TacticScaleWhat NYOCOR (金开新能) Does & How It Makes Money (600821.SS)
Updated October 2026 · reflects NYOCOR's latest reported financials
Chinese renewable power producer running solar and wind farms. It earns most of its money by selling electricity from its grid-connected solar and wind plants.
How NYOCOR makes money
It earns most of its money by selling electricity from its grid-connected solar and wind plants. Newer revenue could come from energy storage, hydrogen and smart energy projects.
What NYOCOR does
NYOCOR Co., Ltd. is a Beijing-based renewable energy company that develops, invests in, builds and operates power plants in China, mainly photovoltaic (solar) and wind farms. It has 7,468 MW of approved installed capacity, and 5,554 MW of that is already connected to the grid. The gap between the two shows how much approved capacity is still in the pipeline. Besides solar and wind, the company works on energy storage, hydrogen energy and smart energy. It was founded in 1997 and used to be called Tianjin Quanyechang (Group) Co., Ltd. It later changed its name and moved into clean power generation.
Products & services
- Photovoltaic (solar) power generation
- Wind power generation
- Energy storage
- Hydrogen energy
- Smart energy services
- Power plant development and construction
金开新能是做什么的？
金开新能（NYOCOR）总部位于北京，主要在中国开发、投资、建设和运营光伏电站和风电场。公司核准装机容量为7,468兆瓦，其中5,554兆瓦已并网发电，其余核准容量仍在建设或储备中。 除光伏和风电外，公司还在做储能、氢能和智慧能源业务。公司成立于1997年，原名天津劝业场（集团）股份有限公司，后来更名并转型做新能源发电。
What is NYOCOR worth?
On an owner-earnings DCF, NYOCOR's most-likely value is about ¥4 versus a recent price near ¥6 (34% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥3) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 35.2× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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