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China National Nuclear Power (601985) investor relations material
China National Nuclear Power H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record annual power generation of 244.43 TWh, up 12.98% year-over-year, with nuclear generation surpassing 200 TWh for the first time, up 9.66%.
Operating revenue reached ¥82.08 billion, up 6.22% year-over-year; net profit attributable to shareholders was ¥9.30 billion, up 6.00%.
Nuclear segment contributed ¥67.11 billion in revenue, up 4.02%, and ¥8.96 billion in net profit, up 18.53%.
New energy segment (wind/solar) saw rapid growth, with generation up 31.29% and installed capacity up 13.67%.
22 nuclear units achieved WANO full marks, with average utilization hours exceeding 8,000 for the first time.
Financial highlights
Total assets at year-end were ¥749.26 billion, up 13.57% year-over-year; net assets attributable to shareholders were ¥118.72 billion, up 7.71%.
Gross margin for the power segment was 41.27%, down 2.08 percentage points year-over-year.
Basic and diluted EPS were ¥0.453, down 2.16% year-over-year.
Operating cash flow was ¥37.41 billion, down 8.13% year-over-year.
Asset-liability ratio was 69.01%, up 0.74 percentage points.
Outlook and guidance
Strategic focus on expanding nuclear and clean energy, with 2030 targets of over 40 GW nuclear capacity and global leadership in nuclear operations.
Plans to further increase new energy capacity and accelerate deployment of strategic emerging industries.
Emphasis on digital transformation, cost control, and international market expansion.
- Net profit fell 34.19% year-over-year on lower revenue and higher overhaul costs.601985
Q1 202630 Apr 2026 - Revenue up 3.09%, net profit down 17.38%, new energy growth offset nuclear decline.601985
H2 202418 Dec 2025 - Revenue up 9.43% year-over-year, net profit down 3.66%, interim dividend proposed.601985
H1 202529 Nov 2025 - Revenue up 8.16% but net profit down 10.42% year-over-year due to cost and dilution impacts.601985
Q3 202530 Oct 2025 - Profit declined as revenue growth was offset by lower electricity prices and rising costs.601985
Q3 202413 Jun 2025 - Revenue up 3.15%, net profit down 2.65%, clean energy output and assets grew.601985
H1 202413 Jun 2025 - Revenue and net profit grew, but cash flow and new energy margins declined.601985
Q1 20256 Jun 2025
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Next China National Nuclear Power earnings date
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