# Shanxi Xishan Coal and Electricity Power (000983.SHE)

Canonical: https://gigainvestors.com/s/000983.SHE

Analysis as of: 2026-10-16T07:37:23.444Z. Financial observations: FY1997–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 6.22 per share; close as of 2026-10-15.

Estimated value: low CNY 10.29 per share, central CNY 11.53 per share, high CNY 13.18 per share. Buy at or below the central value CNY 11.53 per share. Valuation as of 2026-10-16T07:37:23.444Z; scenarios are not confidence intervals.

Expected annual return: 18.0% at the stated quote. About 18.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.09×

- FY2021: 0.19×

- FY2022: 0.28×

- FY2023: 0.21×

- FY2024: 0.13×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.3%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 31.7%

- Recent gross margin (lower of latest and 3-year median): 30.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.8%

- FY2017: 6.4%

- FY2018: 7.2%

- FY2019: 8.1%

- FY2020: 8.5%

- FY2021: 26.1%

- FY2022: 52.0%

- FY2023: 34.9%

- FY2024: 8.5%

- FY2025: 5.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.57×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 15B

- Net income, five-year total: CNY 27B

- Return on incremental invested capital: 40.3%

- Working capital / revenue, annual change: -2.4 pp

- Working capital / revenue, change between three-year averages: -17.9 pp

- Working capital / revenue, final three-year average: -19.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.34×

- FY2022: 1.15×

- FY2023: 1.22×

- FY2024: -4.58×

- FY2025: 1.87×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.4% vs 8.5%

- Per-share earnings: 0.11 to 0.55 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.4%

- Ordinary dilution, 5-year annual growth: 6.7%

- Market cap gain: CNY 1.8B

- Cumulative retained earnings: CNY 10B

- Diluted shares, 10-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 6.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.8%

- Per-share value change: CNY 0.44

- Per-share value, starting three-year median: CNY 0.11

- Per-share value, ending three-year median: CNY 0.55

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 34B

- Cumulative net income, 10 years: CNY 35B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.11

- FY2017: CNY 0.38

- FY2018: CNY 0.44

- FY2019: CNY 0.52

- FY2020: CNY 0.48

- FY2021: CNY 1.11

- FY2022: CNY 2.09

- FY2023: CNY 1.23

- FY2024: CNY 0.55

- FY2025: CNY 0.21

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -6.7%

- FY2018: -8.2%

- FY2019: -7.7%

- FY2020: -4.7%

- FY2021: -10.6%

- FY2022: -6.7%

- FY2023: -8.1%

- FY2024: -0.6%

- FY2025: -4.3%

## Holders

## Price story

Down 58% since Sep 2022 · sales -18%

Story as of 2026-10-16T10:00:09.031Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.3% a year for ten years

### Sales · FY2024–2025

sales -18%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 20B 

- FY2017: CNY 29B 

- FY2018: CNY 32B 

- FY2019: CNY 36B 

- FY2020: CNY 34B 

- FY2021: CNY 54B 

- FY2022: CNY 65B 

- FY2023: CNY 56B 

- FY2024: CNY 45B 

- FY2025: CNY 37B 

### Gross margin · FY2025

gross margin 30.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.8% 

- FY2017: 32.6% 

- FY2018: 31.0% 

- FY2019: 32.3% 

- FY2020: 25.3% 

- FY2021: 34.2% 

- FY2022: 41.7% 

- FY2023: 37.3% 

- FY2024: 31.0% 

- FY2025: 30.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in thermal coal; annual sales are CNY 37.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2025: revenue 37154856324.57; grossProfit 11340803847.65; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000983.SHE: Shanxi Coking Coal Energy Group Co., Ltd. produces and cells coal products in China. The company offers coking coal, fat coal, gas coal, lean coal, and meager lean coal; and fined coal for metallurgy industry, powdered coal injection, steam coal, screen mixed coal, and coke. It also operates coal fueled-power plants. The company was formerly known as Shanxi Xishan Coal and Electricity Power Co.,Ltd. and changed its name to Shanxi Coking Coal Energy Group Co.,Ltd. in December 2020. The company was founded in 1956 and is headquartered in Taiyuan, China. Shanxi Coking Coal Energy Group Co., Ltd. operates as a subsidiary of Shanxi Coal Group Company Limited.

