2025-10-30 15:21Summary of China General Nuclear Power Corporation (CGN) Conference Call Company Overview - Company: China General Nuclear Power Corporation (CGN) - Reporting Period: First three quarters of 2025 Key Financial Metrics - On-grid Power Generation: 217.09 billion kWh, a 3.17% year-over-year increase [2][3] - Subsidiaries' Contribution: 135.742 billion kWh, up 4.15% year-over-year [2][3] - Revenue: RMB 59.723 billion, a 4.09% decrease year-on-year [2][3][10] - Net Attributable Profit: RMB 8.576 billion, down 14.14% year-on-year; adjusted profit (excluding non-recurring items) was RMB 8.18 billion, reflecting a decline of 16.05% [2][3][10] - Liability Ratio: 60.8%, an increase of 1.1 percentage points from the end of 2024 [2][11] - Interest Coverage Ratio: Stable at 4.6 times year-on-year [2][11] Operational Performance - Electricity Consumption Growth: China's total electricity consumption grew by 4.6% year-on-year, reaching approximately 7.77 trillion kWh [2][4] - Utilization Rate: Average utilization rate of managed nuclear units increased to 5,750 hours, an improvement of 50 hours compared to last year [4] - Refueling Outages: Fewer refueling outages compared to the same period last year contributed positively to performance [4] Market Dynamics - Market-based Power Transactions: Accounted for 56.2% of total transactions, up five percentage points from last year; Guangdong province's share increased to approximately 31.8% [4][5] - Average Market Transaction Price: Decreased to RMB 0.356 per kWh, down approximately RMB 0.034 from the previous year [5][8] Significant Projects - Cangnan Unit Two: Commenced cold functional testing [6] - HPR1,000 Batch Construction: Progressing smoothly [6] - Fangchenggang Unit Four: Began commercial operation [6] - Annual Maintenance: Included twelve annual refueling outages and two ten-year outages, all conducted as planned [6] Future Outlook and Strategies - Guangdong Power Market Transactions for 2026: Up to 40% of power generated by specific nuclear plants will serve as the annual market transaction cap [2][14] - Cost Management: Focus on controlling inspection and maintenance costs, leveraging advanced technologies for efficiency [32] - Dividend Policy: Plans to align post-2025 dividend payouts with investor expectations and regulatory guidelines [32] Additional Insights - Back Tax Payments: Total of approximately RMB 1.2 billion, impacting net attributable profit by around RMB 300-400 million [20] - VAT Refunds: Positive progress for Yangjiang, with Fangchenggang facing challenges but still securing more refunds than last year [25][30] - Asset Injection Plans: Huizhou Nuclear Power to be injected into CGN by the end of 2025 [19] Conclusion CGN's performance in the first three quarters of 2025 reflects a mix of operational stability and financial challenges, influenced by market dynamics and strategic project developments. The company is focused on maintaining operational efficiency while navigating the evolving electricity market landscape.