Credit Brief — CGN Power Co., Ltd. (中国广核)
003816.SZ · Shenzhen 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: 杨长利
- Registered address: 中国广东省深圳市福田区深南大道 2002 号中广核大厦南楼 18 楼
- Office address: 中国广东省深圳市福田区深南大道 2002 号中广核大厦南楼
- Controlling shareholder: 中广核
- Employees: 22,928
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 | 14,840.8 | 15,740.0 | 16,794.8 | 20,826.7 | 19,503.9 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 14,937.6 | 11,826.6 | 9,197.8 | 8,012.2 | 8,344.3 |
| Other receivables | 334.9 | 72.6 | 717.8 | 848.4 | 774.8 |
| Inventories | 17,775.5 | 20,572.5 | 20,303.5 | 22,421.9 | 24,298.4 |
| Long-term equity investments | 13,657.2 | 14,493.9 | 15,636.5 | 17,431.1 | 16,858.4 |
| Fixed assets | 232,763.5 | 246,683.6 | 261,803.5 | 252,433.0 | 300,430.3 |
| Construction in progress | 68,299.4 | 56,323.9 | 44,947.4 | 113,930.9 | 137,670.0 |
| Intangible assets | 5,205.3 | 5,445.8 | 6,108.7 | 8,624.4 | 10,117.0 |
| Total assets | 409,015.9 | 415,250.4 | 425,400.7 | 505,656.1 | 591,216.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 11,930.5 | 14,254.6 | 17,180.8 | 42,151.1 | 51,723.5 |
| Notes payable | 5,094.2 | 6,832.6 | 6,664.5 | 6,686.4 | 4,651.2 |
| Accounts payable | 22,967.7 | 23,437.0 | 20,187.5 | 20,236.6 | 20,818.5 |
| Contract liabilities | 2,713.5 | 2,846.9 | 7,747.5 | 6,395.2 | 2,011.7 |
| Other payables | 6,756.6 | 4,706.5 | 5,953.0 | 9,551.6 | 12,678.3 |
| Current portion of non-current liabilities | 21,370.4 | 23,957.0 | 21,031.5 | 30,982.6 | 31,778.1 |
| Long-term borrowings | 160,074.9 | 159,268.3 | 155,716.4 | 190,203.4 | 249,736.3 |
| Bonds payable | 4,492.1 | 2,497.3 | 2,396.8 | 9,666.4 | 11,705.3 |
| Total liabilities | 251,083.0 | 249,946.4 | 253,084.4 | 329,441.8 | 403,480.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 50,498.6 | 50,498.6 | 50,498.6 | 50,498.6 | 50,498.8 |
| Capital reserve | 10,807.8 | 10,794.3 | 10,844.0 | 9,684.0 | 8,567.6 |
| Retained earnings | 39,037.5 | 44,432.1 | 50,241.6 | 53,448.0 | 54,908.0 |
| Equity attributable to owners of the parent | 107,026.3 | 113,235.9 | 119,441.3 | 123,188.5 | 123,730.3 |
| Minority interests | 50,906.6 | 52,068.1 | 52,874.9 | 53,025.9 | 64,005.1 |
| Total equity | 157,933.0 | 165,303.9 | 172,316.2 | 176,214.3 | 187,735.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 82,822.4 | 82,548.6 | 86,804.4 | 75,696.6 | 31,483.3 |
| Cost of sales | 55,281.0 | 52,857.6 | 57,265.6 | 51,479.0 | 17,145.0 |
| Selling expenses | 47.3 | 41.1 | 47.5 | 36.5 | 125.7 |
| Administrative expenses | 2,419.8 | 2,663.9 | 2,679.0 | 2,861.9 | 1,219.6 |
| Finance costs | 6,592.2 | 5,666.0 | 5,133.3 | 4,523.4 | 2,315.5 |
| Investment income | 1,678.1 | 1,604.2 | 1,932.9 | 2,353.1 | 1,176.1 |
| Operating profit | 18,845.6 | 20,594.5 | 21,974.2 | 18,425.4 | 11,390.1 |
| Profit before tax | 18,700.1 | 20,530.6 | 21,596.5 | 18,602.7 | 11,368.0 |
| Net profit | 15,241.5 | 17,045.8 | 17,443.9 | 14,731.1 | 9,324.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.93x | 0.94x | 0.90x | 0.66x | 0.56x |
| Quick ratio | 0.69x | 0.67x | 0.66x | 0.47x | 0.37x |
| Debt-to-asset ratio | 61.4% | 60.2% | 59.5% | 65.2% | 68.2% |
| Total debt / EBITDA | 4.71x | 4.54x | 4.30x | 6.59x | 9.77x |
| EBITDA interest coverage | 6.38x | 7.77x | 8.89x | 9.16x | 15.25x |
| Gross margin | 33.3% | 36.0% | 34.0% | 32.0% | 45.5% |
| Net margin | 18.4% | 20.6% | 20.1% | 19.5% | 29.6% |
| Return on equity (ROE) | 9.7% | 10.3% | 10.1% | 8.4% | 5.0% |
| Revenue growth | — | -0.3% | 5.2% | -12.8% | -58.4% |
| Net profit growth | — | 11.8% | 2.3% | -15.6% | -36.7% |
| Receivable days | 66 | 52 | 39 | 39 | 97 |
| Cash received / revenue | 107.3% | 115.3% | 119.3% | 116.7% | 109.6% |
| Operating CF / net profit | 2.06x | 1.94x | 2.18x | 2.03x | 1.43x |
| Free cash flow | 38,794.4 | 48,028.1 | 31,345.8 | 33,386.0 | 3,355.3 |
Mechanical risk flags
- ⚠ Current ratio: 0.66 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.47 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.65 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,540.0 vs 899.2 CNY mn (deviation 41.61%, severity mid)
Sources: 2023年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.92 「货币资金」. CF-statement figure above the balance-sheet movement by 640.8 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: -113.9 vs 1,054.7 CNY mn (deviation 110.8%, severity mid)
Sources: 2024年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 1,168.7 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: 4,316.3 vs 4,032.0 CNY mn (deviation 6.59%, severity mid)
Sources: 2025年年度报告.pdf p.102 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.94 「货币资金」. CF-statement figure above the balance-sheet movement by 284.3 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: -1,755.9 vs -1,322.8 CNY mn (deviation 24.67%, severity mid)
Sources: 2026年半年度报告.pdf p.64 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.55 「货币资金」. CF-statement figure below the balance-sheet movement by 433.1 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 | 20,826.7 | 2025年年度报告.pdf | 94 | 货币资金 | 20826720819.03 (元) |
| Total assets | 2025 | 505,656.1 | 2025年年度报告.pdf | 95 | 资产总计 | 505656118063.91 (元) |
| Accounts receivable | 2025 | 8,012.2 | 2025年年度报告.pdf | 94 | 应收账款 | 8012247248.15 (元) |
| Fixed assets | 2025 | 252,433.0 | 2025年年度报告.pdf | 95 | 固定资产 | 252433030622.08 (元) |
| Short-term borrowings | 2025 | 42,151.1 | 2025年年度报告.pdf | 95 | 短期借款 | 42151119949.93 (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.