香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《中廣核惠州核電有限公司審計報告 及財務報表2024年度及2025年1-6月》、《中廣核惠州第二核電有限公司審計報告 及財務報表2024年度及2025年1-6月》、《中廣核惠州第三核電有限公司審計報告 及財務報表2025年2月16日至2025年6月30日》及《中廣核湛江核電有限公司審計 報告及財務報表2024年度及2025年1-6月》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2025年9月5日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非 ...

Group 1 - The company is acquiring stakes in four nuclear power companies from its parent company, China General Nuclear Power Group, which constitutes a related party transaction [1] - The transaction involves the acquisition of 82% of Huizhou Nuclear Power Co., 100% of Huizhou Second Nuclear Power Co., 100% of Huizhou Third Nuclear Power Co., and 100% of Zhanjiang Nuclear Power Co. [1] - The company has engaged Lixin Certified Public Accountants to conduct an extended audit of the financial data of the target companies to ensure compliance with regulations [2] Group 2 - The audited financial data as of February 28, 2025, shows total assets of Huizhou Nuclear Power Co. at 45,221.32 million, total liabilities at 36,409.25 million, and net assets at 8,812.08 million [2] - For the first half of 2025, Huizhou Nuclear Power Co. reported total assets of 973.32 million and total liabilities of 773.94 million [3] - The financial reports indicate a significant increase in total assets and net assets compared to the previous year, reflecting the growth and stability of the target companies [2][3]

Core Viewpoint - The financial statements of China General Nuclear Power Corporation (CGN) Zhuhai Nuclear Power Co., Ltd. detail the accounting policies and estimates, particularly regarding foreign currency transactions, financial instruments, and asset valuation methods. Financial Instruments - The company classifies financial assets at initial recognition based on the business model and cash flow characteristics, including amortized cost, fair value through other comprehensive income, and fair value through profit or loss [2][5][6]. - Financial liabilities are classified similarly, with options for fair value through profit or loss and amortized cost [5][7]. Foreign Currency Transactions - Foreign currency transactions are recorded using the spot exchange rate on the transaction date, while monetary items are translated at the exchange rate on the balance sheet date, with exchange differences recognized in profit or loss [1][4]. Accounting Policies - The accounting period is from January 1 to December 31, with the company using Renminbi as its functional currency [4]. - The company employs the accrual basis of accounting and historical cost for valuation, except where specified [4]. Cash and Cash Equivalents - Cash includes physical cash and deposits readily available for payment, while cash equivalents are short-term, highly liquid investments with minimal risk of value changes [4]. Inventory Valuation - Inventory is measured at cost, including procurement and processing costs, and is assessed at the lower of cost or net realizable value [15][16]. Fixed Assets - Fixed assets are recognized when economic benefits are likely to flow to the company, and their costs can be reliably measured. Depreciation is calculated using the straight-line method over their useful lives [17][18][19]. Intangible Assets - Intangible assets are recognized when they are identifiable and expected to generate future economic benefits. Amortization is applied over their useful lives, with impairment tests conducted when necessary [22][23][25]. Borrowing Costs - Borrowing costs directly attributable to qualifying assets are capitalized, while other borrowing costs are recognized as expenses in the period incurred [21][22]. Employee Benefits - The company recognizes short-term employee benefits as liabilities and expenses in the period they are incurred, including social insurance contributions and other welfare costs [27][29]. Leases - The company recognizes right-of-use assets and lease liabilities for leases, excluding short-term and low-value leases, with initial measurement based on the present value of lease payments [31][32][33].

