China General Nuclear’s 2025 net profit was RMB 9.765 billion, with a plan to distribute RMB 0.86 for every 10 shares

On March 25th, China General Nuclear (003816) disclosed its 2025 annual report. The company achieved an operating revenue of approximately 75.7B yuan for the full year, a decrease of 4.11% compared to the previous year; net profit attributable to the parent company was about 9.77B yuan, down 9.90%; net cash flow from operating activities was approximately 29.97B yuan, a decline of 20.09% from the previous year. The company plans to distribute a cash dividend of 0.86 yuan (tax included) for every 10 shares to all shareholders, with total cash dividends of 4.34B yuan (tax included). The dividend payout ratio at the end of 2025 is approximately 44.47%. The above dividend distribution is expected to be paid around July 10, 2026.

In terms of nuclear power project construction and operation, as of the end of 2025, China General Nuclear manages 28 operational nuclear units and 20 units under construction (including 4 units managed by the company on behalf of its controlling shareholder). Regarding units under construction, as of December 31, 2025, the group manages a total of 20 units, with 4 in debugging, 2 in equipment installation, 7 in civil construction, and 7 in FCD preparation. In 2025, units such as Lufeng 1, Huizhou 3, Zhaoyuan 1, Cangnan 3, Ningde 6, and Lufeng 2 commenced construction successively; in April of the same year, the Taishan Phase II project and Fangchenggang Phase III project received approval. In 2025, the total power generation from the company’s operated nuclear units was 232.65B kWh, an increase of 2.36% compared to 2024.

Regarding electricity sales, the power generated by the nuclear power plants is sold according to power purchase agreements. In 2025, China General Nuclear’s grid-connected electricity was 183.5B kWh, and the actual electricity consumption of external users代理ed by various sales companies of China General Nuclear was approximately 130.85B kWh. The company’s electricity sales revenue (including commissioning electricity income) in 2025 totaled about 61.76B yuan, accounting for 81.6% of the company’s annual operating revenue.

Meanwhile, in 2025, China General Nuclear’s operational nuclear units achieved a total grid-connected electricity of 232.65B kWh (including joint ventures), an increase of 2.36% year-on-year. Market-based trading electricity accounted for about 56.2% of the total grid-connected electricity, up approximately 5.3 percentage points year-on-year.

On the other hand, in 2025, China General Nuclear’s various sales companies tracked the electricity markets in their respective provinces and regions, participated in market transactions, and代理ed 449 retail users, with actual electricity consumption of approximately 25.54B kWh (including代理ed users outside the group). Due to a general decline in market transaction prices, the company’s average market electricity price decreased by about 8.8% compared to 2024.

Besides focusing on nuclear power generation as the main business, the company is also conducting research on comprehensive nuclear energy utilization and expanding diversified nuclear energy products.

First, the promotion of key projects. In terms of nuclear heating, China General Nuclear’s demonstration heating project in Hongyanhe Town, Liaoning, has maintained stable operation during the 4th heating season, and the Weifang heating project is progressing; the Shandong nuclear heating project is advancing with the goal of “commissioning simultaneously with units.” In terms of nuclear steam supply, the company has preliminarily secured some steam demand in Guangxi and Fujian.

Second, in exploring scenarios for comprehensive nuclear energy utilization, China General Nuclear mainly conducts preliminary research around energy storage technology, seawater desalination, and “nuclear power + computing center” directions.

(Source: Securities Times)