The performance of China's nuclear power giants, China National Nuclear Power (CNNP) and China General Nuclear Power (CGN), for the first three quarters has been revealed.
The performance of China's nuclear power giants, China National Nuclear Power (CNNP) and China General Nuclear Power (CGN), for the first three quarters has been revealed.
On October 29, CNNP reported revenue of approximately 56.986 billion yuan for the first three quarters, a year-on-year increase of 1.6%. However, net profit attributable to shareholders was about 8.934 billion yuan, down 4.22%. Basic earnings per share were 0.472 yuan, a decrease of 2.88%. In the third quarter alone, CNNP achieved a net profit of 3.052 billion yuan, a 7.1% year-on-year decline, a more significant drop compared to the first half's 2.65% decline.
In contrast, CGN saw growth in its performance. For the same period, it reported revenues of around 62.27 billion yuan, a 4.06% increase year-on-year, and net profits of approximately 9.984 billion yuan, with a growth rate of 2.93%. In the third quarter specifically, it generated revenues of about 22.893 billion yuan and net profits of roughly 2.874 billion yuan, up 11% and 4% respectively from last year.
Despite four companies now having operational qualifications in China's nuclear market, CGN and CNNP remain the dominant players. As of September-end, CGN operates 28 active nuclear units with an installed capacity of 31 million kW, accounting for 54% of the national total, and also manages another 16 approved or under construction units. Meanwhile, CNNP controls 25 active units with an installed capacity nearing 24 million kW, representing around 41% of the national total. It also has another 18 units under construction or awaiting approval.
Notably, CGN operates solely as a nuclear generation platform, while CNNP manages renewable assets through Zhongke Huineng Co., Ltd. As of September-end this year, CNNP has over 24 million kW of operational renewable capacity and nearly 133 thousand kW of storage facilities.
Since regulatory approvals warmed up in 2018, both CGN and CNNP have shown consistent growth in their performances. However, CNNP's results showed an unusual decline this period while CGN continued to grow. This situation is attributed primarily to reduced market electricity prices impacting income relative to rising costs and other factors affecting cash flow dynamics, as outlined by CNNP's CFO Liu Huanbing during mid-2024 earnings discussions.