Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [23] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [23] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [24] - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [26] Business Line Data and Key Metrics Changes - Government operations revenue grew by 14%, with adjusted EBITDA reaching $117 million and a margin of 21.1% [27] - Commercial operations revenue was $128 million, up 10% year over year, with adjusted EBITDA of $14 million and a margin of 10.9% [28] - The backlog for commercial operations reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [17] Market Data and Key Metrics Changes - The U.S. government continues to prioritize naval nuclear fleet and nuclear modernization, creating opportunities for BWXT [7][12] - In Canada, significant investments are being made in nuclear generation capacity, with potential new builds expanding to nearly 20 gigawatts [18] Company Strategy and Development Direction - BWXT is focused on expanding its nuclear services portfolio and enhancing manufacturing capacity in North America [9] - The company is well-positioned to capitalize on long-term investments in clean nuclear power and energy security [6] - The acquisition of Connectrix and expansion of the Cambridge manufacturing plant are part of the strategy to meet growing customer demand [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [10] - The administration's focus on nuclear energy and shipbuilding is seen as a positive for future growth [46] - Management anticipates a modest growth outlook for government operations in 2025, with a revenue CAGR of 3% to 5% in the naval propulsion segment [12] Other Important Information - The company completed the acquisition of AOT and is actively pursuing opportunities in the special materials sector [14] - BWXT is involved in the Advanced Nuclear Power for Installations Program, which aims to provide energy security for U.S. military bases [15] Q&A Session Summary Question: Negative EACs impact on government operations - Management confirmed that negative EACs were split between commercial and government operations, with recovery expected in the second half of the year [35][36] Question: Funding opportunities from recent appropriations - Management indicated limited direct funding opportunities from the continuing resolution but expressed optimism about potential benefits from the reconciliation bill [39][40] Question: Updates on the reconciliation package and shipbuilding - Management noted funding for defense enrichment and nuclear reactors in the reconciliation bill, with a positive outlook for nuclear shipbuilding [44][46] Question: Impact of raw material costs on commercial operations - Management acknowledged that raw material cost issues would affect margins in the first half of the year but expected recovery in the second half [48][49] Question: Timeline for Moly approval and contracting - Management hopes for approval in 2025 but acknowledged potential delays into early 2026 [56][57] Question: Updates on the enrichment contract and pilot program - Management detailed the conceptual stage of the pilot plant and the complexities of using unobligated materials for enrichment [65][68] Question: BWXT's entry into SPR management - Management highlighted their experience and qualifications as key factors in winning the SPR management contract [99][100] Question: Progress on Actinium-225 production - Management confirmed they remain the largest commercial producer of Actinium-225 and are exploring multiple production modalities [102][104]

Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [21] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [21] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [22] Business Line Data and Key Metrics Changes - Government operations saw a revenue increase of 14%, driven by naval propulsion and special materials [24] - Commercial operations revenue was $128 million, up 10% year over year, led by growth in medical and commercial power [25] - Adjusted EBITDA margin for government operations was 21.1%, while commercial operations saw a margin of 10.9%, down 100 basis points due to unfavorable mix and cost absorption [26] Market Data and Key Metrics Changes - The commercial operations backlog reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [15] - The Canadian Nuclear Safety Commission authorized the construction of the first BWRX 300 unit, marking a significant milestone for North America's first SMR project [16] Company Strategy and Development Direction - The company is focused on expanding its nuclear services portfolio and enhancing its manufacturing capacity in North America [7][17] - BWXT is positioned to benefit from long-term investments in nuclear technologies driven by decarbonization and increasing electricity demand [5][6] - The company is actively pursuing opportunities in government contracts, particularly in energy security and environmental restoration projects [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [8] - The administration's focus on naval nuclear fleet and nuclear modernization is expected to support a revenue CAGR of 3% to 5% in the government operations segment [11] - The market for nuclear medicine is anticipated to grow significantly, driven by increasing volumes of SPECT and PET scanning procedures [20] Other Important Information - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [21][23] - The company expects full-year free cash flow to be between $265 million and $285 million [23] Q&A Session Summary Question: Were the negative EACs all at government operations? - The negative EACs were about half from commercial operations and half from government operations, with specific impacts noted in the fuel business [32][33] Question: Do you see BWXT as in line to get any of the funding from the recent appropriations? - There is optimism regarding potential funding from the reconciliation bill, particularly for domestic defense enrichment and DoD nuclear reactors [36][42] Question: Can you provide an update on the Actinium-225 effort? - The company remains the largest commercial producer of Actinium-225 and is exploring multiple production modalities [98] Question: What is the status of the enrichment contract and pilot program? - The pilot program is in the conceptual stage, focusing on designing a pilot plant for centrifuge-type enrichment technology [62][63] Question: How is the company managing the zirconium cost impact? - The company has strong relationships with customers that allow for a path through mechanism to mitigate unforeseen risks related to raw material costs [89]

