China National Nuclear Power (601985) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 3.82% YoY to RMB 21.45bn and parent net income increased 3.80% to RMB 2.42bn; 9M revenue and parent net income fell 2.90% and 24.20%, respectively.

• 9M operating cash flow increased 16.20% YoY to RMB 35.17bn, despite lower revenue and profit.

Financial highlights

• 9M revenue was RMB 59.85bn, down 2.90% YoY; total profit was RMB 15.26bn, down 23.12%.

• 9M net income was RMB 12.05bn versus RMB 15.50bn; parent net income was RMB 6.07bn versus RMB 8.00bn.

• Adjusted parent net income, excluding non-recurring items, was RMB 5.98bn, down 24.90% YoY; 9M non-recurring gains net of tax and minority interests were RMB 89.58m.

• Q3 total profit was RMB 5.97bn, up 0.75% YoY; parent net income was RMB 2.42bn, up 3.80%.

Segment performance

• Nuclear revenue declined RMB 835m, or 1.67% YoY, and nuclear parent net income fell RMB 959m, or 12.84%.

• New-energy revenue declined RMB 951m, or 8.23% YoY; segment parent net income fell RMB 977m, or 182.59%.