China National Nuclear Power (601985) H1 2024 earnings summary

Executive summary

• Operating revenue for H1 2024 reached RMB 37.44 billion, up 3.15% year-over-year, driven by increased new energy capacity and power generation.

• Net profit attributable to shareholders was RMB 5.88 billion, down 2.65% year-over-year, with basic EPS at RMB 0.311.

• Total assets grew to RMB 599.98 billion, an 11.26% increase from the end of last year.

• No interim dividend or capital reserve to share capital plan was proposed for the half-year.

Financial highlights

• Operating income rose 3.15% year-over-year, mainly due to new energy installed capacity expansion.

• Net profit attributable to shareholders decreased 2.65% year-over-year; net profit after non-recurring items fell 1.13%.

• Operating cash flow was RMB 19.57 billion, down 10.81% year-over-year.

• Total assets reached RMB 599.98 billion, with net assets attributable to shareholders at RMB 93.25 billion.

• Non-recurring gains totaled RMB 60.20 million, mainly from government subsidies and investment returns.

Outlook and guidance

• The company will continue to expand nuclear and renewable energy, with 15 nuclear units under construction and over 130 new energy projects underway.

• Focus remains on safety, innovation, and market expansion, with plans to further increase clean energy capacity and overseas presence.

• Risks include market-based electricity price fluctuations, operational safety, and project construction delays.