中国广核(003816) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents and Definitions This section provides important notices, the report's table of contents, and definitions of key terms used throughout the report Important Notice The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, with the financial officers also affirming the financial statements - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[3] - Company head Yang Changli, chief accountant Yin Engang, and accounting manager Wang Benfu declare the financial report in this semi-annual report to be true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[4] Table of Contents This section lists the nine main chapters of the report, covering company operations, finance, governance, and significant matters, with their respective starting page numbers - The report's table of contents includes nine main chapters, covering company operations, finance, governance, and significant matters[6] Reference Documents Reference documents include signed financial statements, all publicly disclosed company documents on the CSRC website, and H-share interim results announcements on the HKEX website - Reference documents include financial statements signed by the company head, chief accountant, and accounting manager, stamped with the company seal[8] - Reference documents include originals of all company files and announcements publicly disclosed on the CSRC designated website during the reporting period[9] - Reference documents include the H-share 2025 interim results announcement and interim report disclosed on the HKEX website[10] Definitions This section defines common terms used in the report, including company names, shareholders, subsidiaries, regulatory bodies, and specific nuclear power industry terminology - Definitions clarify key entities such as the company, the Group, controlling shareholder CGN, and its subsidiaries[11] - Detailed definitions provided for major nuclear power plants and their equity structures, including Nuclear Power Joint Venture Company, Ling'ao Nuclear Power, and Yangjiang Nuclear Power[11] - Explanation of nuclear power industry-specific terms like FCD (First Concrete Pour for reactor main building) and INES scale (International Nuclear Event Scale)[12] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period I. Company Profile China General Nuclear Power Corporation (stock code: 003816) is listed on the Shenzhen Stock Exchange, with Yang Changli as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | China General Nuclear Power | | Stock Code | 003816 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Yang Changli | II. Contact Persons and Information The company's Board Secretary is Yin Engang and Securities Affairs Representative is Shan Jing, both located at CGN Building, Shenzhen, with contact details provided Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yin Engang | South Tower, CGN Building, 2002 Shennan Avenue, Futian District, Shenzhen, Guangdong, China | (+86) 755-84430888 | IR@cgnpc.com.cn | | Securities Affairs Representative | Shan Jing | South Tower, CGN Building, 2002 Shennan Avenue, Futian District, Shenzhen, Guangdong, China | (+86) 755-84430888 | IR@cgnpc.com.cn | III. Other Information No changes occurred in the company's contact information, information disclosure, or document storage locations during the reporting period, as detailed in the 2024 annual report - No changes in the company's registered address, office address, website, or email during the reporting period[16] - No changes in information disclosure and document storage locations during the reporting period[17] IV. Key Accounting Data and Financial Indicators In the first half of 2025, revenue slightly decreased by 0.53%, net profit attributable to shareholders dropped by 16.30%, while total assets and net assets attributable to shareholders saw minor increases Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 39,167,179,350.15 | 39,375,785,365.25 | -0.53% | | Net Profit Attributable to Listed Company Shareholders | 5,951,814,953.25 | 7,110,987,477.61 | -16.30% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 5,609,283,260.31 | 6,961,432,847.21 | -19.42% | | Net Cash Flow from Operating Activities | 11,316,632,119.94 | 12,789,004,652.64 | -11.51% | | Basic Earnings Per Share (yuan/share) | 0.118 | 0.141 | -16.31% | | Diluted Earnings Per Share (yuan/share) | 0.118 | 0.141 | -16.31% | | Weighted Average Return on Net Assets | 4.88% | 6.07% | Decrease of 1.19 percentage points | | End of Current Reporting Period | | End of Prior Year (Adjusted) | Change from End of Prior Year | | Total Assets | 436,767,800,521.54 | 426,661,678,599.25 | 2.37% | | Net Assets Attributable to Listed Company Shareholders | 120,697,389,182.45 | 120,639,452,737.11 | 0.05% | V. Differences in Accounting Data under Domestic and International Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[20] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[21] VI. Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses for H1 2025 amounted to 342.53 million yuan, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets Non-recurring Gains and Losses for H1 2025 | Item | Amount (10,000 yuan) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,780.33 | Primarily gains from disposal of land use rights and buildings | | Government grants recognized in profit or loss for the current period | 13,139.83 | Primarily gains from government scientific research project grants | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 5,953.80 | Primarily gains from forward foreign exchange hedging activities | | Other non-operating income and expenses apart from the above | 20,588.42 | Primarily tax penalty refunds, donation expenses, and asset disposal losses | | Less: Income tax impact | 4,594.85 | | | Less: Impact on minority interests (after tax) | 2,614.36 | | | Total | 34,253.17 | | - The company has no situations where non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities - Non-recurring Gains and Losses" are defined as recurring gains and losses[24] Part III Management Discussion and Analysis This section provides management's discussion and analysis of the company's business operations, financial performance, core competencies, and future outlook I. Main Business Activities during the Reporting Period The company, as CGN's sole nuclear power platform, manages 28 operational and 20 under-construction nuclear power units, accounting for nearly half of China's total nuclear power capacity and generation - The company is CGN's sole nuclear power generation platform, primarily engaged in nuclear power plant construction, operation, and management, electricity sales from these plants, and organizing nuclear power plant design and R&D work[26] - As of June 30, 2025, the company managed 28 operational nuclear power units and 20 under-construction nuclear power units, with installed capacities of 31,796 MW and 24,222 MW respectively, accounting for 44.46% of the national total operational and under-construction nuclear power installed capacity[26] - From January to June 2025, the total on-grid power generation from nuclear power plants managed by the company was 113.36 billion kWh, accounting for 49.27% of the national nuclear power unit on-grid power generation[26] II. Analysis of Core Competencies The company's core strengths include significant environmental benefits, high-level nuclear power operation, integrated design-construction-management for cost control, strong R&D, and an experienced team - From January to June 2025, the company's on-grid power generation reduced standard coal consumption by approximately 34.09 million tons and CO2 emissions by approximately 107.01 million tons, demonstrating significant environmental benefits[29] - The proportion of operational nuclear power units' indicators reaching the top 1/4 globally (advanced level) and top 1/10 globally (excellent level) remained high at 91.07% and 90.47% respectively during the reporting period[31] - The company, through its wholly-owned subsidiary Engineering Company, possesses nuclear power engineering development capabilities, offering integrated services from project management to commissioning, enabling full-process cost control from design to construction and management[32][33] - The company has developed the proprietary third-generation nuclear power technology "Hualong One" and continues to optimize and improve its design, while actively promoting the development of fourth-generation and small pressurized water reactor technologies[35] - As of June 30, 2025, the company had a total of 20,277 employees, with technical personnel accounting for approximately 91%, and senior management having over 25 years of experience in the nuclear power industry[38] 1. Significant Environmental Benefits, Promoting Sustainable Development Nuclear power, supported by national policies, plays a crucial role in optimizing energy structure, safeguarding energy security, and achieving carbon goals, with the company's plants significantly reducing coal consumption and CO2 emissions - Safe and orderly development of nuclear power is a strategic deployment by the 20th National Congress, vital for optimizing China's energy structure, ensuring energy security, building a new energy system, and achieving carbon peak and neutrality[28] - From January to June 2025, the total on-grid power generation from nuclear power plants managed by the company was 113.36 billion kWh, equivalent to reducing standard coal consumption by approximately 34.09 million tons and CO2 emissions by approximately 107.01 million tons[29] 2. High Level of Nuclear Power Operation and Management With over 30 years of experience, the company maintains a high level of nuclear power operation and management, with 91.07% of its operational units' indicators in the top 1/4 globally - The company has over 30 years of nuclear power operation and management experience, including over a decade of multi-unit and multi-plant management, continuously improving through benchmarking with domestic and international peers[30] - During the reporting period, 91.07% of the company's operational units' indicators were in the top 1/4 globally (advanced level), and 90.47% were in the top 1/10 globally (excellent level)[31] - The average capacity factor of the company's operational units remained high, at the advanced level of WANO performance indicators[31] 3. Integrated Design, Construction, and Management, Significant Synergies, Strong Cost Control for Nuclear Power Projects The company's wholly-owned engineering subsidiary provides integrated services from project management to commissioning, enabling full-process cost control and enhancing safety and economic efficiency through experience feedback - The company owns a wholly-owned subsidiary, Engineering Company, with nuclear power engineering development capabilities, providing integrated services including project management, engineering design, engineering procurement, construction management, and commissioning[32] - The company has established full-process control across design, procurement, construction, and management, enabling comprehensive cost control from the initial design phase of nuclear power plants[33] 4. Possessing Technical R&D and Independent Innovation Capabilities The company has developed proprietary "Hualong One" technology, actively promotes fourth-generation and small pressurized water reactor technologies, and has established a comprehensive R&D system with multiple national-level platforms - The company has researched and developed the proprietary third-generation nuclear power technology "Hualong One" and continues to optimize design and improve technology based on demonstration projects[35] - The company actively promotes the development of fourth-generation nuclear power technology and small pressurized water reactor technology, continuously tracking the latest advancements domestically and internationally[35] - The company has established an R&D system, including one national engineering technology center, one national key laboratory, and five national energy R&D platforms, along with multiple industry-leading large-scale laboratories[36] 5. Experienced Management Team and Professional Technical Personnel The company boasts an experienced senior management team and a highly qualified professional technical staff of 20,277 employees, with 91% being technical personnel, ensuring expertise for safe operations and project construction - The company's senior management team has over 25 years of experience in the nuclear power industry, possessing extensive nuclear power management expertise[38] - As of June 30, 2025, the company had a total of 20,277 employees, with technical personnel accounting for approximately 91%[38] - As of June 30, 2025, the Group (including associates and joint ventures) had 384 licensed operators and 727 senior operators, sufficient to meet the personnel needs for simultaneous operation of dozens of nuclear power units[39] III. Analysis of Main Business In H1 2025, the company's main business remained stable, with safe operation of units and orderly construction of new projects, while actively navigating electricity market reforms and pursuing diversified nuclear energy utilization - As of June 30, 2025, the company managed 28 operational and 20 under-construction units[45] - Lufeng Unit 1 achieved FCD on February 24, 2025, and Taishan Phase II and Fangchenggang Phase III projects were approved by the State Council on April 27, 2025[45] - In H1 2025, the company's operational nuclear power units achieved a total on-grid power generation of 113.36 billion kWh, a 6.93% increase year-on-year[45] - In H1 2025, the company's consolidated revenue was approximately 39.17 billion yuan, a 0.53% decrease year-on-year (restated); net profit attributable to parent company shareholders was approximately 5.95 billion yuan, a 16.30% decrease year-on-year (restated)[46] - In H1 2025, electricity sales revenue totaled approximately 30.66 billion yuan, accounting for 78.27% of total operating revenue[64] - In H1 2025, the company's average market electricity price decreased by approximately 8.23% compared to the same period in 2024, primarily due to a general decline in electricity market transaction prices[66] 1. Industry Overview Nuclear power development is strategically supported by national policies for energy structure optimization and carbon goals, with national electricity consumption growing by 3.7% in H1 2025 amid deepening market reforms - Safe and orderly development of nuclear power is a strategic deployment by the 20th National Congress, vital for optimizing China's energy structure, ensuring energy security, building a new energy system, and achieving carbon peak and neutrality[41] - In H1 2025, national electricity consumption increased by 3.7% year-on-year[43] - The state continues to deepen electricity market reform, with the company actively participating in market transactions to adapt to new circumstances[44] 2. Operating Results for H1 2025 The company maintained stable operations in H1 2025, managing 28 operational and 20 under-construction units, with on-grid power generation increasing by 6.93%, despite a 16.30% drop in net profit attributable to parent company Key Financial Data from Consolidated Statements for H1 2025 | Indicator | Amount (billion yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Total Assets | 4,367.68 | 2.37% | | Total Liabilities | 2,630.52 | | | Asset-Liability Ratio | 60.23% | | | Equity Attributable to Parent Company Shareholders | 1,206.97 | 0.05% | | Operating Revenue | 391.67 | -0.53% | | Net Profit Attributable to Parent Company Shareholders | 59.52 | -16.30% | | Net Cash Flow from Operating Activities | 113.17 | -11.51% | (1) Safety Management The company prioritizes nuclear safety, continuously improving its management system, conducting safety activities, and maintaining a record of no nuclear events of Level 2 or above in H1 2025 - The company adheres to the "nuclear safety above all" philosophy and "safety first, quality first, pursuit of excellence" basic principles, fully implementing them throughout the design, construction, operation, and decommissioning phases of nuclear power plants[47] - In H1 2025, the company diligently advanced key internal and external actions in nuclear safety and safety management, continuously implementing nuclear safety regulatory requirements, and building a stricter nuclear safety responsibility system[48] - In H1 2025, according to the INES scale implemented by the International Atomic Energy Agency, the company's operational nuclear power plants maintained a historical record of no nuclear events of Level 2 or above[49] (2) Operational Nuclear Power Units All 28 operational units ran safely in H1 2025, with on-grid power increasing by 6.93%, maintaining high average capacity and load factors, and achieving low radioactive waste emissions and carbon footprint On-grid Power Generation of Nuclear Power Plants in H1 2025 (billion kWh) | Nuclear Power Plant Name | 2025 | 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Daya Bay Nuclear Power Plant | 7.853 | 5.618 | 39.78 | | Ling'ao Nuclear Power Plant | 7.552 | 7.921 | -4.66 | | Lingdong Nuclear Power Plant | 7.891 | 7.058 | 11.80 | | Yangjiang Nuclear Power Plant | 24.607 | 24.448 | 0.65 | | Taishan Nuclear Power Plant | 10.274 | 9.978 | 2.97 | | Fangchenggang Nuclear Power Plant | 15.522 | 11.597 | 33.85 | | Ningde Nuclear Power Plant | 15.567 | 15.394 | 1.13 | | Total Subsidiaries | 89.265 | 82.013 | 8.84 | | Hongyanhe Nuclear Power Plant | 24.095 | 23.997 | 0.41 | | Total Subsidiaries and Associates | 113.360 | 106.010 | 