Xin Lang Cai Jing·2025-08-30 00:54Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with significant impacts from electricity price decreases and increased costs in its nuclear power business [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit attributable to shareholders of 5.952 billion yuan, down 16.30% [1] - For Q2 2025, revenue was 19.139 billion yuan, a decline of 5.23%, with net profit at 2.926 billion yuan, down 16.54% [1] - Non-recurring gains in H1 2025 amounted to 343 million yuan, primarily from government research project subsidies [1] Nuclear Power Business - The company's nuclear power generation in H1 2025 was 94.691 billion kWh, an increase of 7.80% year-on-year, attributed to the operation of the Fangchenggang Unit 4 and reduced maintenance days [2] - The revenue per kWh decreased by 7.27% to 0.343 yuan, mainly due to a drop in market electricity prices, which fell by approximately 8.23% [2] - The gross margin for the nuclear power business decreased by 5.45 percentage points to 43.29% due to the combined effects of falling electricity prices and rising costs [2] Other Income and Taxation - Other income decreased to 491 million yuan, down 5.19 billion yuan year-on-year, primarily due to a reduction in VAT refunds [3] - Income tax expenses increased to 2.490 billion yuan, up 378 million yuan year-on-year, influenced by tax adjustments related to VAT refunds and the expiration of tax incentives for certain nuclear power units [3] Investment and Acquisitions - The company acquired stakes in four nuclear power companies for a total consideration of 9.375 billion yuan, which is expected to enhance growth and performance [4] - The projected net profits for 2025-2027 are 9.768 billion, 10.622 billion, and 11.631 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.75x, 18.16x, and 16.59x [4]