| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-079 | | --- | --- | | 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 监事会认为：本次关联交易由各方在公平、自愿的原则下协商确定，符合《公 司法》《证券法》等有关法律、法规及《公司章程》的规定。本次交易不存在损 害上市公司及全体股东利益的情形。 特此公告。 中国核能电力股份有限公司监事会 2024 年 11 月 16 日 第四届监事会第二十四次会议决议公告 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。 中国核能电力股份有限公司（以下简称公司）第四届监事会第二十四次会议 于 2024 年 11 月 15 日以通讯方式召开。本次会议的通知及相关会议材料已于 2024 年 11 月 11 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，实际参会监事 5 人。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。 经与会监事审议，形成决议如下： 一、通过了《关于中核汇 ...

一、通过了《关于中核汇能增资引战暨关联交易的议案》 表决结果：同意票数 10 票；反对票数 0 票；弃权票数 0 票，关联董事卢铁 忠、武汉璟回避表决。 | 证券代码：601985 | 证券简称：中国核电 公告编号：2024-078 | | --- | --- | | 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 第四届董事会第二十六次会议决议公告 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）第四届董事会第二十六次会议 于 2024 年 11 月 15 日以通讯方式召开。本次会议的通知及相关会议材料已于 2024 年 11 月 8 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。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： 本议案已经公司第四届独立董事专门会议第五次会议审议通过。 《中国核能电力股份有限公司关于控股子公司中核汇能有限公司增资暨 ...

北京市中伦律师事务所 关于中国核能电力股份有限公司 2024 年第三次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦律师事务所 关于中国核能电力股份有限公司 2024 年第三次临时股东大会的 北京市中伦律师事务所（以下简称"本所"）接受中国核能电力股份有限公 司（以下简称"公司"）委托，指派本所律师对公司 2024 年第三次临时股东大会 （以下简称"本次股东大会"）的合法性进行见证并出具法律意见。 法律意见书 致：中国核能电力股份有限公司 司章程》"）的规定而出具。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件材料与正本原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股东 大会规则》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会 议审议的议案内容以及这些议案所表述的事实或数据的真实性及准 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-077 | | --- | --- | | 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 年第三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 (一)股东大会召开的时间：2024 年 11 月 14 日 (二)股东大会召开的地点：北京市海淀区玲珑路 9 号院东区 10 号楼中国核能电 力股份有限公司 (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： | 1、出席会议的股东和代理人人数 | 3,696 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 12,814,715,540 | | 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 | 67.8627 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 ...

Core Viewpoint - China Nuclear Power (601985) announced a significant acquisition involving its subsidiary, which will enhance its renewable energy portfolio through the purchase of a wind power project [1] Group 1: Company Actions - The company’s subsidiary, China Nuclear Huaneng, plans to acquire 100% equity of Tailai Wind Power from Harbin Jiuzhou Energy Investment Co., a subsidiary of Jiuzhou Group, for a total price of 448 million yuan [1] - The acquisition involves operational wind power projects with a total installed capacity of 100 MW, indicating a strategic move to expand its renewable energy assets [1]

| 证券代码：601985 | 证券简称：中国核电 公告编号：2024-076 | | --- | --- | | 债券代码：138547 | 核电 债券简称：22 Y2 | 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： 一、交易概述 1．交易基本情况 中国核能电力股份有限公司（以下简称公司）控股子公司中核汇能有限公司 （以下简称中核汇能）全资子公司中核汇能（黑龙江）能源有限公司（以下 简称中核汇能黑龙江公司）拟与哈尔滨九洲集团股份有限公司（以下简称九 洲集团，证券代码 300040）子公司哈尔滨九洲能源投资有限责任公司（以下 简称九洲能源）签订股权转让协议，以人民币 44,800 万元的价格受让泰来县 九洲风力发电有限责任公司（以下简称泰来风电、标的公司、目标公司）100% 股权，涉及的在运风电项目装机容量为 100MW。 本次股权收购事项属于中核汇能总经理办公会的审批权限范围，且已通过中 核汇能总经理办公会的审批；根据《公司法》《上海证券交易所股票上市规 则》《公司章程》等相关规定，本次交易额度未达 ...

Summary of the Conference Call Company and Industry Overview - The conference call involved **China Nuclear Power** and discussed its performance and future outlook in the **nuclear power industry** [1][2]. Key Points and Arguments Financial Performance - For the first three quarters of 2024, the company operated **25 nuclear power units** with a total installed capacity of **23.75 million kW**, generating **135.638 billion kWh** of electricity [2]. - The average utilization hours for the units were **5,711 hours** [2]. - The company completed **16 major overhauls** ahead of schedule, contributing an additional **910 million kWh** of electricity [2]. Future Plans and Developments - The company plans to conduct **18 major overhauls** throughout 2024, with **42 minor overhauls** already completed [2]. - Ongoing projects include the construction of new nuclear power units, with significant progress reported in various projects [2]. - The company is also expanding into the **hydrogen energy sector** and has initiated the largest offshore photovoltaic project in Jiangsu [2]. Dividend Policy - The company maintains a dividend payout ratio of **not less than 30%**, typically around **35%** [5]. - Future increases in dividends are contingent upon higher profits and reduced capital expenditure as the number of operational units increases [5][6]. Renewable Energy Goals - The company aims to achieve a renewable energy installation target of **30 GW** by 2025, having already reached **24 GW** [6]. - The planned installation for the upcoming year is approximately **6 million kW** [6]. Market Dynamics - The market electricity price for nuclear power has remained stable, with **47%** of the total electricity sold being market-based [8][11]. - The average market electricity price for nuclear power in various provinces was reported, with Jiangsu experiencing a **2 cents** decrease compared to the previous year due to changes in pricing mechanisms [9][10]. Capital Expenditure - The capital expenditure for the current year is projected to exceed **120 billion**, with expectations to maintain similar levels in the coming years [13][31]. - The company is leveraging a financing model that combines **20% equity** and **80% bank loans** to support its capital needs [13]. Regulatory Environment - The company anticipates a stable approval process for new nuclear units, expecting to maintain a similar approval rate as in previous years [30][31]. - Discussions around the potential for **nuclear asset restructuring** were addressed, emphasizing that any changes would be gradual and carefully considered [25][26]. Technological Advancements - The company is exploring the development of **fourth-generation nuclear reactors**, with ongoing projects aimed at enhancing efficiency and reducing costs [34][35]. - The focus is on utilizing high-temperature gas-cooled reactors for industrial applications, particularly in the petrochemical sector [37]. Additional Important Information - The company is committed to maintaining high-quality project execution and ensuring compliance with regulatory standards [7][21]. - There is an emphasis on optimizing operational efficiency and reducing costs through various measures, including technological upgrades and process improvements [32][33]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic direction, and market conditions in the nuclear power industry.

Investment Rating - Buy-A rating maintained with a 6-month target price of 11.6 RMB [4][5][7] - Current stock price as of 2024-11-07 is 10.07 RMB [9] - 12-month price range: 6.89 to 12.22 RMB [12] Core Views - Short-term impact from maintenance at Fuqing Nuclear Power Plant, but strong medium-to-long-term growth potential [13] - Revenue for the first three quarters of 2024 reached 569.86 billion RMB, up 1.6% YoY, while net profit attributable to shareholders decreased by 4.22% to 8.934 billion RMB [13] - Total power generation in the first three quarters of 2024 was 160.388 billion kWh, up 2.7% YoY, with nuclear power generation down 2.74% to 135.638 billion kWh [14] - New energy power generation surged 48.19% YoY to 24.75 billion kWh, driven by new capacity additions [14] - Profit decline attributed to lower market-based electricity prices and slower revenue growth compared to cost increases [14] Nuclear Power Projects - Ample nuclear power projects under construction and planning, ensuring future growth [15] - 13 nuclear power units under construction and 5 in planning, with a total capacity of 20.641 GW [15] - Expected to commission 1/1/2/5 units in 2024/2025/2026/2027 respectively [15] - Recent approval of 5 nuclear projects with 11 units, including 3 units from the company with a total capacity of 3.076 GW [15] New Energy Development - New energy installed capacity reached 24.147 GW by Q3 2024, including 7.8312 GW of wind and 16.3158 GW of solar [16] - Under-construction new energy capacity stands at 15.0452 GW, with 3.1977 GW of wind and 11.8475 GW of solar [16] - On track to achieve the "14th Five-Year Plan" target of 30 GW new energy capacity by 2025 [16] Financial Projections - Revenue for 2024-2026 projected at 76.6/85.744/93.436 billion RMB, with growth rates of 2.2%/11.9%/9% [21] - Net profit for 2024-2026 expected to be 10.868/11.619/12.663 billion RMB, with growth rates of 2.3%/6.9%/9% [21] - EPS for 2024-2026 forecasted at 0.58/0.62/0.67 RMB [22] - P/E ratios for 2024-2026 estimated at 17.4x/16.2x/14.9x [22] Market Performance - Total market capitalization: 190.15468 billion RMB [20] - Circulating market capitalization: 190.15468 billion RMB [20] - Total shares outstanding: 18.88328 billion [20]

