China National Electric Apparatus Research Institute Co., Ltd. (SHA:688128)

SHA:688128 Financials Overview

Financials in millions CNY. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	4,814	4,766	4,523	4,173	3,795	3,407
Revenue Growth	0.67%	5.38%	8.39%	9.97%	11.36%	35.23%
Gross Profit Gross Profit Growth	1,563	1,574	1,447	1,240	1,079	930.9
Operating Income Operating Income Growth	543.06	532.65	427.06	386.46	298.97	256.18
Net Income Net Income Growth	542.02	534.46	467.05	410.09	363.31	315.06
Earnings Per Share EPS Growth	1.34	1.32	1.15	1.01	0.90	0.78
EPS Growth	3.69%	14.78%	13.86%	12.22%	15.38%	11.43%

Revenue by Segment

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Fiscal Year	FY 2025
Period Ending	Dec 31, 2025
Electrical Equipment Electrical Equipment Growth	1,148
Quality Technical Service Quality Technical Service Growth	1,191
Environmentally Friendly Coatings and Resins Environmentally Friendly Coatings and Resins Growth	1,310
Complete Set of Equipment Complete Set of Equipment Growth	1,067
Unallocated Others Unallocated Others Growth	92.76
Inter-Segment Elimination Inter-Segment Elimination Growth	-41.67
Total Total Growth	4,766

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	1,088	1,336	1,233	1,458	1,104	1,037
Total Debt Total Debt Growth	86.31	109.74	113.52	95.3	181.52	124.16
Net Cash (Debt) Net Cash Growth	1,002	1,226	1,119	1,362	922.35	912.44
Net Cash Growth	30.41%	9.57%	-17.83%	47.70%	1.09%	-37.29%
Net Cash Per Share Net Cash Per Share Growth	2.48	3.03	2.76	3.36	2.28	2.26

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	1,388	1,213	528.4	400.05	705.59	108.11
Capital Expenditures CapEx Growth	-311.63	-292.45	-213.68	-243.32	-182.06	-146.64
Free Cash Flow Free Cash Flow Growth	1,077	920.9	314.72	156.73	523.53	-38.53
Free Cash Flow Growth	144.15%	192.61%	100.80%	-70.06%	-	-

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	32.47%	33.03%	31.99%	29.71%	28.43%	27.32%
Operating Margin	11.28%	11.18%	9.44%	9.26%	7.88%	7.52%
Pretax Margin	12.78%	12.74%	11.68%	10.88%	10.07%	10.33%
Profit Margin	11.26%	11.21%	10.33%	9.83%	9.57%	9.25%
FCF Margin	22.37%	19.32%	6.96%	3.76%	13.80%	-1.13%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 2, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	0.600	0.550	0.500	0.450	0.400	0.350
Dividend Per Share Growth	10.00%	10.00%	11.11%	12.50%	14.29%	16.67%
Dividend Yield	2.69%	1.93%	2.48%	2.34%	2.54%	1.30%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 2, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	16.64	22.01	18.20	20.24	19.02	37.95
Forward PE	-	15.37	14.82	16.96	14.32	24.23
P/FCF Ratio	8.38	12.77	27.00	52.96	13.20	-
PS Ratio	1.87	2.47	1.88	1.99	1.82	3.51

Data Source: S&P Global Market Intelligence Last updated: Mar 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jul 30, 2026

Data Sources Report a data error