Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with significant impacts from electricity price decreases and increased costs in its nuclear power business [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit attributable to shareholders of 5.952 billion yuan, down 16.30% [1] - For Q2 2025, revenue was 19.139 billion yuan, a decline of 5.23%, with net profit at 2.926 billion yuan, down 16.54% [1] - Non-recurring gains in H1 2025 amounted to 343 million yuan, primarily from government research project subsidies [1] Nuclear Power Business - The company's nuclear power generation in H1 2025 was 94.691 billion kWh, an increase of 7.80% year-on-year, attributed to the operation of the Fangchenggang Unit 4 and reduced maintenance days [2] - The revenue per kWh decreased by 7.27% to 0.343 yuan, mainly due to a drop in market electricity prices, which fell by approximately 8.23% [2] - The gross margin for the nuclear power business decreased by 5.45 percentage points to 43.29% due to the combined effects of falling electricity prices and rising costs [2] Other Income and Taxation - Other income decreased to 491 million yuan, down 5.19 billion yuan year-on-year, primarily due to a reduction in VAT refunds [3] - Income tax expenses increased to 2.490 billion yuan, up 378 million yuan year-on-year, influenced by tax adjustments related to VAT refunds and the expiration of tax incentives for certain nuclear power units [3] Investment and Acquisitions - The company acquired stakes in four nuclear power companies for a total consideration of 9.375 billion yuan, which is expected to enhance growth and performance [4] - The projected net profits for 2025-2027 are 9.768 billion, 10.622 billion, and 11.631 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.75x, 18.16x, and 16.59x [4]

Group 1: Postal Savings Bank of China - The bank achieved a net profit of 49.23 billion yuan in the first half of 2025, a year-on-year increase of 0.85% [1] - Operating income reached 179.45 billion yuan, reflecting a growth of 1.50% compared to the previous year [2] - Non-interest income contributed significantly, with intermediary business income increasing by 11.59% to 16.92 billion yuan, and other non-interest income rising by 25.16% to 23.47 billion yuan [1][2] Group 2: BeiGene - The company reported a revenue of 17.52 billion yuan in the first half of 2025, marking a 46.03% increase year-on-year [3] - The net profit attributable to shareholders was 450 million yuan, indicating a turnaround from losses in the previous year [3] Group 3: United Imaging Healthcare - The company achieved an operating income of 6.02 billion yuan, a 12.79% increase year-on-year [5] - Net profit attributable to the parent company was 998 million yuan, reflecting a growth of 5.03% [5] Group 4: Great Wall Motors - The company reported an operating income of 923.35 billion yuan, a slight increase of 0.99% year-on-year [7] - Net profit attributable to shareholders decreased by 10.21% to 63.37 billion yuan, with a significant drop in net profit excluding non-recurring items by 36.39% [7][8] Group 5: Pien Tze Huang - The company experienced a decline in net profit by 17.18%, with total revenue falling by 4.81% to 53.79 billion yuan [10][11] Group 6: China Railway Construction - The company reported a revenue of 489.20 billion yuan, a decrease of 5.22% year-on-year [12] - Net profit attributable to shareholders fell by 10.09% to 107.01 billion yuan [12][14] Group 7: China Shipbuilding Industry - The company achieved a revenue of 403.25 billion yuan, an increase of 11.96% year-on-year [23] - Net profit attributable to shareholders surged by 108.59% to 29.46 billion yuan, driven by improved order structure and ship prices [23][26] Group 8: ST Huato - The company reported a revenue of 172 billion yuan, reflecting an 85.5% increase year-on-year [29] - Net profit attributable to shareholders was 26.56 billion yuan, a growth of 129.33% [29] Group 9: Guotai Junan Securities - The company achieved total revenue of 454.32 billion yuan, a significant increase of 105.18% [31] - Net profit attributable to shareholders rose by 213.74% to 157.37 billion yuan [31][33] Group 10: Minsheng Bank - The bank reported an operating income of 723.84 billion yuan, a year-on-year increase of 7.83% [35] - Net profit attributable to shareholders decreased by 4.87% to 213.80 billion yuan [35][36]

Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Outperform the Market" [5][3][22]. Core Views - The company's performance has been impacted by declining electricity prices, with a reported revenue of 39.167 billion yuan in the first half of 2025, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year [1][7][10]. - The company is in the process of acquiring stakes in Huizhou Nuclear Power, which includes 82% of Huizhou Nuclear Power and 100% of Huizhou Second and Third Nuclear Power, with a total net asset value of approximately 8.03 billion yuan [2][22]. - The average market electricity price has decreased by approximately 8.23% year-on-year, with the Guangdong annual electricity trading price expected to be around 0.39186 yuan/kWh [2][22]. Summary by Sections Financial Performance - In the first half of 2025, the total power generation was 120.311 billion kWh, an increase of 6.11% year-on-year, while the grid-connected power generation was 113.360 billion kWh, up 6.93% year-on-year [1][7]. - The company's gross margin for the first half of 2025 was 34.99%, down 3.57 percentage points year-on-year, and the net margin was 22.55%, down 5.00 percentage points year-on-year [10][14]. Future Outlook - The company is managing 28 operational units with a total installed capacity of 31.796 million kW and has 20 units under construction with a capacity of 24.222 million kW, representing 44.46% of the national total [1][19]. - The expected net profit for 2025-2027 is projected to be 9.752 billion yuan, 10.435 billion yuan, and 11.176 billion yuan respectively, with year-on-year growth rates of -10%, 7%, and 7% [3][22]. Valuation Metrics - The current price-to-earnings (PE) ratios for 2025-2027 are projected to be 19.8, 18.5, and 17.3 times respectively [3][22]. - The price-to-book (PB) ratio for the acquisition of Huizhou Nuclear Power is approximately 1.17 times [2][22].

Core Viewpoint - Strengthening electricity marketing capabilities and comprehensive utilization of nuclear energy are important measures for nuclear power companies to adapt to the trends of market-oriented electricity trading [2][7]. Group 1: Impact of Market Trends - The profitability of nuclear power companies is increasingly affected by the acceleration of the electricity spot market and the entry of renewable energy, leading to a decline in electricity trading prices [3]. - Both China Nuclear Power and China General Nuclear Power reported a decrease in revenue and net profit despite an increase in total electricity generation due to the impact of market price fluctuations [4][5]. Group 2: Financial Performance - China Nuclear Power's net profit attributable to shareholders increased by 9.48% to 5.322 billion yuan, but overall net profit declined due to significant holdings in renewable energy assets [5]. - China General Nuclear Power's average market settlement price for electricity decreased by approximately 8.23% compared to the same period in 2024, impacting its financial performance [4]. Group 3: Strategic Responses - China General Nuclear Power is focusing on closely monitoring regional electricity market changes and optimizing marketing strategies to mitigate the impact of price fluctuations [6]. - China Nuclear Power is establishing independent electricity sales companies to deepen its market presence and enhance its electricity trading strategies [6]. Group 4: Diversification Efforts - Both companies are enhancing the multi-purpose utilization of nuclear energy to address the economic impacts of market-oriented reforms on nuclear projects, with initiatives in nuclear heating and industrial steam supply [7].

证券代码：003816 证券简称：中国广核 公告编号：2025-062 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 境内同步披露公告 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。 （在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 中国广核电力股份有限公司根据《香港联合交易所有限公司证券上市规则》 规定，于 2025 年 8 月 29 日在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了《2025 年中期报告》。 根据《深圳证券交易所股票上市规则（2025 年修订）》第 11.2.1 条关于境内 外同步披露的要求，特将有关公告同步披露如下，供参阅。 特此公告。 中国广核电力股份有限公司董事会 2025 年 8 月 29 日 融合潔淨能源 締造綠色生活 2025中期報告 中廣核電力於2014年3月25日成立，2014年12月10日於香港聯交所主板上 市，並於2019年8月26日於深交所上市，是中廣核核能發電的唯一平台，公司 致力於安全高效、穩定可靠、清潔低碳的核能電力與能源 ...

