Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
China National Nuclear Power
Physical assets are 84.7% of total assets, a heavy footprint. Capex is 4.37x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -1.33x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.14x.
Physical asset ratio
84.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 598.60BpropertyPlantAndEquipmentNetInventoryCNY 36.32BinventoryTotal assetsCNY 749.26BtotalAssetsResult 84.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 82.08BtotalRevenueNet PP&ECNY 598.60BpropertyPlantAndEquipmentNetResult 0.14x
Revenue per dollar of the physical asset base.
Capex / D&A
4.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 93.68BcapitalExpendituresD&ACNY 21.42BreconciledDepreciationResult 4.37x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 10.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 749.26BtotalAssetsGoodwillCNY 5.42BgoodWillIntangiblesCNY 9.38BintangibleAssetsLiabilitiesCNY 517.04BtotalLiabTangible bookCNY 217.42BShares20,568,002,074commonStockSharesOutstandingResult CNY 10.57
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.93xPrice / tangible bookPrice / tangible book per sharePriceCNY 9.80Latest quoteTangible book / shareCNY 10.572025-12-31Result 0.93x
Price CNY 9.80.
Fixed-charge coverage
-1.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 51.24BebitdaCapexCNY 93.68BcapitalExpendituresInterestCNY 6.54BinterestExpenseShort-term debtCNY 25.27BshortLongTermDebtEBITDA − capex-CNY 42.44BPrincipal due is the current portion of debt.Result -1.33x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-28.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-CNY 56.28BfreeCashFlowMarket capCNY 198.48BMarketCapitalizationResult -28.4%
Latest free cash flow divided by current market cap (CNY 198.48B).
ROIC
4.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 30.17BoperatingIncomeTax expenseCNY 5.32BtaxProvisionPretax incomeCNY 23.29BincomeBeforeTaxTax rate22.8%EquityCNY 118.72BtotalStockholderEquityDebtCNY 400.41BlongTermDebt + shortLongTermDebtCashCNY 15.58BcashInvested capitalCNY 503.55BResult 4.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 90.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 274.82BpropertyPlantAndEquipmentNetInventoryCNY 17.44BinventoryTotal assetsCNY 323.48BtotalAssetsResult 90.3% | 0.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 39.31BtotalRevenueNet PP&ECNY 274.82BpropertyPlantAndEquipmentNetResult 0.14x | 2.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 23.17BcapitalExpendituresD&ACNY 9.66BdepreciationAndAmortizationResult 2.40x | CNY 5.29Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 323.48BtotalAssetsGoodwillCNY 61.67MgoodWillIntangiblesCNY 1.16BintangibleAssetsLiabilitiesCNY 239.91BtotalLiabTangible bookCNY 82.35BShares15,565,430,000commonStockSharesOutstandingResult CNY 5.29 | 0.16xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 24.99BebitdaCapexCNY 23.17BcapitalExpendituresInterestCNY 5.32BinterestExpenseShort-term debtCNY 6.02BshortLongTermDebtEBITDA − capexCNY 1.82BPrincipal due is the current portion of debt.Result 0.16x | CNY 234.68MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 23.41BtotalCashFromOperatingActivitiesCapexCNY 23.17BcapitalExpendituresFree cash flowCNY 234.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 234.68M | 3.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 10.19BoperatingIncomeTax expenseCNY 1.48BincomeTaxExpensePretax incomeCNY 10.01BincomeBeforeTaxTax rate14.8%EquityCNY 46.43BtotalStockholderEquityDebtCNY 204.64BshortLongTermDebtTotalCashCNY 7.17BcashInvested capitalCNY 243.90BResult 3.6% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 10.19BoperatingIncomeNet PP&ECNY 274.82BpropertyPlantAndEquipmentNetResult 0.04x |
