中国核工业建设股份有限公司 简式权益变动报告书 上市公司名称：中国核工业建设股份有限公司 股票上市地点：上海证券交易所 股票简称：中国核建 股票代码：601611 信息披露义务人：中央汇金投资有限责任公司 住所/通讯地址：北京市东城区朝阳门北大街1号新保利大厦 权益变动性质：股份增加、持股比例上升（无偿划转） 二〇二五年二月十四日 1 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、信息披露义务人依据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司收购管理办 法》（以下简称"《收购管理办法》"）《公开发行证券的公司信息披露内容提 要与格式准则第 15 号－权益变动报告书》（以下简称"《准则 15 号》"）及其 他相关的法律、法规及部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之冲突。 三、依据《证券法》《收购管理办法》《准则 15 号》的规定，本报告书已 全面披露信息披露义务人在中国核工业建设股份有限公司中拥有权益的股 ...

Investment Rating - The report gives a "Buy" rating for the company [4] Core Views - The company is a leading player in nuclear power engineering construction, benefiting from the industry's cyclical growth and its strong market position [1][2] - The company has a solid financial performance with a steady increase in revenue and net profit, driven by a higher proportion of high-margin nuclear power business [1][4] - The company is actively optimizing its business structure in civil engineering, focusing on higher-margin projects while reducing exposure to cash-intensive, low-margin segments [3] Summary by Sections Company Overview - The company is the largest and most integrated enterprise in China's nuclear power engineering construction sector, having built all operational nuclear power units in the country since 1985 [1][14] - It has a diversified business model that includes nuclear power, industrial, and civil engineering, with nuclear power accounting for 22% of revenue and civil engineering for 69% in 2023 [22][23] Nuclear Power Engineering - The nuclear power sector is entering a growth cycle, with expectations for accelerated growth in the company's nuclear business due to increasing approvals for new nuclear projects [2] - The investment scale in nuclear power is projected to exceed 200 billion annually, with the company holding a significant market share in nuclear island construction [2][4] Civil Engineering - The company is strategically reducing its civil engineering business to focus on more profitable segments, leading to improved asset quality and profitability [3] - The company aims to enhance its financial metrics through debt resolution policies, which are expected to improve cash flow and reduce impairment losses [3] Financial Forecast and Valuation - The forecasted net profits for 2024-2026 are 2.31 billion, 2.67 billion, and 3.06 billion respectively, with a compound annual growth rate (CAGR) of 14% from 2023 to 2026 [4] - The earnings per share (EPS) are projected to increase from 0.77 to 1.02 over the same period, with a decreasing price-to-earnings (P/E) ratio indicating potential undervaluation [4][5]

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2025-001 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 中国核工业建设股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1.因公司实施2018年度利润分配，自2019年7月25日起，转股价格变为9.87 元/股，详见《中国核工业建设股份有限公司关于"核建转债"转股价格调整的 提示性公告》（公告编号：临2019-054）。 2.因公司股权激励计划向激励对象授予限制性股票，自2020年6月30日起， 转股价格变为9.82元/股，详见《中国核工业建设股份有限公司关于"核建转债" 转股价格调整的提示性公告》（公告编号：2020-046）。 重要内容提示： 累计转股情况：自2019年10月14日至2024年12月31日，累计共有人民币 1,018,000元核建转债转换为公司A股股份，累计转股数量为105,539股，占可转 债转股前公司已发行股份总额的0.0040%。 ...

Summary of Conference Call Notes on China Nuclear Power Company Overview - China Nuclear Power is a leading enterprise in nuclear power construction, established in December 2010, and has been continuously engaged in nuclear power construction for nearly 40 years, making it a key player in the industry [4][11][12]. Industry Insights - The nuclear power engineering sector is experiencing a competitive landscape with significant growth potential, driven by increasing government approvals for new nuclear projects. The number of approved nuclear units has been rising since 2019, with 4 units approved in 2019, 4 in 2020, and 5 in 2021 [18][21]. - The total installed capacity of nuclear power in China is expected to reach 70 GW by 2025, with a long-term target of 131 GW by 2030 and 169 GW by 2035, indicating substantial future construction opportunities [19][21]. - The construction cost for nuclear power plants is estimated to range from 150 to 190 billion CNY, with equipment procurement accounting for approximately 4% of the total cost [20][21]. Financial Performance - In the previous year, the revenue from nuclear power engineering was approximately 15 billion CNY, reflecting a year-on-year increase of 30%. The overall revenue for industrial and civil engineering reached 35.7 billion CNY, accounting for about 65% of total revenue [6][7]. - The company's net profit for the first three quarters of the current year was 1.455 billion CNY, a 3% increase year-on-year, indicating stable growth [7][10]. - The gross profit margin for nuclear power engineering was around 35%, while the gross profit margin for civil engineering was approximately 51% [6][7]. Strategic Developments - The company is focusing on transforming its business model to enhance its core competencies in nuclear and civil engineering projects, which are characterized by high barriers to entry [2][3]. - There are ongoing mergers and acquisitions within the industry, particularly concerning assets related to nuclear power, which are expected to strengthen the company's market position [2][3]. - The company is also involved in the maintenance and repair of nuclear power units, which is a growing segment with significant long-term potential [5][11]. Key Challenges and Opportunities - The nuclear power sector faces challenges related to regulatory approvals and public perception following past nuclear incidents. However, the increasing demand for clean energy and government support for nuclear power development present significant opportunities for growth [18][19]. - The company is expected to maintain a manageable debt level, with a current debt ratio of approximately 82.13%, which is higher than the industry average of 75% for state-owned enterprises [10][12]. Conclusion - China Nuclear Power is well-positioned to capitalize on the growing demand for nuclear energy in China, supported by a robust pipeline of projects and a strategic focus on enhancing its operational capabilities. The company's financial performance reflects a positive trajectory, and its involvement in the nuclear power sector is expected to yield substantial returns in the coming years [6][19][21].

