China National Nuclear Power (601985) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥40.97 billion, up 9.43% year-over-year; net profit attributable to shareholders was ¥5.67 billion, down 3.66% year-over-year, mainly due to reduced holding in a key subsidiary and its profit decline.

• Nuclear and new energy generation increased significantly, with total commercial power generation up 15.65% year-over-year and new energy generation up 35.76%.

• The company maintained a strong focus on safety, digital transformation, and innovation, with 26 nuclear units in operation and 19 under construction or approved.

• Interim dividend of ¥0.02 per share (pre-tax) was proposed, totaling approximately ¥411 million.

Financial highlights

• Operating income: ¥40.97 billion, up 9.43% year-over-year.

• Net profit attributable to shareholders: ¥5.67 billion, down 3.66% year-over-year.

• Total assets: ¥720.20 billion, up 9.16% from year-end 2024.

• Basic and diluted EPS: ¥0.275, down 11.58% year-over-year.

• Net cash flow from operating activities: ¥18.72 billion, down 4.33% year-over-year.

Outlook and guidance

• The company continues to expand nuclear and renewable energy capacity, with a focus on safety, digitalization, and innovation.

• Ongoing development of new projects and strategic emerging industries, including perovskite solar and isotopes.

• Commitment to stable dividends and shareholder returns, with a cash dividend payout ratio above 35% in recent years.