研究报告Research Report 22 Apr 2024 中广核电力 China General Nuclear Power (1816 HK) 首次覆盖：核心业务盈利稳定，核电“双雄”稳占半壁江山 Stable profitability of core business, nuclear power steadily accounting for half of the country: Initiation [观Ta点bl聚e焦_ye Inmeveis1t]m ent Focus [Tab首le_次In覆fo盖] 优于大市Initiate with OUTPERFORM (Please see APPENDIX 1 for English summary) 中广核电力是中国广核集团核能发电的唯一平台。中广核电力的 评级 优于大市OUTPERFORM 控股股东中国广核集团是由国务院国资委监管的大型清洁能源中 现价 HK$2.70 目标价 HK$3.27 央企业，持股比例为 57.78%。公司致力于安全高效、稳定可靠、 清洁低碳的核能电力与能源供应。中广核电力的业务主要包括： 市值 HK$210.58 ...

Financial Performance - The operating revenue for 2023 was RMB 82,548.6 million, a decrease of 0.3% compared to 2022[15]. - The net profit attributable to shareholders of the parent company was RMB 10,724.6 million, an increase of 7.6% from 2022[15]. - EBITDA for 2023 was RMB 38,569.7 million, reflecting a growth of 7.4% compared to the previous year[15]. - The total profit for 2023 reached RMB 20,530.56 million, an increase from RMB 18,700.13 million in 2022[16]. - In 2023, the company achieved revenue of approximately RMB 82.549 billion, a slight decrease of 0.33% compared to 2022[61]. - The net profit attributable to shareholders was approximately RMB 10.725 billion, an increase of 7.64% from 2022 (restated)[61]. - The proposed dividend for the year is RMB 0.094 per share (tax included), representing an increase of 8.05% compared to 2022[61]. - The company's EBITDA margin increased to 46.7% in 2023 from 43.4% in 2022[88]. - Net profit margin improved to 20.6% in 2023 compared to 18.4% in 2022[88]. - Operating revenue for 2023 was RMB 82,548.64 million, a slight decrease of 0.3% from RMB 82,822.40 million in 2022[89]. - The cost of operating revenue decreased by 4.4% to RMB 52,857.62 million in 2023 from RMB 55,280.97 million in 2022[89]. - Sales revenue from electricity rose by 7.6% to RMB 62,516.99 million in 2023, up from RMB 58,104.82 million in 2022[91]. Asset and Liability Management - The total assets as of December 31, 2023, were RMB 52,857.62 million, down from RMB 55,280.97 million in 2022[16]. - Total current assets for 2023 reached approximately $72.79 billion, an increase from $70.50 billion in 2022, reflecting a growth of about 1.8%[17]. - Total non-current assets amounted to approximately $342.46 billion in 2023, compared to $338.51 billion in 2022, indicating a growth of about 1.4%[17]. - Total liabilities decreased to approximately $249.95 billion in 2023 from $251.08 billion in 2022, representing a reduction of about 0.5%[17]. - Total equity attributable to shareholders increased to approximately $113.24 billion in 2023, up from $107.03 billion in 2022, marking a growth of about 5.5%[17]. - The total assets for 2023 were approximately $415.25 billion, compared to $409.02 billion in 2022, showing an increase of about 1.6%[17]. - The total liabilities and equity combined for 2023 stood at approximately $415.25 billion, consistent with the total assets[17]. - The company's debt-to-equity ratio improved to 111.2% in 2023 from 117.3% in 2022[88]. - Interest coverage ratio increased to 3.7 in 2023, up from 3.0 in 2022[88]. - The company reported a decrease in financial expenses by 14.1% to RMB 5,665.97 million in 2023[89]. Operational Efficiency and Production - The company maintained an average capacity factor of approximately 89% across its 27 operating nuclear units, with 24 units using second-generation technology achieving an average capacity factor of about 92%[68]. - The average utilization hours for nuclear units were 7,509 hours, an increase from the three-year average of 7,450 hours[68]. - The company successfully completed 17 scheduled refueling outages, achieving expected targets for duration and quality, setting multiple historical records[68]. - The average utilization hours of nuclear power in China for 2023 were 7,670 hours, an increase of 54 hours year-on-year[106]. - The average load factor for 2023 was 85.72%, an increase from 85.45% in 2022[116]. - The company’s operational nuclear units achieved stable operation throughout 2023, contributing to a reliable power supply[113]. - The company has completed annual trading sales of approximately 19.5 billion kWh for ten nuclear power units in Guangdong, maintaining similar trading volumes as in 2023[73]. - The company plans to conduct 18 scheduled refueling outages in 2024, including four ten-year overhauls and one first overhaul[140]. - The company aims to maintain an average utilization hour for its units in 2024 that is not lower than the average of the last three years[140]. Safety and Environmental Management - The company emphasizes environmental governance and social development in its operational strategies[57]. - The company emphasizes nuclear safety management, achieving over 99% completion of identified issues and hazards rectification in 2023[67]. - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[111]. - The company has implemented measures to optimize the management of radioactive waste, ensuring compliance with national regulations without incurring administrative penalties[123]. - The company has achieved a radioactive liquid waste discharge rate of 0.19% in 2023, down from 0.22% in 2022, indicating improved waste management[124]. - The company’s radioactive gas waste discharge rate was reported at 0.45% in 2023, slightly down from 0.46% in 2022[124]. - The company continues to enhance its safety management system, conducting regular emergency drills and safety inspections across all managed nuclear power stations[111]. Research and Development - The company is committed to strengthening technology research and development to enhance sustainable development capabilities[57]. - The company has received approval for five nuclear power projects in 2023, with multiple provinces focusing on nuclear project construction in their 2024 energy plans[61]. - The company has established three R&D bases in Shenzhen, Yangjiang, and Zhongshan, and applied for two national-level R&D centers in 2023[70]. - The company has applied for a total of 1,668 patents in 2023, with 985 patents granted, including one invention patent awarded the 24th China Patent Gold Award[71]. - The company has successfully developed new high-performance radiation shielding materials and core operation monitoring instruments, enhancing safety and economic operation at nuclear power plants[168]. - The company has developed the third-generation nuclear technology, Hualong One, based on over 30 years of experience, aiming to enhance economic efficiency and competitiveness[163]. - The company has established long-term collaborations with four academicians and university teams to enhance its research talent pool[177]. - The company has a total of 1,706 employees with registered qualifications in engineering construction, including 394 registered first-class constructors and 212 registered nuclear safety engineers[196]. Employee Development and Welfare - The total number of employees at the end of 2023 was 19,038, representing an increase from 18,968 in 2022[173]. - The company introduced 1,322 graduates through campus recruitment and 71 through social recruitment in 2023[177]. - The average training hours per employee reached 138.5 hours in 2023, reflecting the company's commitment to continuous skill enhancement[183]. - The company has established a talent training system with 211 full-time instructors and over 2,800 part-time instructors to enhance training resources[193]. - The company has implemented a competitive salary management system, with total employee costs reflecting performance-based bonuses[197]. - The company achieved a 100% coverage rate for social insurance for employees, emphasizing the importance of employee welfare[198]. - The company has established a comprehensive occupational health management system, complying with national regulations and obtaining ISO45001 certification[199]. Strategic Initiatives - The company aims to enhance profitability through cost reduction and efficiency improvements while focusing on high-quality production for new units[57]. - The strategy includes adapting to electricity market reforms and reinforcing market marketing on a provincial basis[57]. - The company is committed to accelerating the construction of a world-class nuclear energy enterprise with global competitiveness, targeting key areas such as production operations and technological innovation[139]. - The company will closely monitor changes in national policies and the economic environment to ensure stable development through effective risk management[140]. - The company has implemented a standardized management model (OPST) to enhance operational efficiency and unify technical standards, resulting in significant cost-effectiveness improvements[161].

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 01816.HK ＃中dy广Com核pa电ny＃力 港股通（沪、深） 买入（首次） ＃title＃ 稳健成长的核电运营龙头 ＃investSuggestion＃ ＃createTime1＃ 2024年 2月 5日 投资要点 跟 ＃市m场a数rk据et Data＃ ＃ summary＃ ⚫ 核能发电低碳稳定，占我国总发电量的比重低于全球水平，2021年政府工作报告提到 踪 日期 2024.2.5 “积极有序发展核电”。2022年中国核电发电量占全国比重4.7%，低于世界平均水平 收盘价（港元） 2.18 9.2%。2019-2021 年我国核准核电机组数量分别达到 4/4/5 台，2022-2023 年则分别 报 达到10台。中国核能协会预测，“十四五”期间我国核电机组有望维持每年6-8台的 总股本（百万股） 50,499 告 核准节奏。 总市值（亿港元） 1,091 ⚫ 中广核电力是集团旗下唯一核能发电平台，装机规模占中国内地过半份额。截至2023 年6月，中广核集团持有公司58.91%股权，实控人为国务院国资委。中广核集团承诺 净资产（亿元） ...

Table_BaseInfo 2024 年 4 月 3 日 公司动态分析 中广核电力（1816.HK） 证券研究报告 电力 业绩符合预期，发电能力提升，释放业绩弹性 投资评级： X 买入 事件：中广核电力发布 2023 年度业绩，营收 825 亿元，同比下降 0.33%；归 母净利润107亿元，同比上涨7.64%，符合市场预期。24年，“台1”大修结 目标价格： 2.78 港元 束，“防4”新增并网，发电能力稳步提升，看好今年业绩弹性释放。公司未 来新增并网项目充足。我们预计公司未来盈利保持稳健增长，派息稳定，上调 现价(2024-4-2)： 2.36港元 目标价至2.78港元，维持“买入”评级。 报告摘要 公司23年业绩符合预期，主营业务稳健增长 2023年中广核电力营收825亿 总市值(百万港元) 119,176.72 元，同比轻微下降0.33%，与去年基本持平；实现归母净利润107亿元，同比 H股市值(百万港元) 26,346.17 上涨7.64%，符合预期。按业务类型分类，其中电力销售营收625亿元，同比 总股本(百万股) 50,498.61 H股股本(百万股) 11,163.63 上升7.5%，建筑 ...

股 票 研 究 [Table_industryInfo] 电力 [ Table_Main[中I Tnaf 广bol]e 核_Ti电tle]力 （1816） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.33 在建项目有序推进，股息具备提升空间 2024.03.28 海 中广核电力2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 于鸿光(分析师) 汪玥(研究助理) 孙辉贤(研究助理) 52周内股价区间（港元） 1.84-2.46 当前股本（百万股） 50,499 公 021-38031730 021-38031030 021-38038670 当前市值（百万港元） 117,662 司 yuhongguang025906@gtjas.c wangyue028681@gtjas.com sunhuixian026739@gtjas.co 证书编号 oSm08 80522020001 S0880123070143 mS0 880122070052 （ [ Table_PicQuote] 香 本报告导读： 52周内股价走势图 港 公司4Q23业绩下滑受费用增加、减值等因素影响；在 ...

Financial Performance - The total operating revenue for the year ended December 31, 2023, was approximately RMB 82,548.6 million, a decrease of 0.3% compared to 2022[2]. - Net profit attributable to shareholders of the parent company was approximately RMB 10,724.6 million, an increase of 7.6% from 2022[2]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was approximately RMB 10,612.9 million, reflecting an increase of 8.6% from the previous year[2]. - The total profit for the year was approximately RMB 20,530.6 million, compared to RMB 18,700.1 million in 2022, showing a growth in profitability[5]. - Basic and diluted earnings per share for the year were both RMB 0.212, compared to RMB 0.197 in 2022, indicating improved earnings performance[5]. - The total comprehensive income for the year was approximately RMB 17,042.5 million, an increase from RMB 15,782.1 million in 2022, highlighting overall growth in financial performance[5]. - The consolidated net profit attributable to ordinary shareholders for 2023 was RMB 10,724,570,116.68, an increase from RMB 9,963,793,122.97 in 2022, representing a growth of approximately 7.6%[30]. - The basic earnings per share for 2023 was RMB 0.212, compared to RMB 0.197 in 2022, reflecting an increase of about 7.6%[30]. Dividends - The board proposed a final cash dividend of RMB 0.094 per share (tax included)[2]. - The proposed final cash dividend for the year ending December 31, 2023, is RMB 0.094 per share (tax included), with an expected payout ratio of approximately 44.26%[106]. - The final dividend for the year ended December 31, 2022, was RMB 0.087 per share (tax included), with a dividend payout ratio of 44.09% of the net profit attributable to shareholders[106]. - Cumulative dividends paid since the company's listing in 2014 have reached RMB 27,216.52 million[106]. Research and Development - Research and development expenses for the year were approximately RMB 2,419.8 million, up from RMB 1,869.8 million in 2022, indicating a significant investment in innovation[4]. Assets and Liabilities - As of December 31, 2023, total current assets amounted to RMB 72,787,425,761.31, an increase of 3.6% from RMB 70,504,910,095.09 in 2022[6]. - Cash and cash equivalents increased to RMB 15,740,022,846.16, up from RMB 14,840,775,400.46, reflecting a growth of 6.1%[6]. - Total non-current assets reached RMB 342,462,931,015.04, a slight increase of 1.4% compared to RMB 338,511,007,620.51 in the previous year[6]. - Total liabilities decreased to RMB 249,946,409,917.28 from