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SHA/600023 (SHA/600023)

Shanghai Stock Exchange: SHA/600023 · CNY

CN¥5.19

+0.03 (+0.6%)· Recorded snapshot

Market cap	69.6B
Revenue (ttm)	74.7B
Net income (ttm)	2.7B
EPS (ttm)	CN¥0.21
Shares out	13.4B
P/E (trailing)	24.9x
P/E (forward)	12.2x
Dividend	CN¥0.30 (5.78%)
Volume	41,432,216
Beta	0.28

Market data

Price

Recent price action with selectable time range.

Metric	Value
Amount currency	CNY
Country	China
Country code	CN
Earnings date	2026-11-04
Employees	12,889
Employees change	-388
Employees growth	-2.92%
Enterprise value	CNY 111.8B
Exchange	Shanghai Stock Exchange
Financial currency	CNY
Financial report date	2026-09-30
First seen	2026-05-10
Fiscal year end	December
Founded	1985
Industry	Utilities - Independent Power Producers
Is primary listing	Yes
ISIN number	CNE100001SP3
Last earnings date	2025-10-30
Last refreshed	2026-10-28
Last stock split date	2014-06-19
Last stock split type	Forward
Market cap	CNY 69.6B
Next earnings date	2026-11-04
Price	CNY 5.19
Price currency	CNY
Sector	Utilities
SIC code	4991
Stock price date	2026-10-28
Symbol	sha/600023
Website	https://www.zzepc.com.cn

Metric

Value

Amount currency

CNY

Country

China

Country code

Earnings date

2026-11-04

Employees

12,889

Employees change

-388

Employees growth

-2.92%

Enterprise value

CNY 111.8B

Exchange

Shanghai Stock Exchange

Financial currency

CNY

Financial report date

2026-09-30

First seen

2026-05-10

Fiscal year end

December

Founded

1985

Industry

Utilities - Independent Power Producers

Is primary listing

Yes

ISIN number

CNE100001SP3

Last earnings date

2025-10-30

Last refreshed

2026-10-28

Last stock split date

2014-06-19

Last stock split type

Forward

Market cap

CNY 69.6B

Next earnings date

2026-11-04

Price

CNY 5.19

Price currency

CNY

Sector

Utilities

SIC code

4991

Stock price date

2026-10-28

Symbol

sha/600023

Website

https://www.zzepc.com.cn

Metric	Value
Average P/E ratio (10Y)	16.22x
Average P/E ratio (3Y)	11.91x
Average P/E ratio (5Y)	20.05x
Earnings yield	4.02%
EV/Earnings	40.74x
EV/EBITDA	16.51x
EV/FCF	217.36x
EV/Sales	1.5x
FCF / EV yield	0.46%
FCF yield	0.74%
Forward P/E	12.21x
Graham number	5.35356
Graham upside	3.15%
Industry P/E	16.25x
Lynch fair value	CNY 1.04
Lynch upside	-79.89%
P/B ratio	0.81x
P/E ratio	24.86x
P/FCF ratio	135.3x
P/OCF ratio	11.27x
P/S ratio	0.93x
Price / tangible book value	0.98x
Price/EBITDA ratio	10.91x
Sector forward P/E	16.75x
Sector P/E	21.41x

Metric

Value

Average P/E ratio (10Y)

16.22x

Average P/E ratio (3Y)

11.91x

Average P/E ratio (5Y)

20.05x

Earnings yield

4.02%

EV/Earnings

40.74x

EV/EBITDA

16.51x

EV/FCF

217.36x

EV/Sales

1.5x

FCF / EV yield

0.46%

FCF yield

0.74%

Forward P/E

12.21x

Graham number

5.35356

Graham upside

3.15%

Industry P/E

16.25x

Lynch fair value

CNY 1.04

Lynch upside

-79.89%

P/B ratio

0.81x

P/E ratio

24.86x

P/FCF ratio

135.3x

P/OCF ratio

11.27x

P/S ratio

0.93x

Price / tangible book value

0.98x

Price/EBITDA ratio

10.91x

Sector forward P/E

16.75x

Sector P/E

21.41x

Metric	Value
EBIT margin	-0.57%
EBITDA margin	8.54%
Effective tax rate	29.05%
FCF margin	0.69%
Gross margin	4.23%
Operating margin	-0.57%
Pretax margin	2.41%
Profit margin	3.68%
Profit per employee	CNY 212,931
Profitable quarters	14
Profitable years	3
Revenue per employee	CNY 5.8M
ROA	-0.17%
ROA (5Y)	0.59%
ROCE	-0.35%
ROE	1.46%
ROE (5Y)	4.44%
ROIC	-0.2%
Tax / revenue	0.7%

