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Regulated natural-gas distribution utility serving Shenzhen and other Chinese cities, plus LNG trading and gas-appliance sales.
Regulated natural-gas distribution utility serving Shenzhen and other Chinese cities, plus LNG trading and gas-appliance sales.
Earns the margin between gas it buys and gas it sells, with end-user prices subject to local government approval, plus connection charges when new customers join the network. LNG trading is a separate, more volatile earner.
In one line: A regional Chinese gas utility, like a city gas company.
Moat: narrow (regulatory licence). Exclusive municipal gas-distribution concession in its service territories.
Headquarters: Shenzhen, China · Employees: 9,262
Size Shenzhen Gas (601139.SS) is a China Utilities company (Gas Distributors) with a market value of $2.79B, the 919th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.46 on 6 Nov 2026.
Performance Over six months the shares fell 6.8%, against -7.5% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 0.5% over the last twelve months (peer median +4.0%); the operating margin is 7.1% (peer median 9.8%).
Valuation It trades at 10.7× forward earnings against a peer median of 16.6× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -24 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 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥30.0B | CN¥29.8B | CN¥28.3B | CN¥30.8B | CN¥30.0B |
| Revenue growth | — | +5% | -8% | +3% | — |
| Gross profit | CN¥6.29B | CN¥4.79B | CN¥4.40B | CN¥4.25B | CN¥4.02B |
| EBITDA | n/a | CN¥3.59B | CN¥3.31B | CN¥3.40B | CN¥3.03B |
| Net income | CN¥1.65B | CN¥1.41B | CN¥1.46B | CN¥1.44B | CN¥1.22B |
| Free cash flow | CN¥2.49B | CN¥1.38B | CN¥507M | -CN¥1.19B | -CN¥856M |
| Capital expenditure | CN¥2.13B | CN¥2.39B | CN¥3.37B | CN¥3.95B | CN¥2.66B |
| Total debt | CN¥14.6B | CN¥18.6B | CN¥16.9B | CN¥16.7B | CN¥12.7B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Gas 601139.SS | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% |
| China Suntien Green Energy 600956.SS | $3.40B | -18% | -12% | 13% | 15.9× | n/a |
| China Gas 0384.HK | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% |
| Towngas Smart Energy 1083.HK | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% |
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 | 601139.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | -0.5% | 10th lowest of 21 |
| 6-month return | -6.8% | -7.5% | 11th highest of 21 |
| Distance from 52-week high | -19.2% | -20.2% | 10th highest of 21 |
| Revenue growth (TTM) | -0.5% | +4.0% | 8th lowest of 21 |
| Operating margin | 7.1% | 9.8% | 8th lowest of 21 |
| Forward P/E | 10.7× | 16.6× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.2% | 1.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +14.7% | +11.4% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -24.0 pp | -10.1 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +3.2 pp | -0.9 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 6.6× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | n/a | 10.6% | +4.5% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |