华泰联合证券有限责任公司 关于中国广核电力股份有限公司调整 2025 年至 2027 年日常关 联交易预计额度的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为中国广核电力股份有限公司（以下简称"中国广核"、"上市公司"或"公司"） 向不特定对象发行 A 股可转换公司债券的保荐人，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律、法规和规范性文件的规 定，对中国广核调整 2025 年至 2027 年日常关联交易预计额度进行了核查，核查 情况及核查意见如下： 一、日常关联交易基本情况 1 能源产业风电、光伏项目建设需要，由上市公司及其子公司提供的新能源项目设 备监造及检验服务等技术服务增多。综上，为了满足上市公司及其子公司生产经 营和发展的实际需要，公司拟调整综合服务、技术支持与维修服务类日常关联交 易最高年度款项，提供委托管理服务类日常关联交易最高年度款项不变，将 2025 年度金额上限增至 81.45 亿元、2026 年度金额上限增至 83.35 亿元、2027 年度金 额 ...

华泰联合证券有限责任公司 关于中国广核电力股份有限公司 收购惠州核电等四家公司股权暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为中国广核电力股份有限公司（以下简称"中国广核"、"上市公司"或"公司"） 向不特定对象发行 A 股可转换公司债券的保荐人，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律、法规和规范性文件的规 定，对中国广核关联交易进行了核查，核查情况及核查意见如下： 一、关联交易基本情况 2025 年 8 月 27 日，中国广核电力股份有限公司与中国广核集团有限公司 （以下简称"中广核"）在广东省深圳市订立了《中国广核集团有限公司与中国 广核电力股份有限公司关于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%股权的股权转让协议》，公司拟向中广核收购其子公司中 广核惠州核电有限公司（以下简称"惠州核电"）82%股权、中广核惠州第二核电 有限公司（ ...

中广核惠州第二核电有限公司 审计报告及财务报表 2024 年度及 2025 年 1-2 月 信会师报字[2025]第 ZI22010 号 中广核惠州第二核电有限公司 审计报告及财务报表 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.fxgor.cn）" 我任 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ar.cnof.gov.cn）" 我任 信会师报字[2025]第 ZI22010 号 中国广核集团有限公司: 一、审计意见 我们审计了中广核惠州第二核电有限公司(以下简称惠州第二核 电)财务报表,包括 2024年 12月 31 日及 2025年 2 月 28 日的资产 负债表,2024年度及 2025年 1-2 月的利润表、现金流量表、所有者 权益变动表以及相关财务报表附注。 (2024年01月01日至2025年2月28日止) | | | 目录 | 页次 | | --- | --- | --- | --- | | 1 | 审计报告 | | 1-3 | | い | 财务报表 | | | | | 资产负债表 | | 1-2 | | | 利润表 | | 3 ...

中广核惠州核电有限公司 审计报告及财务报表 2024 年度及 2025 年 1-2 月 信会师报字[2025]第 ZI22008 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 报告编码:沪25C2G 中广核惠州核电有限公司 审计报告及财务报表 (2024年01月01日至2025年2月28日止) | | 目录 | 页次 | | --- | --- | --- | | | 审计报告 | 1-3 | | 11 | 财务报表 | | | | 资产负债表 | 1-2 | | | 利润表 | 3 | | | 现金流量表 | ব | | | 所有者权益变动表 | 5-6 | | | 财务报表附注 | 1-46 | | lil | 事务所及注册会计师执业资质证明 | | 立信会计师事务所(特殊普通合伙) IU LUN PAN CERTIFIED PUBLIC ACCOUNTAN 审计报告 我们按照中国注册会计师审计准则的规定执行了审计工作。审计 投告的"注册会计师对财务报表审计的责任"部分进一步阐述了我 们在这些准则下的责任。按照中国注册会计师职业道德守则,我 ...

Core Viewpoint - The company plans to adjust the expected limits for daily related transactions with China General Nuclear Power Group from 2025 to 2027, increasing the maximum annual amounts significantly to meet operational needs and project demands [1][2][3]. Summary by Sections Daily Related Transactions Overview - The total expected upper limit for daily related transactions between the company's subsidiaries and China General Nuclear Power Group for 2025, 2026, and 2027 is set at RMB 56.40 billion [1]. - The company aims to adjust the upper limits for comprehensive services and technical support, increasing the amounts to RMB 81.45 billion for 2025, RMB 83.35 billion for 2026, and RMB 89.35 billion for 2027 [2][3]. Reasons for Adjustment - The increase in expected transaction amounts is due to the anticipated growth in demand for services such as catering, property management, transportation, and technical support related to nuclear power projects [2]. - The adjustments reflect the company's operational needs and the expected increase in service requirements from ongoing and future nuclear projects [2][3]. Approval Process - The board of directors approved the adjustment proposal, with independent directors reviewing and voting on the matter [3][21]. - The proposal will require approval from the shareholders' meeting, with related parties abstaining from voting [21]. Financial Impact - The adjustments will not exceed 5% of the company's latest audited net assets, ensuring compliance with relevant regulations [3]. - The expected increases in transaction limits are based on historical transaction volumes, production capabilities, and market price changes [12][20]. Related Party Information - China General Nuclear Power Group is the controlling shareholder of the company, providing various services including comprehensive and technical support [6][19]. - The financial data of China General Nuclear Power Group indicates strong asset and profit figures, supporting its capacity to fulfill the service agreements [6][7]. Transaction Necessity and Fairness - The ongoing relationship with China General Nuclear Power Group is deemed necessary for the company's operations, ensuring access to high-quality services [19]. - The pricing for the related transactions is based on market principles, ensuring fairness and compliance with regulatory standards [20].

Core Viewpoint - China General Nuclear Power Corporation (CGN) is acquiring equity stakes in four companies, including Huizhou Nuclear Power, as part of a related party transaction, which requires approval from the company's shareholders' meeting [1][2][23] Related Party Transaction Overview - The transaction involves CGN transferring 82% of Huizhou Nuclear Power, 100% of Huizhou Second Nuclear Power, 100% of Huizhou Third Nuclear Power, and 100% of Zhanjiang Nuclear Power to the company [1][2] - The transaction has been approved by CGN's internal decision-making body and does not constitute a major asset restructuring as defined by relevant regulations [2][3] Basic Information of Related Parties - CGN is the controlling shareholder of the company, with a registered capital of 1,487,337 million RMB and a primary business focus on clean and renewable energy [2][4] - The major shareholders include the State-owned Assets Supervision and Administration Commission (holding 81%) and other entities [4] Transaction Targets Overview - The transaction targets include: - Huizhou Nuclear Power: 82% stake, with total assets of approximately 42.16 billion RMB and net assets of about 8.30 billion RMB [5][6][17] - Huizhou Second Nuclear Power: 100% stake, with total assets of approximately 6.74 billion RMB [10][11][17] - Huizhou Third Nuclear Power: 100% stake, with no financial data available as it has not commenced operations [13][14] - Zhanjiang Nuclear Power: 100% stake, also with no financial data available [14][15] Valuation and Pricing - The total transaction price is set at 937,543.25 million RMB, based on asset valuation reports, with specific prices for each stake: 802,270.21 million RMB for Huizhou Nuclear Power and 135,273.04 million RMB for Huizhou Second Nuclear Power [17][18] - The valuation reflects an increase in net asset value for Huizhou Nuclear Power, with an increase rate of 17.91% [17] Transaction Agreement Highlights - The agreement stipulates that the company will pay the transaction price in cash within five working days after the agreement takes effect [19][20] - The transaction will not involve personnel placement or land leasing and will maintain operational independence post-transaction [20][21] Purpose and Impact of the Transaction - The acquisition aims to enhance the company's position in the nuclear power sector and contribute to future growth in nuclear energy generation [21] - The transaction is expected to have a neutral impact on the company's financial status and operational results, integrating the acquired companies into the company's consolidated financial statements [21][22] Review Procedures - The transaction has undergone necessary review procedures, including approval from independent directors and the board of directors, and is pending approval from the shareholders' meeting [22][23]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing A-share convertible bonds to unspecified investors, with a total fundraising amount of RMB 490 million, net proceeds expected to be RMB 489.784 million after deducting issuance costs [2][4][20]. Summary by Sections Bond Issuance Overview - The issuance of 49 million convertible bonds, each with a face value of RMB 100, has been approved by the China Securities Regulatory Commission [2][4]. - The funds raised will be deposited in a special account and managed under a tripartite supervision agreement [3]. Key Terms of the Convertible Bonds - The bonds will have a term of six years, with interest rates increasing from 0.2% in the first year to 2.0% in the sixth year [4][5]. - Interest will be paid annually, and the principal will be repaid at maturity [5][6]. Conversion and Redemption Features - The initial conversion price is set at RMB 3.67 per share, with adjustments possible based on stock price changes and corporate actions [6][8]. - The company has the right to redeem the bonds at 106% of the face value after the maturity period if certain conditions are met [10][11]. Use of Proceeds - The total investment for the projects funded by the raised capital is estimated at RMB 4.086 billion, with the company planning to use self-raised funds until the bond proceeds are available [20]. Governance Changes - The company plans to revise its articles of association and governance rules, including the cancellation of the supervisory board, which will be replaced by an audit and risk management committee [22][24]. - These changes are aligned with the bond issuance and are not expected to impact the company's operational or debt repayment capabilities [24]. Bondholder Rights and Meetings - Bondholders have the right to propose meetings and make decisions on significant matters affecting their interests [18][19]. - The company will ensure that bondholders' rights are protected and will communicate any significant developments [24].

