CGN POWER (1816) H2 2025 earnings summary

Executive summary

• Operating revenue for 2025 was RMB75,696.6 million, down 4.1% year-over-year.

• Net profit attributable to shareholders was RMB9,765.4 million, a 9.9% decrease year-over-year.

• Excluding non-recurring items, net profit attributable to shareholders fell 15.1% to RMB9,113.0 million.

• The Board proposed a final cash dividend of RMB0.086 per share, with a payout ratio of 44.47%.

• 28 nuclear power units in operation and 20 under construction at year-end 2025.

Financial highlights

• EBITDA margin declined to 48.9% from 51.5% year-over-year.

• Net profit margin was 19.5%, down from 22.1% in 2024.

• Return on equity (excluding non-controlling interests) was 7.8%, compared to 8.7% last year.

• Total assets increased to RMB505.7 billion, with total liabilities at RMB329.4 billion.

• Net cash inflows from operating activities decreased 20.1% to RMB29,970.5 million.

Outlook and guidance

• Plans to conduct 19 refuelling outages in 2026, including six 10-year outages.

• Focus on safety, quality, and innovation, with continued investment in R&D and new nuclear projects.

• Targeting average utilization hours in 2026 not less than the average of the past three years.

• Will closely monitor electricity market changes and pursue favorable tariffs and market share.