���� 年度報告 Content 目錄 2 Corporate Information 公司資料 6 Major Events in 2024 2024年大事記 10 Chairman's Statement 主席致辭 12 President's Statement 總裁致辭 14 Distribution of Projects 項目分佈圖 16 Financial and Operating Highlights 財務及業務摘要 17 Management Discussion and Analysis 管理層討論與分析 64 Biographies of Directors and Senior Management 董事及經營高管簡歷 76 Report of the Directors 董事會報告 104 Corporate Governance Report 企業管治報告 (Incorporated in Bermuda with limited liability)（於百慕達註冊成立的有限公司） Stock Code 股份代號：1811.HK 年度報 告 Annual Report Suit ...

中广核新能源公告，根据初步统计，2025年3月公司及其附属公司按合并报表口径完成发电量1765.1吉 瓦时，较2024年同比减少4.7%。其中，中国风电项目增加2.2%，中国太阳能项目减少7.1%，中国热电 联产及燃气项目减少37.3%，中国水电项目增加9.2%及韩国项目减少15.9%。截至2025年3月31日止三个 月，本集团今年累计完成发电量4771吉瓦时，较2024年同比减少3.7%。其中，中国风电项目减少 1.1%，中国太阳能项目增加8.2%，中国热电联产及燃气项目减少22.1%，中国水电项目增加0.9%及韩国 项目减少11.0%。 ...

Core Viewpoint - China General Nuclear Power Corporation's (CGN) renewable energy subsidiary, CGN New Energy (01811.HK), reported a decline in net profit for the first time in seven years, primarily due to increased impairment losses and scrapping costs [2][3]. Financial Performance - For the fiscal year 2024, CGN New Energy's total revenue was $1.951 billion (approximately 14.16 billion RMB), a year-on-year decrease of 11.02% [2]. - The net profit attributable to equity shareholders was $248 million (approximately 1.8 billion RMB), down 7.35% year-on-year [2]. - The company experienced impairment losses and scrapping costs of $45.6 million (approximately 331 million RMB) in 2024, compared to $7.7 million (approximately 55.95 million RMB) in 2023 [4]. Operational Capacity - As of the end of 2024, CGN New Energy's installed capacity reached 10.4524 million kW, an increase of 8.6% year-on-year, with wind power capacity at 4.4364 million kW and solar power capacity at 2.545 million kW [4]. - The company’s revenue from its South Korean gas projects decreased by 21% year-on-year to approximately $910 million due to falling average electricity prices and reduced generation [4]. Market Dynamics - The average utilization hours for CGN's wind power projects in China decreased by approximately 3.1% due to increased power restrictions, while solar projects saw a decline of 16.8% despite a 44.7% increase in installed capacity [5]. - The weighted average electricity price for wind projects in China remained stable at 0.57 RMB/kWh, while the solar projects' price dropped significantly by 12.5% to 0.56 RMB/kWh due to competitive bidding pressures [5]. Strategic Positioning - CGN New Energy's operational assets represent only 12.3% of CGN Group's total renewable energy assets, highlighting competitive challenges within the sector [6]. - The company has maintained a high debt ratio, reported at 79.8% in 2024, which is significantly higher than other state-owned renewable energy companies [7]. Dividend Policy - Despite the performance challenges, CGN New Energy announced a dividend payout ratio of 25%, with a proposed final dividend of $0.01445 (approximately 0.1049 RMB) per share [8].

