CGN Power acquires nuclear assets, revises transaction caps amid mixed results

CGN Power Co. reported an operating revenue of RMB39,167.2 million for the first half of 2025, a 0.5% decrease from 2024. Net profit attributable to shareholders declined by 16.3% to RMB5,951.8 million. The company's total on-grid power generation, including associates, increased by 6.93% to 113,360 GWh. CGN Power also announced the acquisition of 82% of Huizhou Nuclear Power, 100% of Huizhou No. 2 Nuclear Power, 100% of Huizhou No. 3 Nuclear Power, and 100% of Zhanjiang Nuclear Power for approximately RMB9.38 billion, enhancing its operational and construction capacity.

In addition to the acquisition, the board approved revised annual caps for continuing connected transactions with CGN for 2025-2027. The caps for general services increased from RMB1,810 million to RMB2,200 million for 2025, RMB1,950 million to RMB2,500 million for 2026, and RMB1,970 million to RMB2,600 million for 2027. Technical support and maintenance services caps were also revised from RMB3,430 million to RMB5,400 million for 2025, RMB3,450 million to RMB5,500 million for 2026, and RMB3,430 million to RMB6,000 million for 2027.

The company also proposed amendments to its articles of association, including abolishing the supervisory committee and reassigning its duties to the audit and risk management committee. Changes to the procedural rules of general meeting and board of directors were also proposed to align with new regulatory requirements. These changes will be reviewed at an extraordinary general meeting.