RMB 251,082,965,789.67, representing a reduction of 0.5%[7]. - The company's total equity increased to RMB 165,303,946,859.07, up from RMB 157,932,951,925.93, marking a growth of 4.3%[7]. - Short-term borrowings rose to RMB 14,254,614,202.81, an increase of 19.5% from RMB 11,930,482,045.91 in 2022[7]. - The company reported a decrease in other payables to RMB 4,706,474,580.48 from RMB 6,756,582,982.51, a decline of 30.2%[7]. - The company's retained earnings increased to RMB 44,432,050,938.38, up from RMB 39,037,526,815.66, reflecting a growth of 13.0%[7]. Operational Performance - The company is primarily engaged in nuclear power generation and related services, with a focus on expanding its operational capabilities[8]. - The average utilization hours for nuclear power in 2023 were 7,670 hours, an increase of 54 hours from 2022[76]. - The total electricity generated by the operating nuclear units in 2023 was 214,146.46 GWh, representing a 7.95% increase compared to 198,374.80 GWh in 2022[83]. - The average capacity factor for the 27 operating units in 2023 was 89.43%, slightly down from 89.74% in 2022[86]. - The average load factor for the same units in 2023 was 85.72%, compared to 85.45% in 2022[86]. - The company conducted six emergency drills in 2023 to enhance its nuclear emergency response capabilities[82]. - The company maintained a good safety record, with no Level 2 or higher nuclear incidents reported in its operational history[82]. Market and Regulatory Environment - The company continues to enjoy preferential tax rates of 15.00% for several subsidiaries, maintaining the same rate as the previous year[29]. - The company has benefited from various tax incentives, including those for high-tech enterprises and small profit enterprises, which support its operational efficiency[29]. - The company’s credit rating was maintained at AAA with a stable outlook as of September 2023, reflecting strong profitability and cash generation capabilities[72]. - The company has not experienced significant impacts from exchange rate fluctuations on operations or liquidity as of December 31, 2023[107]. Audit and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards and relevant regulations, ensuring compliance and transparency[9]. - KPMG Huazhen LLP has audited the company's consolidated financial statements for the year ended December 31, 2023, and issued a standard unqualified audit opinion[112]. - The audit and risk management committee has reviewed the annual performance for 2023 and the consolidated financial statements prepared in accordance with Chinese accounting standards[111]. - The company has maintained compliance with all provisions of the corporate governance code during the reporting period[109]. Future Plans and Strategies - The company plans to invest in ongoing nuclear power station construction and technology upgrades in 2024, focusing on sustainable development[74]. - The company plans to conduct 18 refueling outages in 2024, including four ten-year overhauls and one first overhaul, with a distribution of 7 in Q1, 3 in Q2, 5 in Q3, and 3 in Q4[102]. - The company is committed to enhancing its safety culture and has initiated a quality assurance system effectiveness assessment for all managed companies in 2023[81]. - The company is actively exploring diversified applications of nuclear energy, including heating and energy storage projects, to improve energy utilization efficiency[101]. - The company has implemented a "three modernization" management strategy and lean management to enhance operational efficiency and reduce supply chain risks[100].

Financial Performance - The company's operating revenue for Q3 2023 was CNY 20,566,558,309.22, a decrease of 5.63% compared to CNY 21,792,933,291.06 in the same period last year[6] - Net profit attributable to shareholders for Q3 2023 was CNY 2,740,737,799.67, down 5.08% from CNY 2,885,573,841.76 year-on-year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,697,928,854.80, a decrease of 4.34% compared to CNY 2,818,465,448.34 in the previous year[6] - The basic earnings per share for Q3 2023 was CNY 0.0543, down 5.07% from CNY 0.0571 in the same period last year[6] - The total operating revenue for the period reached CNY 59.84 billion, compared to CNY 58.42 billion in the same period last year, reflecting a year-over-year growth of approximately 2.4%[24] - The total profit for the first nine months of 2023 was approximately 18.39 billion RMB, reflecting a year-on-year growth of 15.9%[11] - The net profit attributable to shareholders for the first nine months of 2023 was approximately 9.70 billion RMB, an increase of 10.4% compared to the previous year[11] - The total comprehensive income for Q3 2023 was CNY 15,532,670,340.23, compared to CNY 13,887,368,325.59 in Q3 2022, marking an increase of around 11.8%[26] Assets and Liabilities - The total assets as of September 30, 2023, were CNY 409,015,565,449.93, reflecting a 1.20% increase from the previous year-end[6] - The equity attributable to shareholders increased by 5.08% to CNY 107,027,665,892.37 compared to CNY 112,467,231,763.07 in the previous year[6] - As of September 30, 2023, the total assets of the company amounted to CNY 413.94 billion, an increase from CNY 409.02 billion at the beginning of the year[21] - The company’s inventory as of September 30, 2023, was CNY 17.46 billion, slightly down from CNY 17.78 billion, a decrease of about 1.8%[22] - The company’s long-term equity investments increased to CNY 14.08 billion from CNY 13.66 billion, reflecting a growth of approximately 3.1%[22] - The company’s short-term borrowings rose to CNY 14.07 billion from CNY 11.93 billion, an increase of about 17.9%[22] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 26,997,797,062.71, an increase of 10.97% from CNY 24,328,787,492.92 in the same period last year[6] - Cash flow from operating activities for the period was CNY 68,593,824,027.39, compared to CNY 64,314,145,662.03 in the previous year, showing an increase of about 6.5%[27] - The cash and cash equivalents net increase was approximately 304.55 million RMB, a significant increase of 260.98% compared to the previous year[15] - Operating cash inflow totaled CNY 71.63 billion, an increase from CNY 67.01 billion year-over-year[28] - Cash and cash equivalents at the end of the period amounted to CNY 10.60 billion, down from CNY 12.42 billion year-over-year[28] Expenses and Financial Management - The company's financial expenses decreased due to the repayment of maturing debts and a decline in loan interest rates[11] - The financial expenses decreased to CNY 4,228,087,066.00 in Q3 2023 from CNY 5,019,025,800.16 in Q3 2022, a reduction of approximately 15.7%[25] - The company reported a 472.54% increase in employee compensation payable, primarily due to timing differences in salary disbursement[12] - The company reduced its other current liabilities by 94.00% to approximately 188.59 million RMB, mainly due to the repayment of short-term bonds[12] Operational Highlights - From January to September 2023, the total power generation of the nuclear power units operated by the company was approximately 158.99 billion kWh, an increase of 11.31% compared to the same period last year[10] - The company plans to continue expanding its nuclear power generation capacity and invest in new projects to enhance operational efficiency[17] - The company commenced construction of the Lufeng Unit 6 on August 26, 2023, marking a significant step in its expansion strategy[19] Governance - The company completed the election of its fourth board of directors and supervisory board on October 9, 2023, ensuring continuity in governance[20] Research and Development - Research and development expenses for Q3 2023 amounted to CNY 1,043,574,905.47, up from CNY 885,729,260.83 in Q3 2022, reflecting a rise of approximately 18%[25]

Financial Performance - For the first half of 2023, CGN Power reported operating revenue of RMB 39,275.82 million, representing a 7.25% increase compared to the same period in 2022[4] - The net profit attributable to shareholders of the parent company reached RMB 6,958.92 million, reflecting a growth of 17.91% year-on-year[4] - EBITDA for the first half of 2023 was RMB 21,622.14 million, which is a 12.90% increase from the previous year[4] - The company's operating revenue for the six months ended June 30, 2023, was RMB 39,275,824.32 thousand, representing a 7.2% increase from RMB 36,622,093.48 thousand in the same period of 2022[31] - The net profit attributable to shareholders of the parent company increased by 17.9% to RMB 6,958,915.47 thousand, compared to RMB 5,901,975.38 thousand in the previous year[31] - The EBITDA margin improved to 55.1% in 2023 from 52.3% in 2022, indicating enhanced profitability[30] - The company's total assets return rate increased to 3.9% from 3.5% year-on-year, reflecting better asset utilization[30] - The interest coverage ratio rose to 4.4 from 3.3, indicating improved ability to meet interest obligations[30] - The sales revenue from electricity increased by 11.2% to RMB 30,923,922.83 thousand, driven by higher electricity generation[33] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 413,138.88 million, up from RMB 409,015.90 million at the end of 2022[11] - The total