CGN Power (01816) reported first-half 2026 operating revenue of RMB 31.48 billion, down 2.8% year-on-year, mainly reflecting longer refuelling outages and a 3.3% drop in on-grid generation to 109.60 TWh.

Net profit attributable to shareholders edged up 2.7% to RMB 6.11 billion, aided by a higher VAT refund and consolidation gains from the acquisitions of Ningde Second Nuclear and Cangnan Nuclear. Excluding non-recurring items, core profit slipped 0.5% to RMB 5.58 billion.

Operating metrics weakened modestly: the EBITDA margin fell to 61.3% (H1 2025: 63.2%), while interest coverage narrowed to 3.4 times from 3.8 times. The asset-liability ratio rose to 68.2% (end-2025: 65.6%).

Cost of principal operations declined 8.5% to RMB 17.10 billion, driven by lower depreciation charges and reduced construction work for group wind projects. Finance costs inched up 1.5% to RMB 2.32 billion as total borrowings expanded 12.7% to RMB 348.13 billion.

Free cash flow remained negative: investment cash outflow widened 28.8% to RMB 26.60 billion on heavier project spending, while net financing inflow fell 42.9% to RMB 11.54 billion after equity purchases from the parent group.

At 30 June 2026, CGN Power managed 30 operating reactors (34.25 GW) and 18 units under construction (21.81 GW). Huizhou 1 and Cangnan 1 entered commercial operation in April; Huizhou 2 qualified in early August. Average fleet capacity factor stood at 87.93% versus 91.02% a year earlier.

Cash on hand was RMB 19.50 billion, complemented by unutilised bank credit lines of RMB 669.16 billion and up to RMB 19.20 billion in available bond quota. No interim dividend was proposed, in line with the existing payout policy.

Management targets maintaining full-year average utilisation hours at or above the three-year average, advancing new-build approvals, and tightening cost controls as construction accelerates during China’s “15th Five-Year” energy plan.