China Nuclear Power announced the information of the first extraordinary general meeting of shareholders in 2024. It was mentioned that in 2024, the total investment plan of the company was about 121.55 billion yuan, a year-on-year increase of 51.91. This amount is the first time that the total annual investment plan of the company has exceeded 120 billion yuan since its listing. Since 2023, the company has also made frequent acquisitions, set up subsidiaries and expanded its business footprint.

China's total investment plan for nuclear power in 2024 exceeds 120 billion yuan

on March 19, China nuclear power co., ltd. (securities abbreviation: China nuclear power; Securities code: 601985.SH) released the "information of the first interim shareholders' meeting of China nuclear power 2024", pointing out that according to the company's development plan and 2024 operation plan, China's nuclear power investment plan for 2024 is 121.553 billion yuan, mainly for nuclear power, nuclear energy multi-purpose, new energy, single fixed asset investment projects and capital injection and acquisition projects.

It is reported that the total investment plan of China's nuclear power in 2024 increased by 51.91 year-on-year, setting a new high since its listing. In addition, the company's total annual investment plan has continued to grow in recent years, with 2021, 2022 and 2023 being 33.913 billion yuan, 50.629 billion yuan and 80.017 billion yuan respectively.

China's nuclear power profits are mainly derived from the sales of electricity (including nuclear power generation and non-nuclear clean energy power generation such as wind and light), and nuclear power-related technical services and consulting business. The company takes investment, construction and operation of nuclear power projects as its core business, vigorously develops the non-nuclear clean energy industry, steadily promotes the nuclear energy multi-purpose utilization industry, innovates and develops the nuclear power technology service market, and actively explores new industries at the agile end.

As of December 31, 2023, the company controlled 25 nuclear power units in operation with an installed capacity of 23.75 million kilowatts; controlled 15 units under construction and approved to be built with an installed capacity of 17.565 million kilowatts, and a total nuclear power installed capacity of 41.315 million kilowatts. The company holds 18.5159 million kilowatts of installed capacity in new energy scenery, including 5.9515 million kilowatts of wind power and 12.5644 million kilowatts of photovoltaic power, and 651000 kilowatts of independent energy storage power stations. Holding 9.7275 million kilowatts of new energy projects under construction, including 2.7548 million kilowatts of wind power, 6.9727 million kilowatts of photovoltaic power and 650000 kilowatts of independent energy storage power stations.

According to China Nuclear Power's report for the third quarter of 2023, in terms of performance, in the first three quarters of 2023, the company achieved operating income of 56.089 billion billion yuan, an increase of 6.43 percent over the same period last year, and realized net profit attributable to shareholders of listed companies of 9.327 billion billion yuan, an increase of 16.10 percent over the same period last year. As of September 30, 2023, the Company had total current assets of $74.822 billion, monetary funds of $16.716 billion and a capital-to-liability ratio of 69.51.

The company has frequent acquisitions and is actively expanding its business map

Since 2023, China Nuclear Power has frequently launched acquisitions and actively added subsidiaries to accelerate the expansion of the company's business footprint.

In terms of wind power, China Nuclear Power issued an announcement on June 1, 2023, stating that in order to implement the company's clean energy development strategy and continue to promote industrial structure optimization and transformation and upgrading, the company's holding subsidiary China Nuclear Huineng Co., Ltd. (hereinafter referred to as: China Nuclear Huineng) intends to cooperate with Sany Heavy Energy Co., Ltd. (securities abbreviation: Sany Heavy Energy; securities code: 688349.SH) signed the "equity transfer agreement of channel chiyuan new energy development co., ltd." to transfer 100% equity of channel chiyuan new energy development co., ltd. (hereinafter referred to as channel chiyuan) held by trinity energy at a price of 0.319 billion yuan.

According to data, Channel Chiyuan was established on August 18, 2017 and is a project company engaged in the development, construction and operation of wind farms. Channel Chiyuan will realize operating income of 98.4548 million yuan and net profit of 49.8267 million yuan in 2022.

The expansion of China's nuclear power in wind power is much more than that. On February 7, 2024, China Nuclear Power issued another announcement related to the acquisition, pointing out that the company's controlling subsidiary, CNNC Huineng, plans to sign the "Equity Transfer Agreement of Tongyu Xiangtong New Energy Co., Ltd." with Sany Heavy Energy. CNNC Huineng will transfer 100% of Tongyu Xiangtong New Energy (hereinafter referred to as "Tongyu Xiangtong") held by Sany Heavy Energy at a price of 0.292 billion yuan.

Tongyu Xiangtong was established on January 20, 2022. It is a project company engaged in the development, construction and operation of wind farms. As of the announcement date, Tongyu Xiangtong New Energy holds and manages an installed capacity of 100MW of wind power projects in operation.

China Nuclear Power stated that the smooth implementation of the above transaction is conducive to the company's optimization of resource allocation and is in line with the company's long-term development strategy and the interests of all shareholders.

In terms of photovoltaic power generation, China Nuclear Power issued an acquisition announcement on September 27 of the same year, showing that the company's holding subsidiary, China Nuclear Huineng (Inner Mongolia) Energy Co., Ltd. (hereinafter referred to as: Inner Mongolia Company) and Yishite (Rights Protection) Group Co., Ltd. (securities abbreviation: Yishite; securities code: 300376.SZ) has signed the Equity Transfer Agreement of Minqin Guoneng Solar Power Generation Co., Ltd. and the Equity Transfer Agreement of Jinchang Guoneng Solar Power Generation Co., Ltd. Inner Mongolia Company plans to transfer 100 of the equity of Minqin Guoneng Solar Power Generation Co., Ltd. held by Yishite at a price of 0.25 billion yuan and 100 of the equity of Jinchang Guoneng Solar Power Generation Co., Ltd. (hereinafter referred to as Jinchang Guoneng) held by Yishite at a price of 0.301 billion yuan.

Among them, Minqin Guoneng, as a photovoltaic power station project company, its core assets are the 50MW grid-connected photovoltaic power generation project in Hongshagang, Minqin County, which is held and operated; Jinchang Guoneng is also a photovoltaic power station project company, its core assets are the 50MW grid-connected photovoltaic power generation project in Xipo, Jinchuan District, which is held and operated.

In terms of nuclear power, China Nuclear Power issued an announcement on December 21, 2023, stating that the company intends to jointly invest with Yulin Energy Investment Co., Ltd. (hereinafter referred to as: Yulin Energy Investment) to establish China Nuclear Power Yulin Nuclear Power Co., Ltd. (tentative name, specifically The registered name approved by industry and commerce is quasi, hereinafter referred to as: Yulin Nuclear Power). Among them, the company plans to invest 0.255 billion yuan and hold 51% of Yulin Nuclear Power.

Yulin Nuclear Power has a registered capital of 0.5 billion yuan and will be the construction and operation unit of Yulin Hongling Nuclear Power Project.

The company said that Yulin Nuclear Power, as the owner of the Hongling nuclear power project, is fully responsible for the construction and operation of the project. Yulin Hongling Nuclear Power Project is located near Zhoubei Village, Songwang Town, Bobai County, Yulin City. It is planned to build 6 units, one at a time and in stages. The implementation of the project is of great strategic significance to the company's development layout in Guangxi, as well as the construction of new energy and energy security in Guangxi. In addition, the project is expected to achieve sustainable economic operation after completion.