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 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-057 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 公司及监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、监事会会议召开情况 会议（以下简称"本次会议"）通知和材料于 2025 年 8 月 15 日以书面形式提交 全体监事。 经出席会议的监事审议与表决，本次会议形成以下决议： 的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 该 议 案 的 详 细 内 容 于 2025 年 8 月 27 日 登 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）。 要的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 厦南楼 3408 会议室采用现场方式召开。 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、监事会会议审议情况 公司 2025 年半年度报告摘要的详细内容于 2025 年 8 月 27 日登载于巨潮资 讯网（www.cninfo.com.cn）、 《证券时报》 《证券日报》 《上海证券报》和《中国证 ...

Core Viewpoint - KPMG Huazhen LLP has reviewed the interim financial statements of China General Nuclear Power Corporation (CGN) for the period ending June 30, 2025, and found no significant misstatements, indicating compliance with the relevant accounting standards [1][2]. Financial Summary Consolidated Balance Sheet - As of June 30, 2025, total assets amounted to RMB 436.77 billion, an increase from RMB 426.66 billion at the end of 2024 [2]. - Current assets totaled RMB 80.53 billion, up from RMB 75.51 billion, with cash and cash equivalents increasing to RMB 20.36 billion from RMB 16.81 billion [2]. - Non-current assets reached RMB 356.23 billion, compared to RMB 351.15 billion previously [2]. Liabilities and Shareholders' Equity - Total liabilities were RMB 263.05 billion, rising from RMB 253.15 billion [2]. - Current liabilities increased to RMB 89.01 billion from RMB 83.47 billion, with short-term borrowings significantly rising to RMB 26.66 billion from RMB 17.26 billion [2]. - Shareholders' equity totaled RMB 173.72 billion, slightly up from RMB 173.51 billion [2]. Consolidated Income Statement - For the period from January 1 to June 30, 2025, operating revenue was RMB 39.17 billion, a slight decrease from RMB 39.38 billion [4]. - Net profit for the same period was RMB 8.83 billion, down from RMB 10.85 billion [4]. - Basic and diluted earnings per share were both RMB 0.118, compared to RMB 0.141 in the previous period [4]. Cash Flow Statement - Net cash generated from operating activities was RMB 11.32 billion, down from RMB 12.79 billion [6]. - Cash used in investing activities was RMB 8.81 billion, compared to RMB 4.99 billion previously [6]. - Net cash used in financing activities was RMB 6.11 billion, contrasting with a net inflow of RMB 6.45 billion in the prior period [6].

Core Viewpoint - The company plans to adjust the expected annual limits for daily related transactions with China General Nuclear Power Group for the years 2025 to 2027, increasing the limits significantly to meet operational needs and project demands [1][2][21]. Summary by Sections Daily Related Transactions Overview - The company and its subsidiaries will engage in daily related transactions with China General Nuclear Power Group, with a total expected limit of RMB 56.55 billion for 2025, 2026, and 2027 [1][2]. - The expected limits for comprehensive services, technical support, and maintenance services will be increased to RMB 81.45 billion for 2025, RMB 83.35 billion for 2026, and RMB 89.35 billion for 2027 [2][21]. Adjusted Expected Limits - The adjusted expected limits for comprehensive services and technical support are as follows: - 2025: Increased from RMB 56.55 billion to RMB 81.45 billion - 2026: Increased from RMB 56.55 billion to RMB 83.35 billion - 2027: Increased from RMB 56.55 billion to RMB 89.35 billion [2][21]. Reasons for Adjustment - The increase in expected limits is due to: - Anticipated growth in demand for comprehensive services such as catering, property management, and transportation due to ongoing nuclear power projects [2][21]. - Increased technical service needs related to DCS supply, nuclear island design, and environmental services [2][21]. - Additional requirements for renewable energy project equipment inspection and testing services [2][21]. Financial Data of Related Parties - As of December 31, 2024, China General Nuclear Power Group reported total assets of RMB 10,715.72 billion and net assets of RMB 3,296.65 billion [5]. - The company has maintained a strong financial performance, with a total revenue of RMB 1,537.80 billion and a net profit of RMB 242.35 billion for the fiscal year 2024 [5]. Necessity and Fairness of Related Transactions - The related transactions are deemed necessary for the company's operational needs and are conducted under fair pricing principles based on market conditions and historical transaction volumes [21][23]. - Independent directors have approved the adjustments, confirming that the transactions do not harm the interests of the company or its shareholders [23].

