966.SZ | China | $1.99B | -16% | -9% | -2% | 0.98× | 7.0% | -1.9% |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 8% | 0.96× | 3.2% | 7.8% |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 9% | 2.57× | 15.4% | 9.1% |
| Guangdong Baolihua New Energy Stock 000690.SZ | China | $1.87B | +9% | +1% | 8% | 0.95× | 4.8% | 7.5% |
| Datang Huayin Electric Power 600744.SS | China | $1.83B | -30% | -10% | -12% | 9.60× | 65.6% | -11.8% |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 13% | 1.34× | 22.2% | n/a |
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | 11% | 0.65× | 7.5% | n/a |
| Beijing Jingneng Clean Energy 0579.HK | Hong Kong | $1.74B | -27% | -1% | 7% | 0.34× | 4.4% | 6.7% |
| Chongqing Three Gorges Water Conservancy and Electric Power 600116.SS | China | $1.73B | -8% | +4% | 6% | 0.97× | 5.4% | 5.7% |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 6% | 2.65× | 21.2% | 5.6% |
| Romande Energie REHN.SW | Switzerland | $1.68B | -1% | +2% | 4% | 0.58× | n/a | 4.1% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | 1.92× | 19.0% | 8.2% |