Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a revenue of 86.8 billion yuan for 2024, reflecting a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 10.81 billion yuan, up 0.8% year-on-year [1] Operational Analysis - The company achieved a total nuclear power generation of 227.28 billion kWh in 2024, representing a year-on-year growth of 6.1%, primarily driven by the increased output from the Fangchenggang power plant, which saw a 19.99% rise in generation [2] - The Taishan nuclear power plant's recovery and reduced maintenance downtime contributed to a significant 52.3% increase in its output [2] - The Daya Bay 2 unit has received an updated license, increasing its installed capacity from 984 MW to 1026 MW [2] - Operating costs were impacted by the provision for spent fuel disposal, with nuclear fuel costs rising by 13.1%, depreciation by 11.6%, and spent fuel disposal provisions by 17.4% [2] Project Development - The company has a robust project pipeline, with expectations to commission a total of 4 units at Huizhou and Cangnan sites between 2025 and 2027, and 3 units at Lufeng and Ningde sites between 2027 and 2029 [3] - The company announced the acquisition of the Taishan II nuclear plant, which is expected to enhance its future development capabilities [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 11.11 billion yuan, 11.29 billion yuan, and 13.01 billion yuan respectively, with corresponding EPS of 0.22, 0.22, and 0.26 yuan, and PE ratios of 17, 17, and 15 [3]

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved a revenue of 86.804 billion yuan in 2024, representing a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [1][7] - The company plans to distribute a cash dividend of 0.095 yuan per share, totaling 4.797 billion yuan, with a dividend payout ratio of 44.36% [7] - The company’s operational nuclear power generation increased by 6.13% year-on-year, contributing to a stable revenue performance despite a slight decline in average electricity prices [7] - The company is expected to benefit from the injection of nuclear power assets, with plans to add 1-2 new units annually from 2025 to 2030 [7][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 88.827 billion yuan in 2025 to 101.227 billion yuan in 2027, with respective year-on-year growth rates of 2% and 8% [3][11] - The net profit attributable to shareholders is forecasted to reach 12.876 billion yuan by 2027, reflecting a growth of 11% from 2026 [8] - The company’s price-to-earnings (PE) ratio is expected to decrease from 17.2x in 2025 to 14.7x in 2027, indicating potential valuation improvement [8]

Group 1 - The core viewpoint of the article highlights China General Nuclear Power Corporation's (CGN) financial performance for 2024, reporting a revenue of 86.804 billion yuan, a year-on-year increase of 5.16%, and a net profit of 10.814 billion yuan, up 0.83% [1] - CGN plans to distribute a cash dividend of 0.95 yuan per 10 shares (tax included) to all shareholders [1] - The total electricity generated by CGN-managed nuclear power plants in 2024 reached 227.284 billion kilowatt-hours, accounting for 54.38% of the national nuclear power generation [1] Group 2 - As of the end of 2024, CGN managed 28 operational nuclear power units and 16 under construction, with installed capacities of 31,798 megawatts and 19,406 megawatts, respectively, representing 45.02% of the national total for operational and under-construction nuclear power [1] - The average market electricity price for CGN in 2024 decreased by approximately 3.85% compared to 2023 due to a decline in overall market trading prices [1] - The nuclear power sector in China is expected to see more opportunities in the coming years, with the operational and under-construction scale of nuclear power reaching the world's largest [2]

| 法国电力国际公司及其子公司 | | | | 预付款项 | 32,411.68 | | | --- | --- | --- | --- | --- | --- | --- | | 34,816.28 | - | 33,706.94 | 33,521.02 备件采购款 | | 经营性往来 | | | | | 响的少数股东 | | | | | | 中国能源建设集团广东省电力设计研究院 | | 对 | 子 公 司 | 有 重 大 影 | | | | | | | 预付款项 | 5.89 | | | | 456.06 | - | 5.89 | 456.06 工程款 | | 经营性往来 | | | 有限公司 | | 响的少数股东 | | | | | | 总计 | | | | 3,422,625.34 | 64,235,975.66 | 25,772.82 | | 64,241,270.53 | 3,443,103.29 | | | | | | | | | | | 第 3 页 | | | | (本页为签字页，无正文) | | | | | | | | 此汇总表已于 2025 年 | 3 月 | 26 日获董事会批准。 | ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) has provided a special explanation regarding its financial transactions with its affiliated financial company for the year 2024, ensuring compliance with auditing standards and regulatory requirements [1][2]. Financial Transactions Summary - The financial summary includes deposits and loans between CGN and its affiliated financial company, with a total deposit amount of approximately 594.68 billion RMB and total withdrawals of about 593.39 billion RMB during the year 2024 [1]. - The interest rates for deposits ranged from 0.0001% to 5.50%, while the loan interest rates were between 2.25% and 3.45% [2]. - The total loan amount at the beginning of the year was approximately 11.86 billion RMB, with a year-end balance of about 24.92 billion RMB [2].

中国广核电力股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了中国广核电力股份有限公司（以下简称中国广核公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中国 广核公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 中国广核: 内部控制审计报告 中国广核电力股份有限公司 | | 目 录 | | | | --- | --- | --- | --- | | | 一、内部控制审计报告…………………………………………第 | 1—2 | 页 | | | 二、执业资质证书……………………………………………… 第 | 3—6 | 页 | | (一) | 本所营业执照复印件 ………………………………………第 | 3 | 页 | | (二) | 本所执业证书复 ...

中国广核: 中国广核电力股份有限公司2024年度利 润分配方案 证券代码：003816 证券简称：中国广核 公告编号：2025-017 中国广核电力股份有限公司 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。 重要提示： 本 50,498,611,100 股为基数，向全体股东每 10 股派发现金红利人民币 0.95 元 （含税）。本次利润分配不送红股，不以公积金转增股本。 一、审议程序 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 日召开的第四届监事会第九次会议和于 2025 年 3 月 26 日召开的第四届董事会 第十二次会议，审议通过了《2024 年度利润分配方案》。 根据《中华人民共和国公司法》和《公司章程》的有关规定，在兼顾公司发 展、长远利益、未来投资计划以及股东利益的前提下，公司董事会提出 2024 年 度利润分配方案为：按固定总额的方式，以本公司现有总股本 50,498,611,100 股 为基数，向全体股东每 10 股派发现金红利人民币 0.95 元（含税），预计现金分 红总额约为 47.97 亿元，占本年度净利润比 ...

中国广核: 第四届监事会第九次会议决议公告 证券代码：003816 证券简称：中国广核 公告编号：2025-019 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 议（以下简称"本次会议"）通知和材料于 2025 年 3 月 13 日以书面形式提交全 体监事。 广核大厦南楼 3408 会议室采用现场视频及通讯方式召开。 通过通讯方式进行了议案表决。 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 经出席会议的监事审议与表决，本次会议形成以下决议： 报告〉的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 经审核，监事会认为公司的内部控制评价报告真实、准确、完整地反映了公 司内部控制制度的建设和运行情况。 该 议 案 的 详 细 内 容 于 2025 年 3 月 26 日 登 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）。 机构聘任的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 经审核，监事会同意聘任天健会计师 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced an extension of the validity period for the resolution regarding the issuance of A-share convertible bonds to unspecified objects, as well as the authorization period for the board of directors to handle related matters [1][2]. Group 1 - The company held a temporary shareholders' meeting on August 8, 2024, where it approved the proposal for issuing A-share convertible bonds and authorized the board to manage the issuance details [1]. - The validity period for the shareholders' meeting resolution is set for twelve months from the date of approval, while certain authorizations will remain effective until the relevant matters are completed [1]. - The board of directors approved the extension of the resolution's validity period and the authorization period for handling the issuance at a meeting on March 26, 2025, extending both by an additional twelve months [2]. Group 2 - The issuance plan has received approval from the China Securities Regulatory Commission, and the company is working to ensure the continuity and effectiveness of the issuance process [2]. - Other aspects of the issuance plan and the board's authorization remain unchanged despite the extension of the validity periods [2].

中国广核: 中国广核电力股份有限公司独立董事 2024年度述职报告（徐华董事） 中国广核电力股份有限公司 独立董事 2024 年度述职报告 根据《公司法》 《上市公司独立董事管理办法》 （一）工作履历、专业背景及兼职情况 《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》 等有关法律、法规、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》"）《中国广核电力股份有限公司 独立董事工作规定》等规定和要求，2024 年度，本人本着客观、 公正、独立的原则及对中国广核电力股份有限公司（以下简称"公 司"）和股东负责的态度，认真工作、勤勉尽责，及时了解公司 的生产经营及发展状况，积极出席公司各次董事会及股东大会会 议，认真履行对公司及相关主体的调查和监督工作，切实维护公 司整体利益及全体股东特别是中小股东的合法权益，充分发挥独 立董事的作用。现将年度履行职责的情况报告如下： 一、独立董事的基本情况 月担任中国航空油料集团公司党委常委、纪委书记，2017 年 12 月至 2021 年 3 月担任中国航空油料集团有限公司党委常委、纪 委书记，2022 年 5 月至今担任中国国际 ...