Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.70 and HKD 3.69 [6][5]. Core Views - The company's revenue for Q3 2025 was RMB 20.556 billion, a year-on-year decrease of 10.21% but a quarter-on-quarter increase of 7.40%. The net profit attributable to the parent company was RMB 2.624 billion, down 8.81% year-on-year and down 10.32% quarter-on-quarter, but within the expected range [1][2]. - The report highlights that the annual trading price for nuclear power in Guangdong is expected to increase in 2026 due to the cancellation of variable cost compensation, which could enhance profitability [3][5]. - The company is managing 20 nuclear power units under construction, with three expected to be operational by the end of 2025 and in 2026 [4][5]. Summary by Sections Financial Performance - For the first nine months of 2025, the company achieved revenue of RMB 59.723 billion, a year-on-year decrease of 4.09%, and a net profit of RMB 8.576 billion, down 14.14% year-on-year [1][2]. - The total on-grid electricity from the company's nuclear power units increased by 3.17% year-on-year to 1,721.79 billion kWh [2]. Market Outlook - The cancellation of the variable cost compensation mechanism in Guangdong is expected to lead to a year-on-year increase in the trading price of nuclear power, with an estimated profit increase of approximately RMB 209 million for the company [3][5]. - The report anticipates that the average comprehensive electricity price for the company's market-oriented units in Guangdong will increase by about 5 cents per kWh [3]. Construction and Development - The company is progressing steadily with its construction projects, with three units expected to be operational in late 2025 and early 2026 [4][5]. - The company holds significant stakes in several nuclear power projects, with acquisitions still in progress [4]. Profit Forecast and Valuation - The report maintains profit forecasts for the company at RMB 9.788 billion for 2025, RMB 10.789 billion for 2026, and RMB 11.326 billion for 2027 [5][10]. - The estimated PE ratio for 2026 is set at 22.0x, with a target price based on this valuation [5][10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 以下為本公司於上海清算所（網址： http://www.shclearing.com.cn ）和中國貨幣網 （網址： http://www.chinamoney.com.cn ）上刊登的《中國廣核電力股份有限公司 2025年第三季度財務報表》文件，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 財務總監、聯席公司秘書及董事會秘書 二〇二五年九月 业负责 人：Poist 企 主管会计工作负责人: 一字仍yrl 会 计 机 构负责人： GAS 公司地址：深圳市福田区深南大道中广核大厦 联系电话: 0755-84431531 | में र | ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [6] Core Views - The company's revenue and profit are under short-term pressure due to volume increase and price decrease, but the cancellation of variable cost compensation in Guangdong is expected to benefit the company's electricity prices in the future [6] - The company has a large scale of nuclear power units under construction, which provides strong growth certainty in the long term [6] - Financial costs have decreased due to the issuance of convertible bonds, enhancing the company's profitability [6] - The company's projected net profits for 2025-2027 are 101.72 billion, 109.81 billion, and 117.36 billion yuan respectively, with corresponding PE ratios of 20, 19, and 18 [6] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 85.69 billion yuan, with a year-on-year decline of 1.3% [5] - The net profit attributable to shareholders for 2025 is projected to be 10.17 billion yuan, down 5.9% year-on-year [5] - The company’s gross profit margin is expected to be 32.4% in 2025, with a return on equity (ROE) of 8.6% [5] - The company managed a total power generation of approximately 182.82 billion kWh in the first nine months of 2025, a year-on-year increase of 2.67% [6] Market Data - As of October 28, 2025, the closing price of the stock is 4.07 yuan, with a market capitalization of 160.093 million yuan [2] - The stock has a price-to-book ratio of 1.7 and a dividend yield of 2.33% [2]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [2] Core Views - The company reported a revenue of 59.72 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.09%, with a net profit attributable to shareholders of 8.58 billion yuan, down 14.14% year-on-year [7] - The company's operational performance is under pressure due to a decrease in electricity prices, despite an increase in power generation [7] - The company has a significant number of nuclear power units under construction, which provides strong growth potential in the long term [7] - The cancellation of the variable cost compensation mechanism in Guangdong province in 2026 is expected to positively impact the company's electricity prices [7] - The financial performance is expected to improve due to reduced financial costs from convertible bond issuance [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 85.69 billion yuan, with a net profit of 10.17 billion yuan, reflecting a year-on-year decrease of 5.9% [6] - The company’s gross margin is projected to be 32.4% in 2025, with a return on equity (ROE) of 8.6% [6] - The earnings per share (EPS) is expected to be 0.20 yuan in 2025, with a price-to-earnings (PE) ratio of 20 [6]

Group 1 - China General Nuclear Power Corporation (CGN) announced the convening of its fourth board meeting on October 28, 2025, in Shenzhen, Guangdong Province, to review various documents including the revision of the audit and risk management committee's working rules [1] - For the first half of 2025, CGN's revenue composition was 78.27% from electricity and 21.73% from other sources [1] - As of the report date, CGN's market capitalization was 205.5 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2025年10月28日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為楊 長利先生、李歷女士、龐松濤先生、馮堅先生及劉煥冰先生；獨立非執行董事為 王鳴峰先生、李馥友先生及徐華女士。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《中國廣核電力股份有限公司董事會 秘書工作規定》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 * 僅供識別 第一章 总 则 第一条 为了促进中国广核电力股份有限公司（以下简称"公司"、"本公司"） 的规范运作，规范董事会秘书的行为，加强对董事会秘书工作的指 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) reported a decline in revenue and net profit for the first nine months of 2025, primarily due to the overall market conditions in the electricity sector, which led to increased market transactions and decreased electricity prices [1] Financial Performance - The group's operating revenue for January to September 2025 was approximately RMB 59.723 billion, representing a decrease of 4.09% compared to the same period last year (restated) [1] - The total profit of the group was approximately RMB 16.272 billion, while the net profit attributable to shareholders of the listed company was approximately RMB 8.576 billion, reflecting declines of 12.54% and 14.14% respectively compared to the same period last year (restated) [1]

证券代码：003816 证券简称：中国广核 公告编号：2025-070 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 第四届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"本公司"或"公司"）第四届董 事会第十六次会议（以下简称"本次会议"）通知和材料已于 2025 年 10 月 13 日以书面形式提交全体董事。 2. 本次会议于 2025 年 10 月 28 日在广东省深圳市深南大道 2002 号中广核 大厦南楼 3408 会议室采用现场视频及通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事李馥友先 生通过通讯方式进行了议案表决。 4. 本次会议由公司董事长杨长利先生主持，公司总裁、副总裁、财务总监 和董事会秘书等高级管理人员列席了本次会议。 5. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 表决情况：9 票同意、0 票 ...

董事會核安全委員會工作規則 （於2025年10月28日經董事會批准生效） 第一章 總則 第二章 核安全委員會組織機構 第三條 核安全委員會由五人組成，設主任委員一名，由董事長擔任。委員全 部由公司董事組成，包括非執行董事、執行董事和獨立董事。核安全 委員會主任不能或不履行職責時，可委託一名委員代行其職責，或由 過半數的委員共同推舉1名委員代行其職責。 核安全委員會的日常辦事機構設在公司安全質量環保部，負責承辦核 安全委員會的有關具體事務。核安全委員會可設諮詢委員一名，協助 核安全委員會開展日常具體工作。 1 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 第一條 為明確中國廣核電力股份有限公司（簡稱「公司」）董事會核安全委員 會（以下簡稱「核安全委員會」）的組成和職責，規範工作程序，根據國 家有關法律、法規、規範性文件、《中國廣核電力股份有限公司章程》 （以下簡稱「《公司章程》」）和《中國廣核電力股份有限公司董事會議事 規則》，結合公司實際，制定本工作規則。 第二條 核安全委員會是董事會下屬的專門委員會，向董事會負責。 第 ...

华泰联合证券有限责任公司 关于中国广核电力股份有限公司 变更募投项目实施主体的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为中国广核电力股份有限公司（以下简称"中国广核"、"上市公司"或"公司"） 向不特定对象发行 A 股可转换公司债券的保荐人，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律、法规和规范性文件的规 定，对中国广核变更募投项目实施主体进行了核查，核查情况及核查意见如下： 2025 年 7 月，中国广核向不特定对象发行 A 股可转换公司债券完成发行， 募集资金总额 49 亿元，扣除发行费用后的净额全部用于"广东陆丰核电站 5、6 号机组项目"（以下简称"募投项目"）建设，募投项目实施主体为公司的全资子 公司中广核陆丰核电有限公司（以下简称"陆丰核电"）。基于同一基地内各期核 电机组的管理需要，公司已于 2025 年 10 月新设全资子公司中广核粤东（陆丰） 核电有限公司（以下简称"粤东核电"）,负责广东陆丰核电站 5、6 号机组项目的 投资、开发和建设。因此， ...