Metric

Value

EBIT margin

-0.57%

EBITDA margin

8.54%

Effective tax rate

29.05%

FCF margin

0.69%

Gross margin

4.23%

Operating margin

-0.57%

Pretax margin

2.41%

Profit margin

3.68%

Profit per employee

CNY 212,931

Profitable quarters

Profitable years

Revenue per employee

CNY 5.8M

ROA

-0.17%

ROA (5Y)

0.59%

ROCE

-0.35%

ROE

1.46%

ROE (5Y)

4.44%

ROIC

-0.2%

Tax / revenue

0.7%

Metric	Value
EPS growth	-61.38%
EPS growth 10Y	-8.93%
EPS growth 3Y	-12.3%
EPS growth 5Y	-2.54%
EPS growth years	0
FCF growth	-91.01%
FCF growth (Q)	-74.43%
FCF growth 5Y	-32.74%
Net income growth	-62.38%
Net income growth 3Y	-9.34%
Net income growth 5Y	-2.65%
Net income growth years	0
OCF growth	-58.35%
OCF growth (Q)	-70.11%
OCF growth 10Y	-6.99%
OCF growth 3Y	34.13%
OCF growth 5Y	-2.22%
Revenue growth	-7.26%
Revenue growth (Q)	-8.49%
Revenue growth (QoQ)	26.27%
Revenue growth 10Y	6.53%
Revenue growth 3Y	-5.62%
Revenue growth 5Y	2.75%
Revenue growth years	0

Metric

Value

EPS growth

-61.38%

EPS growth 10Y

-8.93%

EPS growth 3Y

-12.3%

EPS growth 5Y

-2.54%

EPS growth years

FCF growth

-91.01%

FCF growth (Q)

-74.43%

FCF growth 5Y

-32.74%

Net income growth

-62.38%

Net income growth 3Y

-9.34%

Net income growth 5Y

-2.65%

Net income growth years

OCF growth

-58.35%

OCF growth (Q)

-70.11%

OCF growth 10Y

-6.99%

OCF growth 3Y

34.13%

OCF growth 5Y

-2.22%

Revenue growth

-7.26%

Revenue growth (Q)

-8.49%

Revenue growth (QoQ)

26.27%

Revenue growth 10Y

6.53%

Revenue growth 3Y

-5.62%

Revenue growth 5Y

2.75%

Revenue growth years

Metric	Value
Capital expenditures	CNY -5.7B
EBIT	CNY -427.3M
EBITDA	CNY 6.4B
EPS	CNY 0.21
FCF per share	CNY 0.04
Financing cash flow	CNY -5.6B
Free cash flow	CNY 514.4M
Gross profit	CNY 3.2B
Income taxes	CNY 522.2M
Investing cash flow	CNY -4.5B
Net borrowing	CNY 2.5B
Net cash flow	CNY -3.9B
Net income	CNY 2.7B
Operating income	CNY -427.3M
Revenue	CNY 74.7B

