China National Nuclear Power (601985) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 20.27 billion, up 12.70% year-over-year, driven by increased power generation volume.

• Net profit attributable to shareholders was RMB 3.14 billion, a 2.55% increase compared to Q1 2024.

• Nuclear power segment saw revenue growth of 10.46% and net profit growth of 11.52% year-over-year.

Financial highlights

• Operating cash flow was RMB 5.74 billion, down 39.50% year-over-year due to higher cash outflows for goods, services, and taxes.

• Basic and diluted EPS were both RMB 0.152, down 6.17% from the previous year.

• Total assets at quarter-end were RMB 687.70 billion, up 4.24% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders rose 3.11% to RMB 113.65 billion.

• Adjusted net profit (excluding non-recurring items) was RMB 3.13 billion, up 2.95% year-over-year.

Segment performance

• New energy revenue grew 24.64% year-over-year, but net profit attributable to shareholders fell 51.32% due to REITs issuance, debt-to-equity swaps, and dilution from capital increases.

• Nuclear power business continued to be the main profit driver, with robust growth in both revenue and net profit.