China National Nuclear Power (601985) Stock Price, Fundamentals & Analysis

What 601985 does

China National Nuclear Power (601985) is a Beijing-based utility listed on the Shanghai Stock Exchange stocks market that invests in, builds, operates, and manages nuclear power projects across China. Founded in 2008 and operating as a subsidiary of China National Nuclear Corporation, the company also produces and supplies heat, generates power from new energy sources, develops nuclear energy applications, and provides technical services.

As of December 31, 2025, the company operated 26 nuclear power units with an installed capacity of 25,000,000 kilowatts and controlled a further 19 units with 21,859,000 kilowatts of capacity. Its renewable portfolio includes 10,626,800 kilowatts of wind power and 23,014,200 kilowatts of photovoltaic power, plus controlling stakes in independent energy storage stations of 1,651,000 kilowatts. With 22,306 employees, it sits in the Utilities sector, specifically Utilities - Regulated Electric, alongside peers such as China Yangtze Power (600900) and GD Power Development (600795).

Key numbers explained

• Market capitalization of 183.06B CNY — the total market value of all shares; this places the company among the larger utilities on the exchange.
• P/E ratio of 24.7 (trailing) means the share price equals roughly 24.7 years of current earnings per share; the forward P/E of 20 reflects expected earnings, which are anticipated to be higher than the trailing 0.36 CNY per share.
• Dividend yield of 3.82% — the annual dividend as a percentage of the share price — with 51% of earnings paid out to shareholders.
• Beta of 0.06 indicates the share price has historically moved almost independently of the broader market, a trait common in regulated utilities.
• 52-week price range of 8.46 – 9.6 CNY, with the current price of 8.9 CNY up +0.57% today and 2.1% over the past year.
• Operating margin of 29.1% versus a profit margin of 9.2% shows core operations are profitable, though financing and other costs reduce the bottom line.
• Debt-to-equity ratio of 210.3% signals heavy use of borrowed funds relative to shareholder equity — typical for capital-intensive power infrastructure.
• Price-to-book of 1.51 means the market values the company at about 1.5 times its accounting net assets.

What to watch

As a regulated electric utility, China National Nuclear Power's results depend on electricity demand, regulated pricing frameworks, and the operational performance of its nuclear fleet. Its large renewable build-out — wind, photovoltaic, and storage assets — ties results partly to renewable policy and grid integration. The high debt-to-equity level of 210.3% makes financing costs a meaningful factor, while the -5.9% year-over-year revenue trend and 6.2% return on equity are figures investors commonly track across peers like Zhejiang Zheneng Electric Power (600023) and SDIC Power Holdings (600886). The next ex-dividend date is Jul 17, 2026.