CompanyGraph
Henan Yuneng Holdings generates and supplies electricity within Henan Province under a regulated framework, earning income largely on terms a regulator sets rather than through open competition for customers.
- Depends onDownstream position: depends on 11 industries, supplies 6
- ScaleMarket cap is $2.76B, above the global median of $1.18B
- FinancialsAltman Z-Score 0.45: distress zone
- Interpretations1 currently firing — 1
What this company is and how it runs — written from structure, not news.
The system coordinates the physical movement and conversion of energy: it draws inputs from a range of other industries, converts them into electricity, and moves that power on to industrial and consumer users. It carries out this flow inside a boundary of externally set rules rather than setting its own prices and terms freely.
Income is earned mainly by generating and supplying electricity, an activity priced and governed largely by regulatory terms rather than open competition. On the financial record itself, earnings have not been uniformly positive: the years on file include both net losses and net income rather than steady positive returns.
A specific market value is on file for the company, though the data available here does not place that value relative to others running the same kind of system. Its own filings describe one instance of growth coming through the acquisition of generation assets from Henan Investment Group rather than through a competitive market transaction, which is consistent with a more general pattern in which regulated-return systems typically grow through capacity or territory that gets allocated rather than won through open competition.
CompanyGraph maps this company as drawing on a wider range of upstream industries for inputs than the range of industries it supplies in turn, a pattern consistent with converting and distributing energy rather than sourcing everything through one or two channels. Which specific suppliers or inputs sit behind that mapping is not identified in the data on file.
The same mapping shows the company feeding a narrower set of downstream industries than the set it draws from, consistent with sitting closer to the end-use side of the energy chain than to the raw-supply side. Which specific customers or industries rely on it most is not identified in the data on file.
The company's own filings describe it as the only electricity listed company in Henan Province controlled by provincial-level state capital, a claim about ownership and category rather than about operating capability or market share. CompanyGraph also places it among a substantial number of other companies that run the same general kind of regulated-return system, so the broader operating shape itself is common even where the ownership position is described as unique. Structurally near is not the same as moving together or being interchangeable, it means CompanyGraph sees a shared way of operating or a detected pattern, not a price relationship or a comparison verdict.
CompanyGraph classifies this type of business as one where a regulator sets the boundaries of what it can earn in exchange for a protected service area and a duty to keep serving customers, and where such systems typically come under strain by carrying debt that stable, regulator-set cash flows cannot comfortably support. This is an industry-level expectation being tested against the company, not a limit it has stated for itself. On that specific point, CompanyGraph's own reading of its balance sheet shows several solvency signals converging at elevated levels together: debt forms a large share of assets and stands large relative to the cash operations generate, a pattern consistent with the kind of leverage strain this type of structure is prone to.
CompanyGraph classifies this type of business as one where an external regulator typically sets or approves rates and terms of service in exchange for a protected service territory and a duty to keep serving customers, an industry-level expectation being tested against this company rather than confirmed in its own words. Its own filings separately describe it as controlled by provincial-level state capital, placing a government-linked ownership relationship in its environment alongside any formal regulatory oversight.
Read from figures CompanyGraph recomputed from this company's statements and from its structural position. Written September 2026. A question with no evidence behind it is left out rather than answered.
Sign in to view price data.
Sign inThe reported statements, read against the company's own industry.
1 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsWhere is this company structurally exposed?
Within or Near the Altman Distress Zone
Debt is a large share of its assets, and large against its cash flow.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Financial Health
Supply Chain
Scale
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.
Supply Chain
Electricity Grid Supply Chain
Electricity is an energy carrier whose usefulness depends on place, time, and system condition. Follow it from energy source to end service to see why installed capacity is not usable supply, how buildings and timing shape demand, and where records stop short of physical delivery.
Nuclear Energy Supply Chain
Follow uranium from ore through conversion, enrichment, fuel fabrication, reactor operation, spent-fuel storage, decommissioning, and final isolation. Geometry, irradiation history, decay heat, evidence, financing, and custody determine what each stage can safely do.