Core Viewpoint - China General Nuclear Power Corporation (CGN) reported its 1H25 performance, with revenue and profit showing slight declines compared to the previous year, aligning with market expectations [1][2]. Financial Performance - 1H25 revenue decreased by 0.5% year-on-year to 39.2 billion yuan, while profit fell by 16.3% to 5.95 billion yuan. In 2Q25, revenue dropped by 5.2% to 19.1 billion yuan, and profit decreased by 16.5% to 2.93 billion yuan [1]. - The average financing cost for the company in 1H25 was 2.64%, down 39 basis points from 2024. Financial expenses decreased by 8.8% to 2.28 billion yuan, with the financial expense ratio down by 0.5 percentage points to 5.8% [2]. Electricity Pricing and Volume - The average market transaction price for electricity in 1H25 fell by 3.2 cents to 0.36 yuan per kilowatt-hour, remaining stable compared to the first quarter. In Guangdong, the average price was approximately 0.33 yuan per kilowatt-hour, down 6.5 cents year-on-year [1]. - The company completed 8 annual overhauls and 2 ten-year overhauls in the first half of the year, with total overhaul days at 414, a reduction of 109 days year-on-year. This led to an 8.8% increase in online electricity volume to 89.3 billion kilowatt-hours [1]. Development Trends - The company plans to acquire equity in four companies for 9.4 billion yuan, which includes four under-construction and approved units, potentially enriching its operational and construction unit portfolio. The acquisition includes 82% of Huizhou Nuclear Power and 100% of Huizhou Second, Huizhou Third, and Zhanjiang Nuclear Power [2]. - The company has not yet initiated the acquisition of Cangnan Phase I due to various factors, with expected operational dates for Cangnan units 1 and 2 around 2026 and 2027 [2]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-26 down by 10.9% and 13.5% to 9.6 billion yuan. The current A-share price corresponds to a 20.2 times and 20.1 times price-to-earnings ratio for 2025-26, while the H-share price corresponds to 14.5 times and 14.2 times [2]. - The company maintains a positive outlook on the long-term stable dividend investment value of high-quality nuclear power assets, with target prices for A/H shares remaining unchanged at 5.07 yuan and 3.59 HKD, indicating potential upside of 33% and 20% respectively [2].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with significant impacts from electricity price decreases and increased costs in its nuclear power business [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit attributable to shareholders of 5.952 billion yuan, down 16.30% [1] - For 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] - Non-recurring gains in H1 2025 amounted to 343 million yuan, primarily from government research project subsidies [1] Nuclear Power Business - The company's nuclear power generation in H1 2025 was 94.691 billion kWh, an increase of 7.80% year-on-year, attributed to the operation of the Fangchenggang Unit 4 and reduced maintenance days [2] - The revenue per kWh decreased by 7.27% to 0.343 yuan, mainly due to a drop in market electricity prices, which fell by approximately 8.23% [2] - The gross margin for the nuclear power business decreased by 5.45 percentage points to 43.29% due to the combined effects of falling electricity prices and rising costs [2] Other Income and Taxation - Other income decreased to 491 million yuan, down 5.19 billion yuan year-on-year, primarily due to a reduction in VAT refunds [3] - Income tax expenses increased to 2.490 billion yuan, up 378 million yuan year-on-year, influenced by tax adjustments related to VAT refunds and the expiration of tax incentives for certain nuclear power units [3] Investment and Acquisitions - The company acquired stakes in four nuclear power companies for a total consideration of 9.375 billion yuan, which is expected to enhance growth and performance [4] - The projected net profits for 2025-2027 are 9.768 billion, 10.622 billion, and 11.631 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.75x, 18.16x, and 16.59x [4]

Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Outperform the Market" [5][3][22]. Core Views - The company's performance has been impacted by declining electricity prices, with a reported revenue of 39.167 billion yuan in the first half of 2025, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year [1][7][10]. - The company is in the process of acquiring stakes in Huizhou Nuclear Power, which includes 82% of Huizhou Nuclear Power and 100% of Huizhou Second and Third Nuclear Power, with a total net asset value of approximately 8.03 billion yuan [2][22]. - The average market electricity price has decreased by approximately 8.23% year-on-year, with the Guangdong annual electricity trading price expected to be around 0.39186 yuan/kWh [2][22]. Summary by Sections Financial Performance - In the first half of 2025, the total power generation was 120.311 billion kWh, an increase of 6.11% year-on-year, while the grid-connected power generation was 113.360 billion kWh, up 6.93% year-on-year [1][7]. - The company's gross margin for the first half of 2025 was 34.99%, down 3.57 percentage points year-on-year, and the net margin was 22.55%, down 5.00 percentage points year-on-year [10][14]. Future Outlook - The company is managing 28 operational units with a total installed capacity of 31.796 million kW and has 20 units under construction with a capacity of 24.222 million kW, representing 44.46% of the national total [1][19]. - The expected net profit for 2025-2027 is projected to be 9.752 billion yuan, 10.435 billion yuan, and 11.176 billion yuan respectively, with year-on-year growth rates of -10%, 7%, and 7% [3][22]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2025-2027 are projected to be 19.8, 18.5, and 17.3 times respectively [3][22]. - The price-to-book (PB) ratio for the acquisition of Huizhou Nuclear Power is approximately 1.17 times [2][22].

证券代码：003816 证券简称：中国广核 公告编号：2025-062 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 境内同步披露公告 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。 （在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 中国广核电力股份有限公司根据《香港联合交易所有限公司证券上市规则》 规定，于 2025 年 8 月 29 日在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了《2025 年中期报告》。 根据《深圳证券交易所股票上市规则（2025 年修订）》第 11.2.1 条关于境内 外同步披露的要求，特将有关公告同步披露如下，供参阅。 特此公告。 中国广核电力股份有限公司董事会 2025 年 8 月 29 日 融合潔淨能源 締造綠色生活 2025中期報告 中廣核電力於2014年3月25日成立，2014年12月10日於香港聯交所主板上 市，並於2019年8月26日於深交所上市，是中廣核核能發電的唯一平台，公司 致力於安全高效、穩定可靠、清潔低碳的核能電力與能源 ...

市公司 公開雪V 2025 年 08 月 29 日 中国广核 (003816) 量增价减影响利润表现 资产注入保障远期成长 报告原因: 有业绩公布需要点评 a (维持) | 市场数据: | 2025年08月28日 | | --- | --- | | 收盘价（元） | 3.82 | | 一年内最高/最低（元） | 4.92/3.33 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 2.49 | | 流通 A 股市值 (百万元) | 150,260 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产（元） | 2.39 | | 资产负债率% | 60.23 | | 总股本/流通 A 股 (百万) | 50,499/39,335 | | 流通 B 股/H 股 (百万) | -/11.164 | 年内股价与大盘对比走势： 相关研究 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A023 ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [2] Core Views - The company's performance in the first half of 2025 showed a slight decline in revenue and net profit, attributed to increased generation but decreased electricity prices, leading to reduced gross profit from electricity sales [7] - The company has a significant number of nuclear power units under construction, which is expected to support future growth, and the reduction in financing costs due to interest rate cuts will help alleviate financial pressure [7] - The planned acquisition of nuclear power assets from the group is anticipated to inject further growth momentum into the company [7] - The profit forecasts for 2025-2027 have been adjusted downward due to significant price declines in the Guangdong and Guangxi regions and the expiration of tax incentives [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 85,690 million, with a year-on-year decrease of 1.3% [6] - Net profit attributable to shareholders is expected to be 10,172 million in 2025, reflecting a decline of 5.9% year-on-year [6] - Earnings per share for 2025 is forecasted at 0.20 yuan, with a projected PE ratio of 19 [6] - The company managed to reduce financial expenses by 8.78% in the first half of 2025, amounting to 22.82 million [7]

（在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 融合潔淨能源 締造綠色生活 2025中期報告 中廣核電力於2014年3月25日成立，2014年12月10日於香港聯交所主板上 市，並於2019年8月26日於深交所上市，是中廣核核能發電的唯一平台，公司 致力於安全高效、穩定可靠、清潔低碳的核能電力與能源供應，以及與之相 關的核能專業服務。 於本報告中，我們將闡述本集團截至2025年6月30日止六個月未經審計之合併 中期業績，連同2024年同期的比較數字，並概述為實現發展戰略而取得的進 展。 除本報告另有界定外，本報告所用詞彙與本公司《2024年度報告》所界定者具 有相同涵義。本報告中「子公司」與上市規則定義下的「附屬公司」具有相同含 義。本報告分別以中英文兩種文字編製，如中英文版本有任何歧義，以中文 版為準。 目錄 | 中期業績摘要 | 2 | | --- | --- | | 財務摘要 | 4 | | 股東價值 | 5 | | 財務、資產與投資 | 8 | | 業務表現與展望 | 15 | | 公司治理 | 34 | | 審閱報告 | 43 | | 合併資產負債表 | 44 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) experienced a 16% decline in net profit attributable to shareholders in the first half of 2024, impacted by market-driven electricity prices and increased fuel component costs [1] Group 1: Financial Performance - In 1H2024, CGN completed 10 scheduled refueling outages, totaling approximately 523 days [1] - The electricity generation from Daya Bay Nuclear Power, Lingdong Nuclear Power, and Fangchenggang Nuclear Power (Unit 4) increased by 39.78%, 11.80%, and 33.85% year-on-year, respectively [1] - In 1H2025, the subsidiary's electricity generation grew by 8.84% compared to the same period last year [1] Group 2: Future Outlook - In 2Q2025, the subsidiary's electricity generation increased by 4.0% year-on-year, with Daya Bay and Fangchenggang showing significant growth of 51.5% and 12.6%, respectively [1] - The nuclear power reserve projects are abundant, with Unit 1 in Huizhou expected to commence operations in the second half of the year [1] - As of 1H2025, the company manages 28 operational nuclear power units and 20 under construction, including 8 units under entrusted management, indicating a strong project reserve [1]

Investment Rating - The investment rating for China General Nuclear Power Corporation is maintained at "Hold" [5][7]. Core Views - The company reported a slight increase in electricity revenue of 1% despite a decrease in average market electricity prices, which fell by approximately 8.23% year-on-year [3][4]. - The net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to increased R&D expenses and higher fuel component payments [3][5]. - The company managed to increase its online electricity generation by 8.84% year-on-year in the first half of 2025, with significant contributions from specific nuclear power plants [4][5]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year [2][3]. - The gross profit margin and net profit margin decreased by 3.57 percentage points and 5.00 percentage points, respectively, to 34.99% and 22.55% [3]. - The company expects net profits for 2025-2027 to be 9.883 billion, 10.438 billion, and 10.553 billion yuan, respectively, with corresponding P/E ratios of 19.5, 18.5, and 18.3 [5][6]. Operational Highlights - The company completed 8 annual refueling outages in the first half of 2025, with a total outage calendar of 414 days, compared to 10 outages and 523 days in the same period of 2024 [4]. - The company has a robust pipeline with 28 operational and 20 under-construction nuclear power units, with the Huizhou Unit 1 expected to commence operations in the second half of 2025 [4][5].

Group 1 - China General Nuclear Power Corporation (CGN) plans to acquire 100% or partial stakes in four nuclear power companies from its controlling shareholder, China General Nuclear Group, for a total price of 9.375 billion yuan [2][3] - The acquisition is part of a commitment made by the controlling shareholder to avoid competition and transfer retained nuclear power-related businesses to CGN, as promised prior to CGN's A-share market listing in August 2019 [3][4] - As of June 30, 2025, CGN manages 28 operational nuclear power units and 20 under construction, accounting for 44.46% of the total operational and under-construction nuclear power capacity in China [2][5] Group 2 - The acquisition includes stakes in Huizhou Nuclear Power (82%), Huizhou Second Nuclear Power (100%), Huizhou Third Nuclear Power (100%), and Zhanjiang Nuclear Power (100%), with the total transaction price based on an asset evaluation report [4][5] - The financial performance of CGN showed a decline in the first half of 2025, with revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year, attributed to falling transaction electricity prices [7][8] - Despite the decline in net profit, CGN's total electricity generation increased, with a total of 113.36 billion kWh generated in the first half of 2025, representing a year-on-year growth of 6.93% [8]