# China Longyuan Power Group (001289.SHE)

Canonical: https://gigainvestors.com/s/001289.SHE

Analysis as of: 2026-10-16T07:34:51.591Z. Financial observations: FY2019–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 14.73 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.36×

- FY2020: 0.37×

- FY2021: 0.37×

- FY2022: 0.35×

- FY2023: 0.37×

- FY2024: 0.37×

- FY2025: 0.34×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 36.5%

- Recent gross margin (lower of latest and 3-year median): 34.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 56.2%

- ROIC including acquisitions, ten-year median: -1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 6.7%

- FY2020: 7.0%

- FY2021: 7.9%

- FY2022: 8.4%

- FY2023: 6.9%

- FY2024: 5.8%

- FY2025: 4.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -9.1B

- Net income, five-year total: CNY 30B

- Return on incremental invested capital: 0.5%

- Working capital / revenue, annual change: -9.1 pp

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

- FY2021: 0.98×

- FY2022: -0.90×

- FY2023: -0.21×

- FY2024: -0.87×

- FY2025: -1.08×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.0% vs 5.8%

- Per-share earnings: 0.62 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.8%

- Per-share value growth: 4.3%

- Per-share value change: CNY 0.11

- Per-share value, starting three-year median: CNY 0.62

- Per-share value, ending three-year median: CNY 0.73

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.6%

- Buyback history: 3 years

- ROIC, first three-year median: 7.0%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.57

- FY2020: CNY 0.62

- FY2021: CNY 0.92

- FY2022: CNY 0.58

- FY2023: CNY 0.73

- FY2024: CNY 0.75

- FY2025: CNY 0.54

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.97×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.82×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.1%

- FY2020: -4.2%

- FY2021: -5.2%

- FY2022: -11.0%

- FY2023: -3.3%

- FY2024: -4.2%

- FY2025: -6.5%

## Holders

## Price story

Down 44% since Mar 2022 · sales -18.6%

Story as of 2026-10-16T10:00:02.823Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -18.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 27B 

- FY2020: CNY 29B 

- FY2021: CNY 40B 

- FY2022: CNY 40B 

- FY2023: CNY 38B 

- FY2024: CNY 37B 

- FY2025: CNY 30B 

### Gross margin · FY2025

gross margin 34.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 35.9% 

- FY2020: 37.2% 

- FY2021: 36.5% 

- FY2022: 34.4% 

- FY2023: 36.5% 

- FY2024: 37.5% 

- FY2025: 34.8% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are CNY 30.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2025: revenue 30252712873.6; grossProfit 10524487797.72; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.8% to 37.5% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2023: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2024: grossProfit / revenue = 37.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2025: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); 7-year return on capital observations [[2019,0.06668544329567588],[2020,0.07029768510830793],[2021,0.07940061631420589],[2022,0.08351544320962648],[2023,0.06920667242420775],[2024,0.05750582572460644],[2025,0.04348491642187622]]; median 0.06920667242420775. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back CNY 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2019: growth capex 0; upkeep 10928146034.12; owner earnings 1551149204.8499994. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2021: growth capex 9465896965.730001; upkeep 8806788106.83; owner earnings 7248692087.28. Growth capex / owner earnings = 1.305876543209878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); Dividend observations: [[2019,4650325201.99],[2020,4558065498.44],[2021,5017142683.45],[2022,4765533100.06],[2023,4738126953.57],[2024,5506408349],[2025,6089363931.76]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); FY2025: cash repurchases 1000141476.1633333 CNY.

### Are managers owners

Insiders own 97.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001289.SHE SharesStats.PercentInsiders = 97.437 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.591Z); Closing price 14.73 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 3.6186553631924276; price multiple 4.070572774027585. FY2025 cash earnings/share -0.5851587600983308. Closing-price date 2026-10-15.

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

- 2022-01: CNY 25.67 per share

- 2022-02: CNY 26.20 per share

- 2022-03: CNY 26.40 per share

- 2022-04: CNY 20.74 per share

- 2022-05: CNY 22.85 per share

- 2022-06: CNY 21.76 per share

- 2022-07: CNY 21.03 per share

- 2022-08: CNY 21.16 per share

- 2022-09: CNY 17.39 per share

- 2022-10: CNY 17.74 per share

- 2022-11: CNY 19.75 per share

- 2022-12: CNY 18.27 per share

- 2023-01: CNY 18.92 per share

- 2023-02: CNY 18.34 per share

- 2023-03: CNY 17.43 per share

- 2023-04: CNY 18.03 per share

- 2023-05: CNY 20.79 per share

- 2023-06: CNY 22.50 per share

- 2023-07: CNY 20.14 per share

- 2023-08: CNY 19.70 per share

- 2023-09: CNY 19.90 per share

- 2023-10: CNY 20.41 per share

- 2023-11: CNY 19.44 per share

- 2023-12: CNY 19.81 per share

- 2024-01: CNY 19.01 per share

- 2024-02: CNY 19.16 per share

- 2024-03: CNY 18.73 per share

- 2024-04: CNY 18.25 per share

- 2024-05: CNY 18.47 per share

- 2024-06: CNY 17.25 per share

- 2024-07: CNY 17.41 per share

- 2024-08: CNY 15.18 per share

- 2024-09: CNY 16.78 per share

- 2024-10: CNY 18.43 per share

- 2024-11: CNY 16.97 per share

- 2024-12: CNY 15.71 per share

- 2025-01: CNY 15.00 per share

- 2025-02: CNY 16.01 per share

- 2025-03: CNY 16.61 per share

- 2025-04: CNY 16.80 per share

- 2025-05: CNY 16.41 per share

- 2025-06: CNY 16.18 per share

- 2025-07: CNY 16.54 per share

- 2025-08: CNY 16.67 per share

- 2025-09: CNY 17.50 per share

- 2025-10: CNY 16.86 per share

- 2025-11: CNY 15.99 per share

- 2025-12: CNY 15.04 per share

- 2026-01: CNY 15.66 per share

- 2026-02: CNY 16.58 per share

- 2026-03: CNY 16.68 per share

- 2026-04: CNY 16.80 per share

- 2026-05: CNY 18.74 per share

- 2026-06: CNY 15.63 per share

- 2026-07: CNY 16.52 per share

- 2026-08: CNY 15.17 per share

- 2026-09: CNY 14.91 per share

- 2026-10: CNY 14.84 per share

## Annual estimated value (CNY 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