Market Overview - The Hang Seng Index rose 1.74% and the Hang Seng Tech Index increased by 3.08% on the first trading day of May [1] - Despite a seemingly positive outlook for US stocks, there was a significant outflow of $8.9 billion from the US stock market, marking the largest outflow since December 2023 [1] - The US Chamber of Commerce urged the Trump administration to implement a tariff exemption mechanism to prevent economic recession and harm to small businesses [1] Trade Relations - The Chinese Ministry of Commerce noted a shift in the US stance regarding tariff negotiations, indicating a willingness to engage in talks [2] - The FTSE China A50 index futures reacted positively, rising over 0.9%, and the offshore RMB appreciated significantly against the USD [2] - New tariff adjustments confirmed that auto parts from Canada and Mexico will be exempt from a 25% tariff starting May 3 [2] Automotive Sector - Xpeng Motors reported a record delivery of over 30,000 vehicles for six consecutive months, with specific models achieving significant sales milestones [3] - Leap Motor's delivery volume for April reached 41,039 units, a 173% year-on-year increase, leading to a stock price increase of over 7% [3] - Xiaomi's automotive division also saw a rise in deliveries, contributing to a stock increase of over 6% [3] Technology Sector - Major US tech companies like Meta, Microsoft, and Apple reported strong earnings, unaffected by tariff issues, and reaffirmed aggressive AI investment plans [4] - The upcoming US non-farm payroll report is anticipated to influence market expectations regarding Federal Reserve interest rate decisions [4] - President Trump's recent sanctions on countries purchasing oil from Iran are viewed as a bargaining chip rather than a definitive policy change [4] Berkshire Hathaway - Berkshire Hathaway's annual shareholder meeting is set to take place, where Warren Buffett will discuss market perspectives and investment strategies, including significant cash reserves [5] Nuclear Energy Development - There is a global surge in the development of small modular reactors (SMRs) driven by climate change initiatives and demand for clean energy [6] - China's advancements in SMR technology are notable, with significant projects like the BEST project aimed at demonstrating fusion energy generation [6] Company Performance - China State Construction International reported a 5.5% year-on-year revenue increase in Q1 2025, with a notable rise in technology-related income [7] - The company’s new contract value decreased by 29.1% year-on-year, but adjusted figures show a strong performance when excluding high baseline effects from previous major projects [8] - The technology segment's revenue contribution increased to 20%, indicating a positive trend in the company's business model and market positioning [8]

新华财经北京4月29日电（记者安娜）中国核能行业协会信息化专业委员会主任王炳华29日表示，当 前，核能行业数字化转型已成为国内外同行的共识，正迎来前所未有的发展机遇。对照数字化转型 从"规范级"到"生态级"的五个发展阶段，后续相关企业在推动核能数字化转型中应处理好五个关系。 王炳华是当日在中国核能行业协会举办的2025春季核能可持续发展国际论坛数智化转型分论坛上作出上 述表述的。 据王炳华介绍，对照相关政策文件和国家标准《数字化转型管理-参考架构》，核能行业各企业数字化 转型的发展阶段与水平已普遍跨过了规范级（初始级）阶段；部分企业实现了场景级（单元级）的信息 系统集成，业务应用向全企业的领域级（流程级）延伸和覆盖，单企业或局部的数字化成果价值点往往 散布在局部场景或业务领域，这个阶段的数字化转型虽然投入很大，但容易出现整体效益不明显、能力 转换没有达到预期的现象，导致部分企业产生失望、迷茫和懈怠情绪。 "我坚信，核能行业数字化转型必将走向产业链供应链广泛协同创新，数据驱动、知识赋能、智能自主 纵深发展的平台级（网络级）数字化转型阶段。"王炳华说，核能企业数字化将建立在更大范围、更深 程度汇聚和协同开发利用社 ...

Core Insights - The controllable nuclear fusion industry chain is characterized by high technical content, with downstream applications not yet commercialized [1] Group 1: Industry Chain Overview - The upstream of the controllable nuclear fusion industry includes various raw materials such as superconducting magnet materials, rare metals like tungsten and tantalum, special steel, and fuels like deuterium and tritium [1] - The midstream involves equipment and reactor engineering construction, with common devices including tokamak fusion experimental devices, magnetic systems, vacuum systems, heating and current drive systems, and other essential equipment [1] - The downstream primarily focuses on nuclear power plant operations for research and power generation [1] Group 2: Key Enterprises in Upstream and Midstream - Key upstream companies providing superconducting magnet materials include Jiuli New Materials, Shanghai Superconductor, and Lianchuang Superconductor; companies producing cladding materials include Zhangyuan Tungsten and Chujian New Materials [2] - In the midstream equipment manufacturing sector, West Superconductor's Nb3Sn superconducting wire is widely adopted; Antai Technology's low-noise antenna tungsten string limiter is used in the EAST superconducting tokamak fusion experimental device [2] - China National Nuclear Corporation is a major player in the engineering construction of controllable nuclear fusion, with significant advancements in its fusion device, "China Circulation No. 3" [2] Group 3: Downstream Applications and Current Status - Controllable nuclear fusion is still in the critical technology research phase and has not yet achieved commercial power generation; current projects include the China Fusion Engineering Test Reactor (CFETR) and the Compact Fusion Energy Experimental Device (BEST) [3] - Ongoing technological breakthroughs and experimental validations are expected to provide solid technical support for future clean energy supply and enhance the industry chain layout [3] Group 4: Regional Distribution of the Industry - As of March 25, 2025, there are 170 institutions related to controllable nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19) and Beijing (17) [7] - The distribution of listed companies related to controllable nuclear fusion includes 47 companies across 15 provinces, with Jiangsu Province having the most at 8 companies, including Yongding Co., Ltd. [9] - A significant industrial cluster is forming around Hefei and Shanghai, with a focus on the Jiangsu-Zhejiang-Shanghai-Huai region and Chengdu and Xi'an as key areas for fusion equipment [10]

西班牙核安全委员会：所有核反应堆运行安全稳定。 ...

"截至2024年底，我国在建核电机组数量为28台，总装机容量为3370万千瓦，在建机组装机容量连续18 年保持全球第一。"在4月27日召开的中国核能行业协会2025春季核能可持续发展国际论坛上，中国核能 发展报告首席专家王毅韧表示。 与此同时，我国核能国际合作不断取得新进展。《报告》明确，采用"华龙一号"技术的巴基斯坦恰希玛 核电站5号机组开工建设，我国已累计出口7台核电机组。持续加强与国际原子能机构（IAEA）的交流 与合作，深度参与国际热核聚变实验堆（ITER）工程建设，向全球开放包括中国先进研究堆在内的12 个核科研设施和实验平台。 "按照当前的建设速度和节奏，2030年前我国在运核电装机规模将跃居世界第一；预计到2040年我国核 电装机需达到2亿千瓦，发电量占比约10%。"王毅韧预测。 在此背景下，王毅韧建议，要充分利用现有沿海核电厂址资源积极有序推进项目开发，并通过厂址扩 建、复用煤电退役厂址等方式增加厂址资源储备。要坚持"热堆-快堆-聚变堆"核能"三步走"发展战略， 围绕一体化闭式循环快堆核能系统、小型模块化反应堆等设立国家科技重大专项。同时，要加强铀资 源、核电工程建设、核电装备制造等重点领域国 ...

