Announcement • May 14
Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, Jun 03, 2026 Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, Jun 03, 2026, at 14:00 China Standard Time. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (90% cash payout ratio). Reported Earnings • Apr 28
First quarter 2026 earnings released: EPS: CN¥0.07 (vs CN¥0.08 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.07 (down from CN¥0.08 in 1Q 2025). Revenue: CN¥15.7b (down 11% from 1Q 2025). Net income: CN¥947.2m (down 12% from 1Q 2025). Profit margin: 6.0% (down from 6.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.20 (vs CN¥0.21 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.20 (down from CN¥0.21 in 3Q 2024). Revenue: CN¥23.3b (down 11% from 3Q 2024). Net income: CN¥2.72b (down 2.0% from 3Q 2024). Profit margin: 12% (up from 11% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.18 (vs CN¥0.15 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.18 (up from CN¥0.15 in 2Q 2024). Revenue: CN¥17.9b (down 11% from 2Q 2024). Net income: CN¥2.44b (up 15% from 2Q 2024). Profit margin: 14% (up from 11% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 06
Dividend increased to CN¥0.29 Dividend of CN¥0.29 is 16% higher than last year. Ex-date: 9th July 2025 Payment date: 9th July 2025 Dividend yield will be 5.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 24
Zhejiang Zheneng Electric Power Co., Ltd.(SHSE:600023) dropped from Shanghai Stock Exchange 180 Value Index Zhejiang Zheneng Electric Power Co., Ltd. removed Major Estimate Revision • May 15
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥87.4b to CN¥78.5b. EPS estimate fell from CN¥0.574 to CN¥0.521 per share. Net income forecast to grow 2.0% next year vs 16% growth forecast for Renewable Energy industry in China. Consensus price target of CN¥5.82 unchanged from last update. Share price was steady at CN¥5.36 over the past week. Major Estimate Revision • May 13
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥90.0b to CN¥77.7b. EPS estimate fell from CN¥0.612 to CN¥0.509 per share. Net income forecast to grow 1.0% next year vs 15% growth forecast for Renewable Energy industry in China. Consensus price target of CN¥5.82 unchanged from last update. Share price was steady at CN¥5.31 over the past week. Announcement • May 08
Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, May 29, 2025 Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, May 29, 2025, at 14:00 China Standard Time. Reported Earnings • May 01
Third quarter 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.22 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.21 (down from CN¥0.22 in 3Q 2023). Revenue: CN¥26.1b (down 5.9% from 3Q 2023). Net income: CN¥2.77b (down 13% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue is expected to decline by 1.2% p.a. on average during the next 4 years, while revenues in the Renewable Energy industry in China are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.22 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.21 (down from CN¥0.22 in 3Q 2023). Revenue: CN¥26.1b (down 5.9% from 3Q 2023). Net income: CN¥2.77b (down 13% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 27
Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, Jun 18, 2024 Zhejiang Zheneng Electric Power Co., Ltd., Annual General Meeting, Jun 18, 2024, at 14:00 China Standard Time. Price Target Changed • May 04
Price target increased by 11% to CN¥6.59 Up from CN¥5.92, the current price target is an average from 3 analysts. New target price is 5.8% above last closing price of CN¥6.23. Stock is up 30% over the past year. The company is forecast to post earnings per share of CN¥0.58 for next year compared to CN¥0.49 last year. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.14 (vs CN¥0.08 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.14 (up from CN¥0.08 in 1Q 2023). Revenue: CN¥20.0b (up 14% from 1Q 2023). Net income: CN¥1.82b (up 80% from 1Q 2023). Profit margin: 9.1% (up from 5.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.1% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in China are expected to grow by 7.4%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.003 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.22 (up from CN¥0.003 in 3Q 2022). Revenue: CN¥27.8b (up 11% from 3Q 2022). Net income: CN¥3.18b (up CN¥3.13b from 3Q 2022). Profit margin: 12% (up from 0.2% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.13 (vs CN¥0.016 loss in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.13 (up from CN¥0.016 loss in 2Q 2022). Revenue: CN¥24.1b (up 37% from 2Q 2022). Net income: CN¥1.77b (up CN¥2.00b from 2Q 2022). Profit margin: 7.3% (up from net loss in 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CN¥0.14 loss per share (further deteriorated from CN¥0.06 loss in FY 2021). Revenue: CN¥80.2b (up 13% from FY 2021). Net loss: CN¥1.86b (loss widened 117% from FY 2021). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Renewable Energy industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Feb 16
Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) completed the acquisition of 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Zhang Yuzheng. Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) signed a share transfer agreement to acquire 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Zhang Yuzheng for CNY 1.8 billion on November 10, 2022. Before the transaction Zhang Yuzheng directly held 12.46% of Jolywood. Zhejiang Zheneng Electric Power has completed the due diligence work related to this transaction. Zhejiang Zheneng board has approved the acquisition. The transaction still needs to obtain the approval of the State-owned Assets Supervision and Administration Department, the review of the concentration of operators by the State Administration for Market Regulation (or the State Anti-Monopoly Bureau), and the compliance confirmation of the transaction by the stock exchange. As on January 3, 2023, Zhejiang Provincial State-owned Assets Supervision and Administration Commission's Approved the transaction. Transaction is still subject to State Administration for Market Regulation (or the State Anti-Monopoly Bureau). As on January 18, 2023, Transaction is approved by State Administration for Market Regulation (or the State Anti-Monopoly Bureau).
Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) completed the acquisition of 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Zhang Yuzheng on February 14, 2023. After the completion of the share transfer, the controlling shareholder of the company was changed from Mr. Lin Jianwei and Ms. Zhang Yuzheng to Zhejiang Zheneng, and the actual controller was changed from Mr. Lin Jianwei and Ms. Zhang Yuzheng to Zhejiang State-owned Assets Supervision and Administration Commission. Board Change • Nov 16
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Supervisor Chaoyang Sun is the most experienced director on the board, commencing their role in 2021. Independent Director Hongling Han was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 12
Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) signed an agreement to acquire 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) for CNY 1.8 billion. Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) signed an agreement to acquire 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) for CNY 1.8 billion on November 10, 2022. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥0.003 (vs CN¥0.017 loss in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.003 (up from CN¥0.017 loss in 3Q 2021). Revenue: CN¥25.0b (up 21% from 3Q 2021). Net income: CN¥58.9m (up CN¥273.8m from 3Q 2021). Profit margin: 0.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2022 earnings released: CN¥0.016 loss per share (vs CN¥0.099 profit in 2Q 2021) Second quarter 2022 results: CN¥0.016 loss per share (down from CN¥0.099 profit in 2Q 2021). Revenue: CN¥17.6b (up 15% from 2Q 2021). Net loss: CN¥228.7m (down 116% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jul 25
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be CN¥4.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.6%. The fair value is estimated to be CN¥4.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.9%. The fair value is estimated to be CN¥4.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: CN¥0.06 loss per share (down from CN¥0.45 profit in FY 2020). Revenue: CN¥71.1b (up 38% from FY 2020). Net loss: CN¥855.2m (down 114% from profit in FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 8.2% compared to a 10% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 31
Third quarter 2021 earnings released: CN¥0.017 loss per share (vs CN¥0.16 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: CN¥20.6b (up 41% from 3Q 2020). Net loss: CN¥214.9m (down 110% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥4.04, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Renewable Energy industry in China. Total loss to shareholders of 3.9% over the past three years. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.099 (vs CN¥0.18 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥15.3b (up 13% from 2Q 2020). Net income: CN¥1.42b (down 42% from 2Q 2020). Profit margin: 9.3% (down from 18% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 18
Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) and Zhejiang Zheneng Green Power Development Co., Ltd. agreed to acquire Hebei Xinhualong Technology Co., Ltd. from Shi Jianhui for CNY 80 million. Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) and Zhejiang Zheneng Green Power Development Co., Ltd. agreed to acquire Hebei Xinhualong Technology Co., Ltd. from Shi Jianhui for CNY 80 million on August 16, 2021. Zhejiang Zheneng Electric Power Co., Ltd. will acquire 75% for 60 million and 25% will be acquired by Zhejiang Zheneng Green Power Development Co., Ltd. for CNY 20 million. In a related transaction, Zhejiang Zheneng Electric Power Co., Ltd. and Zhejiang Zheneng Green Power Development will carry out Hebei Xinhualong Technology Co., Ltd.’s capital increase of CNY 190 million wherein Zhejiang Zheneng Electric Power will invest CNY 142.5 million and Zhejiang Zheneng Green Power Development Co., Ltd. will invest CNY 47.5 million. For the year ended on May 31, 2021, Hebei Xinhualong Technology reported total assets of and Net assets of CNY 6.0343 million. As of August 16, 2021, Zhejiang Provincial board at 24th Meeting of the 1st Directorate has approved the deal. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS CN¥0.08 (vs CN¥0.04 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥14.5b (up 66% from 1Q 2020). Net income: CN¥1.05b (up 88% from 1Q 2020). Profit margin: 7.3% (up from 6.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 29
New 90-day low: CN¥3.50 The company is down 3.0% from its price of CN¥3.59 on 30 October 2020. The Chinese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥5.09 per share. Is New 90 Day High Low • Jan 07
New 90-day low: CN¥3.56 The company is down 5.0% from its price of CN¥3.75 on 09 October 2020. The Chinese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥5.09 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥5.87b, up 50% from the prior year. Total revenue was CN¥51.6b over the last 12 months, down 3.1% from the prior year. Announcement • Oct 14
Zhejiang Zheneng Electric Power Co., Ltd. to Report Q3, 2020 Results on Oct 30, 2020 Zhejiang Zheneng Electric Power Co., Ltd. announced that they will report Q3, 2020 results on Oct 30, 2020 Announcement • Oct 13
Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) entered into a conditional sale and purchase agreement to acquire a 25.62% stake in Zheneng Jinjiang Environment Holding Company Limited (SGX:BWM) from China Green Energy Limited and Win Charm Limited for approximately SGD 290 million. Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) entered into a conditional sale and purchase agreement to acquire a 25.62% stake in Zheneng Jinjiang Environment Holding Company Limited (SGX:BWM) from China Green Energy Limited and Win Charm Limited for approximately SGD 290 million on October 12, 2020. Under the terms of the transaction, Zhejiang Zheneng will acquire 44.2 million shares from China Green Energy and approximately 330 million shares from Win Charm for SGD 0.7781 per share in cash. In a related transaction, Zhejiang Zheneng Electric will make a mandatory offer for the remaining shares of Jinjiang Environment for SGD 0.7781 per share. Upon completion, Zhejiang Zheneng have no plans to introduce any major changes to the business of Zheneng Jinjiang Environment, re-deploy the fixed assets of the Company or discontinue the employment of any of the existing employees of the Group. The transaction is subject to approval of the shareholders of Zheneng Jinjiang, outbound investment approval of the National Development and Reform Commission, the competent Ministry of Commerce (MOFCOM), the State Administration of Foreign Exchange (SAFE) and China Merger Control Clearance as well as the approval from the the State-owned Assets Supervision and Administration Commission (SASAC) at the Zhejiang provincial level for the Share Transfer, the Notice of No Further Review issued by the Anti-Monopoly Bureau of the State Administration of Market Regulation and approval of the shareholders of Zhejiang Electric. The Securities Industry Council (the “SIC”) has on October 9, 2020 confirmed that it has no objection to (i) the Pre-Conditions and the Offer being made subject to the satisfaction and/or waiver of the Pre-Conditions and (ii) the Termination Events. The deal was approved by the Board of Directors of Zhejiang Zheneng Electric. China International Capital Corporation (Singapore) Pte. Limited acted as financial advisor to Zhejiang Zheneng Electric in the transaction. Announcement • Jul 09
Zhejiang Zheneng Electric Power Co., Ltd. to Report First Half, 2020 Results on Aug 26, 2020 Zhejiang Zheneng Electric Power Co., Ltd. announced that they will report first half, 2020 results on Aug 26, 2020 