6.93 | Operational Unit Performance Indicators in H1 2025 | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Average Capacity Factor | 91.02% | 88.66% | | Average Load Factor | 87.11% | 83.77% | | Average Utilization Hours | 3,784 hours | 3,659 hours | - In H1 2025, radioactive waste management for the company's 28 operational units strictly complied with national laws and regulations, meeting relevant technical specifications, with no environmental penalties incurred[56] - Nuclear power has the lowest carbon footprint factor (including the entire lifecycle from front-end nuclear fuel to decommissioning), emitting only 0.0065 kg CO2 equivalent per kWh[58] (3) Nuclear Power Units Under Construction As of June 30, 2025, the company managed 20 under-construction units, with Lufeng Unit 1 and Huizhou Unit 3 achieving FCD, and other units progressing through various construction and testing phases - As of June 30, 2025, the company managed 20 under-construction nuclear power units, with 3 in commissioning, 2 in equipment installation, 4 in civil construction, and 11 in FCD preparation[60] - On February 24, 2025, Lufeng Unit 1 achieved FCD, commencing full construction; on June 10, 2025, Huizhou Unit 3 achieved FCD[60] Construction Phases and Expected Operation Times of Nuclear Power Units Under Construction | Nuclear Power Unit | FCD Preparation Phase | Civil Construction Phase | Equipment Installation Phase | Commissioning Phase | Expected Operation Time | | :--- | :--- | :--- | :--- | :--- | :--- | | Lufeng Unit 1 | | √ | | | 2030 | | Lufeng Unit 5 | | | √ | | 2027 | | Huizhou Unit 1 | | | | √ | 2025 | | Cangnan Unit 1 | | | | √ | 2026 | (4) Electricity Sales In H1 2025, electricity sales revenue was approximately 30.66 billion yuan, accounting for 78.27% of total revenue, with on-grid power increasing by 6.93%, but average market electricity price decreased by 8.23% due to market conditions - In H1 2025, our electricity sales revenue totaled approximately 30.66 billion yuan, accounting for 78.27% of our operating revenue for the period[64] - In H1 2025, our operational nuclear power units achieved on-grid power generation of 113.36 billion kWh (including associates), a 6.93% increase year-on-year, with market-based transactions accounting for approximately 56.1% of total on-grid power, up 3.7 percentage points year-on-year[64] - In H1 2025, the company's average market electricity price decreased by approximately 8.23% compared to the same period in 2024, primarily due to a general decline in electricity market transaction prices[66] Approved Electricity Prices of Operational Nuclear Power Units (including VAT) | Nuclear Power Unit | Customer | Approved Electricity Price (yuan/kWh) | | :--- | :--- | :--- | | Daya Bay Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4056 | | Ling'ao Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4143 | | Yangjiang Units 1 to 6 | Guangdong Power Grid Co., Ltd. | 0.4153 | | Taishan Units 1 & 2 | Guangdong Power Grid Co., Ltd. | 0.4350 | | Fangchenggang Units 1 to 4 | Guangxi Power Grid Co., Ltd. | 0.4063 | | Ningde Units 1 & 2 | State Grid Fujian Electric Power Co., Ltd. | 0.4153 | | Hongyanhe Units 1 to 4 | State Grid Liaoning Electric Power Co., Ltd. | 0.3823 | (5) Comprehensive Utilization of Nuclear Energy The company actively explores diversified nuclear energy applications, including the operational nuclear heating project at Hongyanhe and planned heating solutions for Zhaoyuan Phase I, alongside energy storage projects to enhance efficiency - The company actively conducts research on comprehensive nuclear energy utilization, exploring new technologies and models to expand diversified nuclear energy products[68] - The Hongyanhe Nuclear Power Base has completed China's first nuclear energy clean heating project in Northeast China, operating safely and stably for 3 heating seasons[69] - The company actively explores various energy storage projects in provinces with nuclear power plants, which will help improve nuclear power unit energy efficiency and ensure economic benefits[69] (6) Human Resources As of June 30, 2025, the Group had 20,277 employees, maintaining competitive compensation and prioritizing occupational health, with individual radiation doses well below national limits - As of June 30, 2025, the Group had a total of 20,277 employees (excluding our associates and joint ventures)[70] - The Group implements a competitive salary policy within the industry, paying commissions and discretionary bonuses based on Group performance and employee performance[70] Maximum Individual Radiation Dose at Nuclear Power Plants in H1 2025 (mSv) | Nuclear Power Plant/Unit | 2025 | 2024 | | :--- | :--- | :--- | | Daya Bay Nuclear Power Plant, Ling'ao Nuclear Power Plant, and Lingdong Nuclear Power Plant | 6.647 | 8.767 | | Yangjiang Nuclear Power Plant | 5.965 | 8.226 | | Taishan Nuclear Power Plant | 2.432 | 4.067 | | Fangchenggang Nuclear Power Plant Units 1 to 4 | 4.084 | 4.003 | | Ningde Nuclear Power Plant Units 1 to 4 | 7.086 | 6.247 | | Hongyanhe Nuclear Power Plant | 6.043 | 5.140 | (7) External Financing In H1 2025, the company strengthened financing coordination, controlled costs, and mitigated exchange rate risks, reducing foreign currency borrowings by approximately 236.3 million yuan, with ample bank credit and cash ensuring liquidity - In H1 2025, a moderately loose monetary policy effectively supported the real economy, maintaining ample liquidity in the banking system and a steady decline in market interest rates[71] - Compared to the end of 2024, the Group's total foreign currency borrowings decreased by approximately 236.3 million yuan equivalent at the end of the reporting period[72] - As of June 30, 2025, the company had approximately 315.39 billion yuan in undrawn bank credit facilities, 15.10 billion yuan in readily available interbank multi-variety debt financing instruments, and approximately 20.36 billion yuan in monetary funds, providing effective liquidity risk mitigation[73] 3. H2 Outlook The company plans to focus on strategic development, safe operations, new project construction and approval, major overhauls, R&D, optimized electricity marketing, and cost control, while also optimizing capital structure and acquiring retained businesses - Plans for H2 include strengthening equipment health and operational management of nuclear power units to ensure safe production and power supply during peak summer demand[74] - Continued efforts to expand market development, promote new project applications and approvals; planned high-quality batch construction of units, aiming for commercial operation of Huizhou Unit 1 under entrusted management by the controlling shareholder[74] - Continued independent nuclear power R&D, optimizing "Hualong One"; strengthening systematic layout of advanced nuclear energy, accelerating R&D and platform construction[74] - Optimize capital structure through the issuance and listing of A-share convertible corporate bonds; acquire retained businesses from the controlling shareholder at an appropriate time and manner[75] II. Year-on-Year Changes in Key Financial Data In H1 2025, revenue slightly decreased by 0.53%, operating costs increased by 5.27%, leading to a 5.44 percentage point drop in electricity business gross margin, and net profit attributable to parent company decreased by 16.30% Year-on-Year Changes in Key Financial Data for H1 2025 | Item | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 39,167,179,350.15 | 39,375,785,365.25 | -0.53% | | | Operating Cost | 25,464,336,384.57 | 24,188,697,710.70 | 5.27% | | | Selling Expenses | 13,278,548.79 | 17,324,177.45 | -23.35% | Primarily due to reduced market development investment in non-nuclear projects by subsidiaries | | Financial Expenses | 2,281,632,298.08 | 2,501,327,837.29 | -8.78% | | | Income Tax Expense | 2,490,273,738.00 | 2,111,993,302.83 | 17.91% | Primarily due to the expiration of income tax preferential policies for some nuclear power units and adjustments in tax policy, leading to increased income tax expenses | | R&D Expenditure | 1,370,333,775.57 | 1,118,222,107.84 | 22.55% | | | Net Cash Flow from Operating Activities | 11,316,632,119.94 | 12,789,004,652.64 | -11.51% | Primarily due to increased payments for fuel assemblies and increased income tax expenses due to adjustments in tax policy | | Net Cash Flow from Investing Activities | -8,810,348,539.49 | -4,991,205,311.25 | -76.52% | Primarily due to increased investment expenditures in nuclear power projects under construction | | Net Cash Flow from Financing Activities | 2,655,953,898.83 | -3,137,353,098.92 | 184.66% | Primarily due to increased borrowings influenced by reduced cash balances from operating and investing activities | Operating Revenue Composition in H1 2025 (10,000 yuan) | Item | Amount | Proportion of Operating Revenue | Prior Year Period Amount | Prior Year Period Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 3,916,717.94 | 100% | 3,937,578.54 | 100% | -0.53% | | By Industry | | | | | | | Electricity | 3,065,769.53 | 78.27% | 3,037,374.91 | 77.14% | 0.93% | | Other | 850,948.41 | 21.73% | 900,203.62 | 22.86% | -5.47% | | By Product | | | | | | | Electricity Sales | 3,065,769.53 | 78.27% | 3,037,374.91 | 77.14% | 0.93% | | Construction, Installation, and Design Services | 761,162.01 | 19.43% | 799,751.49 | 20.31% | -4.83% | | By Region | | | | | | | Guangdong | 2,056,351.89 | 52.50% | 2,184,764.06 | 55.48% | -5.88% | | Fujian | 584,372.22 | 14.92% | 580,370.61 | 14.74% | 0.69% | | Guangxi | 449,523.35 | 11.48% | 436,704.37 | 11.09% | 2.94% | | Zhejiang | 430,352.67 | 10.99% | 407,547.02 | 10.35% | 5.60% | | Hong Kong | 296,032.48 | 7.56% | 224,247.91 | 5.70% | 32.01% | | Liaoning | 46,290.03 | 1.18% | 39,486.84 | 1.00% | 17.23% | Gross Margin Changes in Main Business in H1 2025 (10,000 yuan) | Item | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | | Electricity | 3,065,769.53 | 1,738,744.04 | 43.29% | 0.93% | 11.66% | Decrease of 5.44 percentage points | | By Product | | | | | | | | Electricity Sales | 3,065,769.53 | 1,738,744.04 | 43.29% | 0.93% | 11.66% | Decrease of 5.44 percentage points | | Construction, Installation, and Design Services | 761,162.01 | 745,131.85 | 2.11% | -4.83% | -5.95% | Increase of 1.17 percentage points | | By Region | | | | | | | | Guangdong | 2,056,351.89 | 1,266,376.11 | 38.42% | -5.88% | 1.47% | Decrease of 4.46 percentage points | | Fujian | 584,372.22 | 377,682.20 | 35.37% | 0.69% | 5.57% | Decrease of 2.99 percentage points | | Guangxi | 449,523.35 | 321,157.89 | 28.56% | 2.94% | 29.72% | Decrease of 14.75 percentage points | | Zhejiang | 430,352.67 | 417,313.18 | 3.03% | 5.60% | 3.54% | Increase of 1.93 percentage points | IV. Analysis of Non-Core Business Non-core business primarily includes investment income from associates, which is sustainable, and non-sustainable items like fair value changes, asset impairments, and other non-operating income/expenses Non-Core Business Analysis for H1 2025 (10,000 yuan) | Item | Amount | Proportion of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 127,247.94 | 11.24% | Primarily investment income from associates | Yes | | Gains or Losses from Fair Value Changes | 2,986.30 | 0.26% | Primarily gains from forward foreign exchange hedging activities | No | | Asset Impairment | -455.59 | -0.04% | Primarily impairment provisions for engineering contract assets | No | | Non-operating Income | 923.27 | 0.08% | Primarily gains from disposal of scrap materials, contract claims, etc. | No | | Non-operating Expenses | -19,665.15 | -1.74% | Primarily tax penalty refunds, donation expenses, and asset disposal losses | No | V. Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 2.37%, and net assets attributable to parent company increased by 0.05%, with increases in cash, contract assets, and construction in progress, and a rise in short-term borrowings due to debt restructuring Significant Changes in Asset Composition in H1 2025 (10,000 yuan) | Item | Amount at End of Current Reporting Period | Proportion of Total Assets | Amount at End of Prior Year | Proportion of Total Assets | Change in Proportion | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,036,449.63 | 4.66% | 1,681,174.50 | 3.94% | Increase of 0.72 percentage points | Primarily due to funds prepared in advance for dividend payments | | Accounts Receivable | 803,883.61 | 1.84% | 919,675.84 | 2.16% | Decrease of 0.32 percentage points | Primarily due to collection of engineering receivables and changes in electricity receivables | | Contract Assets | 497,718.45 | 1.14% | 346,258.86 | 0.81% | Increase of 0.33 percentage points | Primarily due to changes in engineering project settlement progress | | Construction in Progress | 5,288,035.76 | 12.11% | 4,600,425.09 | 10.78% | Increase of 1.33 percentage points | Primarily due to increased investment in nuclear power projects under construction, such as Lufeng Units 5 & 6 | | Short-term Borrowings | 2,666,063.05 | 6.10% | 1,726,374.55 | 4.05% | Increase of 2.05 percentage points | Primarily due to increased short-term bank borrowings as a result of debt structure adjustment | Assets and Liabilities Measured at Fair Value in H1 2025 (10,000 yuan) | Item | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Included in Equity | Amount Sold in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 0.00 | 2,354.10 | | 2,967.50 | 2,354.10 | | Other Equity Instrument Investments | 66,171.71 | 6,572.88 | 24,136.76 | | 72,744.59 | | Subtotal Financial Assets | 66,171.71 | 8,926.98 | 24,136.76 | 2,967.50 | 75,098.69 | | Financial Liabilities | -632.20 | 632.20 | | | 0.00 | - As of June 30, 2025, the book value of assets pledged to banks or restricted for other reasons by the Group was approximately 16.20 billion yuan[87] VI. Analysis of Investment Status Investment increased by 61.33% year-on-year, with no significant equity or non-equity investments; the company engaged in forward foreign exchange purchases for hedging, yielding 29.68 million yuan and mitigating exchange rate risk Investment Amount in H1 2025 | Indicator | Amount (yuan) | | :--- | :--- | | Investment Amount for Reporting Period | 11,408,704,982.57 | | Investment Amount for Prior Year Period | 7,071,613,937.41 | | Change Percentage | 61.33% | - The company had no securities investments, significant equity investments, or ongoing significant non-equity investments during the reporting period[89][90] Derivative Investment Status in H1 2025 (10,000 yuan) | Derivative Investment Type | Initial Investment Amount | Fair Value Change Gains/Losses for Current Period | Ending Balance | Proportion of Ending Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Forward Foreign Exchange Purchase Hedging Business | 632.2 | 2,986.3 | 2,354.1 | 0.02% | - The Group's derivative transactions during the reporting period generated actual gains of 29.68 million yuan, achieving the exchange rate risk hedging objective[92] VII. Significant Asset and Equity Disposals The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[96] - The company did not dispose of significant equity during the reporting period[97] VIII. Analysis of Major Holding and Participating Companies Major subsidiaries like Nuclear Power Joint Venture, Ling'ao, Yangjiang, Fangchenggang, and Ningde Nuclear Power significantly contributed to revenue and net profit, with minor changes in consolidation scope having no material impact Financial Data of Major Subsidiaries in H1 2025 (10,000 yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Nuclear Power Joint Venture Company | Subsidiary | Nuclear Power Generation | 332,716.00 | 1,326,285.37 | 801,058.67 | 403,257.93 | 270,931.22 | 232,224.13 | | Ling'ao Nuclear Power | Subsidiary | Nuclear Power Generation | 332,322.40 | 1,192,396.32 | 820,769.93 | 256,328.95 | 92,932.87 | 41,082.81 | | Lingdong Nuclear Power | Subsidiary | Nuclear Power Generation | 534,800.00 | 1,887,592.86 | 957,032.98 | 262,349.12 | 96,393.91 | 106,342.91 | | Yangjiang Nuclear Power | Subsidiary | Nuclear Power Generation | 1,550,600.00 | 6,925,965.72 | 2,389,408.89 | 807,962.18 | 268,419.40 | 189,061.94 | | Fangchenggang Nuclear Power | Subsidiary | Nuclear Power Generation | 1,385,000.00 | 7,212,095.19 | 1,746,982.31 | 451,736.61 | 45,899.49 | 41,360.56 | | Ningde Nuclear Power | Subsidiary | Nuclear Power Generation | 1,117,750.00 | 4,149,646.97 | 1,767,060.95 | 532,981.87 | 169,948.52 | 118,420.64 | - During the reporting period, the company acquired Taishan Phase II Nuclear Power through a business combination under common control and established four new subsidiaries, while deregistering Sansha Advanced Energy Co., Ltd., none of which had a significant impact on overall operations or performance[99] IX. Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[100] X. Risks Faced by the Company and Countermeasures The company faces risks in nuclear power plant safety, electricity sales, construction project control, and finance, with electricity sales risk increasing, and has implemented various management actions to mitigate these - The company faces risks in the safe and stable operation of nuclear power plants, addressed by a "zero tolerance" attitude towards nuclear safety hazards, strengthened hierarchical risk control, and hazard investigation and rectification measures[100] - Electricity sales risk increased due to relaxed electricity supply-demand, accelerated market-oriented reform, and declining spot prices; the company responds by closely monitoring policies, intensifying market marketing efforts, and optimizing trading strategies[101][102] - Construction project control risks are addressed by optimizing project construction management mechanisms, strengthening coordinated planning for batch projects, and implementing experience feedback[103] - Financial risks, primarily from exchange rate and market interest rate fluctuations, are managed through forward transactions, debt swaps, controlling new foreign currency debt, and optimizing debt structure[104] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a market value management system, approved by the board on April 23, 2025, to standardize market value management, enhance investment value, and ensure market value reflects intrinsic value - The company has formulated a market value management system, approved by the 13th meeting of the Fourth Board of Directors on April 23, 2025[108] - The system aims to strengthen market value management, further standardize the company's market value management behavior, enhance the company's investment value, and promote the full reflection of the company's intrinsic value in its market value[108] XII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company actively implements its "Quality and Return Dual Enhancement" action plan by focusing on value creation, improving corporate governance, and demonstrating responsibility, aiming to enhance company quality and investment value - The company actively implements the "Quality and Return Dual Enhancement" action plan, aligning with directives from the Party Central Committee and the State Council on invigorating the capital market, boosting investor confidence, and significantly improving the quality and investment value of listed companies[109] - The plan's main contents include committing to value creation (consolidating and expanding nuclear power installed capacity, improving operational efficiency, focusing on technological innovation), perfecting corporate governance (exploring a "nuclear safety management + governance control" model, strengthening director performance, enhancing ESG performance), and demonstrating responsibility (strictly fulfilling dividend commitments, formulating a market value management system, ensuring high-quality information disclosure and investor relations management)[109][110][111] Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives during the reporting period I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period, with details available in the 2024 annual report - No changes in the company's directors, supervisors, and senior management during the reporting period, refer to the 2024 annual report for details[114] II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year[115] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[116] IV. Environmental Information Disclosure The company is not on the mandatory environmental disclosure list, but nuclear power contributes significantly to energy saving and emission reduction with no direct greenhouse gas emissions, and no environmental accidents occurred - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[117] - Nuclear power plants have no direct greenhouse gas emissions during operation, contributing to energy saving and emission reduction as a clean energy source[117] - The company had no environmental accidents in H1 2025[117] V. Social Responsibility The company prioritizes social responsibility, investing 1.37 billion yuan in R&D, promoting localization, and actively engaging with society through transparent information disclosure, public communication, and community development initiatives - In H1 2025, the company invested approximately 1.37 billion yuan in R&D, further promoting the localization of key nuclear energy systems, equipment, and components across the industry chain[118] - The company's operational nuclear power bases have established professional nuclear safety information disclosure platforms, publishing monthly operational data and event information[120] - In H1 2025, the Group conducted nuclear power science popularization tours and public communication in the Guangdong-Hong Kong-Macao Greater Bay Area, actively engaging with cities, campuses, and communities[121] - The Group continued to provide targeted assistance to Lingyun and Leye counties in Baise, Guangxi, two national key counties for rural revitalization, investing 12 million yuan in non-reimbursable aid for 10 assistance projects in H1 2025[125] 1. Proactive Information Disclosure The company's nuclear power bases maintain professional nuclear safety information platforms, proactively disclosing operational data and events through various channels, including websites, social media, and press conferences - Our operational nuclear power bases have established professional nuclear safety information disclosure platforms, publishing monthly operational data (capacity factor, radiation protection, industrial safety, Class 1 fire incidents, waste management, and environmental monitoring) and event information[120] - The company regularly holds press conferences, invites interviews and visits, organizes themed events, and publishes materials to inform industry regulators and media about nuclear power plant information, also accepting public inquiries via phone, fax, and email[120] 2. Transparent Public Communication The company maintains transparent communication, enhancing nuclear power science popularization through exhibitions, community interactions, and virtual tours to foster public understanding and trust - We adhere to transparent communication, continuously exploring open and transparent communication mechanisms, and increasing efforts in nuclear power science popularization[121] - In H1 2025, the Group conducted nuclear power science popularization tours and public communication in the Guangdong-Hong Kong-Macao Greater Bay Area; Taishan Nuclear Power proactively engaged communities with 6 nuclear power science activities, reaching over 1,500 people[121] - Hongyanhe Nuclear Power visited Wagfangdian City Gongnong Primary School, using a VR cloud tour platform for a live broadcast, allowing over 2,000 teachers and students to remotely experience a virtual tour of the nuclear power plant[121] 3. Win-Win Community Development Upholding the principle of "building a project, driving local economy, benefiting local people," the company actively participates in rural revitalization through industrial, educational, governance, and consumption assistance in various regions - We adhere to the philosophy of "building a project, driving local economy, benefiting local people," actively promoting community development and building harmonious relationships with surrounding areas while achieving corporate growth[122] - The Group continued to provide targeted assistance to Lingyun and Leye counties in Baise, Guangxi, two national key counties for rural revitalization, investing 12 million yuan in non-reimbursable aid for 10 assistance projects in H1 2025[125] - Yangjiang Nuclear Power and Lufeng Nuclear Power developed and implemented "Hundred-Thousand-Ten-Thousand Project" plans for Dongping Town in Yangjiang City and Jieshi Town in Lufeng City, supporting collective village economic development and cultural tourism industry growth[127] - Ningde Nuclear Power facilitated 16 surrounding villages, including Jinggu Village, to sign investment and shareholding cooperation agreements with Baiyang Village in Xiamen Township for nuclear power contractor camps, innovating a "strong village leading weak villages" cluster development model to inject new vitality into collective village economies[129] Part V Significant Matters This section covers significant matters including commitments, related party transactions, external guarantees, litigation, penalties, and other important corporate events during the reporting period I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company during the Reporting Period The company reported no commitments fulfilled or overdue unfulfilled by the controlling shareholder, shareholders, related parties, acquirers, or the company during the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company during the reporting period[132] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties The company reported no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period - The company reported no non-operating fund occupation by the controlling shareholder or other related parties during the reporting period[133] III. Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[134] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[135] V. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for the Current Period The company reported no non-standard audit report for the current period - The company reported no non-standard audit report for the current period[136] VI. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year The company reported no non-standard audit report for the previous year - The company reported no non-standard audit report for the previous year[136] VII. Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[136] VIII. Litigation Matters The company had no significant litigation, arbitration, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[137] IX. Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[138] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[139] XI. Significant Related Party Transactions The company engaged in daily operational related party transactions with CGN Group and its affiliates, including comprehensive, technical, engineering, nuclear fuel, and entrusted management services, and completed the acquisition of Taishan Phase II Nuclear Power Related Party Transactions Related to Daily Operations in H1 2025 (10,000 yuan) | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount | Proportion of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | CGN Group (excluding Uranium Company, Cangnan Nuclear Power, Huizhou Nuclear Power, Huizhou Phase II Nuclear Power, Guangli Nuclear) | Comprehensive Services, Technical Services, Engineering Services, Nuclear Fuel Services, Entrusted Management Services | Receiving comprehensive services, providing comprehensive services, receiving technical services, providing technical services, providing engineering services, receiving nuclear fuel services, providing entrusted management services | 212,113.13 | 3.29% | | Uranium Company | Comprehensive Services, Technical Services, Engineering Services, Nuclear Fuel Services | Providing comprehensive services, providing technical services, providing engineering services, receiving nuclear fuel services | 465,141.25 | 7.21% | | Cangnan Nuclear Power | Technical Services, Engineering Services | Receiving technical services, providing technical services, providing engineering services | 371,353.25 | 5.75% | | Huizhou Nuclear Power | Comprehensive Services, Technical Services, Engineering Services | Receiving comprehensive services, providing comprehensive services, receiving technical services, providing technical services, providing engineering services | 178,745.7 | 2.77% | | Huizhou Phase II Nuclear Power | Technical Services, Engineering Services | Providing technical services, providing engineering services | 80,275.94 | 1.24% | | Guangli Nuclear | Comprehensive Services, Technical Services, Engineering Services | Receiving technical services, providing technical services, providing engineering services | 69,613.61 | 1.08% | Related Party Transactions for Asset or Equity Acquisition/Disposal in H1 2025 (10,000 yuan) | Related Party | Related Transaction Type | Related Transaction Content | Transfer Price | Transaction Gains/Losses | | :--- | :--- | :--- | :--- | :--- | | CGN | Equity Acquisition | The company acquired 100% equity of Taishan Phase II Nuclear Power from CGN | 120,387.56 | 0 | - The company reported no related party transactions involving joint external investments or non-operating related party receivables/payables during the reporting period[142]