Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing challenges in the nuclear power sector due to price and volume pressures. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 59.723 billion yuan, a year-on-year decrease of 4.09% - The net profit attributable to shareholders was 8.576 billion yuan, down 14.14% year-on-year - In Q3 2025, revenue was 20.556 billion yuan, a decline of 10.21% year-on-year, with a net profit of 2.624 billion yuan, down 8.81% year-on-year [1][2] Operational Challenges - The total nuclear power generation for the first three quarters of 2025 was 172.179 billion kWh, an increase of 3.17% year-on-year, but Q3 generation was 58.819 billion kWh, a decrease of 3.39% year-on-year - The average nuclear power generation price in Q3 2025 is estimated to have decreased by approximately 1.2 cents per kWh, contributing to revenue decline - Operating costs in Q3 2025 decreased by 6.47% year-on-year, while sales, management, R&D, and financial expenses varied, with significant reductions in sales and R&D costs [2] Growth Prospects - As of September 30, 2025, the company has 20 nuclear power units under construction, with several expected to be operational between 2025 and 2028, indicating substantial long-term growth potential - The cancellation of the variable cost compensation mechanism for Guangdong nuclear power units starting in 2026 is expected to enhance profitability for the company [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 9.450 billion yuan, 9.785 billion yuan, and 10.561 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year changes of -12.62%, +3.54%, and +7.94% - The price-to-earnings ratio for the company's stock as of November 3, 2025, is estimated to be 21.43, 20.70, and 19.17 for the respective years [4]