debt_leverage_profile
High leverage; D/E ratio ~2.0x; 20bp rate rise increases annual interest cost ~RMB 200-400M given ~RMB 100-200B debt load
Inferred
Agent_Inference
interest_rate_sensitivity
Significant sensitivity; floating-rate debt exposure means 20bp rise compresses net profit margin by ~0.3-0.5 percentage points
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Australian/Indonesian coal export terminals (thermal coal chokepoint) and Strait of Malacca (LNG/coal shipping chokepoint)
Inferred
Agent_Inference
international_expansion_readiness
Minimal international revenue; operations nearly 100% domestic China; sovereign currency devaluation exposure is negligible
Inferred
Agent_Inference
geographic_footprint
Overwhelmingly Guangdong Province, China; no material international revenue markets; RMB devaluation risk is domestic only
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Coal suppliers (Shenhua, China Coal) collectively exceed 30% of fuel input cost; limited substitutability in short term
Inferred
Agent_Inference
business_model_type_primary
Asset-heavy physical infrastructure utility; zero cloud dependency; AWS/GCP/Azure termination would have negligible operational impact
Inferred
Agent_Inference
business_model_type_secondary
Regulated electricity generation and sale; secondary revenue from heat supply; no SaaS or cloud-dependent business lines
Inferred
Agent_Inference
switching_cost_profile
No material API coupling risk; operational systems are on-premise SCADA/EMS; switching cost risk is near zero
Inferred
Agent_Inference
howey_test_risk_index
Fails Howey Test; revenue from regulated electricity sales to grid, not investment contracts; securities law risk is negligible
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Minimal GDPR/CCPA exposure; customer base is domestic Chinese grid operators; no material EU/US personal data processing
Inferred
Agent_Inference
antitrust_exposure_flag
Moderate; state-owned enterprise operating in regulated monopoly-adjacent market; subject to NDRC price regulation rather than antitrust enforcement
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~90%+ quasi-recurring via long-term power purchase agreements with State Grid/CSG; transactional spot market sales <10%
Inferred
Agent_Inference
monetization_vector
Regulated tariff-based electricity sales to grid companies; volumetric kWh pricing under government-set benchmark tariff
Inferred
Agent_Inference
pricing_architecture
Government-regulated benchmark tariff with coal-linkage pass-through mechanism; limited pricing autonomy; stress scenario is coal cost spike exceeding pass-through
Inferred
Agent_Inference
pricing_power_rating
Low autonomous pricing power; tariff set by NDRC; coal cost pass-through partial and lagged, compressing margins in fuel spikes
Inferred
Agent_Inference
target_gross_margin_bracket
Gross margin typically 15-25%; highly variable with coal prices; thermal generation margins thin, compressed by fuel cost volatility
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider problem; captive grid offtake with State Grid/CSG; churn risk negligible given mandatory grid interconnection
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is largely capital-linear, not headcount-linear; doubling capacity requires capex, not proportional headcount doubling
Inferred
Agent_Inference
marginal_cost_of_growth
Sublinear headcount growth; marginal cost of growth dominated by fuel and capex, not labor; asset-intensive scale economics apply
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; not a franchise business model
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, CAC remains near-zero; offtake is grid-mandated; unit economics hinge on plant utilization hours and coal cost
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; electricity generation is a commodity utility; value does not increase with more users
Inferred
Agent_Inference
asset_efficiency_ratio
AI displacement risk low for physical generation assets; AI may optimize dispatch/maintenance but cannot displace thermal/hydro plant assets
Inferred
Agent_Inference
recession_resistance_tier
Tier 2 resilience; electricity demand is quasi-essential but industrial load drops in recession, reducing utilization hours and revenue
Inferred
Agent_Inference
customer_segment_primary
State Grid Corporation of China and China Southern Power Grid — near 100% revenue concentration in two state-owned grid companies
Inferred
Agent_Inference
customer_segment_secondary
Direct industrial/large users via market-based contracts; growing but still minority of volume in Guangdong market reform
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
Capex shifting toward gas, wind, solar, and pumped storage; legacy coal fleet still receiving maintenance capex; transition underway but incomplete
Inferred
Agent_Inference
sec_cik
null
Inferred
Agent_Inference
ticker
000539.SZ; trades at P/B ~0.8-1.0x reflecting coal cost volatility, regulatory tariff risk, and high leverage discount
Inferred
Agent_Inference