Group 1: Company Performance Overview - In 2019, the company's electricity generation reached 178.97 billion kWh, an increase of 13.96% compared to the previous year [2] - The installed capacity reached 27.142 million kW, growing by 11.67% year-on-year, with 24 operational nuclear units achieving 220 WANO indicators, placing them in the top 25% globally, representing 76.39% of all indicators [2] - The company reported a revenue of RMB 60.875 billion in 2019, a year-on-year increase of 19.8%, and a net profit attributable to shareholders of RMB 9.466 billion, up by 8.8% [3] Group 2: Financial Stability and Policies - The company's debt-to-asset ratio was 65.1% as of December 31, 2019, a decrease of 4.2 percentage points from the end of 2018, while the interest coverage ratio improved to 2.5 times, indicating reduced debt risk [3] - The board proposed a dividend of RMB 0.076 per share for 2019, reflecting a 5.6% increase from the previous year, demonstrating a commitment to shareholder returns [3] Group 3: Impact of COVID-19 - In early 2020, the COVID-19 pandemic led to a decline in national electricity demand, resulting in lower utilization rates for the company's units in January and February compared to the same period last year [2][4] - The company anticipates a recovery in electricity demand as the pandemic situation improves, with expectations for utilization hours in 2020 to not fall below the levels of 2019 [4][9] Group 4: Future Plans and Investments - The company plans to maintain capital expenditures of approximately RMB 19 billion in 2020, with significant investments in ongoing projects such as the Yangjiang and Taishan nuclear power plants [4] - The company is preparing for the launch of the Lufeng nuclear power project, pending government approval, and continues to communicate with relevant authorities [6] Group 5: Market and Pricing Strategies - The company reported that the marketization ratio for Hongyanhe nuclear power reached 52.58% and for Ningde nuclear power was 53.88% in 2019, with a slight increase in average market price [8] - The company expects stable electricity prices in 2020, despite ongoing market reforms [5]

Group 1: Operational Performance - In the first half of 2020, the company's electricity generation reached 90.349 billion kWh, an increase of 13.00% compared to the same period last year [2][3] - By June 30, 2020, the company successfully completed six major overhauls as planned [3] Group 2: Pricing and Market Conditions - The average tax-inclusive electricity price in the first half of 2020 was slightly lower than last year due to a VAT rate reduction from 16% to 13% and an average discount of 4.7 cents on 83% of market transactions in Guangdong [3][4] - The overall market price for electricity will depend on the full year's performance [3] Group 3: Tax Refunds and Financial Management - The company's VAT refunds are processed on a cash basis, and the delays experienced in the first quarter were due to the impact of the COVID-19 pandemic on local fiscal revenues [4] - Since April 2020, VAT refunds have been processed normally, and the company will continue to communicate with local governments to ensure timely refunds [4] Group 4: Hydropower and Electricity Supply - Increased rainfall and hydropower from the West-East Electricity Transmission project have minimal impact on the company's electricity generation plans, which are typically arranged in advance [4][5] - The company has planned for maintenance during the National Day and Mid-Autumn Festival periods to minimize generation losses due to lower electricity demand [5] Group 5: Project Development and Technology - The AP1000 technology route for the Lufeng Phase I project will remain unchanged, with significant preliminary work already completed [5]

Group 1: Operational Performance - In the first half of 2021, the company operated 24 nuclear power units, generating approximately 95.227 billion kWh, an increase of 4.878 billion kWh (5.40%) compared to the same period last year [2] - The company completed 11 planned major repairs by the end of Q2, with a total of 408 repair days, an increase of 208 days from the previous year [2] - The company expects better utilization hours in the second half of the year due to only 5 remaining major repairs [3] Group 2: Project Development - The company is managing 7 units under construction and aims for high-quality commissioning of the Hongyanhe Unit 5 [3] - The company is preparing for new project approvals and expects orderly progress in obtaining permits for new projects [4] Group 3: Market Dynamics - The decrease in nuclear power generation in Guangdong is attributed to major repairs at Daya Bay and Taishan, with Daya Bay's output down by 12.14% and Taishan's by 13.28% [3] - The company is actively seeking to increase power generation in response to high demand in Guangdong, which has a long-term contract volume of 2 billion kWh [5] Group 4: Future Outlook - The company plans to reduce construction costs for new units through batch construction, innovation, and project progress control [4] - The impact of increased wind and solar power on the company's existing units is expected to be minimal, as nuclear power remains a stable baseload source [4] - The market price trends in Guangdong are expected to stabilize, influenced by the recent introduction of spot trading [5]