Who are Hangzhou Cogeneration's main competitors?

Named competitors: China Resources Power (private or unlisted), Huaneng Power International (600011.SS). The cockpit's measured peer set (industry) also includes Trusco Nakayama (9830.T), State Power Rixin Technology (301162.SZ), Dlg Exhibitions & Events (600826.SS), Huludao Zinc Industry (000751.SZ), Yamazen (8051.T), Auto Partner (APR.WA).

Is Hangzhou Cogeneration expensive compared with its peers?

On ev / sales it trades at 2.2× against a peer median of 0.6×, 5th most expensive of 20 in its peer set.

How has Hangzhou Cogeneration stock performed?

Over six months to 6 Nov 2026 the shares returned -23.2% against -13.6% for the median peer; over one year -29.0%.

← CockpitCompetitor Analysis › 605011.SS Hangzhou Cogeneration Group Co., Ltd. Class AOpen in the cockpit ↗

Hangzhou Cogeneration Group Co., Ltd. Class A605011.SSCompetitor analysis, valuation and peers

China · CNY·Industrials›Wholesale Distributors

Combined heat-and-power (cogeneration) utility supplying steam and electricity to Hangzhou-area industry.

Momentum weak 29

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$956M

US dollars, full cap

Free float

33%

of shares outstanding

$/day

$20.9M

20-day average traded

Fwd P/E

n/m

no positive forecast

ROIC−WACC

+0.2 pp

WACC 5.0%

Hurdle

n/a

no reverse DCF

Close · CNYCN¥15.93

1D+0.8%

1W+6.3%

1M-16.6%

3M-11.4%

6M-23.2%

YTD-22.1%

1Y-29.0%

ATR %4.4%

52w lowhigh33.2% off high

What Hangzhou Cogeneration does

Combined heat-and-power (cogeneration) utility supplying steam and electricity to Hangzhou-area industry.

Makes electricity and piped steam from the same fuel, selling steam to factories on a pipeline network and power to the grid, so profit is the gap between fuel cost and prices that regulators adjust only gradually. Steam customers connected by pipe have little alternative supply, which makes that line the stickier one.

Products and services

Steam supply
Electricity generation

Customers

Industrial steam users
Local grid

Where it sits in the supply chain

Utilities
Power generation
Cogeneration (heat & power)

What could go right

Industrial park heat/power demand

What could go wrong

Coal/gas input cost swings
Regulated tariffs

Moat: narrow (regulatory licence, installed base). Regulated regional heat-supply concession with an installed industrial customer base.

Headquarters: Hangzhou, Zhejiang, China · Employees: 787

Named competitors

China Resources Power private or unlisted
Huaneng Power International 600011.SS

Hangzhou Cogeneration at a glance

Size Hangzhou Cogeneration (605011.SS) is a China Industrials company (Wholesale Distributors) with a market value of $956M, the 2390th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.93 on 6 Nov 2026.

Performance Over six months the shares fell 23.2%, against -13.6% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.

Growth Revenue fell 1.4% over the last twelve months (peer median +10.4%); the operating margin is 5.2% (peer median 4.4%).

Valuation It trades at 2.2× enterprise value to sales against a peer median of 0.6× (5th most expensive of 20).

Capital Return on invested capital runs 0.2 points above its cost of capital (5.0% WACC).

Relative performance

Six months, rebased to 100: Hangzhou Cogeneration against the median of its 20 peers (local-currency closes).

Hangzhou Cogeneration financials

Reported figures in CNY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	CN¥3.20B	CN¥3.17B	CN¥3.54B	CN¥3.28B	CN¥3.63B
Revenue growth	—	-10%	+8%	-10%	—
Gross profit	CN¥436M	CN¥330M	CN¥346M	CN¥373M	CN¥320M
EBITDA	n/a	CN¥322M	CN¥325M	CN¥374M	CN¥322M
Net income	CN¥168M	CN¥186M	CN¥212M	CN¥211M	CN¥212M
Free cash flow	-CN¥176M	CN¥97.9M	CN¥79.9M	CN¥388M	CN¥374M
Capital expenditure	CN¥431M	CN¥305M	CN¥326M	CN¥126M	CN¥72.5M
Total debt	CN¥923M	CN¥805M	CN¥732M	CN¥667M	CN¥1.10B

Quarterly statements and history in the cockpit →

Hangzhou Cogeneration competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Hangzhou Cogeneration is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Hangzhou Cogeneration is the large dot.