| 2019 | 90.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 295.45BpropertyPlantEquipmentInventoryCNY 18.97BinventoryTotal assetsCNY 347.64BtotalAssetsResult 90.4% | 0.16xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 47.26BtotalRevenueNet PP&ECNY 295.45BpropertyPlantEquipmentResult 0.16x | 2.12xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 24.55BcapitalExpendituresD&ACNY 11.60BdepreciationAndAmortizationResult 2.12x | CNY 5.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 347.64BtotalAssetsGoodwillCNY 644.11MgoodWillIntangiblesCNY 1.43BintangibleAssetsLiabilitiesCNY 257.36BtotalLiabTangible bookCNY 88.21BShares16,127,491,000commonStockSharesOutstandingResult CNY 5.47 | 0.29xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 29.17BebitdaCapexCNY 24.55BcapitalExpendituresInterestCNY 7.50BinterestExpenseShort-term debtCNY 8.41BshortTermDebtEBITDA − capexCNY 4.62BPrincipal due is short-term debt.Result 0.29x | CNY 1.52BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 26.07BtotalCashFromOperatingActivitiesCapexCNY 24.55BcapitalExpendituresFree cash flowCNY 1.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.52B | 3.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 10.52BoperatingIncomeTax expenseCNY 1.97BincomeTaxExpensePretax incomeCNY 10.61BincomeBeforeTaxTax rate18.5%EquityCNY 50.05BtotalStockholderEquityDebtCNY 220.56BshortLongTermDebtTotalCashCNY 10.89BcashInvested capitalCNY 259.72BResult 3.3% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 10.52BoperatingIncomeNet PP&ECNY 295.45BpropertyPlantEquipmentResult 0.04x |
| 2020 | 87.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 312.14BpropertyPlantEquipmentInventoryCNY 20.17BinventoryTotal assetsCNY 381.75BtotalAssetsResult 87.1% | 0.17xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 52.28BtotalRevenueNet PP&ECNY 312.14BpropertyPlantEquipmentResult 0.17x | 2.03xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 23.93BcapitalExpendituresD&ACNY 11.78BdepreciationAndAmortizationResult 2.03x | CNY 6.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 381.75BtotalAssetsGoodwillCNY 1.62BgoodWillIntangiblesCNY 1.78BintangibleAssetsLiabilitiesCNY 265.26BtotalLiabTangible bookCNY 113.08BShares16,336,382,000commonStockSharesOutstandingResult CNY 6.92 | 0.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 31.92BebitdaCapexCNY 23.93BcapitalExpendituresInterestCNY 7.33BinterestExpenseShort-term debtCNY 12.76BshortTermDebtEBITDA − capexCNY 7.99BPrincipal due is short-term debt.Result 0.40x | CNY 7.20BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 31.13BtotalCashFromOperatingActivitiesCapexCNY 23.93BcapitalExpendituresFree cash flowCNY 7.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 7.20B | 4.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 13.23BoperatingIncomeTax expenseCNY 2.23BincomeTaxExpensePretax incomeCNY 13.18BincomeBeforeTaxTax rate16.9%EquityCNY 70.46BtotalStockholderEquityDebtCNY 221.72BshortLongTermDebtTotalCashCNY 15.40BcashInvested capitalCNY 276.79BResult 4.0% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 13.23BoperatingIncomeNet PP&ECNY 312.14BpropertyPlantEquipmentResult 0.04x |
| 2021 | 86.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 333.31BpropertyPlantAndEquipmentNetInventoryCNY 22.76BinventoryTotal assetsCNY 409.62BtotalAssetsResult 86.9% | 0.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 62.70BtotalRevenueNet PP&ECNY 333.31BpropertyPlantAndEquipmentNetResult 0.19x | 1.79xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 25.12BcapitalExpendituresD&ACNY 14.06BdepreciationAndAmortizationResult 1.79x | CNY 6.39Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 409.62BtotalAssetsGoodwillCNY 2.11BgoodWillIntangiblesCNY 2.28BintangibleAssetsLiabilitiesCNY 284.34BtotalLiabTangible bookCNY 120.89BShares18,932,048,000commonStockSharesOutstandingResult CNY 6.39 | 0.79xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 37.37BebitdaCapexCNY 25.12BcapitalExpendituresInterestCNY 7.95BinterestExpenseShort-term debtCNY 7.53BshortTermDebtEBITDA − capexCNY 12.25BPrincipal due is short-term debt.Result 0.79x | CNY 10.49BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 35.61BtotalCashFromOperatingActivitiesCapexCNY 25.12BcapitalExpendituresFree cash flowCNY 10.