CGN POWER(SZ:003816) Jin Rong Jie·2025-07-30 02:55Core Viewpoint - The article discusses the performance and characteristics of China General Nuclear Power Corporation's convertible bonds, highlighting their market activity and the company's financial data for early 2025 [1][2]. Group 1: Convertible Bonds - On July 30, the price of China General Nuclear Power Corporation's convertible bonds rose by 2.25% to 132.46 yuan per bond, with a trading volume of 233 million yuan and a conversion premium rate of 28.99% [1]. - The bonds have a credit rating of "AAA" and a maturity of six years, with interest rates starting from 0.2% in the first year and increasing to 2.0% in the sixth year [1]. - The conversion price for the bonds is set at 3.67 yuan, with the conversion period beginning on January 15, 2026 [1]. Group 2: Company Overview - China General Nuclear Power Corporation (CGN Power) is the only platform for nuclear power generation under the China General Nuclear Group, which is regulated by the State-owned Assets Supervision and Administration Commission [2]. - CGN Power was established on March 25, 2014, and is listed on both the Hong Kong Stock Exchange and the Shenzhen Stock Exchange [2]. - The company focuses on the construction, operation, and management of nuclear power plants, aiming to provide safe and high-quality nuclear energy services [2]. Group 3: Financial Performance - For the first quarter of 2025, CGN Power reported a revenue of 20.0281 billion yuan, representing a year-on-year increase of 4.41% [2]. - The net profit attributable to shareholders was 3.0256 billion yuan, showing a year-on-year decline of 16.07%, while the net profit excluding non-recurring items was 2.928 billion yuan, down 15.94% year-on-year [2]. - As of March 2025, the shareholding structure of CGN Power is highly concentrated, with the top ten shareholders holding a combined 91.15% of the shares [2].