601985.SH CNNC Power (CNNC listed proxy): ops + capacity growth

Market snapshot

A-share (~7/31)

CNY 9.06

Market cap (approx)

CNY 186.3B

2025 parent NI

CNY 9.3B

2025 revenue

CNY 82.1B

Thesis

CNNC Group is not a single A-share ticker. This note uses CNNC Nuclear Power (601985.SH): 2025 revenue ¥82.075B (+6.22%), parent NI ¥9.304B (+6.00%); nuclear parent NI ~¥8.958B (+18.53%). A-share ~¥9.1 / mkt ~¥186.3B.

Thesis: steady nuclear ops + new-unit growth; renewables are a second curve with different returns.

Business

Model: Build and commercially operate nuclear units; sell power to the grid. Renewables are a secondary curve. Revenue ≈ generation × tariff; earnings sensitive to utilization and tariff design.

Flagships:

1. Nuclear ops — 2025 nuclear revenue ~¥67.1B; nuclear parent NI ~¥8.958B (+18.53%) is the quality core.
2. Units under construction / pending COD — approval and COD cadence drive mid-term capacity growth.
3. Renewables — second curve with different returns.

Competitiveness:

1. CNNC-system nuclear operating platform with scale and licensing barriers.
2. High fixed cost but low marginal generation cost → relatively predictable cash when utilization is steady.

Strategy (12–24m): Track new-unit approvals, construction, COD; renewables CapEx cadence. Near-term NI still driven by operating-unit hours and tariffs.

Value chain

Position: midstream generation — upstream fuel/equipment/EPC; downstream grid offtake; earn generation/capacity-linked returns.

Supply-chain risks (≥2):

1. Nuclear fuel and critical equipment / import controls.
2. Construction delays stranding CapEx and slipping COD.

Price & valuation

~7/31 A-share ~¥9.06. Utility multiples track rates and tariff policy.

Financial trend (~24 months)

~8 quarters of revenue and gross margin with YoY and QoQ. Utility seasonality is mild; swings mainly from outages, new COD, and settlement timing.

Revenue · last 8 quarters

Interactive chart available in the reader.

Gross margin · last 8 quarters

Interactive chart available in the reader.

Operations

Key financials

Key financials

Item	Value	YoY	Note
Revenue 2025	¥82.075B	+6.22%	Nuclear rev ¥67.107B
Parent NI 2025	¥9.304B	+6.00%	Steady overall
Nuclear parent NI	~¥8.958B	+18.53%	Core quality
Total assets	¥749.262B	+13.57%	Capacity build
Entity note	CNNC Group ≠ listco	—	Investable: 601985

Competition

Domestic nuclear ops are a duopoly (CNNC Power vs CGN Power); thermal/hydro/renewables compete inside the power system.

Strengths: Licensing + operating fleet; steadier earnings quality vs coal; approval pipeline for growth.

Weaknesses: Very long build cycles and heavy CapEx; uncertain renewables returns; weaker dividend narrative vs hydro champions.

Peer comparison

Peer comparison

Company	Share / position	Margin	Strength	Weakness
中国核电 601985	国内核电运营前列	GM ~34%	在运机组+核准管线	建设周期长、资本开支重
中国广核 003816	核电双寡头之一	相近	机组规模与运营经验	同样长周期审批
华能国际 600011	火电+新能源	低于核电	装机多元化	煤电燃料成本波动
大唐发电 601991	综合发电	偏低	区域电源布局	盈利稳定性弱于核电

Management

Core roles and 24m changes per annual/ad-hoc filings; SOE context means group appointments matter.

Stability call: Stable operating continuity; watch group appointment notices for material changes.

Key management (24m)

Key management (24m)

Role	Name	Since	24m change
董事长	卢铁忠（以最新公告为准）	披露任职	期间无重大披露变动（以公告为准）
总经理	见年报董事高管	披露任职	期间无重大披露变动（以公告为准）
财务负责人	见年报	披露任职	期间无重大披露变动（以公告为准）

Outlook

Track approvals, construction, COD, and utilization; separate nuclear vs wind/solar return profiles.

Scenarios

Risks