1800亿核电巨头，披露收购大动作

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in revenue and net profit for the first half of 2025, primarily due to a decrease in market electricity prices and increased operating costs [1][5]. Financial Performance - CGN achieved operating revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% [1] - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year [1] - The average market electricity price fell by approximately 8.23% compared to the same period in 2024 [5] - The total electricity sales revenue was about 30.658 billion yuan, a slight increase of 0.93%, accounting for 78.27% of total operating revenue [1] Operational Highlights - The total electricity generated by operational nuclear units was 113.36 billion kWh, an increase of 6.93% year-on-year [1] - The gross profit margin for the electricity business was 43.29%, down 5.44 percentage points from the previous year [5] Strategic Moves - CGN announced plans to acquire four nuclear power companies from its controlling shareholder, China General Nuclear Group, which includes the acquisition of 82% of Huizhou Nuclear Power and 100% of three other companies [8][9] - The acquisition is expected to enhance CGN's nuclear power generation capacity and streamline management of projects within the same nuclear power base [9]