China Three Gorges Renewables 三峡能源
4 significant filings since 31 May 2026: 1 on change of interest, 1 on major holder buying and 1 on dividend, and 1 other kind. The latest, on 4 Sep 2026: 中国三峡新能源（集团）股份有限公司关于控股股东及其一致行动人权益变动触及1%刻度的提示性公告. On 15 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 66.00% to 73.00% from the same period a year earlier.
自 31 May 2026 起有 4 份重大公告：change of interest 1 份、major holder buying 1 份、dividend 1 份，另有 1 类。最新一份（4 Sep 2026）：中国三峡新能源（集团）股份有限公司关于控股股东及其一致行动人权益变动触及1%刻度的提示性公告。15 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 66.00% 至 73.00%。
Price History 价格走势
5 sessions 个交易日, 18 Sep to 24 Sep 2026 · Live one-minute prices · High 最高 ¥3.66 · Low 最低 ¥3.61 · −0.82% on the previous close of ¥3.64As of 25 Sep 2026 截至2026年9月25日
China Three Gorges Renewables is a power generation company listed on the Shanghai Stock Exchange since 10 Jun 2021. The company reported a decline in revenue and attributable net profit in 2025, with profit falling by 39.2% year-on-year. Margins and return on equity remain low, while operating cash flow per share improved to RMB0.73. As of 30 Jun 2026, the company faces high leverage, short-term liquidity pressure, and slow receivables collection. The first half of 2026 saw a sharp drop in profit, with a pre-announced decline of 66% to 73%, signaling continued financial stress. Valuation metrics are elevated despite weak earnings performance.
三峡能源是一家电力公司，于2021年6月10日在上海证券交易所上市。2025年公司营业收入和归母净利润同比下降，归母净利润同比减少39.2%。毛利率和净资产收益率处于较低水平，每股经营现金流上升至0.73元。截至2026年6月30日，公司资产负债率较高，短期偿债能力偏弱，应收账款回收周期长。2026年上半年归母净利润大幅下滑，业绩预告显示同比下降66%至73%，显示持续的财务压力。尽管盈利表现疲软，估值水平仍处于高位。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities are at 72.5% of assets, indicating high financial leverage. 资产负债率为72.5%，显示财务杠杆较高。 | High leverage reduces financial flexibility and increases refinancing risk, especially if operating cash flow weakens. It may constrain investment and debt servicing capacity. 高杠杆降低财务灵活性，增加再融资风险，尤其在经营现金流减弱时。可能限制投资能力和偿债能力。 |
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | Current ratio is below 1, at 0.89, meaning current liabilities exceed current assets. 流动比率0.89，低于1，显示流动负债超过流动资产。 | This indicates short-term liquidity pressure, raising the risk of difficulty in meeting near-term obligations without asset sales or external funding. 显示短期流动性压力，若无资产处置或外部融资，可能难以偿还即将到期的债务。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivable days are at 669, far above 180 days, indicating slow collection. 应收账款周转天数为669天，远超180天，显示回款速度慢。 | Prolonged receivables strain cash flow, increase credit risk, and may signal customer payment issues or weak bargaining power. 长期应收账款会占用现金流，增加信用风险，可能反映客户付款困难或公司议价能力弱。 |
| Pre-announced profit fall of more than 50% 预告净利润降幅超过50% | Pre-announced profit fall is between -73% and -66%, more than 50% decline. 业绩预告显示归母净利润同比下降66%至73%，降幅超50%。 | A sharp profit drop weakens earnings stability and investor confidence, and may affect future dividend capacity and creditworthiness. 利润大幅下滑削弱盈利稳定性与投资者信心，可能影响未来分红能力与信用状况。 |
- Next disclosed receivable days as of 31 Dec 2026
截至2026年12月31日的应收账款周转天数 - Attributable net profit for the full year 2026
2026全年归母净利润 - Operating cash flow per share for the full year 2026
2026全年每股经营现金流 - Liabilities to assets ratio as of 31 Dec 2026
截至2026年12月31日的资产负债率 - Revenue change for the full year 2026 compared to 2025
2026年营业收入较2025年的变动 - Next announcement of net profit excluding non-recurring items for 2026
2026年扣除非经常性损益后的净利润变动
- Company: China Three Gorges Renewables 三峡能源, Shanghai Stock Exchange 600905; industry Power Generation; listed 10 Jun 2021.
公司：三峡能源，上海证券交易所 600905；行业：电力；上市日期：2021年6月10日。 - Close on 24 Sep 2026 RMB3.61; close on 24 Sep 2025 RMB4.26, RMB4.22 in today's terms; one-year change, adjusted for distributions and share changes -14.4%.
2026年9月24日收盘价3.61元；2025年9月24日收盘价4.26元（前复权4.22元）；一年涨跌幅（复权）-14.4%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB3.61 to RMB4.51.
52周区间（前复权）3.61元至4.51元。 - Market capitalisation RMB103.20bn; P/E TTM 92.2; price to book 1.16x.
总市值1,032.01亿元；市盈率（TTM）92.2；市净率1.16倍。 - Revenue 2025 RMB28.40bn; 2024 RMB29.72bn; change -4.4%.
营业收入2025年283.99亿元；2024年297.17亿元；同比-4.4%。 - Attributable net profit 2025 RMB3.71bn; 2024 RMB6.11bn; change -39.2%.
归属于母公司股东的净利润2025年37.14亿元；2024年61.10亿元；同比-39.2%。 - Net profit excluding non-recurring items, 2025 change -48.0%.
2025年扣除非经常性损益后的净利润同比-48.0%。 - Basic EPS 2025 RMB0.13; 2024 RMB0.21.
基本每股收益2025年0.13元；2024年0.21元。 - Operating cash flow per share 2025 RMB0.73; 2024 RMB0.66; operating cash flow to net profit 5.08x.
每股经营现金流2025年0.73元；2024年0.66元；经营现金流与净利润之比5.08倍。 - 2025 gross margin 41.8%; net margin 14.5%; ROE 4.2%.
2025年毛利率41.8%；净利率14.5%；净资产收益率4.2%。 - At 30 Jun 2026: liabilities to assets 72.5%; current ratio 0.89; quick ratio 0.88; receivable days 669; inventory days 10.
截至2026年6月30日：资产负债率72.5%；流动比率0.89；速动比率0.88；应收账款周转天数669；存货周转天数10。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB13.36bn, change -9.4%; attributable net profit RMB1.22bn, change -68.0%; operating cash flow per share RMB0.31.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入133.57亿元，同比-9.4%；归母净利润12.19亿元，同比-68.0%；每股经营现金流0.31元。 - Pre-announcement of 15 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -73% to -66%.
2026年7月15日发布的截至2026年6月30日业绩预告：归母净利润同比-73%至-66%。 - Ownership: actual controller 中国长江三峡集团有限公司; largest holder at 30 Jun 2026: 中国长江三峡集团有限公司, 29.44%.
股权：实际控制人：中国长江三峡集团有限公司；2026年6月30日第一大股东：中国长江三峡集团有限公司，持股29.44%。 - Latest distribution: ex-date 22 Jul 2026, cash RMB0.04 per share.
最近一次分配：除权除息日2026年7月22日，每股现金0.04元。 - Aurelian Grade D, score 41.8 of 100, graded within a peer group of 109 companies in its industry; no rank among peers is given.
金源评级D，得分41.8（满分100），于行业同业109家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。