China National Nuclear Power (601985) fair value: what the stock is really worth
We calculate from audited financials what China National Nuclear Power is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Below-average quality, and trading another 33% above our fair value of ¥6.73.
As of Aug 27, 2026, the fair value of China National Nuclear Power is ¥6.73 per share against a price of ¥8.93, so the fair value sits 25% below the price. A model estimate from reported figures, not an analyst target.
!Expensive Growth (revenue 5y +9.4 %/yr)
✓Solidly profitable · 10.2% net margin
!High debt · negative free cash flow
·2.02% dividend yield
!Trails peers (2/13)
!Moderate moat 54/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 1 out of 100
!Weak on past: 28 out of 100
Evidence: MediumRange ¥5.41 to ¥9.61
Fair value as of: Aug 27, 2026
From 13 valuation models · updated 13 days ago
Share price +1.5% over the past month.
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What matters now
Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.
The price sits in the upper half of our model range, so the margin of safety is thin.
Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range ¥4.43 – ¥12.22 · fair‑value band ¥5.41 – ¥9.61 · the ¥8.93 price screens above the ¥6.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
China National Nuclear Power (601985) currently trades at ¥8.93, while our model-based Fair Value estimate is ¥6.73, implying the stock looks roughly 32.7% overvalued today. The Quality Score stands at 28/100 (below-average quality), in the Utilities sector. Bull case: the Dividend Discount group reads highest at a median of ¥10.67 per share, and 3 of the 13 models we run sit above the ¥8.93 price. Bear case: the Asset-Based group reads lowest at ¥3.87, and 10 of the 13 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, China National Nuclear Power generated revenue of 80.7B CNY at a net margin of 10.2%. Revenue declined 6.6% year over year. It earns a return on equity of 7.0%. Net debt stands at 385B CNY. Fundamentals as of Aug 27, 2026
Scenario range: ¥5.41 (bear) to ¥9.61 (bull), the price of ¥8.93 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 9% below its 52-week high and 7% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −37% fair-value upside, at −25%, 601985 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (¥0.1513 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidence¥4.84¥5.19¥5.7376
Growth-Adj P/E¥5.41¥7.72¥10.0467
Gordon GGM¥6.09¥12.66¥20.0866
All 13 models by family
Earnings-Based
Graham-Dodd¥3.08¥13.87¥19.0264
Lynch FV¥3.62¥5.17¥6.7261
PEG = 1.0¥3.62¥5.17¥6.7257
Dividend Discount
Gordon GGM¥6.09¥12.66¥20.0866
DDM Multi-Stage¥6.09¥10.67¥13.2966
Multiples
P/E Multiple¥6.11¥8.14¥10.1863
P/S Multiple¥5.77¥7.69¥9.6158
P/B Multiple¥5.77¥7.69¥9.6155
EV/EBITn/a¥4.52¥10.0261
EV/EBITDA¥1.33¥7.60¥13.8759
Asset-Based
NCAV (Graham)¥2.89¥3.87¥5.7754
Economic Profit
Residual Income best evidence¥4.84¥5.19¥5.7376
Growth Earnings
Growth-Adj P/E¥5.41¥7.72¥10.0467
Widest divergence: Dividend Discount (¥10.67) versus Asset-Based (¥3.87). Highest evidence: Residual Income (76).
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Key figures & financial health
P/E ratio22.3
P/S ratio2.53P/E × margin
EPS (TTM)¥0.4000price ÷ EPS = P/E 22.3
Dividend yield2.0%payout 45.0%
Net margin11.3%FY2025
Return on equity7.0%TTM
More key figures
Profitability
Return on assets (EBIT)4.0%avg 5y
Operating margin36.7%TTM
Growth
Revenue (TTM)80.7B CNYTTM
Revenue growth (YoY)−6.6%3y avg +4.8%
EPS growth (YoY)−34.2%
Balance sheet & cash flow
Free cash flow−56.3B CNYFY2025
Net debt385B CNYFY2025
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality28/100
Of which business quality 28
· Market factors (momentum, volatility) 55
Profitability25
Margins and returns on capital today
Quality Growth39
Are margins and returns improving?
Cashflow50
Earnings quality: real cash, not paper profit
Fin. Strength9
Balance sheet, leverage, solvency risk
Investment21
Disciplined investing over empire-building
Low Volatility97
Calm price path (market factor)
Momentum39
Price trend over the last 3–12 months (market factor)
52W Momentum35
Distance to the 52-week high (market factor)
Net Issuance27
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
China National Nuclear Power Co., Ltd. engages in the investment, construction, operation, and management of nuclear power projects in the People's Republic of China. It is involved in the heat production and supply; nuclear, new energy, and other power generation; Nuclear energy utilization and development; and provision of technical services.