Investment Rating - The report maintains a "Strong Buy" rating for China Nuclear Power (601985) with a target price of 11.6 CNY, compared to the current price of 9.99 CNY [1]. Core Views - The company's performance remains stable with sufficient growth momentum, despite a slight decline in revenue and net profit in Q3 2024 compared to the previous year. The report projects a net profit of approximately 110/121/131 billion CNY for 2024 to 2026, with growth rates of +4%/+10%/+8% respectively [2][3]. Revenue and Profit Performance - In Q3 2024, the company achieved revenue of 19.545 billion CNY, a year-on-year decrease of 1.25%. For the first three quarters of 2024, revenue reached 56.986 billion CNY, reflecting a year-on-year growth of 1.6% [1]. - The net profit attributable to shareholders in Q3 2024 was 3.052 billion CNY, down 7.1% year-on-year. For the first three quarters, the net profit was 8.934 billion CNY, a decrease of 4.22% year-on-year [1]. Power Generation and Capacity - The cumulative power generation for the first three quarters was 160.388 billion kWh, an increase of 2.7% year-on-year. The on-grid power generation was 151.121 billion kWh, up 2.92% year-on-year [2]. - Nuclear power generation in the first three quarters was 135.638 billion kWh, down 2.74% year-on-year, primarily due to increased maintenance days compared to the previous year [2]. - Renewable energy generation reached 24.750 billion kWh, a significant increase of 48.19% year-on-year, driven by growth in installed capacity [2]. Installed Capacity and Future Growth - As of Q3 2024, the company operates 25 nuclear power units with a total installed capacity of 23.75 million kW and has 18 units under construction or awaiting approval with a capacity of 20.64 million kW [2]. - The company has a total installed capacity of 24.147 million kW in renewable energy, with wind and solar power capacities of 7.831 million kW and 16.316 million kW respectively [2]. Financial Projections - The report forecasts total revenue for 2024 to be 78.501 billion CNY, with a growth rate of 4.7%. The net profit is projected at 11.048 billion CNY, reflecting a growth rate of 4.0% [3]. - The earnings per share (EPS) is expected to be 0.59 CNY in 2024, with a price-to-earnings (P/E) ratio of 17 [3].

中国核能电力股份有限公司 2024 年第三次临时股东大会 会议资料 二〇二四年十一月 | | | | 1. | 2024 年第三次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2. | 2024 年第三次临时股东大会会议议程 | 3 | | 3. | 关于中国核电特殊分红事项的议案 | 5 | | 4. | 关于公司注册并公开发行公司债券的议案 | 6 | 中国核能电力股份有限公司 2024 年第三次临时股东大会会议须知 为维护投资者的合法权益，确保中国核能电力股份有限公司（以 下简称"公司"）2024 年第三次临时股东大会的正常秩序和议事效 率，根据《公司法》《上市公司股东大会规则》等法律、法规和《公 司章程》的规定，现就会议须知通知如下，请参加本次会议的全体人 员自觉遵守。 一、股东大会期间，全体参会人员应以维护股东的合法权益、确 保会议的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证股东大会的正常秩序，除出席会议的股东及股东代理 人、董事、监事、高级管理人员、公司聘请的律师及公司董事会邀请 的人员以外，公司有权拒绝其他人员入场，对于干扰会议秩序、寻衅 滋事和侵犯 ...