审计报告及财务报表 中广核惠州第二核电有限公司 审计报告及财务报表 2024 年度及 2025 年 1-6 月 信会师报字[2025]第 ZI22275 号 中广核惠州第二核电有限公司 (2024 年 01 月 01 日至 2025 年 6 月 30 日止) | | 目录 | 页次 | | --- | --- | --- | | 审计报告 | | 1-3 | | 财务报表 | | | | 资产负债表 | | 1-2 | | 利润表 | | 3 | | 现金流量表 | | 4 | | 所有者权益变动表 | | 5-6 | | 财务报表附注 | | 1-35 | i í 事务所及注册会计师执业资质证明 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTAN 审计报告 信会师报字[2025]第 ZI22275 号 中国广核集团有限公司: 一、审计意见 我们审计了中广核惠州第二核电有限公司(以下简称惠州第二核 电公司)财务报表,包括 2024年 12 月 31 日及 2025 年 6 月 30 日的 资产负债表,2024年度及 2025年1-6 ...

| 证券代码：003816 | 证券简称：中国广核 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于收购惠州核电等四家公司股权暨关联交易的进展公告 二、关联交易进展情况 鉴于本次交易标的公司惠州核电、惠州第二核电、惠州第三核电及湛江核电 原经审计的财务数据基准日为 2025 年 2 月 28 日，根据《深圳证券交易所股票上 市规则》等相关规定，审计基准日距审议本次交易的股东大会召开日不得超过六 个月，为确保股东大会审议期间财务数据处于有效期内，公司聘请立信会计师事 务所（特殊普通合伙）对上述标的公司进行了加期审计，加期后的审计基准日为 2025 年 6 月 30 日。 根据立信会计师事务所（特殊普通合伙）出具的标准无保留意见的《中广核 惠州核电有限公司审计报告及财务报表 2024 年度及 2025 年 1-6 月》（信会师报 字[2025]第 ZI22276 号）、《中广核惠州第二核电有限公司审计报告及财务报表 2024 年度及 2025 年 1-6 月》（信会师报字[2025]第 ZI222 ...

Core Insights - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of 5.952 billion yuan for the first half of the year, representing a year-on-year decrease of 16.3% [1] - The engineering segment showed significant improvement in gross profit, while the gross profit from nuclear power declined [1] - The company plans to acquire 82% of Huizhou Nuclear Power, 100% of Huizhou No. 2 Nuclear Power, 100% of Huizhou No. 3 Nuclear Power, and 100% of Zhanjiang Nuclear Power, with a total transaction value of 9.375 billion yuan [1] Financial Performance - The on-grid electricity generation for the first half of 2025 is expected to increase by 8.84%, with significant contributions from Fangchenggang and Daya Bay [1] - The transaction prices for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power are approximately 8.023 billion yuan and 1.353 billion yuan, respectively [1] - As of the assessment benchmark date, the net asset evaluations for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power are 9.784 billion yuan and 1.353 billion yuan, corresponding to appreciation rates of 17.91% and 10.27% [1] Future Outlook - The company is expected to enhance its profitability with the addition of multiple ongoing and reserve nuclear power projects following the completion of the acquisitions [1] - With the new FCD and approvals anticipated in 2025, the scale of production before 2030 is expected to increase significantly [1] - As of December 31, 2024, Huizhou Nuclear Power and Cangnan Nuclear Power will still be within the group, with accelerated asset injection expected as Huizhou Unit 1 is set to commence operations in 2025, followed by Huizhou Unit 2 and Cangnan Unit 1 in 2026 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance was below expectations, but its nuclear power projects in hand ensure stable and continuous growth [5] - The company plans to acquire 82% equity of Huizhou Nuclear Power and 100% equity of Huizhou Second and Third Nuclear Power, as well as 100% equity of Zhanjiang Nuclear Power for a total consideration of 9.38 billion RMB [7] - The company has 20 nuclear units under construction, which will support its medium to long-term growth [7] Financial Summary - For 2025, the company is expected to achieve a net profit attributable to shareholders of 10.82 billion RMB, with a growth rate of 0.09% [6][8] - The projected earnings per share (EPS) for 2025 is 0.21 RMB, with a price-to-earnings (P/E) ratio of 17.92 [6][8] - The company's revenue for 2025 is estimated at 87.60 billion RMB, reflecting a year-on-year growth rate of 0.92% [6][8]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | --- | --- | --- | --- | --- | --- | | | 博 | 原因 | 股份數目 | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | 份自分比 | | | | | | | (%) | | CS20250829E00536 | 中信证券-开元单一资产管理 1101(L) 15,335,000(L) | | | HKD 2.9864 | 1,235,970,000(L) 11.07(L)28/08/2025 | | | 计划 | | | | | 格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月28日，中广核电力(01816.HK)获中信证券-开元单一资产管理计划在场内以每股均价2.9864港 元增持1533.5万股，涉资约4579.64万港元。 增持后，中信证券-开元单一资产管理计划最新持股数目为1,235,970,000股，持股比例由10.93%上升至11 ...

Core Viewpoint - In the first half of 2025, despite a 3% increase in national electricity consumption, China General Nuclear Power Corporation (CGN) experienced a decline in revenue and profit, indicating pressure on its performance [2][3]. Group 1: Financial Performance - CGN reported a revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year [3][4]. - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% compared to the previous year [3][4]. - The overall gross margin for the company was 43.29%, which is a decline of 5.44 percentage points from the same period last year [3]. Group 2: Electricity Generation and Sales - CGN managed 28 operational nuclear power units and 20 under construction, with a total installed capacity of 31,796 MW and 24,222 MW, respectively, accounting for 44.46% of the national total [3][4]. - The total electricity generated by CGN's operational units was 113.36 billion kWh, representing a year-on-year increase of 6.93% [4]. - Electricity sales accounted for 78.27% of CGN's total revenue, with sales amounting to 30.658 billion yuan [3][4]. Group 3: Pricing Dynamics - The average market electricity price fell by over 8% year-on-year, impacting CGN's revenue despite increased electricity generation [4][5]. - The approved electricity price for CGN's operational units ranged from 0.35 to 0.42 yuan per kWh, while the average market price decreased to approximately 0.384 yuan per kWh [5][6]. - The decline in market prices was attributed to a relaxed power supply-demand balance and the introduction of renewable energy into the market [5]. Group 4: Regional Market Insights - Guangdong province is a crucial market for CGN, contributing 20.564 billion yuan to its revenue, which is 52.50% of the total [6]. - The electricity market in Guangdong is largely covered by medium- and long-term transactions, with a significant drop in average transaction prices compared to the previous year [6]. Group 5: Strategic Developments - CGN announced plans to acquire four nuclear power companies from its controlling shareholder, China General Nuclear Group [6].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

FF301 備註： 證券代號 (如上市) 003816 說明 A股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 39,334,986,100 RMB 1 RMB 39,334,986,100 增加 / 減少 (-) RMB 本月底結存 39,334,986,100 RMB 1 RMB 39,334,986,100 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01816 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 11,163,625,000 RMB 1 RMB 11,163,625,000 增加 / 減少 (-) RMB 本月底結存 11,163,625,000 RMB 1 RMB 11,163,625,000 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國廣核電力股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 50,498,611,100 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存 ...

Core Insights - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar was held in Shenzhen, focusing on new technologies, models, and business formats in marine energy development [1][2]. Group 1: Industry Developments - Guangdong is accelerating the transformation of marine resource advantages into development advantages, aiming to create a "New Marine Guangdong" and inject new momentum into high-quality economic and social development [1]. - The seminar highlighted collaborative development between industry, academia, and research, fostering new productive forces [2]. - Significant technological achievements in offshore wind power, such as the Yangjiang 500 kV offshore wind power reactive power compensation station and the "Mingyang Tiancheng" floating offshore wind platform, were showcased [2]. Group 2: Green Initiatives - The first fully green-designed offshore oil field in China, the Wushi Oil Field Group, has implemented multiple green practices, including zero discharge of production water [2]. - The first offshore CCUS project in China has been launched, creating a new model for marine energy recycling by utilizing carbon to drive oil extraction and solidifying carbon with oil [2]. Group 3: Equipment and Technology - The world's first 11,000-meter ultra-deepwater drilling vessel, "Dream," has been commissioned in Guangzhou, marking a significant advancement in China's deepwater drilling technology [4]. - The world's first megawatt-level floating wave energy generation device, "Nankun," has been developed, positioning China at the forefront of wave energy technology [4]. Group 4: Hydrogen and Renewable Energy - The Zhuhai Guishan offshore wind power industrial-grade hydrogen production demonstration project explores the synergy between offshore wind power and seawater desalination [4]. - The largest single-unit seawater electrolysis hydrogen production demonstration project globally is being implemented in Shenzhen [4]. Group 5: Strategic Collaborations - Several strategic cooperation projects were signed during the seminar, including a green ship fuel production and supply chain project and a key technology research project for offshore wind-driven seawater hydrogen production [6]. - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Green Ship Fuel Industry Innovation Consortium was also initiated [6]. Group 6: Policy and Future Directions - The seminar emphasized that the 14th Five-Year Plan period is crucial for China to achieve its carbon peak goals, with a strong focus on developing marine energy to ensure energy security and promote energy transition [6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to increased costs and a decrease in average market electricity prices despite an increase in nuclear power generation [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year - In Q2 2025, revenue was 19.139 billion yuan, a decline of 5.23%, with net profit at 2.926 billion yuan, down 16.54% [1]. Operational Metrics - The total nuclear power generation for H1 2025 was 113.36 billion kWh, an increase of 6.93% year-on-year - The nuclear power generation from subsidiaries was 89.265 billion kWh, up 8.84% year-on-year, due to reduced maintenance times and the commissioning of the Fangchenggang Unit 4 in May 2025 - The average market electricity price decreased by approximately 8.23% year-on-year, impacting revenue despite increased generation [2]. Project Development - As of June 30, 2025, the company had 20 nuclear power units under construction, with various stages of progress - The company expects the Huizhou Unit 1 to be operational this year, while other units are scheduled for commissioning between 2026 and 2030 - In April 2025, the State Council approved 10 nuclear power units, including four units from the company's Taishan Phase II and Fangchenggang Phase III projects [3]. Strategic Acquisitions - In August 2025, the company announced plans to acquire 82% of Huizhou Nuclear Power and 100% of three other nuclear power companies for approximately 9.375 billion yuan - This acquisition aims to enhance the company's project reserves and support future growth in nuclear power generation and profitability [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 10.125 billion yuan, 10.577 billion yuan, and 11.391 billion yuan for 2025, 2026, and 2027, reflecting year-on-year changes of -6.37%, +4.47%, and +7.69% respectively - As of August 29, 2025, the stock price corresponds to P/E ratios of 19.15, 18.33, and 17.02 for the respective years [4].