| 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 ...

核电巨头上半年业绩承压 中国广核是央企中广核集团旗下核能发电的唯一平台，业务主要包括：建设、运营及管理核电站，销售 该等核电站所发电力，组织开发核电站的设计及科研工作。 2025年上半年，全国全社会用电量同比涨超3%，而核电巨头中国广核业绩并未同步增长，反而出现量 涨价跌的情况——尽管中国广核上半年在运核电机组上网电量同比增长，但营收和利润却都出现下降， 公司上半年实现营业收入391.67亿元，同比下降0.53%；归母净利润59.52亿元，同比下降16.30%。8月 28日，中国广核发布2025年上半年财报，披露上述信息。 中国广核在半年报中指出，2025年上半年，公司核电机组所在部分省区部分时段电力供需宽松；公司核 电机组所在省区电力现货市场陆续铺开运行、新能源全面入市，电力现货价格及中长期合同交易价格同 比下降。 在8月28日召开的业绩会上，中国广核也进一步指出，公司2025年上半年平均市场化电价较去年同期有 所降低，主要受广东、广西市场化电价下降影响。公司所在区域中，广东、广西市场化电价已接近市场 化交易下限，福建、辽宁市场化电价总体相较去年保持平稳。 广东则是中国广核最重要的地区市场。财报显示，202 ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 9 月江苏电价不及预期，关注新能源对火电 发电量的挤占影响 增持（维持） [Table_Tag] [◼Table 投资要点 _Summary] 2025 年 09 月 01 日 证券分析师 袁理 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 2024/9/2 2024/12/31 2025/4/30 2025/8/28 公用事业 沪深300 相关研究 《2025M1-7 用电增速持续提升，火电 恢复/水电偏弱》 2025-08-25 《气温转凉美国气价回落，欧洲储库 推进气价提升；九丰能源一体化持续 推进 》 2025-08-25 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 ◼ 本周核心观点：2025 年 9 月江苏电力集中交易结果公示：加权均价 319.48 元/兆瓦时，低于市场 ...

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].

2025年8月27日，核电巨头中国广核电力股份有限公司（下称"中国广核"，003816.SZ）宣布，公司与中 国广核集团有限公司（下称"中广核"）订立股权转让协议，拟向中广核收购其持有的中广核惠州核电有 限公司（下称"惠州核电"）、中广核惠州第二核电有限公司（下称"惠州第二核电"）、中广核惠州第三 核电有限公司（下称"惠州第三核电"）、中广核湛江核电有限公司（下称"湛江核电"）四家公司股权。 8月29日上午，记者从中国广核相关人员处获悉，惠州一期计划今年投产，二号机组计划明年投产，惠 州第二核电的三号机组计划2030年投产。理论上讲，如果当年投产，实现商运或发电，就会产生利润和 收入。 避免同业竞争 记者了解到，本次交易标的为中广核持有的惠州核电82%股权、惠州第二核电100%股权、惠州第三核 电100%股权、湛江核电100%股权。值得一提的是，这四家公司的实际控制人均为国资委。由于中广核 持有中国广核58.89%的股份，是其控股股东，此次交易构成关联交易，尚需获得公司股东大会的批 准。 惠州核电设立于2013年，其股权结构为中广核持股82%，大唐核电持股18%。惠州1、2号机组正在建设 过程中，尚未投入运营 ...