equity attributable to shareholders of the parent company increased to RMB 109,868.48 million, compared to RMB 107,026.29 million at the end of 2022[11] - The company's debt-to-asset ratio decreased to 60.7% from 61.4%, indicating a stronger balance sheet[30] - As of June 30, 2023, the total bank borrowings and other loans amounted to RMB 197,443.1 million, a decrease of RMB 2,524.4 million or 1.3% compared to December 31, 2022[36] - The total liabilities to equity ratio improved to 1.52 from 1.59, indicating a stronger financial position[117] Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2023 was RMB 15,679.97 million, an increase of RMB 2,743.46 million or 21.2% year-on-year[38] - Fixed asset investments for the first half of 2023 were approximately RMB 6,565.4 million, representing an increase of RMB 1,424.1 million or 27.7% compared to the same period in 2022[39] - The net cash outflow from investment activities decreased by RMB 876.47 million or 19.8% year-on-year, totaling RMB 3,541.24 million in the first half of 2023[38] - The company maintained a strong liquidity position with approximately RMB 191,060.8 million in unused bank credit facilities and RMB 16,894.8 million in cash and cash equivalents as of June 30, 2023[42] Operational Performance - The total installed capacity of operational nuclear power units is 37,776 MW, accounting for 45.87% of the total in mainland China[9] - The company has 27 operational nuclear power units and 6 under construction, ensuring stable energy production and supply[9] - The total electricity generated by the company's operational nuclear plants reached 105,918.06 GWh in the first half of 2023, representing a 14.09% increase compared to 92,835.27 GWh in the same period of 2022[50] - The average capacity factor for the operational units in the first half of 2023 was 90.59%, compared to 87.88% in the same period of 2022, indicating an increase of 1.71 percentage points[53] - The average load factor for the operational units in the first half of 2023 was 86.26%, up from 80.34% in the first half of 2022, reflecting a growth of 5.92 percentage points[53] - The company achieved a high performance level, with 89.20% of its indicators in the top 25% globally and 87.04% in the top 10% globally according to WANO benchmarks[56] Safety and Compliance - The operational safety record remains strong, with no Level 2 or above nuclear incidents reported as per the International Nuclear Event Scale (INES) during the first half of 2023[49] - The company emphasizes safety management as a top priority, implementing various safety culture initiatives and regular emergency drills to enhance response capabilities[48] - The company’s operational units maintained strict compliance with national regulations regarding radioactive waste management in the first half of 2023[57] Shareholder Engagement and Governance - The company actively communicates with shareholders through various channels, including earnings calls and investor relations platforms[15] - The company has held multiple shareholder meetings to report on its operational performance and future outlook, including the approval of profit distribution plans[86] - The company has maintained compliance with corporate governance standards and has not faced any administrative penalties during the reporting period[87] - The company has updated its articles of association to comply with recent legal and regulatory changes[88] Future Plans and Market Strategy - The company plans to maintain a dividend payout ratio of no less than 30% of the net profit attributable to shareholders for future distributions[14] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[30] - The company is actively participating in market reforms and aims to secure better trading prices and larger market shares in the evolving energy landscape[46] - The company plans to invest in ongoing nuclear power station construction, technology upgrades, and potential asset acquisitions in the second half of 2023[45] Research and Development - Research and development expenses increased to RMB 677.53 million, representing a 51.1% increase from RMB 448.03 million in the same period last year[123] - The company will enhance its original research and development efforts, focusing on independent innovation to drive business growth and sustainable development[84] Human Resources - As of June 30, 2023, the group employed a total of 18,265 staff members, focusing on occupational health and safety for all personnel working at nuclear power stations[76] - The maximum personal radiation dose for personnel working in nuclear power stations was reported, with Daya Bay, Lingao, and Lingdong nuclear stations recording 6.359 mSv in the first half of 2023, down from 8.820 mSv in the same period of 2022[77]

Financial Performance - The group's operating revenue for the six months ended June 30, 2023, was approximately RMB 39,275.82 million, an increase of 7.25% compared to the same period in 2022[1]. - Net profit attributable to shareholders of the parent company was approximately RMB 6,958.92 million, representing a growth of 17.91% year-on-year[1]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was approximately RMB 6,952.49 million, up 21.50% from the previous year[1]. - Basic earnings per share for the six months ended June 30, 2023, was 0.138, compared to 0.117 for the same period in 2022[5]. - Total comprehensive income for the six months ended June 30, 2023, was approximately RMB 11,185.32 million, compared to RMB 9,198.34 million in the same period of 2022[5]. - The group reported a financial cost of approximately RMB 2,951.53 million, a decrease from RMB 3,257.84 million