Financial Performance - For the year ended December 31, 2024, revenue was $1,951.3 million, a decrease of 11.0% compared to $2,193.0 million for the year ended December 31, 2023[3]. - Profit attributable to equity shareholders for the year ended December 31, 2024, was $248.0 million, down 7.3% from $267.7 million for the year ended December 31, 2023[3]. - The decline in profit was primarily due to increased impairment losses and write-off losses related to property, plant, and equipment[3]. - Excluding one-off adjustments, profit attributable to equity shareholders would have increased by 4.5% year-on-year[3]. - Earnings per share for the year ended December 31, 2024, was 5.78 cents, down 7.3% from 6.24 cents for the year ended December 31, 2023[3]. - The company reported a total comprehensive income of $143.98 million for the year ended December 31, 2024, compared to $228.51 million in 2023[7]. - Operating profit for 2024 was $528.3 million, down 4.4% from $552.5 million in 2023[26]. - Revenue from China wind power projects was $687.0 million, a decrease of 2.2% from $702.4 million in the previous year, primarily due to reduced electricity generation[23]. - Revenue from South Korea was $909.8 million, down 21.0% from $1,151.0 million, mainly due to a drop in average electricity prices and reduced generation[23]. Operating Expenses and Liabilities - Total operating expenses for the year ended December 31, 2024, were $1,423.0 million, down from $1,640.5 million in 2023, reflecting a decrease of 13.3%[5]. - Current liabilities rose to $2,431.69 million as of December 31, 2024, compared to $2,002.63 million in 2023, indicating an increase of 21.4%[9]. - Total liabilities increased to $6,958.2 million in 2024 from $6,661.6 million in 2023[14]. Assets and Equity - Non-current assets increased to $6,922.68 million as of December 31, 2024, from $6,582.17 million in 2023[8]. - The group's total assets as of December 31, 2024, were $8,717.7 million, an increase from $8,350.1 million in 2023[14]. - The net debt-to-equity ratio increased from 3.30 on December 31, 2023, to 3.49 on December 31, 2024, mainly due to an increase in bank borrowings[34]. Cash Flow and Financial Management - Cash and cash equivalents decreased from $287.5 million on December 31, 2023, to $158.4 million on December 31, 2024, primarily due to increased cash used in investment activities[33]. - Financial expenses decreased to $181.2 million in 2024, down by $31.6 million or 14.8% from $212.8 million in the previous year, mainly due to a reduction in the weighted average interest rate on bank borrowings[29]. - The share of profits from associates increased to $4.3 million in 2024, up from $3.0 million in the previous year, attributed to a decline in market coal prices[31]. Dividends and Shareholder Returns - The board proposed a final dividend of 1.445 cents per share, totaling approximately $62.0 million, which represents 25% of the profit attributable to equity shareholders for the fiscal year 2024[3]. - The board proposed a final dividend of USD 0.01445 per share, equivalent to HKD 0.1127 per share, subject to shareholder approval[167]. Regulatory and Market Environment - The company faces regulatory risks in its power projects in China and South Korea, which may impact operations, pricing, and compliance with environmental regulations[133]. - The company is exposed to fuel cost risks due to reliance on coal, oil, and natural gas, which significantly affect operating expenses and profitability[135]. - The company manages interest rate risks associated with floating-rate debt, regularly reviewing the ratio of floating to fixed-rate debt to mitigate potential impacts on profitability and cash flow[136]. Corporate Governance and Social Responsibility - The company has complied with all applicable corporate governance code provisions during the fiscal year ending December 31, 2024[163]. - The company engaged in various social responsibility initiatives, including emergency rescue points and environmental protection activities, demonstrating its commitment to corporate social responsibility[124]. - The company donated to the education bureau in Henan County to reward students with excellent results in the 2024 college entrance examination, aiming to inspire more students to pursue excellence[126]. Future Outlook and Strategic Initiatives - The company is focusing on the development of floating offshore wind power projects, which are anticipated to scale up during the 14th Five-Year Plan period[86]. - The company is exploring new strategies in energy storage, including long-duration storage and grid-connected storage development[91]. - The group plans to maintain stable growth in new installed capacity in 2025, focusing on high-quality development principles[103]. - The company is committed to fostering innovation and enhancing its core competitiveness through independent innovation and addressing key technological challenges[144].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power New Energy (1811.HK) with a target price of HKD 2.72, indicating a potential upside of 25% from the current price of HKD 2.18 [5][11]. Core Views - The company is expected to experience a slight increase in total power generation in 2024, with a year-on-year growth of 0.4%. However, wind power generation is projected to decline by 2.6% due to adverse wind resource conditions [2][8]. - In 2024, the company added 11.53 million kilowatts of new installed capacity, exceeding its planned guidance. The total operational capacity is expected to reach 56.83 million kilowatts by the end of 2024, approaching the strategic target of 70 million kilowatts by 2025 [3][9]. - The company is currently undervalued, with a dynamic PE of 4.8 and 4.0 for 2024 and 2025, respectively. The report anticipates a valuation recovery in 2025 as risks related to electricity price declines and subsidy arrears gradually ease [4][10]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to be USD 2.182 billion, reflecting a slight decrease of 0.5% compared to 2023. The net profit attributable to shareholders is expected to be USD 234 million, a decrease of 12.6% year-on-year [6][15]. - The report outlines a consistent operating profit margin of around 24% to 25% over the next few years, with an EBITDA margin expected to improve from 9% in 2024 to 12% by 2026 [15][17]. Installed Capacity and Generation - The company is focusing on increasing the proportion of onshore wind power projects while continuing to develop solar energy projects. The total installed capacity is expected to grow steadily, with a significant emphasis on wind and solar energy in the future [3][9]. Valuation Metrics - The report highlights that the company is trading at a price-to-book (PB) ratio of approximately 0.74 for 2024, indicating a potential for valuation recovery as market conditions improve [4][10].

Financial Performance - Revenue for the six months ended June 30, 2024, was US$1,400 million, an increase from US$1,224 million in the same period of 2023, representing a growth of approximately 14.4%[11] - EBITDA for the same period was US$600 million, up from US$519 million in 2023, indicating a year-over-year increase of about 15.6%[11] - Profit attributable to equity shareholders for the six months ended June 30, 2024, was US$982 million, compared to US$485 million in 2023, reflecting a significant increase of approximately 102%[11] - Earnings per share (EPS) for the period was reported at US$0.12 per share, compared to US$0.06 per share in the previous year, marking a 100% increase[11] - The Group's revenue for the six months ended June 30, 2024, was US$982.3 million, a decrease from US$1,223.8 million in the same period of 2023[54][55] - Operating profit for the period decreased to US$303.9 million from US$344.6 million year-on-year[54][55] - Profit attributable to equity shareholders decreased to US$183.5 million, down US$14.3 million or 7.3% from US$197.8 million in the first half of 2023[93] - The profit for the period for the six months ended June 30, 2024, was $183,454,000, down from $197,828,000 in the previous year, representing a decline of approximately 7%[189] Market and Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[11] - Future outlook includes strategic initiatives aimed at increasing operational efficiency and market share in the renewable energy sector[11] - The company plans to invest in new product lines and technologies to drive growth and sustainability[11] - Management indicated potential mergers and acquisitions as part of their growth strategy to enhance competitive positioning[11] - The company aims to achieve a revenue target of US$1,800 million for the full year 2024, reflecting continued growth momentum[11] - The management emphasized the importance of maintaining strong financial health while pursuing aggressive market expansion strategies[11] Power Generation and Capacity - As of June 30, 2024, the attributable installed capacity was 8,978 MW, a decrease of 7.1% from 9,666 MW in the same period of 2023[12] - Power generation for the six months ended June 30, 2024, was 10,141 GWh, an increase of 4.9% compared to 9,660 GWh in the same period of 2023[12] - The Group's attributable installed capacity reached 9,666.4 MW, an increase of 688.4 MW or 7.7% year-over-year, with wind and solar power accounting for 64.1% of this capacity[64] - The attributable installed capacity of wind power was 4,436.4 MW, reflecting a slight increase of 17.3 MW or 0.4% from the previous year, while solar power capacity surged to 1,759.4 MW, up 581.1 MW or 49.3% year-over-year[64] Regulatory and Policy Environment - The NDRC's 2024-2025 action plan emphasizes the acceleration of non-fossil energy development and the construction of large-scale wind and photovoltaic bases[21] - The NDRC and NEA's "Guiding Opinions" in February 2024 highlighted the importance of enhancing peak-shaving capacity and promoting energy storage construction across various sectors, including pumped storage and new energy storage technologies[25] - The NDRC's "Power Market Regulatory Measures" issued in April 2024 established supervision over power market participants to ensure compliance with safety obligations and fair competition in wholesale transactions[35] - The NEA's notice in June 2024 called for improved planning and management of supporting grid projects, particularly for those above 500 kV, to enhance the carrying capacity of distributed new energy[33] Financial Position and Cash Flow - The Group's cash and cash equivalents decreased from US$287.5 million as of December 31, 2023, to US$121.9 million as of June 30, 2024, primarily due to increased net cash used in investing activities[97] - Current assets decreased from US$1,768.0 million as of December 31, 2023, to US$1,668.4 million as of June 30, 2024, mainly due to a reduction in cash and cash equivalents[107] - The Group's total bank borrowings decreased from US$4,448.2 million as of December 31, 2023, to US$4,397.1 million as of June 30, 2024, reflecting a reduction of approximately 1.15%[115] - The Group's capital expenditures increased by US$202.4 million to US$386.4 million in the first half of 2024 from US$184.0 million in the first half of 2023, primarily due to increased spending on wind and solar power projects[120] Environmental and Social Responsibility - The Company is committed to promoting the consumption of green power and enhancing the trading scale of green electricity[16] - The introduction of green power certificates aims to strengthen the connection between renewable energy consumption and energy-saving policies[23] - The Company has actively engaged in public welfare projects, including assisting local fire brigades and promoting biodiversity protection since 2024[86] - The Company constructed a 1-kilometer hardened cement road and installed 30 streetlights in Hainan Province to facilitate villagers' travel in May 2024[89] Operational Challenges - The Group's operations in the PRC and Korea accounted for approximately 77.6% and 22.4% of the total installed capacity, respectively[52][53] - Power generation from PRC wind projects reached 5,288.9 GWh, a decrease of 5.6% year-on-year, primarily due to increased grid curtailment[75] - Average utilization hours for PRC wind projects decreased to 1,161 hours in the first half of 2024 from 1,185 hours in 2023, mainly due to increased grid curtailment[77] - The weighted average tariff for PRC solar projects decreased to RMB 0.58 per kWh in the first half of 2024, down from RMB 0.64 per kWh in 2023, primarily due to intense competition in electricity bid trading[79] Future Outlook - The Company will focus on its annual business development objectives in the second half of 2024, aiming to strengthen weaknesses and promote high-quality development[139] - The Company will prioritize safe production and operation, enhancing the safety management system to eliminate potential hazards[144] - The Company aims to improve the success rate of project conversion and promote the development of new energy projects in a sustained and high-quality manner[146]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a mid-year revenue of USD 1.002 billion (RMB 7.144 billion), a year-on-year decline of 18.7%, and a net profit of USD 183 million (RMB 1.307 billion), down 7.3% year-on-year, slightly better than market expectations [3]. - Wind power curtailment has negatively impacted performance, although reduced fuel costs have mitigated some of the effects. The company's power generation decreased by 5.6% year-on-year to 5,289 GWh, primarily due to curtailment [3]. - The company has a total installed capacity of 9,666 MW as of June 30, 2024, with clean energy accounting for 8,107 MW, an increase of 688 MW year-on-year, mainly from solar power [3][4]. - The company benefits from its affiliation with China General Nuclear Power Group, which provides advantages in project development and management [4]. - The long-term demand for renewable energy remains promising due to the dual carbon strategy and supportive government policies [4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be RMB 13.720 billion, with a year-on-year decline of 11.84%. The net profit is expected to be RMB 1.947 billion, reflecting a slight increase of 2.67% [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 0.45, with a projected price-to-earnings (PE) ratio of 4.8 [5]. Installed Capacity and Pricing - As of June 30, 2024, the company’s clean energy capacity includes 4,436 MW of wind power and 1,759 MW of solar power, with an average domestic wind and solar electricity price of RMB 0.57 and RMB 0.58 per kWh, respectively [3][4]. Market Outlook - The report anticipates that the operating return rates in the renewable energy sector will stabilize, aligning more closely with utility-like returns due to various supportive policies [4].

Financial Performance - Revenue for the six months ended June 30, 2024, was $982.3 million, a decrease of 19.7% compared to $1,223.8 million for the same period in 2023[3] - Profit attributable to equity shareholders for the six months ended June 30, 2024, was $183.5 million, down 7.3% from $197.8 million in the same period of 2023[3] - Earnings per share for the six months ended June 30, 2024, was 4.28 cents, a decrease of 7.3% compared to 4.61 cents for the same period in 2023[3] - The decrease in profit was primarily due to reduced fuel gross profit from the Korean project and decreased power generation from the Chinese wind power project due to power restrictions[3] - Operating profit for the six months ended June 30, 2024, was $303.9 million, compared to $344.6 million for the same period in 2023[5] - Other comprehensive income for the six months ended June 30, 2024, was $(46.1) million, compared to $(60.1) million for the same period in 2023[6] Operating Expenses - Total operating expenses for the six months ended June 30, 2024, were $678.4 million, down from $879.2 million in the same period of 2023[5] - Operating expenses for the first half of 2024 were $678.4 million, a decrease of 22.8% from $879.2 million in the first half of 2023, mainly due to reduced natural gas costs in the Korean gas projects[16] - Financial expenses for the first half of 2024 were $91.6 million, a decrease of 17.4% from $110.9 million in the first half of 2023, primarily due to a reduction in the weighted average balance of bank borrowings[19] Assets and Equity - Total assets as of June 30, 2024, were $8.4 billion, compared to $8.3 billion as of December 31, 2023[7] - Net assets as of June 30, 2024, were $1.78 billion, an increase from $1.69 billion as of December 31, 2023[8] - The company's total equity as of June 30, 2024, was $1,783.1 million, an increase from $1,688.6 million as of December 31, 2023[9] - The net debt-to-equity ratio decreased from 3.30 on December 31, 2023, to 3.23 on June 30, 2024, primarily due to an increase in equity[23] Dividends - The board has resolved not to declare an interim dividend for the six months ended June 30, 2024[3] - The company did not declare an interim dividend for the six months ended June 30, 2024[23] - The board has decided not to declare an interim dividend for the six months ending June 30, 2024[89] Trade Receivables and Payables - Trade receivables from customer contracts increased to $870.975 million as of June 30, 2024, compared to $780.784 million on December 31, 2023[25] - Total trade receivables, net of credit loss provisions, amounted to $855.643 million as of June 30, 2024, up from $766.028 million at the end of 2023[26] - Trade payables as of June 30, 2024, totaled $96.792 million, down from $108.671 million on December 31, 2023[29] Capacity and Generation - The company's total power generation for the six months ended June 30, 2024, was 9,660.4 GWh, a decrease of 4.7% compared to 10,140.6 GWh for the same period in 2023[62] - The power generation from Chinese solar projects increased by 22.1% year-on-year to 1,035.3 GWh, attributed to an increase in solar project capacity[63] - The company added 581.1 MW of solar equity installed capacity in the second half of 2023, contributing to a total of 1,759.4 MW as of June 30, 2024, representing a 49.3% year-on-year increase[56] - As of June 30, 2024, the company's total equity installed capacity reached 9,666.4 MW, an increase of 688.4 MW or 7.7% year-on-year, with wind and solar accounting for 64.1% of the total[56] Market and Regulatory Environment - The Chinese government is focusing on energy security and green low-carbon transformation, with regulatory emphasis on renewable energy projects and market participation[42] - The State Council issued a plan for 2024-2025 to enhance non-fossil energy development and improve renewable energy consumption capabilities[43] - The National Energy Administration announced in June 2024 that the utilization rate target for renewable energy should not be lower than 90% in favorable resource areas, with annual dynamic assessments based on consumption conditions[44] - Regulatory changes in China and South Korea may impact the company's power project operations, including pricing and compliance with environmental regulations[74] Innovation and Development - The company is committed to green and low-carbon development, focusing on strategic alliances and innovation to enhance production capacity[59] - Innovation will be emphasized as a core driver for development, with efforts to enhance the technology innovation management system[84] - The company is focusing on digital operation and maintenance innovations, aiming to achieve unmanned operation capabilities for power plants[70] Challenges and Risks - Fuel costs significantly impact the company's operating expenses, with no current hedging measures in place to mitigate price fluctuations[76] - The company faces interest rate risk due to floating rate debt, which is used to support asset acquisitions and general corporate purposes[77] - The functional currency is USD, but the majority of revenue is received in RMB and KRW, exposing the company to foreign exchange risk[78]

Investment Rating - The report does not explicitly state an investment rating for 中广核新能源 (CGN New Energy) Core Viewpoints - CGN New Energy is positioned as a leading player in the wind power sector, leveraging group resources for rapid growth, but faces challenges with limited new quality projects and shareholder returns [1][10] - The company has shown a significant increase in installed capacity, particularly in wind and solar energy, but the growth rate has slowed down recently [2][11] - The average profit per kilowatt-hour for CGN New Energy is competitive within the industry, indicating strong operational efficiency [9] Summary by Sections Company Overview - CGN New Energy is the only non-nuclear clean energy listed platform under CGN Group, which primarily focuses on nuclear power [1] - The company has diversified operations in wind, solar, and gas energy projects across China and South Korea [1] Financial Performance - In 2023, CGN New Energy reported revenue of $2.19 billion, a 9.8% decrease year-on-year due to falling electricity prices in South Korea, but adjusted net profit increased by 9.4% to $280 million [2][3] - The company's gross margin improved from 48.7% to 55.2% in 2023, driven by lower natural gas costs in South Korea [2][12] Revenue Structure - The main revenue sources include electricity sales, electricity price income, and capacity fees, contributing approximately 90% of total revenue [4] - As of the end of 2023, the company had receivables from government subsidies amounting to $370 million [4] Installed Capacity and Growth - CGN New Energy's installed capacity for wind and solar energy reached 4,438 MW and 1,759 MW respectively by the end of 2023, ranking fifth and sixth among listed companies in Hong Kong and A-shares [11][12] - The company experienced a 102% increase in wind power capacity from 2019 to 2021, but growth has slowed since then [7][10] Profitability and Leverage - The company maintains a high return on equity (ROE) of 17.8% in 2023, outperforming peers [15] - However, CGN New Energy's debt levels are high, with a debt-to-asset ratio of 79.8% and a significant portion of loans from affiliated companies [16][17] Cash Flow and Shareholder Returns - Free cash flow improved to $40 million in 2023, but the company has a negative cumulative free cash flow of $2.43 billion since its listing [18] - The dividend payout ratio is relatively low at 25%, ranking among the lowest in the Hong Kong market for similar companies [19][20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.8, implying a 47.29% upside from the current price of HKD 2.58 [2][4] Core Views - The company achieved steady growth in net profit, with 2023 net profit increasing by 37.2% YoY to USD 268 million, or 10.6% growth after adjusting for one-time items [1] - Wind power business remained stable, while the decline in revenue was mainly due to lower electricity generation and average tariffs in South Korea, where revenue fell by 16.4% YoY [1] - The company plans to increase its dividend payout ratio to 25% and announced a share buyback program of up to HKD 157 million, which is expected to drive valuation recovery [2] Financial Performance - 2023 revenue declined by 9.8% YoY to USD 2.193 billion, mainly due to the South Korean business [1] - For the first 4 months of 2024, total electricity generation decreased by 3.6% YoY to 6,544.3 GWh, with Chinese wind projects down 4.3% and solar projects up 19.5% [1] - The company's installed capacity reached 9.62 GW by end-2023, with clean and renewable energy accounting for 83.8% of the total [1] Valuation and Forecasts - The report forecasts 2024-2026 revenue of USD 2.419 billion, USD 2.494 billion, and USD 2.570 billion respectively [2] - Net profit is expected to grow to USD 301 million, USD 330 million, and USD 344 million in 2024-2026, with EPS of USD 0.07, USD 0.08, and USD 0.08 [2] - Current valuation multiples are attractive at 4.7x, 4.3x, and 4.1x 2024-2026 P/E [2] Industry and Operations - The company's installed capacity is expected to grow steadily, with annual additions of 500-1,000 MW for wind and solar projects [1] - Clean and renewable energy projects account for 83.8% of total installed capacity, with China and South Korea representing 77.5% and 22.5% respectively [1]