香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：1811） 公 告 營運業績最新情況 2025年8月發電量 本公告乃由中國廣核新能源控股有限公司（「本公司」）發出的自願性公告。 本公司董事會（「董事會」）宣佈根據本公司初步統計，2025年8月本公司及其附屬公司 （「本集團」）按合併報表口徑完成發電量1,543.7吉瓦時，較2024年同比減少5.7%。其 中，中國風電項目增加2.4%，中國太陽能項目增加43.2%，中國燃氣項目增加1.2%， 中國水電項目增加0.3%及韓國項目減少26.2%。截至2025年8月31日止八個月，本集 團今年累計完成發電量12,850.5吉瓦時，比2024年同比減少1.6%。其中，中國風電項 目增加2.2%，中國太陽能項目增加23.4%，中國燃氣項目增加3.5%，中國水電項目減 少16.3% ...

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國廣核新能源控股有限公司 (於百慕達註冊成立的有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01811 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000,000 HKD | | 0.0001 | HKD | | 25,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 250,000,000,000 HKD | | 0.0001 | HKD | | 25,0 ...

Core Viewpoint - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar highlighted Guangdong's achievements in marine energy development and its commitment to exploring new technologies, models, and business formats for high-quality growth in the marine economy [1][2]. Group 1: Marine Economic Development - Guangdong aims to transform its marine resource advantages into developmental strengths, contributing to the creation of a "new maritime Guangdong" and promoting high-quality economic and social development [1]. - The provincial government has set a target for the marine production value to exceed 2 trillion yuan by 2024, with traditional marine industries expected to grow by 7.5% and emerging marine industries by 8.3% [2]. - The offshore wind power sector has seen significant growth, with installed capacity reaching 12.51 million kilowatts, a tenfold increase since the end of the 13th Five-Year Plan, making Guangdong a national leader in this field [2]. Group 2: Technological Innovation - Guangdong is implementing an innovation-driven development strategy, establishing national-level energy research and innovation platforms to enhance collaborative development between industry, academia, and research [3]. - Notable technological advancements in offshore wind power include the establishment of the Yangjiang 500 kV offshore wind power reactive power compensation station and the world's first ultra-deepwater drilling vessel, "Dream," which signifies a breakthrough in deep-sea resource development [3][4]. - The province is also pioneering in deep-sea oil and gas development with the first fully green-designed offshore oil field and the first offshore CCUS project, promoting a new model of marine energy recycling [3]. Group 3: Energy Integration Models - Guangdong is exploring new paths for the integrated development of marine energy, focusing on a "green energy + blue granary" model that reshapes the marine economy [6]. - The province has developed a series of innovative projects, including the world's largest anti-typhoon wind-fish integration platform and the first semi-submersible wave energy farming platform, which contribute to a new industrial chain that integrates wind, fishery, and tourism [6]. - China General Nuclear Power Group is actively involved in exploring "energy +" integration models, including wind-fish integration and comprehensive energy islands, providing new solutions for marine economic development [6]. Group 4: Strategic Collaborations - The seminar featured several strategic collaborations, including projects focused on green ship fuel production and supply, offshore wind power-driven hydrogen production, and anti-typhoon floating photovoltaic demonstration projects [7]. - These collaborations reflect Guangdong's leading role in energy technology innovation and industrial synergy, contributing to China's modernization efforts [7]. - The event also included thematic reports and project presentations aimed at advancing Guangdong's marine energy industry to new heights [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with wind power prices stabilizing [6] - The company reported a revenue of 8.57 billion USD (61 billion RMB) in H1 2025, a year-on-year decline of 12.8%, and a net profit attributable to shareholders of 1.64 billion USD (11.68 billion RMB), down 10.9% year-on-year [8] - The decline in performance is attributed to the Korean and Chinese photovoltaic projects, while wind power profits remained stable [8] - The company has reduced capital expenditures, with only 110,000 kW of new photovoltaic installations in H1 2025, reflecting a strategy to pursue high-quality development [8] - The introduction of a price difference settlement mechanism is expected to stabilize revenue expectations and lead the industry into a healthier development cycle [8] Financial Summary - Revenue projections for 2025-2027 are adjusted to 13.398 billion RMB, 13.562 billion RMB, and 13.775 billion RMB respectively, with corresponding net profit estimates of 1.598 billion RMB, 1.690 billion RMB, and 1.806 billion RMB [7][8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected at 5.9, 5.6, and 5.3 respectively, with dividend yields of 4.2%, 4.4%, and 4.8% based on a 25% payout ratio [8]

Core Viewpoint - CGN New Energy (01811) experienced a decline of over 5% following the release of its interim results, with shares trading at HKD 2.4 and a transaction volume of HKD 35.34 million [1] Financial Performance - For the six months ending June 30, 2025, CGN New Energy reported revenue of USD 857 million, a year-on-year decrease of 12.8% [1] - The profit attributable to equity shareholders was USD 164 million, down 10.86% compared to the previous year [1] - Basic earnings per share were reported at 3.81 cents [1] Revenue Decline Factors - The decrease in revenue was primarily attributed to a decline in electricity prices and generation from projects in South Korea [1] - Additionally, the sale of a combined heat and power project in China in March 2025 led to reduced electricity generation and steam sales [1]

Core Viewpoint - CGN New Energy (01811) experienced a decline of over 5% following the release of its interim results, with a current trading price of 2.4 HKD and a transaction volume of 35.34 million HKD [1] Financial Performance - For the six months ending June 30, 2025, CGN New Energy reported a revenue of 857 million USD, representing a year-on-year decrease of 12.8% [1] - The profit attributable to equity shareholders was 164 million USD, down 10.86% compared to the previous year [1] - Basic earnings per share stood at 3.81 cents [1] Revenue Decline Factors - The decrease in revenue was primarily attributed to a decline in electricity prices and generation from projects in South Korea [1] - Additionally, the sale of a combined heat and power project in China in March 2025 led to reduced electricity generation and steam sales [1]

Core Viewpoint - 中广核新能源 is facing challenges with declining revenue and profit, reflecting structural issues in the rapidly developing renewable energy industry [2] Group 1: Financial Performance - In the first half of 2025, 中广核新能源 reported revenue of $856.5 million, a year-on-year decrease of 12.8% [2] - The net profit for the same period was $163.5 million, down 10.9% year-on-year [2] Group 2: Market Challenges - The company's performance is significantly impacted by its projects in South Korea, where both electricity prices and generation volumes have decreased [3] - Changes in the South Korean electricity market have created substantial pressure on 中广核新能源, which previously relied on this region for stable income [3] - The decline in electricity prices in China’s solar projects is another critical factor affecting performance, indicating intense competition in the domestic photovoltaic market [4] Group 3: Strategic Initiatives - 中广核新能源 is pursuing multiple strategies to overcome performance pressures, focusing on seven key areas including safety management, innovation, and operational excellence [6] - The company successfully raised $11.8 billion in equity funding for clean energy projects in Inner Mongolia, demonstrating ongoing investment in renewable energy [6] - 中广核新能源 is optimizing its asset structure, including the sale of its stake in Nantong Meiya for approximately $475 million to concentrate on core clean energy operations [6]

人民财讯8月19日电，8月18日，TCL与中国广核（003816）新能源控股有限公司（简称"中广核新能 源"）宣布达成全面战略合作。双方将聚焦新能源赛道，围绕产业合作开发、电站资产交易、绿电合 作、科技创新、氢氨醇合作和设备保障等领域深度合作，通过资源及优势互补强化全球竞争力。 ...

Core Insights - CGN New Energy reported a decline in both revenue and net profit for the first half of the year, indicating potential challenges in the market [1] Financial Performance - The company's revenue for the first half of the year was $856.5 million, representing a year-on-year decrease of 12.8% [1] - Net profit for the same period was $163.5 million, reflecting a year-on-year decline of 10.9% [1]