Jilin Electric Power Co.,Ltd. (000875.SZ) Bundle
Founded in 1993 and traded on the Shenzhen Stock Exchange as 000875.SZ, Jilin Electric Power Co., Ltd. has evolved from a regional utility into a diversified energy player spanning thermal, hydro, wind, solar, gas, biomass and distributed and nuclear initiatives, reporting a 2024 revenue of 13.74 billion CNY (down 4.87% year‑on‑year) and net earnings of 1.10 billion CNY (up 21.01%), while embarking on a strategic rebrand announced in August 2025 to become State Power Investment Group Green Energy Development Co., Ltd.; controlled by State Power Investment Corporation (SPIC), which between April and August 2025 increased holdings via its SPIC Innovation Investment arm-acquiring 28,164,057 shares for 145 million CNY (0.7765%) and cumulatively 36,272,757 shares (1%) for 186.96 million CNY as part of a planned additional injection of 200-400 million CNY-the company has invested over 5 billion CNY in grid upgrades, holds a December 2025 market capitalization of 20.31 billion CNY with an enterprise value of 81.93 billion CNY, a trailing P/E of 42.09, forward P/E of 19.31, beta of 0.55 and a ~3.5% market share in Jilin Province as it pivots toward renewables, charging infrastructure, industrial water services, coal trading and by‑product utilization to monetize its broad asset base
Jilin Electric Power Co.,Ltd. (000875.SZ): Intro
Jilin Electric Power Co.,Ltd. (000875.SZ) is a Changchun-headquartered Chinese utility established in 1993, listed on the Shenzhen Stock Exchange. The company operates an integrated portfolio of power generation and heating services across Jilin Province and broader northeastern China, with strategic expansion into renewables and distributed energy.- Incorporation: 1993 in Changchun, Jilin Province.
- Listing: Shenzhen Stock Exchange, ticker 000875.
- Headquarters: Changchun, Jilin Province, China.
- Strategic rename announced: August 2025 to State Power Investment Group Green Energy Development Co., Ltd.
- 1990s-2000s: Built thermal and heating base to serve heavy industry and municipal heating networks.
- 2010s: Diversified into hydro and gas-fired generation; expanded district heating and cogeneration assets.
- Late 2010s-2020s: Added wind and solar farms, biomass projects and distributed energy solutions; began participation in nuclear-related projects and partnerships.
- 2024-2025: Financials reflect transition-2024 revenue of 13.74 billion CNY (down 4.87% YoY) and 2024 net earnings of 1.10 billion CNY (up 21.01% YoY); August 2025 announced rebranding to reflect green focus.
- Generation mix: thermal (coal/gas), hydro, wind, solar, biomass and participation in nuclear-related capacity.
- Service lines: wholesale & retail power supply, district heating, distributed energy systems, EPC and O&M services.
- Revenue drivers: electricity sales (long‑term contracts and spot market), heating fees, capacity payments, renewable subsidies/REC revenues, and engineering services.
- Cost structure: fuel and coal procurement, grid transmission fees, operation & maintenance, depreciation of large plant assets, financing costs for CAPEX.
| Item | Value |
|---|---|
| 2024 Revenue | 13.74 billion CNY |
| 2023 Revenue | 14.44 billion CNY |
| 2024 Revenue YoY change | -4.87% |
| 2024 Net Earnings | 1.10 billion CNY |
| 2024 Net Earnings YoY change | +21.01% |
| Primary generation types | Thermal, Hydro, Wind, Solar, Gas, Biomass, Nuclear (participation) |
| Headquarters | Changchun, Jilin Province, China |
| Stock exchange / Ticker | Shenzhen Stock Exchange / 000875.SZ |
| Planned name (Aug 2025) | State Power Investment Group Green Energy Development Co., Ltd. |
| Focus as of Dec 2025 | Sustainable and diversified energy production; green transition |
- Shareholders: mix of state-owned enterprises, institutional investors and retail holders typical of Chinese utility listings; state influence increases with strategic alignment to national green targets.
- Board & management focus: balancing regulated thermal/heating obligations with expansion into renewables, distributed energy and green finance initiatives.
- Electricity sales: baseload and peak pricing, PPAs and merchant market exposure.
- Heating services: regulated municipal and commercial heating contracts with seasonal revenue concentration.
- Renewable incentives: feed-in tariffs (historical), renewable certificate sales and subsidy schemes where applicable.
- Value‑added services: distributed energy installations, engineering, procurement and construction (EPC) contracts, and O&M services for third-party assets.
- Asset optimization: dispatch optimization across thermal, hydro and flexible gas units to capture peak margins and ancillary service revenues.
Jilin Electric Power Co.,Ltd. (000875.SZ): History
- Founded as a provincially focused power utility serving Jilin Province; evolved into a listed company on the Shenzhen Stock Exchange (000875.SZ) with integrated generation, transmission and distribution businesses.
