CGN POWER(003816)2024-03-27 16:00Dividend Distribution - The company plans to distribute a cash dividend of 0.94 yuan per 10 shares, with a total base of 50,498,611,100 shares[2] Shareholder Structure - Guangdong Hengjian Investment Holding Co., Ltd. holds approximately 6.79% of the company's issued share capital[5] - China National Nuclear Corporation holds approximately 3.32% of the company's issued share capital[5] Subsidiaries and Equity Holdings - Yangjiang Nuclear Power Co., Ltd. is a subsidiary in which the company directly and indirectly holds 61.72% equity[5] - Taishan Nuclear Power Joint Venture Co., Ltd. is a subsidiary in which the company directly and indirectly holds 51% equity[5] - Fangchenggang Nuclear Power Co., Ltd. is a subsidiary in which the company indirectly holds 36.6% equity[5] - Ningde Nuclear Power Co., Ltd. is a subsidiary in which the company indirectly holds 33.76% equity[5] - Lingao Nuclear Power Co., Ltd. is a wholly-owned subsidiary in which the company directly and indirectly holds 100% equity[5] - Lingdong Nuclear Power Co., Ltd. is a subsidiary in which the company directly and indirectly holds 93.88% equity[5] Company Address - The company's registered address is at 18th Floor, South Tower, CGN Building, 2002 Shennan Avenue, Futian District, Shenzhen, Guangdong, China[6] Financial Performance - Revenue for 2023 was RMB 82.55 billion, a slight decrease of 0.33% compared to the adjusted 2022 revenue of RMB 82.82 billion[11] - Net profit attributable to shareholders in 2023 was RMB 10.72 billion, an increase of 7.64% compared to the adjusted 2022 figure of RMB 9.96 billion[11] - Operating cash flow for 2023 was RMB 33.12 billion, up 5.58% from the adjusted 2022 figure of RMB 31.37 billion[11] - Total assets at the end of 2023 were RMB 415.25 billion, an increase of 1.52% compared to the adjusted 2022 figure of RMB 409.02 billion[12] - Net assets attributable to shareholders at the end of 2023 were RMB 113.24 billion, up 5.80% from the adjusted 2022 figure of RMB 107.03 billion[12] - Q4 2023 revenue was RMB 22.71 billion, the highest among all quarters, while Q4 net profit was RMB 1.02 billion, the lowest among all quarters[15] - Non-recurring gains and losses in 2023 amounted to RMB 111.72 million, a significant decrease from RMB 195.21 million in 2022[16] - The company's weighted average return on equity (ROE) for 2023 was 9.76%, up 0.13 percentage points from the adjusted 2022 figure of 9.63%[12] - Total assets of the company reached approximately 415.25 billion yuan, a year-on-year increase of 1.52%[32] - The company's revenue for 2023 was approximately 82.549 billion yuan, a slight decrease of 0.33% compared to the previous year[32] - Net profit attributable to shareholders of the parent company was approximately 10.725 billion yuan, an increase of 7.64% year-on-year[32] Nuclear Power Operations - China's nuclear power installed capacity reached 56.91 GW by the end of 2023, accounting for 1.9% of the country's total installed capacity[18] - The company manages 27 operational nuclear power units and 11 under construction, with a total installed capacity of 30,568 MW and 13,246 MW, accounting for 43.48% of the national total[22] - The company's total grid-connected electricity in 2023 was 214.146 billion kWh, accounting for 52.65% of the national total[22] - The company's total installed capacity increased to 23,854 MW in 2023, up from 22,666 MW in the previous year[23] - Newly commissioned units added 1,188 MW of installed capacity in 2023[23] - The company's electricity generation in 2023 was 178.197 billion kWh, up from 166.141 billion kWh in the previous year[23] - The average grid electricity price in 2023 was 42,283,688.80 RMB per billion kWh, up from 41,970,879.33 RMB in the previous year[23] - The company's nuclear power units achieved an average capacity factor of 77.47% in the top 25% globally and 74.69% in the top 10% globally[27] - The company's nuclear power operations reduced coal consumption by 64.6722 million tons and CO2 emissions by 176.4567 million tons in 2023[26] - The company managed 27 operational nuclear power units and 11 under-construction units, with a total capacity of 30,568 MW and 6,008 MW respectively[33][34] - The number of operational nuclear power units increased by 3.85% to 27 units, with a capacity increase of 4.04% to 30,568 MW[34] - The number of under-construction nuclear power units increased by 25% to 5 units, with a capacity increase of 25.8% to 6,008 MW[34] - The company's nuclear power plants achieved a total grid-connected electricity generation of 214.146 billion kWh in 2023, a 7.95% increase compared to 2022[36] - The Fangchenggang Nuclear Power Plant's 3rd unit commenced commercial operation on March 25, 2023[39] - The Hongyanhe Nuclear Power Plant's 6th unit commenced commercial operation on June 23, 2022[39] - The average capacity factor of 27 operating units in 2023 was 89.43%, with an average load factor of 85.72% and average utilization hours of 7,509 hours[41] - The Fangchenggang Nuclear Power Plant showed the highest year-on-year growth in grid-connected electricity at 40.21%, reaching 23.251 billion kWh in 2023[38] - The Taishan Nuclear Power Plant achieved a 20.48% increase in grid-connected electricity, reaching 14.952 billion kWh in 2023[38] - The Hongyanhe Nuclear Power Plant (affiliated company) generated 47.075 billion kWh in 2023, a 12.31% increase from 2022[38] - The Daya Bay Nuclear Power Plant experienced a 6.12% decrease in grid-connected electricity, generating 14.489 billion kWh in 2023[38] - The average capacity factor of the operating nuclear units in 2023 was 89.43%, slightly lower than the 89.74% in 2022[42] - The company completed 17 refueling overhauls in 2023, with