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Shanxi coal-fired power generator with coal mining operations, part of the Jinneng Holding coal group.
Shanxi coal-fired power generator with coal mining operations, part of the Jinneng Holding coal group.
Sells the power it generates to the provincial grid, at tariffs set partly by government and partly by market trading, while its own coal mines supply part of the fuel and sell some coal. The Shanxi government-owned Jinneng coal group controls it.
Moat: narrow (scale, vertical integration). Owns coal mines feeding its own power plants, partly hedging fuel-cost swings.
Headquarters: Taiyuan, Shanxi, China · Employees: 4,268
Size Top Energy Co. Ltd. Shanxi (600780.SS) is a China Utilities company (Electric Utilities) with a market value of $1.02B, the 2268th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.91 on 6 Nov 2026.
Performance Over six months the shares fell 13.3%, against -14.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +4.2%); the operating margin is 5.1% (peer median 12.8%).
Valuation It trades at 0.5× enterprise value to sales against a peer median of 2.5× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥11.2B | CN¥11.2B | CN¥10.8B | CN¥10.9B | CN¥11.1B |
| Revenue growth | — | +4% | -1% | -2% | — |
| Gross profit | CN¥1.55B | CN¥1.09B | CN¥869M | CN¥1.04B | CN¥1.23B |
| EBITDA | n/a | CN¥1.36B | CN¥1.17B | CN¥1.29B | CN¥1.41B |
| Net income | CN¥709M | CN¥648M | CN¥513M | CN¥680M | CN¥855M |
| Free cash flow | CN¥135M | CN¥556M | CN¥732M | CN¥526M | CN¥735M |
| Capital expenditure | CN¥1.13B | CN¥917M | CN¥480M | CN¥378M | CN¥590M |
| Total debt | CN¥1.49B | CN¥1.02B | CN¥508M | CN¥636M | CN¥862M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Top Energy Co. Ltd. Shanxi 600780.SS | $1.02B | -13% | 0% | 5% | 0.5× | -15.1% |
| Jinneng Holding Shanxi Electric Power 000767.SZ | $1.40B | -20% | -6% | 6% | 3.2× | 2.5% |
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 | 600780.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | -5.2% | 11th highest of 21 |
| 6-month return | -13.3% | -14.3% | 10th highest of 21 |
| Distance from 52-week high | -30.1% | -38.0% | 9th highest of 21 |
| Revenue growth (TTM) | +0.2% | +4.2% | 10th lowest of 21 |
| Operating margin | 5.1% | 12.8% | 3rd lowest of 21 |
| EV / Sales | 0.5× | 2.5× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -15.1% | 2.5% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +10.2% | +9.1% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -25.4 pp | -3.4 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +6.3 pp | +0.2 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | 0.5× | -15.1% | +10.2% |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 1.7× | 15.8% | +18.5% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | 2.3× | 9.9% | +11.0% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 3.3× | n/a | n/a |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 5.5× | 4.8% | -27.7% |
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | 3.0× | 14.4% | +3.6% |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 0.4× | -8.6% | +17.6% |
| China Datang Corp. Renewable Power 1798.HK | Hong Kong | $904M | -42% | -6% | 21% | 8.3× | n/a | n/a |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 1.6× | 30.1% | +298.2% |
| Kasumigaseki Capital 3498.T | Japan | $1.16B | +15% | +70% | 17% | 1.5× | n/a | n/a |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 4.9× | 4.2% | +8.2% |
| Guangdong Shaoneng 000601.SZ | China | $887M | -15% | +6% | 7% | 2.5× | -0.4% | -0.7% |
| 2G Energy 2GB.DE | Germany | $885M | -25% | -12% | 6% | 2.1× | 18.5% | +10.1% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 0.7× | -15.5% | +5.6% |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | 9.9× | 0.8% | +2.4% |
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 5.7× | -10.1% | +4.4% |
| Fujian Mindong Electric Power 000993.SZ | China | $846M | +1% | -18% | 5% | 10.8× | 14.7% | +10.1% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 2.5× | -4.4% | +22.6% |
| Guangzhou Hengyun Enterprises 000531.SZ | China | $817M | -26% | 0% | -2% | 3.6× | n/a | n/a |
| Reliance Power RPOWER.NS | India | $806M | -37% | +3% | 20% | 1.0× | -4.9% | -0.5% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | 0.7× | -10.7% | +11.1% |