### Why customers stay

Margins ranged from 30.5% to 37.3% during 2023–25; it earns 8.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2023: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2024: grossProfit / revenue = 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2025: grossProfit / revenue = 30.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); 10-year return on capital observations [[2016,0.01764316995737536],[2017,0.06429505240886543],[2018,0.07246571137604287],[2019,0.08118117403968297],[2020,0.08504950127181937],[2021,0.2613894470487931],[2022,0.5204499744669651],[2023,0.34943099542773304],[2024,0.08536407433594512],[2025,0.05073102317724144]]; median 0.08311533765575117. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2016: growth capex 694759701; upkeep 1906234934; owner earnings 434076515. Growth capex / owner earnings = 1.600546624827192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2017: growth capex 292292243; upkeep 2011903000; owner earnings 1569106000. Growth capex / owner earnings = 0.18627947570145037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2018: growth capex 762014860; upkeep 2268019000; owner earnings 1802420000. Growth capex / owner earnings = 0.4227731938172013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2019: growth capex 0; upkeep 1990006204; owner earnings 3000516796. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2020: growth capex 0; upkeep 2711649000; owner earnings 2230840538. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2021: growth capex 0; upkeep 2180841000; owner earnings 6823372185.32. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2022: growth capex 0; upkeep 1812181000; owner earnings 12391761747.201702. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2023: growth capex 0; upkeep 2060815000; owner earnings 8235377572.340816. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); FY2025: growth capex 0; upkeep 2553974359.85; owner earnings 2249930664.1972437. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); Dividend observations: [[2016,982281994],[2017,1001809989],[2018,1131405970],[2019,1895104217],[2020,1095912000],[2021,1408535000],[2022,3976093000],[2023,7302000000],[2024,4815779000],[2025,2170641292.61]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000983.SHE SharesStats.PercentInsiders = 59.440000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:23.444Z); Ten-year compound average after fade. Initial solved rate -0.12926656190404912. Price 6.22; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.0581799671943264 → FY2025 0.39629434315945705. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 9.97 per share

