Core Insights - The 2025 Spring International Forum on Sustainable Development of Nuclear Energy and the 16th China International Nuclear Power Industry Exhibition took place in Beijing, gathering representatives from international organizations, governments, research institutions, and the industry to discuss global nuclear energy opportunities and challenges [1] Group 1: China's Nuclear Power Development - As of now, China has 102 nuclear power units in operation, under construction, and approved for construction, with a total installed capacity of 113 million kilowatts, making it the world's largest nuclear power producer [3][4] - The Chinese government has approved five new nuclear projects, totaling ten new units, following a similar approval of five projects and eleven units last year [3] - China has the capability to construct over 40 units simultaneously, with an annual equipment manufacturing capacity exceeding ten sets [3] Group 2: Technological Advancements - China has made significant breakthroughs in various nuclear technology fields, establishing independent brands such as "Hualong One" and "Guohe One" [4] - The "Linglong One" small reactor is expected to be operational by 2026, and the thorium molten salt experimental reactor has achieved full power operation [4] Group 3: Global Nuclear Energy Trends - The global nuclear power landscape is witnessing a resurgence, with 417 operational nuclear units expected by 2024, generating a record 2.8 trillion kilowatt-hours, accounting for 9% of global electricity generation [5] - Major nuclear countries are accelerating their nuclear power projects, with the U.S. planning to commercialize advanced nuclear energy by 2030 and Russia aiming to commission 12 new units by 2035 [5][6] - Emerging countries, including Poland, Turkey, and Saudi Arabia, are also announcing new nuclear construction plans, indicating a broader acceptance of nuclear energy [6] Group 4: Small Modular Reactors and Future Technologies - The development of small modular reactors (SMRs) is being promoted as a solution for countries with limited technical and financial resources to harness nuclear technology [7] - Micro-reactors, typically ranging from 1 to 10 megawatts, are being explored for remote areas and specific applications, such as mining operations and offshore platforms [7][8] - The "artificial sun" concept, focusing on nuclear fusion, is gaining attention, with significant advancements reported in various fusion projects, including ITER [9]

Mergers and Acquisitions - Fushun Special Steel plans to absorb and merge its wholly-owned subsidiary Fushun Xinxing Steel Plate Co., Ltd, aiming to optimize management structure, reduce management costs, and improve operational efficiency [1] - Shenghang Co., Ltd. has completed the acquisition of 25.2762% of Shenghang Haoyuan's shares, now holding a total of 78.3316% of the company [2] - Yuanshang Co., Ltd. has completed the industrial and commercial change registration for the acquisition of 60% of Wuhan Hechuan You's shares [3] Earnings Disclosure - Sinopec reported Q1 2025 revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, with a net profit of 13.26 billion yuan, down 27.6% [4] - Yunnan Baiyao achieved Q1 2025 revenue of 10.841 billion yuan, a year-on-year increase of 0.62%, with a net profit of 1.935 billion yuan, up 13.67% [5] - Haitian Flavor Industry reported Q1 2025 revenue of 8.315 billion yuan, an increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [6] - CICC reported Q1 2025 revenue of 5.721 billion yuan, a significant increase of 47.69%, with a net profit of 2.042 billion yuan, up 64.85% [7] Share Buybacks - China Nuclear Power plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum price of 13.98 yuan per share [8] - Yituo Co., Ltd. intends to repurchase up to 10% of its issued H shares, using self-owned and raised funds [9] - Xingguang Co., Ltd.'s actual controller plans to increase shareholding by no less than 10 million yuan and no more than 20 million yuan within three months starting from April 29, 2025 [10] - Haiou Co., Ltd. plans to repurchase shares worth between 60 million and 120 million yuan, with a maximum price of 17 yuan per share [11] Risk Matters - Lifang Shuke received a notice from the CSRC regarding an investigation into suspected information disclosure violations [12] - Boda Co., Ltd. will implement a delisting risk warning starting April 30 due to negative net profit and revenue below 300 million yuan [13] - Sitong Co., Ltd. will also face a delisting risk warning starting April 30 for similar financial issues [14] - Yuanshang Co., Ltd. will implement a delisting risk warning starting April 30 due to negative financial results [15]

Investment Rating - The report maintains a positive outlook on the nuclear power sector, recommending a "Buy" rating for specific companies such as China Nuclear Power and China General Nuclear Power [1][10]. Core Insights - The State Council approved five nuclear power projects on April 27, 2025, which includes a total of 10 units, continuing the trend of regular approvals in recent years [3][4]. - China's nuclear power capacity is projected to reach 113 million kilowatts by 2025, making it the largest in the world, with expectations to further increase by 2030 [2][3]. - The report highlights the diversification of technology and participants in the nuclear power sector, with a focus on domestically developed third-generation technologies like "Hualong One" and CAP1000 [3][4]. - The financing environment for nuclear projects is improving, with decreasing interest rates and diversified funding channels, which will alleviate the financial pressure on nuclear companies [3][10]. Summary by Sections Project Approvals - The report details the approval of 10 nuclear units, including projects in Guangxi, Guangdong, Zhejiang, Shandong, and Fujian, with a mix of domestic and advanced foreign technologies [3][4]. Capacity and Technology - As of 2024, China has 102 operational, under-construction, and approved nuclear units, with a total capacity of 113 million kilowatts, positioning it as a global leader in nuclear energy [2][5]. - The report emphasizes the rapid development of nuclear technology in China, showcasing a blend of imported and indigenous technologies [3][5]. Financial Outlook - The average cost of constructing a third-generation nuclear unit is approximately 16,000 yuan per kilowatt, with significant capital expenditure expected [3]. - Recent interest rate cuts are expected to lower financing costs for nuclear projects, enhancing the financial viability of upcoming constructions [3][10]. Company Recommendations - The report recommends investment in China Nuclear Power, China General Nuclear Power, and Funiu Co., which has stakes in the Xiapu Nuclear Power project, citing their growth potential during the upcoming production phase [3][10].

