China National Nuclear Power Co., Ltd. (601985.SS)

China National Nuclear Power Co., Ltd. (601985.SS) — VMCI valuation read

Headline read on 601985.SS: VMCI of 45/100 versus a Utilities sector median of 50. The 5-point below-median position is what makes China National Nuclear Power Co., Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 601985.SS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 601985.SS: value (601985.SS trades at 23.0x earnings, 28% above the Utilities median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of -1.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

601985.SS fell 4.0% over the trailing 7 days, with a -11.2% read on a 30-day basis.