Credit Brief — Zhejiang Zheneng Electric Power CO., LTD (浙能电力)
600023.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: 刘为民
- Registered address: 浙江省杭州市天目山路152号浙能大厦
- Office address: 浙江省杭州市西湖区紫荆花路36号浙能源力科创中心A座10层
- Controlling shareholder: 浙江省能源集团有限公司
- Actual controller: 浙江省人民政府国有资产监督管理委员会
- Employees: 12,889
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 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 13,123.1 | 19,363.7 | 16,218.3 | 14,681.3 | 16,145.1 |
| Trading financial assets | 0.0 | 145.2 | 145.2 | 144.2 | 104.0 |
| Accounts receivable | 8,171.4 | 12,908.9 | 11,772.5 | 10,411.8 | 8,539.0 |
| Other receivables | 167.1 | 158.9 | 466.6 | 372.8 | 518.4 |
| Inventories | 5,536.3 | 6,537.6 | 5,885.4 | 6,495.5 | 7,879.9 |
| Long-term equity investments | 30,054.4 | 33,222.2 | 36,823.8 | 40,545.4 | 41,408.1 |
| Fixed assets | 42,292.3 | 46,836.8 | 53,427.0 | 57,961.4 | 58,118.7 |
| Construction in progress | 4,967.0 | 6,427.3 | 5,181.3 | 2,289.9 | 1,567.1 |
| Intangible assets | 2,439.0 | 2,965.2 | 2,869.1 | 3,029.0 | 2,960.8 |
| Total assets | 120,923.6 | 147,240.8 | 154,085.4 | 156,337.7 | 156,936.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 10,615.1 | 10,023.9 | 10,774.0 | 11,738.8 | 13,085.1 |
| Notes payable | 221.4 | 1,236.8 | 613.8 | 625.4 | 410.2 |
| Accounts payable | 9,153.0 | 11,151.6 | 12,645.9 | 9,966.3 | 11,115.5 |
| Contract liabilities | 50.6 | 271.0 | 278.0 | 348.0 | 377.1 |
| Other payables | 833.2 | 1,124.0 | 1,321.7 | 1,527.7 | 5,623.0 |
| Current portion of non-current liabilities | 4,420.0 | 6,224.4 | 7,842.6 | 8,477.3 | 5,839.1 |
| Long-term borrowings | 24,539.6 | 32,026.4 | 27,356.7 | 25,137.1 | 26,214.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 53,434.1 | 67,273.5 | 67,264.7 | 66,466.1 | 70,216.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 13,408.7 | 13,408.7 | 13,408.7 | 13,408.7 | 13,408.7 |
| Capital reserve | 23,954.5 | 23,910.4 | 24,126.4 | 24,179.1 | 24,313.8 |
| Retained earnings | 16,085.9 | 22,053.9 | 25,992.9 | 28,356.7 | 26,105.0 |
| Equity attributable to owners of the parent | 61,216.5 | 67,404.8 | — | — | — |
| Minority interests | 6,273.0 | 12,562.5 | 13,505.5 | 13,359.2 | 13,073.5 |
| Total equity | — | 79,967.3 | 86,820.7 | 89,871.6 | 86,719.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 80,194.6 | 95,975.2 | 88,003.0 | 79,553.9 | 32,579.4 |
| Cost of sales | 83,363.6 | 86,941.5 | 77,303.0 | 69,746.0 | 31,395.4 |
| Selling expenses | — | 164.6 | 206.1 | 141.3 | 53.5 |
| Administrative expenses | 1,649.4 | 2,060.4 | 2,189.2 | 2,117.5 | 915.3 |
| Finance costs | 1,271.3 | 1,235.4 | 1,077.5 | 964.5 | 498.6 |
| Investment income | 3,294.6 | 4,609.5 | 4,145.8 | 3,850.4 | 1,942.8 |
| Operating profit | -3,176.9 | 9,304.2 | 10,167.8 | 9,180.6 | 1,135.2 |
| Profit before tax | -3,098.4 | 9,106.7 | 10,032.1 | 9,079.6 | 1,091.9 |
| Net profit | -3,603.7 | 7,902.9 | 8,891.7 | 7,639.2 | 1,033.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.12x | 1.32x | 1.09x | 1.03x | 0.97x |
| Quick ratio | 0.91x | 1.12x | 0.92x | 0.84x | 0.76x |
| Debt-to-asset ratio | 44.2% | 45.7% | 43.7% | 42.5% | 44.7% |
| Total debt / EBITDA | 28.22x | 3.43x | 3.00x | 3.13x | 7.63x |
| EBITDA interest coverage | 1.10x | 11.39x | 14.21x | 15.04x | 11.86x |
| Gross margin | -4.0% | 9.4% | 12.2% | 12.3% | 3.6% |
| Net margin | -4.5% | 8.2% | 10.1% | 9.6% | 3.2% |
| Return on equity (ROE) | — | 9.9% | 10.2% | 8.5% | 1.2% |
| Revenue growth | — | 19.7% | -8.3% | -9.6% | -59.0% |
| Net profit growth | — | 319.3% | 12.5% | -14.1% | -86.5% |
| Receivable days | 37 | 49 | 49 | 48 | 96 |
| Cash received / revenue | 106.0% | 106.8% | 113.4% | 114.2% | 117.7% |
| Operating CF / net profit | 0.10x | 1.45x | 1.54x | 1.50x | 3.93x |
| Free cash flow | 166.4 | 12,942.0 | 13,606.1 | 15,175.3 | 4,842.9 |
Mechanical risk flags
- ⚠ Current ratio: 1.03 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.84 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.43 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.12 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 147,240.8 vs 79,967.3 CNY mn (deviation 45.69%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 67,273.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 164.6 vs 188.7 CNY mn (deviation 12.75%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 24.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 11,477.3 vs 102.8 CNY mn (deviation 99.1%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 11,374.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 5,773.3 vs 6,240.6 CNY mn (deviation 7.49%, severity mid)
Sources: 2023年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.78 「货币资金」. CF-statement figure below the balance-sheet movement by 467.3 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: -2,768.8 vs -3,145.4 CNY mn (deviation 11.97%, severity mid)
Sources: 2024年年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.66 「货币资金」. CF-statement figure above the balance-sheet movement by 376.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -1,789.8 vs -1,537.0 CNY mn (deviation 14.12%, severity mid)
Sources: 2025年年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.64 「货币资金」. CF-statement figure below the balance-sheet movement by 252.8 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: 1,419.1 vs 1,463.8 CNY mn (deviation 3.05%, severity mid)
Sources: 2026年半年度报告.pdf p.43 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.35 「货币资金」. CF-statement figure below the balance-sheet movement by 44.7 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 | 2025 | 14,681.3 | 2025年年度报告.pdf | 64 | 货币资金 | 14681292892.22 (元) |
| Total assets | 2025 | 156,337.7 | 2025年年度报告.pdf | 65 | 资产总计 | 156337713781.7 (元) |
| Accounts receivable | 2025 | 10,411.8 | 2025年年度报告.pdf | 64 | 应收账款 | 10411790107.89 (元) |
| Fixed assets | 2025 | 57,961.4 | 2025年年度报告.pdf | 65 | 固定资产 | 57961436299.32 (元) |
| Short-term borrowings | 2025 | 11,738.8 | 2025年年度报告.pdf | 65 | 短期借款 | 11738757469.92 (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.