Loading…
China National Nuclear Corporation's listed nuclear-power generation arm, operating reactors across coastal China.
China National Nuclear Corporation's listed nuclear-power generation arm, operating reactors across coastal China.
Sells electricity from its reactors at tariffs largely set by government, so earnings follow reactor output and tariff rules rather than fuel prices. State-owned China National Nuclear Corporation holds the controlling stake. Its fleet includes the Qinshan plants, home of China's first self-designed nuclear station, in Zhejiang.
In one line: A China-scale nuclear utility peer to CGN Power.
Moat: wide (regulatory licence, scale, installed base). State nuclear licensing and long lead times protect the installed reactor fleet from new entrants.
Headquarters: Beijing, China · Founded: 2007 · Employees: 22,306
Size China National Nuclear Power (601985.SS) is a China Utilities company (Electric Utilities) with a market value of $29.8B, the 59th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.65 on 6 Nov 2026.
Performance Over six months the shares gained 7.3%, against -1.6% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 2.0% over the last twelve months (peer median +7.6%); the operating margin is 27.4% (peer median 24.3%).
Valuation It trades at 26.1× forward earnings against a peer median of 17.0× (most expensive of 20).
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥80.3B | CN¥81.4B | CN¥76.7B | CN¥74.3B | CN¥70.8B |
| Revenue growth | — | +6% | +3% | +5% | — |
| Gross profit | CN¥45.4B | CN¥32.1B | CN¥31.8B | CN¥32.0B | CN¥31.3B |
| EBITDA | n/a | CN¥48.5B | CN¥44.6B | CN¥43.6B | CN¥41.4B |
| Net income | CN¥7.37B | CN¥9.30B | CN¥8.78B | CN¥10.6B | CN¥9.01B |
| Free cash flow | -CN¥40.6B | -CN¥56.0B | -CN¥49.7B | -CN¥23.8B | -CN¥3.61B |
| Capital expenditure | CN¥83.1B | CN¥93.7B | CN¥90.7B | CN¥67.1B | CN¥50.5B |
| Total debt | CN¥509B | CN¥456B | CN¥390B | CN¥336B | CN¥299B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China National Nuclear Power 601985.SS | $29.8B | +7% | -2% | 27% | 26.1× | n/a |
| CGN Power 003816.SZ | $33.1B | +4% | -20% | 30% | 22.4× | n/a |
| China Three Gorges Renewables (Group) 600905.SS | $14.7B | -16% | -8% | 17% | 39.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601985.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | +6.3% | 9th lowest of 21 |
| 6-month return | +7.3% | -1.6% | 4th highest of 21 |
| Distance from 52-week high | -3.1% | -10.1% | 4th highest of 21 |
| Revenue growth (TTM) | -2.0% | +7.6% | 2nd lowest of 21 |
| Operating margin | 27.4% | 24.3% | 5th highest of 21 |
| Forward P/E | 26.1× | 17.0× | most expensive of 20 |
| ROIC minus cost of capital | -1.1 pp | -1.1 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |