Financial Performance - In 2018, CGN Power reported operating revenue of RMB 50,827.92 million, an increase of 11.4% compared to 2017[13]. - The EBITDA for 2018 was RMB 29,022.94 million, reflecting a growth of 4.8% from the previous year[13]. - The net profit attributable to shareholders was RMB 8,702.63 million, a decrease of 9.0% compared to 2017[22]. - The total profit for 2018 was RMB 14,899.48 million, compared to RMB 14,168.26 million in 2017[24]. - The company's main business revenue for 2018 was RMB 50,543,922.15 thousand, an increase of 11.2% from RMB 45,457,057.44 thousand in 2017[114]. - The net profit attributable to shareholders of the parent company for 2018 was RMB 8,702,632.65 thousand, a decrease of 9.0% compared to RMB 9,564,092.70 thousand in 2017[114]. - The EBITDA margin for 2018 was 57.1%, down from 60.7% in 2017[113]. - The total assets return rate for 2018 was 5.8%, compared to 6.4% in 2017[113]. - The company's debt-to-asset ratio improved to 69.3% in 2018 from 71.8% in 2017[113]. - The investment income decreased by 54.8% to RMB 1,044,558.66 thousand in 2018 from RMB 2,312,138.17 thousand in 2017[114]. Operational Capacity and Growth - The total installed capacity reached 24,306 MW, with 22 operational units and 6 units under construction[20]. - CGN Power achieved a total installed capacity of approximately 24.31 GW, accounting for 54.4% of the national operational nuclear power capacity, with 22 operational nuclear units[92]. - The company reported a total of 100% ownership in several subsidiaries, including Guangdong Nuclear Power Investment Co., Ltd. and CGN Engineering Co., Ltd.[26]. - The company holds a 93.14% stake in Lingdong Nuclear Power Co., Ltd., which operates the Lingdong Nuclear Power Station[26]. - The company has expanded its market presence with the establishment of Guangxi Fangchenggang Nuclear Power Industry Investment Co., Ltd. in January 2018, where it holds a 60% stake[26]. - The company has 6 units currently under construction, all progressing according to plan, with a focus on cost control and safety[103]. - The number of operational nuclear power units increased from 20 in 2017 to 22 in 2018, with a total of 264 performance indicators compared to 240 in the previous year[161]. Electricity Generation and Environmental Impact - The company achieved a total electricity generation of 157,044.58 GWh in 2018, contributing to a CO2 reduction of approximately 13,255 million tons[19]. - In 2018, the company achieved a total electricity generation of 157,044.58 GWh, representing a 14.0% increase compared to the previous year, with market-based electricity accounting for approximately 23.8% of the total[102]. - The cumulative on-grid electricity generated by operational nuclear power units in 2018 was 157,044.58 GWh, a year-on-year increase of 14.02%[146]. - The total electricity generation from subsidiaries in 2018 was 128,774.43 GWh, an increase of 11.13% compared to 115,872.70 GWh in 2017[147]. - The electricity generation from joint ventures in 2018 was 28,270.15 GWh, representing a 29.31% increase from 21,862.17 GWh in 2017[147]. Safety and Risk Management - The company maintained a high level of nuclear safety culture, with no INES Level 1 or above incidents reported in operational units throughout 2018[99]. - The company emphasizes the importance of safety management, with a continuous pursuit of excellence in safety performance[99]. - The company is committed to enhancing safety management and has established a mature safety management system to ensure stable operations of its nuclear power units[143]. - The company has maintained a good safety record, with no level 2 or above nuclear incidents reported in 2018[145]. - The number of operational incidents in 2018 was relatively low, with only 5 incidents reported across various nuclear power stations, compared to higher numbers in previous years[144]. Strategic Initiatives and Future Plans - The company plans to issue A-shares not exceeding 10% of the total share capital post-issue, approved at the extraordinary general meeting on April 25[12]. - The company plans to maintain a dividend payout ratio of no less than 33% of the distributable net profit for future years[107]. - The company plans to invest in the construction of nuclear power plants and technology upgrades to improve operational performance, as well as continue R&D and potential asset acquisitions[132]. - The company aims to enhance operational efficiency through lean management and effective resource allocation in response to the evolving electricity market[105]. - The company is committed to closely monitoring national policies and economic changes to ensure prudent risk management and sustainable development[191]. Market and Economic Environment - The total electricity consumption in China increased by 8.5% year-on-year, the highest growth rate in seven years, while the national installed power generation capacity grew by 6.5%[138]. - The market transaction volume of electricity accounted for 30.2% of the total national power generation in 2018, an increase of 4.3 percentage points compared to the previous year[140]. - The average electricity price for market transactions of nuclear power plants outside Guangdong province was approximately RMB 0.3492 per kWh (including VAT) in 2018[179]. - The total electricity consumption in society increased by 6.1% in 2018, indicating a positive market environment for electricity sales[181]. Technological Advancements and Innovations - The company applied for a total of 1,046 patents in 2018, with one invention patent winning the China Patent Silver Award and another winning the China Patent Excellent Award[104]. - The company emphasizes innovation-driven growth through technology transformation and improving fuel and equipment reliability to enhance safety system performance[191]. - The company has implemented technical upgrades during major overhauls to address design and installation defects, equipment aging, and to enhance operational efficiency[157]. Construction and Development - The company emphasizes strict adherence to safety and quality standards in the construction of nuclear power units to ensure efficient operation post-commissioning[171]. - The company is focused on improving the safety and quality of construction projects by learning from domestic and international experiences[168]. - The company is committed to developing a certain scale of nuclear power to enhance the proportion of clean energy and support global environmental protection goals[92].
中广核电力(01816) - 2018 - 年度财报