Chairman's Statement
-
Dear shareholders,
2024 marked a pivotal year for achieving the objectives outlined in China’ s “ 14 th Five-Year Plan”. In response to the complex and challenging domestic and international landscapes, China took comprehensive measures to balance high- quality development with high-level security, which effectively boosted market confidence while sustaining stable economic growth. With the further transition towards green and low-carbon initiatives, and the accelerated construction of a new type of power system and a unified national power market, the electricity traded in the market registered year- on-year growth. As a clean energy company, we are committed to enhancing our core capabilities such as nuclear safety, energy security, industrial chain security, and resource security. We have strengthened our safety assurance capabilities, prioritized high- quality development, and reinforced our work style focusing on “Strict Compliance, Prudent Decision- making, Detail-oriented and Fact-based Approach”. By upholding the stringent nuclear safety standards and ensuring stable operations, our business performance has continued to improve. These achievements are the result of the relentless efforts of all our employees, and the unwavering trust and strong support from our shareholders, customers, partners, national ministries, local governments, and other relevant parties. On behalf of the Board, I would like to extend our sincere gratitude to our shareholders and all those who have supported the development of the Company.
For 2024, the Group recorded revenue of approximately RMB86,804 million, representing an increase of 5.16% as compared with 2023, and net profit attributable to shareholders of the parent company of approximately RMB10,814 million, representing an increase of 0.83% as compared with 2023. The Board has proposed a dividend of RMB0.095 (tax inclusive) per share for the year, representing an increase of 1.06% as compared with 2023, maintaining consistent growth in both dividend amount and dividend distribution ratio.
Taking active, safe and orderly steps to develop nuclear power is a strategic direction specified at the 20th CPC National Congress, and has been incorporated into the Energy Law of the PRC, reaffirming the crucial role of nuclear power in the national energy system. Released in January 2025, China’s carbon footprint factors in terms of electricity for 2023 indicated that, calculated over the entire lifecycle, nuclear power has the lowest carbon footprint factor among the eight major types of power generation, emitting only 0.0065 kg of carbon dioxide equivalent per kilowatt-hour. The development of nuclear power is of great significance for achieving China’s dual decarbonization goals, promoting technological innovation, and facilitating the growth of related industries. In recent years, the approval of new projects has become a regular practice in China, with five nuclear power projects approved per year for three consecutive years. The nuclear energy industry is still in an important period of strategic opportunities.
In 2024, with an eye to the long-term sustainable development of the nuclear energy industry, we further reinforced our commitment to ensuring absolute nuclear safety. We pursued the development of new projects through stable safety performance, accelerated the fostering of new quality productive forces through technological innovation, and propelled high-quality development through continuous reform. We have braced up our nuclear safety responsibility system, achieving the best forced loss rate indicator in our record. Over 90% of our generating units entered top 1/4 in the performance indicators of WANO, reaching an advanced level on a global scale. We secured approvals for three nuclear power projects, and successfully developed our tenth nuclear power site in Shandong Province. Our HPR 1000 nuclear power technology was further optimized and refined, with several major tests successfully completed, including a test on the overall effectiveness of our safety system. We completed the construction of our experiment facility at the Zhongshan R&D base of the Southern Center ahead of schedule, and also constructed the first test rig of the facility. Our in-depth reforms of specialized subsidiaries yielded tangible results, with several subsidiaries recognized as “benchmark enterprises”. In human resources, we expanded our tenure and contract-based management system to mid-level and senior managers, with over 50% of mid-level management and high-tech positions were filled through open recruitment. We also conducted open selections for young managers for the fifth consecutive year, further strengthening our core competitiveness.As China’s green and low-carbon transition further proceeds, stakeholders have paid greater attention to our ESG performance. In 2024, our on-grid power generation reduced carbon dioxide emissions by approximately 186,599,900 tons as compared to coal- fired power generation. Based on China’s carbon footprint factor in terms of nuclear power, such reduction is equivalent to approximately 1,477,300 tons of carbon dioxide emissions over the full life cycle of nuclear power, demonstrating increasingly significant environmental benefits.
2025 marks a critical juncture for concluding the “14th Five-Year Plan” and preparing for the “15th Five-Year Plan”. The instability and unpredictable risks faced by the global economy have become more prominent, and China’s economic operations are still faced with a lot of difficulties and challenges. Nonetheless, the Chinese economy maintained strong fundamentals, with numerous advantages, resilience, and vast potential. Its long-term positive trajectory and supporting conditions remain unchanged. We will take solid steps to carry out our reform and development initiatives.
Strengthening foundation: we will continue to consolidate our growth base by prioritizing safety, ensuring stable production, maintaining robust operations, and effectively managing risks, while achieving a better balance between development and security. Pursuing development: we will fully strengthen our development advantages and intensify our efforts in market expansion so as to pursue high-quality development in every possible way. Formulating Long-Term Planning: we will steadily expand our space for development, and seek benefits from technology while relying on technology to promote development, in order to continuously enhance our vitality and momentum of development. Our goal is to create sustained value for the society, shareholders, employees, and all stakeholders.
Yang Changli Chairman
March 26, 2025