CGN POWER (1816) H2 2025 earnings summary

Executive summary

• Operates 28 nuclear power units with a 51.15% share of China's installed nuclear capacity as of 2025, and 20 units under construction or management, totaling 56.06 GW installed capacity.

• Achieved stable operational performance, with an average capacity factor of 95% for Generation II/II+ units and over 85% of WANO indicators at world-advanced levels.

• Cumulative on-grid power generation during the 14th Five-Year Plan exceeded 1.07 TWh, reducing CO2 emissions by about 992 million tons.

• Strategic focus on technological innovation, digital nuclear power, and comprehensive use of nuclear energy, with R&D investment exceeding RMB 19.33 billion.

• Excluding non-recurring items, net profit attributable to shareholders fell 15.1% to RMB9,113.0 million.

Financial highlights

• Revenue for 2025 was RMB 75,697 million, down 4.11% year-over-year; profit attributable to shareholders was RMB 9,765 million, down 9.9%.

• EBITDA for 2025 was RMB 37,007 million, with an EBITDA margin of 48.9%.

• Cost as a percentage of revenue increased to 68.0% in 2025 from 62.6% in 2024.

• Net cash inflows from operating activities decreased 20.1% to RMB29,970.5 million.

• Dividend per share for 2025 was RMB 0.084, a 9.5% decrease from 2024, with a payout ratio of 44.09%.

Outlook and guidance

• Plans to advance project approvals, commission new units (Huizhou 1 & 2, Cangnan 1), and maintain high utilization hours in 2026.

• Continued focus on nuclear safety, cost control, and lean management across the nuclear power chain.

• Ongoing investment in R&D and technological innovation, with emphasis on fourth-generation reactors and digitalization.

• Plans to conduct 19 refuelling outages in 2026, including six 10-year outages.

• Will closely monitor electricity market changes and pursue favorable tariffs and market share.