Credit Brief — China Yangtze Power Co.,Ltd. (长江电力)
600900.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 刘伟平
- Registered address: 北京市海淀区玉渊潭南路1号B座
- Office address: 湖北省武汉市江岸区三阳路88号
- Controlling shareholder: 中国三峡集团
- Employees: 8,482
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 7,778.4 | 6,555.3 | 0.0 | 9,372.9 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 8,510.3 | 9,326.6 | 0.0 | 10,320.2 |
| Other receivables | 301.2 | 323.0 | 0.0 | 2,043.9 |
| Inventories | 586.5 | 642.0 | 0.0 | 856.6 |
| Long-term equity investments | 71,684.3 | 73,319.4 | 0.0 | 74,754.3 |
| Fixed assets | 444,899.4 | 430,424.9 | 0.0 | 407,310.0 |
| Construction in progress | 4,759.9 | 9,062.7 | 0.0 | 18,245.0 |
| Intangible assets | 23,781.5 | 25,458.6 | 0.0 | 24,213.6 |
| Total assets | 578,453.6 | 571,942.5 | 566,072.0 | 561,351.1 |
Liabilities
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 53,985.4 | 69,692.4 | 0.0 | 6,703.4 |
| Notes payable | 55.5 | 40.8 | — | 0.0 |
| Accounts payable | 1,295.6 | 1,611.5 | 0.0 | 1,206.5 |
| Contract liabilities | 8.8 | 265.5 | 0.0 | 113.6 |
| Other payables | 35,887.5 | 35,455.6 | 0.0 | 39,894.4 |
| Current portion of non-current liabilities | 48,048.6 | 46,858.5 | 0.0 | 65,737.9 |
| Long-term borrowings | 186,690.1 | 158,588.4 | 0.0 | 175,447.9 |
| Bonds payable | 25,835.6 | 21,740.8 | 0.0 | 34,971.9 |
| Total liabilities | 322,436.2 | 359,643.7 | 344,116.1 | 333,237.4 |
Equity
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 24,468.2 | 24,468.2 | 0.0 | 24,468.2 |
| Capital reserve | 63,490.9 | 63,717.7 | 0.0 | 63,598.1 |
| Retained earnings | 86,399.8 | 93,811.6 | 0.0 | 100,263.6 |
| Equity attributable to owners of the parent | 227,672.7 | 201,330.0 | 0.0 | 216,131.4 |
| Minority interests | 28,344.7 | 10,968.8 | 11,667.5 | 11,982.3 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 68,863.1 | 78,111.6 | 84,491.9 | 37,929.3 |
| Cost of sales | 32,942.6 | 34,528.3 | 0.0 | 15,971.2 |
| Selling expenses | 192.4 | 188.1 | 0.0 | 106.4 |
| Administrative expenses | 1,363.3 | 1,562.3 | 0.0 | 645.7 |
| Finance costs | 12,556.4 | 11,131.3 | 0.0 | 4,201.1 |
| Investment income | 4,750.2 | 5,257.6 | 0.0 | 0.0 |
| Operating profit | 30,388.0 | 33,220.3 | 39,645.4 | 18,358.3 |
| Profit before tax | 29,766.1 | 32,413.0 | 38,862.4 | 18,108.8 |
| Net profit | 25,101.9 | 27,956.4 | 32,930.2 | 15,033.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 0.30x | 0.12x | 0.11x | 0.20x |
| Quick ratio | 0.29x | 0.12x | 0.11x | 0.19x |
| Debt-to-asset ratio | 55.7% | 62.9% | 60.8% | 59.4% |
| Total debt / EBITDA | 4.23x | 3.88x | 0.00x | 5.44x |
| EBITDA interest coverage | 5.93x | 6.87x | 498942417.27x | 12.39x |
| Gross margin | 52.2% | 55.8% | 100.0% | 57.9% |
| Net margin | 36.5% | 35.8% | 39.0% | 39.6% |
| Return on equity (ROE) | — | — | — | — |
| Revenue growth | — | 13.4% | 8.2% | -55.1% |
| Net profit growth | — | 11.4% | 17.8% | -54.3% |
| Receivable days | 45 | 44 | 0 | 99 |
| Cash received / revenue | 103.5% | 123.2% | 112.3% | 105.2% |
| Operating CF / net profit | 1.73x | 2.31x | 1.81x | 1.60x |
| Free cash flow | 31,774.7 | 51,912.7 | 48,873.3 | 20,578.9 |
Mechanical risk flags
- ⚠ Current ratio: 0.11 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.11 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.61 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 43 flags (high×43); first 3 shown:
- 2023 · Same item across different source documents: 6,555.3 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 6,555.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 9,326.6 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 9,326.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 87.4 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 87.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 6,555.3 vs 0.0 CNY mn (deviation 100.0%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,862.0 vs -1,223.1 CNY mn (deviation 57.26%, severity mid)
Sources: 2023年年度报告.pdf p.92 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.88 「货币资金」. CF-statement figure below the balance-sheet movement by 1,638.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -1,303.4 vs -6,555.3 CNY mn (deviation 80.12%, severity mid)
Sources: 2024年年度报告.pdf p.92 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.88 「货币资金」. CF-statement figure above the balance-sheet movement by 5,251.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 4,791.6 vs 9,372.9 CNY mn (deviation 48.88%, severity mid)
Sources: 2026年半年度报告.pdf p.50 「五、现金及现金等价物净增加」 vs 2026年半年度报告.pdf p.46 「货币资金」. CF-statement figure below the balance-sheet movement by 4,581.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2024 | 0.0 | 2024年年度报告.pdf | 88 | 货币资金 | 1.0 (元) |
| Total assets | 2024 | 566,072.0 | 2024年年度报告.pdf | 88 | 资产总计 | 566071979792.34 (元) |
| Accounts receivable | 2024 | 0.0 | 2024年年度报告.pdf | 88 | 应收账款 | 5.0 (元) |
| Fixed assets | 2024 | 0.0 | 2024年年度报告.pdf | 88 | 固定资产 | 21.0 (元) |
| Short-term borrowings | 2024 | 0.0 | 2024年年度报告.pdf | 88 | 短期借款 | 32.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.