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 10.49B | 4.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 16.75BoperatingIncomeTax expenseCNY 2.50BincomeTaxExpensePretax incomeCNY 16.84BincomeBeforeTaxTax rate14.9%EquityCNY 76.12BtotalStockholderEquityDebtCNY 232.96BshortLongTermDebtTotalCashCNY 13.06BcashInvested capitalCNY 296.02BResult 4.8% | 0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 16.75BoperatingIncomeNet PP&ECNY 333.31BpropertyPlantAndEquipmentNetResult 0.05x |
| 2022 | 85.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 374.20BpropertyPlantEquipmentInventoryCNY 24.81BinventoryTotal assetsCNY 464.62BtotalAssetsResult 85.9% | 0.19xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 71.29BtotalRevenueNet PP&ECNY 374.20BpropertyPlantEquipmentResult 0.19x | 3.28xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 50.51BcapitalExpendituresD&ACNY 15.42BdepreciationAndAmortizationResult 3.28x | CNY 7.47Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 464.62BtotalAssetsGoodwillCNY 3.94BgoodWillIntangiblesCNY 3.06BintangibleAssetsLiabilitiesCNY 316.75BtotalLiabTangible bookCNY 140.87BShares18,860,704,000commonStockSharesOutstandingResult CNY 7.47 | -0.32xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 42.98BebitdaCapexCNY 50.51BcapitalExpendituresInterestCNY 7.95BinterestExpenseShort-term debtCNY 15.36BshortTermDebtEBITDA − capex-CNY 7.53BPrincipal due is short-term debt.Result -0.32x | -CNY 3.81BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowCNY 46.70BtotalCashFromOperatingActivitiesCapexCNY 50.51BcapitalExpendituresFree cash flow-CNY 3.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 3.81B | 4.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 19.65BoperatingIncomeTax expenseCNY 3.25BincomeTaxExpensePretax incomeCNY 19.57BincomeBeforeTaxTax rate16.6%EquityCNY 88.64BtotalStockholderEquityDebtCNY 259.08BshortLongTermDebtTotalCashCNY 16.16BcashAndShortTermInvestmentsInvested capitalCNY 331.56BResult 4.9% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeCNY 19.65BoperatingIncomeNet PP&ECNY 374.20BpropertyPlantEquipmentResult 0.05x |
| 2023 | 85.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 435.89BpropertyPlantAndEquipmentNetInventoryCNY 26.42BinventoryTotal assetsCNY 539.27BtotalAssetsResult 85.7% | 0.17xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 74.96BtotalRevenueNet PP&ECNY 435.89BpropertyPlantAndEquipmentNetResult 0.17x | 4.10xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 67.10BcapitalExpendituresD&ACNY 16.36BdepreciationAndAmortizationResult 4.10x | CNY 8.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 539.27BtotalAssetsGoodwillCNY 5.61BgoodWillIntangiblesCNY 3.80BintangibleAssetsLiabilitiesCNY 376.47BtotalLiabTangible bookCNY 153.38BShares18,883,285,000commonStockSharesOutstandingResult CNY 8.12 | -0.78xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 45.92BebitdaCapexCNY 67.10BcapitalExpendituresInterestCNY 7.27BinterestExpenseShort-term debtCNY 19.86BshortTermDebtEBITDA − capex-CNY 21.18BPrincipal due is short-term debt.Result -0.78x | -CNY 23.97BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 43.13BtotalCashFromOperatingActivitiesCapexCNY 67.10BcapitalExpendituresFree cash flow-CNY 23.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 23.97B | 5.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 22.65BoperatingIncomeTax expenseCNY 3.57BincomeTaxExpensePretax incomeCNY 22.98BincomeBeforeTaxTax rate15.5%EquityCNY 90.95BtotalStockholderEquityDebtCNY 276.74BshortLongTermDebtTotalCashCNY 9.83BcashAndShortTermInvestmentsInvested capitalCNY 357.86BResult 5.3% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeCNY 22.65BoperatingIncomeNet PP&ECNY 435.89BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 83.