Investment Rating - The report maintains a rating of "Add" for the company, indicating a positive outlook for the stock price in the near term [3]. Core Views - The company's revenue for the first half of 2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% to 5.666 billion yuan, primarily due to a decline in the equity stake in a subsidiary [1][6]. - The nuclear power segment showed strong performance with a 12.01% increase in electricity generation, totaling 99.861 billion kWh, benefiting from reduced maintenance losses and new unit commissioning [6]. - The renewable energy segment experienced a significant increase in electricity generation by 35.81% to 21.553 billion kWh, although rising costs impacted profitability [6]. Financial Data and Valuation - The company is projected to achieve total revenue of 79.913 billion yuan in 2025, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders is expected to reach 10.031 billion yuan in 2025, reflecting a 14% increase [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 18.6x for 2025, with projections of 17.1x and 15.4x for 2026 and 2027, respectively [7]. Performance Summary - The company has a total market capitalization of 186.6 billion yuan, with a circulating market value of 171.3 billion yuan [3]. - The return on equity (ROE) stands at 7.5%, and the debt-to-asset ratio is 70% [3]. - The company has 19 nuclear units under construction or approved, with a total installed capacity of 21.859 million kW, indicating strong growth potential [6].

证券代码：601985 证券简称：中国核电 公告编号：2025-061 中国核能电力股份有限公司 第五届董事会第六次会议决议公告 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个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第五届董事会第六次会议于 年 8 月 15 日及 8 月 21 日由董事会办公室提交全体董事。本次会议应参会表决董 事 12 人，实际参会董事 12 人（其中委托出席的董事人数、以通讯表决方式出席 的董事人数均为 0）。会议由董事长卢铁忠主持。会议的召集召开符合《公司法》 和《公司章程》的规定，所作决议合法有效。 经与会董事审议，形成决议如下： 一、听取了《公司 2025 年 1-7 月总经理工作报告》 二、听取了《关于中国核电 2024 年重大投资项目后评价情况的报告》 三、通过了《关于中国核电调整"三化"战略情况的报告》 表决结果：同意票数 12 票；反对票数 0 票；弃权票数 0 票。 四、通过了《关于公司 2025 年半年度募集资金存放与实际使用情况专项报 告的议案》 表决结果：同意票数 12 票； ...

Group 1 - The company plans to distribute a cash dividend of 0.02 RMB per share (including tax) based on the total share capital registered on the dividend distribution date [1][2] - As of June 30, 2025, the company's undistributed profits amounted to 2,784,841.58 thousand RMB, and the total share capital is 20,568,002,074 shares [1] - The total cash dividend to be distributed is estimated at 411,093,667.32 RMB (including tax), which represents 7.27% of the net profit attributable to shareholders for the first half of 2025 [1] Group 2 - The profit distribution plan has been approved by the company's board and is subject to approval by the shareholders' meeting [2] - The company will maintain the cash dividend amount per share even if there are changes in total share capital before the registration date, with adjustments to the total distribution amount to be disclosed later [1][2]

格隆汇8月27日丨中国核电(601985.SH)发布中报，2025上半年实现营业总收入409.73亿元，同比增长 9.43%；归属母公司股东净利润56.66亿元，同比下降3.66%；基本每股收益为0.275元。此外，拟对全体 股东每10股派发现金红利0.2元(含税)。 ...

Core Insights - China Nuclear Power (601985) reported a revenue of 40.973 billion yuan for the first half of the year, a year-on-year increase of 9.43%, while net profit decreased by 3.66% to 5.666 billion yuan [1] - The total profit from nuclear power and related businesses reached 12.375 billion yuan, up 8.97%, with net profit from core nuclear operations at 5.322 billion yuan, an increase of 9.48% [1] Financial Performance - Revenue: 40.973 billion yuan, +9.43% YoY [1] - Net Profit: 5.666 billion yuan, -3.66% YoY [1] - Profit from nuclear operations: 12.375 billion yuan, +8.97% YoY [1] - Net profit from nuclear operations: 5.322 billion yuan, +9.48% YoY [1] Operational Highlights - The company operates 26 nuclear power units with a total installed capacity of 25 million kilowatts, achieving a generation of 99.861 billion kWh, a 12.01% increase YoY [1] - The average utilization hours of the units are approximately 4000 hours, exceeding the national average for nuclear power [1] - The Qinshan Nuclear Power Plant Unit 1 set a world record for continuous safe operation at 738 days [1] New Energy Growth - As of June 30, 2025, the company’s new energy installed capacity reached 33.2249 million kilowatts, a 12.26% increase from the end of 2024 [2] - New energy generation totaled 21.915 billion kWh, a significant increase of 35.76% YoY, with wind and solar power generation growing by 33.99% and 37.34% respectively [2] Project Development - The company has 19 units under construction or approved for construction, with a total capacity of 21.859 million kilowatts [2] - Successful completion of the thermal function test for the Zhangzhou Unit 2 [2] - Active site reserves for future nuclear power projects in coastal regions [2] Strategic Initiatives - The company established a fully automated production line for rigid perovskite and launched the "HeFu No.1" isotope brand [3] - The first industrial nuclear heating project, "HeQi No.1," has supplied over 3 million tons of steam, supporting the green transformation of the petrochemical industry [3] Shareholder Returns - The company plans to distribute a dividend of 0.02 yuan per share, totaling approximately 411 million yuan [3] - Share buyback program resulted in the repurchase of 11.113 million shares for a total expenditure of 105 million yuan [3] Innovation and Patents - The company received a total of 332 patent authorizations in the first half of the year, with 270 being invention patents, accounting for over 81% [4]

Regulation for the Secretary of the Board CG-AB-1201 Rev.B 本文件属于中国核能电力股份有限公司及其成员公司所有，未经书面许可，任何单 位和个人不得采用、复制或转让。 | | | | 1.0 | 目的 1 | | --- | --- | | 2.0 | 适用范围 1 | | 3.0 | 定义 1 | | 4.0 | 依据文件/参考文件 1 | | 4.1 | 依据文件 1 | | 4.2 | 参考文件 1 | | 5.0 | 责任 1 | | 5.1 | 董事长/法定代表人 1 | | 5.2 | 董事会秘书 1 | | 5.3 | 证券事务代表 2 | | 5.4 | 董事会办公室 2 | | 6.0 | 流程/规定 2 | | 6.1 | 总则 2 | | 6.2 | 董事会秘书的任职资格 2 | | 6.3 | 董事会秘书的任免 3 | | 6.4 | 董事会秘书的权利 4 | | 7.0 | 记录 4 | | 8.0 | 附录 4 | CG-AB-1201 董事会秘书工作细则 Rev.B 1 / 2 1.0 目的 为促进中国核能电力股份有限公司（ ...

关于修订《股东大会议事规则》等基本制度的公告 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个别及连带责任。 为了进一步规范公司治理，结合实际情况，中国核能电力股份有限公司（以 下简称公司）拟对《股东大会议事规则》等基本制度进行修订，具体修订内容如 下： | 序 | 修订前 | 修订后 | | --- | --- | --- | | 号 | | | | | 按照新版公司章程，将制度名称修订为《股东会议事规则》，本制度中原"股东大会"内容全部 | | | | 修订"股东会"；"监事会"相关职权由"董事会审计与风险委员会"行使，删除监事相关表述等， | | | 1. | 并根据《上市公司股东会规则》《公司章程》等上位制度及公司经营管理实际对制度进行适应 | | | | 性修订。其他详细内容如下。 | | | | | 依据文件 4.1 | | | | 1)《中华人民共和国公司法》（以下简称《公 | | | 4.1 依据文件 | 司法》） | | | 1) 《中华人民共和国公司法》（以下简称 | 2)《中华人民共和国证券法》（以下简称《证 | ...

注册资本： 438,582.00 万元 中国核能电力股份有限公司 关于中核财务有限责任公司的风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号 ——交易与关联交易》要求，中国核能电力股份有限公司（简 称"中国核电"或"公司"）通过查验中核财务有限责任公司（以 下简称"中核财务"）《金融许可证》《营业执照》等资料及 相关财务资料，对中核财务的经营资质、业务和风险状况进 行了评估，具体情况报告如下： 一、中核财务有限责任公司简介 中核财务隶属中国核工业集团有限公司，是由中国核工 业集团有限公司及其部分成员单位共同出资设立的非银行 金融机构，经中国人民银行批复（银复〔1997〕249 号文）， 中核财务目前持有国家金融监督管理总局北京监管局于 2023 年 8 月 23 日颁发的机构编码为 L0011H211000001 的金 融许可证。中核财务目前持有北京市市场监督管理局于 2025 年 3 月 17 日 颁 发 的 统 一 社 会 信 用 代 码 为 91110000100027235R 的营业执照。 法定代表人：梁荣 注册地址：北京市海淀区玲珑路 9 号院东区 10 号楼 7 至 8 层 经营范 ...

证券代码：601985 证券简称：中国核电 公告编号：2025-064 1.实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2020〕2773 号文核准，并经上海证 券交易所同意，中国核能电力股份有限公司（以下简称中国核电或公司）由联席 主承销商中信证券股份有限公司和中国国际金融股份有限公司采用代销方式，向 特定对象非公开发行人民币普通股（A 股）股票 1,890,547,263 股，发行价为每 股人民币 4.02 元，共计募集资金 760,000.00 万元，坐扣承销和保荐费用 77.90 万元（含税，不含税金额为 73.49 万元）后的募集资金为 759,922.10 万元，已由 联席主承销商中信证券股份有限公司于 2020 年 12 月 21 日汇入公司募集资金监 管账户。另减除律师费、审计费、发行手续费等与发行权益性证券直接相关的新 增外部费用 169.72 万元（不含税）后，公司本次募集资金净额为 759,756.79 万 元。上述募集资金到位情况业经天健会计师事务所（特殊普通合伙）验证，并由 其出具《验资报告》（天健验〔2020〕1-189 号）。 实际使用情况专项报告的公告 本 ...

Regulation about Independent Directors CG-AB-1203 Rev.C 本文件属于中国核能电力股份有限公司及其成员公司所有，未经书面许可，任何单 位和个人不得采用、复制或转让。 | | | | 1.0 | 目的 1 | | --- | --- | | 2.0 | 适用范围 1 | | 3.0 | 定义 1 | | 4.0 | 依据文件/参考文件 1 | | 4.1 | 依据文件 1 | | 4.2 | 参考文件 1 | | 5.0 | 责任 1 | | 5.1 | 董事会秘书 1 | | 5.2 | 董事会办公室 1 | | 5.3 | 人力资源部 2 | | 6.0 | 流程/规定 2 | | 6.1 | 总则 2 | | 6.2 | 独立董事的任职条件 2 | | 6.3 | 独立董事的提名、选举和更换 4 | | 6.4 | 独立董事参会相关规定 6 | | 6.5 | 独立董事的特别职权 6 | | 6.6 | 独立董事专门会议机制 7 | | 6.7 | 独立董事的独立意见 8 | | 6.8 | 独立董事的培训 8 | | 6.9 | 独立董事的津贴与考核 ...