- Actual controlling shareholder: State Power Investment Corporation (SPIC), which shapes strategic direction, capital support and major investment decisions.
- SPIC's continued incremental share purchases in 2025 reflect a strategy to stabilize control and signal confidence to the market; SPIC remains the largest shareholder as of December 2025.
| Date | Event | Shares Acquired (shares) | Cumulative Shares (shares) | % of Total Share Capital | Investment (CNY) |
|---|---|---|---|---|---|
| Apr 2025 | SPIC announced planned increase | - | - | - | 200,000,000-400,000,000 (planned) |
| Jul 2025 | SPIC Innovation Investment Co., Ltd. acquisition | 28,164,057 | 28,164,057 | 0.7765% | 145,000,000 |
| Aug 2025 | Cumulative increase by SPIC Innovation Investment | 8,108,700 (incremental) | 36,272,757 | 1.00% | 186,960,000 |
| Dec 2025 | Status | - | - | Largest shareholder | - |
- Purpose of share increases: support long-term, healthy and stable development of Jilin Electric Power and bolster investor confidence.
- Acquisition methods: centralized bidding and block trades permitted by the Shenzhen Stock Exchange; executed via SPIC and its wholly-owned subsidiary SPIC Innovation Investment Co., Ltd.
- How Jilin Electric Power makes money:
- Sale of electricity to industrial, commercial and residential customers under regulated tariffs and market contracts.
- Transmission and distribution fees for grid services within its concession areas.
- Power generation revenues from owned plants (thermal, hydro and renewables where applicable) and long-term power purchase agreements.
- Ancillary services, capacity payments and potential cross-provincial power trading.
Jilin Electric Power Co.,Ltd. (000875.SZ): Ownership Structure
Jilin Electric Power Co.,Ltd. (000875.SZ) is a provincially rooted power enterprise focused on delivering stable electricity to Jilin Province and the broader northeast China economic corridor. The company aligns its operations with national targets for carbon peaking and carbon neutrality while supporting local industrial and residential demand growth.- Mission: Provide a stable, efficient and secure power supply to meet northeastern China's growing energy needs while accelerating the transition to cleaner generation.
- Values: Transparency, integrity, social responsibility, environmental stewardship and continuous technological innovation.
- Strategic priority: Expand renewables (wind, solar, hydro, biomass) and modernize the distribution network through smart-grid upgrades.
- Renewables emphasis: actively developing wind, solar, hydro and biomass projects to raise the share of non-fossil generation in its portfolio.
- Grid investment: has invested over 5.0 billion CNY in recent grid upgrades and smart-grid technologies to improve efficiency and reduce outage times.
- Environmental targets: programs to reduce transmission & distribution losses (targeting mid-single-digit percentage reductions) and to enhance grid reliability for industrial customers.
- Local partnerships: collaborates with provincial governments and businesses; receives subsidies and incentives for green-energy projects to support regional economic development.
| Metric | Most recent reported value |
|---|---|
| Total assets | ~80.0 billion CNY |
| Annual revenue | ~30.0 billion CNY |
| Net profit (annual) | ~1.5 billion CNY |
| Installed renewable capacity | ~2.5 GW |
| Grid investment (recent program) | >5.0 billion CNY |
| Transmission & distribution loss rate | target: reduce to mid-single-digit % |
- Majority/state-related ownership provides stable policy alignment and access to provincial support for infrastructure and green projects.
- Shareholder base includes provincial power group holding a controlling stake, institutional investors, and a public float traded on the Shenzhen Stock Exchange (000875.SZ).
- Corporate governance emphasizes regulatory compliance, audit transparency and stakeholder reporting consistent with listed-company norms.
| Shareholder | Approx. stake |
|---|---|
| Jilin Provincial Power Group / State-related holding | ~48.7% |
| Institutional investors (aggregated) | ~10.0% |
| Public float / retail investors | ~39.3% |
| Others (including employee holdings) | ~2.0% |
- Network tariffs and transmission fees collected from distribution and large industrial customers.
- Generation revenue from company-owned and contracted power plants (including renewables), with green project subsidies where applicable.
- Grid services and ancillary services (frequency regulation, reserve capacity) to system operators.
- Engineering, procurement and construction (EPC) and O&M contracts for local renewable and distribution projects.
- Smart grid rollouts funded through >5 billion CNY programs to enable real-time monitoring, fault isolation and demand-side management.
- Digitalization and automation to cut operating costs and reduce outage durations.
- Deployment of distributed energy resource integration and energy storage to balance variable renewables.
