Credit Brief — China National Nuclear Power Co., Ltd (中国核电)
601985.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 卢铁忠
- Registered address: 北京市海淀区玲珑路9号院东区10号楼
- Office address: 北京市海淀区玲珑路9号院东区10号楼
- Controlling shareholder: 中国核工业集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 22,306
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 16,161.7 | 9,773.8 | 19,738.0 | 15,581.6 | 18,432.1 |
| Trading financial assets | 1.9 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 17,210.9 | 21,365.2 | 24,650.9 | 25,373.2 | 27,686.7 |
| Other receivables | 1,192.6 | 1,789.9 | 2,092.5 | 2,182.4 | 2,782.2 |
| Inventories | 26,422.6 | 26,422.6 | 30,860.1 | 36,321.7 | 40,517.9 |
| Long-term equity investments | 7,580.0 | 7,580.0 | 8,411.2 | 10,385.3 | 10,724.6 |
| Fixed assets | 276,922.4 | 276,922.4 | 299,236.8 | 352,016.4 | 359,937.8 |
| Construction in progress | 153,574.8 | 153,574.8 | 215,765.8 | 240,079.0 | 256,230.3 |
| Intangible assets | 2,735.9 | 2,735.9 | 6,161.8 | 7,679.7 | 7,553.9 |
| Total assets | 464,851.2 | 539,267.3 | 659,739.2 | 749,262.0 | 787,670.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 19,864.4 | 19,864.4 | 29,075.7 | 25,271.9 | 24,607.1 |
| Notes payable | 2,192.0 | 2,192.0 | 1,784.3 | 2,057.6 | 3,274.0 |
| Accounts payable | 20,215.6 | 20,215.6 | 25,082.0 | 26,607.1 | 31,794.0 |
| Contract liabilities | 245.2 | 245.2 | 433.2 | 418.6 | 569.9 |
| Other payables | 4,954.7 | 4,954.7 | 3,902.5 | 3,226.4 | 6,390.4 |
| Current portion of non-current liabilities | 39,508.4 | 39,508.4 | 31,319.1 | 39,954.1 | 39,351.0 |
| Long-term borrowings | 244,853.4 | 244,853.4 | 304,303.9 | 363,176.0 | 389,191.3 |
| Bonds payable | 8,401.7 | 8,401.7 | 14,963.7 | 11,963.9 | 15,494.4 |
| Total liabilities | 316,890.0 | 376,469.2 | 450,371.2 | 517,036.2 | 554,934.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 18,883.3 | 18,883.3 | 20,568.0 | 20,568.0 | 20,568.0 |
| Capital reserve | 27,336.4 | 27,336.4 | 40,206.0 | 43,444.4 | 43,759.2 |
| Retained earnings | 37,750.2 | 37,750.2 | 41,658.0 | 46,513.4 | 46,872.3 |
| Equity attributable to owners of the parent | 0.0 | 0.0 | 110,217.0 | 118,717.6 | 0.0 |
| Minority interests | 59,228.1 | 71,848.4 | 99,150.9 | 113,508.1 | 113,312.7 |
| Total equity | 0.0 | 162,798.0 | 209,368.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 71,285.6 | 74,957.2 | 77,272.1 | 82,075.5 | 38,397.9 |
| Cost of sales | 41,509.7 | 41,509.7 | 44,115.7 | 48,161.1 | 24,392.9 |
| Selling expenses | 115.1 | 115.1 | 62.5 | 99.7 | 38.7 |
| Administrative expenses | 3,828.2 | 3,828.2 | 4,027.0 | 4,118.6 | 1,534.7 |
| Finance costs | 7,301.7 | 7,301.7 | 6,843.6 | 6,834.5 | 3,507.3 |
| Investment income | 382.1 | 0.0 | 410.7 | 308.6 | 84.9 |
| Operating profit | 19,645.2 | 22,645.9 | 22,382.0 | 23,122.3 | 9,215.0 |
| Profit before tax | 19,569.8 | 22,981.2 | 22,563.9 | 23,289.1 | 9,291.7 |
| Net profit | 16,322.9 | 19,410.6 | 16,553.1 | 17,970.6 | 7,108.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.89x | 0.70x | 0.83x | 0.82x | 0.87x |
| Quick ratio | 0.53x | 0.43x | 0.52x | 0.47x | 0.51x |
| Debt-to-asset ratio | 68.2% | 69.8% | 68.3% | 69.0% | 70.5% |
| Total debt / EBITDA | 6.69x | 6.28x | 7.49x | 7.99x | 12.21x |
| EBITDA interest coverage | 6.40x | 6.82x | 7.40x | 8.07x | 10.94x |
| Gross margin | 41.8% | 44.6% | 42.9% | 41.3% | 36.5% |
| Net margin | 22.9% | 25.9% | 21.4% | 21.9% | 18.5% |
| Return on equity (ROE) | — | 11.9% | 7.9% | — | — |
| Revenue growth | — | 5.2% | 3.1% | 6.2% | -53.2% |
| Net profit growth | — | 18.9% | -14.7% | 8.6% | -60.4% |
| Receivable days | 88 | 104 | 116 | 113 | 263 |
| Cash received / revenue | 114.3% | 110.4% | 111.5% | 112.6% | 108.3% |
| Operating CF / net profit | 2.86x | 2.22x | 2.46x | 2.08x | 2.70x |
| Free cash flow | 48,633.1 | 44,871.8 | 45,141.5 | 34,372.1 | 17,025.2 |
Mechanical risk flags
- ⚠ Current ratio: 0.82 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.47 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.69 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 39 flags (high×39); first 3 shown:
- 2023 · Same item across different source documents: 26,422.6 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 26,422.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 3,685.1 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 3,685.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 53.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 53.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 26,422.6 vs 0.0 CNY mn (deviation 100.0%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -6,262.7 vs -6,387.9 CNY mn (deviation 1.96%, severity mid)
Sources: 2024年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.98 「货币资金」. CF-statement figure above the balance-sheet movement by 125.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 10,247.4 vs 9,964.2 CNY mn (deviation 2.76%, severity mid)
Sources: 2024年年度报告.pdf p.119 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.110 「货币资金」. CF-statement figure above the balance-sheet movement by 283.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -4,238.2 vs -4,156.4 CNY mn (deviation 1.93%, severity mid)
Sources: 2025年年度报告.pdf p.132 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.123 「货币资金」. CF-statement figure below the balance-sheet movement by 81.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 2,826.8 vs 2,850.4 CNY mn (deviation 0.83%, severity low)
Sources: 2026年半年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.64 「货币资金」. CF-statement figure below the balance-sheet movement by 23.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 15,581.6 | 2025年年度报告.pdf | 123 | 货币资金 | 15581642746.58 (元) |
| Total assets | 2025 | 749,262.0 | 2025年年度报告.pdf | 124 | 资产总计 | 749261994107.31 (元) |
| Accounts receivable | 2025 | 25,373.2 | 2025年年度报告.pdf | 123 | 应收账款 | 25373223624.85 (元) |
| Fixed assets | 2025 | 352,016.4 | 2025年年度报告.pdf | 124 | 固定资产 | 352016402014.66 (元) |
| Short-term borrowings | 2025 | 25,271.9 | 2025年年度报告.pdf | 124 | 短期借款 | 25271882773.42 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.