600900.SH · A-shares
600900.SH CYPC: hydro giant, stable dividend
CYPC 2025 revenue ¥86.242B (+2.07%), parent NI ¥34.503B (+6.17%); generation 309.735 TWh (+3.97%). A-share ~¥29.1 / mkt ~¥711.8B. Cascade hydro offers stable cash and dividend; hydrology is the key swing factor.
Cite a section with a deep link, e.g. /en/r/cypc-600900-research#thesis
Market snapshot
- A-share (~7/31)
- CNY 29.1
- Market cap (approx)
- CNY 711.8B
- 2025 parent NI
- CNY 34.5B
- 2025 revenue
- CNY 86.2B
Thesis
CYPC (600900.SH) is China's hydro champion. 2025 revenue ¥86.242B (+2.07%), parent NI ¥34.503B (+6.17%); generation 309.735 TWh (+3.97%). A-share ~¥29.1 / mkt ~¥711.8B.
Stable cash and dividend are the core; hydrology drives annual swings.
Business
Model: Cascade hydropower development and ops; sell power to the grid. High fixed / low marginal cost; earnings = hydrology × tariff × offtake, funding a stable dividend.
Flagships:
- Six domestic cascade plants — ~307.194 TWh in 2025; core assets and cash.
- Inter-regional transmission — decides whether wet-season MWh fully monetize.
- Dividend / income style — the allocation pitch, not growth.
Competitiveness: Scarce Yangtze cascade resources; low cost curve and defensive yield profile.
Strategy (12–24m): Dispatch/transmission optimization; hydrology and tariff watch. Near-term elasticity is hydrological, not product launches.
Value chain
Position: midstream hydro generation — upstream hydrology/dispatch/O&M; downstream grid offtake and tariffs.
Supply-chain risks:
- Dry hydrology cutting generation and NI.
- Transmission/offtake shortfalls → spill or tariff pressure in wet seasons.
Price & valuation
~7/31 A-share ~¥29.1. Yield assets are rate-sensitive.
Financial trend (~24 months)
~8 quarters with YoY/QoQ. Seasonality: hydrology drives quarterly revenue; Q2–Q3 often stronger.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥86.242B | +2.07% | Steady |
| Parent NI 2025 | ¥34.503B | +6.17% | EPS ¥1.4101 |
| Generation | 309.735 TWh | +3.97% | Hydrology helped |
| Six cascade plants | 307.194 TWh | +3.82% | Core assets |
| Style | High dividend / defense | — | Rate-sensitive |
Competition
Peers: other basin hydros and integrated utilities; also compete with wind/solar/nuclear/thermal for offtake.
Strengths: Cascade scale and cost; dividend stability.
Weaknesses: Irreducible hydro beta; rate sensitivity of yield multiples; weaker growth narrative vs nuclear approvals or renewables buildout.
Peer comparison
| Company | Share / position | Margin | Strength | Weakness |
|---|---|---|---|---|
| 长江电力 600900 | 水电龙头 | GM ~57–58% | 梯级水电+稳定分红 | 来水波动、利率敏感 |
| 华能水电 600025 | 流域水电 | 相近偏高 | 澜沧江等资源 | 规模小于长电 |
| 国投电力 600886 | 水电+火电 | 低于纯水电 | 电源结构多元 | 火电拖累稳定性 |
| 川投能源 600674 | 水电参股为主 | — | 雅砻江等权益 | 并表发电运营弱于长电 |
Management
CTG-system SOE hydro platform; role changes per filings.
Stability call: Stable; ops continuity high—hydrology/tariffs drive swings more than people.
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 见年报（三峡集团体系） | 披露任职 | 期间无重大披露变动（以公告为准） |
| 总经理 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
| 财务负责人 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
Outlook
2026: hydrology, tariffs, and transmission. Long term: hydro as a clean-power ballast.
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Wet year; rates down | NI + multiple |
| Base | Normal hydrology; stable rates | Income hold |
| Bear | Dry year or rates up | NI cut or de-rating |