China National Nuclear Power (601985) H1 2026 earnings summary

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.