China National Nuclear Power (601985) H2 2025 earnings summary

Executive summary

• Achieved record annual power generation of 244.43 TWh, up 12.98% year-over-year, with nuclear generation surpassing 200 TWh for the first time, up 9.66%.

• Operating revenue reached ¥82.08 billion, up 6.22% year-over-year; net profit attributable to shareholders was ¥9.30 billion, up 6.00%.

• Nuclear segment contributed ¥67.11 billion in revenue, up 4.02%, and ¥8.96 billion in net profit, up 18.53%.

• New energy segment (wind/solar) saw rapid growth, with generation up 31.29% and installed capacity up 13.67%.

• 22 nuclear units achieved WANO full marks, with average utilization hours exceeding 8,000 for the first time.

Financial highlights

• Total assets at year-end were ¥749.26 billion, up 13.57% year-over-year; net assets attributable to shareholders were ¥118.72 billion, up 7.71%.

• Gross margin for the power segment was 41.27%, down 2.08 percentage points year-over-year.

• Basic and diluted EPS were ¥0.453, down 2.16% year-over-year.

• Operating cash flow was ¥37.41 billion, down 8.13% year-over-year.

• Asset-liability ratio was 69.01%, up 0.74 percentage points.

Outlook and guidance

• Strategic focus on expanding nuclear and clean energy, with 2030 targets of over 40 GW nuclear capacity and global leadership in nuclear operations.

• Plans to further increase new energy capacity and accelerate deployment of strategic emerging industries.

• Emphasis on digital transformation, cost control, and international market expansion.