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Coal-fired thermal power generator in Inner Mongolia, a joint venture between local and China Huaneng Group utilities.
Coal-fired thermal power generator in Inner Mongolia, a joint venture between local and China Huaneng Group utilities.
In one line: China's a regional coal-power joint venture utility.
Moat: none (regulatory licence). Regional thermal generation with regulated tariffs and no structural cost advantage.
Headquarters: Hohhot, China · Founded: 1999 · Employees: 5,475
Size Inner Mongolia MengDian HuaNeng Thermal Power (600863.SS) is a China Utilities company (Electric Utilities) with a market value of $7.35B, the 334th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.36 on 6 Nov 2026.
Performance Over six months the shares gained 15.5%, against -3.2% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +8.0%); the operating margin is 15.9% (peer median 12.6%).
Valuation It trades at 18.4× forward earnings against a peer median of 14.1× (7th most expensive of 20).
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 4.0 points above 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¥20.2B | CN¥20.9B | CN¥23.7B | CN¥22.4B | CN¥22.9B |
| Revenue growth | — | -12% | +6% | -2% | — |
| Gross profit | CN¥6.31B | CN¥4.77B | CN¥5.28B | CN¥4.62B | CN¥3.94B |
| EBITDA | n/a | CN¥6.65B | CN¥7.63B | CN¥6.73B | CN¥6.16B |
| Net income | CN¥2.28B | CN¥2.49B | CN¥3.04B | CN¥2.00B | CN¥1.77B |
| Free cash flow | CN¥2.52B | CN¥3.21B | CN¥2.52B | CN¥3.13B | CN¥4.02B |
| Capital expenditure | CN¥4.49B | CN¥3.77B | CN¥4.40B | CN¥2.39B | CN¥1.18B |
| Total debt | CN¥15.7B | CN¥15.6B | CN¥17.1B | CN¥15.1B | CN¥17.7B |
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 |
|---|---|---|---|---|---|---|
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% |
| Huaneng Power International 600011.SS | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% |
| Inner Mongolia Dian Tou Energy 002128.SZ | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% |
| Datang International Power Generation 601991.SS | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% |
| Huadian Power International 600027.SS | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% |
| Beijing Jingneng Power 600578.SS | $5.06B | +3% | -6% | 11% | 11.0× | -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 | 600863.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | +0.1% | 6th highest of 21 |
| 6-month return | +15.5% | -3.2% | 3rd highest of 21 |
| Distance from 52-week high | -33.2% | -16.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | -2.7% | +8.0% | 4th lowest of 21 |
| Operating margin | 15.9% | 12.6% | 9th highest of 21 |
| Forward P/E | 18.4× | 14.1× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 0.6% | 4th least demanding of 13 |
| Growth delivered (Del g) | +6.5% | +7.3% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -8.4 pp | -7.7 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +4.0 pp | -0.6 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Huadian Power International 600027.SS | China | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% | +6.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |