Live Coverage of the Earnings Conference | China General Nuclear Management: Achieving the "Triple Nuclear Power Goal" at the current development pace, uranium resources can meet the demand for the next few years

Every reporter｜Kong Zesi Every editor｜Bi Luming

On March 26, China General Nuclear Power Corporation (SZ003816) held its annual performance conference in Shenzhen. In 2025, China General Nuclear achieved an operating revenue of 75.697 billion yuan and a net profit attributable to shareholders of 9.765 billion yuan.

Despite the impact of declining market electricity prices, the company’s revenue and net profit attributable to shareholders showed a year-on-year decline in 2025, but China General Nuclear still maintained a high dividend payout ratio. The company’s board of directors proposed a total tax-inclusive dividend of 0.086 yuan per share for 2025, which translates to a dividend payout ratio of approximately 44.47% based on the total share capital as of the end of 2025, with a moderate growth in dividend payout ratio from 2021 to 2025.

In recent years, the approval speed of nuclear power units in China has been relatively fast. The management of China General Nuclear stated at the meeting that the construction of the company’s projects is gradually entering a peak period, with capital expenditures expected to rise year by year, and the company remains confident in the number of units expected to be approved each year.

In 2025, all 28 operational units managed by China General Nuclear achieved “zero unplanned outages,” generating 232.648 billion kilowatt-hours of electricity, a year-on-year increase of 2.36%, accounting for 53.00% of the national nuclear power generation.

Pang Songtao, Executive Director and President of China General Nuclear, stated at the performance meeting that the main reasons for the decline in performance include the overall decline in market trading electricity prices in Guangdong and Guangxi, with the average tax-inclusive market trading electricity price for 2025 expected to be approximately 0.3531 yuan/kWh, a decrease of about 3.4 cents/kWh compared to 2024.

“In the face of market conditions, we continue to execute plans to secure more electricity generation indicators, strive for better market electricity volume and prices, develop and utilize incremental market opportunities, and secure more cross-province electricity sales strategies, actively develop quality users, and promote full generation of units, essentially completing the annual power generation plan,” Pang Songtao stated.

In recent years, the total installed capacity of nuclear power units managed by China General Nuclear, both operational and under construction, has grown from approximately 35.35 million kilowatts at the end of 2020 to about 56.06 million kilowatts, with a cumulative electricity generation exceeding 1.07 trillion kilowatt-hours, resulting in an equivalent reduction of approximately 992 million tons of carbon dioxide emissions.

In 2025, the progress of construction projects by China General Nuclear accelerated. The nuclear power units 5 and 6 at Fangchenggang, Guangxi, and units 3 and 4 at Taishan, Guangdong, received national approval; units 1 and 2 at Lufeng, Guangdong, unit 3 at Taipingling, Guangdong, unit 1 at Zhaoyuan, Shandong, unit 3 at San’ao, Zhejiang, and unit 6 at Ningde, Fujian, totaling 6 units, achieved FCD (First Concrete Pour Date for the main reactor building) and entered the full construction phase; unit 1 at Taipingling, Guangdong, and unit 1 at San’ao, Zhejiang, received operating licenses and completed their first fuel loading.

Yin Engang, Chief Financial Officer and Board Secretary of China General Nuclear, introduced at the meeting that the total capital expenditure for the company in 2025 is approximately 37.548 billion yuan, an increase of 9.6% year-on-year. He stated that as the number of units under construction increases and project construction gradually enters a peak period, the company’s capital expenditure is expected to rise year by year.

Recently, global nuclear power development has shown a positive trend. On March 10, at the second Nuclear Energy Summit held in Paris, France, China announced its joining of the “Triple Nuclear Energy Declaration” initiated by 22 countries at the 28th United Nations Climate Change Conference.

It is reported that the core goal of the “Triple Nuclear Energy Declaration” is to triple the global installed nuclear power capacity by 2050 compared to 2020, to help achieve global net-zero emissions around the middle of this century, as well as the global temperature control goals set out in the Paris Agreement.

At the same time, the “14th Five-Year Plan” clearly states that the operational installed capacity of nuclear power will reach about 110 million kilowatts.

Do the above development goals mean more opportunities for China General Nuclear? Yang Changli, Chairman of China General Nuclear, responded that China’s nuclear power development maintains a positive, safe, and orderly trend, with an approval pace of about 10 units per year over the past two years, and it is expected to continue this momentum in the future. According to calculations, at this pace, it will fully achieve the triple nuclear energy target.

Yang Changli stated that the current nuclear power site resources of China General Nuclear can ensure that at least 4 units meet the approval conditions each year, and the company has the capability and resources to match development needs.

To meet the demand for nuclear energy development, the assurance of uranium resources is essential. Yang Changli indicated at the meeting that natural uranium is also facing rising resource prices, but the amount of uranium resources currently controlled by China can meet the needs for the present as well as during the “14th Five-Year Plan” period and for some time afterward. To further develop nuclear energy, it is still necessary to increase resource development efforts.

China General Nuclear’s measures to ensure uranium resource supply mainly include three aspects: first, increasing uranium mining and exploration; second, locking in a portion of resources through long-term trade and other market mechanisms to ensure safe and reliable supply amid changing situations; third, long-term planning, including adhering to a closed-loop nuclear fuel cycle policy and fully utilizing the uranium resources that can still be extracted from spent fuel.

Moreover, in terms of new technology research and development, China General Nuclear introduced that the company began validation of fourth-generation reactor technology development during the “13th Five-Year Plan” period and chose a lead-cooled fast reactor technology route. This experimental reactor was approved by the state in 2025, and construction has already commenced, with completion expected during the “14th Five-Year Plan” period. Upon completion of the experimental reactor, the company will accelerate the promotion of demonstration reactor construction in line with national and company plans.

Cover image source: Provided by the company (video screenshot)