CGN POWER (1816) Q1 2025 earnings summary

Executive summary

• Operates 28 nuclear power units with 16 more under construction, totaling 51.2 GW installed capacity as of March 31, 2025.

• Achieved on-grid power generation of 56,689 GWh in Q1 2025, up 9.41% year-over-year; holding subsidiaries contributed 45.22 billion kWh, up 14.06%.

• Revenue reached RMB 20,028 million, a 4.41% increase compared to Q1 2024, driven by higher subsidiary generation.

• Net profit attributable to shareholders was RMB 3,026 million, down 16.07% year-over-year, mainly due to lower power prices and increased R&D expenses.

• Total assets stood at RMB 432.40 billion as of March 31, 2025, a 1.32% increase from year-end 2024.

Financial highlights

• Revenue for Q1 2025 was RMB 20,028 million, up 4.41% year-over-year.

• Net profit attributable to shareholders was RMB 3,026 million, a 16.07% decrease year-over-year.

• Net operating cash flow dropped 64.9% to RMB 1,961 million.

• Basic and diluted EPS was RMB 0.060, compared to RMB 0.071 in Q1 2024.

• Weighted average return on equity was 2.49%, down from 3.10% in Q1 2024.

Outlook and guidance

• Focus on safe and stable operation of all in-service units and maximizing full load generation.

• Plans to ensure high-quality construction of ongoing projects and prepare for new project approvals.

• Four new annual refueling outages and additional project preparations scheduled for Q2 2025.

• The company plans to issue A-share convertible corporate bonds, with regulatory approval received in March 2025.

• Cash dividend of RMB 0.95 per 10 shares for 2024 is proposed, pending shareholder approval.