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Chairman's Statement

Dear shareholders,

2022 was a very important year. The 20th National Congress of the Chinese Communist Party (the “20th CPC National Congress”) was successfully held, which outlined the grand vision of building a modern socialist country in all respects. The novel coronavirus pandemic (the “COVID-19” or “pandemic”) remained volatile. While the evolution of the unprecedented changes in a hundred years has been accelerating, China coordinated pandemic control and economic development and reinforced its new strategy for energy security. With the comprehensive establishment of a clean, low-carbon, safe and efficient energy supply system, the establishment of a unified national power market system has been accelerated, and the trading volume in the power market hit a record high. In the face of the complex and volatile external environment, upholding our work style of “Strict Compliance, Prudent Decision- making, Detail-oriented and Fact-based Approach”, we concentrated our efforts to assure nuclear safety, and thus maintained sound operations and further improved operating results. This is attributable to the long-term and unremitting efforts of all employees and the trust and full support of our shareholders, customers, partners, national ministries and local governments and other related parties. On behalf of the Board, I would like to express my sincere gratitude to our shareholders and all those who support the development of the Company.

For 2022, the Group recorded revenue of approximately RMB82,822 million, representing an increase of 2.66% over that of 2021, and net profit attributable to shareholders of the parent company of approximately RMB9,965 million, representing an increase of 2.06% over that of 2021 (restated). The Board recommended a payment of a dividend of RMB0.087 (tax inclusive) per share for the year, representing an increase of 3.6% as compared with 2021.

We pay attention to cash dividends and shareholder returns, and have maintained an increase in the dividend amount and dividend ratio every year since our listing. Pursuant to the dividend distribution plan for the coming five years (2021-2025) of the Company approved at the general meeting, we propose a dividend ratio of 44.09% this year, achieving an increase for two consecutive years as compared to the dividend ratios of 43.58% for 2021 and 42.25% for 2020.

Taking active, safe and orderly steps to develop nuclear energy is a strategic direction specified at the 20th CPC National Congress and also an integral part of the national energy strategy. Promoting the high-quality development of nuclear energy is of great strategic significance for optimizing the national energy structure, ensuring energy supply security, building a new energy system, and supporting the achievement of the national goals of “achieving peak carbon dioxide emissions” and “carbon neutrality” (the “Dual Carbon Goals”).

As such, we have firm confidence in the development prospects of nuclear energy as a stable, efficient and clean energy in the process of green and low-carbon transformation of the energy structure. In light of the strategic opportunity for the development of the nuclear energy industry, we believe that our earlier efforts and experience have created reliable first-mover advantages for the Company’s future development and accumulated promising vitality.

In 2022, as China approved new nuclear power projects at a faster pace, five nuclear power projects, including our Lufeng Unit 5 and Unit 6 , were approved. We will carefully complete the preliminary preparation and related filing work of our projects, enhance the confidence of the country and the society in nuclear energy with safe and stable operation performance, and promote the early approval of more new nuclear power projects. We further reinforced and improved our nuclear power operation capabilities to ensure the safe and stable operation of our nuclear power units in operation. We also fully utilized the advantages of base load power supply to fulfill our responsibilities as a nuclear power company in addressing the power demand of society. Meanwhile, we also actively explored the room to improve the benefits of comprehensive use of nuclear energy. Upon official commencement of operation of the nuclear heating demonstration project at the Hongyanhe Nuclear Power Base, we took our first step in the comprehensive use of nuclear energy.

We firmly pushed ahead the construction of our nuclear power projects under construction with high standards, and achieved the high-quality commissioning of Hongyanhe Unit 6. As the first HPR1000 reactor of the Company, Fangchenggang Unit 3 has completed its first grid connection on January 10, 2023, and is currently at a critical moment when it is about to commence operation. We will complete various tests in an orderly manner to ensure the high-quality commissioning of our power generating units. In the meantime, we will also make efforts to reflect on the feedback from our experience so as to lay a solid foundation for the future mass construction of HPR1000 reactors and the safe and stable operation of our power generating units.

We attach great importance to technology R&D and the transformation and application of R&D outcomes, and continue to strengthen investment in technology R&D. Regarding the Guangdong-Hong Kong-Macao Greater Bay Area as our base, we have built the South China Atomic Energy Science and Technology Innovation Center (中国南方原子能科学与技术创新中心) which focuses on nuclear energy advanced technologies and technological innovations, and deployed three R&D bases with each in Shenzhen, Yangjiang and Zhongshan to give full play to the advantages of these regions, attract top scientific research personnel and technological innovation talents, and build a solid foundation for the our long- term development.

Despite the increasing complexity of the global political and economic environment at present, the fundamentals of long-term positive economic growth remain unchanged in China, and the energy revolution with the theme of safety and low carbon is also unfolding in unprecedented ways and speed. In response to the opportunities and development challenges arising from such an era, we must firmly adhere to our original aspiration and determination to develop nuclear energy and safeguard nuclear safety. Aiming at excellent performance as always, we are committed to our goals and make courageous strides to become a world-class nuclear energy enterprise with high-quality development at a faster pace and create long-term value for the society, shareholders and employees.

                                           Yang Changli Chairman

                                           March 15, 2023