CGN POWER (1816) H1 2025 earnings summary

Executive summary

• On-grid power generation reached 113,360 GWh, up 6.93% year-over-year, with 28 units in operation and 20 under construction as of June 30, 2025.

• Revenue was RMB 39.17 billion, down 0.5% year-over-year; net profit attributable to shareholders was RMB 5.95 billion, down 16.3%.

• EBITDA was RMB 20.48 billion, down 6.6% year-over-year; adjusted net profit (excluding non-recurring items) was RMB 5.61 billion, down 19.4%.

• Fangchenggang Unit 4 began commercial operation in May 2024, contributing to higher power output.

Financial highlights

• Operating costs increased 5.3% year-over-year, mainly due to higher nuclear fuel and depreciation costs.

• Net profit margin fell to 22.5% from 27.6% year-over-year; EBITDA margin declined to 52.3% from 55.7%.

• Return on equity (ROE) dropped to 4.9% from 6.1%; return on total assets fell to 3.2% from 3.8%.

• Net cash inflow from operating activities was RMB 11.32 billion, down 11.5% year-over-year.

• Total assets reached RMB 436.8 billion, with total liabilities at RMB 263.1 billion.

Outlook and guidance

• No interim dividend recommended for H1 2025; 2024 final dividend of RMB 0.095/share paid in July 2025.

• Plans to ensure safe, stable operation, conduct 8 refuelling outages, and enhance equipment management in H2 2025.

• Focus on market development, cost control, lean management, and digital-intelligent solutions.

• Targeting average utilization hours in 2025 not less than the average of the past three years.

• Will pursue further project approvals, mass construction, and proprietary R&D in advanced nuclear systems.