Core Insights - Nuclear fusion energy is considered the ultimate solution for human energy needs, with significant advancements being made in China towards its development [1][2] - China is constructing the compact fusion energy experimental device (BEST) in Hefei, expected to be completed by 2027, with the potential to demonstrate fusion power generation within five years [1] - The country aims to achieve a nuclear power installed capacity of 65 million kilowatts by the end of 2025, contributing to global nuclear energy growth projected to exceed 1.1 billion kilowatts by 2050 [1] Group 1: Nuclear Fusion Development - The "three-step" strategy for fusion energy application in China includes the recent achievement of the "billion-degree second" world record by the EAST device, marking a significant transition from basic science to engineering practice [1] - The BEST project will be the first to generate real energy and demonstrate fusion power generation on a global scale [1] - The Chinese Fusion Engineering Demonstration Reactor (CFEDR) has initiated engineering design, aiming to build the world's first fusion demonstration power plant [1] Group 2: Small Modular Reactors - The next decade is identified as a critical period for the development and promotion of small modular reactors (SMRs), which offer advantages such as shorter construction periods, lower investment costs, and greater site adaptability compared to large reactors [2] - SMRs are gaining global attention due to their inherent safety, smaller size, high power density, lower nuclear waste generation, and reduced decommissioning costs [2] - China has completed the world's first fourth-generation pebble bed high-temperature gas-cooled reactor and is expected to lead in constructing the first land-based small pressurized water reactor, "Linglong One," with commercial demonstration of small reactor power plants anticipated by around 2030 [2]

今日导读 1. 4月27日，中国核能行业协会发布《中国核能发展报告2025》蓝皮书。蓝皮书显示，截至目前，我国在运、在建和核准建设的核电机组共 102台、装机容量达到1.13亿千瓦，核电总体规模首次跃居世界第一。目前，我国在建核电机组共28台，总装机容量达到3365万千瓦，在建 机组装机容量连续18年保持世界第一；我国商运核电机组达到58台，总装机容量达6096万千瓦。 2. 据Choice统计，4月28日—30日，将有8只股票型ETF集中上市，其中5只将在4月30日上市。 3. 中国证监会官网披露，粤芯半导体技术股份有限公司（简称"粤芯半导体"）日前已向广东证监局提交IPO辅导备案申请，辅导机 构为广发证券。 粤芯半导体官网显示，粤芯半导体专注于服务中国市场，致力于满足国产模拟芯片制造需求，助力广东打造中国集成电路"第三极"。 宏观消息 1、 商务部等6部门近日印发关于进一步 优化 离境退税政策扩大入境消费 的通知。通知提出，下调离境退税起退点。境外旅客同日同店购买退税物品金额达到 200元人民币，且符合其他相关规定的，可以申请办理离境退税。通知从推动离境退税商店增量扩容、丰富离境退税商品供给、提升离境退税 ...

Core Viewpoint - The 2025 Spring International Forum on Sustainable Development of Nuclear Energy is being held in Beijing, showcasing the robust growth and global leadership of China's nuclear energy industry [1][3]. Industry Overview - The "China Nuclear Development Report (2025)" was released, indicating that China's nuclear energy sector ranks among the top globally in several metrics, with a strong development momentum [3][5]. - By the end of 2024, China will have 57 operational nuclear power units with a total installed capacity of 59.76 million kilowatts, ranking third globally [4]. - China's nuclear power generation is projected to reach 444.7 billion kilowatt-hours in 2024, making it the second-largest globally and accounting for 4.72% of the national power generation [4]. Future Projections - It is anticipated that by 2030, China's operational nuclear power capacity will become the largest in the world [5]. - The report suggests promoting balanced development of nuclear power, enhancing nuclear technology innovation, and strengthening uranium resource development to support high-quality industry growth [5]. Technological and Industrial Advancements - China's nuclear power sector has achieved 100% domestic production of main equipment, optimized uranium mining capacity, and positioned itself among the leaders in nuclear fuel component processing [4]. - Significant advancements in nuclear technology applications have been made, including the mass production of key medical isotopes and the approval of several new radioactive drugs [4]. - Innovations in technology are evident with the continuous optimization of advanced reactor types like "Guohe No. 1" and "Hualong No. 1," alongside ongoing research into various new reactor designs and nuclear fuel cycle technologies [4]. International Cooperation - China has exported a total of 7 nuclear power units and is engaged in multi-faceted cooperation with various countries in the nuclear energy sector [4].