Core Insights - China General Nuclear Power Corporation (CGN) New Energy reported a revenue of approximately $857 million for the six months ending June 30, 2025, representing a year-on-year decrease of 12.8% [1] - The profit attributable to equity shareholders was about $164 million, down 10.9% year-on-year, with basic earnings per share at 3.81 cents [1] - The decline in revenue was primarily due to decreased electricity prices and generation from projects in South Korea, as well as a reduction in power generation and steam sales following the sale of a combined heat and power project in China in March 2025 [1]

智通财经APP讯，中广核新能源(01811)发布截至2025年6月30日止六个月中期业绩，收入8.57亿美元， 同比减少12.8%;权益股东应占溢利1.64亿美元，同比减少10.86%;每股基本盈利3.81美仙。 公告称，收入减少主要是由于韩国项目的电价及发电量下降，以及于2025年3月出售一个中国热电联产 项目后发电量及蒸汽销售均下降所致。 ...

公告称，收入减少主要是由于韩国项目的电价及发电量下降，以及于2025年3月出售一个中国热电联产 项目后发电量及蒸汽销售均下降所致。 中广核新能源(01811)发布截至2025年6月30日止六个月中期业绩，收入8.57亿美元，同比减少12.8%;权 益股东应占溢利1.64亿美元，同比减少10.86%;每股基本盈利3.81美仙。 ...

Core Insights - China General Nuclear Power Corporation (CGN) New Energy reported a revenue of $856.5 million for the six months ending June 30, 2025, representing a year-on-year decrease of 12.8% [1] - The company's profit attributable to equity shareholders was $163.5 million, down 10.9% year-on-year, with earnings per share at 3.81 cents, and no dividend declared [1] Financial Performance - Revenue decreased primarily due to reduced electricity prices and generation from projects in South Korea, as well as a decline in electricity prices for solar projects in China [1] - The company's asset portfolio includes wind, solar, gas, coal, oil, hydro, and biomass power generation projects, along with an energy storage project [1] Geographic and Operational Overview - The company operates across 19 provinces, two autonomous regions, and two municipalities in China, indicating a broad geographic distribution and diverse business scope [1] - As of June 30, 2025, approximately 79.4% of the company's equity installed capacity of 10,501.4 MW is located in China, while 20.6% is in South Korea [1] - Clean and renewable energy projects (wind, solar, gas, hydro, and biomass) account for 85.7% of the company's equity installed capacity, while traditional energy projects (coal and oil) make up 14.3% [1]

[Interim Results Announcement for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Unaudited Condensed Interim Results Highlights](index=1&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) H1 2025 unaudited results show decreased revenue and profit, primarily from lower Korean project electricity prices and generation, and falling Chinese solar prices; no interim dividend declared Key Financial Highlights for H1 2025 | Indicator | H1 2025 (million USD) | H1 2024 (million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 856.5 | 982.3 | -12.8% | | Profit attributable to equity holders of the Company | 163.5 | 183.5 | -10.9% | | Earnings per share (US cents) | 3.81 | 4.28 | -10.9% | - Profit decrease primarily due to **lower electricity prices and generation volume from Korean projects**, and **falling electricity prices for Chinese solar projects**[2](index=2&type=chunk) - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) H1 2025 group revenue decreased by 12.8% to $856.5 million; profit for the period and equity holders declined by over 10% Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (thousand USD) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 856,513 | 982,273 | | Operating Profit | 254,038 | 303,865 | | Profit for the period | 168,888 | 190,757 | | Profit attributable to equity holders of the Company | 163,530 | 183,454 | | Earnings per share (US cents) | 3.81 | 4.28 | | Total comprehensive income for the period | 211,395 | 144,700 | - Other comprehensive income for the period turned from **negative $46.057 million in H1 2024** to **positive $42.507 million in H1 2025**, mainly due to exchange differences from translating overseas operations[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were $9,123.1 million and net assets $1,908.8 million; current liabilities rose significantly, expanding net current liabilities Consolidated Statement of Financial Position Summary (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 7,154,187 | 6,922,681 | | Current assets | 1,968,939 | 1,795,027 | | Current liabilities | 2,934,984 | 2,431,693 | | Non-current liabilities | 4,279,367 | 4,526,478 | | Net assets | 1,908,775 | 1,759,537 | | Total equity attributable to equity holders of the Company | 1,765,656 | 1,617,672 | - Net current liabilities expanded from **$636.7 million as of December 31, 2024**, to **$966.0 million as of June 30, 2025**[7](index=7&type=chunk) - Despite net current liabilities of **$966.0 million**, the Group has **$1,340.8 million in unutilized general credit facilities**, and the Board believes the Group has sufficient working capital to prepare interim financial reports on a going concern basis[11](index=11&type=chunk) [Notes to the Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Notes](index=7&type=section&id=%E9%99%84%E8%A8%BB) Detailed notes cover general information, accounting policies, segment results, EPS, receivables/payables, contract assets, and borrowings [1. General Information](index=7&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The company, incorporated in Bermuda and listed, is ultimately controlled by CGN; interim financial reports are prepared under IAS 34 on a going concern basis - The Company's ultimate controlling company is **CGN**, a state-owned enterprise established in China[9](index=9&type=chunk) - Interim financial reports are prepared under **IAS 34** on a **going concern basis**, as the Group has sufficient working capital to meet its financial obligations[9](index=9&type=chunk)[11](index=11&type=chunk) [2. Changes in Accounting Policies](index=8&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95) The Group applied IAS 21 (Revised) 'Effects of Changes in Foreign Exchange Rates', with no material impact on interim consolidated financial statements - The Group applied **IAS 21 (Revised)**, but it had **no material impact** on the interim consolidated financial statements[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Revenue and Segment Information](index=8&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group has three reportable segments: China Power Plants, Korea Power Plants, and Management Company; H1 2025 revenues were $469.3M, $378.2M, and $9.0M Revenue and Results by Reportable Segment (thousand USD) | Indicator | H1 2025 Revenue (thousand USD) | H1 2025 Results (thousand USD) | H1 2024 Revenue (thousand USD) | H1 2024 Results (thousand USD) | | :--- | :--- | :--- | :--- | :--- | | China Power Plants | 469,340 | 188,102 | 509,211 | 187,952 | | Korea Power Plants | 378,193 | 29,152 | 461,338 | 65,281 | | Management Company | 8,980 | 428 | 11,724 | 558 | | Total | 856,513 | 217,682 | 982,273 | 253,791 | - Korea Power Plants segment results significantly decreased from **$65.3 million in H1 2024** to **$29.2 million in H1 2025**[14](index=14&type=chunk)[16](index=16&type=chunk) [4. Earnings Per Share](index=9&type=section&id=4.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) H1 2025 basic and diluted earnings per share were 3.81 US cents, a decrease from 4.28 US cents in the prior year Earnings Per Share Calculation Summary | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Earnings per share (US cents) | 3.81 | 4.28 | | Profit for calculation (thousand USD) | 163,530 | 183,454 | | Number of ordinary shares (thousand shares) | 4,289,924 | 4,290,824 | [5. Trade Receivables](index=10&type=section&id=5.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) As of June 30, 2025, total trade receivables were $987.0 million, including $882.7 million for electricity price subsidies not overdue; receivables over 180 days were largest Trade Receivables Aging Analysis (thousand USD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 153,489 | 169,513 | | 61 to 90 days | 27,034 | 18,386 | | 91 to 180 days | 87,605 | 76,634 | | Over 180 days | 718,869 | 622,105 | | Total | 986,997 | 886,638 | - As of June 30, 2025, **$882.7 million** of trade receivables balance was for **electricity price subsidies receivable**, not considered overdue or in default[19](index=19&type=chunk) [6. Contract Assets](index=11&type=section&id=6.%20%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2) Contract assets, totaling $442.3 million, are primarily renewable energy electricity price subsidies receivable, to be reclassified to trade receivables upon subsidy list inclusion Contract Assets (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Electricity revenue from renewable energy sales | 461,943 | 411,547 | | Less: Provision for credit losses | (19,623) | (20,737) | | Total | 442,320 | 390,810 | - Contract assets primarily represent **renewable energy electricity price subsidies receivable** from China's local state grid, to be reclassified to trade receivables upon inclusion in the subsidy list[21](index=21&type=chunk) [7. Trade Payables](index=11&type=section&id=7.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE) As of June 30, 2025, total trade payables were $80.6 million with an average credit period of 27 days; the Group aims to settle all payables within the credit term Trade Payables Aging Analysis (thousand USD) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 69,214 | 40,571 | | 61 to 90 days | 7,337 | 1,078 | | Over 90 days | 4,036 | 4,928 | | Total | 80,587 | 46,577 | - For H1 2025, the average credit period for goods purchased was **27 days** (December 31, 2024: 41 days)[22](index=22&type=chunk) [8. Loans from Fellow Subsidiaries](index=12&type=section&id=8.%20%E4%BE%86%E8%87%AA%E5%90%8C%E7%B3%BB%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B2%B8%E6%AC%BE) As of June 30, 2025, total loans from fellow subsidiaries were $1,482.4 million, mostly due within one year, primarily from CGN Finance, CGN Wind Power, and China Clean Energy Loans from Fellow Subsidiaries (thousand USD) | Source | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | CGN Finance (within one year) | 125,672 | 127,732 | | CGN Wind Power (within one year) | 780,064 | 667,742 | | China Clean Energy (within one year) | 450,000 | 450,000 | | CGN Finance (after one year) | 126,622 | 131,197 | | Total | 1,482,358 | 1,376,671 | - Loans from CGN Wind Power of **RMB 5,600.0 million (approximately $780.1 million)** are unsecured, bear interest at **2.40% per annum**, and are repayable in 2025[25](index=25&type=chunk) [9. Bank Borrowings](index=13&type=section&id=9.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E8%B2%B8) As of June 30, 2025, total bank borrowings increased to $5,108.5 million, with $2,627.4 million secured; current borrowings rose, and unused credit facilities were $2,036.5 million Bank Borrowings Details (thousand USD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Secured | 2,627,383 | 2,725,292 | | Unsecured | 2,481,153 | 2,200,697 | | Total | 5,108,536 | 4,925,989 | | Due within one year | 1,080,558 | 644,459 | | Due after one year | 4,027,978 | 4,281,530 | - As of June 30, 2025, the Group's **unutilized bank credit facilities were $2,036.5 million**, an increase from $1,655.1 million as of December 31, 2024[24](index=24&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [I. Operating Results and Analysis](index=14&type=section&id=%E4%B8%80.%20%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E5%88%86%E6%9E%90) H1 2025 revenue and profit decreased due to Korean project issues, Chinese solar price drops, and a CHP project disposal; operating expenses and finance costs fell, and associate profits rose H1 2025 Operating Results Overview (million USD) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 856.5 | 982.3 | -12.8% | | Profit attributable to equity holders of the Company | 163.5 | 183.5 | -10.9% | | Profit for the period | 168.9 | 190.8 | -11.5% | [Revenue](index=14&type=section&id=%E6%94%B6%E5%85%A5) H1 2025 revenue was $856.5 million, down 12.8% year-on-year, mainly due to lower Korean project electricity prices and generation, and reduced sales from a disposed China CHP project - Revenue decreased by **12.8%**, primarily due to **lower Korean project electricity prices and generation**, and the **disposal of a China CHP project**[27](index=27&type=chunk) [Operating Expenses](index=14&type=section&id=%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) H1 2025 operating expenses were $602.5 million, down 11.2% year-on-year, mainly due to reduced natural gas costs for Korean gas projects and lower coal costs after a China CHP project disposal - Operating expenses decreased by **11.2%**, mainly due to **reduced natural gas costs for Korean gas projects** and **lower coal costs after a China CHP project disposal**[28](index=28&type=chunk) [Operating Profit](index=14&type=section&id=%E7%B6%93%E7%87%9F%E6%BA%A2%E5%88%A9) H1 2025 operating profit was $254.0 million, down 16.4% year-on-year, primarily due to lower Korean project electricity prices and generation, and falling Chinese solar prices - Operating profit decreased by **16.4%**, primarily due to **lower Korean project electricity prices and generation** and **falling Chinese solar project electricity prices**[29](index=29&type=chunk) [Other Income](index=15&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) H1 2025 other income was $9.0 million, a $11.1 million year-on-year decrease, mainly due to reduced compensation from a Korean fuel cell project - Other income decreased by **$11.1 million**, mainly due to **reduced compensation income from a Korean fuel cell project**[30](index=30&type=chunk) [Gain on Disposal of a Subsidiary](index=15&type=section&id=%E5%87%BA%E5%94%AE%E4%B8%80%E5%AE%B6%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E6%94%B6%E7%9B%8A) The Group disposed of its entire equity interest in Nantong Meiya Cogeneration Co., Ltd. in March 2025, recognizing a $23.8 million gain on disposal - Disposal of entire equity interest in Nantong Meiya Cogeneration Co., Ltd., recognizing a **gain on disposal of $23.8 million**[31](index=31&type=chunk) [Finance Costs](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) H1 2025 finance costs were $80.3 million, down 12.3% year-on-year, primarily due to a decrease in the weighted average interest rate of bank borrowings - Finance costs decreased by **12.3%**, primarily due to a **decrease in the weighted average interest rate of bank borrowings**[32](index=32&type=chunk) [Share of Profits of Associates](index=15&type=section&id=%E6%攤%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) H1 2025 share of profits of associates was $11.3 million, a $6.7 million year-on-year increase, mainly due to falling market coal prices - Share of profits of associates increased by **$6.7 million**, mainly due to **falling market coal prices** during the period[33](index=33&type=chunk) [Income Tax](index=16&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) H1 2025 income tax expense was $43.6 million, a $1.5 million year-on-year increase, mainly due to the expiry of preferential tax rates for certain Chinese subsidiaries - Income tax expense increased by **$1.5 million**, mainly due to the **expiry of preferential tax rates for certain Chinese subsidiaries**[34](index=34&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) Group cash and cash equivalents increased, net debt-to-equity ratio decreased, but the Board resolved not to declare an interim dividend [Cash and Cash Equivalents](index=16&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) Cash and cash equivalents increased from $158.4 million (Dec 31, 2024) to $197.1 million (June 30, 2025), primarily due to increased net cash from financing activities - Cash and cash equivalents increased to **$197.1 million**, primarily due to **increased net cash from financing activities**[35](index=35&type=chunk) [Net Debt-to-Equity Ratio](index=16&type=section&id=%E6%B7%A8%E5%82%B5%E2%88%95%E6%AC%8A%E7%9B%8A%E6%AF%94%E7%8E%87) Net debt-to-equity ratio decreased from 3.49 (Dec 31, 2024) to 3.35 (June 30, 2025), primarily due to an increase in equity - Net debt-to-equity ratio decreased to **3.35**, primarily due to an **increase in equity**[36](index=36&type=chunk) [Interim Dividend](index=16&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[37](index=37&type=chunk) [Financial Position](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, non-current and current assets increased; current liabilities rose due to increased short-term borrowings, while non-current liabilities decreased - Non-current assets increased to **$7,154.2 million**, primarily due to an **increase in property, plant and equipment**[38](index=38&type=chunk) - Current assets increased to **$1,968.9 million**, primarily due to an **increase in trade receivables and contract assets**[38](index=38&type=chunk) - Current liabilities increased to **$2,935.0 million**, primarily due to an **increase in short-term bank borrowings and loans from fellow subsidiaries**[38](index=38&type=chunk) - Non-current liabilities decreased to **$4,279.4 million**, primarily due to a **decrease in long-term bank borrowings**[38](index=38&type=chunk) [Capital Expenditure](index=17&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure increased from $386.4 million (H1 2024) to $398.5 million (H1 2025), mainly due to increased capital expenditure for Korean gas projects - Capital expenditure increased by **$12.1 million to $398.5 million**, primarily due to **increased capital expenditure for Korean gas projects**[39](index=39&type=chunk) [Contingent Liabilities](index=17&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - The Group had **no significant contingent liabilities**[40](index=40&type=chunk) [Pledged Assets](index=17&type=section&id=%E6%8A%B5%E6%8A%BC%E8%B3%87%E7%94%A2) The Group pledged certain assets (PPE, receivables, contract assets, bank deposits) to secure credit facilities; total pledged assets increased to $2,192.2 million - The total carrying value of pledged assets increased to **$2,192.2 million** (December 31, 2024: $1,983.1 million)[41](index=41&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had approximately 1,998 full-time employees, mostly in China, providing remuneration, bonuses, and benefits, complying with social security schemes - As of June 30, 2025, the Group had approximately **1,998 full-time employees**, mostly based in China[42](index=42&type=chunk) - The Group provides **remuneration, bonuses, and employee benefits**, including retirement, medical, and life insurance plans,

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

编辑 杨娟娟 新京报贝壳财经讯 8月12日，中广核新能源发布公告称，2025年7月，集团完成发电量1731.3吉瓦时，较 2024年同期减少1.7%。其中，中国风电项目减少8.1%，中国太阳能项目增加60.3%，中国燃气项目增加 51.6%，中国水电项目增加12.5%及韩国项目减少15.5%。整体来看，2025年前7个月，集团累计完成发 电量11306.8吉瓦时，比2024年同期减少1.0%。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) New Energy reported a decrease in total power generation for the year ending July 2025, with a total of 1,731.3 GWh, reflecting a 1.7% decline compared to 2024 [1] Summary by Category Power Generation Performance - The total power generation for the first seven months of 2025 was 11,306.8 GWh, which is a 1.0% decrease year-on-year compared to 2024 [1] - Breakdown of power generation changes includes: - Wind power projects in China decreased by 8.1% - Solar power projects in China increased by 60.3% - Gas power projects in China increased by 51.6% - Hydropower projects in China increased by 12.5% - Projects in South Korea decreased by 15.5% [1] Year-on-Year Changes - For the first seven months of 2025, the year-on-year changes in power generation by project type are as follows: - Wind power projects in China increased by 2.2% - Solar power projects in China increased by 19.7% - Gas power projects in China increased by 4.8% - Hydropower projects in China decreased by 19.9% - Projects in South Korea decreased by 10.3% [1]

本文源自：财华网 【财华社讯】中广核新能源(01811.HK)公布，初步统计，2025年7月集团按合并报表口径完成发电量 1,731.3吉瓦时，较2024年同比减少1.7%。其中，中国风电项目减少8.1%，中国太阳能项目增加60.3%， 中国燃气项目增加51.6%，中国水电项目增加12.5%及韩国项目减少15.5%。 截至2025年7月31日止七个月，集团今年累计完成发电量11,306.8吉瓦时，比2024年同比减少1.0%。其 中，中国风电项目增加2.2%，中国太阳能项目增加19.7%，中国燃气项目增加4.8%，中国水电项目减少 19.9%及韩国项目减少10.3%。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) New Energy reported a decrease in total power generation for July 2025 compared to the previous year, with specific variations across different energy sources [1] Group 1: Power Generation Performance - The total power generation for the group in July 2025 reached 1,731.3 GWh, representing a year-on-year decrease of 1.7% compared to 2024 [1] - For the first seven months ending July 31, 2025, the cumulative power generation was 11,306.8 GWh, which is a 1.0% decrease year-on-year from 2024 [1] Group 2: Breakdown by Energy Source - Chinese wind power projects saw a decrease of 8.1% in generation [1] - Chinese solar power projects experienced a significant increase of 60.3% [1] - Chinese gas projects increased by 51.6% [1] - Chinese hydropower projects increased by 12.5% [1] - Korean projects faced a decrease of 15.5% [1] Group 3: Year-to-Date Performance - In the first seven months of 2025, Chinese wind power projects increased by 2.2% [1] - Chinese solar power projects increased by 19.7% [1] - Chinese gas projects increased by 4.8% [1] - Chinese hydropower projects decreased by 19.9% [1] - Korean projects decreased by 10.3% [1]