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 | 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-036 | | --- | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 | 核电 | Y2 | | 中国核能电力股份有限公司 关于召开2024年年度股东大会的通知 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 召开的日期时间：2025 年 5 月 20 日 14 ...

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-026 | | --- | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 | 核电 | Y2 | | 中国核能电力股份有限公司 第五届监事会第三次会议决议公告 本公司监事会及全体监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。 重要内容提示： 监事柳耀权因公未能出席本次监事会，委托监事孔玉春出席会议并代为 行使表决权。 中国核能电力股份有限公司（以下简称公司）第五届监事会第三次会议于 2025 年 4 月 27 日以现场方式在公司召开。本次会议的通知及相关会议材料已于 2025 年 4 月 21 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人， 实际参会表决监事 5 人（其中委托出席的监事人数 1 人，以通讯表决方式出席的 监事人数为 0）。监事柳耀权因公无法出席，委托监事孔玉春出席会议并代为行 使表决权；受托人取得了合法有效的授权委托书。会议由监事会主席栾韬主持。 会议的召集召开符合《公司法》 ...

一、通过了《关于公司 2024年度财务决算报告的议案》 表决结果:同意票数5票;反对票数0票;弃权票数0票。 本议案需提交股东大会审议。 二、通过了《关于会计政策变更的议案》 表决结果:同意票数5票;反对票数0票;弃权票数0票。 监事会认为:公司本次会计政策变更是执行财政部新发布的会计准则解释文 件并结合公司实际情况进行的相应变更,符合财政部、中国证监会、上海证券交 易所的相关规定,本次会计政策变更的审议、决策程序符合有关法律、法规和本 公司《公司章程》的有关规定,不存在损害公司及全体股东利益情形。同意公司 变更相关会计政策。 中国核 手机居临 中国核能电力股份有限公司（以下简称公司）第五届监事会第三次会议于 2025 年 4 月 27日以现场方式在公司召开。本次会议的通知及相关会议材料已于 2025年 4 月 21 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人, 实际参会表决监事 5人(其中委托出席的监事人数1人,以通讯表决方式出席的 监事人数为0)。监事柳耀权因公无法出席,委托监事孔玉春出席会议并代为行 使表决权;受托人取得了合法有效的授权委托书。会议由监事会主席栾韬主持。 会议的召集召开 ...

中国 第五届 快 中国核能电力股份有限公司 司)第五届董事会第三次会议于 2025 年 4 月 27 日以现场方式在公司召开。本次会议的通知及相关会议材料已于 2025 年 4 月 17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 8 人, 实际参会董事 8人(其中委托出席的董事人数1人,以通讯表决方式出席的董事 人数为 0)。董事虞国平(非独立董事)因公无法出席,委托董事录大恩出席会 议并代为行使表决权;受托人取得了合法有效的授权委托书。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、通过了《关于公司 2024年度董事会工作报告(送审稿)的议案》 表决结果:同意票数 8 票;反对票数 0 票;弃权票数 0 票。 本议案需提交公司股东大会审议。 二、通过了《关于公司 2024年度独立董事述职报告的议案》 表决结果:同意票数 8 票;反对票数 0 票;弃权票数 0 票。 本议案需提交公司股东大会审议。 三、通过了《关于公司独立董事年度独立性自查情况的议案》 表决结果:同意票数 8 票,反对票数 0 票;弃权票数 0 票 ...

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-025 | | --- | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 | 核电 | Y2 | | 中国核能电力股份有限公司 第五届董事会第三次会议决议公告 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。 重要内容提示： 董事虞国平因公未能出席本次董事会，委托董事录大恩出席会议并代为 行使表决权。 经与会董事审议，形成决议如下： 一、通过了《关于公司 2024 年度董事会工作报告（送审稿）的议案》 表决结果：同意票数 8 票；反对票数 0 票；弃权票数 0 票。 本议案需提交公司股东大会审议。 二、通过了《关于公司 2024 年度独立董事述职报告的议案》 表决结果：同意票数 8 票；反对票数 0 票；弃权票数 0 票。 《中国核能电力股份有限公司 2024 年度独立董事述职报告》全文刊载于上 海证券交易所网站（http://www.sse.com.cn），投资者可查询详细内容。 本议案需 ...

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-031 | | --- | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 | 核电 | Y2 | | 中国核能电力股份有限公司 2024 年年度利润分配方案公告 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。 公司不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以 下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他 风险警示的情形。 一、2024 年年度利润分配方案内容 （一）利润分配方案的具体内容 经立信会计师事务所（特殊普通合伙）审计确认，截至 2024 年 12 月 31 日， 公司当年归属于上市公司普通股股东的净利润为 875,104.21 万元，累计可供上市 公司普通股股东分配利润为 2,389,446.27 万元。 根据《中国核能电力股份有限公司章程》规定，"利润分配不得超过累计可 分配利润的范围""公司每年以现金方式分配的利润不少 ...