CNNP(SH:601985) Ge Long Hui·2025-10-20 07:44Core Viewpoint - The policy adjustment has a controllable impact on China Nuclear Power (601985.SH), with specific financial implications outlined for both operational and under-construction nuclear power units [1] Summary by Categories Impact on Operational Units - The value-added tax (VAT) refund policy for the 26 operational nuclear power units remains unchanged and consistent with previous policies [1] Impact on Under-Construction Units - For the 19 approved but not yet operational nuclear power units, due to the input tax deduction during the construction period, there will typically be no VAT payable for the first 5-6 years of operation, resulting in no VAT refunds [1] - For a single Hualong One unit, the comparison with the previous policy indicates that there will be no VAT payable in the first 5 years of operation, and no VAT refunds [1] - From the 6th to the 10th year of operation, the estimated annual impact on the company's net profit attributable to shareholders is approximately 20 million yuan, and from the 11th to the 15th year, it is approximately 56 million yuan annually [1] - The total estimated impact on the company's net profit attributable to shareholders over the lifespan of these units is around 400 million yuan [1] - The effects of this policy change on the company's future operating results are expected to gradually manifest after 2030, with no significant impact during the 14th Five-Year Plan period [1] Future Projects - For new nuclear power units approved after October 31, 2025, there will be no VAT refunds [1]