China National Nuclear Power Co Ltd

China National Nuclear Power Co Ltd maintains a capital structure characterized by high leverage, with a debt-to-equity ratio of 3.95 and long-term debt totaling 468.57 billion CNY against total equity of 118.72 billion CNY. The company’s liquidity position is constrained, evidenced by a current ratio of 0.82 and a negative free cash flow of -67.76 billion CNY, driven by substantial capital expenditures of 93.68 billion CNY that exceed operating cash flow of 37.41 billion CNY. The balance sheet reflects total assets of 749.26 billion CNY and total liabilities of 630.54 billion CNY, indicating a heavy asset base typical of nuclear infrastructure.

Profitability metrics show a return on equity of 6.93% and a return on assets of 1.10%, with net income reaching 9.30 billion CNY on revenue of 82.08 billion CNY. The operating margin stands at approximately 28.2%, derived from an operating income of 23.18 billion CNY. While the company generates positive operating cash flow, the intense capital requirements for nuclear plant construction and maintenance result in significant negative free cash flow, impacting near-term distributable cash.

Revenue concentration is implied by the single-industry classification in Electric Utilities, with no specific segment or geographic breakdown provided in the available data. The company’s business model relies on the stable, long-term output of nuclear facilities, which typically involves high fixed costs and regulated or contracted revenue streams, though specific customer or regional mix details are absent from the current snapshot.

Growth trajectory analysis is limited by the absence of historical period data in the input. The current valuation multiples include a price-to-earnings ratio of 22.14 and an EV/EBITDA of 31.43, suggesting the market prices in stable future cash flows despite current negative free cash flow. The price-to-book ratio of 1.54 indicates a moderate premium over tangible book value, reflecting the asset-heavy nature of the business.

Risk factors include medium liquidity risk and low dilution risk, with a key flag noting that net cash is negative after subtracting total debt. The high debt load and negative free cash flow create refinancing and liquidity pressures, although the low dilution risk suggests limited near-term equity issuance. The company’s reliance on debt financing for capital expenditures is a structural characteristic of the nuclear utility sector.

Recent events include analyst coverage with a mean price target of 9.74 CNY and a median target of 10.46 CNY, alongside a mean recommendation of 2.10, indicating a buy-leaning consensus. There are no specific filing, news, or transcript observations provided in the input data to detail recent operational or strategic developments.

Analysts project 6.7% upside to a mean price target of 9.74, reflecting positive market sentiment.

Revenue CAGR of 7.0% over four years demonstrates consistent top-line growth trajectory for the company.

Return on equity of 6.93% outperforms the 6.28% median for the electric utilities peer group.

High credit risk flag signals significant potential for financial distress or default issues for the issuer.

Debt-to-equity ratio of 3.95 is in the bottom quartile, indicating excessive leverage compared to peers.

Free cash flow deteriorated to -70.9 billion CNY in FY2025, worsening from -44.2 billion in FY2024.

Long-term debt surged to 403.5 billion CNY in FY2025, up from 336.8 billion in FY2024.

Net income declined to 8.78 billion CNY in FY2025, down from 10.62 billion in FY2024.

Revenue ¥18.92B, −6,7% YoY; Operating income −31,5% YoY.

• ▍Revenue ¥18.92B, −6,7% YoY
• ▍Operating income −31,5% YoY
• ▍Net income −34,2% YoY
• ▍Net margin 10.9%

Revenue ¥20.44B, +0,8% YoY; Operating income +25,6% YoY.

• ▍Revenue ¥20.44B, +0,8% YoY
• ▍Operating income +25,6% YoY
• ▍Net income +933,4% YoY
• ▍Net margin 6.4%

Revenue ¥20.66B, +5,7% YoY; Operating income −9,4% YoY.

• ▍Revenue ¥20.66B, +5,7% YoY
• ▍Operating income −9,4% YoY
• ▍Net income −23,4% YoY
• ▍Net margin 11.3%

Revenue ¥20.70B, +6,4% YoY; Operating income −3,5% YoY.

• ▍Revenue ¥20.70B, +6,4% YoY
• ▍Operating income −3,5% YoY
• ▍Net income −10,4% YoY
• ▍Net margin 12.2%

Revenue ¥20.27B; Operating income ¥7.67B.

• ▍Revenue ¥20.27B
• ▍Operating income ¥7.67B
• ▍Net margin 15.5%

Revenue ¥20.29B; Operating income ¥2.61B.

• ▍Revenue ¥20.29B
• ▍Operating income ¥2.61B
• ▍Net margin -0.8%

Revenue ¥19.54B; Operating income ¥6.55B.

• ▍Revenue ¥19.54B
• ▍Operating income ¥6.55B
• ▍Net margin 15.6%

Revenue ¥19.45B; Operating income ¥6.46B.

• ▍Revenue ¥19.45B
• ▍Operating income ¥6.46B
• ▍Net margin 14.5%

Revenue ¥82.08B, +6,2% YoY; Operating income +2,9% YoY.

• ▍Revenue ¥82.08B, +6,2% YoY
• ▍Operating income +2,9% YoY
• ▍Net income +6,0% YoY
• ▍Free cash flow +4,5% YoY
• ▍Net margin 11.3%

Revenue ¥77.27B, +3,1% YoY; Operating income −0,4% YoY.

• ▍Revenue ¥77.27B, +3,1% YoY
• ▍Operating income −0,4% YoY
• ▍Net income −17,4% YoY
• ▍Free cash flow −60,5% YoY
• ▍Net margin 11.4%

Revenue ¥74.96B, +5,2% YoY; Operating income +15,1% YoY.

• ▍Revenue ¥74.96B, +5,2% YoY
• ▍Operating income +15,1% YoY
• ▍Net income +17,9% YoY
• ▍Free cash flow −25,8% YoY
• ▍Net margin 14.2%

Revenue ¥71.29B, +13,7% YoY; Operating income +17,3% YoY.

• ▍Revenue ¥71.29B, +13,7% YoY
• ▍Operating income +17,3% YoY
• ▍Net income +9,7% YoY
• ▍Free cash flow −345,9% YoY
• ▍Net margin 12.6%