Stock Options - The total number of shares available for issuance under the stock option plan is 429,082,400 shares, representing approximately 10.0% of the total issued shares as of the report date[6] - The company has confirmed that all stock options previously granted under the stock option plan have expired, resulting in no shares available for issuance under the plan[6] Board of Directors - The board of directors consists of 7 members, including 2 executive directors and 5 non-executive directors[7]

Core Viewpoint - The company reported a projected increase in power generation for 2025, with a total of 1677.7 GWh, representing a 5.7% year-on-year growth compared to 2024 [1] Group 1: Power Generation Performance - For the year 2025, the company expects a significant increase in power generation from its Chinese wind and solar projects, with increases of 18.1% and 15.5% respectively [1] - Conversely, there is a notable decrease in power generation from hydro projects in China, which fell by 56.9%, and from projects in South Korea, which decreased by 11.4% [1] Group 2: Year-to-Date Performance - As of April 30, 2025, the company has achieved a cumulative power generation of 6448.7 GWh for the first four months, which is a 1.5% decrease compared to the same period in 2024 [1] - The year-to-date performance shows an increase in Chinese wind and solar projects by 3.4% and 10.3% respectively, while hydro projects in China decreased by 24.3% and South Korean projects decreased by 11.1% [1]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current dividend yield of 5% [5] Core Views - The company's performance is being impacted by power restrictions, leading to a decline in profits. The main reasons for the profit decline are reduced wind power profits and lower returns from solar projects despite an increase in installed capacity [7] - The company is expected to focus on high-quality growth rather than blind capital expenditure, leveraging its advantages from being part of the China General Nuclear Power Group [7] - The introduction of a new pricing mechanism for electricity is anticipated to stabilize revenue expectations and promote healthier industry development [7] Financial Summary - The company reported a revenue of 19.51 billion USD in 2024, a decrease of 11% year-on-year, with a net profit of 2.48 billion USD, down 7.3% year-on-year [7] - Revenue projections for the upcoming years are as follows: - 2025E: 14,267 million RMB - 2026E: 14,470 million RMB - 2027E: 14,731 million RMB - Net profit projections are: - 2025E: 1,852 million RMB - 2026E: 1,958 million RMB - 2027E: 2,090 million RMB [6][8] - The company’s price-to-earnings (P/E) ratios for the next three years are projected to be 4.8, 4.5, and 4.3 respectively [7]

Financial Performance - In 2024, profit attributable to equity shareholders of the Company was US$248.0 million, a decrease of 7.3% over the previous year[50]. - Basic earnings per share of the Company was 5.78 US cents (equivalent to 45.09 HK cents per share)[50]. - Revenue decreased by 11.0% compared to 2023, totaling US$1,951 million[73][74]. - Profit attributable to equity shareholders decreased by 7.3% compared to 2023, amounting to US$248 million[76]. - Operating profit for the year was US$528.3 million, down from US$552.5 million in the previous year[146]. - The segment revenue for power plants in the PRC decreased by 0.3% to US$1,009,907,000 in 2024 from US$1,012,714,000 in 2023[196]. - The segment results for power plants in the PRC decreased by 4.7% to US$289,510,000 in 2024, primarily due to increased impairment losses[197]. - The segment revenue for power plants in Korea decreased by 21.0% to US$909,788,000 in 2024, attributed to declines in both weighted average tariff and power generation[197]. - Profit before taxation decreased to US$337,252,000 in 2024 from US$352,528,000 in 2023[196]. Installed Capacity and Generation - As of December 31, 2024, the attributable installed capacity of the Company's power plants was 10,452.4 MW, representing a year-on-year increase of 8.6%[50]. - The total installed capacity of the Company reached 19,077 MW in 2024, with a year-on-year increase of 14.6% in the installed capacity of the PRC, amounting to 3,348.6 GW[77]. - The newly commissioned attributable installed capacity of solar power was 786.0 MW, with a 200 MW/400 MWh storage project also newly commissioned in Jiangsu Province[60]. - The Group's attributable installed capacity of gas-fired power increased by 45.0 MW in 2024[160]. - The total electricity generated by the Group's consolidated power generation projects amounted to 19,149.7 GWh, remaining basically constant compared to last year[178]. - Power generation from PRC wind projects reached 10,095.8 GWh, representing a year-on-year decrease of 2.6%[179]. - Power generation from PRC solar projects reached 2,121.8 GWh, representing an increase of 22.4% from last year, mainly due to an increase in installed capacity[179]. - Power generation from PRC hydro projects reached 282.8 GWh, representing a year-on-year increase of 24.6% due to increased water inflow[181]. Awards and Recognition - The company received nine titles at the 10th Investor Relations Awards from the Hong Kong Investor Relations Association, including "Overall Best IR Company (Hong Kong Small Cap)" and "Best ESG" awards[32]. - The company was awarded the "Listed Companies with the Most Growth Potential" by "China Financial Market" magazine in July 2024[33]. - The Company received multiple awards in 2024, including the highest honor for "Best Investor Relations Company" in the small-cap category from the Hong Kong Investor Relations Association[57]. - The Shengsi 56 Offshore Wind Power Project in Zhejiang Province received two outstanding achievements in the "Excellent Achievements in Quality Management" awards[25]. - The Beiba Wind Power Project and Jiuquan Micro-grid Photovoltaic Project in Gansu Province were awarded multiple honors for "China Quality Innovation and Quality Improvement Achievements" by China Quality magazine[28]. - The Anqiu Taipingshan Phase I Wind Power Project in Shandong Province won three third-class honors in the "Power Industry Quality Management Group" by the Shandong Province Electricity Association[31]. Energy Transition and Policy - The Company is committed to supporting the "dual-carbon" goal and developing the new energy sector amid global energy transition challenges[55]. - The Company aims to support the "dual-carbon" goal by focusing on the new energy sector and implementing a work style of "Stringency, Prudence, Meticulosity and Pragmatism"[62]. - The NEA emphasized the need to enhance peak-shaving capacity and promote the construction of energy storage systems, including pumped storage and various new energy storage technologies[84]. - The NEA's action plan for 2024-2027 includes nine key actions aimed at constructing a novel power system, focusing on stability, high new energy output, and intelligent dispatching systems[92]. - The NDRC and NEA issued a plan to support electrolytic aluminum enterprises in expanding the use of non-fossil energy and to cease new self-owned coal-fired units[91]. - The State Council's "Action Plan for Energy Conservation and Carbon Reduction in 2024-2025" aims to increase non-fossil energy development, focusing on large-scale wind and photovoltaic bases in deserts and gobi regions[121]. Market and Regulatory Developments - The "Power Market Regulatory Measures" implemented in June 2024 focus on regulating market participants' compliance with safety obligations and preventing unfair competition in the wholesale power market[103]. - The National Development and Reform Commission (NDRC) issued the "Basic Rules for the Operation of Power Market," promoting a market-based mechanism for capacity cost recovery to ensure adequate long-term capacity in the power system[107]. - The NDRC's "Key Points on Energy Regulation Work for 2024" emphasizes energy security and the promotion of green and low-carbon transformation, tracking progress on major projects of the national "14th Five-Year Plan"[115]. - The NDRC's notice on supporting Inner Mongolia's green, low-carbon development highlights the need for aggressive new energy development and the establishment of large-scale wind and photovoltaic bases[117]. Operational Challenges - The operating profit from PRC wind projects decreased to US$344.7 million due to a year-on-year increase in grid curtailment[149]. - Revenue from PRC solar projects increased, attributed to a rise in installed capacity, but operating profit decreased to US$56.7 million due to higher operating expenses[150]. - The average utilization hours for PRC wind projects decreased to 2,216 hours in 2024 from 2,285 hours in 2023[188]. - The average utilization hours for PRC solar projects decreased to 1,171 hours in 2024 from 1,407 hours in 2023[188]. - The segment results for power plants in Korea increased by 1.7% to US$92,811,000 in 2024, mainly due to compensation income from a fuel cell project[197].

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Core Viewpoint - The company reported a decrease in power generation for the year ending March 2025, with a total generation of 1,765.1 GWh, representing a 4.7% decline compared to 2024 [1] Summary by Category Power Generation Performance - For the year ending March 2025, the company's total power generation was 1,765.1 GWh, down 4.7% year-on-year [1] - The breakdown of power generation changes includes: - Chinese wind power projects increased by 2.2% - Chinese solar power projects decreased by 7.1% - Chinese combined heat and power and gas projects decreased by 37.3% - Chinese hydropower projects increased by 9.2% - South Korean projects decreased by 15.9% [1] Quarterly Performance - For the three months ending March 31, 2025, the company achieved a cumulative power generation of 4,771 GWh, a 3.7% decrease compared to the same period in 2024 [1] - The quarterly breakdown of power generation changes includes: - Chinese wind power projects decreased by 1.1% - Chinese solar power projects increased by 8.2% - Chinese combined heat and power and gas projects decreased by 22.1% - Chinese hydropower projects increased by 0.9% - South Korean projects decreased by 11.0% [1]

Core Viewpoint - The article discusses the public tender announcement for the 50MW/100MWh iron-based flow battery energy storage demonstration project by China General Nuclear Power Group (CGN) in Gong'an County, Hubei Province, with a total planned capacity of 200MW/800MWh [2][5]. Project Overview - The project is located in Yangjiachang Town, Gong'an County, Jingzhou City, Hubei Province, and is developed by CGN New Energy Gong'an Co., Ltd. [5] - The current construction capacity is set at 50MW/100MWh, with the total planned capacity being 200MW/800MWh [5]. Tender Details - The tender is for the EPC (Engineering, Procurement, and Construction) of the energy storage project, which has already been approved and is funded by the company itself [4][6]. - The project includes various components such as engineering surveying and design, equipment procurement, construction, project management, commissioning, acceptance, training, and quality assurance [7][8]. Timeline - The planned start date for construction is May 10, 2025, with the goal of completing the booster station grid connection by June 25, 2025, and achieving full capacity grid connection by June 30, 2025 [12]. Bidder Qualifications - Bidders must be registered companies in mainland China with a valid safety production license and must meet specific qualifications, including having relevant project experience and financial stability [13][14][16][17]. - The project does not accept joint bids, and bidders must have certifications such as ISO9000, ISO14000, and ISO45000 [22]. Bid Submission - The deadline for bid submission is April 23, 2025, and the submission process is entirely electronic [28]. - Bidders must register on the CGN e-commerce platform to participate in the tender [24][25]. Event Announcement - The 13th Energy Storage International Summit and Exhibition (ESIE 2025) will take place from April 10 to 12, 2025, at the Capital International Exhibition Center, featuring over 800 leading companies and attracting more than 200,000 professional visitors [37].

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].