Group 1 - The core point of the announcement is the approval by the Supervisory Board of China General Nuclear Power Corporation to use funds raised from convertible bonds to replace self-raised funds already invested in projects and to cover issuance costs [1][2] - The meeting was held on July 14, 2025, and the proposal received unanimous approval with 5 votes in favor and no votes against or abstaining [1] - The Supervisory Board believes that the use of raised funds aligns with the company's development needs and will enhance capital utilization efficiency, complying with relevant regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing convertible bonds to replace self-raised funds previously invested in projects and to cover issuance costs, with a total fundraising amount of RMB 490 million [7][10]. Group 1: Company Responsibilities - The company is responsible for preparing the special explanation regarding the replacement of self-raised funds with the proceeds from the convertible bonds, ensuring the information is true, accurate, and complete [2][11]. - The preparation of the special explanation is in accordance with the regulations set by the China Securities Regulatory Commission (CSRC) and the Shenzhen Stock Exchange [8][11]. Group 2: Fundraising Details - The company plans to issue 49 million convertible bonds with a face value of RMB 100 each, resulting in a total fundraising amount of RMB 490 million, after deducting issuance costs of RMB 2.1581 million [7][10]. - The net amount raised after costs is RMB 489.78419 million, which has been deposited into a designated account [7][10]. Group 3: Use of Proceeds - The net proceeds from the bond issuance will be used for specific investment projects as outlined in the fundraising plan [9][10]. - Prior to the bond proceeds being available, the company has already invested RMB 972.43963 million of its own funds into the projects from June 22, 2024, to July 14, 2025, with RMB 489.78419 million planned for replacement [10]. Group 4: Issuance Costs - The company has incurred issuance costs totaling RMB 0.2968 million, with a net amount of RMB 0.2685 million planned for replacement using the bond proceeds [10]. - The breakdown of issuance costs includes underwriting fees, legal fees, audit fees, and other related expenses [10]. Group 5: Verification and Conclusion - KPMG Huazhen LLP has conducted a verification of the fundraising and issued a report confirming that the special explanation reflects the situation accurately as of July 14, 2025 [6][11]. - The company asserts that the information disclosed complies with the relevant regulations and accurately reflects the use of self-raised funds [11].

关于中国广核电力股份有限公司 以可转换公司债券募集资金置换预先投入募集资金投资项目及 已支付发行费用的自筹资金的专项说明的鉴证报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国广核电力股份有限公司 以可转换公司债券募集资金置换预先投入募集资金投资项目及 已支付发行费用的自筹资金的专项说明的鉴证报告 毕马威华振专字第 2504326 号 中国广核电力股份有限公司董事会： 我们接受委托，对后附的中国广核电力股份有限公司 (以下简称"中国广核公司") 截止 2025 年 7 月 ...

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 使用募集资金置换预先已投入募投项目及已支付发行费用 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），公司向不特定对象发行 4,900.0000 万张可转换公司债券，每 张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各项发行 费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。募集资 金已于 2025 年 7 月 15 日划至公司指定账户。毕马威华振会计师事务所（特殊普 通合伙）对公司上述募集资金到位情况进行了验证，并出具了《中国广核电力股 份有限公司向不特定对象发行可转换公司债券募集资金验证报告》（毕马威华振 验字第 2500508 号）。 公司已将上述募集资金存放于募集资金专项账户，并与保荐人、专户银行签 订了《募集资金三方监管协议》。 二、募集资金投资项目情况 根据《中国广核电力股份有限公司向不特定对象发行 A 股可转换公司债券 并在主板上 ...

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、误导性陈述或者重大遗漏。 中国广核电力股份有限公司（以下简称"公司"、"中国广核"）于 2025 年 7 月 21 日召开的第四届董事会第十四次会议审议通过了《关于批准公司使用可转 换公司债券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的 议案》，现将具体情况公告如下： 一、募集资金基本情况 证券代码：003816 证券简称：中国广核 公告编号：2025-054 中国广核电力股份有限公司 关于使用募集资金置换预先已投入募投项目 及已支付发行费用的自筹资金的公告 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），公司向不特定对象发行 4,900.0000 万张可转换公司债券，每 张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各项发行 费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。募集资 金已于 2025 年 7 月 15 日划至公司指定 ...

一、监事会会议召开情况 证券代码：003816 证券简称：中国广核 公告编号：2025-053 中国广核电力股份有限公司 第四届监事会第十一次会议决议公告 本公司及监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、误导性陈述或者重大遗漏。 1. 中国广核电力股份有限公司（以下简称"公司"）第四届监事会第十一次 会议（以下简称"本次会议"）通知和材料于 2025 年 7 月 14 日以书面形式提交 全体监事。 2. 本次会议于 2025 年 7 月 21 日以书面方式召开。 3. 本次会议应出席的监事 5 人，实际出席会议的监事 5 人。 4. 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。 二、监事会会议审议情况 经出席会议的监事审议与表决，本次会议审议通过《关于批准公司使用可转 换公司债券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的 议案》 表决情况：5 票同意、0 票反对、0 票弃权。 监事会认为，本次募集资金置换符合公司发展的需要，有利于提高公司的资 金利用效率，不存在变相改变募集资金投向、 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-052 中国广核电力股份有限公司 第四届董事会第十四次会议决议公告 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。 4. 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。 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 事会第十四次会议（以下简称"本次会议"）通知和材料已于 2025 年 7 月 14 日 以书面形式提交全体董事。 2. 本次会议于 2025 年 7 月 21 日以书面方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。 二、董事会会议审议情况 经出席会议的董事审议与表决，审议通过《关于批准公司使用可转换公司债 券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的议案》 表决情况：9 票同意、0 票反对、0 票弃权。 公司监事会对本议案进行了审议，有关意见于 2025 年 7 月 21 日登载于巨潮 资讯网（www.cni ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

证券代码：003816 证券简称：中国广核 公告编号：2025-051 中国广核电力股份有限公司 关于开立募集资金专项账户并签订募集资金三方监管协议 的公告 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、误导性陈述或者重大遗漏。 一、募集资金基本情况 中国广核电力股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日收到 中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），同意公司向不特定对象发行 490,000.00 万元的可转换公司债 券，每张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各 项发行费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。 上述募集资金已于 2025 年 7 月 15 日全部划至公司指定账户，毕马威华振会计师 事务所（特殊普通合伙）对公司上述募集资金到位情况进行了验证，并出具了《中 国广核电力股份有限公司向不特定对象发行可转换公司债券募集资金验证报告》 （ ...

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].