On March 27, 2025, China General Nuclear Power Corporation Limited (hereinafter “CGNP” or “the Company,” Hong Kong Stock Exchange: 1816.HK; Shenzhen Stock Exchange: 003816.SZ) held its 2024 Annual Results Conference in Shenzhen. In 2024, CGNP’s annual grid-connected electricity reached 227.284 billion kWh. Six units under the Company’s management received national approval, and the installed capacity of operational and under-construction units exceeded 51.2 million kW. The conference was attended by Yang Changli, Chairman of CGNP; Gao Ligang, Executive Director and President; Xu Hua, Independent Director; Yin Engang, Chief Financial Officer and Board Secretary; and Vice Presidents Qin Yuxin and Liu Haijun.

Stable Operational Performance and Steady Shareholder Returns

In 2024, total national electricity consumption grew by 6.8% year-on-year, with the overall supply-demand balance maintained across China. The 28 operational units managed by the Company maintained safe and stable operations, generating 227.284 billion kWh of grid-connected electricity, up 6.13% year-on-year, continuously providing safe, reliable, and efficient clean power to their respective provinces. By the end of 2024, the installed capacity of operational and under-construction units under the Company’s management exceeded 51.2 million kW, keeping CGN Power at the forefront of domestic installed capacity.

Throughout 2024, the Company employed multiple channels and measures to secure additional grid-connected electricity, effectively mitigating risks associated with electricity market price fluctuations, while strictly controlling non-essential expenditures to maintain overall stable performance.Net profit attributable to shareholders of the parent company reached RMB 10.814 billion, up 0.83% year-on-year; net profit attributable to the parent company excluding non-recurring gains and losses was RMB 10.713 billion, up 0.94% year-on-year. The Board of Directors proposed a final cash dividend of RMB 0.095 per share for 2024, representing a payout ratio of 44.36%, continuing the Company’s commitment to its five-year dividend plan.

Safe and Stable Operation of Units; High-Quality Construction of Under-Construction Units 

Ensuring absolute nuclear safety is the primary responsibility of a nuclear power enterprise. CGNP has always adhered to the principle that “nuclear safety is paramount”, upholding the fundamental tenets of “safety first, quality first, and pursuit of excellence”, continuously strengthening the foundation of nuclear safety, and consistently implementing these principles in the construction and operational management of nuclear power plants. The Company rigorously implements the national Special Action Plan for Comprehensive Strengthening of Nuclear Safety Management in the Nuclear Power Industry, establishing a more stringent nuclear safety accountability framework and a more effective nuclear safety management and supervision system. By leading from the top, CGNP conducted, for the fifth consecutive year, safety inspections of all nuclear power bases led respectively by the Chairman and senior management. Each subsidiary has established a mechanism for comprehensive safety inspections by management personnel. In 2024, more than 86% of operational units under the Company’s management met or exceeded the World Association of Nuclear Operators (WANO) indicators at world-class levels. The average capacity factor of the 28 operational units was approximately 92%, maintaining high-end stability.

▲ CGN Hualong One (HPR1000) Demonstration Project – Fangchenggang Nuclear Power Plant Phase II, Guangxi

▲ CGN Zhejiang San’ao Nuclear Power Base Hualong One (HPR1000) Construction Site

On May 25, 2024, Fangchenggang Nuclear Power Plant Unit 4 officially commenced commercial operation, marking the full completion of CGN Power’s Hualong One (HPR1000) demonstration project. Regarding new project approvals, in August 2024, six units under the Company’s management received national approval, including Cangnan Nuclear Power Units 3 and 4, which are managed on behalf of the controlling shareholder. By the end of 2024, CGNP managed a total of 16 units under construction, including Huizhou Nuclear Power Units 1–4 and Cangnan Nuclear Power Units 1–4, also on behalf of the controlling shareholder. The progress of these projects is in line with the Company’s plans. The Company will continue to advance the principle of “each project better than the last, each unit better than the last”, ensuring efficient and standardized construction of under-construction units.

Driving Development through Technological Innovation and Consolidating Industry Leadership

Since the construction of the Daya Bay Nuclear Power Plant in the 1980s, CGN Power has consistently adhered to a strategy of technology-driven development, continuously promoting technological upgrades and independent innovation.

▲ CGN Daya Bay Nuclear Power Base

The Company focuses on its core nuclear energy business, building a standardized product portfolio centered on Hualong One (HPR1000), small modular pressurized water reactors (SMRs), and advanced reactor types. At the same time, technological innovation addresses key challenges in construction and operational processes, enhancing both nuclear safety and economic performance. Significant technological milestones include: Continuous optimization of Hualong One (HPR1000) technology, completing multiple critical tests including overall safety system effect experiments; Ningde Nuclear Power Units achieving the industry’s first remote online repair of thermal sleeves; Lufeng Nuclear Power Unit 6 applying advanced construction techniques such as the nuclear power version of a “building elevator”, improving on-site safety levels.

The Company will firmly pursue its “innovation-driven development” strategy, actively promoting independent innovation across planning, platform construction, institutional support, and talent development. CGNP aims to cultivate original technologies, lead innovation, nurture strategic emerging industries, and promote coordinated development across industry elements. Efforts include forming alliances encompassing key enterprises’ industrial chains, supply chains, and innovation chains, and enhancing industrial control through standards alignment and business model innovation.

Practicing Sustainable Development and Creating Shared Value 

As a clean and efficient energy source, nuclear power is recognized for strict regulatory compliance and a transparent nuclear safety culture, aligning closely with Environmental, Social, and Corporate Governance (ESG) management principles. In 2024, the Company’s cumulative grid-connected power generation reduced standard coal consumption by approximately 68.9124 million tons and CO₂ emissions by approximately 187 million tons, equivalent to planting over 510,000 hectares of forest.

CGNP adheres to the principle of “enterprise development starts with talent”, continuously improving talent development systems, establishing smooth career pathways, and fostering a diverse and inclusive workplace, supporting employees in realizing their full potential. The Company places high emphasis on supply chain resilience and safety. By precisely constructing systems, strictly reviewing suppliers, and strengthening optimization management, CGN Power integrates green, safety, and quality principles throughout the supply chain, while exploring complementary advantages of industry-academia-research cooperation to enhance efficiency, quality, innovation potential, and safety, promoting overall stable and sustainable industry development. CGN Power adheres to the 3N community development philosophy: “Safe Neighbor, Friendly Neighbor, Warm Neighbor”, committing to open and transparent communication with the public and pursuing shared growth with local communities, allowing residents to jointly enjoy the benefits of development.