Core Viewpoint - In the first quarter of 2025, China General Nuclear Power Corporation (CGN) reported a significant increase in electricity generation and grid-connected electricity, indicating strong operational performance and growth in the nuclear power sector [1][2]. Group 1: Electricity Generation and Grid Connection - From January to March 2025, the total electricity generation of CGN and its subsidiaries was approximately 60.174 billion kWh, representing a year-on-year increase of 9.25% [1]. - The total grid-connected electricity during the same period was approximately 56.689 billion kWh, reflecting a year-on-year growth of 9.41% [1]. Group 2: Operational Status - In the first quarter of 2025, CGN completed five annual fuel replacements (including one cross-year replacement) and one ten-year fuel replacement as planned [8]. - For the second quarter of 2025, CGN plans to initiate four annual fuel replacements, one ten-year replacement, and one first-time replacement [8]. Group 3: Construction Progress - As of March 31, 2025, CGN managed a total of 16 nuclear power units under construction, with two in the commissioning phase, three in equipment installation, three in civil construction, and eight in the FCD preparation phase [9]. Group 4: Corporate Developments - On January 8, 2025, CGN's board approved the acquisition of 100% equity in Taishan Nuclear Power Co., Ltd. from China General Nuclear Power Group, which was completed on January 20, 2025, making it a wholly-owned subsidiary [11]. - CGN's application for issuing A-share convertible bonds was approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission in February and March 2025 [11]. - On March 26, 2025, CGN's board agreed to distribute a cash dividend of RMB 0.95 per 10 shares (tax included) to all shareholders, expected to be paid around July 3, 2025, pending shareholder approval [12].