| 证券代码：601985 | 证券简称：中国核电 公告编号：2025-010 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 关于完成 2024 年度向特定对象发行 A 股股票暨 股东权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特别提示： 1、中国核能电力股份有限公司（以下简称中国核电或公司）于 2025 年 1 月 10 日完成向特定对象发行 A 股股票（以下简称本次发行）。公司控股股东中 国核工业集团有限公司（以下简称中核集团）、全国社会保障基金理事会（以下 简称社保基金会）以现金方式一次性全额认购本次发行的 A 股股票，发行数量 为 1,684,717,207 股，发行价格为 8.31 元/股。 3、本次权益变动构成关联交易，不会导致公司控股股东及实际控制人发生 变更。 4、本次权益变动导致控股股东持股比例被动稀释超过 1%。 一、本次发行基本情况 公司分别于 2024 年 7 月 11 日召开第四届董事会第二十二次会议 ...

证券代码：601985 证券简称：中国核电 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票 上市公告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年一月 中国核能电力股份有限公司 2024年度向特定对象发行A股股票上市公告书 特别提示 一、发行数量及价格 1、发行数量：1,684,717,207 股 2、发行价格：8.31 元/股 3、募集资金总额：人民币 13,999,999,990.17 元 4、募集资金净额：人民币 13,997,654,262.12 元 二、新增股票上市安排 本次发行新增股份将于限售期届满后的次一交易日起在上海证券交易所主 板上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一个交易日。 三、新增股份的限售安排 本次发行完成后，发行对象认购的股份自本次发行结束之日起 36 个月内不 得转让。法律法规、规范性文件对限售期另有规定的，依其规定。发行对象基于 本次交易所取得的上市公司向特定对象发行的股票，因上市公司分配股票股利、 资本公积转增股本等情形所衍生取得的股份亦应遵守上述股份锁定安排。发行对 象因本次交易取得的上市 ...

证券代码：601985 证券简称：中国核电 公告编号：2025-008 中国核能电力股份有限公司 关于 2025 年第一次临时股东大会取消部分议案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 股东大会有关情况 1、 股东大会的类型和届次 2025 年第一次临时股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601985 | 中国核电 | 2025/1/15 | 二、 取消议案的情况说明 1、 取消议案名称 | 序号 | 议案名称 | | --- | --- | | 2.03 | 戴新民 | 召开地点：北京市海淀区玲珑路 9 号院东区 10 号楼中国核能电力股份有限公 司 2、 网络投票的的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 1 月 20 日 至 2025 年 1 月 20 日 2、 取消议案原因 2024 年 12 月 31 日，公司召开的第四届 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a stable performance for the entire year despite short-term pressures from maintenance activities in the first three quarters. The fourth quarter is projected to show a recovery in nuclear power generation, with an estimated output of 47.484 billion kWh, a year-on-year increase of 1.00%. The overall annual generation is expected to be 216.349 billion kWh, reflecting a year-on-year growth of 3.09% [2][5]. - The company anticipates a significant increase in renewable energy generation, with a target of 33.227 billion kWh for 2024, representing a year-on-year growth of 42.21%. This growth in renewable energy is expected to alleviate the pressure from the decline in nuclear power generation [2][5]. - For 2025, the company has set a generation target of 237 billion kWh, with nuclear power contributing 195.4 billion kWh and renewable energy contributing 41.6 billion kWh. The completion of new projects is expected to support these targets [5][11]. Summary by Sections Company Overview - The company reported a total operational generation of 2,163.49 billion kWh for 2024, with a year-on-year increase of 3.09%. The 2025 generation target is set at 2,370 billion kWh [5]. Performance Analysis - The fourth quarter is expected to show a recovery in nuclear power generation, while the first three quarters faced challenges due to maintenance. The overall annual performance is projected to be stable, with a narrowing decline compared to the first three quarters [2][5]. - The renewable energy segment is expected to grow significantly, with a total installed capacity of 29.5962 million kW, including wind and solar power, which will contribute to the overall generation growth [2][5]. Financial Projections - The company forecasts earnings per share (EPS) of 0.57 yuan for 2024 and 2025, and 0.65 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 17.43, 17.46, and 15.12 respectively [11][14].

