Hangzhou Cogeneration (SH:605011) Xin Lang Cai Jing·2025-10-30 13:04Core Viewpoint - Hangzhou Thermal Power is a leading regional cogeneration enterprise with technological advantages in efficient cogeneration and multi-energy complementarity, listed on the Shanghai Stock Exchange since June 30, 2021 [1] Group 1: Business Performance - In Q3 2025, Hangzhou Thermal Power reported revenue of 2.306 billion yuan, ranking 5th among 18 companies in the industry, with the top company, Xiexin Nengke, generating 7.935 billion yuan [2] - The main business composition includes cogeneration business at 781 million yuan (51.54%), coal business at 684 million yuan (45.13%), and other revenues at 50.5174 million yuan (3.33%) [2] - The net profit for the same period was 182 million yuan, ranking 7th in the industry, with the top company achieving 893 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio for Hangzhou Thermal Power was 30.39%, a slight decrease from 30.94% year-on-year, which is lower than the industry average of 43.74% [3] - The gross profit margin for Q3 2025 was 11.87%, up from 11.72% year-on-year, but still below the industry average of 22.05% [3] Group 3: Management and Shareholder Information - The controlling shareholder is Hangzhou Energy Group Co., Ltd., with the actual controller being the People's Government of Hangzhou [4] - The chairman, Li Bing, has a rich background in various positions, while the general manager, Yu Jun, has a salary of 170,800 yuan for 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 5.34% to 28,900, with an average holding of 13,800 shares, a decrease of 5.07% [5]