Hangzhou Cogeneration competitors and peer comparison

Head to head with its named competitors (605011.SS vs 600011.SS)
Company	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g
Hangzhou Cogeneration 605011.SS	$956M	-23%	-1%	5%	2.2×	n/a
Huaneng Power International 600011.SS	$16.4B	+9%	-5%	9%	2.2×	-2.1%

How Hangzhou Cogeneration compares with its peers

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.

Hangzhou Cogeneration against its 20 peers (data as of 6 Nov 2026)
Measure	605011.SS	Peer median	Rank in peer set
1-month return	-16.6%	-8.0%	3rd lowest of 21
6-month return	-23.2%	-13.6%	8th lowest of 21
Distance from 52-week high	-33.2%	-33.8%	10th highest of 21
Revenue growth (TTM)	-1.4%	+10.4%	2nd lowest of 20
Operating margin	5.2%	4.4%	10th highest of 20
EV / Sales	2.2×	0.6×	5th most expensive of 20
ROIC minus cost of capital	+0.2 pp	+2.6 pp	7th lowest of 20

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g	Delivered g
Hangzhou Cogeneration 605011.SS	China	$956M	-23%	-1%	5%	2.2×	n/a	n/a
Trusco Nakayama 9830.T	Japan	$958M	+6%	+10%	7%	0.6×	n/a	n/a
State Power Rixin Technology 301162.SZ	China	$944M	-25%	+12%	17%	8.2×	22.6%	+23.8%
Dlg Exhibitions & Events 600826.SS	China	$944M	-9%	+2%	15%	2.8×	6.9%	-11.5%
Huludao Zinc Industry 000751.SZ	China	$943M	-36%	+17%	1%	0.5×	n/a	n/a
Yamazen 8051.T	Japan	$978M	+13%	+7%	2%	0.2×	-6.3%	+4.5%
Auto Partner APR.WA	Poland	$928M	+26%	+67%	8%	0.6×	-5.0%	+21.5%
Deep Source 0990.HK	Hong Kong	$1.00B	-31%	+7%	2%	0.2×	-13.6%	+6.1%
Totech 9960.T	Japan	$1.00B	0%	+6%	10%	0.9×	5.4%	+9.2%
Lx International 001120.KS	South Korea	$913M	-35%	+11%	2%	0.1×	n/a	n/a
Wah Lee Industrial 3010.TW	Taiwan	$910M	-15%	+6%	4%	0.5×	-6.5%	+5.8%
Mitsuuroko 8131.T	Japan	$893M	+26%	0%	3%	0.4×	-3.7%	+8.4%
Matsuda Sangyo 7456.T	Japan	$891M	-12%	+49%	4%	0.2×	n/a	n/a
Superior Plus SPB.TO	Canada	$890M	-22%	-7%	8%	1.2×	-1.3%	+13.7%
Yellow Hat 9882.T	Japan	$888M	+12%	+7%	9%	0.9×	-5.5%	+3.1%
China Agricultural Development Seed 600313.SS	China	$1.04B	-16%	+35%	1%	0.8×	21.8%	+12.7%
Beijing Geekplus Technology 2590.HK	Hong Kong	$1.05B	-67%	+33%	0%	1.5×	n/a	n/a
Kamei 8037.T	Japan	$869M	+40%	+1%	3%	0.2×	-13.1%	+7.6%
Zhejiang Songyuan Automotive Safety Systems 300893.SZ	China	$1.06B	-34%	+27%	12%	2.8×	n/a	n/a
Supply Network SNL.AX	Australia	$1.06B	+12%	+16%	17%	3.9×	11.7%	+19.9%
BayWa BYW.DE	Germany	$1.07B	-58%	n/a	n/a	n/a	n/a	n/a

Questions

Who are Hangzhou Cogeneration's main competitors?: Named competitors: China Resources Power (private or unlisted), Huaneng Power International (600011.SS). The cockpit's measured peer set (industry) also includes Trusco Nakayama (9830.T), State Power Rixin Technology (301162.SZ), Dlg Exhibitions & Events (600826.SS), Huludao Zinc Industry (000751.SZ), Yamazen (8051.T), Auto Partner (APR.WA).
Is Hangzhou Cogeneration expensive compared with its peers?: On ev / sales it trades at 2.2× against a peer median of 0.6×, 5th most expensive of 20 in its peer set.
How has Hangzhou Cogeneration stock performed?: Over six months to 6 Nov 2026 the shares returned -23.2% against -13.6% for the median peer; over one year -29.0%.