CGN POWER (1816) Q3 2025 earnings summary

Executive summary

• Operates 28 nuclear power units with 52.14% share of China's installed nuclear capacity and 20 units under construction, totaling 56.018 GW installed capacity as of September 30, 2025.

• Achieved 172,179 GWh on-grid power generation in the first three quarters of 2025, up 3.17% year-over-year, with holding subsidiaries' output up 4.15%.

• Operating revenue for the first nine months of 2025 was RMB 59.723 billion, down 4.09% year-over-year, mainly due to increased market-based transactions and lower market electricity prices.

• Net profit attributable to shareholders was RMB 8,576 million, a 14.14% decrease year-over-year, reflecting the impact of market conditions on profitability.

• Focuses on clean energy, stable operations, and long-term dividend payouts, with a vision to be a world-class nuclear power supplier.

Financial highlights

• Basic earnings per share for the nine-month period was RMB 0.1698, down 14.16% year-over-year.

• Excluding non-recurring gains or losses, net profit was RMB 8,180 million, down 16.05% year-over-year.

• Net cash flows from operating activities were RMB 20,792 million, a decrease of 19.47% year-over-year.

• Total assets at September 30, 2025, reached RMB 447.14 billion, up 4.80% from year-end 2024.

• Equity attributable to shareholders increased 2.25% to RMB 123.35 billion.

Outlook and guidance

• Plans to ensure safe and stable operation of all in-service units and maximize full load generation in Q4 2025.

• Two new annual refueling outages scheduled for Q4.

• Will promote high-quality construction of ongoing projects and adapt to market-based trading schemes.

• Continues to invest in nuclear power projects, with proceeds from recent bond issuances allocated to new unit construction.

• Market-based electricity transactions and price volatility are expected to continue impacting revenue and profit.