in the previous year[4]. - The group achieved an investment income of approximately RMB 970.78 million, compared to RMB 691.52 million in the same period last year[4]. - The company reported a total of RMB 696,082,853.15 in other income for the first half of 2023, compared to RMB 516,882,682.63 in the same period of 2022, reflecting an increase of around 34.7%[22]. - The company incurred a total income tax expense of RMB 2,160,861,154.44 for the first half of 2023, compared to RMB 1,752,783,720.63 in the same period of 2022, representing an increase of about 23.3%[26]. - The company experienced a credit impairment loss of RMB (59,972,096.38) in the first half of 2023, compared to RMB (47,527,989.97) in the same period of 2022, indicating a deterioration in credit quality[25]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 413.14 billion, an increase from RMB 409.02 billion as of December 31, 2022, reflecting a growth of approximately 1.1%[6]. - Current assets totaled RMB 72.94 billion, up from RMB 70.50 billion, indicating a growth of about 3.4%[6]. - Cash and cash equivalents increased to RMB 16.89 billion from RMB 14.84 billion, representing a rise of approximately 13.8%[6]. - Total liabilities decreased slightly to RMB 250.65 billion from RMB 251.08 billion, a reduction of about 0.2%[7]. - Short-term borrowings rose to RMB 12.26 billion from RMB 11.93 billion, marking an increase of approximately 2.8%[7]. - Long-term borrowings decreased to RMB 159.43 billion from RMB 160.07 billion, a decline of about 0.4%[7]. - Shareholders' equity increased to RMB 162.49 billion from RMB 157.93 billion, reflecting a growth of approximately 2.5%[7]. - The company reported a significant increase in inventory, which rose to RMB 18.14 billion from RMB 17.78 billion, an increase of about 2.0%[6]. - The total accounts receivable for combination 1 was RMB 14,008,113,398.21, with a bad debt provision of RMB 224,268,860.95, indicating a provision rate of 1.60%[33]. - The total amount of accounts payable overdue for more than one year was RMB 2,359,019,410.38 as of June 30, 2023, with major payables including RMB 1,579,895,441.04 to Mingyang Smart Energy Group Co., Ltd.[38]. Nuclear Power Operations - The group operated 27 nuclear power units with a total installed capacity of 30,568 MW, achieving a power generation of 105,918.06 GWh, which is a 14.09% increase compared to the same period in 2022[2]. - The power generation equivalent CO2 emissions reduction was approximately 87.28 million tons[2]. - The group is currently constructing 6 nuclear power units with a total installed capacity of 7,208 MW, all progressing as planned[2]. - The total electricity generated by the company's operational nuclear power stations reached 105,918.06 GWh in the first half of 2023, a 14.09% increase compared to 92,835.27 GWh in the same period of 2022[79]. - The Daya Bay Nuclear Power Station generated 8,306.12 GWh, a 7.26% increase from 7,744.09 GWh in the first half of 2022[79]. - The Fangchenggang Nuclear Power Station, which commenced commercial operation on March 25, 2023, contributed significantly to the overall performance[81]. - The company managed 27 operational nuclear units and 6 under construction units, with all operational units achieving safe and stable operation as of June 30, 2023[79]. - The average capacity factor of the 27 operating nuclear units was 90.59%, compared to 87.88% in the same period of 2022, representing an increase of 1.71 percentage points[82]. - The average load factor for the same period was 86.26%, up from 80.34% in the first half of 2022, indicating a growth of 5.92 percentage points[82]. - The company completed 7 planned refueling outages in the first half of 2023, totaling approximately 413 calendar days[81]. Environmental and Safety Initiatives - The company is committed to enhancing its safety culture and management systems through regular training and emergency drills[77]. - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[77]. - The company maintained strict compliance with national regulations regarding radioactive waste management, ensuring emissions were well below national limits[86]. - The company plans to develop clean energy and reduce carbon emissions as part of its environmental initiatives[88]. - In the first half of 2023, the company reduced standard coal consumption by approximately 31.75 million tons and cut CO2 emissions by about 87.28 million tons[88]. Strategic Plans and Future Outlook - The company is focused on expanding its nuclear power production and related services, which is a key part of its growth strategy[8]. - The company plans to invest in ongoing nuclear power station construction, technical upgrades, and technology innovation in the second half of 2023[74]. - The company is actively exploring new technologies and models for comprehensive nuclear energy utilization to enhance market competitiveness[96]. - The company will closely track changes in the electricity market and improve its marketing system to secure better market electricity prices, targeting an average utilization hour for units not lower than the average of the past three years[106]. - The company aims to maintain stable operation of all operating units and plans to conduct 10 major overhauls in the second half of 2023[106]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules for the six months ending June 30, 2023[108]. - The audit and risk management committee has reviewed and confirmed the interim performance announcement for the six months ending June 30, 2023[110]. - No interim dividend is recommended for the six months ending June 30, 2023, according to the company's dividend policy[107].

