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China's largest hydropower operator, running the Three Gorges Dam and several other giant Yangtze River hydroelectric stations.
China's largest hydropower operator, running the Three Gorges Dam and several other giant Yangtze River hydroelectric stations.
Earns by selling the output of its dams to grids at regulated tariffs, so revenue follows how much water flows and the tariff rather than fuel costs, since the water is free. Most of its costs are depreciation and interest on the dams. China Three Gorges Corporation, a state-owned group, is the controlling shareholder.
In one line: A China-scale hydropower utility, larger than any single US hydro operator.
Moat: wide (scale, regulatory licence, installed base). Owns irreplaceable mega-dam assets on the Yangtze under long-term state licence; near-zero marginal generation cost.
Headquarters: Yichang, China · Founded: 2002 · Employees: 8,482
Size China Yangtze Power (600900.SS) is a China Utilities company (Electric Utilities) with a market value of $110B, the 16th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥29.91 on 6 Nov 2026.
Performance Over six months the shares gained 9.5%, against +1.3% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +6.4%); the operating margin is 51.3% (peer median 20.6%).
Valuation It trades at 21.2× forward earnings against a peer median of 18.4× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥83.6B | CN¥85.2B | CN¥83.5B | CN¥77.4B | CN¥68.2B |
| Revenue growth | — | +2% | +8% | +14% | — |
| Gross profit | CN¥64.7B | CN¥51.7B | CN¥48.6B | CN¥44.2B | CN¥38.4B |
| EBITDA | n/a | CN¥66.3B | CN¥65.1B | CN¥60.4B | CN¥53.0B |
| Net income | CN¥32.7B | CN¥34.5B | CN¥32.5B | CN¥27.2B | CN¥23.7B |
| Free cash flow | CN¥45.0B | CN¥44.7B | CN¥47.6B | CN¥54.5B | CN¥32.7B |
| Capital expenditure | CN¥16.2B | CN¥18.5B | CN¥14.6B | CN¥12.4B | CN¥12.5B |
| Total debt | CN¥283B | CN¥290B | CN¥299B | CN¥315B | CN¥283B |
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 |
|---|---|---|---|---|---|---|
| China Yangtze Power 600900.SS | $110B | +9% | 0% | 51% | 21.2× | 1.5% |
| Huaneng Lancang River Hydropower 600025.SS | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% |
| 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% |
| Hubei Energy 000883.SZ | $4.58B | -11% | -5% | 15% | 17.6× | -0.4% |
| 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 | 600900.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +8.1% | 5th lowest of 21 |
| 6-month return | +9.5% | +1.3% | 5th highest of 21 |
| Distance from 52-week high | -0.6% | -7.0% | highest of 21 |
| Revenue growth (TTM) | -0.4% | +6.4% | 5th lowest of 21 |
| Operating margin | 51.3% | 20.6% | highest of 21 |
| Forward P/E | 21.2× | 18.4× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.5% | 11.4% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +8.5% | +8.8% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | -7.1 pp | +2.4 pp | least demanding of 8 |
| ROIC minus cost of capital | +3.2 pp | -1.2 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |