Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The release of the "14th Five-Year" Energy Planning Management Measures emphasizes compliance and economic viability in energy projects, with stricter controls on project inclusion in energy planning [2][7] - The new measures aim to enhance the systematic, authoritative, scientific, and adaptive nature of energy planning, with a focus on mid-term and summary evaluations [7][9] - The market sentiment towards new energy development has been pessimistic due to the negative impact of market transactions on investment returns, but the 2035 development goals announced by President Xi Jinping have provided reassurance [3][10] - The government is addressing irrational competition in the energy sector, particularly in coal and photovoltaic industries, to stabilize prices and promote the exit of inefficient capacities [10][11] Summary by Sections 1. Energy Planning Management Measures - The new management measures replace the previous version and are effective for five years, focusing on high-quality energy development [7] - The measures restrict provincial energy planning from including projects not approved at the national level, ensuring a more rigorous planning process [8][9] 2. Market Dynamics and Recommendations - The report suggests focusing on stocks with third-quarter performance catalysts, highlighting long-term investments in quality hydropower and undervalued wind power companies [12][13] - Short to medium-term recommendations include companies with strong asset quality and management capabilities, as well as regional stocks with lower downside risk [11][12]

Core Viewpoint - The recent advancements in China's nuclear fusion sector, particularly the successful installation of the Dewar base for the BEST project, have led to a surge in related nuclear energy stocks, indicating a positive outlook for the industry [2][10]. Group 1: Project Developments - The BEST project in Hefei, Anhui, has entered a new phase with the successful installation of its core component, the Dewar base, marking a significant milestone in its construction [2][6]. - The total assembly of the BEST project is set to commence on May 1, 2025, which is a critical phase involving the precise installation of various fusion reactor components [3]. - The installation process utilized a space-grade attitude control system, achieving millimeter-level precision for a 400-ton component, which sets a new record in the installation of large components [3][4]. Group 2: Industry Growth and Achievements - The global fusion industry has seen explosive growth over the past five years, with total investments nearing $10 billion [3]. - China's three major fusion devices have achieved significant milestones, including the EAST device operating plasma at 100 million degrees Celsius for 1066 seconds, and the "Chinese Circulation No. 3" reaching dual billion-degree temperatures [4]. - The BEST project aims to demonstrate fusion power generation by 2027, with a broader goal of commercializing fusion energy by 2030 [5][10]. Group 3: Investment and Market Response - The nuclear energy sector has seen a collective surge in stock prices, with companies like China Nuclear International rising by 21.30% and Shanghai Electric by 14.19% following the recent project developments [10][11]. - The investment landscape for fusion energy is evolving, with a structure emerging that combines national strategic capital, local industrial capital, and private innovation capital [5][10]. - The supply chain for the BEST project includes 16 A-share listed companies, indicating a robust industrial ecosystem supporting fusion energy development [10].

Core Viewpoint - The Hong Kong nuclear power stocks have experienced significant gains, with notable increases in share prices for several companies in the sector [1] Company Performance - China National Nuclear Corporation International (中核国际) saw its stock price rise by over 17% [1] - China General Nuclear Power Group's mining and renewable energy subsidiaries (中广核矿业、中广核新能源) both increased by more than 5% [1] - China General Nuclear Power Corporation (中广核电力) experienced a stock price increase of over 3% [1]

Group 1 - The core viewpoint of the news is that Hong Kong nuclear power stocks have collectively strengthened, with notable increases in share prices for several companies [1] Group 2 - China National Nuclear Power International (02302) saw a significant increase of 17.96%, reaching a latest price of 6.370, with a total market capitalization of 3.116 billion and a year-to-date increase of 279.17% [2] - China General Nuclear Power Mining (01164) rose by 5.04%, with a latest price of 3.540, a total market capitalization of 26.906 billion, and a year-to-date increase of 118.11% [2] - China General Nuclear Power New Energy (01811) increased by 4.48%, with a latest price of 3.030, a total market capitalization of 12.998 billion, and a year-to-date increase of 33.05% [2] - China General Nuclear Power (01816) experienced a rise of 3.78%, with a latest price of 3.020, a total market capitalization of 152.506 billion, and a year-to-date increase of 9.95% [2]

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 截至月份: 2025年9月30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10月2日 I. 法定/註冊股本變動 FF301 | 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 | | 25,000,000 | 本月底法定/註冊 ...

Core Viewpoint - The 2025 China Carbon Market Conference held in Shanghai focuses on enhancing carbon pricing mechanisms to stimulate green and low-carbon development, featuring discussions on China's carbon market construction, global climate change responses, and international cooperation in green innovation [2] Group 1: Main Forum Insights - The "National Carbon Market Development Report 2025" was released, with contributions from representatives of the Ministry of Ecology and Environment and the People's Bank of China, discussing market vitality and green finance innovation [2] - The conference aims to inject new momentum into achieving the "dual carbon" goals through the release of construction achievements and cutting-edge research [2] Group 2: Sub-Forum One Highlights - The first sub-forum emphasized improving the carbon market trading system and enabling market-based carbon pricing mechanisms, with diverse perspectives from government, academia, and business representatives [4][6] - Hubei Province's advantages in carbon market construction include managing accounts for 3,700 key emission enterprises, covering carbon quotas of approximately 8 billion tons, and achieving a cumulative transaction volume of 418 million tons with a transaction value of 10.328 billion yuan [6][7] Group 3: Sub-Forum Two Highlights - The second sub-forum focused on building international cooperation in carbon credits under market mechanisms to achieve the goals of the Paris Agreement, with participation from various stakeholders including government departments and international organizations [8][10] - Shanghai's carbon market has included over 400 enterprises across 28 industries, with a cumulative transaction of 265 million tons and a transaction value of 5.544 billion yuan, showcasing its role as a pilot region for carbon market development [11][12]

Group 1 - Nuclear power stocks have risen significantly, with increases of over 9% and 7% for specific companies [1] - Major companies such as China National Nuclear Corporation and China General Nuclear Power Corporation have seen notable stock price increases, with China National Nuclear Corporation rising by 9.16% to 4.290 and China General Nuclear Mining rising by 7.19% to 3.280 [1] - The rise in uranium prices, approximately 5% this year, is attributed to production cuts by major suppliers and increasing demand from nuclear power construction and AI data centers in China [1] Group 2 - Morgan Stanley reports that the global uranium market is undergoing significant changes, with a tight supply and strong demand leading to an optimistic price outlook [2] - The forecast predicts uranium prices will reach $87 per pound by Q4 2025, supported by supply challenges, stable spot demand, and potential increases in contract volumes [2] - The structural support from the "nuclear renaissance" is strengthening the fundamentals of the uranium market, indicating further price potential [2]

CGN NEW ENERGY HOLDINGS CO., LTD. （於百慕達註冊成立的有限公司） （股份代號：1811） 各位非登記股東 1 ： 於本公司網站及聯交所網站登載公司通訊之通知 謹此通知 閣下，中國廣核新能源控股有限公司（「本公司」）之下述公司通訊 2 （「本次公司通訊」）（英文及中 文版本），現已登載於本公司網站www.cgnne.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： 中國廣核新能源控股有限公司 2. 公司通訊指本公司發出或將予發出以供其任何證券的持有人或投資大眾參照或採取行動的任何文件，其中包括但不限於(a)董事會報 告、公司的年度賬目連同核數師報告以及（如適用）其財務摘要報告；(b)中期報告及（如適用）其中期摘要報告；(c)會議通告；(d)上市文 件；(e)通函；及(f)代表委任表格。 為了方便通過電郵進行電子通訊，本公司建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統稱「中 介機構」）提供其有效的電郵地址。如本公司沒有收到 閣下的中介機構透過香港中央結算（代理人）有限公司提 供 閣下的有 ...

謹此通知 閣下，中國廣核新能源控股有限公司（「本公司」）之下述公司通訊 1（ 「本次公司通訊」）（英文及中文版本），現已 登載於本公司網站www.cgnne.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站www.hkexnews.hk（「聯交 所網站」）以供閱覽： • 2025中期報告 閣下現可於本公司網站「投資者關係」一節或聯交所網站內讀取本次公司通訊。若 閣下早前曾要求收取公司通訊的印刷 本，本次公司通訊的印刷本已隨函附上。 為了方便通過電郵進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司（「香港 股份過戶登記分處」）（地址為香港夏慤道16號遠東金融中心17樓）發出（不少於7天）的合理書面通知，或發送電郵至 is-ecom@vistra.com向本公司提供 閣下的電郵地址。 （於百慕達註冊成立的有限公司） （股份代號：1811） 各位登記股東： 於本公司網站及聯交所網站登載公司通訊之通知 CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司 承董事會命 中國廣核新能源控股有限公司 總裁兼執行董事 李光明 2025年 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was US$982 million, a significant increase from US$485 million in the same period of 2024, representing a year-on-year growth of 102%[16] - Profit attributable to equity shareholders for the same period was US$164 million, compared to US$183 million in 2024, indicating a decrease of 10.4%[18] - The company reported an EBITDA of US$982 million for the first half of 2025, compared to US$485 million in 2024, marking a 102% increase[20] - Revenue for the six months ended June 30, 2025, was US$856.5 million, a decrease from US$982.3 million for the same period in 2024[57] - Operating profit for the period was US$254.0 million, down from US$303.9 million in the previous year[57] - Profit for the period decreased to US$168.9 million from US$190.8 million year-over-year[57] - Profit attributable to ordinary equity shareholders decreased from US$183.5 million in 2024 to US$163.5 million in 2025, a decrease of about 10.91%[162] Power Generation and Capacity - Power generation for the first half of 2025 reached 9,660 GWh, slightly up from 9,576 GWh in 2024, reflecting a growth of 0.9%[24] - The attributable installed capacity as of June 30, 2025, was 9,666 MW, down from 10,501 MW in 2024, showing a decline of 7.9%[26] - The total electricity generated by the Group's projects for the six months ended June 30, 2025, was 9,575.5 GWh, a decrease of 0.9% from the same period in 2024[86] - The total power generation for the six months ended June 30, 2025, was 9,575.5 GWh, a decrease of 0.9% compared to 9,660.4 GWh for the same period in 2024[91] - Power generation from PRC wind projects reached 5,506.7 GWh, a year-on-year increase of 4.1%[87] - Power generation from PRC solar projects was 1,154.5 GWh, representing a year-on-year increase of 11.5%[88] - The installed capacity of non-fossil energy power generation along transportation infrastructure should not be less than 5 GW[46] Market and Regulatory Environment - The national newly installed capacity for wind and photovoltaic power in China reached 51.4 GW and 211.6 GW respectively in the first half of 2025, representing year-on-year increases of 98.9% and 106.5%[29] - The company aims to strengthen power supply reliability and accelerate energy structure optimization in response to the ongoing transition towards green energy solutions[27] - The management highlighted the importance of addressing geopolitical tensions and trade protectionism as potential risks to global energy supply-demand dynamics[27] - In February 2025, the NDRC and NEA issued a notice mandating that new energy projects must feed all electricity generation into the power market, with tariffs determined through market transactions[33] - By the end of 2025, multiple provinces including Hubei and Zhejiang are required to transition their electricity spot markets to formal operation, with continuous settlement trial operations commencing in several other provinces[35] Technological Innovation and Development - The company is focused on technological advancements and market competition in the renewable energy sector, which is expected to drive future growth[28] - The plan encourages the development of diverse new energy storage technologies, including breakthroughs in high-efficiency integration and intelligent control technologies[43] - The Company aims to enhance technological innovation and business model innovation to drive high-quality development amid market-oriented reforms in the energy sector[79] - The company has developed independent core products for green power intelligent operation and maintenance, leveraging new-generation artificial intelligence technologies[104] Environmental and Social Responsibility - The company has actively engaged in public welfare projects, including wildlife rescue and environmental protection initiatives, demonstrating its commitment to social responsibility[120] - The company has committed to enhancing its ESG governance effectiveness to support the nation's "dual-carbon" goal through continuous technological innovation and environmental management optimization[124] Financial Position and Cash Flow - The Group's cash and cash equivalents increased from US$158.4 million as of December 31, 2024, to US$197.1 million as of June 30, 2025[151] - The net debt/equity ratio improved from 3.49 as of December 31, 2024, to 3.35 as of June 30, 2025[152] - The Group's income tax expenses increased to US$43.6 million in the first half of 2025, up by US$1.5 million from US$42.1 million in the first half of 2024[150] - Basic and diluted earnings per share decreased from 4.28 US cents in 2024 to 3.81 US cents in 2025, representing a decline of approximately 10.98%[162] Asset Management - Trade receivables increased from US$914.9 million as of December 31, 2024, to US$1,015.4 million as of June 30, 2025, an increase of approximately 11%[162] - The Group's contract assets from tariff income increased from US$390.8 million in 2024 to US$442.3 million in 2025, reflecting an increase of about 13.2%[169] - Non-current assets rose from US$6,922.7 million as of December 31, 2024, to US$7,154.2 million as of June 30, 2025, an increase of approximately 3.34%[175] - Current liabilities increased from US$2,431.7 million as of December 31, 2024, to US$2,935.0 million as of June 30, 2025, an increase of approximately 20.7%[176] Project Development - The Group has major projects under construction, including a 145.0 MW solar project in Hebei Province and a 100.0 MW solar project in Hainan Province[78] - The Jiangsu Rudong Storage Station Project was added in the second half of 2024, with a storage capacity of 200 MW/400 MWh[76] - The Company’s Rudong 200 MW/400 MWh Shared Energy Storage Station Project has achieved full-capacity grid connection, enhancing grid flexibility and renewable energy integration in Jiangsu Province[109] - The Zhaoyuan 400.0 MW Offshore Photovoltaic Project in Shandong Province has been connected to the grid at full capacity, marking a significant achievement in offshore photovoltaic technology[108]