# China National Nuclear Power

**China National Nuclear Power** (中国核能电力股份有限公司, short name 中国核电, SSE code 601985) is the listed nuclear generation arm of [China National Nuclear Corporation](https://www.edgepedia.org/china-national-nuclear-corporation) (CNNC), operating 27 nuclear reactors with 26,212 MW of installed capacity plus about 33.6 GW of controlled wind and solar as of early 2026.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup><sup> • </sup><sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup> China's nuclear industry is dominated by CNNC, CGN, and SPIC.<sup>[3](https://www-pub.iaea.org/MTCD/publications/PDF/cnpp2018/countryprofiles/China/China.htm)</sup> The company was jointly invested at establishment by CNNC, China Three Gorges Corporation, China COSCO SHIPPING, and China Aerospace Investment Holdings.<sup>[4](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)</sup>

| Key fact | Detail |
|---|---|
| Listing | A-shares on the Shanghai Stock Exchange, short name 中国核电, code 601985; 451,100 shareholders at end-2025<sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup> |
| Operating fleet | 27 controlled nuclear units, 26,212 MW, at Qinshan, Sanmen, Tianwan, Fuqing, Zhangzhou, and Changjiang (as of 31 March 2026)<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> |
| Pipeline | 22 units under construction or approved, 25,635 MW, as of the 2026 interim disclosure<sup>[5](http://static.cninfo.com.cn/finalpage/2026-08-29/1225531682.PDF)</sup> |
| 2025 generation | 244.43 billion kWh commercial generation (up 12.98%), of which nuclear 200.807 billion kWh (up 9.66%)<sup>[6](https://paper.cnstock.com/html/2026-01/08/content_2167918.htm)</sup> |
| 2025 results | Revenue RMB 82.075 billion (up 6.22%); attributable net profit RMB 9.304 billion (up 6.00%)<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> |
| Ownership | CNNC holds 55.67%; National Social Security Fund 7.02%<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> |
| Renewables | 33,641 MW controlled new-energy capacity at end-2025 (10,626.8 MW wind, 23,014.2 MW solar)<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> |
| 2025 tariff | Average on-grid price 0.3899 yuan/kWh including VAT, down 6.27% from 0.4160 in 2024<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> |

## Ownership and corporate structure

CNNP is the generation-side listing of CNNC, which as controlling shareholder held 55.67% (11,449,937,095 shares) at end-2025; the National Social Security Fund held 7.02%.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> The parent CNNC is a reactor designer, fuel-cycle operator, and defense-industrial group; the listed company develops, invests in, builds, and operates nuclear and renewable power projects and sells electricity.<sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup> Co-investors China Three Gorges, China COSCO SHIPPING, and China Aerospace Investment Holdings sit alongside CNNC in the register.<sup>[4](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)</sup>

**Plant-level stakes.** CNNP controls but does not wholly own its operating subsidiaries: Qinshan 72%, Sanmen 56%, Jiangsu (Tianwan) 50%, Hainan 51%, Liaoning 54%, and Fujian Fuqing 51%.<sup>[4](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)</sup> The company profile also lists 51% of CNNP Guodian Zhangzhou Energy, 54% of CNNP Liaoning Nuclear Power, and 51.16% of Hunan Taohuajiang Nuclear Power.<sup>[7](https://www.cnnp.com.cn/cnnp/attachDir/2026/05/2026050615174362600.pdf)</sup> Total 2025 profit was RMB 23.289 billion, and 2024 net profit was RMB 16.553 billion.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup><sup> • </sup><sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup>

## Reactor fleet and operations

The 27 operating units break down as Qinshan 9 units (6,702 MW), Sanmen 2 (2,500 MW), Tianwan 6 (6,608 MW), Fuqing 6 (6,678 MW), Zhangzhou 2 (2,424 MW), and Changjiang 2 (1,300 MW).<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> Qinshan, China's first mainland nuclear plant, runs CNP-300, CNP-600, and CANDU 6 units (the only commercial heavy-water plant in China); Sanmen hosts the world's first AP1000 plant (2 × 1,250 MWe); Fuqing 5–6 are the world's first Hualong One units (2 × 1,161 MWe); Tianwan and Xudabao use Russian VVER-1200 designs.<sup>[4](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)</sup>

**Output and reliability.** In 2025 the fleet generated 244.43 billion kWh commercially, up 12.98%, with nuclear output of 200.807 billion kWh including 10.24 billion kWh equivalent from 3.4128 million tonnes of steam supplied by Jiangsu Nuclear.<sup>[6](https://paper.cnstock.com/html/2026-01/08/content_2167918.htm)</sup> Load factor reached 91.76%, capability factor 94.79%, and average utilization hours exceeded 8,000 for the first time; 22 units scored full marks on the WANO composite index, averaging 98.84.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup><sup> • </sup><sup>[9](https://cniis.aastocks.com/CNSESH_STOCK/2026/2026-5/2026-05-15/12318976.pdf)</sup> Power is sold mainly to provincial grid companies: Qinshan to State Grid Zhejiang, Fuqing and [Zhangzhou](https://www.edgepedia.org/zhangzhou) to State Grid Fujian, Tianwan to State Grid Jiangsu, and Changjiang to Hainan Grid, settled monthly.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup>

