Nan Fang Du Shi Bao·2025-09-01 09:59Core Viewpoint - In the first half of 2025, despite a 3% increase in national electricity consumption, China General Nuclear Power Corporation (CGN) experienced a decline in revenue and profit, indicating pressure on its performance [2][3]. Group 1: Financial Performance - CGN reported a revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year [3][4]. - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% compared to the previous year [3][4]. - The overall gross margin for the company was 43.29%, which is a decline of 5.44 percentage points from the same period last year [3]. Group 2: Electricity Generation and Sales - CGN managed 28 operational nuclear power units and 20 under construction, with a total installed capacity of 31,796 MW and 24,222 MW, respectively, accounting for 44.46% of the national total [3][4]. - The total electricity generated by CGN's operational units was 113.36 billion kWh, representing a year-on-year increase of 6.93% [4]. - Electricity sales accounted for 78.27% of CGN's total revenue, with sales amounting to 30.658 billion yuan [3][4]. Group 3: Pricing Dynamics - The average market electricity price fell by over 8% year-on-year, impacting CGN's revenue despite increased electricity generation [4][5]. - The approved electricity price for CGN's operational units ranged from 0.35 to 0.42 yuan per kWh, while the average market price decreased to approximately 0.384 yuan per kWh [5][6]. - The decline in market prices was attributed to a relaxed power supply-demand balance and the introduction of renewable energy into the market [5]. Group 4: Regional Market Insights - Guangdong province is a crucial market for CGN, contributing 20.564 billion yuan to its revenue, which is 52.50% of the total [6]. - The electricity market in Guangdong is largely covered by medium- and long-term transactions, with a significant drop in average transaction prices compared to the previous year [6]. Group 5: Strategic Developments - CGN announced plans to acquire four nuclear power companies from its controlling shareholder, China General Nuclear Group [6].