Company Overview - China General Nuclear Power Corporation Huizhou Nuclear Power Co., Ltd. was established on September 16, 2013, in Huizhou, Guangdong Province, with a registered capital of 9.2439 billion yuan [3]. - The company is primarily engaged in the investment, development, construction, and operation of nuclear power plants, as well as the sale of generators and related technical services [3]. Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position as of December 31, 2024, and June 30, 2025, along with the operating results and cash flows for the year 2024 and the first half of 2025 [2]. Accounting Policies - The company adopts the accrual basis of accounting and uses historical cost as the measurement basis, with the functional currency being the Renminbi [4]. - Financial instruments are classified at initial recognition based on the business model and cash flow characteristics, including categories such as financial assets measured at amortized cost and those measured at fair value [5][7]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in the contract, which occurs when the customer gains control of the related goods or services [36]. - The transaction price is determined based on the expected consideration to be received, excluding amounts collected on behalf of third parties [36]. Asset Management - Fixed assets are recognized when it is probable that economic benefits will flow to the company and the cost can be reliably measured, with depreciation calculated using the straight-line method over their useful lives [22]. - Inventory is measured at the lower of cost and net realizable value, with specific methods for different types of inventory [19][20]. Impairment Testing - The company conducts impairment testing for long-term assets, including fixed assets and intangible assets, whenever there are indications of impairment, measuring recoverable amounts based on fair value less costs to sell or the present value of future cash flows [32][30]. Employee Compensation - The company recognizes short-term employee benefits as liabilities and expenses in the period in which the services are rendered, including social insurance contributions and other employee welfare expenses [33][34].

Group 1 - The company currently has a total nuclear power order backlog of approximately 2.9 billion yuan [1] - Within the group, the nuclear power order backlog is about 1.6 billion yuan, with new orders signed this year amounting to around 600 million yuan [1]

Investment Rating - The report maintains a "Buy" recommendation for the electricity and public utilities sector, highlighting potential catalysts from green energy policies [2] Core Insights - The report indicates a recovery in profitability for thermal power, stable growth in hydropower, and anticipates future developments in nuclear and green energy sectors [2][5] Summary by Sections Thermal Power - The decline in coal prices has driven performance improvements, with notable profit growth in companies such as JianTou Energy (+157.96%) and JingNeng Power (+116.63%) in H1 2025 [5][10] - The outlook suggests that continued coal price declines may lead to excess profits for thermal power companies, with coal prices significantly lower than the previous year [14][17] Hydropower - Performance in hydropower has been driven by improved water inflow, with companies like MinDong Power (+32.96%) and GanSu Energy (+16.87%) showing strong profit growth in H1 2025 [27][33] - The outlook indicates a potential shift in market dynamics due to rising long-term bond rates, which may affect asset allocation strategies [39] Nuclear Power - Short-term performance for nuclear power companies has been under pressure, with China Nuclear Power reporting a 3.7% decline in net profit in H1 2025, while China General Nuclear Power saw a 16.3% drop [41][42] - The long-term outlook remains positive, with significant growth potential expected as new nuclear units are commissioned [54] Green Energy - The offshore wind sector is poised for growth, although traditional green energy faces challenges. Companies like FuNeng Co. reported a 12.48% increase in net profit, while others experienced declines due to weak wind conditions [59][60] - The report emphasizes the importance of policy catalysts for offshore wind development and suggests monitoring companies involved in this sector [5][58]

Core Viewpoint - China Energy Engineering Corporation's Jiangsu Electric Power Construction Third Company, in partnership with China Nuclear Huacheng Construction Engineering Co., has won a bid for the Jiangsu Xuwei Nuclear Heating Plant Phase I conventional island construction project, with a bid amount of 4.22516 billion yuan [1] Group 1 - The Jiangsu Xuwei Nuclear Heating Power Plant Phase I project is located in Lianyungang City, Jiangsu Province, and is the world's first demonstration project featuring a dual-coupling of a third-generation pressurized water reactor and a fourth-generation high-temperature gas-cooled reactor [1] - This project is the first nuclear power plant in China primarily aimed at providing steam and heating, while also supplying electricity [1] - The project will utilize the third-generation "Hualong One" and fourth-generation high-temperature gas-cooled reactor coupling technology, involving the construction of two "Hualong One" pressurized water reactor units and one high-temperature gas-cooled reactor unit, along with a steam heat exchange station [1] Group 2 - Jiangsu Electric Power Construction Third Company's scope of work includes the construction of three conventional island power plant buildings and their auxiliary facilities, as well as part of the BOP (Balance of Plant) sub-item construction and installation [1]

