# China Resources Power Holding (0836.HK)

Canonical: https://gigainvestors.com/s/0836.HK

Analysis as of: 2026-10-16T07:35:24.476Z. Financial observations: FY2002–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## 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: HKD 20.02 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.26×

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.20×

- FY2020: 0.20×

- FY2021: 0.07×

- FY2022: 0.13×

- FY2023: 0.18×

- FY2024: 0.22×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 8.8 pp

- Typical gross margin (annual median): 35.0%

- Recent gross margin (lower of latest and 3-year median): 26.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 32.4%

- ROIC including acquisitions, ten-year median: -1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.4%

- FY2017: 5.2%

- FY2018: 5.8%

- FY2019: 6.3%

- FY2020: 5.5%

- FY2021: 1.8%

- FY2022: 5.1%

- FY2023: 5.8%

- FY2024: 6.1%

- FY2025: 5.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -0.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD -35B

- Net income, five-year total: HKD 49B

- Return on incremental invested capital: 0.9%

- Working capital / revenue, annual change: 3.4 pp

- Working capital / revenue, change between three-year averages: 25.0 pp

- Working capital / revenue, final three-year average: 31.4%

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

- FY2021: 0.91×

- FY2022: 0.96×

- FY2023: -1.22×

- FY2024: -1.05×

- FY2025: -1.03×

### management: pass

- 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: 5.8% vs 5.8%

- Per-share earnings: 1.61 to 2.86 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: HKD 31B

- Cumulative retained earnings: HKD 19B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.4%

- Per-share value change: HKD 1.24

- Per-share value, starting three-year median: HKD 1.61

- Per-share value, ending three-year median: HKD 2.86

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 5.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: HKD 15B

- Cumulative net income, 10 years: HKD 80B

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 1.61

- FY2017: HKD 0.97

- FY2018: HKD 0.83

- FY2019: HKD 1.37

- FY2020: HKD 1.58

- FY2021: HKD 0.44

- FY2022: HKD 1.46

- FY2023: HKD 2.29

- FY2024: HKD 2.97

- FY2025: HKD 2.86

### accounting: pass

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: -6.3%

- FY2018: -6.8%

- FY2019: -5.5%

- FY2020: -5.1%

- FY2021: -2.0%

- FY2022: -6.0%

- FY2023: -5.5%

- FY2024: -5.3%

- FY2025: -6.6%

## Holders

## Price story

Down 23% since Dec 2021 · sales -3.1%

Story as of 2026-10-16T10:00:04.758Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 66B 

