# GD Power Development (600795.SHG)

Canonical: https://gigainvestors.com/s/600795.SHG

Analysis as of: 2026-10-16T07:35:14.073Z. Financial observations: FY1996–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 5.37 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.09×

- FY2021: -0.01×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 15.6%

- Recent gross margin (lower of latest and 3-year median): 14.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.2%

- ROIC including acquisitions, ten-year median: 1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: 1.3%

- FY2018: 1.8%

- FY2019: 2.0%

- FY2020: 4.5%

- FY2021: -0.5%

- FY2022: 3.3%

- FY2023: 3.9%

- FY2024: 5.8%

- FY2025: 5.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -28B

- Net income, five-year total: CNY 24B

- Return on incremental invested capital: 9.7%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 0.1%

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

- FY2021: 1.14×

- FY2022: 0.96×

- FY2023: -1.67×

- FY2024: -1.39×

- FY2025: -0.81×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.8% vs 5.8%

- Per-share earnings: 0.23 to 0.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: CNY 25B

- Cumulative retained earnings: CNY 13B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: CNY 0.18

- Per-share value, starting three-year median: CNY 0.23

- Per-share value, ending three-year median: CNY 0.40

- Buybacks concentrated in cheaper years (correlation): 0.11

- Average buyback yield: 2.0%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 9.1B

- Cumulative net income, 10 years: CNY 38B

- ROIC, first three-year median: 1.8%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.23

- FY2017: CNY 0.11

- FY2018: CNY 0.08

- FY2019: CNY 0.09

- FY2020: CNY 0.22

- FY2021: CNY -0.10

- FY2022: CNY 0.15

- FY2023: CNY 0.31

- FY2024: CNY 0.55

- FY2025: CNY 0.40

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.9%

- FY2017: -6.4%

- FY2018: -7.9%

- FY2019: -8.8%

- FY2020: -9.0%

- FY2021: -6.5%

- FY2022: -8.9%

- FY2023: -8.1%

- FY2024: -9.3%

- FY2025: -8.9%

## Holders

## Price story

Up 48% since Oct 2023 · sales -5%

Story as of 2026-10-16T10:00:04.159Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 58B 

- FY2017: CNY 60B 

- FY2018: CNY 108B 

- FY2019: CNY 117B 

- FY2020: CNY 144B 

- FY2021: CNY 168B 

- FY2022: CNY 195B 

- FY2023: CNY 181B 

- FY2024: CNY 179B 

- FY2025: CNY 170B 

### Gross margin · FY2025

gross margin 15.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.3% 

- FY2017: 16.8% 

- FY2018: 15.6% 

- FY2019: 17.4% 

- FY2020: 19.9% 

- FY2021: 7.3% 

- FY2022: 13.4% 

- FY2023: 14.6% 

- FY2024: 14.2% 

- FY2025: 15.5% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are CNY 170.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2025: revenue 170243994133.7; grossProfit 26452317012.9; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 14.2% to 15.5% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2023: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2024: grossProfit / revenue = 14.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2025: grossProfit / revenue = 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); 10-year return on capital observations [[2016,0.03747592310265611],[2017,0.013199367620343233],[2018,0.017919178811070566],[2019,0.020440565325275904],[2020,0.04511846010046406],[2021,-0.00470300601849345],[2022,0.032925462553694884],[2023,0.03942782140083697],[2024,0.05758834157807153],[2025,0.05813263026397957]]; median 0.03520069282817549. 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 CNY 131.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2016: growth capex 5604256081.242025; upkeep 14419374234.177973; owner earnings 2126346765.8220272. Growth capex / owner earnings = 2.6356265926717124.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2017: growth capex 2752647270.870001; upkeep 12247796000; owner earnings 2223242000. Growth capex / owner earnings = 1.2381230972021944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2018: growth capex 0; upkeep 12701858618.55; owner earnings 6369431381.450001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2019: growth capex 0; upkeep 12141314610.89; owner earnings 8220083389.110001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2020: growth capex 0; upkeep 14028974042.3; owner earnings 9503830957.7. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2022: growth capex 19809332826.589996; upkeep 17848828000; owner earnings 2720387353.865998. Growth capex / owner earnings = 7.281805952537807.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); Dividend observations: [[2016,9292773024.76],[2017,9377263426.58],[2018,9844888243.75],[2019,936581413],[2020,1103019892],[2021,835889763],[2022,8697011915.52],[2023,10613279205.03],[2024,10516705000],[2025,10626980602.23]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); FY2025: cash repurchases 131516319.66 CNY.

### Are managers owners

Insiders own 52.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600795.SHG SharesStats.PercentInsiders = 52.439 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:14.073Z); Closing price 5.37 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 9.556497817526513; price multiple 0.5619213337914941. FY2025 cash earnings/share -0.32712426301794545. Closing-price date 2026-10-15.

