CGN POWER (1816) H1 2025 earnings summary

Executive summary

• Operates 28 nuclear units with 56.018 GW installed capacity, representing 44.46% of China's nuclear capacity as of June 30, 2025, with 20 units under construction.

• On-grid power generation reached 113,360 GWh in 2025H1, up 6.93% year-over-year, supported by new unit operations.

• Revenue for 2025H1 was RMB 39,167M, down 0.5% year-over-year; net profit attributable to shareholders was RMB 5,952M, a 16.3% decrease.

• Maintains industry-leading nuclear safety, with WANO indicators at advanced and excellent levels and no INSE incidents at level 2 or above.

• Significant environmental impact: 107.01 million tons CO₂ emissions avoided in 2025H1.

Financial highlights

• EBITDA for 2025H1 was RMB 20.48 billion, with an EBITDA margin of 52.3%, down from 55.7% year-over-year.

• Net profit margin declined to 22.5% from 27.6% year-over-year.

• Operating costs increased 5.3% year-over-year, mainly due to higher nuclear fuel and depreciation costs.

• Total assets reached RMB 436.8 billion, with total liabilities at RMB 263.1 billion as of June 30, 2025.

• Net cash inflow from operating activities was RMB 11.32 billion, down 11.5% year-over-year.

Outlook and guidance

• Focus on safety, quality, and excellence, with plans to ensure safe operations and electricity supply during peak summer and conduct 8 refuelling outages in H2 2025.

• Aims to push forward new project applications, commercial operation of Huizhou Unit 1, and further asset acquisitions.

• Will continue to pursue lean management, cost reduction, and favorable market-based tariffs, and optimize capital structure through convertible bond issuance.

• Targeting average utilization hours in 2025 not less than the average of the past three years.

• Will pursue further project approvals, mass construction, and proprietary R&D in advanced nuclear systems.