Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Summary of Key Points Core Viewpoint - China General Nuclear Power Corporation (CGN) has changed its accounting policy in accordance with the Ministry of Finance's new guidelines, which will not significantly impact its financial status, operating results, or cash flow [2][4]. Accounting Policy Change Overview - The change is based on the Ministry of Finance's issuance of "Interpretation No. 18 of the Accounting Standards for Enterprises," which clarifies the accounting treatment for investment properties and quality guarantees [2][4]. - The new accounting policy will be implemented starting December 6, 2024, and is expected to have no major impact on the company's financial statements during the reporting period [2][4]. Previous Accounting Policy - Prior to the change, the company followed the basic accounting standards and specific accounting guidelines issued by the Ministry of Finance [2][3]. New Accounting Policy - The company will now adhere to the requirements set forth in "Interpretation No. 18," while other aspects of the accounting policy will remain unchanged [3][4]. Main Content of the Policy Change - The new policy includes: 1. Standardization of the subsequent measurement model for investment properties held under the floating fee method [4]. 2. Clarification on the accounting treatment for quality guarantees that do not constitute a single performance obligation, which will now be recorded under "main business costs" or "other business costs" instead of "selling expenses" [4]. Impact of the Policy Change - The accounting policy change is designed to more accurately reflect the company's financial condition and operating results, complying with relevant laws and regulations without harming the interests of the company and its shareholders [4].

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]

一、会计政策变更概述 1. 会计政策变更的原因及适用日期 2024 年 12 月，财政部印发《准则解释第 18 号》，对"关于浮动收费法下 作为基础项目持有的投资性房地产的后续计量""关于不属于单项履约义务的保 证类质量保证的会计处理"两方面内容进行进一步规范及明确，《准则解释第 18 号》自印发之日起施行，允许企业自发布年度提前执行。 证券代码：003816 证券简称：中国广核 公告编号：2025-031 中国广核电力股份有限公司 关于会计政策变更的公告 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。 特别提示： 中国广核电力股份有限公司（以下简称"公司"）根据中华人民共和国财政 部（以下简称"财政部"）颁布的《企业会计准则解释第 18 号》（财会〔2024〕 24 号）（以下简称"《准则解释第 18 号》"）的要求变更会计政策，无需提交公 司董事会及股东大会审议。本次会计政策变更符合相关法律法规的规定，不会对 公司财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及股东利 益的情况。 （2）对《企业会计准则第 14 号——收入》（财会〔2017〕2 ...

女士们先生们下午好欢迎各位参加中国广和电力股份有限公司2024年业绩发布会我是公司财务总监兼董事会秘书尹元刚我先介绍今天出席业绩发布会的公司领导他们是公司董事长杨长力先生执行董事兼公司总裁高立刚先生独立董事徐华女士 副总裁秦宇星先生副总裁刘海军先生今天的业绩发布会内容分四个部分第一部分由杨长礼董事长介绍公司总体的发展策略第二部分由高力钢总裁回顾公司2024年业务的具体情况介绍公司2025年的重点工作 第三部分由我向大家报告公司2024年的财务表现第四部分是问答的环节现在我们进行会议的第一部分请杨董事长介绍公司的发展策略 各位投资者分析分析师大家下午好下面我向各位报告一下公司2024年总体的经营业绩和未来的发展思路公司是成立于2014年初2014年12月在香港联交所上市2019年的8月在深交所上市公司的主要业务是 投资建设运营核电站电力销售以及核电技术相关设计以及研发工作公司目前管理了十个核电基地共有28台载运的核电机组有16台机组在建 其中包括控股股东委托管理的位于惠州和昌南的八台载电机组我们管理的载运载电机组装机容量达到了5120万千瓦装机规模保持国内领先2024年我们管理的核电机组总上网电量为2200 7 ...

从指数持仓来看，沪深300公用事业(二级行业)指数十大权重分别为：长江电力（48.37%）、中国核电 （10.28%）、三峡能源（8.33%）、国电电力（5.37%）、国投电力（4.72%）、川投能源（4.44%）、 华能国际（4.11%）、中国广核（3.76%）、浙能电力（3.02%）、华电国际（2.54%）。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.90%、深圳证券交易 所占比4.10%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.79%、火电占比15.04%、核电占 比14.04%、风电占比8.68%、燃气占比2.45%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数 ...

