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    Electric utilities
Beijing Jingneng Thermal Co. Ltd. Class A

Beijing Jingneng Thermal Co. Ltd. Class A

SSZSE:002893
9.74
CNY
+0.12
(+1.25%)
0.30EPS
38.70P/E
2.44BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.22
4.85
5.62
5.68
5.6
6.26
4.48
4.67
5.14
5
5.17
4.01
5.14
5.26
Basic EPS, GAAP
0.24
0.3
0.33
0.33
0.32
0.28
0.23
0.14
0.14
0.15
0.26
0.25
0.24
0.24
Free Cash Flow per Basic Share
- -
-0.32
0.29
0.42
-0.77
0.18
0.61
0.2
0.67
0.86
1.16
0.78
0.02
- -
Dividend per Share
0.09
0.12
0.12
0.09
0.1
0.2
0.26
0.24
0.14
0.16
0.11
0.12
0.12
0.23
Book Value per Share
1.18
1.49
1.8
2.13
2.93
2.92
3.06
2.95
3.12
3.27
4.31
4.48
4.63
5.01
Tangible Book Value per Share
1.16
1.44
1.74
2.07
2.88
2.87
3.04
2.54
2.72
2.89
4.01
4.2
3.27
3.57
Basic Weighted Avg Shares
152
151
152
152
163
154
205
204
196
206
210
267
259
264
Sales/Revenue/Turnover
641
734
856
863
915
966
920
952
1,005
1,029
1,085
1,070
1,333
1,387
Operating Margin (%)
11.25
9.3
9.87
10.74
11.1
8.29
9.05
7.94
8.77
9.34
10.78
13.01
13.14
13.26
Depreciation Expense
- -
20
25
37
43
50
49
71
100
97
91
85
98
- -
Net Income, GAAP
37
45
50
49
52
43
47
29
27
31
55
67
62
63
Effective Tax Rate (%)
26.43
9.26
7.23
21.12
26.21
28.92
24.9
- -
- -
3.09
22.22
8.87
6.42
5.9
Profit Margin (%)
5.73
6.1
5.79
5.73
5.71
4.42
5.14
3
2.72
3
5.03
6.24
4.67
4.54
Working Capital
-111
-136
-215
-148
-92
-77
161
-440
-428
-359
320
432
323
412
LT Debt
35
35
9
54
29
3
159
133
111
2
109
107
59
116
Total Equity
179
237
287
340
610
618
636
611
639
669
1,143
1,191
1,431
1,539
Return on Invested Capital (%)
10.82
8.93
7.05
7.08
6.34
3.35
3.88
- -
- -
2.88
4.57
5.44
5.72
3.96
Return on Capital (%)
19.77
14.45
13.81
10.98
8.17
5.86
6.22
- -
- -
5.66
4.81
4.89
3.49
2.91
Return on Common Equity (%)
33.1
22.05
19.8
16.55
11.39
7.12
7.6
4.6
4.42
4.76
6.07
5.76
5.18
4.68

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
373
358
341
LT Borrowings
53
77
111
LT Finance Leases
6
6
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
264
264
264
Market Capitalization
2,950
3,214
2,439

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,754
1,468
1,365
Cash, Cash Equivalents & STI
901
485
490
Accounts Receivable, Net
462
629
520
Inventories
43
24
24
Total Current Liabilities
1,431
991
953
Payables & Accruals
- -
- -
- -
ST Debt
373
358
341
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.25%
20.9%
20.18%
Free Cash Flow
9.93%
35.91%
-97.38%
Net Income, GAAP
5.93%
20.22%
-6.72%
Sales/Revenue/Turnover
4.78%
7.33%
24.59%
Total Cash Common Dividend
12.9%
-4.03%
3.41%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
654
9
7
399
1,070
2025
688
86
- -
501
1,333
2026
735
65
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.67
-0.24
-0.27
0.09
0.25
2025
0.71
-0.25
- -
0.02
0.24
2026
0.72
-0.25
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.06
0.03
0.02
0.12
2025
0.01
0.1
- -
0.01
0.12
2026
0.03
0.09
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Xiu Hui Han
Full Time Employees
820
Sector
Utilities
Industry
Electric utilities
Address
Building 4 Beijing BE China 100 166
IPO Date
Sep 15, 2017
Website
huatongreli.com
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Business
Beijing Jingneng Thermal Co. Ltd. Class A (002893.SZ) operates as a comprehensive urban energy service provider primarily engaged in the production and supply of thermal energy, electricity, and related utilities in China. The company offers core products and services including centralized heating supply; combined heat and power (CHP) generation; steam production and distribution; cooling services; gas pipeline operations; and energy engineering solutions such as design, construction, and maintenance of thermal infrastructure. It serves residential, commercial, industrial, and governmental customers mainly in the Beijing-Tianjin-Hebei region, with a network of heating pipelines exceeding thousands of kilometers and multiple cogeneration plants. Founded in 2004 and headquartered in Beijing, the company functions as a subsidiary of Beijing Energy International Holding Co., Ltd., focusing on clean energy transition amid China's carbon neutrality goals. In recent developments within the last two years, Beijing Jingneng Thermal has expanded its capacity through the commissioning of new CHP units and pipeline extensions in key districts, enhancing heating coverage for millions of households. The company formed strategic partnerships with local governments for green heating projects, including hydrogen blending pilots and ultra-supercritical coal-fired units upgrades to reduce emissions. Additionally, it completed acquisitions of smaller regional heat suppliers and secured funding for digital energy management systems rollout, supporting operational efficiency gains reported in 2024-2025 filings.