CompanyGraph
Generates and sells electricity in China under government-issued power-business licenses, operating as one participant among a small number of large state-owned generation groups in a regulated power market.
- Depends onUpstream position: supplies 5 industries, depends on 1
- ScaleMarket cap is $4.45B, above the global median of $1.15B
- FinancialsAltman Z-Score 1.77: grey zone
- Interpretations2 currently firing — 2
What this company is and how it runs — written from structure, not news.
CompanyGraph reads this system as one that converts fuel and similar inputs into electricity at generation facilities, including a thermal power plant in which it holds a majority stake, then moves that output into a wider market alongside a small number of large state-owned generation groups, operating under permits that set what it may generate and discharge. It reaches into more downstream industries than the concentrated set it depends on upstream.
Revenue comes from generating and selling electricity, including output from a thermal power plant it holds a majority stake in. Its accounts show operating income rising over recent years on a balance sheet weighted toward long-lived, capital-heavy assets whose depreciation has not yet caught up with their book value, alongside net income that has stayed positive in every year on file.
Its own account describes acquiring a majority stake in another thermal power plant through a capital increase, rather than growing only by increasing output at facilities it already ran. CompanyGraph reads this as one sign that scale in this business can come from adding ownership of further generation assets, not only from running existing ones harder, though a single acquisition is not enough on its own to establish this as a settled pattern.
CompanyGraph's map of industry relationships shows this company's upstream dependence concentrated rather than spread across many industries, though which industry or industries that involves does not appear in what CompanyGraph can currently see.
The same map shows it reaching into a wider spread of downstream industries than the concentrated base it depends on upstream, though it does not identify which industries these are or how concentrated its customer base is within each.
In CompanyGraph's data, very few companies operate this same kind of system, where a regulator sets what return is allowed in exchange for a protected service territory. Just one other company on file, Shanghai Re·fine Environment Sci-tech Ltd., shares that shape, which describes how rare or common the shape is rather than a comparison of performance, size or value between the two, and it does not mean competitors are unable to copy it.
CompanyGraph's industry-level view treats businesses of this kind as bounded chiefly by a regulatory compact: a regulator sets what return is allowed in exchange for a protected service territory and a duty to keep serving it. This describes the industry as a whole rather than something CompanyGraph has separately measured for this company. Its own account is consistent with operating inside such bounds: it describes running under a defined set of power-business licenses and pollutant-discharge permits and states it holds no concession rights, so what it may do is set by the permits it holds rather than by an open-ended grant.
CompanyGraph's industry-level reading treats businesses of this kind as operating where a regulator sets the terms of allowed return in exchange for a protected service territory and an obligation to keep serving it. This describes the industry generation companies generally operate in, rather than something CompanyGraph has separately measured for this company. Its own account is more specific: it holds a wide set of power-business licenses and pollutant-discharge permits, and it describes a market whose principal participants are a small number of large, state-owned generation groups rather than many smaller rivals.
Read from the company's own filings and public materials (gathered August 2026) together with figures CompanyGraph recomputed from its statements. Written September 2026. A question with no evidence behind it is left out rather than answered.
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Sign inWhat the company actually pays, and whether its own cash supports it.
The reported statements, read against the company's own industry.
2 interpretations 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 patternsIs this company financially stable?
Long-Term Debt A High Share Of Total Liabilities, Short-Term Debt A High Share Of Current Liabilities
Borrowing makes up most of what it owes, both the long-dated part and the part due soon.
How does this company use capital?
Rising Operating Income With Low Depreciation on a Capital-Heavy Balance Sheet
Operating income rose four years, with small depreciation on a capital-heavy balance sheet.
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.