- FY2017: HKD 73B 

- FY2018: HKD 77B 

- FY2019: HKD 68B 

- FY2020: HKD 70B 

- FY2021: HKD 90B 

- FY2022: HKD 103B 

- FY2023: HKD 103B 

- FY2024: HKD 105B 

- FY2025: HKD 102B 

### Gross margin · FY2025

gross margin 26.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 54.3% 

- FY2017: 44.1% 

- FY2018: 44.5% 

- FY2019: 23.1% 

- FY2020: 23.3% 

- FY2021: 7.9% 

- FY2022: 13.7% 

- FY2023: 43.9% 

- FY2024: 47.5% 

- FY2025: 26.2% 

## Owner memo

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

### How it makes money

Operates in utilities independent power producers; annual sales are HKD 102 billion.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2025-12-31 (filed 2026-10-16T07:35:24.476Z); FY2025: revenue 102009878000; grossProfit 26717665000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26.2% to 47.5% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2023-12-31 (filed 2026-10-16T07:35:24.476Z); FY2023: grossProfit / revenue = 43.9%.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2024-12-31 (filed 2026-10-16T07:35:24.476Z); FY2024: grossProfit / revenue = 47.5%.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2025-12-31 (filed 2026-10-16T07:35:24.476Z); FY2025: grossProfit / revenue = 26.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:24.476Z); 10-year return on capital observations [[2016,0.07360073932035109],[2017,0.051661350135919895],[2018,0.05837461012811248],[2019,0.06281989876163516],[2020,0.054947977236758004],[2021,0.018133184726894187],[2022,0.050692270867444794],[2023,0.05766470560448648],[2024,0.0609325049999784],[2025,0.05341175455006252]]; median 0.05630634142062224. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back HKD 9.4 million of shares.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2016-12-31 (filed 2026-10-16T07:35:24.476Z); FY2016: growth capex 0; upkeep 16319256000; owner earnings 1177934000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2017-12-31 (filed 2026-10-16T07:35:24.476Z); FY2017: growth capex 5115657000; upkeep 10411530000; owner earnings 4623323000. Growth capex / owner earnings = 1.1064892070054375.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2018-12-31 (filed 2026-10-16T07:35:24.476Z); FY2018: growth capex 5830218000; upkeep 11054238000; owner earnings 3950435000. Growth capex / owner earnings = 1.4758420275235513.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2021-12-31 (filed 2026-10-16T07:35:24.476Z); FY2021: growth capex 11069809000; upkeep 14619078000; owner earnings 1942201000. Growth capex / owner earnings = 5.699620688075024.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2022-12-31 (filed 2026-10-16T07:35:24.476Z); FY2022: growth capex 18150204000; upkeep 14429592000; cash acquisitions 2192317000; owner earnings 6789212600. Growth capex plus acquisitions / owner earnings = 2.9963004840944296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:24.476Z); Dividend observations: [[2016,4175587000],[2017,4185088000],[2018,4184668000],[2019,1938011000],[2020,2755790000],[2021,3154904000],[2022,1226311000],[2023,3385718000],[2024,7745807000],[2025,5422871000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/0836.HK.json#2025-12-31 (filed 2026-10-16T07:35:24.476Z); FY2025: cash repurchases 9381000 HKD.

### Are managers owners

Insiders own 61.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0836.HK SharesStats.PercentInsiders = 61.751 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:24.476Z); Closing price 20.02 HKD; reporting-to-trading FX 1; FY2025 annual sales per share 19.70421871323382; price multiple 1.016026074992463. FY2025 cash earnings/share -2.9475403919292584. Closing-price date 2026-10-15.