市公司 公開雪V 2025 年 08 月 29 日 中国广核 (003816) 量增价减影响利润表现 资产注入保障远期成长 报告原因: 有业绩公布需要点评 a (维持) | 市场数据: | 2025年08月28日 | | --- | --- | | 收盘价（元） | 3.82 | | 一年内最高/最低（元） | 4.92/3.33 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 2.49 | | 流通 A 股市值 (百万元) | 150,260 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产（元） | 2.39 | | 资产负债率% | 60.23 | | 总股本/流通 A 股 (百万) | 50,499/39,335 | | 流通 B 股/H 股 (百万) | -/11.164 | 年内股价与大盘对比走势： 相关研究 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A023 ...

新华财经北京8月29日电（安娜 郭洲洋）"华龙一号"已成为全球在建在运数量最多的三代核电堆型！8月29日，中国广核集团举办"新质向未来 品牌创价 值"品牌发布系列活动，这是记者从发布会上获得的消息。 转自：新华财经 作为国务院国资委首批创建世界一流的示范企业之一，中广核在中央企业品牌建设成效对标中连续4年实现增长。近期第十九届中国品牌节发布的 《TopBrand世界品牌500强》榜单显示，2025年中广核品牌价值突破2000亿元，位列第411位。 中广核广西防城港核电"华龙一号"示范工程 "十五五"期间实施五大品牌工程 面向"十五五"，中广核将把品牌建设作为集团长期战略性任务，深入推动品牌战略与企业发展战略一体部署，贯穿企业生产经营管理各层面、全过程，系统 推进五大品牌工程，即品牌业务融合工程、品牌价值跃升工程、品牌管控卓越工程、品牌资产增值工程、品牌国际拓展工程，推动品牌价值全方位提升。 "我们将强化科技创新，推动技术、管理与品牌创新联动，围绕战新产业打造具备市场竞争力的科创产品，建立科创、品牌同步研发机制。"中国广核集团有 限公司党委副书记、总经理高立刚表示，中广核将持续聚焦国家发展战略，紧跟新质生产力发 ...

8月29日，《每日经济新闻》记者从中国广核（003816）集团有限公司(以下简称中广核)了解到，目 前，全球共有41台核准在建、在运的"华龙一号"机组，"华龙一号"已成为全球在建、在运数量最多的三 代核电技术机组。 据悉，"华龙一号"是我国具有完全自主知识产权的三代百万千瓦级核电技术，形成了覆盖型号总体设 计、燃料及堆芯设计、设备研发、建造及运维便利性等各个领域的核心技术，获得国际、国内发明专利 800余项，其中3项是中国专利金奖。 中广核方面表示，"华龙一号"是我国核电批量化建设主力堆型，也是我国核电"走出去"的主力选择。 ...

上 市 公 司 公用事业 2025 年 08 月 29 日 中国广核 (003816) ——量增价减影响利润表现 资产注入保障远期成长 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 3.82 | | 一年内最高/最低（元） | 4.92/3.33 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 2.49 | | 流通 A 股市值（百万元） | 150,260 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 2.39 | | 资产负债率% | 60.23 | | 总股本/流通 A 股（百万） | 50,499/39,335 | | 流通 B 股/H 股（百万） | -/11,164 | 一年内股价与大盘对比走势： 0 ...

（在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 融合潔淨能源 締造綠色生活 2025中期報告 中廣核電力於2014年3月25日成立，2014年12月10日於香港聯交所主板上 市，並於2019年8月26日於深交所上市，是中廣核核能發電的唯一平台，公司 致力於安全高效、穩定可靠、清潔低碳的核能電力與能源供應，以及與之相 關的核能專業服務。 於本報告中，我們將闡述本集團截至2025年6月30日止六個月未經審計之合併 中期業績，連同2024年同期的比較數字，並概述為實現發展戰略而取得的進 展。 除本報告另有界定外，本報告所用詞彙與本公司《2024年度報告》所界定者具 有相同涵義。本報告中「子公司」與上市規則定義下的「附屬公司」具有相同含 義。本報告分別以中英文兩種文字編製，如中英文版本有任何歧義，以中文 版為準。 目錄 | 中期業績摘要 | 2 | | --- | --- | | 財務摘要 | 4 | | 股東價值 | 5 | | 財務、資產與投資 | 8 | | 業務表現與展望 | 15 | | 公司治理 | 34 | | 審閱報告 | 43 | | 合併資產負債表 | 44 ...