Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) [3][5]. Core Views - Short-term fluctuations do not alter the long-term growth certainty of CGN, with expectations of stable revenue and profit growth despite recent challenges [5]. - The company reported a revenue of 20.028 billion yuan in Q1 2025, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [5]. - The decline in profit is attributed to lower market electricity prices and increased operational costs, particularly due to the commissioning of new units and rising fuel costs [5]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 86,804.41 million yuan - 2025E: 86,781.61 million yuan - 2026E: 92,257.27 million yuan - 2027E: 99,473.03 million yuan - Revenue growth rates are projected at 5.16% for 2024, -0.03% for 2025, 6.31% for 2026, and 7.82% for 2027 [2][7]. - **Net Profit Forecast**: - 2024A: 10,813.87 million yuan - 2025E: 10,439.88 million yuan - 2026E: 11,088.06 million yuan - 2027E: 12,221.10 million yuan - Profit growth rates are expected to be 0.83% for 2024, -3.46% for 2025, 6.21% for 2026, and 10.22% for 2027 [2][7]. - **Gross Margin**: - 2024A: 34.03% - 2025E: 31.45% - 2026E: 31.56% - 2027E: 31.80% - The gross margin is expected to decline due to increased operational costs [2][7]. - **Earnings Per Share (EPS)**: - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.22 yuan - 2027E: 0.24 yuan [2][7]. Investment Opportunities - The approval of convertible bonds is expected to enhance project construction, with significant growth potential in the long term, as the company plans to commission multiple new units from 2025 to 2030 [5]. - The report highlights the potential cost savings from the continuous settlement trial in the Liaoning electricity market, which could positively impact CGN's auxiliary service expenses [5].

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

Investment Rating - The investment rating for the company is "Hold" [2][6] Core Insights - The company reported a 4.41% year-on-year increase in revenue for Q1 2025, reaching 20.028 billion yuan, while net profit attributable to shareholders decreased by 16.07% to 3.026 billion yuan [3][4] - The increase in controllable power generation was 14.06% year-on-year, which contributed to the revenue growth, although the revenue growth rate was lower than the power generation growth rate, likely due to market pricing factors [4] - The company's gross margin and net margin decreased by 2.7 percentage points and 4.27 percentage points year-on-year, respectively, to 36.58% and 23.67% [4] Financial Performance - For Q1 2025, the company completed five scheduled annual overhauls and one ten-year overhaul, with fewer overhaul days compared to the same period last year, leading to increased power generation from subsidiaries [5] - The company is managing 28 operational nuclear power units and 16 under construction, with expectations for the Huizhou 1 and 2 units to commence operations in 2025 and 2026, respectively [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 10.961 billion, 11.626 billion, and 11.825 billion yuan, with corresponding P/E ratios of 16.5, 15.6, and 15.3 [6][7] Market Data - As of April 23, 2025, the closing price was 3.58 yuan, with a total market capitalization of 140.819 billion yuan [8] - The company has a debt-to-asset ratio of 59.68% and a net asset value per share of 2.43 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 4.41% year-on-year increase in total revenue for Q1 2025, amounting to 20.03 billion yuan, while the net profit attributable to shareholders decreased by 16.07% to 3.03 billion yuan, primarily due to declining electricity prices and increased tax costs [6] - The company’s total power generation from nuclear units increased by 9.25% year-on-year to approximately 60.17 billion kWh in Q1 2025, with significant contributions from the Fangchenggang nuclear power plant [6] - The company is expected to release performance elasticity with the commissioning of the Huizhou Unit 1 within the year, which is anticipated to enhance overall project returns as more units are put into operation [6] - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 10.75 billion, 11.61 billion, and 12.34 billion yuan respectively, while maintaining a price-to-earnings ratio of 17, 16, and 15 times for the respective years [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 87.25 billion yuan, with a year-on-year growth rate of 0.5% [5] - The gross profit margin is expected to be 33.5% in 2025, with a return on equity (ROE) of 8.6% [5] - The company’s financial expenses for Q1 2025 were 12.80 billion yuan, with interest expenses decreasing by 1.16 billion yuan to 12.91 billion yuan [6]

证券代码：003816 证券简称：中国广核 公告编号：2025-033 中国广核电力股份有限公司 第四届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"本公司"或"公司"）第四届董 事会第十三次会议（以下简称"本次会议"）通知和材料已于 2025 年 4 月 8 日以 书面形式提交全体董事。 2. 本次会议于 2025 年 4 月 23 日在广东省深圳市深南大道 2002 号中广核大 厦 3408 会议室采用现场和通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事高立刚先 生、庞松涛先生通过通讯方式进行了议案表决。 4. 本次会议由公司董事长杨长利先生主持，公司监事会监事、公司总裁、副 总裁和董事会秘书等高级管理人员列席了本次会议。 5. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 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 ...

中国广核电力股份有限公司 募集资金管理规定 （于2025年4月23日经董事会批准生效） 第一章 总 则 第一条 为规范中国广核电力股份有限公司（以下简称"公司"或"股份公司"） 境内外上市募集资金的使用与管理，切实保护投资者利益，防范资金使用风险，根 据《中华人民共和国公司法》《中华人民共和国证券法》《监管规则适用指引—— 发行类第 7 号》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管 要求》《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》和《香港联合交易所有限公司证券上市规则》 等相关法律法规及适用的规范性文件以及《中国广核电力股份有限公司章程》（以 下简称《公司章程》），制定本规定。 第二条 本规定主要适用公司募集资金到位后的存放、使用、管理和监督等行 为。 第三条 本规定所称的募集资金包括公司根据《香港联合交易所有限公司证 券上市规则》等香港联合交易所有限公司（以下简称"联交所"）的相关规定向投 资者募集，通过发行股票（含股票派生形式证券）、可转换为股票的公司债券等法 律、法规允许的证券所得资金（以下简称"境外募集资金"），以及公 ...

Financial Performance - The total operating revenue for Q1 2025 was approximately RMB 20.03 billion, representing a 4.41% increase compared to RMB 19.18 billion in the same period last year[10]. - The net profit attributable to shareholders for Q1 2025 was approximately RMB 3.03 billion, a decrease of 16.07% from RMB 3.60 billion in the previous year[10]. - The total profit for Q1 2025 was approximately RMB 5.86 billion, a decrease of 7.63% compared to the previous year[14]. - The basic earnings per share for Q1 2025 were RMB 0.060, down 15.49% from RMB 0.071 in the same period last year[10]. - The company reported a total comprehensive income of ¥4,663,375,614.92, down from ¥5,374,564,650.25, a decrease of 13.19%[31]. Cash Flow - The net cash flow from operating activities decreased by 64.88% to approximately RMB 1.96 billion, down from RMB 5.58 billion in the same period last year[10]. - Cash flow from operating activities decreased by 64.88% to RMB 196,115.71 million, primarily due to reduced cash income from construction and installation business[21]. - Cash inflow from operating activities totaled 21,817,562,078.72, down 8.0% from 23,686,960,843.42[33]. - Cash outflow from operating activities increased to 19,856,404,996.80, up 9.7% from 18,102,845,195.82[33]. - Net cash flow from financing activities was 5,059,168,081.68, an increase of 239.5% compared to 1,487,886,096.98[34]. Assets and Liabilities - The total assets at the end of Q1 2025 were approximately RMB 432.40 billion, a 1.32% increase from RMB 425.40 billion at the end of the previous year[10]. - Total liabilities rose to ¥258,072,117,186.71, up from ¥253,240,175,036.67, indicating an increase of 1.54%[29]. - The total equity attributable to the parent company increased to ¥122,490,498,850.18, compared to ¥120,639,390,965.89, reflecting a growth of 1.54%[29]. Research and Development - Research and development expenses surged by 158.45% to RMB 29,248.89 million, mainly due to differences in R&D progress[18]. - Research and development expenses for the current period were ¥292,488,890.41, significantly higher than ¥113,170,439.66 in the previous period, representing an increase of 158.96%[30]. Investments and Financing - Investment income received increased significantly to RMB 29,543.75 million, reflecting dividends declared by associates[21]. - The company reported a cash dividend of RMB 0.95 per share, subject to shareholder approval, expected to be distributed around July 3, 2025[25]. - The company received approval for the issuance of convertible bonds to unspecified investors, enhancing its capital structure[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 239,940, with 58.89% of shares held by China General Nuclear Power Corporation[22]. - The company has not identified any participation of the top ten shareholders in margin financing and securities lending activities[23].

