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June 2026
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Largest Energy Production Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
PetroChina, CNOOC, China Shenhua Energy, China Yangtze Power and Huadian New Energy Group.
 | PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2024, it produced more than 1.7 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 82%. | $2 | +29% | $283B | $307B | 0.7x | 4.4x | ||
| CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2024 reached 726.8 million barrels of oil equivalent (78.0% oil), and year-end proven reserves were 7.27 billion barrels of oil equivalent. Assets outside China make up around 32.2% of production. | $4 | +52% | $169B | $140B | 2.4x | 3.7x | ||
| China Shenhua Energy Co Ltd is a globally integrated coal-based energy company, mainly engaging in business segments: Coal, Power generation, Shipping, railway, port, and Coal chemical. Focusing on its core coal mining operation, China Shenhua leverages its self-developed transportation and sales network as well as downstream power plants, coal-to-chemicals facilities, and new energy projects to achieve cross-sector and cross-industry integrated development and operation. | $7 | +26% | $153B | $154B | 3.5x | 9.9x | ||
| China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba. | $4 | -6% | $100B | $142B | 11.1x | 13.6x | ||
| Huadian New Energy Group Corp Ltd is engaged in Development, investment and operation of new energy projects, mainly wind power generation and solar power generation. | $1 | -- | $38B | $86B | 14.9x | 17.7x | ||
| Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction. | $1 | +6% | $27B | $44B | 11.2x | 14.3x | ||
| China National Uranium Co Ltd is engaged in the mining, smelting, sales, and trade of natural uranium resources. It also engages in the comprehensive utilization and product sales of radioactive co-associated mineral resources such as monazite and uranium-molybdenum. Its business scope further includes investment in and management of overseas uranium resource projects, covering exploration, surveying and design, and engineering construction. Additional activities include import and export operations, as well as technology development, technical services, and technical consulting. The company is also involved in the mining and processing of rare earth metal ores, uranium ores, and precious metal ores. | $11 | -- | $22B | $22B | 7.4x | 44.8x | ||
| Huaneng Power International Inc is an independent power producer. It develops, constructs, and operates power plants in Chinese provinces, as well as a wholly-owned power company in Singapore. The reportable segments of the Group are the PRC power segment, the overseas segment, and all other segments. It derives the majority of its revenue from the PRC power segment. | $1 | +28% | $19B | $63B | 1.9x | 7.3x | ||
| Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities, and autonomous regions across the country, whereas the coal-fired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. The majority of the hydropower projects are located in the southwest region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are the Power and heat generation segment and the Other segments. | $1 | +153% | $19B | $44B | 2.5x | 9.1x | ||
| China Three Gorges Renewables is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants, and energy storage projects. CTGR has a total generation capacity of about 48.0 gigawatts as of the end of 2024. In particular, the firm is also one of the largest offshore wind farm operators in China, with 7.0 GW of installed capacity at the end of 2024, representing about 17% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.6% of CTGR’s issued shares as of the end of 2024. | $1 | +3% | $18B | $48B | 11.5x | 14.0x | ||
| Hengli Petrochemical Co Ltd engages in the petrochemical industry. Its principal activities include: the production and sales of chemical fibers; sales of purified terephthalic acid; and import and export of goods. The company's main products include oil refining products, chemical products, PTA, polyester chips, polyester fibers, and films, among others. The company mainly operates in three business segments: the Petrochemical business segment, the Polyester business segment, and the Headquarters and other business segments. Maximum revenue is generated from the Petrochemical segment. Geographically, the company earns maximum revenue from overseas markets through exports. | $2 | +19% | $17B | $35B | 1.2x | 9.3x | ||