Core Viewpoint - The report highlights the operational performance and financial results of China General Nuclear Power Corporation (CGN) for the first half of 2025, emphasizing the company's commitment to nuclear safety and its strategic role in China's energy transition towards low-carbon sources [1][4][5]. Financial Performance - The total revenue for the first half of 2025 was approximately CNY 39.38 billion, showing a decrease of 0.53% compared to the previous year [3]. - The net profit attributable to shareholders was around CNY 5.61 billion, reflecting a decline of 16.30% year-on-year [3][18]. - The operating cash flow net amount was approximately CNY 11.32 billion, down by 11.51% from the previous year [18]. Operational Overview - As of June 30, 2025, the company managed 28 operational nuclear units and 20 under construction, with installed capacities of 31,796 MW and 24,222 MW, respectively, accounting for 44.46% of the national total [4][6][17]. - The total electricity generated by the company's nuclear plants in the first half of 2025 was 113.36 billion kWh, representing 49.27% of the national nuclear power generation [6][17]. Safety Management - The company prioritizes nuclear safety, adhering to the principle that "nuclear safety is paramount," and has established a comprehensive safety management system [7][19]. - In the first half of 2025, the company conducted over 180 nuclear emergency drills to enhance its emergency response capabilities [21]. Strategic Context - The Chinese government has emphasized the importance of nuclear energy in its energy strategy, aiming to optimize energy structure and ensure energy security [5][15]. - Recent approvals for several nuclear projects, including the Fangchenggang Phase III and Taishan Phase II, indicate a supportive regulatory environment for nuclear energy development [5][17]. Human Resources - The company employs a total of 20,277 staff, with approximately 91% being technical personnel, reflecting a strong focus on skilled labor in the nuclear sector [12]. - The company has established various training programs and platforms to enhance the skills of its workforce, including national-level talent initiatives [12].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in net profit and earnings per share for the first half of 2025, while maintaining a stable operational performance in its nuclear power plants [1][5][6] Financial Performance - Operating revenue for the first half of 2025 was approximately CNY 39.17 billion, a decrease of 0.53% compared to the same period last year [1] - Net profit attributable to shareholders decreased by 16.31% to CNY 560.93 million, with a basic earnings per share of CNY 0.118 [1][5] - The weighted average return on equity fell to 4.88%, down 1.19 percentage points from the previous year [1] Operational Highlights - The company managed 28 operational units and 20 units under construction, accounting for 44.46% of the national total installed nuclear power capacity [5] - Operational nuclear units achieved a total electricity generation of 113.36 billion kWh, a 6.93% increase year-on-year [5][6] - The company completed 10 major maintenance outages during the reporting period, with 91.07% of performance indicators in the top quartile globally [5] Market Environment - The demand for electricity continues to grow, supported by national policies aimed at energy security and carbon peak targets by 2030 [4] - The national electricity market is undergoing reforms, with a unified market system being established, which is expected to enhance market dynamics [4] Strategic Initiatives - The company is focusing on enhancing the safety and efficiency of its nuclear power operations while exploring new market opportunities [7][8] - Plans include the development of clean energy projects and the integration of nuclear energy for heating purposes, contributing to environmental benefits [7][8] - The company aims to optimize its capital structure through the issuance of convertible bonds and strategic acquisitions [9][10]

证券代码：003816 证券简称：中国广核 公告编号：2025-056 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 本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、误导性陈述或重大遗漏。 一、董事会会议召开情况 事会第十五次会议（以下简称"本次会议"）通知和材料已于 2025 年 8 月 12 日 以书面形式提交全体董事。 厦南楼 3408 会议室采用现场视频及通讯方式召开。 生、庞松涛先生、徐华女士通过通讯方式进行了议案表决。 公司监事会监事、总裁、副总裁、财务总监和董事会秘书等高级管理人员列席了 本次会议。 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 经出席会议的董事审议与表决，本次会议形成以下决议： 的议案》 表决情况：9 票同意、0 票反对、0 票弃权。 该 报 告 的 详 细 内 容 于 2025 年 8 月 27 日 登 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）。 董事会审计与风险管理委员会对本议案进行了审议，并同意提交董事会审批。 公司监事会对本议案进行了审议，有关意见于 ...