Financial Performance - The total operating revenue for Q1 2023 was approximately CNY 18.29 billion, representing a 6.47% increase compared to CNY 17.18 billion in the same period last year[5] - The net profit attributable to shareholders for Q1 2023 was approximately CNY 3.49 billion, a 22.25% increase from CNY 2.85 billion in the previous year[5] - The total profit for Q1 2023 was approximately CNY 6.20 billion, reflecting a 19.8% increase from the previous year[8] - Operating profit for Q1 2023 was ¥6,219,180,548.99, compared to ¥5,175,654,506.33 in Q1 2022, reflecting a growth of 20.17%[20] - The company reported a total comprehensive income of ¥5,108,981,604.87 for Q1 2023, compared to ¥4,240,422,163.67 in Q1 2022[21] - Earnings per share for Q1 2023 were ¥0.069, up from ¥0.056 in the same quarter last year[21] Revenue and Costs - Total operating costs for Q1 2023 were ¥13,005,514,900.36, compared to ¥12,687,553,819.10 in Q1 2022, indicating a rise of 2.49%[20] - The tax expense for Q1 2023 was ¥971,345,652.60, compared to ¥906,066,807.10 in the previous year, reflecting an increase of 7.22%[21] - The company recorded other income of ¥514,221,641.86, significantly higher than ¥287,384,119.93 in Q1 2022[20] Cash Flow - The cash flow from operating activities for Q1 2023 was approximately CNY 4.46 billion, a 13.07% increase compared to the previous year[5] - The net cash flow from operating activities for Q1 2023 was CNY 4,460,418,797.08, an increase of 13.1% compared to CNY 3,944,891,218.50 in Q1 2022[23] - Cash paid for operating activities totaled CNY 16,915,920,799.19, an increase of 5.1% from CNY 16,098,987,173.60 in the previous year[23] - The net cash flow from financing activities was CNY 322,975,190.57, a significant improvement from a net outflow of CNY 1,103,071,434.86 in Q1 2022[24] Assets and Liabilities - The total assets as of the end of Q1 2023 were approximately CNY 412.69 billion, a 0.90% increase from CNY 409.02 billion at the end of the previous year[5] - The company's total equity increased to CNY 160.91 billion from CNY 157.93 billion, reflecting a growth of about 1.25%[19] - The total current liabilities rose to CNY 76.37 billion from CNY 76.13 billion, indicating a slight increase of approximately 0.31%[19] - The total non-current liabilities reached CNY 175.42 billion, up from CNY 174.95 billion, which is an increase of approximately 0.27%[19] Research and Development - Research and development expenses for the year-to-date period reached CNY 210.07 million, a 57.4% increase compared to CNY 133.45 million in the same period last year[10] - Research and development expenses increased to ¥210,070,915.96, a rise of 57.49% from ¥133,452,979.10 in Q1 2022[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 237,960, with the largest shareholder, China General Nuclear Power Corporation, holding 58.91%[13] - The board approved a cash dividend of RMB 0.87 per 10 shares for the 2022 fiscal year, expected to be distributed around July 7, 2023, pending shareholder approval[17] Investment Activities - Cash paid for investments amounted to RMB 60 million, a new investment in Huizhou Zhongdong Pumped Storage Power Co., Ltd.[12] - Cash received from investment income surged by 3,346.7% to RMB 271.73 million, mainly due to timing differences in dividend receipts[11] - The net cash outflow from investment activities was CNY 1,697,116,713.25, compared to CNY -826,031,099.69 in Q1 2022[23]