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Municipal natural-gas distribution utility serving residential and industrial customers in Chongqing.
Municipal natural-gas distribution utility serving residential and industrial customers in Chongqing.
Buys pipeline gas from upstream suppliers and resells it at prices regulated by the local government, so what it keeps is a distribution margin; connection fees from housing developers add income. Volumes follow household growth and industrial use across Chongqing, the only city it serves.
In one line: A Chinese city-gas utility.
Moat: narrow (regulatory licence). Exclusive municipal gas-distribution concession in Chongqing.
Headquarters: Chongqing, China · Employees: 3,544
Size Chongqing Gas (600917.SS) is a China Utilities company (Gas Distributors) with a market value of $1.07B, the 2168th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.63 on 6 Nov 2026.
Performance Over six months the shares fell 12.1%, against -15.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 4.4% over the last twelve months (peer median +0.3%); the operating margin is -0.1% (peer median 6.0%).
Valuation It trades at 0.8× enterprise value to sales against a peer median of 1.4× (5th 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 +9%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.88B | CN¥10.3B | CN¥10.1B | CN¥10.2B | CN¥8.69B |
| Revenue growth | — | +1% | -1% | +18% | — |
| Gross profit | CN¥746M | CN¥674M | CN¥835M | CN¥806M | CN¥684M |
| EBITDA | n/a | CN¥483M | CN¥667M | CN¥685M | CN¥632M |
| Net income | CN¥85.8M | CN¥211M | CN¥383M | CN¥499M | CN¥400M |
| Free cash flow | CN¥221M | CN¥200M | CN¥338M | -CN¥8.84M | -CN¥222M |
| Capital expenditure | CN¥345M | CN¥304M | CN¥333M | CN¥535M | CN¥460M |
| Total debt | CN¥1.36B | CN¥1.33B | CN¥1.22B | CN¥1.15B | CN¥1.42B |
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 |
|---|---|---|---|---|---|---|
| Chongqing Gas 600917.SS | $1.07B | -12% | -4% | 0% | 0.8× | 15.0% |
| Chengdu Gas 603053.SS | $1.09B | -16% | -1% | 6% | 0.8× | -10.0% |
| Shenzhen Gas 601139.SS | $2.79B | -7% | -1% | 7% | 0.9× | -9.2% |
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 | 600917.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -4.2% | 8th lowest of 21 |
| 6-month return | -12.1% | -15.6% | 10th highest of 21 |
| Distance from 52-week high | -28.9% | -32.0% | 11th highest of 21 |
| Revenue growth (TTM) | -4.4% | +0.3% | 7th lowest of 21 |
| Operating margin | -0.1% | 6.0% | lowest of 21 |
| EV / Sales | 0.8× | 1.4× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | -2.9% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +8.6% | +8.3% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +6.3 pp | -6.1 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -3.1 pp | -0.5 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | 0.8× | 15.0% | +8.6% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | 0.8× | -10.0% | +5.1% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | 2.1× | 8.0% | +9.4% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 0.8× | -5.6% | +4.5% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 1.4× | -5.1% | +1.0% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | 4.8× | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | 1.8× | n/a | n/a |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 1.3× | 6.3% | +10.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 0.2× | -17.3% | +11.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 4.2× | -8.4% | +12.3% |
| Shanghai Dazhong Public Utilities (Group) 1635.HK | Hong Kong | $1.59B | -41% | +6% | 1% | 2.2× | n/a | n/a |
| Ascopiave ASC.MI | Italy | $699M | -8% | +34% | 26% | 4.5× | 4.4% | +8.3% |
| Henan Lantian Gas 605368.SS | China | $687M | -18% | -9% | 8% | 1.3× | 0.0% | +2.7% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 1.4× | -2.9% | +7.8% |
| Shenzhen Guangju Energy 000096.SZ | China | $634M | -18% | +4% | 4% | 2.8× | n/a | n/a |
| Shizuoka Gas 9543.T | Japan | $631M | -5% | 0% | 6% | 0.5× | -9.0% | +10.6% |
| Saibu Gas 9536.T | Japan | $630M | +23% | -6% | 5% | 1.4× | n/a | n/a |
| Anhui Province Natural Gas Development 603689.SS | China | $601M | -10% | -9% | 9% | 1.3× | 0.6% | +1.4% |
| K&O Energy 1663.T | Japan | $585M | -28% | -1% | 12% | 0.6× | -8.6% | +9.3% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 0.9× | n/a | n/a |
| Top Resource Energy 300332.SZ | China | $556M | -20% | -3% | 0% | 2.0× | 12.9% | +8.8% |