China Yangtze Power Co. (600900.SS) Stock Analysis & Winston Score

China Yangtze Power operates the largest hydroelectric power stations in the world, including the Three Gorges Dam, Gezhouba, Xiluodu, and Xiangjiaba dams along the Yangtze River in China. It generates electricity from flowing water and sells it to regional power grids, which then distribute it to homes, factories, and businesses. It is the biggest hydropower company on the planet by installed capacity. The company earns revenue by selling electricity under long-term contracts and at market rates to state-owned grid companies. It operates exclusively in China and is majority-owned by China Three Gorges Corporation, a state-backed enterprise. Its moat comes from owning irreplaceable dam assets that produce low-cost, clean energy with very long useful lives. Key growth drivers include acquiring additional hydropower assets and benefiting from China's push toward renewable energy, though revenue can fluctuate with annual rainfall and water flow levels.