C 
China National Electric Apparatus Research Institute Co 688128.SS · CNY
Industrials · Shanghai · 🇨🇳 China
23.26
-0.34%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥4.77bn
FY2016FY2025
Net income
CN¥532.6m
FY2016FY2025
Free cash flow
CN¥920.9m
FY2016FY2025
Shareholders' equity
CN¥3.44bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.77bn | CN¥4.52bn | CN¥4.17bn | CN¥3.79bn | CN¥3.41bn | CN¥2.52bn | CN¥2.75bn | CN¥2.60bn | CN¥1.94bn | CN¥1.58bn |
| Research and development | CN¥405.7m | CN¥358.5m | CN¥323.0m | CN¥287.5m | CN¥247.2m | CN¥208.9m | CN¥214.5m | CN¥199.2m | CN¥162.1m | CN¥141.4m |
| Operating income | CN¥591.6m | CN¥501.2m | CN¥454.3m | CN¥380.5m | CN¥346.3m | CN¥306.3m | CN¥280.4m | CN¥207.2m | CN¥128.6m | CN¥91.6m |
| Net income | CN¥532.6m | CN¥467.1m | CN¥410.1m | CN¥363.3m | CN¥315.1m | CN¥282.7m | CN¥252.2m | CN¥206.9m | CN¥111.9m | CN¥131.0m |
| Diluted earnings per share | 1.32 | 1.16 | 1.01 | 0.90 | 0.79 | 0.69 | 0.68 | 0.58 | 0.28 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥8.42bn | CN¥7.41bn | CN¥7.38bn | CN¥6.25bn | CN¥4.85bn | CN¥3.99bn | CN¥3.54bn | CN¥2.64bn | CN¥2.39bn | CN¥1.81bn |
| Cash and short-term investments | CN¥1.17bn | CN¥1.06bn | CN¥1.02bn | CN¥1.10bn | CN¥1.04bn | CN¥1.49bn | CN¥1.37bn | CN¥321.2m | CN¥343.3m | CN¥199.1m |
| Total liabilities | −CN¥3.44bn | CN¥4.16bn | CN¥4.43bn | CN¥3.57bn | CN¥2.39bn | CN¥1.68bn | CN¥1.38bn | CN¥1.60bn | CN¥1.39bn | CN¥1.43bn |
| Debt | — | CN¥93.3m | CN¥133.7m | CN¥181.5m | CN¥558.1m | CN¥28.7m | CN¥25.4m | CN¥7.3m | CN¥302,697 | CN¥160.0m |
| Shareholders' equity | CN¥3.44bn | CN¥3.22bn | CN¥2.92bn | CN¥2.66bn | CN¥2.44bn | CN¥2.30bn | CN¥2.13bn | CN¥1.02bn | CN¥986.6m | CN¥374.5m |
| Shares outstanding | 405m | 401m | 406m | 405m | 399m | 410m | 371m | 357m | 405m | 405m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥1.21bn | CN¥528.4m | CN¥400.1m | CN¥705.6m | CN¥108.1m | CN¥380.9m | CN¥445.9m | CN¥174.1m | CN¥135.9m | CN¥160.2m |
| Capital spending | −CN¥292.5m | −CN¥213.7m | −CN¥243.3m | −CN¥182.1m | −CN¥146.6m | −CN¥162.2m | −CN¥156.8m | −CN¥83.7m | −CN¥63.3m | −CN¥66.4m |
| Free cash flow | CN¥920.9m | CN¥314.7m | CN¥156.7m | CN¥523.5m | −CN¥38.5m | CN¥218.6m | CN¥289.1m | CN¥90.4m | CN¥72.6m | CN¥93.8m |
| Dividends paid | −CN¥202.7m | −CN¥182.5m | −CN¥162.6m | −CN¥142.7m | −CN¥121.3m | −CN¥121.3m | −CN¥44.7m | −CN¥92.1m | −CN¥263.5m | −CN¥122.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.30bn | CN¥1.18bn | CN¥1.29bn | CN¥1.15bn | CN¥1.20bn | CN¥1.13bn | CN¥1.37bn | CN¥1.09bn |
| Operating income | CN¥150.7m | CN¥145.1m | CN¥154.4m | CN¥117.1m | CN¥153.0m | CN¥145.8m | CN¥135.9m | CN¥133.3m |
| Net income | CN¥129.8m | CN¥133.9m | CN¥151.6m | CN¥122.8m | CN¥131.9m | CN¥126.4m | CN¥145.6m | CN¥124.7m |
| Diluted earnings per share | 0.32 | 0.33 | 0.37 | 0.30 | 0.33 | 0.31 | 0.36 | 0.31 |
| Cash from operations | — | — | — | CN¥367.0m | CN¥362.0m | −CN¥100.0m | CN¥467.0m | CN¥244.0m |
| Capital spending | −CN¥58.0m | −CN¥63.0m | −CN¥105.0m | −CN¥72.0m | −CN¥69.0m | −CN¥44.0m | −CN¥105.0m | −CN¥46.0m |
| Free cash flow | — | — | — | CN¥295.0m | CN¥293.0m | −CN¥144.0m | CN¥362.0m | CN¥198.0m |
| Total assets | CN¥8.54bn | CN¥8.44bn | CN¥8.42bn | CN¥7.95bn | CN¥7.47bn | CN¥7.30bn | CN¥7.41bn | CN¥7.12bn |
| Cash and short-term investments | — | — | CN¥1.17bn | CN¥1.17bn | CN¥919.8m | CN¥866.5m | CN¥1.06bn | CN¥869.8m |
| Debt | — | — | — | CN¥432.9m | CN¥95.9m | CN¥46.7m | CN¥55.9m | CN¥41.8m |
| Shareholders' equity | CN¥3.60bn | CN¥3.61bn | CN¥3.44bn | CN¥3.41bn | CN¥3.28bn | CN¥3.36bn | CN¥3.22bn | CN¥3.07bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 12.4% | 11.1% | 10.9% | 10.0% | 10.2% | 12.2% | — |
| Net margin | 11.2% | 10.3% | 9.8% | 9.6% | 9.2% | 11.2% | — |
| Return on equity | 15.5% | 14.5% | 14.1% | 13.7% | 12.9% | 12.3% | — |
| Return on assets | 6.3% | 6.3% | 5.6% | 5.8% | 6.5% | 7.1% | — |
| Free cash flow yield | 16.8% | 8.4% | 7.2% | 9.9% | 2.9% | 6.0% | — |
| Revenue growth | 5.4% | 8.4% | 10.0% | 11.4% | 35.2% | -8.5% | — |
| Earnings growth | 14.0% | 13.9% | 12.9% | 15.3% | 11.4% | 12.1% | — |
| Current ratio | 1.27x | 1.42x | 1.42x | 1.39x | 1.70x | 2.08x | — |
| Debt to equity | — | 0.01x | 0.03x | 0.05x | 0.17x | 0.01x | 0.01x |
| Equity ratio | 40.8% | 43.5% | 39.5% | 42.6% | 50.4% | 57.5% | — |
| Interest coverage | 143.39x | 64.66x | 63.31x | 31.18x | 36.09x | 60.20x | — |
| R&D as a share of sales | 8.5% | 7.9% | 7.7% | 7.6% | 7.3% | 8.3% | — |
| Buybacks as a share of market value | -0.8% | 1.2% | -0.4% | -1.4% | 2.7% | -10.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.0% | 13.6% | — |
| Operating income | 15.9% | 14.1% | — |
| Net income | 13.6% | 13.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 22.1 | 18.0 | 20.3 | 19.0 | 37.4 | 25.0 | 28.7 |
| Price to sales | 2.5 | 1.9 | 2.0 | 1.8 | 3.5 | 2.8 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 6 years. Last went ex-dividend on 6 Feb 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Paid in the year | 0.75 | 0.45 | 0.40 | 0.35 | 0.30 | 0.30 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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