Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The thermal power sector continues to show high growth in performance, with significant improvements in profitability and cash flow [7][10] - The report indicates that the current coal price increase is nearing its end, and the pessimistic expectations for electricity prices are easing [7] - The utility sector is currently undervalued, with a notable decrease in fund holdings, suggesting potential investment opportunities [7][14] Summary by Sections Thermal Power Performance - In Q3 2025, the thermal power sector's gross margin reached 18.9%, above the historical average of 17.8%, with a year-on-year increase of 3.6 percentage points [7][10] - Total revenue for sample companies in Q3 2025 was 314.4 billion yuan, a decrease of 2.1% year-on-year, while net profit attributable to shareholders was 24.7 billion yuan, an increase of 38.3% [10][12] - The average price of Q5500 thermal coal at Qinhuangdao Port was 715 yuan/ton, reflecting a 10.6% increase compared to the previous quarter [7][10] Fund Holdings and Market Performance - As of Q3 2025, the utility sector's fund holdings dropped to 1.15% of total fund equity investments, a decrease of 0.55 percentage points [14] - The utility sector index rose by 0.6% during the week, outperforming the CSI 300 index by 1.0 percentage points [47] Investment Recommendations - The report suggests focusing on high-quality dividend assets within the utility sector, particularly thermal power, hydropower, and nuclear power [7] - Specific stocks recommended include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7] - For hydropower, recommended stocks include Yangtze Power (600900) and Sichuan Investment Energy (600674) [7]

Group 1 - The company has completed the acquisition of stakes in four nuclear power companies, including 82% of China Guangdong Nuclear Power Huizhou Co., Ltd. and 100% of three other subsidiaries [1][2] - The transaction was approved during the company's shareholder meetings held on October 16, 2025, and the payment for the acquisition was completed by October 31, 2025 [1][2] - Following the completion of the transaction, the acquired companies have become subsidiaries of the company [2]

Group 1 - The State-owned Assets Supervision and Administration Commission announced the appointment and removal of leadership positions in 11 central enterprises [1] - Pang Songtao has been appointed as the Deputy Secretary and Director of China General Nuclear Power Group, nominated as the candidate for General Manager [3] - Guo Jianhe has been appointed as the Deputy Secretary and Director of China Aneng Construction Group, nominated as the candidate for General Manager [4] Group 2 - Wu Shengyue has been appointed as the Deputy Secretary and Director of China Poly Group, nominated as the candidate for General Manager [5] - Ma Jiru has retired from the position of Chief Accountant at Minmetals Technology Group [6] - Lv Shuzheng has been removed from the position of Deputy Secretary at China Construction Technology Co., Ltd. and has retired [7] Group 3 - Huang Jing'an has retired from the position of Deputy General Manager at China Chengtong Holdings Group [8] - Zhao Rongzhe has been removed from the position of Deputy Secretary and Chief Accountant at China Coal Energy Group and has retired [9] - Shi Yulin has retired from the position of Deputy General Manager at Nanguang Group [10] Group 4 - Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng have been appointed as external directors at China Changan Automobile Group [11] - Dai Deming has been appointed as an external director at China Forestry Group [12] - Li Shaozhu has been appointed as an external director at China Guoxin Holdings [13]

Group 1 - Pang Songtao appointed as Deputy Secretary of the Party Committee and Director of China General Nuclear Power Group, nominated as candidate for General Manager [1] - Cai Zhen appointed as member of the Party Committee and nominated as candidate for Deputy General Manager of China General Nuclear Power Group; Gao Ligang removed from his positions and retired [2] - Guo Jianhe appointed as Deputy Secretary of the Party Committee and Director of China Aneng Construction Group, nominated as candidate for General Manager [3] Group 2 - Wu Shengyue appointed as Deputy Secretary of the Party Committee and Director of China Poly Group, nominated as candidate for General Manager [4] - Ma Jiru no longer serves as Chief Accountant of Minmetals Technology Group and has retired [5] - Wu Shengyue no longer serves as External Director of Minmetals Technology Group [6] Group 3 - Lyu Shuzheng removed from the position of Deputy Secretary of the Party Committee of China Construction Technology Co., Ltd. and has retired [7] - Huang Jing'an no longer serves as Deputy General Manager of China Chengtong Holdings Group and has retired [8] - Zhao Rongzhe removed from the position of member of the Party Committee and Chief Accountant of China Coal Energy Group and has retired [9] Group 4 - Shi Yulin no longer serves as Deputy General Manager of Nanguang Group and has retired [10] - Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng appointed as External Directors of China Changan Automobile Group [11] - Dai Deming appointed as External Director of China Forestry Group [12] Group 5 - Li Shaozhu appointed as External Director of China Guoxin Holdings [14]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has completed the payment for acquiring an 82% stake in China General Nuclear Huizhou Nuclear Power Co., Ltd. and 100% stakes in China General Nuclear Huizhou Second Nuclear Power Co., Ltd., China General Nuclear Huizhou Third Nuclear Power Co., Ltd., and China General Nuclear Zhanjiang Nuclear Power Co., Ltd. The related companies will become subsidiaries of CGN by October 31, 2025 [1] Group 1 - CGN has finalized the acquisition of significant stakes in multiple nuclear power companies [1] - The transaction enhances CGN's position in the nuclear power sector in China [1] - The acquired companies are set to be integrated into CGN's operations by the end of October 2025 [1]

Core Viewpoint - The profitability of nuclear power companies in China is significantly impacted by the acceleration of market-oriented electricity trading, leading to a decline in net profits for both China Nuclear Power and China General Nuclear Power in the third quarter of 2023 [4][6]. Financial Performance - In the first three quarters of 2023, China Nuclear Power's net profit attributable to shareholders decreased by 10.42% to 8 billion yuan, while China General Nuclear Power's net profit fell by 14.14% to 8.576 billion yuan [6]. - In Q3 2023, China Nuclear Power's net profit dropped by 23.45% to 2.336 billion yuan, and China General Nuclear Power's net profit decreased by 8.81% to 2.624 billion yuan [6]. Market Impact - The decline in profitability is attributed to the increased participation in market-oriented electricity trading, which has led to a decrease in market electricity prices [6][7]. - The average market electricity price has fallen due to the accelerated construction of a unified national electricity market and increased competition from renewable energy sources [7]. Future Outlook - The transition from planned electricity to market electricity is expected to continue, with market trading volume projected to increase, leading to greater price volatility [9]. - The cancellation of the value-added tax refund policy for newly approved nuclear power units starting in November 2023 may increase tax burdens and cash flow pressures for companies, potentially affecting new project construction and R&D investments [9][10]. Strategic Responses - Nuclear power companies are preparing for market challenges by optimizing their nuclear energy operations and electricity sales [10]. - China Nuclear Power plans to track and study new market trading rules and implement various measures to secure favorable trading conditions [10]. - The company is focusing on cost control in the upstream nuclear fuel supply chain to ensure stable power generation efficiency [10].

