Credit Brief — China Three Gorges Renewables (Group) Co.,Ltd. (三峡能源)
600905.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: 朱承军
- Registered address: 北京市通州区贡院街1号院1号楼二层206-23室
- Office address: 北京市通州区粮市街2号院成大中心5号楼
- Controlling shareholder: 三峡集团
- Actual controller: 中国长江三峡集团有限公司
- Employees: 7,427
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 | 10,652.6 | 5,099.7 | 5,430.5 | 3,775.9 | 4,454.4 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 26,728.0 | 36,673.6 | 44,757.7 | 48,253.2 | 51,030.8 |
| Other receivables | 1,444.3 | 979.8 | 1,108.1 | 1,219.0 | 1,511.7 |
| Inventories | 222.2 | 352.9 | 469.9 | 467.0 | 474.8 |
| Long-term equity investments | 16,476.3 | 17,399.6 | 17,628.6 | 17,776.6 | 17,430.4 |
| Fixed assets | 136,739.1 | 160,375.4 | 190,691.0 | 201,003.9 | 200,563.7 |
| Construction in progress | 35,491.3 | 52,988.2 | 55,609.5 | 68,538.6 | 72,739.7 |
| Intangible assets | 4,954.6 | 5,328.3 | 6,453.4 | 7,526.8 | 7,385.2 |
| Total assets | 262,334.3 | 311,707.6 | 356,871.4 | 387,155.5 | 395,398.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,339.7 | 591.5 | 823.7 | 3,011.1 | 1,329.9 |
| Notes payable | 2,180.2 | 1,559.9 | 68.0 | — | 116.8 |
| Accounts payable | 22,759.9 | 24,905.3 | 28,914.1 | 30,342.2 | 31,683.8 |
| Contract liabilities | 68.5 | 219.4 | 497.4 | 640.3 | 661.9 |
| Other payables | 3,107.5 | 2,823.7 | 2,243.2 | 2,260.9 | 4,088.9 |
| Current portion of non-current liabilities | 14,301.1 | 14,068.7 | 29,973.7 | 26,976.4 | 29,709.5 |
| Long-term borrowings | 99,456.4 | 133,670.4 | 147,198.4 | 156,128.2 | 154,079.6 |
| Bonds payable | 6,634.8 | 5,082.0 | 4,994.6 | 12,989.4 | 18,984.0 |
| Total liabilities | 174,225.0 | 216,222.6 | 253,224.9 | 278,411.2 | 286,716.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 28,619.5 | 28,623.0 | 28,619.7 | 28,587.7 | 28,587.7 |
| Capital reserve | 23,741.5 | 23,788.1 | 23,922.9 | 23,794.4 | 23,796.1 |
| Retained earnings | 24,121.0 | 28,981.7 | 32,618.6 | 34,202.3 | 34,249.4 |
| Equity attributable to owners of the parent | 77,184.1 | 82,529.4 | — | — | — |
| Minority interests | 10,925.2 | 12,955.5 | 16,929.1 | 20,086.5 | 19,885.3 |
| Total equity | — | 95,435.7 | 103,646.5 | 108,744.3 | 108,682.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 23,812.2 | 26,485.5 | 29,717.0 | 28,399.4 | 13,357.5 |
| Cost of sales | 9,906.2 | 11,885.2 | 14,078.2 | 16,525.1 | 8,594.4 |
| Selling expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Administrative expenses | 1,473.2 | 1,940.1 | 2,024.3 | 2,098.4 | 858.7 |
| Finance costs | 3,986.2 | 3,954.8 | 4,310.3 | 4,144.5 | 2,092.0 |
| Investment income | 1,361.4 | 715.1 | 667.4 | 1,390.3 | 651.1 |
| Operating profit | 9,149.8 | 8,990.9 | 8,525.3 | 5,077.7 | 1,833.7 |
| Profit before tax | 9,002.2 | 9,017.6 | 8,560.3 | 5,032.4 | 1,799.9 |
| Net profit | 8,343.9 | 8,270.0 | 7,457.5 | 4,122.8 | 1,489.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.91x | 1.02x | 0.87x | 0.89x | 0.89x |
| Quick ratio | 0.90x | 1.01x | 0.86x | 0.88x | 0.88x |
| Debt-to-asset ratio | 66.4% | 69.4% | 71.0% | 71.9% | 72.5% |
| Total debt / EBITDA | 5.42x | 7.48x | 6.87x | 8.41x | 11.15x |
| EBITDA interest coverage | 5.78x | 10138551.47x | 6.18x | 5.71x | 8.75x |
| Gross margin | 58.4% | 55.1% | 52.6% | 41.8% | 35.7% |
| Net margin | 35.0% | 31.2% | 25.1% | 14.5% | 11.1% |
| Return on equity (ROE) | — | 8.7% | 7.2% | 3.8% | 1.4% |
| Revenue growth | — | 11.2% | 12.2% | -4.4% | -53.0% |
| Net profit growth | — | -0.9% | -9.8% | -44.7% | -63.9% |
| Receivable days | 410 | 505 | 550 | 620 | 1394 |
| Cash received / revenue | 85.4% | 79.7% | 85.9% | 98.4% | 90.0% |
| Operating CF / net profit | 2.01x | 1.74x | 2.53x | 5.08x | 5.88x |
| Free cash flow | 9,936.3 | 4,619.1 | 14,203.1 | 15,214.2 | 7,511.2 |
Mechanical risk flags
- ⚠ Current ratio: 0.89 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.88 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.72 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 311,845.3 vs 95,484.9 CNY mn (deviation 69.38%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 216,360.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 823.7 vs 768.7 CNY mn (deviation 6.68%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 55.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -5,594.7 vs -5,552.9 CNY mn (deviation 0.75%, severity low)
Sources: 2023年年度报告.pdf p.130 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.120 「货币资金」. CF-statement figure below the balance-sheet movement by 41.8 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: 357.5 vs 330.8 CNY mn (deviation 7.44%, severity mid)
Sources: 2024年年度报告.pdf p.130 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.121 「货币资金」. CF-statement figure above the balance-sheet movement by 26.6 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: -1,659.4 vs -1,654.6 CNY mn (deviation 0.29%, severity low)
Sources: 2025年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.110 「货币资金」. CF-statement figure below the balance-sheet movement by 4.8 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: 685.6 vs 678.5 CNY mn (deviation 1.05%, severity mid)
Sources: 2026年半年度报告.pdf p.55 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.47 「货币资金」. CF-statement figure above the balance-sheet movement by 7.2 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 | 2025 | 3,775.9 | 2025年年度报告.pdf | 110 | 货币资金 | 3775930251.0 (元) |
| Total assets | 2025 | 387,155.5 | 2025年年度报告.pdf | 111 | 资产总计 | 387155529975.3 (元) |
| Accounts receivable | 2025 | 48,253.2 | 2025年年度报告.pdf | 110 | 应收账款 | 48253225098.89 (元) |
| Fixed assets | 2025 | 201,003.9 | 2025年年度报告.pdf | 111 | 固定资产 | 201003903450.83 (元) |
| Short-term borrowings | 2025 | 3,011.1 | 2025年年度报告.pdf | 111 | 短期借款 | 3011069686.71 (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.