国泰君安的保荐代表人于2024年12月24日进行了持续督导期间的现场检查， 通过与中国核建有关人员访谈、查看公司经营场所、调阅相关资料等方式对中国 核建进行现场检查，现场检查内容包括： 1、公司治理及内部控制情况； 国泰君安证券股份有限公司 关于中国核工业建设股份有限公司 2024 年度持续督导现场检查报告 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为中 国核工业建设股份有限公司（以下简称"中国核建"或"公司"）非公开发行股 票项目持续督导的保荐人，负责对中国核建的持续督导工作。根据《证券发行上 市保荐业务管理办法》（以下简称"《保荐办法》"）、《上海证券交易所上市 公司自律监管指引第11号——持续督导》等国家有关法律、法规和规范性文件的 要求和行业公认的业务标准、道德规范，本着审慎和勤勉尽责的原则，对中国核 建2024年度（以下简称"持续督导期间"）的规范运作情况进行了现场检查。现 将本次检查的情况报告如下： 一、本次现场检查基本情况 2、信息披露情况； 3、独立性以及与控股股东、实际控制人及其他关联方资金往来情况； 4、募集资金使用情况； 5、关联交易、对外担保、重大对外投资情况； 6 ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-100 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 公司将根据监管要求和项目进展及时履行信息披露义务，请广大投资者注意 投资风险，谨慎决策。 中国核工业建设股份有限公司 关于核电工程签约的公告 公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为回应投资者关注，现将公司子公司近期签署的核电工程合同情况公告如下： | 序 | 签约单位 | 合同名称 | | --- | --- | --- | | 号 | | | | 1 | 中国核工业华兴建设有限公司 | 上海核工院广西白龙核电项目 1、2 号机组核岛土 | | | | 建施工合同 | 特此公告。 中国核工业建设股份有限公司董事会 2024 年 12 月 31 日 1 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 12.60 CNY per share based on a 17x PE valuation for 2024 [2][3]. Core Insights - The company is a leading player in nuclear power engineering, with significant revenue and profit contributions expected to continue growing, enhancing overall profitability. The projected net profits for 2024, 2025, and 2026 are 2.23 billion, 2.60 billion, and 2.92 billion CNY, respectively [2][5]. Company Overview - The controlling shareholder is the China National Nuclear Corporation, holding 56.67% of the company as of the end of H1 2024. The revenue contributions from nuclear engineering and industrial and civil engineering are 28% and 65%, respectively [5][37]. - The company has a strong market position in nuclear island construction, with a market share of 98% in civil engineering and 96% in installation engineering as of the end of 2015 [5][62]. Industry Analysis - The average annual market space for nuclear power station construction in China is estimated at 50.4 billion CNY, with high barriers to entry for nuclear island engineering services [5][72]. - The nuclear power sector is expected to grow significantly, with a projected market space of 352.8 billion CNY from 2024 to 2030, averaging 50.4 billion CNY annually [5][72]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 14.5% in revenue and 14.3% in net profit from 2019 to 2023. For H1 2024, the company reported a revenue of 546.3 billion CNY, with a year-on-year growth of 0.1% [5][42]. - The projected revenue for 2024 is 114.73 billion CNY, with a growth rate of 4.9% [6][42]. Profitability Metrics - The gross profit margins for nuclear engineering and industrial and civil engineering were 13.49% and 9.52%, respectively, in 2023, indicating stable profitability [5][48]. - The overall gross margin for the company was 11.35% in 2023, reflecting an increase of 1.28 percentage points year-on-year [5][48].

| 证券代码：601611 | 证券简称：中国核建 | 公告编号：2024-098 | | --- | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | | 同意票数 9 票；反对票数 0 票；弃权票数 0 票。 经审议，同意严臻先生担任审计与风险委员会、薪酬与考核委员会委员，并 担任审计与风险委员会召集人；同意陈力女士担任提名委员会、薪酬与考核委员 会委员并担任召集人；同意高宏树先生担任提名委员会委员。 中国核工业建设股份有限公司 第四届董事会第三十四次会议决议公告 公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国核工业建设股份有限公司（以下简称"公司"）第四届董事会第三十四 次会议于2024年12月17日以现场方式召开，会议通知于2024年12月10日送达。本 次会议应参会表决董事9人，实际参会董事9人（其中委托出席3人），董事戴雄 彪委托董事长陈宝智出席并投票表决，董事高宏树、董事范福平委托董事王伟潮 出席并表决，公司监事、高管列席本次会议。会议的召集、召开程序合法有效。 本次会议由公司董事 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于中国核工业建设股份有限公司 2024 年第四次临时股东大会的 法律意见书 国枫律股字[2024]A0606 号 致：中国核工业建设股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《中国核工业建 设股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 ...

| 证券代码：601611 | 证券简称：中国核建 公告编号：2024-097 | | --- | --- | | 转债代码：113024 | 转债简称：核建转债 | 中国核工业建设股份有限公司 2024 年第四次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 544 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,112,833,608 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.1576 | (一) 股东大会召开的时间：2024 年 12 月 17 日 (二) 股东大会召开的地点：上海市青浦区蟠龙路 500 号中核科创园 A1 办公楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 审 ...