CNNP(SH:601985) Zhong Guo Ji Jin Bao·2025-10-22 12:16Core Viewpoint - China National Nuclear Power (CNNP) is actively participating in the commercialization of nuclear fusion and accelerating its international development, positioning itself as a leader in the nuclear energy sector during the "14th Five-Year Plan" period [1][2]. Group 1: Industry Growth and Achievements - During the "14th Five-Year Plan," CNNP has transformed from a "nuclear power operator" to a "clean energy service enterprise," achieving a significant increase in its nuclear power installed capacity, ranking third globally among nuclear power companies [2][3]. - The company has generated over 700 billion kilowatt-hours of green electricity from 2021 to 2024, playing a crucial role in China's energy transition and ensuring energy supply stability [2][3]. Group 2: Technological Innovation - CNNP has evolved from a "technology user" to an "industry leader," successfully launching the "Hualong One" reactor, which showcases China's capabilities in third-generation nuclear technology [4][5]. - The company is also investing in the world's first land-based commercial modular small reactor, "Linglong One," and is actively participating in the development of fourth-generation nuclear technology [4][5]. Group 3: Capital Operations - CNNP's total assets increased from 263.2 billion yuan to 659.7 billion yuan, with operating revenue rising from 26.2 billion yuan to 77.2 billion yuan during the "14th Five-Year Plan," achieving a historic high in market value [5][6]. - The company completed a significant 14 billion yuan A-share refinancing, with funds allocated for the construction of eight nuclear power units, demonstrating the role of "patient capital" in supporting national energy security [5][6]. Group 4: Nuclear Power's Role in National Strategy - CNNP has been pivotal in the construction of nuclear power units, with 18 out of 46 approved units in China during the "14th Five-Year Plan" period, contributing significantly to the country's dual carbon goals [6][7]. - The company is recognized as a key player in China's nuclear energy development, fulfilling roles as a "main force" in energy transition and an "explorer" of diversified nuclear applications [6][7]. Group 5: Investment in Nuclear Fusion - CNNP has invested in China Fusion Energy Co., becoming a major shareholder, aligning with the national strategy for nuclear energy development and aiming to lead in the commercialization of nuclear fusion technology [7][8]. - The investment is part of a broader strategy to secure a competitive edge in future energy technologies, with nuclear fusion seen as a potential "ultimate energy" source [8][9]. Group 6: International Development Strategy - CNNP aims to become a "globally competitive world-class clean energy service provider," with a clear strategy for international expansion, particularly through the promotion of "Hualong One" technology [10][12]. - The company has established a presence in international markets, with successful projects in Pakistan and strategic partnerships for nuclear power services [12][13].