Meeting Overview - The company will hold the 2024 Annual General Meeting, the first A-share class shareholders' meeting of 2025, and the first H-share class shareholders' meeting of 2025 on May 21, 2025 [1][3] - The meetings will be conducted using a combination of on-site voting and online voting [5] Legal Compliance - The convening of the shareholders' meeting complies with relevant laws, regulations, and the company's articles of association [2] Meeting Schedule - The schedule for the meetings is as follows: - Annual General Meeting: May 21, 2025, from 14:30 to 15:30 - H-share class shareholders' meeting: May 21, 2025, from 15:30 to 16:00 - A-share class shareholders' meeting: May 21, 2025, from 16:00 to 16:30 [3] Voting Procedures - A-share shareholders can vote either on-site or via the internet, but cannot vote twice for the same resolution [5] - The online voting for the annual general meeting and A-share class meeting will take place on May 21, 2025, with specific time slots for voting [4] Shareholder Eligibility - A-share shareholders must hold shares by the registration date of May 14, 2025, to attend the meeting [6] - H-share shareholders must be registered by April 18, 2025, and there will be a suspension of share transfer from April 18 to May 21, 2025 [6] Meeting Location - The meetings will be held at CGN Building, 2002 Shennan Avenue, Shenzhen, Guangdong Province [7] Agenda Items - The agenda for the 2024 Annual General Meeting includes the approval of the 2025 investment plan and capital expenditure budget, which totals RMB 870.8 billion [9] - The investment plan includes RMB 618.6 billion for fixed asset investment and RMB 192.2 billion for equity investment [9] Special Resolutions - Special resolutions require approval from more than two-thirds of the voting rights at the annual general meeting [10] - The independent directors will present their performance reports during the annual general meeting [10] H-share Class Meeting Agenda - The H-share class meeting will review several special resolutions, including granting the board authority for share repurchase and extending the validity of resolutions related to issuing convertible bonds [11][12] Registration and Attendance - A-share shareholders must register in advance and provide necessary identification documents [13][15] - H-share shareholders should refer to specific announcements for their registration details [17] Network Voting Instructions - Shareholders can participate in network voting through the Shenzhen Stock Exchange's trading system and internet voting system [18][22]

证券代码：003816 证券简称：中国广核 公告编号：2025-029 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。 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 4 月 11 日在香港联 合交易所 有限公 司 披露易网站 （www.hkexnews.hk）刊登了《2024 年度报告》。 根据《深圳证券交易所股票上市规则（2024 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 4 月 11 日 （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 開 拓綠 能 展現未 來 2024 年度報告 目錄 | 2024年重要事項 | 1 | | --- | --- | | 2024年公司主要數據 | 2 | | 商業模式 | 7 | | 董事長致辭 | 8 | | 總裁回顧 | 12 | | 股東價值 | 19 | | 公司年度業務速覽 | ...

证券代码：003816 证券简称：中国广核 公告编号：2025-030 中国广核电力股份有限公司 关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东大 会、2025 年第一次 H 股类别股东大会的通知 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。 中国广核电力股份有限公司（以下简称"本公司"或"公司"）董事会决定召集 2024 年度股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股 东大会（以下简称"本次股东大会"）。本次股东大会采用现场投票与网络投票相结 合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年度股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会。 2. 股东大会的召集人：公司董事会。 2025 年 3 月 26 日，公司第四届董事会第十二次会议审议通过了《关于批准召 开 2024 年度股东大会、2025 年第一次 A 股类别股东大会和 2025 年第一次 H 股类 别股东大会的议案》。 3. 会议召开的合法、合规性： ...