Jilin Electric Power Co.,Ltd. (000875.SZ): Mission and Values
Jilin Electric Power Co.,Ltd. (000875.SZ) operates as a vertically integrated provincial energy company that combines generation, heating, coal trading, grid-linked services and new energy deployment to serve industry, municipalities and end consumers across Jilin Province and adjacent regions. Its stated mission centers on providing stable, efficient and increasingly low-carbon energy solutions while supporting regional economic development and energy security. How It Works Jilin Electric Power manages a diversified energy portfolio and integrated service offerings that span the full project lifecycle from development to operation and asset optimization:- Generation mix and capacity management - the company operates a mix of thermal (coal-fired) units, large- and small-scale hydroelectric plants, and an expanding portfolio of renewables (wind and solar), balancing reliability with emissions reduction goals.
- Heating and cogeneration - combined heat and power (CHP) plants supply district heating in winter months, integrating electricity generation with heat sales to industrial and municipal customers.
- Coal procurement and trading - centralized wholesale purchasing and sale of coal to optimize fuel costs for its thermal fleet and provide coal supply services to third parties.
- Industrial water and related services - provision of industrial process water and wastewater handling for its plants and external industrial clients.
- Grid-edge services and O&M - real-time monitoring, predictive maintenance and operation & maintenance (O&M) services for power stations and distribution assets to maximize availability and reduce downtime.
- New mobility infrastructure - construction, operation and management of vehicle charging pile facilities to support rising electric vehicle adoption across urban and intercity corridors.
- Resource utilization - development and utilization of fly ash and gypsum from coal-fired plants for sale to construction material markets and to reduce landfilling.
- Wholesale and retail electricity sales - long-term contracts with industrial customers, spot and regulated retail for municipal supply, and grid feed-in for renewables.
- Heating services - seasonal district heating contracts, typically contracted on a per-GJ or per-m2 basis.
- Coal trading margins - procurement optimization and resale to affiliated or external users.
- O&M and technical services - third-party maintenance and monitoring contracts for power stations and network assets.
- EV charging operations - fee-based charging services and potential ancillary revenue from demand response and V2G integration.
- By-product commercialization - sales of fly ash, gypsum and other secondary materials to cement and construction sectors.
| Indicator | Representative Value / Note |
|---|---|
| Installed generation capacity (approx.) | ~12 GW total (mix of thermal, hydro, wind, solar) |
| Generation mix (approx.) | Thermal ~60%, Hydro ~30%, Renewables (wind+solar) ~10% |
| Annual electricity generation (approx.) | ~50-70 TWh range (regional generation and supply) |
| Heating customers | Multiple municipal and industrial districts (seasonal peak winter load) |
| Coal procurement and trading volume | Millions of tonnes annually (to supply in-house thermal fleet and trading clients) |
| EV charging stations | Growing network across the province; utility-operated and joint-venture sites |
| By-product utilization | Fly ash and gypsum processed and sold to construction material markets |
- Advanced dispatch and real-time monitoring - SCADA and energy management systems for unit-level and fleet-wide operational optimization, enabling improved heat-power coordination and fast ramping where needed.
- Emissions control and fuel efficiency - flue gas desulfurization (FGD), denitrification (SCR/ SNCR) and particulate control across major thermal units; ongoing retrofit programs to improve thermal efficiency.
- Renewable integration and flexibility - grid-forming practices, energy storage pilot projects and demand-response mechanisms to accommodate variable wind and solar output.
- Waste-to-resource initiatives - centralized processing of fly ash and gypsum for reuse in cement and building materials, reducing landfill and generating ancillary revenue.
- Project development cycle: feasibility → permitting → financing → construction → commissioning → operation & maintenance.
- Fuel procurement: centralized bulk purchasing with logistics coordination (rail and road coal handling) to minimize stock-out risks and fuel cost volatility.
- Customer contracting: mix of regulated tariff sales, bilateral long-term contracts for large industrial customers, and market-based spot sales for excess generation.
- Asset management: predictive maintenance using condition-monitoring sensors, digital twins for major plants, and lifecycle CAPEX planning to balance reliability with cost.
Jilin Electric Power Co.,Ltd. (000875.SZ): How It Works
Jilin Electric Power Co.,Ltd. (000875.SZ) operates as a vertically integrated provincial power company that develops, generates, transmits, distributes and sells electricity, while also providing ancillary services and industrial products. Its business model blends traditional thermal and hydro generation with growing renewables, energy services, by-product commercialization and emerging EV infrastructure.- Core generation portfolio: thermal (coal-fired), large- and small-scale hydro, and an expanding mix of wind and solar.
- Downstream services: electricity retail to industrial, commercial and residential customers, power station O&M contracts, and industrial water supply.
- Commodities and by-products: coal trading (wholesale/purchase/sale), fly ash and gypsum commercialization for cement, construction and road-building.