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

- 2016-10: HKD 13.18 per share

- 2016-11: HKD 12.76 per share

- 2016-12: HKD 12.32 per share

- 2017-01: HKD 13.42 per share

- 2017-02: HKD 14.06 per share

- 2017-03: HKD 14.02 per share

- 2017-04: HKD 14.02 per share

- 2017-05: HKD 16.08 per share

- 2017-06: HKD 15.32 per share

- 2017-07: HKD 14.90 per share

- 2017-08: HKD 14.36 per share

- 2017-09: HKD 14.10 per share

- 2017-10: HKD 15.00 per share

- 2017-11: HKD 14.70 per share

- 2017-12: HKD 14.56 per share

- 2018-01: HKD 14.44 per share

- 2018-02: HKD 13.62 per share

- 2018-03: HKD 14.32 per share

- 2018-04: HKD 15.12 per share

- 2018-05: HKD 16.06 per share

- 2018-06: HKD 13.82 per share

- 2018-07: HKD 15.14 per share

- 2018-08: HKD 14.14 per share

- 2018-09: HKD 13.84 per share

- 2018-10: HKD 13.78 per share

- 2018-11: HKD 14.82 per share

- 2018-12: HKD 15.06 per share

- 2019-01: HKD 15.70 per share

- 2019-02: HKD 14.88 per share

- 2019-03: HKD 11.80 per share

- 2019-04: HKD 10.98 per share

- 2019-05: HKD 11.42 per share

- 2019-06: HKD 11.40 per share

- 2019-07: HKD 11.30 per share

- 2019-08: HKD 10.36 per share

- 2019-09: HKD 9.51 per share

- 2019-10: HKD 9.87 per share

- 2019-11: HKD 10.18 per share

- 2019-12: HKD 10.94 per share

- 2020-01: HKD 10.48 per share

- 2020-02: HKD 9.27 per share

- 2020-03: HKD 8.54 per share

- 2020-04: HKD 9.19 per share

- 2020-05: HKD 8.98 per share

- 2020-06: HKD 9.11 per share

- 2020-07: HKD 9.88 per share

- 2020-08: HKD 9.20 per share

- 2020-09: HKD 8.55 per share

- 2020-10: HKD 8.06 per share

- 2020-11: HKD 8.24 per share

- 2020-12: HKD 8.35 per share

- 2021-01: HKD 8.21 per share

- 2021-02: HKD 9.03 per share

- 2021-03: HKD 10.32 per share

- 2021-04: HKD 10.20 per share

- 2021-05: HKD 10.00 per share

- 2021-06: HKD 10.60 per share

- 2021-07: HKD 13.38 per share

- 2021-08: HKD 19.12 per share

- 2021-09: HKD 22.45 per share

- 2021-10: HKD 20.10 per share

- 2021-11: HKD 20.25 per share

- 2021-12: HKD 26.10 per share

- 2022-01: HKD 18.92 per share

- 2022-02: HKD 17.36 per share

- 2022-03: HKD 14.74 per share

- 2022-04: HKD 14.96 per share

- 2022-05: HKD 16.16 per share

- 2022-06: HKD 16.20 per share

- 2022-07: HKD 14.76 per share

- 2022-08: HKD 15.66 per share

- 2022-09: HKD 12.20 per share

- 2022-10: HKD 11.42 per share

- 2022-11: HKD 14.38 per share

- 2022-12: HKD 15.96 per share

- 2023-01: HKD 16.28 per share

- 2023-02: HKD 16.02 per share

- 2023-03: HKD 16.72 per share

- 2023-04: HKD 17.04 per share

- 2023-05: HKD 18.08 per share

- 2023-06: HKD 17.70 per share

- 2023-07: HKD 16.86 per share

- 2023-08: HKD 15.36 per share

- 2023-09: HKD 14.94 per share

- 2023-10: HKD 15.16 per share

- 2023-11: HKD 15.06 per share

- 2023-12: HKD 15.64 per share

- 2024-01: HKD 15.80 per share

- 2024-02: HKD 16.90 per share

- 2024-03: HKD 18.26 per share

- 2024-04: HKD 19.50 per share

- 2024-05: HKD 22.15 per share

- 2024-06: HKD 23.95 per share

- 2024-07: HKD 21.50 per share

- 2024-08: HKD 21.20 per share

- 2024-09: HKD 21.10 per share

- 2024-10: HKD 18.70 per share

- 2024-11: HKD 17.78 per share

- 2024-12: HKD 18.88 per share

- 2025-01: HKD 17.28 per share

- 2025-02: HKD 17.96 per share

- 2025-03: HKD 18.46 per share

- 2025-04: HKD 18.74 per share

- 2025-05: HKD 20.40 per share

- 2025-06: HKD 18.94 per share

- 2025-07: HKD 19.46 per share

- 2025-08: HKD 17.95 per share

- 2025-09: HKD 17.84 per share

- 2025-10: HKD 18.58 per share

- 2025-11: HKD 18.58 per share

- 2025-12: HKD 17.31 per share

- 2026-01: HKD 17.80 per share

- 2026-02: HKD 18.68 per share

- 2026-03: HKD 18.25 per share

- 2026-04: HKD 19.27 per share

- 2026-05: HKD 21.26 per share

- 2026-06: HKD 16.92 per share

- 2026-07: HKD 19.34 per share

- 2026-08: HKD 18.76 per share

- 2026-09: HKD 19.76 per share

- 2026-10: HKD 20.02 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 10.13 per share, central HKD 11.44 per share, high HKD 13.18 per share

- FY2017: low HKD 12.03 per share, central HKD 14.48 per share, high HKD 16.74 per share

- FY2018: low HKD 11.94 per share, central HKD 15.60 per share, high HKD 18.04 per share

- FY2019: low HKD 9.29 per share, central HKD 11.31 per share, high HKD 13.07 per share

- FY2020: low HKD 3.57 per share, central HKD 3.96 per share, high HKD 4.47 per share

- FY2021: low HKD 5.69 per share, central HKD 6.29 per share, high HKD 7.10 per share

- FY2022: low HKD 6.25 per share, central HKD 6.99 per share, high HKD 7.93 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.