a total duration of approximately 920 days, including 1 first overhaul and 4 ten-year overhauls[42] - 77.47% of the 324 performance indicators for the 27 operating nuclear units in 2023 were in the top 1/4 globally (advanced level), and 74.69% were in the top 1/10 (excellent level)[43] - The radioactive liquid waste emissions from the nuclear power plants in 2023 were significantly below the national limits, with the highest being 3.14% of the national standard[45] - The company managed 11 nuclear units under construction as of December 31, 2023, with 2 in commissioning, 3 in equipment installation, 2 in civil construction, and 4 in FCD preparation stage[46] - The Fangchenggang Unit 4 completed hot functional tests on November 12, 2023, and is expected to be operational in the first half of 2024[47] - The company's nuclear power generation in 2023 contributed to reducing coal consumption by approximately 64.67 million tons and CO2 emissions by 176.46 million tons[45] - The radioactive solid waste generated in 2023 was 112.0 cubic meters at the Daya Bay Nuclear Power Base, a significant reduction from 186.1 cubic meters in 2022[45] - The Ningde Units 5 and 6, as well as the Huizhou Units 3 and 4, received State Council approval in 2023 and are in the FCD preparation stage[46] - The Lufeng Unit 6 commenced full-scale construction on August 26, 2023, entering the civil construction phase[46] - The company's "Hualong One" demonstration project, Fangchenggang Unit 3, was successfully put into operation in March 2023, increasing the total number of operational units to 27[100] - The company managed 11 nuclear power units under construction by the end of 2023, an increase of 3 units compared to the previous year[102] Research and Development - The company has over 5,000 R&D personnel and established multiple advanced laboratories, including a national engineering technology center and a national key laboratory[30] - The company has 553 licensed operators and 883 senior operators, with 116 operators and 52 senior operators specifically trained for the Hualong One reactor[31] - The company's R&D system includes a national engineering technology center, a national key laboratory, and five national energy R&D platforms, with two new national R&D platforms applied for in 2023[30] - The company's Hualong One technology, a third-generation nuclear power technology, has been developed with independent intellectual property rights and is continuously optimized for competitiveness[30] - The company's R&D personnel increased by 5.80% to 5,016 in 2023, with the proportion of R&D personnel rising by 1.36 percentage points to 26.35%[73] - R&D investment in 2023 reached RMB 4.18 billion, an increase of 8.39% year-on-year, accounting for 5.06% of operating revenue[74] - The capitalization ratio of R&D investment decreased by 9.42 percentage points to 42.05% in 2023[74] Environmental Impact - The company's nuclear power operations reduced coal consumption by 64.6722 million tons and CO2 emissions by 176.4567 million tons in 2023[26] - The company's nuclear power generation in 2023 contributed to reducing coal consumption by approximately 64.67 million tons and CO2 emissions by 176.46 million tons[45] - The company's environmental protection investments in 2023 totaled 4,048.6499 million yuan, including 3,456.9513 million yuan for spent fuel disposal, 133.3623 million yuan for low- and intermediate-level radioactive waste disposal, and 458.3363 million yuan for nuclear facility decommissioning[185] - The company's nuclear power plants have no direct greenhouse gas emissions, with minimal emissions coming from construction, equipment testing, and office/living area energy consumption[185] - The company has implemented a zero-carbon electricity procurement strategy, with operational and under-construction nuclear power plants purchasing or using self-generated nuclear power, renewable energy, or green certificates[185] - The Hongyanhe Nuclear Power Heating Project, operational since November 2022, has reduced annual coal consumption by 5,726 tons and CO2 emissions by 14,100 tons, covering nearly 20,000 residents in Dalian[185] - The company has completed ISO 50001:2018 energy management system certification for 6 operational nuclear power enterprises, 3 specialized companies, and 2 under-construction nuclear power projects[186] - The company conducted internal carbon audits across all operational and under-construction nuclear power plants and specialized companies in 2023, developing energy optimization and emission reduction solutions[186] - The company has implemented energy-saving measures including LED lighting, variable frequency air conditioners, and electric cooking appliances in office and living areas[186] - The company organized environmental protection and energy-saving promotion activities, including the "6·5 Environment Day" event at the Daya Bay Nuclear Power Base[186] - The company's nuclear power plants have maintained stable operation of radioactive waste treatment facilities, meeting design specifications and emission requirements[183] - The company has established comprehensive environmental monitoring programs, with monitoring data showing no abnormal changes in the surrounding environment of nuclear power plants[184] - The company managed 27 operational units in 2023, with radioactive waste management strictly adhering to national regulations, and the total emissions of gaseous and liquid effluents were below the national approved limits[187] - In 2023, the group's cumulative online electricity generation equivalent reduced standard coal consumption by approximately 64.67 million tons, reduced CO2 emissions by approximately 176.46 million tons, reduced SO2 emissions by approximately 