Company Reports

CGN Power's first-half 2026 on-grid power generation from its subsidiaries declined 2.3% year over year, mainly due to longer refueling outages. However, core net profit was broadly flat, supported by a lower effective tax rate and reduced operating costs.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

China power utilities under our coverage have fallen more than 15% on average year to date, reversing a 3% gain in the first quarter, when optimism over artificial intelligence-driven data center power demand boosted sentiment.

CGN Power’s first‑quarter 2026 net profit fell 9% year on year, driven by a 10% decline in total on‑grid power generation, lower average tariff, and higher operating costs.

CGN Power’s 2025 total on‑grid power generation rose 2.4%, but net profit declined 9.9%, mainly attributable to an 8.7% drop in average market‑based tariff and a 5.3‑percentage‑point increase in the share of market‑based power generation to 56.2%.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

Share prices of the China power utilities under our coverage have fallen by about 3% on average since late October, following the release of third-quarter results. This contrasts with an average 6% rise in the third quarter due to accelerated subsidy collections.

CGN Power’s cumulative nine-month on-grid power generation from subsidiaries rose 4% year on year. However, net profit declined by 14%, largely due to lower average tariffs and higher operating costs.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

CGN Power’s first-half 2025 total on-grid power generation from subsidiaries rose 8.8% year on year. However, net profit fell 16.3%, primarily due to a lower average tariff, reduced value-added tax, or VAT, refunds, and higher operating costs.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

While CGN Power’s first-quarter 2025 total on-grid power generation rose 9.4% year on year, net profit fell 16.1%, mainly due to lower average tariff and higher operating costs.

While CGN Power’s 2024 total on-grid power generation rose 6.1% year on year, net profit was only up 0.8%, largely attributable to a 3.9% drop in average market-based tariff and higher operating costs, including nuclear fuel, depreciation, and income tax.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

After a short rally following China's stimulus announcement on Sept. 24, share prices of our China power utilities coverage retreated by about 20% on average since early October, as the market is likely disappointed with the lack of further government supportive measures.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.

We have seen weakness in CGN Power's share prices following the release of its disappointing third-quarter results. Management have provided more information in the recent briefing to help investors understand the results.

CGN Power’s revenue for the first nine months of 2024 grew 4.1% year on year, while net profit was up 2.9%. Total on-grid power generation from subsidiaries rose 5.0%, with stronger generation from Fangchenggang and Taishan partly offset by weak output from Daya Bay and Lingdong.

Since building the Daya Bay nuclear power plant in 1987, CGN Power has extended its leadership in the nuclear power market with a strong record of plant reliability, performance, and safety. Thanks to its scale and state-owned support, we expect CGN to remain as a leader in the sector.