- 2016-11: CNY 10.27 per share

- 2016-12: CNY 8.46 per share

- 2017-01: CNY 8.92 per share

- 2017-02: CNY 9.42 per share

- 2017-03: CNY 9.65 per share

- 2017-04: CNY 8.81 per share

- 2017-05: CNY 7.71 per share

- 2017-06: CNY 8.77 per share

- 2017-07: CNY 10.79 per share

- 2017-08: CNY 10.97 per share

- 2017-09: CNY 10.31 per share

- 2017-10: CNY 9.70 per share

- 2017-11: CNY 9.83 per share

- 2017-12: CNY 10.14 per share

- 2018-01: CNY 10.63 per share

- 2018-02: CNY 9.24 per share

- 2018-03: CNY 7.84 per share

- 2018-04: CNY 7.77 per share

- 2018-05: CNY 7.69 per share

- 2018-06: CNY 7.51 per share

- 2018-07: CNY 6.86 per share

- 2018-08: CNY 6.58 per share

- 2018-09: CNY 6.65 per share

- 2018-10: CNY 6.48 per share

- 2018-11: CNY 6.08 per share

- 2018-12: CNY 5.49 per share

- 2019-01: CNY 5.46 per share

- 2019-02: CNY 6.25 per share

- 2019-03: CNY 6.23 per share

- 2019-04: CNY 6.87 per share

- 2019-05: CNY 6.16 per share

- 2019-06: CNY 6.06 per share

- 2019-07: CNY 6.14 per share

- 2019-08: CNY 5.88 per share

- 2019-09: CNY 5.88 per share

- 2019-10: CNY 5.67 per share

- 2019-11: CNY 5.78 per share

- 2019-12: CNY 6.13 per share

- 2020-01: CNY 5.57 per share

- 2020-02: CNY 5.06 per share

- 2020-03: CNY 4.85 per share

- 2020-04: CNY 4.73 per share

- 2020-05: CNY 4.80 per share

- 2020-06: CNY 3.74 per share

- 2020-07: CNY 4.21 per share

- 2020-08: CNY 4.22 per share

- 2020-09: CNY 4.34 per share

- 2020-10: CNY 4.63 per share

- 2020-11: CNY 5.49 per share

- 2020-12: CNY 5.64 per share

- 2021-01: CNY 4.82 per share

- 2021-02: CNY 5.03 per share

- 2021-03: CNY 5.01 per share

- 2021-04: CNY 5.63 per share

- 2021-05: CNY 6.77 per share

- 2021-06: CNY 8.31 per share

- 2021-07: CNY 8.85 per share

- 2021-08: CNY 11.53 per share

- 2021-09: CNY 11.86 per share

- 2021-10: CNY 9.24 per share

- 2021-11: CNY 7.98 per share

- 2021-12: CNY 8.27 per share

- 2022-01: CNY 7.75 per share

- 2022-02: CNY 10.58 per share

- 2022-03: CNY 12.42 per share

- 2022-04: CNY 14.03 per share

- 2022-05: CNY 14.27 per share

- 2022-06: CNY 13.39 per share

- 2022-07: CNY 11.72 per share

- 2022-08: CNY 12.83 per share

- 2022-09: CNY 14.98 per share

- 2022-10: CNY 11.39 per share

- 2022-11: CNY 13.16 per share

- 2022-12: CNY 11.65 per share

- 2023-01: CNY 11.75 per share

- 2023-02: CNY 13.03 per share

- 2023-03: CNY 10.99 per share

- 2023-04: CNY 10.27 per share

- 2023-05: CNY 9.85 per share

- 2023-06: CNY 9.10 per share

- 2023-07: CNY 9.08 per share

- 2023-08: CNY 8.34 per share

- 2023-09: CNY 10.06 per share

- 2023-10: CNY 8.64 per share

- 2023-11: CNY 9.73 per share

- 2023-12: CNY 9.88 per share

- 2024-01: CNY 10.49 per share

- 2024-02: CNY 11.65 per share

- 2024-03: CNY 10.32 per share

- 2024-04: CNY 10.50 per share

- 2024-05: CNY 11.03 per share

- 2024-06: CNY 10.31 per share

- 2024-07: CNY 8.28 per share

- 2024-08: CNY 7.98 per share

- 2024-09: CNY 9.56 per share

- 2024-10: CNY 8.23 per share

- 2024-11: CNY 8.14 per share

- 2024-12: CNY 8.24 per share

- 2025-01: CNY 7.41 per share

- 2025-02: CNY 6.92 per share

- 2025-03: CNY 6.87 per share

- 2025-04: CNY 6.41 per share

- 2025-05: CNY 6.02 per share

- 2025-06: CNY 6.40 per share

- 2025-07: CNY 7.05 per share

- 2025-08: CNY 7.06 per share

- 2025-09: CNY 6.95 per share

- 2025-10: CNY 7.32 per share

- 2025-11: CNY 6.73 per share

- 2025-12: CNY 6.42 per share

- 2026-01: CNY 7.31 per share

- 2026-02: CNY 7.34 per share

- 2026-03: CNY 6.68 per share

- 2026-04: CNY 7.02 per share

- 2026-05: CNY 6.79 per share

- 2026-06: CNY 5.80 per share

- 2026-07: CNY 6.50 per share

- 2026-08: CNY 7.42 per share

- 2026-09: CNY 6.48 per share

- 2026-10: CNY 6.49 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.29 per share, central CNY 2.50 per share, high CNY 2.78 per share

- FY2017: low CNY 3.08 per share, central CNY 3.39 per share, high CNY 3.79 per share

- FY2018: low CNY 3.84 per share, central CNY 4.19 per share, high CNY 4.64 per share

- FY2019: low CNY 6.79 per share, central CNY 7.52 per share, high CNY 8.48 per share

- FY2020: low CNY 6.08 per share, central CNY 6.77 per share, high CNY 7.70 per share

- FY2021: low CNY 10.40 per share, central CNY 11.56 per share, high CNY 13.12 per share

- FY2022: low CNY 14.14 per share, central CNY 15.74 per share, high CNY 17.86 per share

- FY2023: low CNY 16.69 per share, central CNY 18.60 per share, high CNY 21.14 per share

- FY2024: low CNY 12.57 per share, central CNY 14.09 per share, high CNY 16.10 per share

- FY2025: low CNY 10.32 per share, central CNY 11.56 per share, high CNY 13.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations