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Harbin state-owned holding company with power generation and financial-investment stakes across Heilongjiang province.
Harbin state-owned holding company with power generation and financial-investment stakes across Heilongjiang province.
Moat: none. A diversified state-owned holding vehicle rather than an operating business with a defensible moat.
Headquarters: Harbin, Heilongjiang, China · Employees: 4,056
Size Harbin Hatou Investment (600864.SS) is a China Utilities company (Electric Utilities) with a market value of $1.56B, the 1575th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.01 on 6 Nov 2026.
Performance Over six months the shares fell 18.0%, against -20.6% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +1.3%); the operating margin is -16.7% (peer median 9.9%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 2.5× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.0 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.79B | CN¥2.72B | CN¥2.69B | CN¥2.77B | CN¥2.56B |
| Revenue growth | — | +1% | -3% | +9% | — |
| Gross profit | CN¥1.07B | CN¥624M | CN¥491M | CN¥543M | CN¥323M |
| EBITDA | n/a | -CN¥339M | -CN¥162M | CN¥108M | -CN¥188M |
| Net income | -CN¥32.1M | CN¥348M | CN¥343M | CN¥207M | -CN¥1.01B |
| Free cash flow | CN¥445M | CN¥1.65B | CN¥3.85B | CN¥1.42B | CN¥315M |
| Capital expenditure | CN¥384M | CN¥505M | CN¥419M | CN¥248M | CN¥297M |
| Total debt | CN¥21.8B | CN¥13.6B | CN¥19.1B | CN¥18.4B | CN¥13.9B |
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| Measure | 600864.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | -3.3% | 3rd lowest of 21 |
| 6-month return | -18.0% | -20.6% | 9th highest of 20 |
| Distance from 52-week high | -38.2% | -36.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +0.3% | +1.3% | 10th lowest of 21 |
| Operating margin | -16.7% | 9.9% | lowest of 21 |
| EV / Sales | 1.0× | 2.5× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -17.2% | -1.0% | least demanding of 16 |
| Growth delivered (Del g) | -3.8% | +7.2% | lowest of 16 |
| Hurdle (Req g minus delivered) | -13.4 pp | -5.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -8.0 pp | +0.3 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harbin Hatou Investment 600864.SS | China | $1.56B | -18% | 0% | -17% | 1.0× | -17.2% | -3.8% |
| Jiangsu New Energy Development 603693.SS | China | $1.56B | -21% | -3% | 35% | 9.1× | 0.7% | +6.1% |
| Nava NAVA.NS | India | $1.59B | -26% | +9% | 29% | 3.5× | 19.8% | +11.0% |
| Dynagreen Environmental Protection 1330.HK | Hong Kong | $1.59B | +8% | +17% | 31% | 5.6× | -2.7% | +8.4% |
| Central Puerto SA Sponsored ADR CEPU | United States | $1.64B | -29% | +51% | 29% | 1.9× | -5.0% | +10.3% |
| Vedanta Power VEDPOWER.NS | India | $1.46B | n/a | +5% | -13% | 3.9× | n/a | n/a |
| Romande Energie REHN.SW | Switzerland | $1.68B | -1% | +2% | 8% | 2.0× | 7.4% | +7.2% |
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 1.2× | n/a | n/a |
| Chongqing Three Gorges Water Conservancy and Electric Power 600116.SS | China | $1.73B | -8% | +4% | 6% | 1.9× | -2.5% | +14.1% |
| Beijing Jingneng Clean Energy 0579.HK | Hong Kong | $1.74B | -27% | -1% | 18% | 3.2× | -1.0% | +3.5% |
| Jinneng Holding Shanxi Electric Power 000767.SZ | China | $1.40B | -20% | -6% | 6% | 3.2× | 2.5% | +5.6% |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 2.5× | -4.3% | +11.5% |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 2.0× | n/a | n/a |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 12% | 0.9× | n/a | n/a |
| Hokuriku Electric Power 9505.T | Japan | $1.34B | +16% | -5% | 7% | 1.5× | 8.4% | +3.7% |
| Datang Huayin Electric Power 600744.SS | China | $1.83B | -30% | -10% | 6% | 5.0× | n/a | n/a |
| Guangdong Baolihua New Energy Stock 000690.SZ | China | $1.87B | +9% | +1% | 14% | 1.7× | -11.6% | +3.9% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | 0.7× | -10.7% | +11.1% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 2.5× | -4.4% | +22.6% |
| CHN Energy Changyuan Electric Power 000966.SZ | China | $1.99B | -16% | -9% | 1% | 2.7× | 6.6% | +6.2% |
| Chongqing Fuling Electric Power Industrial 600452.SS | China | $2.00B | -25% | -7% | 17% | 3.7× | 3.6% | +2.4% |