Full company description
China National Nuclear Power Co., Ltd. engages in the investment, construction, operation, and management of nuclear power projects in the People's Republic of China. It is involved in the heat production and supply; nuclear, new energy, and other power generation; Nuclear energy utilization and development; and provision of technical services. As of December 31, 2025, it operated 26 nuclear power units with an installed capacity of 25,000,000 kilowatts; controls 19 nuclear power units with an installed capacity of 21,859,000 kilowatts; and 10,626,800 kilowatts of wind power and 23,014,200 kilowatts of photovoltaic power, as well as holds controlling stakes in independent energy storage power stations of 1,651,000 kilowatts. The company was founded in 2008 and is headquartered in Beijing, the People's Republic of China. China National Nuclear Power Co., Ltd. operates as a subsidiary of China National Nuclear Corporation.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
China National Nuclear Power reported revenue of 82.1B CNY in FY2025 versus 62.7B CNY in FY2021, a compound +7.0%/yr. Reported net income was 9.3B CNY in FY2025, compounding +3.2%/yr from FY2021.
Growth Quality 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
82.1B CNY
Latest YoY
+6.2%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.4%
Avg. revenue growth/yr (18Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.9%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+6.3%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+4.3%
Dividend yield2.0%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 4.3% vs 10Y 6.4%, steady
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25.3% (2020) → 36.8% (2025) · rising
Worst earnings drop54% (2012) · in CNY
Revenue+7.0%/yr
FY2162.7B CNY
FY2271.3B CNY
FY2375.0B CNY
FY2477.3B CNY
FY2582.1B CNY
Net income+3.2%/yr
FY218.2B CNY
FY229.0B CNY
FY2310.6B CNY
FY248.8B CNY
FY259.3B CNY
Character of growth · EPS growth decomposed (2013-2024)+11.6 % p.a.
Revenue per share+12.6 %
of which total revenue +15.1 % · buybacks/dilution −2.1 %
EBIT margin+3.3 %
Tax rate−0.8 %
Residual (interest, one-offs)−3.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE1· sector 1
FUTURE0· sector 32
PAST28· sector 38
HEALTH0· sector 53
DIVIDEND40· sector 64
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Is China National Nuclear Power (601985) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of ¥6.73 versus a price of ¥8.93, about −25% upside (overvalued).
What is the fair value of 601985?
Our model-based fair value for China National Nuclear Power is ¥6.73 (as of Aug 27, 2026), built from audited fundamentals. The current price: ¥8.93.
What is the quality score of 601985?
China National Nuclear Power has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for China National Nuclear Power (601985)?
Our model-based price target is the fair value of ¥6.73 (as of Aug 27, 2026) from 13 valuation models. Cautious scenario ¥5.41, optimistic scenario ¥9.61. It is a calculation from audited fundamentals, not an analyst target.
What is the China National Nuclear Power stock forecast for 2026?
Our models put fair value at ¥6.73, about −25% upside versus a price of ¥8.93 (overvalued). Cautious scenario ¥5.41, optimistic scenario ¥9.61. The calculation is refreshed regularly with new filings.
What is the revenue of China National Nuclear Power (601985)?
China National Nuclear Power reported trailing-twelve-month revenue of about 80.7B CNY (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 601985?
The net profit margin of China National Nuclear Power is about 10.2%, meaning it keeps roughly 10.2% of revenue as net income. Based on the latest reported figures.
Does China National Nuclear Power pay a dividend?
China National Nuclear Power currently shows a dividend yield of about 2.02% relative to its recent price (as of Aug 27, 2026).
What is the intrinsic value of China National Nuclear Power (601985)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China National Nuclear Power it is ¥6.73 per share (as of Aug 27, 2026), against a price of ¥8.93. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is China National Nuclear Power stock overvalued or undervalued in 2026?
As of Aug 27, 2026, 601985 trades above its calculated fair value: price ¥8.93, fair value ¥6.73, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 601985?
No. The price is what the market pays today (¥8.93); the fair value is what the company's own numbers justify (¥6.73). For China National Nuclear Power the two are ¥2.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is China National Nuclear Power worth?
The market values China National Nuclear Power at about 183B CNY (market capitalisation, as of Aug 27, 2026). Per share that is ¥8.93; our models calculate a fair value of ¥6.73 per share.
What do the bullish and bearish scenarios say about 601985?
Our models span a range for China National Nuclear Power: cautious scenario ¥5.41, base ¥6.73, optimistic ¥9.61 per share (as of Aug 27, 2026, price ¥8.93). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 601985?
China National Nuclear Power trades at a price-to-earnings ratio of 22.3 (as of Aug 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥6.73 is built from several models across several years. Other multiples: P/B 1.5, P/S 2.3, EV/EBITDA 11.0.
How solid is the balance sheet of China National Nuclear Power (601985)?
Balance-sheet figures for China National Nuclear Power (as of Aug 27, 2026): return on equity 7.0%, debt of 3.16 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is 601985 from its 52-week high?
China National Nuclear Power trades at ¥8.93, about 9% below its 52-week high of ¥9.85 and 7% above the low of ¥8.37 (as of Aug 27, 2026). Distance from the high says nothing about value: that is what the fair value of ¥6.73 is for.
Which stocks are comparable to China National Nuclear Power?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, National Grid plc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is China National Nuclear Power stock attractive at the current price?
The data as of Aug 27, 2026: price ¥8.93, calculated fair value ¥6.73 (−25%), Quality Score 28/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 601985 calculated?
We run China National Nuclear Power through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥6.73, with the spread shown as a cautious and an optimistic scenario.
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