Investment Rating - The investment rating for China Nuclear Power is "Hold" [2][6]. Core Views - The company reported a 3.09% year-on-year increase in total operational power generation for 2024, with a total of 216.349 billion kWh, and a target of 237 billion kWh for 2025, representing a growth of 9.55% [3][4]. - The nuclear power generation for 2024 was 183.122 billion kWh, a decrease of 1.80% year-on-year, while renewable energy generation saw a significant increase of 42.21% to 33.227 billion kWh [4][5]. - The company aims to exceed its 30 GW renewable energy installation target during the 14th Five-Year Plan period, with current operational capacity at 29.60 GW and an additional 14.36 GW under construction [5][6]. Summary by Sections Operational Performance - In 2024, the cumulative operational power generation was 2163.49 billion kWh, with a year-on-year growth of 3.09% and grid-connected power generation at 2039.23 billion kWh, up 3.28% [3][4]. - The 2025 target includes 195.4 billion kWh from nuclear power (6.70% growth) and 41.6 billion kWh from renewable sources (25.20% growth) [4]. Financial Forecasts - The projected net profits for 2024, 2025, and 2026 are 9.836 billion, 11.099 billion, and 11.707 billion yuan respectively, with corresponding P/E ratios of 19.6, 17.3, and 16.4 [6][7]. - Revenue is expected to grow from 76.19 billion yuan in 2024 to 90.055 billion yuan in 2026, reflecting an increase of 11% in 2025 [7][10]. Capacity and Infrastructure - As of December 31, 2024, the company had 25 operational nuclear units with a total capacity of 23.75 GW, which will increase to 24.96 GW with the commissioning of the Zhangzhou Nuclear Power Plant Unit 1 on January 1, 2025 [5][6]. - The company has 17 nuclear units under construction or awaiting approval, corresponding to 19.43 GW of additional capacity [5].

Investment Rating - The report assigns a target price of 10.43 yuan for China Nuclear Power (601985) [1]. Core Viewpoints - China Nuclear Power is positioned as a leading player in the nuclear energy sector, with a robust portfolio of operational and under-construction nuclear power plants, contributing significantly to the country's clean energy transition [5][6][27]. - The company has demonstrated stable profitability in its nuclear operations while experiencing rapid growth in its renewable energy segments, particularly in wind and solar power [42][51]. Financial Data and Valuation - Revenue projections indicate a steady increase from 71,285.60 million yuan in 2022 to 94,646.60 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 10.03% [9]. - The net profit attributable to shareholders is expected to rise from 9,010.35 million yuan in 2022 to 13,073.49 million yuan in 2026, reflecting a CAGR of about 10.14% [9]. - The company's return on equity (ROE) is projected to remain stable around 11% over the forecast period [9]. Operational Performance - As of September 30, 2024, the company operates 25 nuclear units with a total installed capacity of 23.75 million kilowatts and has 18 units under construction or approved for construction with a capacity of 20.64 million kilowatts, totaling 44.39 million kilowatts [17]. - The company also has a significant presence in non-nuclear clean energy, with operational capacity of 24.15 million kilowatts, including 7.83 million kilowatts from wind and 16.32 million kilowatts from solar [17]. Revenue Structure - From 2019 to 2023, the average annual compound growth rates for nuclear, wind, and solar revenues were 8.66%, 156.30%, and 123.91%, respectively, indicating a shift towards renewable energy sources [19]. - In 2023, the revenue breakdown was 84.66% from nuclear, 7.85% from solar, and 5.24% from wind, with a noticeable increase in the share of renewable energy in 2024 [19]. Industry Context - The global trend towards nuclear energy is gaining momentum, with over 70 countries committing to reduce greenhouse gas emissions, positioning nuclear power as a key player in achieving net-zero targets [28]. - China's "14th Five-Year Plan" aims to increase nuclear power capacity to approximately 70 million kilowatts by 2025, highlighting the government's commitment to nuclear energy development [28][54].