证券代码：003816 证券简称：中国广核 公告编号：2025-059 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 关于建议修订公司章程、股东大会议事规则及董事会议事规 则的公告 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。 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 8 月 27 日召开的第四届董事会第十五次会议分别审议通过了《关于审议修订 <中国> 广核电力股份有限公司章程>并取消监事会的议案》 《关于审议修订 <中国广核电> 力股份有限公司股东大会议事规则>并更名的议案》 《关于审议修订 <中国广核电> 力股份有限公司董事会议事规则>的议案》，同意对《中国广核电力股份有限公司 章程》（以下简称"《公司章程》 "）、《中国广核电力股份有限公司股东大会议事 规则》（以下简称"《股东大会议事规则》"）和《中国广核电力股份有限公司董 事会议事规则》 （以下简称"《董事会议事规则》"）作出相应修订，修订后的《股 东大会议事规则》更名为《中国广核电力股份有限公司股东会议事规则》，同意 取消监事会并由董事会审计 ...

单位：万元 附表：中国广核电力股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | 占用方与上市公 | 上市公司核算的会 | 2025 年期初占用 | 1-6 月占用累计发生金 | | 1-6 月占用资金的利 | 1-6 月偿还累计发 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 生 2025 年 | 6 月 30 日占 占用形成原 | | | | | | | | | | 非经营性资金占用 | | 资金占用方名 | | | | | | | | | 称 | | | | | | | | 占用 | | | 性质 | | | | | | | | | | | | | 司的关联关系 | 计科目 | 资金余额 | 额（不含利息） | | 息（如 | | | | 有） | 金额 | 用资金余额 | 因 | | | | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 无 | 不适用 | 不适 | | | | | | | | 用 | - | - | - | - | ...

Core Viewpoint - The company plans to acquire stakes in four nuclear power companies from its parent company, China General Nuclear Power Group (CGN), which constitutes a related party transaction [1][2][4]. Summary by Sections Related Party Transaction Overview - The company intends to acquire 82% of Huizhou Nuclear Power Co., Ltd., 100% of Huizhou Second Nuclear Power Co., Ltd., 100% of Huizhou Third Nuclear Power Co., Ltd., and 100% of Zhanjiang Nuclear Power Co., Ltd. from CGN [1][2]. Related Party Basic Information - CGN is a state-owned enterprise with a registered capital of 1,487,337 million RMB, primarily engaged in clean and renewable energy production [2][3][4]. Financial Status of CGN - As of December 31, 2024, CGN's total assets were 1,125,006 million RMB, with a net profit of 242,350 million RMB [4]. Basic Information of Transaction Targets - Huizhou Nuclear Power has total assets of approximately 42,162.63 million RMB and net assets of about 8,297.32 million RMB as of February 28, 2025 [5][20]. - Huizhou Second Nuclear Power has total assets of approximately 6,742.46 million RMB and net assets of about 1,226.77 million RMB [8][20]. - Huizhou Third Nuclear Power and Zhanjiang Nuclear Power have not yet commenced operations and have no recorded financial data [11][15]. Valuation and Pricing of the Transaction - The total transaction price is set at 937,543.25 million RMB, with specific prices for each company: 802,270.21 million RMB for Huizhou Nuclear Power and 135,273.04 million RMB for Huizhou Second Nuclear Power, while the other two companies are valued at zero [21][22]. Purpose and Impact of the Transaction - The acquisition aims to enhance the company's position in the nuclear power sector and is expected to contribute to future growth in nuclear energy output and overall performance [24][25]. Related Party Transaction Procedures - The transaction has been approved by the board and requires shareholder approval, with related directors abstaining from voting [2][26]. Independent Director Opinions - Independent directors have expressed that the transaction is necessary and reasonable, ensuring no harm to the interests of the company and its shareholders, particularly minority shareholders [26]. Regulatory Compliance - The transaction complies with relevant regulations and has undergone necessary reviews and approvals [26].

务所（特殊普通合伙）深皇嘉所以验字[2015]193 号验资报告审验。 务所（特殊普通合伙）深圳分所以 XYZH/2016SZA40700 号验资报告审验。 务所（特殊普通合伙）深圳分所以 XYZH/2020SZA10047 号验资报告审验。 中广核财务有限责任公司 风险评估报告 根据深圳证券交易所于 2025 年 3 月 28 日发布的《深圳证券交易所上市公司 自律监管指引第 7 号—交易与关联交易（2025 年修订）》的要求，以及中广核 财务有限责任公司（以下简称"财务公司"）提供的有关资料和财务报表，中国 广核电力股份有限公司（以下简称"公司"）对财务公司截至 2025 年 6 月 30 日的经营资质、业务和风险状况进行了评估，现将公司关于财务公司的风险评估 情况报告如下： 一、财务公司基本情况 财务公司成立于 1997 年 7 月 22 日，系经中国人民银行银复[1997]244 号文 批准设立的非银行金融机构，初始注册资本为人民币 3 亿元。由中国广东核电集 团有限公司(2013 年 4 月 26 日更名为中国广核集团有限公司，以下简称"中广 核")、广东核电投资有限公司、岭澳核电有限公司、广东核电 ...