- New growth lines: construction/operation of EV charging piles and related services; participation in distributed energy and microgrid projects.
- Sale of electricity: primary revenue from wholesale and retail power sales under provincial tariffs and long-term power purchase agreements (PPA).
- Ancillary & O&M services: contracted plant operation, maintenance and technical services provided to third parties and subsidiaries.
- Industrial water supply: sale of industrial/process water to heavy industry clusters and power-plant cooling customers.
- Coal trading: margin from wholesale purchase and sale of coal, and coordination of fuel procurement for own thermal units.
- By-product commercialization: processed fly ash and gypsum sold to cement makers, construction materials producers and infrastructure projects.
- EV charging infrastructure: fees from charging services, installation and operation contracts, and value-added apps and energy management services.
- Government subsidies & incentives: feed-in tariffs, renewable energy subsidies, capacity payments and grants for green projects.
| Metric | Value (approx.) |
|---|---|
| Installed capacity (total) | ~16,000 MW |
| Generation mix (by capacity) | Thermal ~60% / Hydro ~30% / Wind & Solar ~10% |
| Annual power generation | ~70-90 TWh |
| Revenue (annual) | ~RMB 28-32 billion |
| Net profit (annual) | ~RMB 2-3 billion |
| Capital expenditure (annual) | ~RMB 3-6 billion (growth in renewables & grid) |
| EV charging piles (installed/operated) | Several thousand units (expanding) |
| Fly ash/gypsum sales | Several hundred thousand tonnes/year |
- Power sales: ~70% of total revenue.
- Coal trading & commodities: ~8-12%.
- O&M and technical services: ~6-10%.
- Industrial water: ~3-5%.
- EV charging & new energy services: ~1-4% (growing).
- By-products (fly ash/gypsum): ~1-3%.
- Government subsidies & incentives: variable; can account for 2-6% depending on renewable projects and policy support.
- Tariff regimes: provincial regulated tariffs and PPA rates set base prices for thermal and hydro output; spot/wholesale market sales add volatility and upside.
- Fuel cost pass-through: profitability of thermal plants depends on coal procurement cost, hedging and efficiency; coal trading margins partially offset volatility.
- Capacity & ancillary payments: payments for grid support, spinning reserve and peak-shaving services supplement energy revenue.
- Renewable incentives: feed-in tariffs, subsidies and renewable energy certificates improve returns on wind/solar projects.
- By-product unit economics: processing and delivery costs vs. market price for fly ash/gypsum determine commercial margins.
- EV charging monetization: per-kWh charging fees, connection/installation contracts and potential revenue sharing with property owners.
- Fuel costs (coal) are the largest controllable expense for thermal generation.
- Fixed costs: depreciation, grid maintenance, transmission & distribution upkeep.
- Operating costs: labor, spare parts, environmental compliance and emissions-control investments.
- Capex for renewables and grid upgrades is a near- to mid-term pressure on cash flow but supported by subsidies and financing.
| Levers | Impact on cash flow |
|---|---|
| Increasing renewable capacity | Higher subsidies and lower operating fuel costs; upfront capex increases but O&M is lower than thermal. |
| Coal procurement optimization | Directly improves thermal plant margins; hedging and centralized procurement reduce volatility. |
| By-product commercialization | Converts disposal costs into revenue; incremental margin depends on processing efficiency and market demand. |
| EV charging roll-out | New recurring revenue stream; helps monetize existing real estate and grid connections. |
| Government incentives | Subsidies and capacity payments improve returns and de-risk new green investments. |
- Synergies: integrated fuel procurement, shared transmission assets, and cross-selling O&M and water services to industrial clients.
- Risks: fuel-price volatility, policy/regulatory changes to tariffs and subsidies, hydrology variability affecting hydro output, and competition in distributed energy and charging markets.
Jilin Electric Power Co.,Ltd. (000875.SZ): How It Makes Money
Jilin Electric Power Co.,Ltd. generates revenue primarily through generation, transmission and distribution of electricity across Jilin Province, supplemented by renewable energy projects and energy-related services. The company's earnings mix reflects traditional thermal and hydro generation, growing wind and solar assets, grid operation fees, and value-added services such as energy dispatching, maintenance contracts, and trading of electricity and green certificates.- Power generation sales (thermal, hydro, wind, solar)
- Grid transmission and distribution tariffs
- Electricity trading and ancillary services
- Renewable energy long-term PPAs and green certificate sales
- Operations & maintenance and technical services for regional clients
| Metric | Value |
|---|---|
| Market Capitalization (Dec 2025) | 20.31 billion CNY |
| Enterprise Value | 81.93 billion CNY |
| Market Share in Jilin Province | 3.5% |
| Trailing P/E | 42.09 |
| Forward P/E | 19.31 |
| Beta | 0.55 |
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