In 2024, nuclear generation was 183.122 billion kWh (down 1.80%) against a national Chinese nuclear output of about 445.1 billion kWh; new-energy generation of 33.227 billion kWh grew 42.21%.<sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup>

## Growth pipeline and Hualong One

As of the 2026 interim disclosure CNNP controlled 22 nuclear units under construction or approved, totalling 25,635 MW.<sup>[5](http://static.cninfo.com.cn/finalpage/2026-08-29/1225531682.PDF)</sup> The controlled units under construction as of 31 March 2026 (15,148 MW) included Xudabao 1–4 (5,130 MW), Tianwan 7–8 (2,530 MW), Sanmen 3–4 (2,502 MW), Zhangzhou 3–4 (2,424 MW), and a 125 MW Hainan small reactor.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> On 31 July 2026, Zhuanghe Units 1–2 (1,250 MW each) and Jinqimen Units 3–4 (1,230 MW each) were approved, CNNP's four 2026 approvals.<sup>[5](http://static.cninfo.com.cn/finalpage/2026-08-29/1225531682.PDF)</sup> During the 14th Five-Year Plan period CNNP obtained approval for 18 units, about 39% of the national total, and it targets about six units per year becoming ready for approval under the 15th Five-Year Plan.<sup>[9](https://cniis.aastocks.com/CNSESH_STOCK/2026/2026-5/2026-05-15/12318976.pdf)</sup><sup> • </sup><sup>[5](http://static.cninfo.com.cn/finalpage/2026-08-29/1225531682.PDF)</sup>

**Hualong One** (HPR1000) is a 1,100 MW net pressurized water reactor developed by CNNC; since the first unit came online in 2021, 6 additional units have begun commercial operation in China, 16 are under construction, and 18 have been approved, and CNNC states it will become China's mainstream third-generation thermal reactor by 2030.<sup>[10](https://www.csis.org/analysis/chinas-nuclear-energy-priorities-under-its-15th-five-year-plan)</sup>

## Financial performance

The 2023–2025 trajectory shows revenue growth with a 2024 profit dip and 2025 recovery:

- **2024**: revenue RMB 77.272 billion, up 3.09%; attributable net profit RMB 8.777 billion, down 17.38%; operating cash flow RMB 40.721 billion, down 5.58%.<sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup>
- **2025**: revenue RMB 82.075 billion, up 6.22%; total profit RMB 23.289 billion; attributable net profit RMB 9.304 billion, up 6.00%.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> The AGM materials state revenue of RMB 82.133 billion, up 6.29%, a small discrepancy with the audited annual report figure.<sup>[9](https://cniis.aastocks.com/CNSESH_STOCK/2026/2026-5/2026-05-15/12318976.pdf)</sup>

Profitability has compressed as the fleet and debt grow: weighted average ROE fell from 12.19% in 2023 to 9.44% in 2024 and 8.21% in 2025, and basic EPS fell from RMB 0.463 to RMB 0.453.<sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup><sup> • </sup><sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup> Total assets reached RMB 749.26 billion at end-2025, up 13.57%, with a debt-to-asset ratio of 69.01%.<sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup> The nuclear segment itself strengthened in 2025: nuclear revenue of RMB 67.164 billion, up 4.11%, and nuclear attributable net profit of RMB 8.958 billion, up 18.53%.<sup>[9](https://cniis.aastocks.com/CNSESH_STOCK/2026/2026-5/2026-05-15/12318976.pdf)</sup> Bond proceeds have been used to repay project loans of the Sanmen, Fujian Fuqing, and Jiangsu subsidiaries, illustrating the project-financing repayment model behind the high leverage.<sup>[11](http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/BOND/2024/2024-8/2024-08-31/20802332.PDF)</sup>

**Dividends.** The 2024 full-year cash dividend was RMB 1.80 per 10 shares (tax inclusive, including interim distributions), totaling RMB 3.669 billion, a 41.92% payout of attributable net profit.<sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup> For 2025 the company proposed RMB 0.16 per share, about RMB 3.282 billion on 20.568 billion shares.<sup>[2](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)</sup>

## How it compares with CGN Power

[CGN Power](https://www.edgepedia.org/cgn-power) is the listed arm of rival state group CGN (supervised by SASAC). In 2024 CGN's 28 operating units generated 227.284 billion kWh of grid-connected electricity, up 6.13%, against CNNP's 216.349 billion kWh total generation; CGN's attributable net profit was RMB 10.814 billion, up 0.83%, against CNNP's RMB 8.777 billion, down 17.38%.<sup>[12](https://en.cgnpc.com.cn/encgn/pressReleases/2026-04/24/content_636519c1901048059b766134ffdf2c85.shtml)</sup><sup> • </sup><sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup> CGN claims a 51.15% share of China's operating nuclear installed capacity and 56.06 GW of total installed capacity (operating plus under construction), and proposed a final 2024 dividend of RMB 0.095 per share on 50.5 billion issued shares.<sup>[13](http://en.cgnp.com.cn/encgnp/c100891/2026-03/26/9ee52f69e1fd4487b3b2cfc92a205531/files/6c422efa38454581965ae3af0c7a8dea.pdf)</sup><sup> • </sup><sup>[12](https://en.cgnpc.com.cn/encgn/pressReleases/2026-04/24/content_636519c1901048059b766134ffdf2c85.shtml)</sup> CNNP's operating fleet spans Zhejiang, Jiangsu, Fujian, and Hainan under CNNC.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup>

