T 
TCL Zhonghuan Renewable Energy Technology Co 002129.SZ · CNY
Information Technology · Shenzhen · 🇨🇳 China
9.38
+1.96%
Close of 30 Oct 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥29.04bn
FY2016FY2025
Net income
−CN¥9.26bn
FY2016FY2025
Free cash flow
−CN¥3.72bn
FY2016FY2025
Shareholders' equity
CN¥21.97bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥29.04bn | CN¥28.42bn | CN¥59.15bn | CN¥67.01bn | CN¥41.10bn | CN¥19.06bn | CN¥16.89bn | CN¥13.76bn | CN¥9.64bn | CN¥6.78bn |
| Gross profit | −CN¥2.34bn | −CN¥6.50bn | CN¥9.94bn | CN¥10.72bn | CN¥8.33bn | CN¥3.54bn | CN¥3.22bn | CN¥2.19bn | CN¥1.88bn | CN¥893.8m |
| Research and development | CN¥683.4m | CN¥748.5m | CN¥2.13bn | CN¥2.92bn | CN¥1.86bn | CN¥618.7m | CN¥574.4m | CN¥496.7m | CN¥376.4m | CN¥99.8m |
| Operating income | −CN¥7.36bn | −CN¥11.14bn | CN¥4.57bn | CN¥8.33bn | CN¥5.01bn | CN¥2.63bn | CN¥2.35bn | CN¥1.13bn | CN¥1.02bn | CN¥538.5m |
| Net income | −CN¥9.26bn | −CN¥9.82bn | CN¥3.42bn | CN¥6.82bn | CN¥4.03bn | CN¥1.09bn | CN¥903.7m | CN¥632.3m | CN¥584.5m | CN¥402.0m |
| Diluted earnings per share | -2.32 | -2.47 | 0.86 | 1.70 | 1.02 | 0.29 | 0.26 | 0.18 | 0.18 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥118.86bn | CN¥125.60bn | CN¥125.06bn | CN¥108.31bn | CN¥77.98bn | CN¥58.94bn | CN¥49.12bn | CN¥42.70bn | CN¥31.01bn | CN¥22.99bn |
| Cash and short-term investments | CN¥13.10bn | CN¥15.27bn | CN¥13.90bn | CN¥14.67bn | CN¥11.98bn | CN¥7.89bn | CN¥7.73bn | CN¥7.07bn | CN¥6.00bn | CN¥4.77bn |
| Total liabilities | CN¥79.60bn | CN¥79.13bn | CN¥64.83bn | CN¥61.25bn | CN¥36.31bn | CN¥30.86bn | CN¥28.57bn | CN¥26.97bn | CN¥18.01bn | CN¥12.34bn |
| Debt | — | CN¥57.55bn | CN¥46.03bn | CN¥40.16bn | CN¥24.11bn | CN¥21.21bn | CN¥22.73bn | CN¥20.69bn | CN¥14.71bn | CN¥10.67bn |
| Shareholders' equity | CN¥21.97bn | CN¥30.91bn | CN¥41.48bn | CN¥37.62bn | CN¥31.67bn | CN¥19.21bn | CN¥14.10bn | CN¥13.32bn | CN¥11.80bn | CN¥10.55bn |
| Shares outstanding | 3,998m | 3,980m | 3,972m | 4,000m | 3,946m | 3,793m | 3,479m | 3,427m | 3,303m | 3,308m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.66bn | CN¥2.84bn | CN¥5.18bn | CN¥5.06bn | CN¥4.28bn | CN¥2.86bn | CN¥2.51bn | CN¥1.71bn | CN¥1.05bn | CN¥819.2m |
| Capital spending | −CN¥5.38bn | −CN¥6.95bn | −CN¥12.16bn | −CN¥11.21bn | −CN¥6.10bn | −CN¥3.66bn | −CN¥4.64bn | −CN¥5.42bn | −CN¥3.88bn | −CN¥2.09bn |
| Free cash flow | −CN¥3.72bn | −CN¥4.11bn | −CN¥6.98bn | −CN¥6.16bn | −CN¥1.82bn | −CN¥798.5m | −CN¥2.14bn | −CN¥3.71bn | −CN¥2.83bn | −CN¥1.27bn |
| Dividends paid | −CN¥1.40bn | −CN¥1.05bn | −CN¥323.4m | −CN¥1.30bn | −CN¥1.11bn | −CN¥1.08bn | −CN¥922.0m | −CN¥772.9m | −CN¥511.5m | −CN¥455.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥7.77bn | CN¥6.55bn | CN¥7.48bn | CN¥8.17bn | CN¥7.30bn | CN¥6.10bn | CN¥5.84bn | CN¥6.37bn |
| Gross profit | −CN¥817.2m | −CN¥565.8m | −CN¥614.9m | CN¥1.24bn | −CN¥2.16bn | −CN¥424.8m | −CN¥4.64bn | −CN¥283.0m |