Metric

Value

Capital expenditures

CNY -5.7B

EBIT

CNY -427.3M

EBITDA

CNY 6.4B

EPS

CNY 0.21

FCF per share

CNY 0.04

Financing cash flow

CNY -5.6B

Free cash flow

CNY 514.4M

Gross profit

CNY 3.2B

Income taxes

CNY 522.2M

Investing cash flow

CNY -4.5B

Net borrowing

CNY 2.5B

Net cash flow

CNY -3.9B

Net income

CNY 2.7B

Operating income

CNY -427.3M

Revenue

CNY 74.7B

Metric	Value
Book value per share	CNY 6.10
Debt / EBITDA	6.92
Debt / equity	0.55
Debt / FCF	91.03
Goodwill	CNY 280.8M
Interest coverage	-0.37
Long-term assets	CNY 120.5B
Long-term liabilities	CNY 35.6B
Net cash (debt)	CNY -30.5B
Net cash / market cap	-43.78%
Net debt / EBITDA	4.77
Net debt / equity	0.36
Net debt / FCF	59.23
Piotroski F-Score	3
Property, plant and equipment	CNY 61.6B
Shareholders' equity	CNY 85.6B
Tangible book value	CNY 70.7B
Tangible book value per share	CNY 5.84
Total assets	CNY 156.9B
Total cash	CNY 16.4B
Total debt	CNY 46.8B
Total liabilities	CNY 71.3B
WACC	4.17%

Metric

Value

Book value per share

CNY 6.10

Debt / EBITDA

6.92

Debt / equity

0.55

Debt / FCF

91.03

Goodwill

CNY 280.8M

Interest coverage

-0.37

Long-term assets

CNY 120.5B

Long-term liabilities

CNY 35.6B

Net cash (debt)

CNY -30.5B

Net cash / market cap

-43.78%

Net debt / EBITDA

4.77

Net debt / equity

0.36

Net debt / FCF

59.23

Piotroski F-Score

Property, plant and equipment

CNY 61.6B

Shareholders' equity

CNY 85.6B

Tangible book value

CNY 70.7B

Tangible book value per share

CNY 5.84

Total assets

CNY 156.9B

Total cash

CNY 16.4B

Total debt

CNY 46.8B

Total liabilities

CNY 71.3B

WACC

4.17%

Metric	Value
Asset turnover	0.47
Current assets	CNY 36.4B
Current liabilities	CNY 35.6B
Current ratio	1.02
Inventory turnover	12.41
Net working capital	CNY -652.6M
Quick ratio	0.76
Working capital	CNY 786.1M
Working capital turnover	43.2

Metric

Value

Asset turnover

0.47

Current assets

CNY 36.4B

Current liabilities

CNY 35.6B

Current ratio

1.02

Inventory turnover

12.41

Net working capital

CNY -652.6M

Quick ratio

0.76

Working capital

CNY 786.1M

Working capital turnover

43.2

Metric	Value
Buyback yield / dilution	2.58%
Dividend growth	-11.76%
Dividend growth (10Y)	1.06%
Dividend growth (3Y)	6.27%
Dividend growth (5Y)	5.92%
Dividend growth years	5
Dividend payment date	2026-10-23
Dividend payment years	3
Dividend payout frequency	Semi-Annual
Dividend per share	CNY 0.30
Dividend yield	5.78%
Ex-dividend date	2026-10-23
FCF payout ratio	163.96%
Last dividend	CNY 0.02
Payout ratio	230.08%
Shareholder yield	8.36%

Metric

Value

Buyback yield / dilution

2.58%

Dividend growth

-11.76%

Dividend growth (10Y)

1.06%

Dividend growth (3Y)

6.27%

Dividend growth (5Y)

