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]

Core Viewpoint - CGN New Energy (01811) has seen a nearly 6% increase in stock price, reaching a new high of 2.92 HKD since June of last year, indicating positive market sentiment towards the company [1] Company Summary - The company's wind power electricity price for the first half of the year is 0.55 CNY/kWh, a decrease of 0.02 CNY/kWh year-on-year, suggesting that the wind power price has stabilized [1] - CGN New Energy is characterized as a "small but beautiful" renewable energy operator, which has been reducing investments in response to increasing operational pressures in the renewable energy sector [1] - In the first half of the year, the company added only 110,000 kW of new renewable energy capacity, all of which was solar, while capital expenditure was maintained at a low level of 400 million USD (2.85 billion CNY) [1] - The capital expenditure primarily focused on a gas project in South Korea, reflecting the company's strategy to minimize blind capital spending and pursue high-quality development to protect shareholder interests [1] Industry Summary - The release of DeepSeek in January 2025 is expected to significantly increase the on-shelf rate of third-party data centers in China [1] - According to the China Academy of Information and Communications Technology, the electricity demand for data centers in China is projected to reach 3000-7000 billion kWh by 2030, accounting for 2.3%-5.3% of total electricity consumption, with a compound annual growth rate of 10.4%-27.1% from 2024 to 2030 [1] - The rise of the data economy is driving a surge in electricity demand, with computing power becoming a new productive force, which in turn supports the growth of renewable energy operators like CGN New Energy [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Major Events - Alibaba-W (09988) announced the pricing of $3.2 billion zero-coupon convertible preferred notes, with an initial conversion price of $193.15 per American depositary share [1] - Peijia Medical-B (09996) reported the first human clinical trial implantation of the Sutra Hemi-valve transcatheter mitral valve repair system [1] - Corning Jereh Pharmaceutical-B (09966) received acceptance from the National Medical Products Administration for the new drug application of KN026 (Anni monoclonal antibody injection) [1] - Nissin Foods (01475) invested 30.68 million yuan to acquire two plots of land in Zhuhai for the construction of new production facilities [1] - Nocoda Technology (00519) signed a cooperation agreement for low-altitude economic intelligent drones [1] Financial Data - Country Garden Holdings (00754) reported total contract sales of approximately 9.902 billion yuan for the first eight months, a year-on-year decrease of 15.56% [1] - China General Nuclear Power Corporation (01811) completed a power generation of 1,543.7 GWh in August, a year-on-year decrease of 5.7% [1] - Xinte Energy (00956) achieved a cumulative power generation of 9.8787 million MWh in the first eight months, a year-on-year increase of 10.55% [1] - Oceanwide Holdings (03377) reported a cumulative contracted sales amount of approximately 16.44 billion yuan for the first eight months, a year-on-year decrease of 25.88% [1]

Company News - New天绿色能源 (00956.HK) reported a power generation of 9.8787 million MWh in the first eight months, an increase of 10.55% year-on-year; August's power generation was 784.8 thousand MWh, up 23.53% year-on-year [2] -远洋集团 (03377.HK) recorded a contract sales amount of 16.44 billion yuan in the first eight months, a decrease of 25.9% year-on-year; August's contract sales were approximately 1.7 billion yuan, down 17.5% year-on-year [2] - 合生创展集团 (00754.HK) reported a contract sales amount of approximately 9.902 billion yuan in the first eight months, a decrease of 15.6% year-on-year; August's contract sales were about 334 million yuan, down 38.4% year-on-year [2] - 越秀交通基建 (01052.HK) reported a cumulative toll revenue of approximately 603 million yuan for the Guangzhou North Second Ring Expressway in the first seven months, a decrease of 0.7% year-on-year [2] - 华油能源 (01251.HK) entered into a financing lease agreement with Zhongguancun Science and Technology Leasing [2] - 日清食品 (01475.HK) plans to invest 30.68 million yuan to acquire land in Zhuhai for new production facilities [2] - 鲁大师 (03601.HK) subscribed to a structured deposit product from China Merchants Bank, involving 50 million yuan [2] - 越秀地产 (00123.HK) plans to obtain a term loan financing of 200 million HKD [2] - 康宁杰瑞制药-B (09966.HK) had its new drug application for KN026 (Anituzumab injection) accepted by the National Medical Products Administration [2] Buyback Activities - 腾讯控股 (00700.HK) repurchased 874,000 shares at a cost of 550 million HKD, with repurchase prices ranging from 624 to 633 HKD [2] - 汇丰控股 (00005.HK) spent approximately 108 million HKD to repurchase about 1.041 million shares, with repurchase prices between 102.8 and 104.3 HKD [2] - 恒生银行 (00011.HK) repurchased 210,000 shares at a cost of approximately 24.882 million HKD, with repurchase prices from 117.9 to 119.2 HKD [2] - 百胜中国 (09987.HK) repurchased about 57,900 shares at a cost of approximately 20.2 million HKD, with repurchase prices between 347 and 351.8 HKD [2] - 石四药集团 (02005.HK) repurchased 6 million shares at a cost of approximately 18.143 million HKD, with repurchase prices ranging from 2.98 to 3.04 HKD [2] - 美高梅中国 (02282.HK) repurchased 1 million shares at a cost of 16.2463 million HKD, with repurchase prices between 16.04 and 16.45 HKD [3] Power Generation Data - 中广核新能源 (01811.HK) reported a power generation of approximately 12,850.5 GWh in the first eight months, a decrease of 1.6% year-on-year; August's power generation was 1,543.7 GWh, down 5.7% year-on-year [4]

Core Insights - China General Nuclear Power Corporation (CGN) New Energy reported a total electricity generation of 1543.7 GWh for the period ending August 2025, representing a year-on-year decrease of 5.7% compared to 2024 [1] - The company's electricity generation for the first eight months of 2025 reached 12850.5 GWh, which is a 1.6% decrease year-on-year from 2024 [1] Generation Breakdown - In the electricity generation for August 2025, the breakdown shows an increase in Chinese wind power projects by 2.4%, solar projects by 43.2%, gas projects by 1.2%, and hydro projects by 0.3%, while Korean projects saw a significant decrease of 26.2% [1] - For the first eight months of 2025, the generation from Chinese wind power projects increased by 2.2%, solar projects by 23.4%, and gas projects by 3.5%. However, hydro projects decreased by 16.3% and Korean projects decreased by 12.9% [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced a decrease in power generation for 2025, with a total of 1543.7 GWh, representing a 5.7% decline compared to 2024 [1] Group 1: Power Generation Performance - For the eight months ending August 31, 2025, CGN achieved a cumulative power generation of 12850.5 GWh, which is a 1.6% decrease year-on-year compared to 2024 [1] - The breakdown of power generation by project type shows an increase in Chinese wind power projects by 2.2%, solar projects by 23.4%, and gas projects by 3.5%, while hydro projects decreased by 16.3% and Korean projects decreased by 12.9% [1] Group 2: Project-Specific Changes - In 2025, the Chinese wind power projects increased by 2.4%, solar projects surged by 43.2%, gas projects rose by 1.2%, and hydro projects saw a slight increase of 0.3%, while Korean projects experienced a significant decline of 26.2% [1]