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China National Nuclear Power (601985) investor relations material
China National Nuclear Power H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was RMB 38.40 billion, down 6.28% year-over-year due to increased nuclear plant overhauls, higher curtailment in renewables, and lower market electricity prices.
Net profit attributable to shareholders was RMB 3.64 billion, a 35.74% decrease year-over-year.
Cash flow from operating activities increased 2.42% year-over-year to RMB 19.18 billion.
Interim dividend of RMB 0.02 per share (RMB 410 million total) was proposed.
Financial highlights
Operating income: RMB 38.40 billion, down 6.28% year-over-year.
Net profit attributable to shareholders: RMB 3.64 billion, down 35.74% year-over-year.
EBITDA/Total Debt: 4.34%, down from 5.52% year-over-year.
Basic and diluted EPS: RMB 0.177, down 35.64% year-over-year.
Net assets attributable to shareholders: RMB 119.42 billion.
Total assets: RMB 787.67 billion.
Outlook and guidance
Company continues to focus on nuclear and clean energy expansion, with 27 operating nuclear units (26.21 GW) and 22 units under construction or approved (25.64 GW).
Renewable energy (wind/solar) operating capacity reached 35 GW, with 9.24 GW under construction.
Management expects continued pressure from market-based electricity pricing and renewable curtailment.
- Record power generation and profit growth, with strong expansion in nuclear and renewables.601985
H2 2025 - Net profit fell 34.19% year-over-year on lower revenue and higher overhaul costs.601985
Q1 2026 - Revenue up 8.16% but net profit down 10.42% year-over-year due to cost and dilution impacts.601985
Q3 2025 - Revenue up 9.43% year-over-year, net profit down 3.66%, interim dividend proposed.601985
H1 2025 - Profit declined as revenue growth was offset by lower electricity prices and rising costs.601985
Q3 2024 - Revenue up 3.15%, net profit down 2.65%, clean energy output and assets grew.601985
H1 2024 - Revenue up 3.09%, net profit down 17.38%, new energy growth offset nuclear decline.601985
H2 2024 - Revenue and net profit grew, but cash flow and new energy margins declined.601985
Q1 2025
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