China National Nuclear Power (601985) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached RMB 61.63 billion, up 8.16% year-over-year, driven by increased power generation volume.

• Net profit attributable to shareholders for the same period was RMB 8.00 billion, down 10.42% year-over-year, mainly due to dilution from REITs, debt-to-equity swaps, and increased costs.

• Third quarter net profit attributable to shareholders fell 23.45% year-over-year to RMB 2.34 billion.

Financial highlights

• Operating income for Q3 was RMB 20.66 billion, up 5.72% year-over-year.

• Total profit for Q3 was RMB 5.92 billion, down 9.23% year-over-year.

• Basic EPS for Q3 was RMB 0.114, down 29.19% year-over-year; for the first nine months, basic EPS was RMB 0.389, down 17.58%.

• Net cash flow from operating activities for the first nine months was RMB 30.27 billion, down 7.85% year-over-year.

• Total assets at quarter-end were RMB 720.72 billion, up 9.24% from the previous year-end.

Outlook and guidance

• Revenue growth was supported by higher power generation, but profit growth was constrained by increased costs and dilution from capital operations.

• New energy segment revenue grew 21.09%, but profit contribution declined due to dilution and cost pressures.