Financial Performance - The company's operating revenue for 2024 reached RMB 86,804.4 million, representing a growth of 5.2% compared to 2023[12]. - Net profit attributable to shareholders of the parent company was RMB 10,813.9 million, an increase of 5.4% from 2023[15]. - The EBITDA for 2024 was RMB 40,620.8 million, reflecting a growth of 5.3% compared to the previous year[12]. - The proposed dividend for the year is RMB 0.095 per share (tax included), which is an increase of 1.06% from 2023[40]. - The net profit attributable to shareholders was approximately RMB 10.814 billion, reflecting a growth of 0.83% year-on-year[40]. - The EBITDA profit margin for 2024 was 46.8%, slightly up from 46.7% in 2023[74]. - The total assets return rate improved to 6.5% in 2024 from 6.4% in 2023[74]. - The company's debt-to-asset ratio decreased to 59.5% in 2024 from 60.2% in 2023, indicating improved financial stability[74]. - The main business cost for 2024 was RMB 57,116.44 million, which is an increase of 8.4% from RMB 52,684.51 million in 2023[80]. - Investment income increased by 20.5% to RMB 1,932.89 million in 2024, primarily due to higher returns from investments in joint ventures[78]. Operational Capacity and Performance - The total installed capacity of operational nuclear power units is 19,406 MW, accounting for 35.98% of the total in mainland China[13]. - The company achieved a total electricity generation of 227.28 billion kWh, contributing to a CO2 reduction equivalent to approximately 18.66 million tons[10]. - The average capacity factor for the company's 28 operational nuclear units was approximately 92% in 2024, with 24 units using second-generation technology achieving an average capacity factor of 93%[53]. - The company’s operational nuclear units maintained an average utilization hours of 7,710 hours, an increase from the three-year average of 7,517 hours[53]. - The operational performance indicators, including capacity factor and load factor, were influenced by maintenance schedules and market demand conditions[119]. - The average utilization hours for 2024 were 7,710 hours, compared to 7,509 hours in 2023, indicating improved operational efficiency[122]. - The operational nuclear units achieved an average utilization hour of 7,683 hours in 2024, slightly up from 7,670 hours in 2023[106]. - The company completed 19 out of 20 scheduled refueling outages in 2024, with a total duration of approximately 713 days[125]. Safety and Environmental Commitment - The company continues to focus on safety and quality as its core principles in nuclear power generation and services[5]. - The company has established a more stringent nuclear safety responsibility system, achieving over 99% completion of identified issues and hidden dangers rectification in 2024[50]. - The company’s safety management system operated effectively, with no INES Level 2 or higher incidents reported across all operational units[51]. - The company strictly adhered to national regulations regarding radioactive waste management, with no administrative penalties due to environmental issues in 2024[128]. - The company has contributed to significant reductions in emissions, including approximately 18.66 million tons of CO2 and 1.75 million tons of SO2 in 2024[130]. Research and Development - The company emphasizes enhancing research and development capabilities to strengthen sustainable development[36]. - In 2024, the company applied for 1,836 patents, with 892 patents granted, including two awarded the China Patent Gold Award and Silver Award[59]. - The company is increasing R&D investment to drive business growth and enhance sustainable development, focusing on advanced nuclear energy research and development[1]. - The company has established multiple national-level R&D platforms and has applied for two additional national R&D platforms in 2023, with significant progress expected in 2024[177]. - The company has a research and development team of 4,544 personnel, focusing on key technology issues to improve safety, reliability, and economic efficiency of nuclear power plants[177]. Market Strategy and Expansion - The company is focused on expanding its market presence while adapting to electricity market reforms[36]. - The company plans to ensure stable operation of all nuclear power units, with an expected 6% growth in national electricity consumption in 2025[61]. - The company plans to expand its market presence by targeting more online electricity volume indicators and optimizing market electricity prices, while also developing high-quality market users[136]. - The company is actively participating in electricity market transactions, representing 217 retail users with an actual electricity consumption of approximately 19.994 billion kWh in 2024[142]. Human Resources and Employee Development - The total number of employees at the end of 2024 is 20,453, an increase from 19,038 in 2023[190]. - In 2024, the company recruited 1,867 graduates through campus recruitment and 49 through social recruitment, along with 8 high-level talents[195]. - The proportion of employees with a master's degree increased from 19.71% in 2023 to 20.95% in 2024[192]. - The company has established a dual career development path for employees, focusing on both management and technical roles[196]. - The performance evaluation results are linked to employee bonuses, salary adjustments, and personal development plans[200].