17,800 tons, and reduced NOx emissions by approximately 28,500 tons[187] Corporate Governance - The company's governance structure includes shareholders, the board of directors, board committees, the supervisory board, internal auditors, and management, with external auditors providing independent reviews[110] - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, with three out of nine board members holding positions at the controlling shareholder[111] - The 2023 first extraordinary general meeting had a 77.05% investor participation rate and passed resolutions including the election of non-executive directors and the approval of an independent director evaluation method[112] - The 2022 annual general meeting had a 77.54% investor participation rate and passed resolutions including the 2022 annual report, financial report, and profit distribution plan[112] - The 2023 first A-share class meeting had an 88.19% investor participation rate and passed a resolution granting the board general authorization for share repurchases[113] - The 2023 first H-share class meeting had a 39.98% investor participation rate and passed a resolution granting the board general authorization for share repurchases[113] - The 2023 second extraordinary general meeting had a 74.70% investor participation rate and passed resolutions including the election of the fourth board of directors and the approval of their remuneration[113] - The company's board members, including Chairman Yang Changli and President Gao Ligang, held no shares at the beginning and end of the reporting period, with no changes in shareholding during the period[115] - Board and management changes effective October 9, 2023, including the departure of non-executive directors Shi Bing and Gu Jian, and independent directors Yang Jiayi, Xia Ceming, and Deng Zhixiang due to term expiration[117] - New appointments include non-executive directors Li Li, Pang Songtao, and Liu Huanbing, and independent directors Wang Mingfeng and Xu Hua, all elected on October 9, 2023[118] - Vice Presidents Zhou Jianping and Liu Haijun were appointed on January 4, 2023[118] - Chairman and non-executive director Yang Changli has over 30 years of experience in nuclear power, nuclear fuel, R&D, and safety quality management[119] - Executive Director and President Gao Ligang has over 30 years of experience in the nuclear power industry and has held various leadership roles since 2007[120][121] - Non-executive director Li Li, appointed in October 2023, has over 30 years of experience in macroeconomics, administration, law, and state-owned assets supervision[122] - Pang Songtao, born in 1971, has been appointed as a non-executive director of the company since October 2023, bringing over 30 years of experience in the nuclear power industry[123] - Feng Jian, born in 1967, has been serving as a non-executive director since February 2023, with extensive experience in corporate management, financial management, and investment management[124] - Liu Huanbing, born in 1973, has been appointed as a non-executive director since October 2023, with over 25 years of experience in financial management and investment and financing management[125] - Wang Mingfeng, born in 1971, has been serving as an independent director and chairman of the board's remuneration committee since October 2023, with rich experience in legal affairs[126] - Li Fuyou, born in 1955, has been serving as an independent director and chairman of the board's nomination committee since August 2020, with extensive experience in energy, coal, and safety management[127] - Xu Hua, born in 1960, has been appointed as an independent director and chairman of the board's audit and risk management committee since October 2023, with rich experience in financial management, corporate management, and supervision[129] - Shi Weiqi, born in 1966, has been serving as the chairman of the board of supervisors and non-employee representative supervisor since October 2023, with over 30 years of experience in auditing, corporate management, and business management[130] - Zhang Baishan, born in 1971, has been serving as a non-employee representative supervisor since August 2020, with over 30 years of experience in finance, cost budgeting, and financial informatization[131] - Luo Jun, born in 1974, has been serving as an employee representative supervisor since October 2023, with over 25 years of experience in financial management[132] - He Dabo, born in 1971, has been serving as an employee representative supervisor since October 2023, with over 20 years of experience in the nuclear power industry[133] - Executive Director and President Gao Ligang's tenure details are provided in the "Board of Directors" section[135] - Financial Director, Joint Company Secretary, and Board Secretary Yin Engang has over 25 years of experience in finance and auditing, holding various senior positions since 2017[135] - Vice President Qin Yuxin, with over 25 years of experience in the nuclear power industry, has held multiple leadership roles since 2014[136] - Vice President Zhou Jianping, also with over 25 years of experience, has served in various capacities including as General Manager of Fangchenggang Nuclear Power[137] - Vice President Liu Haijun, with over 25 years of experience, has held key positions including Chairman and General Manager of Taishan Nuclear Power[138] - Yang Changli serves as the Party Secretary and Chairman of CGN, starting from July 3, 2020[139] - Gao Ligang is the Deputy Party Secretary, Director, and General Manager of CGN, starting from July 3, 2021[140] - Li Li is the Deputy Party Secretary and Director of CGN, starting from July 16, 2021[140] - Shi Bing has been the Deputy General Manager of CGN since December 1, 2008[140