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

- 2016-10: CNY 3.01 per share

- 2016-11: CNY 3.27 per share

- 2016-12: CNY 3.17 per share

- 2017-01: CNY 3.25 per share

- 2017-02: CNY 3.32 per share

- 2017-03: CNY 3.26 per share

- 2017-04: CNY 3.37 per share

- 2017-05: CNY 3.52 per share

- 2017-06: CNY 3.60 per share

- 2017-07: CNY 3.60 per share

- 2017-08: CNY 3.60 per share

- 2017-09: CNY 3.32 per share

- 2017-10: CNY 3.38 per share

- 2017-11: CNY 3.41 per share

- 2017-12: CNY 3.12 per share

- 2018-01: CNY 3.12 per share

- 2018-02: CNY 3.00 per share

- 2018-03: CNY 2.97 per share

- 2018-04: CNY 2.84 per share

- 2018-05: CNY 2.84 per share

- 2018-06: CNY 2.62 per share

- 2018-07: CNY 2.78 per share

- 2018-08: CNY 2.59 per share

- 2018-09: CNY 2.55 per share

- 2018-10: CNY 2.44 per share

- 2018-11: CNY 2.49 per share

- 2018-12: CNY 2.56 per share

- 2019-01: CNY 2.40 per share

- 2019-02: CNY 2.65 per share

- 2019-03: CNY 2.68 per share

- 2019-04: CNY 2.63 per share

- 2019-05: CNY 2.52 per share

- 2019-06: CNY 2.54 per share

- 2019-07: CNY 2.55 per share

- 2019-08: CNY 2.46 per share

- 2019-09: CNY 2.39 per share

- 2019-10: CNY 2.33 per share

- 2019-11: CNY 2.26 per share

- 2019-12: CNY 2.34 per share

- 2020-01: CNY 2.22 per share

- 2020-02: CNY 2.10 per share

- 2020-03: CNY 2.03 per share

- 2020-04: CNY 1.99 per share

- 2020-05: CNY 1.82 per share

- 2020-06: CNY 1.85 per share

- 2020-07: CNY 2.04 per share

- 2020-08: CNY 2.05 per share

- 2020-09: CNY 2.02 per share

- 2020-10: CNY 1.96 per share

- 2020-11: CNY 2.15 per share

- 2020-12: CNY 2.25 per share

- 2021-01: CNY 2.10 per share

- 2021-02: CNY 2.09 per share

- 2021-03: CNY 2.29 per share

- 2021-04: CNY 2.27 per share

- 2021-05: CNY 2.42 per share

- 2021-06: CNY 2.43 per share

- 2021-07: CNY 2.29 per share

- 2021-08: CNY 2.47 per share

- 2021-09: CNY 3.25 per share

- 2021-10: CNY 2.79 per share

- 2021-11: CNY 2.54 per share

- 2021-12: CNY 3.17 per share

- 2022-01: CNY 2.63 per share

- 2022-02: CNY 2.82 per share

- 2022-03: CNY 2.52 per share

- 2022-04: CNY 3.02 per share

- 2022-05: CNY 3.60 per share

- 2022-06: CNY 3.91 per share

- 2022-07: CNY 3.81 per share

- 2022-08: CNY 4.35 per share

- 2022-09: CNY 4.07 per share

- 2022-10: CNY 4.37 per share

- 2022-11: CNY 4.53 per share

- 2022-12: CNY 4.27 per share

- 2023-01: CNY 3.97 per share

- 2023-02: CNY 3.93 per share

- 2023-03: CNY 3.80 per share

- 2023-04: CNY 3.86 per share

- 2023-05: CNY 4.08 per share

- 2023-06: CNY 3.83 per share

- 2023-07: CNY 3.69 per share

- 2023-08: CNY 3.51 per share

- 2023-09: CNY 3.68 per share

- 2023-10: CNY 3.64 per share

- 2023-11: CNY 3.95 per share

- 2023-12: CNY 4.16 per share

- 2024-01: CNY 4.47 per share

- 2024-02: CNY 4.68 per share

- 2024-03: CNY 5.05 per share

- 2024-04: CNY 5.13 per share

- 2024-05: CNY 5.37 per share

- 2024-06: CNY 5.99 per share

- 2024-07: CNY 5.56 per share

- 2024-08: CNY 5.35 per share

- 2024-09: CNY 5.47 per share

- 2024-10: CNY 4.84 per share

- 2024-11: CNY 4.57 per share

- 2024-12: CNY 4.58 per share

- 2025-01: CNY 4.20 per share

- 2025-02: CNY 4.23 per share

- 2025-03: CNY 4.44 per share

- 2025-04: CNY 4.47 per share

- 2025-05: CNY 4.57 per share

- 2025-06: CNY 4.84 per share

- 2025-07: CNY 4.58 per share

- 2025-08: CNY 4.79 per share

- 2025-09: CNY 4.98 per share

- 2025-10: CNY 5.29 per share

- 2025-11: CNY 5.63 per share

- 2025-12: CNY 5.04 per share

- 2026-01: CNY 4.63 per share

- 2026-02: CNY 4.91 per share

- 2026-03: CNY 4.84 per share

- 2026-04: CNY 4.74 per share

- 2026-05: CNY 5.15 per share

- 2026-06: CNY 4.67 per share

- 2026-07: CNY 5.08 per share

- 2026-08: CNY 5.18 per share

- 2026-09: CNY 5.34 per share

- 2026-10: CNY 5.37 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 2.43 per share, central CNY 3.06 per share, high CNY 3.56 per share

- FY2019: low CNY 2.72 per share, central CNY 3.05 per share, high CNY 3.47 per share

- FY2020: low CNY 6.10 per share, central CNY 8.58 per share, high CNY 10.02 per share

- FY2021: low CNY 6.43 per share, central CNY 7.26 per share, high CNY 8.35 per share

- FY2022: low CNY 7.24 per share, central CNY 8.18 per share, high CNY 9.44 per share

- FY2023: low CNY 2.13 per share, central CNY 2.61 per share, high CNY 2.98 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.