| SDIC Power Holdings Co Ltd is engaged in investment and construction, management of energy projects based on electric power generation, development and operation of renewable energy projects, high technology and eco-friendly industries, development and operation of the products associated with electric power, as well as consultancy. The company mainly operates its businesses in the domestic and overseas markets. | $2 | -3% | $17B | $36B | 4.6x | 8.0x | ||
| China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding. | $3 | +13% | $14B | $41B | 3.1x | 7.5x | ||
| GD Power Development Co Ltd is a China-based company engaged in electricity and heat production and sales; coal sales, power grid operation, development and application of new energy projects, high-tech, and environmental protection industries; information consulting; power technology development consulting and technical services, office buildings and venues Leasing (under the following branches) inspection and maintenance of power generation, transmission, and substation equipment; communication business; water treatment and sales. | $1 | +8% | $14B | $54B | 2.1x | 8.0x | ||
| Guangxi Guiguan Electric Power Co Ltd is engaged in the generation and distribution of electricity in China. | $2 | +86% | $13B | $17B | 10.9x | 15.7x | ||
| Zhejiang Zheneng Electric Power Co Ltd is engaged in the thermal power generation business in China. It also provides thermal products, as well as invests in nuclear power. | $1 | +20% | $12B | $17B | 1.4x | 6.6x | ||
| Sichuan Chuantou Energy Co Ltd is engaged in the clean energy business. The company operates its businesses through four segments. The Electric Power Business segment focuses on generating electricity through hydropower, wind energy, and photovoltaic sources. The Investment Business segment is involved in equity participation in hydropower facilities, along with activities in asset and investment management. The Manufacturing Industry segment covers production areas such as railway telecontrol systems, construction materials, and automation control equipment for both industrial and power applications. The Service Industry segment encompasses property management offerings and tourism development initiatives. | $2 | -1% | $11B | $14B | 55.4x | 15.9x | ||
| Huadian Power International Corp Ltd is engaged in the generation of electricity and heat, sale of coal, and other relevant businesses in the PRC. | $1 | +3% | $9B | $27B | 1.5x | 6.8x | ||
| Shanghai Electric Power Co Ltd is a China-based energy company. It is engaged in the production and sale of electricity and thermal power. It is a modern energy company integrating high-parameter and large-capacity coal-fired power, gas-fired power, wind power, solar power, and distributed energy supply, and others. | $3 | +129% | $8B | $22B | 3.6x | 8.7x | ||
| Kunlun Energy Co Ltd is an integrated oil and gas service company. The firm is engaged in multiple activities which include exploration and production operations at its oils fields located internationally, operating natural gas pipelines mainly providing support services to the oil and gas industry, and offering processing and storage facilities of liquified natural gas(LNG), and sale of LNG and liquified petroleum gas across China. The group is engaged in a broad range of oil and gas related activities and derives its revenue from its four operating divisions: Natural Gas Sales, Sales of LPG, LNG Processing and Terminal, and Exploration and Production. | $1 | -8% | $8B | $4B | 0.2x | 1.7x | ||
| Shenergy Co Ltd is engaged in the electric power and energy industry in China. Its main business includes the investment, construction, operation, and management of electric power, petroleum, and natural gas. The company has invested in and completed electric power projects, which are distributed in various fields such as thermal power, natural gas power, hydropower, and nuclear power. | $1 | +20% | $7B | $11B | 2.8x | 7.0x | ||
| ENN Energy Holdings is primarily engaged in distributing and retailing natural gas. By year-end 2024, ENN owned 261 city gas projects in China, with annual gas sales volume of 33.65 billion cubic meters. Meanwhile, the aggregate number of connected piped gas residential households reached 31.38 million, with an average gas penetration rate of 65.8%. ENN Energy also has ventured into integrated energy business, with 356 projects in operation. | $7 | -18% | $7B | $9B | 0.5x | 4.8x | ||
| Shaanxi Energy Investment Co Ltd is engaged in the rhermal power generation, coal production and sales. | $2 | +48% | $7B | $10B | 3.1x | 7.5x | ||
| Guangdong Investment Ltd is engaged in investment holding. The segments of the company include Water resources, Property investment, Department store operation, Electric power generation, Hotel operation and management, Road and bridge segment, and Others segment. The company derives its revenue from the Water resources segment that engages in water distribution, sewage treatment, and construction of water supply and sewage treatment infrastructure for customers in Mainland China and Hong Kong. | $1 | +25% | $7B | $8B | 3.2x | 5.9x | ||
| Guanghui Energy Co Ltd is engaged in the business of liquefied natural gas (LNG), coal chemical, coal development, and oil and gas exploration and development. The company operates an integrated LNG supply chain, from overseas procurement and pipeline imports to domestic distribution. | $1 | +13% | $6B | $8B | 1.8x | 9.4x | ||
| China Power International Development Ltd is an integrated energy group that owns coal-fired power, hydropower, nuclear power, and renewable energy resources in the PRC. The company has expanded its business into the areas of hydropower, wind power, photovoltaic power, natural gas power, energy storage, green power transportation, and integrated energy services through continuous development. The group recognizes revenue from sales of electricity to regional and provincial power grid companies; the provision of power generation and Energy storage revenue. Geographically, it generates the majority of its revenue from the PRC. | $0 | +26% | $6B | $36B | 5.0x | 8.7x | ||
| Jiangsu Guoxin Corp Ltd is engaged in the thermal power production and related power services. Further it is also involved in coal and power sales business. | $2 | +46% | $6B | $9B | 1.7x | 6.6x | ||
| Hubei Energy Group Co Ltd is an energy company in China. The companies business segments include hydropower, thermal power, nuclear power, new energy, natural gas, coal, and finance. | $1 | +17% | $5B | $11B | 4.3x | 9.2x | ||
| Sinopec Oilfield Service Corp engages in the provision of onshore and offshore oil and natural gas, exploration, provision of contracting, design, and construction services for the oil and gas projects. It operates through five segments: Geophysics, which provides technical and development, exploration geophysical services; Drilling engineering segment, which provides drilling design, and construction, technical services; Logging and mud logging segment; Special downhole segment, which provides oil engineering technical and construction services; and Engineering construction segment, which provides a package of services, including feasibility studies, procurement, and others. Its geographical segments are, The PRC, Middle East and Other countries. | $0 | +18% | $5B | $9B | 0.8x | 10.9x | ||
| Fujian Funeng Co Ltd is engaged in the production & supply of electricity, heat, gas and water. It projects include thermal power project, wind power project & gas power project. | $2 | +26% | $5B | $7B | 3.2x | 6.7x | ||
| Guangzhou Development Group Incorporated is a China-based company operating in the integrated energy business. It is engaged in the investment, construction, development, and operation of electric power, coal, oil products, natural gas and new energy. The company is also involved in the energy logistics business. | $1 | +32% | $4B | $9B | 1.2x | 9.4x | ||
| Sinopec Shanghai Petrochemical Co Ltd is a Chinese petrochemical company. The company's operating segment includes four reportable segments: petroleum products, chemical products, trading of petrochemical products, and Other business. It generates maximum revenue from the Petroleum products segment. The petroleum products segment is equipped with crude oil refinery facilities used to produce qualified refined gasoline, fuel, diesel oil, heavy oil, and liquefied petroleum gas, and provide raw materials for the group's downstream petrochemical processing facilities. | $0 | +17% | $4B | $4B | 0.3x | 68.0x | ||
| China Tianying Inc is an environmental protection and new energy enterprise. The company is engaged in the investment, build, operation and maintenance of MSW incineration power generation and steam manufacture, sludge treatment, food waste treatment, hazardous waste treatment, construction waste treatment, wastewater treatment and others. Its services include Research and Design, Urban Services, Disposal and Recycling, Equipment and Platforms and New Energy. | $1 | -- | $2B | $3B | 4.5x | 13.5x | ||
| Hunan Energy Group Development Co Ltd is engaged in Comprehensive development and operation of hydropower generation, as well as investment, construction and operation management of medical and elderly care businesses. | $2 | -- | $1B | $1B | 23.9x | 45.6x | ||
| Median | $1 | +20% | $10B | $19B | 3.1x | 8.9x |
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