China National Nuclear Power (601985) H2 2024 earnings summary

Executive summary

• Achieved annual production and operational targets with stable economic performance; net profit attributable to shareholders was ¥8.78 billion, down 17.38% year-over-year.

• Total operating revenue reached ¥77.27 billion, up 3.09% year-over-year, driven by increased new energy capacity.

• Total assets grew 22.34% to ¥659.74 billion; net assets attributable to shareholders rose 21.18% to ¥110.22 billion.

• Cash dividend proposal: ¥1.60 per 10 shares, total cash dividend of ¥3.29 billion, representing 41.92% payout ratio.

• Board and management confirmed the accuracy and completeness of the financial statements; received unqualified audit opinion.

Financial highlights

• Net profit attributable to shareholders: ¥8.78 billion, down 17.38% year-over-year.

• Operating revenue: ¥77.27 billion, up 3.09% year-over-year.

• Operating cash flow: ¥40.72 billion, down 5.58% year-over-year.

• Basic and diluted EPS: ¥0.463, down 16.43% year-over-year.

• Gross margin for power business: 43.34%, down 1.94 percentage points year-over-year.

Outlook and guidance

• Strategic focus on high-quality growth, safety, and innovation; aims to exceed 40 GW nuclear capacity by 2030.

• Plans to accelerate nuclear and non-nuclear clean energy projects, with continued expansion in strategic emerging industries.

• Emphasis on digital transformation, cost control, and capital market operations to enhance value creation.