5.92%

Dividend growth years

Dividend payment date

2026-10-23

Dividend payment years

Dividend payout frequency

Semi-Annual

Dividend per share

CNY 0.30

Dividend yield

5.78%

Ex-dividend date

2026-10-23

FCF payout ratio

163.96%

Last dividend

CNY 0.02

Payout ratio

230.08%

Shareholder yield

8.36%

Metric	Value
10Y price change	-3.71%
10Y return CAGR	3.51%
10Y total return	41.22%
150-day SMA	CNY 5.44
1D price change	0.58%
1M price change	0.97%
1M total return	1.36%
1W price change	-3.89%
1W total return	-3.52%
1Y price change	-2.08%
1Y return CAGR	3.66%
1Y total return	3.65%
20-day SMA	CNY 5.29
200-day SMA	CNY 5.36
3M price change	-3.17%
3M total return	2.49%
3Y price change	15.08%
3Y return CAGR	10.23%
3Y total return	33.95%
50-day SMA	CNY 5.08
50-day SMA vs 200-day SMA	50under200
52-week high	CNY 6.77
52-week high date	2026-05-19
52-week low	CNY 4.84
52-week low date	2026-09-08
5Y price change	38.03%
5Y return CAGR	9.95%
5Y total return	60.67%
6M price change	-10.21%
6M total return	-4.96%
All-time high	CNY 15.38
All-time high date	2015-06-03
All-time low	CNY 3.09
All-time low date	2022-09-19
Average true range (ATR)	CNY 0.11
Average volume	47.9M
Beta (1Y)	0.24
Beta (2Y)	0.23
Beta (5Y)	0.28
Change from 52-week high	-23.34%
Change from 52-week low	7.23%
Change from all-time high	-66.25%
Change from all-time low	67.96%
Change from open	0.19%
Day's gap	0.39%
Dollar volume	CNY 215M
High price	CNY 5.25
Low price	CNY 5.14
Monthly RSI	48.78
Open price	CNY 5.18
Position in 52-week range	45.45%
Previous close	CNY 5.16
Price vs 150-day SMA	-4.58%
Price vs 20-day SMA	-1.82%
Price vs 200-day SMA	-3.15%
Price vs 50-day SMA	2.11%
Relative volume	0.88
RSI	47.48
Sharpe ratio	0.21
Sharpe ratio (3Y)	0.41
Sharpe ratio (5Y)	0.42
Sortino ratio	0.48
Sortino ratio (3Y)	0.79
Sortino ratio (5Y)	0.82
Volume	41.4M
Weekly RSI	48.18
YTD price change	4.85%
YTD total return	10.98%

Metric

Value

10Y price change

-3.71%

10Y return CAGR

3.51%

10Y total return

41.22%

150-day SMA

CNY 5.44

1D price change

0.58%

1M price change

0.97%

1M total return

1.36%

1W price change

-3.89%

1W total return

-3.52%

1Y price change

-2.08%

1Y return CAGR

3.66%

1Y total return

3.65%

20-day SMA

CNY 5.29

200-day SMA

CNY 5.36

3M price change

-3.17%

3M total return

2.49%

3Y price change

15.08%

3Y return CAGR

10.23%

3Y total return

33.95%

50-day SMA

CNY 5.08

50-day SMA vs 200-day SMA

50under200

52-week high

CNY 6.77

52-week high date

2026-05-19

52-week low

CNY 4.84

52-week low date

2026-09-08

5Y price change

38.03%

5Y return CAGR

9.95%

5Y total return

60.67%

6M price change

-10.21%

6M total return

-4.96%

All-time high

CNY 15.38

All-time high date

2015-06-03

All-time low

CNY 3.09

All-time low date

2022-09-19

Average true range (ATR)

CNY 0.11

Average volume

47.9M

Beta (1Y)

0.24

Beta (2Y)

0.23

Beta (5Y)

0.28

Change from 52-week high

-23.34%

Change from 52-week low

7.23%

Change from all-time high

-66.25%

Change from all-time low

67.96%

Change from open

0.19%

Day's gap

0.39%

Dollar volume

CNY 215M

High price

CNY 5.25

Low price

CNY 5.14

Monthly RSI

48.78

Open price

CNY 5.18

Position in 52-week range

45.45%

Previous close

CNY 5.16

Price vs 150-day SMA

-4.58%

Price vs 20-day SMA

-1.82%

Price vs 200-day SMA

-3.15%

Price vs 50-day SMA

2.11%

Relative volume

0.88

RSI

47.48

Sharpe ratio

0.21

Sharpe ratio (3Y)

0.41

Sharpe ratio (5Y)

0.42

Sortino ratio

0.48

Sortino ratio (3Y)

0.79

Sortino ratio (5Y)

0.82

Volume

41.4M

Weekly RSI

48.18

YTD price change

4.85%

YTD total return

10.98%

Metric	Value
Float	2.9B
Shares change (QoQ)	-12.18%
Shares change (YoY)	-2.58%
Shares held by institutions	8.04%
Shares outstanding	13.4B

Metric

Value

Float

2.9B

Shares change (QoQ)

-12.18%

Shares change (YoY)

-2.58%

Shares held by institutions

8.04%

Shares outstanding

13.4B

SHA/600023 (SHA/600023)

Price

Financial snapshot

Fair-value bridge

Latest news · SHA/600023

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All SHA/600023 indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on SHA/600023

Frequently asked questions