Group 1 - The Trump administration prefers to support nuclear energy through loan guarantees and tax incentives over wind and solar energy, as nuclear is seen as "more American" [1] - Nuclear energy is viewed as a new investment opportunity that requires proper funding, which the Trump administration aims to implement as part of a long-term plan [1] - The construction of nuclear power plants is considered a strategy to extend the life of aging coal plants and improve the efficiency of the existing power grid [1] Group 2 - The Trump administration has recently taken steps to halt the expansion of offshore wind energy, including a work stoppage order on the "Revolution Wind" project, which was 80% complete [1] - Critics argue that revoking permits for nearly completed renewable energy projects creates instability and uncertainty, but the administration counters that successful projects should not rely on tax credits or subsidies [2] - The message conveyed is that economically viable projects should not depend on tax incentives, reflecting a successful approach in the fossil fuel sector [2]

Non-Banking Financials - China Ping An (601318.SH) reported a revenue of 500.1 billion and a net profit of 68 billion for H1 2025, with a year-on-year growth of 1.0% and a decline of 8.8% respectively [2][8] - The operating profit after tax (OPAT) increased by 3.7% to 77.7 billion, while the net assets rose by 1.7% to 944 billion [2][8] - The new business value (NBV) for life insurance grew by 39.8%, and the combined ratio (COR) for property insurance improved by 2.6 percentage points to 95.2% [2][8] Pharmaceuticals - Zai Lab (688266.SH) achieved a total revenue of 376 million, marking a 56.07% increase year-on-year, although it reported a net loss of 73 million [13][14] - The company’s key product, Gika Xini, was approved for market, expected to generate significant revenue [14][15] - The pipeline includes promising candidates like ZG005 and ZG006, which are in various stages of clinical trials and have shown strong efficacy [15][16] Utilities and Environmental Protection - China Nuclear Power (601985.SH) reported a revenue of 40.973 billion, a 9.43% increase, but a net profit of 5.67 billion, down 3.66% year-on-year [18][19] - The company plans to distribute a mid-term dividend of 0.02 per share, reflecting its commitment to shareholder returns [20] - The company has 19 units under construction or approved, with a total capacity of approximately 22GW, ensuring long-term growth [20] Medical Devices - Haitai New Light (688677.SH) reported a revenue of 266 million, a 20.50% increase, and a net profit of 74 million, up 5.52% [22][23] - The company’s medical endoscope revenue reached 207 million, with significant growth in overseas markets [23][24] - The gross margin for the company improved to 65.84%, driven by increased sales and operational efficiency [23][24] Construction and Building Materials - Jianghe Group (601886.SH) reported a revenue of 9.339 billion, a decrease of 5.86%, but a net profit increase of 1.69% to 328 million [30][31] - The company has a high dividend payout ratio of 51.82%, indicating strong investor returns [30][31] - The company is expanding its overseas market presence, with significant growth in orders from international markets [31][32] Transportation - Shentong Express (002468.SZ) achieved a revenue of 25.02 billion, a 16.02% increase, but faced a net profit decline of 3.73% [37][38] - The company’s market share reached 12.9%, with a significant volume of 6.54 billion parcels processed [38][39] - The company is focusing on digital transformation and improving customer service to enhance profitability amid competitive pricing pressures [39][40]

Group 1 - The company is currently advancing a major asset restructuring, divesting its existing financial business and acquiring high-quality nuclear power assets primarily engaged in the construction, operation, and management of nuclear power plants [1] - The listed company will become the integration platform for nuclear power operation assets of the State Power Investment Corporation [1] - The company has not yet ventured into the field of controllable nuclear fusion technology [1]