| 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].

Core Viewpoint - China General Nuclear Power Corporation (CGN) is set to acquire stakes in four nuclear power companies from its parent company, China General Nuclear Group, as part of a strategy to avoid competition and enhance operational independence [1][4]. Group 1: Transaction Details - The transaction involves the acquisition of 82% of Huizhou Nuclear Power, 100% of Huizhou Second Nuclear Power, 100% of Huizhou Third Nuclear Power, and 100% of Zhanjiang Nuclear Power [2][6]. - The total transaction price is approximately 937.54 million yuan, with Huizhou Nuclear Power valued at 802.27 million yuan and Huizhou Second Nuclear Power at 135.27 million yuan, while Huizhou Third Nuclear Power and Zhanjiang Nuclear Power are valued at 0 yuan [6]. - The acquisition is expected to add in-progress and reserve nuclear projects to CGN, contributing to future growth in nuclear power generation and overall performance [6]. Group 2: Company Performance - As of mid-2025, CGN managed 28 operational nuclear units and 20 under construction, representing 44.46% of the national total capacity [7]. - The company reported a revenue of approximately 39.17 billion yuan for the first half of 2025, a decrease of 0.53% year-on-year, and a net profit of about 5.95 billion yuan, down 16.30% from the previous year [7][8]. - The decline in performance is attributed to a decrease in electricity prices, with the average market price falling by approximately 8.23% compared to the same period in 2024 [7].