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 522.51BpropertyPlantAndEquipmentNetInventoryCNY 30.86BinventoryTotal assetsCNY 659.74BtotalAssetsResult 83.9% | 0.15xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 77.27BtotalRevenueNet PP&ECNY 522.51BpropertyPlantAndEquipmentNetResult 0.15x | 5.13xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 90.71BcapitalExpendituresD&ACNY 17.70BdepreciationAndAmortizationResult 5.13x | CNY 10.37Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 659.74BtotalAssetsGoodwillCNY 5.77BgoodWillIntangiblesCNY 7.42BintangibleAssetsLiabilitiesCNY 450.37BtotalLiabTangible bookCNY 196.18BShares18,914,987,000commonStockSharesOutstandingResult CNY 10.37 | -1.22xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 46.63BebitdaCapexCNY 90.71BcapitalExpendituresInterestCNY 7.05BinterestExpenseShort-term debtCNY 29.08BshortLongTermDebtEBITDA − capex-CNY 44.07BPrincipal due is the current portion of debt.Result -1.22x | -CNY 49.99BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 40.72BtotalCashFromOperatingActivitiesCapexCNY 90.71BcapitalExpendituresFree cash flow-CNY 49.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 49.99B | 3.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 22.38BoperatingIncomeTax expenseCNY 6.01BincomeTaxExpensePretax incomeCNY 22.56BincomeBeforeTaxTax rate26.6%EquityCNY 110.22BtotalStockholderEquityDebtCNY 352.55BshortLongTermDebtTotalCashCNY 19.74BcashInvested capitalCNY 443.03BResult 3.7% | 0.04xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeCNY 22.38BoperatingIncomeNet PP&ECNY 522.51BpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | 84.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 598.60BpropertyPlantAndEquipmentNetInventoryCNY 36.32BinventoryTotal assetsCNY 749.26BtotalAssetsResult 84.7% | 0.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 82.08BtotalRevenueNet PP&ECNY 598.60BpropertyPlantAndEquipmentNetResult 0.14x | 4.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 93.68BcapitalExpendituresD&ACNY 21.42BreconciledDepreciationResult 4.37x | CNY 10.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 749.26BtotalAssetsGoodwillCNY 5.42BgoodWillIntangiblesCNY 9.38BintangibleAssetsLiabilitiesCNY 517.04BtotalLiabTangible bookCNY 217.42BShares20,568,002,074commonStockSharesOutstandingResult CNY 10.57 | -1.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 51.24BebitdaCapexCNY 93.68BcapitalExpendituresInterestCNY 6.54BinterestExpenseShort-term debtCNY 25.27BshortLongTermDebtEBITDA − capex-CNY 42.44BPrincipal due is the current portion of debt.Result -1.33x | -CNY 56.28BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowCNY 37.41BtotalCashFromOperatingActivitiesCapexCNY 93.68BcapitalExpendituresFree cash flow-CNY 56.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 56.28B | 4.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 30.17BoperatingIncomeTax expenseCNY 5.32BtaxProvisionPretax incomeCNY 23.29BincomeBeforeTaxTax rate22.8%EquityCNY 118.72BtotalStockholderEquityDebtCNY 400.41BlongTermDebt + shortLongTermDebtCashCNY 15.58BcashInvested capitalCNY 503.55BResult 4.6% | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 30.17BoperatingIncomeNet PP&ECNY 598.60BpropertyPlantAndEquipmentNetResult 0.05x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 598.60B
Inventory: CNY 36.32B
Total assets: CNY 749.26B
Goodwill: CNY 5.42B
Intangibles: CNY 9.38B
Liabilities: CNY 517.04B
Tangible book: CNY 217.42B
Shares: 20,568,002,074
Revenue: CNY 82.08B
Capex: CNY 93.68B
D&A: CNY 21.42B
EBITDA: CNY 51.24B
Interest: CNY 6.54B
Short-term debt: CNY 25.27B
Free cash flow: -CNY 56.28B
Operating income: CNY 30.17B
Invested capital: CNY 503.55B
Tax rate: 22.8%