经与会董事审议，形成决议如下： 一、通过了《关于修订公司<全面风险和内部控制管理>制度的议案》 表决结果：同意票数 12 票；反对票数 0 票；弃权票数 0 票。 | 证券代码：601985 | 证券简称：中国核电 公告编号：2025-001 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 第四届董事会第二十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届董事会第二十八次会议 于 2024 年 12 月 31 日以通讯方式召开。本次会议的通知及相关会议材料已于 2024 年 12 月 27 日由董事会办公室提交全体董事。本次会议应参会表决董事 12 人，实际参会董事 12 人。会议的召集召开符合《公司法》和《公司章程》的规 定，所作决议合法有效。 表决结果：同意票数 12 票；反对票数 0 票；弃权票数 0 票。 《中国核能电力股份有限公司关于公司董事会、监事会换届选举的公告》全 文刊 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2025-002 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 第四届监事会第二十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第四届监事会第二十六次会议 于 2024 年 12 月 31 日以通讯方式召开。本次会议的通知及相关会议材料已于 2024 年 12 月 27 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人，实际参会监事 5 人。会议的召集召开符合《公司法》和《公司章程》的规定， 所作决议合法有效。 经与会监事审议，形成决议如下： 表决结果：同意票数 5 票；反对票数 0 票；弃权票数 0 票。 《中国核能电力股份有限公司关于公司董事会、监事会换届选举的公告》全 文刊载于上海证券交易所网站（http://www.sse.com.cn），投资者可查询详细内容。 特此公告。 中国核能电力股份有限公司监事会 ...

Core Viewpoint - China Nuclear Power (601985) has successfully completed a private placement, raising approximately 14 billion yuan through the issuance of 1.685 billion shares at a price of 8.31 yuan per share, with the National Social Security Fund (NSSF) being the main subscriber [1][2] Group 1: Fundraising Details - The total amount raised from the private placement is about 14 billion yuan, with a net amount of 13.998 billion yuan [1] - The NSSF invested nearly 12 billion yuan to acquire 1.444 billion shares, making it the second-largest shareholder of China Nuclear Power with a 7.02% stake [2] Group 2: Strategic Importance - The introduction of the NSSF is seen as a strategic investment that reflects confidence in the company and the nuclear power industry, enhancing the collaboration between state-owned enterprises and social security funds [1][5] - The investment is expected to leverage the advantages of long-term capital and market leadership, contributing to national energy security [5] Group 3: Regulatory Context - The regulatory authorities have been actively promoting the entry of long-term funds into the capital market, with various measures implemented to facilitate this process [3][6] - The NSSF has been increasing its investment pace, having invested in over 60 equity funds and supported more than 6,000 entrepreneurial companies, with a significant portion directed towards strategic emerging industries [4][9] Group 4: Market Impact - This marks the first time the NSSF has participated in a listed company's private placement, indicating a potential shift in investment strategies within the capital market [10]

股票简称：中国核电 股票代码：601985 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票 年 月 日 发行情况报告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年十二月 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票发行情况报告书 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体董事签名： | 卢铁忠 | 邹正宇 | 马恒儒 | | --- | --- | --- | | 录大恩 | 秦玉秀 | 黄宪培 | | 张国华 | 毛延翩 | 吴怡宁 | | 武汉璟 | 虞国平 | 詹应武 | | | | 中国核能电力股份有限公司 | 2 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票发行情况报告书 3 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票发行情况报告书 4 中国核能电力股份有限公司 2024 年度向特定对象发行 A 股股票发行情况报告书 5 ...