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"Today's case — the company's cash flow is as high as 41.6 billion yuan, earning an average of 462 million yuan per day." I paused. "In the same period, northbound funds are heavily positioned and locked in." At the end of the article — the company name. "Angels, it's up to you now, solve the case as quickly as possible." Caiguan stared at the three girls.

"The company's main business is electricity sales, including nuclear power generation and wind and solar power generation, as well as nuclear power-related technical services and consulting." In the detective agency, assistant Xiao Sun stared at the screen.

"The company plans to contribute 1 billion yuan to increase capital and take a stake in China Fusion Energy Co., Ltd., stepping up its layout in controlled nuclear fusion, and it still needs approval from the State-owned Assets Supervision and Administration Commission of the State Council."

"National nuclear power installed capacity is 66.14 million kilowatts, and the company accounts for about 40%." Xiao Zhao added, "In the first half of the year, the company completed 10 nuclear power unit overhauls, with a three-star rate of 96.86%."

"The decline in performance is a flaw." Xiao Huang's voice sounded. "Net profit was 3.641 billion yuan, down 36% year-on-year."

"The decline in performance comes from a lower gross margin and weak operating capacity." Xiao Sun's fingertips were tense. "The sales gross margin was 36.47%, down 19% year-on-year."

"The sales pace slowed by 8%." Xiao Zhao continued, "The collection pace slowed by 7%."

"So high, is this financial fraud?" Xiao Huang rubbed his eyes. "Net profit was 3.641 billion yuan, and the net amount of cash received from selling goods was as high as 19.177 billion yuan, not only far higher than net profit, but also up 2% year-on-year."

"Major discovery — the company is in a stage of rapid development, recruiting talent and expanding outward every year." Xiao Sun's eyes lit up. "Employee compensation paid has continued to grow and reached a record high of 9.008 billion yuan in 2025."

"In addition to talent, management also attaches great importance to research and development." Xiao Zhao raised an eyebrow. "R&D expenses have continued to grow and reached a record high of 1.44 billion yuan in 2025."

"Major positive — orders and inventory both increased." Xiao Huang tapped the keyboard. "Orders were 570 million yuan, up 21% year-on-year. Inventory was 40.5 billion yuan, up 16% year-on-year."

"Valuation is also not bad, with a price-to-earnings ratio of 26 times and a price-to-book ratio of 1.58 times." Xiao Sun relaxed his shoulders. "Selling inventory can generate more cash flow, which has a positive effect on valuation."

"The case can be closed. China Nuclear Power's abundant cash flow is a highlight, and its fundamentals are sound." Caiguan paused. "With both orders and inventory growing, future financial reports will be very exciting."

$China Nuclear Power (601985) Gentle Statement: All financial report data in this article comes from public announcements of listed companies. The character dialogues and scene plots in the article are literary fiction and are for reading entertainment only, and do not constitute any investment advice. Financial Report Teaching Scenario Simulation: The following office dialogue is a fictional teaching scene based on real financial report data, intended to help readers understand financial report analysis methods.