| Operating income | −CN¥1.42bn | −CN¥1.15bn | −CN¥3.27bn | −CN¥1.35bn | −CN¥2.46bn | −CN¥1.92bn | −CN¥4.47bn | −CN¥3.29bn |
| Net income | −CN¥1.56bn | −CN¥1.65bn | −CN¥3.49bn | −CN¥1.53bn | −CN¥2.34bn | −CN¥1.91bn | −CN¥3.76bn | −CN¥3.00bn |
| Diluted earnings per share | -0.39 | -0.41 | -0.87 | -0.38 | -0.58 | -0.48 | -0.94 | -0.75 |
| Cash from operations | — | — | CN¥866.0m | CN¥199.0m | CN¥32.0m | CN¥490.0m | CN¥277.0m | CN¥2.43bn |
| Capital spending | −CN¥890.0m | −CN¥1.73bn | −CN¥895.0m | −CN¥1.19bn | −CN¥1.13bn | −CN¥2.17bn | −CN¥1.56bn | −CN¥1.94bn |
| Free cash flow | — | — | −CN¥29.0m | −CN¥988.0m | −CN¥1.09bn | −CN¥1.68bn | −CN¥1.28bn | CN¥494.0m |
| Total assets | CN¥112.76bn | CN¥113.85bn | CN¥118.86bn | CN¥123.12bn | CN¥124.82bn | CN¥124.13bn | CN¥125.60bn | CN¥129.88bn |
| Cash and short-term investments | — | — | CN¥13.10bn | CN¥13.04bn | CN¥14.38bn | CN¥14.04bn | CN¥15.27bn | CN¥16.85bn |
| Debt | CN¥42.80bn | CN¥44.87bn | CN¥58.67bn | CN¥15.85bn | CN¥45.95bn | CN¥45.31bn | CN¥43.44bn | CN¥42.92bn |
| Shareholders' equity | CN¥18.39bn | CN¥20.01bn | CN¥21.97bn | CN¥25.13bn | CN¥26.69bn | CN¥29.07bn | CN¥30.91bn | CN¥34.69bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | -8.1% | -22.9% | 16.8% | 16.0% | 20.3% | 18.6% |
| Operating margin | -25.3% | -39.2% | 7.7% | 12.4% | 12.2% | 13.8% |
| Net margin | -31.9% | -34.5% | 5.8% | 10.2% | 9.8% | 5.7% |
| Return on equity | -42.2% | -31.8% | 8.2% | 18.1% | 12.7% | 5.7% |
| Return on assets | -7.8% | -7.8% | 2.7% | 6.3% | 5.2% | 1.8% |
| Free cash flow yield | 20.4% | 28.5% | 50.7% | 47.2% | 30.5% | 19.9% |
| Revenue growth | 2.2% | -52.0% | -11.7% | 63.0% | 115.7% | 12.8% |
| Earnings growth | -5.6% | -387.4% | -49.9% | 69.2% | 270.0% | 20.5% |
| Current ratio | 1.03x | 1.17x | 1.55x | 1.38x | 1.20x | 0.93x |
| Debt to equity | 2.67x | 1.41x | 0.86x | 0.87x | 0.44x | 0.67x |
| Equity ratio | 18.5% | 24.6% | 33.2% | 34.7% | 40.6% | 32.6% |
| Interest coverage | -4.36x | -8.06x | 3.95x | 7.60x | 5.13x | 2.39x |
| R&D as a share of sales | 2.4% | 2.6% | 3.6% | 4.4% | 4.5% | 3.2% |
| Buybacks as a share of market value | -0.4% | -0.2% | 0.7% | -1.4% | -4.0% | -9.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.3% | 8.8% | 19.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | -15.4% | 6.4% | 9.7% | 11.0% |
| Operating margin | -32.2% | -3.0% | 0.8% | 2.5% |
| Net margin | -33.2% | -4.8% | -1.5% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.7 | -3.6 | 18.2 | 17.7 | 32.7 | 71.0 | 36.4 | 31.4 | 51.9 | 54.6 |
| Price to sales | 1.2 | 1.2 | 1.1 | 1.8 | 3.2 | 4.1 | 1.9 | 1.4 | 3.1 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 9 Jul 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.26 | 0.10 | 0.088 | 0.048 | 0.024 | 0.024 | 0.016 | 0.024 |
- 5-for-4 split · 16 Jun 2023
- 11-for-5 split · 29 Apr 2015
- 5-for-4 split · 26 Jun 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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