| 证券代码：003816 | 证券简称：中国广核 | 公告编号：2025-073 | | --- | --- | --- | | 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 关于收购惠州核电等四家公司股权暨关联交易的进展公告 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。 一、关联交易概述 1.中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 16 日召开 2025 年第一次临时股东大会、2025 年第二次 A 股类别股东大会、2025 年第二次 H 股类别股东大会，审议通过《关于收购惠州公司等四家公司股权的议案》， 本公司向中国广核集团有限公司收购其持有的中广核惠州核电有限公司 82%股权、 中广核惠州第二核电有限公司 100%股权、中广核惠州第三核电有限公司 100%股权、 中广核湛江核电有限公司 100%股权（以下简称"本次交易"），交割日为关于本次交 易对价支付完成日所在日历月的最后一个日历日。 详情请见本公司于 2025 年 8 月 27 日和 2025 年 10 月 16 日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 關連交易 財務總監、聯席公司秘書及董事會秘書 中國，2025年10月31日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為楊 長利先生、李歷女士、龐松濤先生、馮堅先生及劉煥冰先生；獨立非執行董事為 王鳴峰先生、李馥友先生及徐華女士。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 有關收購惠州核電等四家公司股權事項的進展 茲提述中國廣核電力股份有限公司（「本公司」）日期為2025年9月18日的通函和日 期為2025年10月17日的投票表決結果公告（「該等公告」），內容有關（其中包括） 經本公司2025年第一次臨時股東大會、2025年第二次H股類別股東大會及2025年 第二次A股類別股東大會批准，本公司向中國廣核集團有限公司收購其持有的中 廣核惠州核電有限公司82%股權、中廣核惠州第二核電有限公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The Q3 performance was below expectations, primarily due to the cancellation of variable cost compensation in Guangdong [5] - The company reported a significant decline in revenue and net profit for Q3 2025, with revenue at 20.556 billion yuan, down 10.2% year-on-year, and net profit at 2.624 billion yuan, down 8.8% year-on-year [7] - The decline in electricity prices has notably impacted the company's earnings, with the average market transaction price in Guangdong dropping to approximately 0.372 yuan/kWh in Q3 2025 from 0.402-0.405 yuan/kWh in the same period last year [7] - The company has 20 nuclear power units under construction, which will support long-term growth, with the first unit expected to be operational in H2 2025 [7] - The cancellation of the variable cost compensation mechanism in Guangdong is expected to positively impact the company's annual long-term contract electricity price by approximately 0.02 yuan/kWh starting in 2026 [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 82.549 billion yuan (2023), 86.804 billion yuan (2024), 85.734 billion yuan (2025E), 89.262 billion yuan (2026E), and 92.637 billion yuan (2027E) [6] - The expected net profit for the same period is: 10.725 billion yuan (2023), 10.814 billion yuan (2024), 10.001 billion yuan (2025E), 10.804 billion yuan (2026E), and 11.299 billion yuan (2027E) [6] - The projected earnings per share (EPS) are: 0.21 yuan (2023), 0.21 yuan (2024), 0.20 yuan (2025E), 0.21 yuan (2026E), and 0.22 yuan (2027E) [6] - The company’s return on equity (ROE) is expected to decline from 9.47% in 2023 to 8.00% in 2025E, before slightly recovering [6]

Core Viewpoint - The profitability of Chinese nuclear power companies is significantly impacted by the decline in market electricity prices due to increased market transactions and competition from renewable energy sources [2][4]. Group 1: Financial Performance - In the first three quarters, China Nuclear Power's net profit attributable to shareholders decreased by 10.42% to 8.002 billion yuan, while China General Nuclear Power's net profit fell by 14.14% to 8.576 billion yuan [2]. - In Q3, China Nuclear Power's net profit dropped by 23.45% to 2.336 billion yuan, and China General Nuclear Power's net profit decreased by 8.81% to 2.624 billion yuan [2]. - The decline in profits is attributed to the impact of market electricity prices, with both companies indicating that increased participation in market transactions has led to lower market prices [2][3]. Group 2: Market Dynamics - The average market price for electricity has decreased due to the overall decline in market transaction prices, with specific regional impacts noted in Guangdong and Guangxi [3]. - The transition from "planned electricity" to "market electricity" has resulted in a significant increase in market transaction volumes, from 10.7 trillion kWh during the 13th Five-Year Plan to 23.8 trillion kWh during the 14th Five-Year Plan [4]. Group 3: Strategic Responses - In response to market challenges, nuclear power companies are preparing by optimizing their nuclear energy operations and electricity sales [5]. - China Nuclear Power plans to track and adapt to new electricity market trading rules expected to be released by the end of the year, aiming to secure favorable trading conditions [5]. - The company is focusing on equipment manufacturing localization and design optimization to enhance the economic viability and competitiveness of new nuclear power units [5][6]. Group 4: Cost Management - China Nuclear Power is implementing measures to control upstream nuclear fuel costs, which account for approximately 20% of its operating costs [6]. - The company has secured stable long-term fuel costs by purchasing natural uranium and processing it into fuel components, alongside investments in uranium supply stability [6].