CGN POWER (1816) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was RMB 16.32 billion, down 13.25% year-over-year due to lower electricity sales volume, on-grid power generation, and market tariffs.

• Net profit attributable to shareholders was RMB 2.74 billion, a 9.33% decrease year-over-year.

• Total assets at quarter-end reached RMB 530.29 billion, up 4.87% from year-end 2025.

• Total on-grid power generation by the group was 50.96 billion kWh, down 10.11% year-over-year.

Financial highlights

• Operating cash flow increased 44.18% year-over-year to RMB 3.48 billion, mainly due to reduced nuclear fuel procurement payments.

• Basic EPS was RMB 0.054, down 10% year-over-year; diluted EPS was RMB 0.052, down 13.33%.

• Non-recurring profit items contributed RMB 82.37 million, mainly from government R&D subsidies.

• Net profit margin (attributable to shareholders) was 16.8%.

• Total assets at period end: RMB 530.29 billion, up 4.87% from year-end 2025.

Outlook and guidance

• Lower electricity sales and market prices are expected to continue impacting revenue and profit.

• Dividend of RMB 0.86 per 10 shares for 2025 proposed, subject to AGM approval, to be paid around July 10, 2026.

• Convertible bonds conversion period started January 15, 2026, ending July 8, 2031.