China National Nuclear Power (601985) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 18.92 billion, down 6.65% year-over-year due to lower power generation and electricity prices.

• Net profit attributable to shareholders fell 34.19% year-over-year to RMB 2.06 billion, mainly from increased overhaul costs and reduced VAT rebates.

• Cash flow from operating activities increased 41.71% year-over-year to RMB 8.13 billion, driven by reduced cash outflows for goods, services, and taxes.

Financial highlights

• Operating income: RMB 18.92 billion, down 6.65% year-over-year.

• Total profit: RMB 5.31 billion, down 30.71% year-over-year.

• Net profit attributable to shareholders: RMB 2.06 billion, down 34.19% year-over-year.

• Basic and diluted EPS: RMB 0.10, down 34.21% year-over-year.

• Total assets at period end: RMB 776.97 billion, up 3.70% from year-end 2025.

Outlook and guidance

• Lower power generation and electricity prices, as well as increased overhaul activity, are expected to continue impacting profitability.