Financial Performance - The company's operating revenue for Q1 2025 was approximately RMB 20.03 billion, representing a 4.41% increase compared to RMB 19.18 billion in the same period last year[5]. - The net profit attributable to shareholders for Q1 2025 was approximately RMB 3.03 billion, a decrease of 16.07% from RMB 3.60 billion in the previous year[5]. - The company reported a total profit of approximately RMB 5.86 billion for Q1 2025, a decrease of 7.63% from the previous year[9]. - The company's operating profit decreased to ¥5,856,509,510.14 from ¥6,334,361,764.36, representing a decline of approximately 7.5% year-over-year[26]. - Net profit attributable to the parent company was ¥3,025,561,686.06, down from ¥3,604,826,497.60, reflecting a decrease of about 16%[26]. - The total comprehensive income for the period was ¥4,663,375,614.92, compared to ¥5,374,564,650.25 in the previous period, indicating a decline of approximately 13.2%[26]. - The basic and diluted earnings per share decreased to ¥0.060 from ¥0.071, reflecting a decline of approximately 15.5%[26]. - The company reported a decrease in sales revenue from cash received for goods sold and services provided, totaling ¥20,931,365,623.20, down from ¥22,841,771,292.00, a decline of about 8.4%[28]. Cash Flow and Investments - The cash flow from operating activities for Q1 2025 was approximately RMB 1.96 billion, down 64.88% from RMB 5.58 billion in the same period last year[5]. - Operating cash flow decreased by 64.88% to CNY 196,115.71 million compared to CNY 558,411.56 million in the same period last year, primarily due to reduced cash income from construction and installation business[16]. - Cash flow from operating activities generated a net amount of ¥1,961,157,081.92, significantly lower than ¥5,584,115,647.60 from the previous year, a decrease of about 64.8%[28]. - Cash flow from investing activities resulted in a net outflow of ¥4,887,166,265.63, worsening from a net outflow of ¥2,495,523,735.14 in the prior period[28]. - Cash flow from financing activities showed a net inflow of ¥5,059,168,081.68, an increase from ¥1,487,886,096.98 year-over-year[29]. - The company’s short-term borrowings increased by 54.80% to RMB 26.73 billion, primarily due to operational and investment needs[11]. - Cash received from obtaining loans increased by 71.40% to CNY 3,597,251.31 million, compared to CNY 2,098,691.70 million, driven by the need for additional borrowing for operations and investments[16]. - Cash paid for fixed assets and other long-term assets increased by 53.15% to CNY 510,925.25 million, compared to CNY 333,621.32 million, mainly due to increased investment in ongoing nuclear power projects[16]. - Cash paid for investment activities decreased by 100% to CNY 0.00 million, reflecting a reduction in cash payments for investment projects[16]. Research and Development - Research and development expenses increased by 158.45% to RMB 292.49 million, primarily due to differences in R&D progress[13]. - Research and development expenses increased significantly to ¥292,488,890.41, compared to ¥113,170,439.66 in the previous period, reflecting a focus on innovation[25]. Assets and Liabilities - The company's total assets at the end of Q1 2025 were approximately RMB 432.40 billion, reflecting a 1.32% increase from RMB 425.40 billion at the end of the previous year[5]. - The total assets increased to ¥432,399,845,774.38 from ¥426,754,513,641.82, showing a growth of approximately 1.52%[24]. - The total liabilities increased to ¥258,072,117,186.71 from ¥253,240,175,036.67, reflecting a rise of about 1.54%[24]. - The equity attributable to shareholders of the parent company rose to ¥122,490,498,850.18 from ¥120,639,390,965.89, indicating a growth of 1.53%[24]. Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 239,940, with 58.89% held by China General Nuclear Power Corporation[17]. - The top ten shareholders collectively hold 99.09% of the shares, with the largest shareholder owning 29,736,876,375 shares[18]. - The board proposed a cash dividend of CNY 0.95 per 10 shares, pending approval at the 2024 annual general meeting, with expected distribution around July 3, 2025[20]. Operational Metrics - The total electricity generated by the company's nuclear power units was approximately 56.69 billion kWh, an increase of 9.41% year-on-year[9].

中国广核（003816）公告，2025年第一季度营业收入为200.28亿元，同比增长4.41%；净利润为30.26亿 元，同比下降16.07%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中国广核电力股份有限公司（以下简称"公司"）向不特定对象发行A股可转换公司债券事项已于2025年 2月13日获得深圳证券交易所上市审核委员会审核通过，并于2025年3月19日收到中国证券监督管理委员 会出具的《关于同意中国广核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监 许可〔2025〕479号）。 鉴于公司已于2025年3月26日披露了《2024年年度报告》，根据有关审核要求和本次发行进展实际情 况，公司会同相关中介机构对募集说明书等文件中涉及的财务数据及其他变动事项进行了同步更新，具 体内容详见公司于2025年4月22日在巨潮资讯网（www.cninfo.com.cn）披露的相关文件。 关于向不特定对象发行可转换公司债券募集说明书等文件更新的提示性公告 中国广核电力股份有限公司董事会 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。 公司将根据本次向不特定对象发行可转换公司债券事项的进展情况，严格按照有关法律法规的规定和要 求及时履行信息披露义务，敬请广大投资者注意投资风险。 证券代码：0 ...