## Recent developments

At end-2023 CNNP controlled 25 operating units (23.75 GW), 15 units under construction or approved (17.57 GW), and 18.52 GW of non-nuclear clean energy.<sup>[4](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)</sup> By end-2024 the fleet was 25 units (23.75 GW) with 18 units in the pipeline (20.641 GW), and controlled wind and solar had grown 59.84% to 29.5962 GW plus 1.401 GW of storage.<sup>[8](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)</sup> Zhangzhou Unit 2 entered commercial operation on 1 January 2026, lifting the operating fleet to 27 units and 26,212 MW, and controlled new energy reached 33,641 MW at end-2025.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup> The 2026 generation target is 259.2 billion kWh, comprising 210 billion kWh nuclear and 49.2 billion kWh renewables, with 15 planned refuelling outages.<sup>[6](https://paper.cnstock.com/html/2026-01/08/content_2167918.htm)</sup> The first-three-quarter figures are omitted because the cited announcement is dated 10 October 2026, after the 9 October 2026 review date.<sup>[14](https://epaper.cs.com.cn/zgzqb/html/2026-10/10/nw.D110000zgzqb_20261010_8-B013.htm)</sup> The financial through-line is falling realized prices: the 2025 average on-grid price of 0.3899 yuan/kWh including VAT was 6.27% below 2024, and the nuclear-specific price fell 5.16% to 0.3937 yuan/kWh, amid generally declining market prices.<sup>[1](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)</sup>

## References

1. [中国核能电力股份有限公司2025年年度报告 (CNNP 2025 Annual Report)](https://pdf.dfcfw.com/pdf/H2_AN202604291821751208_1.pdf?t=)
2. [中国核能电力股份有限公司2025年年度报告摘要 (CNNP 2025 Annual Report Summary, cninfo)](http://static.cninfo.com.cn/finalpage/2026-04-30/1225257670.PDF)
3. [IAEA Nuclear Power Country Profile: China (2018)](https://www-pub.iaea.org/MTCD/publications/PDF/cnpp2018/countryprofiles/China/China.htm)
4. [CNNP 2023 Corporate Social Responsibility Report & ESG Report](https://www.cnnp.com.cn/cnnp/resource/cms/article/1279317/8dcaabb3d71a46c9bc0999033454951a/2025050716243222154.pdf)
5. [中国核能电力股份有限公司2026年半年度报告 (CNNP 2026 Interim Report, cninfo)](http://static.cninfo.com.cn/finalpage/2026-08-29/1225531682.PDF)
6. [中国核能电力股份有限公司2025年全年发电量完成情况及2026年发电计划公告 (上海证券报)](https://paper.cnstock.com/html/2026-01/08/content_2167918.htm)
7. [CNNP company profile (601985.SH, official site)](https://www.cnnp.com.cn/cnnp/attachDir/2026/05/2026050615174362600.pdf)
8. [中国核能电力股份有限公司2024年年度报告 (CNNP 2024 Annual Report)](https://stockn.xueqiu.com/SH601985/20250428970122.pdf)
9. [中国核能电力股份有限公司2025年年度股东会会议资料 (2025 AGM materials)](https://cniis.aastocks.com/CNSESH_STOCK/2026/2026-5/2026-05-15/12318976.pdf)
10. [China's Nuclear Energy Priorities Under Its 15th Five-Year Plan (CSIS)](https://www.csis.org/analysis/chinas-nuclear-energy-priorities-under-its-15th-five-year-plan)
11. [CNNP bond prospectus (fundraising use)](http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/BOND/2024/2024-8/2024-08-31/20802332.PDF)
12. [CGN Power Announces 2024 Annual Results (CGN press release)](https://en.cgnpc.com.cn/encgn/pressReleases/2026-04/24/content_636519c1901048059b766134ffdf2c85.shtml)
13. [CGN Power 2025 Annual Results presentation](http://en.cgnp.com.cn/encgnp/c100891/2026-03/26/9ee52f69e1fd4487b3b2cfc92a205531/files/6c422efa38454581965ae3af0c7a8dea.pdf)
14. [中国核电2026年前三季度发电量完成情况公告 (中国证券报)](https://epaper.cs.com.cn/zgzqb/html/2026-10/10/nw.D110000zgzqb_20261010_8-B013.htm)

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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Companies and commercial industries › Energy and utilities companies*

*Initially written Oct 10, 2026 · Edited: Oct 11, 2026; Oct 15, 2026; Oct 25, 2026*

*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*

License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license