CNNP(SH:601985) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - China Nuclear Power (601985) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 40.973 billion yuan, an increase of 9.43% year-on-year [1] - Net profit attributable to shareholders was 5.666 billion yuan, down 3.66% year-on-year [1] - In Q2 2025, total revenue was 20.7 billion yuan, up 6.41% year-on-year, while net profit was 2.529 billion yuan, down 10.4% year-on-year [1] - Gross margin decreased to 45.29%, a decline of 4.66% year-on-year, and net margin fell to 27.1%, down 6.41% year-on-year [1] - Total receivables reached 28.048 billion yuan, representing 319.56% of the latest annual net profit [1] Key Financial Ratios - The company reported a return on invested capital (ROIC) of 4.31% for the previous year, indicating weak capital returns [3] - The historical median ROIC since the company’s listing is 5.09%, with the lowest recorded ROIC at 3.9% in 2014 [3] - Cash flow per share was 0.91 yuan, down 12.16% year-on-year, while earnings per share decreased to 0.28 yuan, down 11.58% year-on-year [1] Fund Holdings - The largest fund holding China Nuclear Power is the Huaxia Energy Innovation Stock A, with 37.7057 million shares and a recent net value increase of 1.32% [4] - Other funds such as the GF CSI All-Share Electric Utility ETF and the Huaxia CSI Low-Carbon Economy Theme ETF have increased their holdings [4]