CGN POWER (1816) Q3 2025 earnings summary

Executive summary

• Operating revenue for the first nine months of 2025 was RMB59.72 billion, down 4.09% year-over-year, mainly due to increased market-based transactions and lower market electricity prices.

• Net profit attributable to shareholders was RMB8.58 billion, a decrease of 14.14% year-over-year, reflecting the impact of market conditions on profitability.

• Total on-grid power generation rose 3.17% year-over-year to 172.179 billion kWh, with holding subsidiaries' output up 4.15%.

Financial highlights

• Basic earnings per share for the nine-month period was RMB0.1698, down 14.16% year-over-year.

• Net cash flows from operating activities were RMB20.79 billion, a decrease of 19.47% year-over-year.

• Total assets at September 30, 2025, reached RMB447.14 billion, up 4.80% from year-end 2024.

• Equity attributable to shareholders increased 2.25% to RMB123.35 billion.

Outlook and guidance

• The company continues to invest in nuclear power projects, with proceeds from recent bond issuances allocated to new unit construction.

• Market-based electricity transactions and price volatility are expected to continue impacting revenue and profit.