中國核能科技：二零二四年報.pdf

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1、Content目錄2Corporate Information公司資料4Chairmans Statement主席報告9Management Discussion and Analysis管理層討論與分析54Biographical Details of Directors and Senior Management董事及高層管理人員的履歷63Directors Report 董事會報告78Corporate Governance Report 企業管治報告100Independent Auditors Report 獨立核數師報告110Consolidated Statement of Pr

2、ofit or Loss and Other Comprehensive Income綜合損益及其他全面收益表112Consolidated Statement of Financial Position綜合財務狀況表114Consolidated Statement of Changes in Equity綜合權益變動表116Consolidated Statement of Cash Flows綜合現金流量表118Notes to the Consolidated Financial Statements綜合財務報表附註252Five Year Financial Summary五年財務概

3、要2CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Corporate Information公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Li Hongwei(Chairman)(re-designated from Vice Chairman to Chairman on 25 March 2025)Mr.Shu Qian(Chairman)(resigned on 25 March 2025)Mr.Wu Yuanchen(Vice Chairman)(res

4、igned on 6 December 2024)Mr.Wu Rong(Vice Chairman)(appointed on 6 December 2024)Mr.Qiu Wenhe(Vice Chairman)(appointed on 25 March 2025)Mr.Liu GenyuMs.Huang YanMs.Liu Jianrong(resigned on 6 December 2024)Ms.Du Ruili(appointed on 6 December 2024)Independent Non-executive DirectorsDr.Xu ShiqingDr.Su Li

5、xinMr.Wang RuzhangAudit CommitteeDr.Su Lixin(Chairman)Dr.Xu ShiqingMr.Wang RuzhangRemuneration CommitteeDr.Xu Shiqing(Chairman)Mr.Shu Qian(resigned on 25 March 2025)Mr.Li Hongwei(appointed on 25 March 2025)Mr.Wu Yuanchen(resigned on 6 December 2024)Mr.Wu Rong(appointed on 6 December 2024)Dr.Su Lixin

6、Mr.Wang RuzhangNomination CommitteeMr.Shu Qian(Chairman)(resigned on 25 March 2025)Mr.Li Hongwei(Chairman)(appointed on 25 March 2025)Mr.Wu Yuanchen(resigned on 6 December 2024)Mr.Wu Rong(appointed on 6 December 2024)Dr.Xu ShiqingDr.Su LixinMr.Wang RuzhangCOMPANY SECRETARYMr.Chan Yiu Wing(resigned o

7、n 23 January 2025)Ms.Ye Han(appointed on 23 January 2025)董事會執行董事李鴻衛先生（主席）（於2025年3月25日 由副主席調任為主席）舒謙先生（主席）（於2025年3月25日辭任）吳元塵先生（副主席）（於2024年12月6日辭任）吳嶸先生（副主席）（於2024年12月6日獲委任）邱文鶴先生（副主席）（於2025年3月25日獲委任）劉根鈺先生黃艷女士劉建榮女士（於2024年12月6日辭任）杜瑞麗女士（於2024年12月6日獲委任）獨立非執行董事許世清博士蘇黎新博士王如章先生審核委員會蘇黎新博士（主席）許世清博士王如章先生薪酬委員會許世清博

8、士（主席）舒謙先生（於2025年3月25日辭任）李鴻衛先生（於2025年3月25日獲委任）吳元塵先生（於2024年12月6日辭任）吳嶸先生（於2024年12月6日獲委任）蘇黎新博士王如章先生提名委員會舒謙先生（主席）（於2025年3月25日辭任）李鴻衛先生（主席）（於2025年3月25日獲委任）吳元塵先生（於2024年12月6日辭任）吳嶸先生（於2024年12月6日獲委任）許世清博士蘇黎新博士王如章先生公司秘書陳耀榮先生（於2025年1月23日辭任）葉晗女士（於2025年1月23日獲委任）3中國核能科技集團有限公司二零二四年年報Corporate Information公司資料主要往來銀行中國

9、農業銀行股份有限公司北京銀行股份有限公司中國銀行股份有限公司交通銀行股份有限公司寧波銀行股份有限公司上海銀行股份有限公司中信銀行（國際）有限公司創興銀行有限公司中國民生銀行股份有限公司中國工商銀行股份有限公司中國郵政儲蓄銀行股份有限公司上海浦東發展銀行股份有限公司核數師安永會計師事務所執業會計師註冊公眾利益實體核數師港鰂魚涌英皇道979號太古坊一座27樓香港股份過戶登記處卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓註冊辦事處Clarendon House 2 Church StreetHamilton HM 11 Bermuda香港主要辦事處香港皇后大道中183號中遠大廈32樓321

10、3室股份代號611網頁PRINCIPAL BANKERSAgricultural Bank of China LimitedBank of Beijing Co.,Ltd.Bank of China LimitedBank of Communications Co.,Ltd.Bank of Ningbo Co.,Ltd.Bank of Shanghai Co.,Ltd.China CITIC Bank International LimitedChong Hing Bank LimitedChina Minsheng Banking Corp.,Ltd.Industrial and Comme

11、rcial Bank of China LimitedPostal Savings Bank of China Co.,Ltd.Shanghai Pudong Development Bank Co.,Ltd.AUDITORErnst&YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F,One Taikoo Place979 Kings RoadQuarry Bay,Hong KongHONG KONG SHARE REGISTRARTRICOR INVESTOR SERVICES LIM

12、ITED17/F,Far East Finance Centre16 Harcourt RoadHong KongREGISTERED OFFICEClarendon House 2 Church StreetHamilton HM 11 BermudaHONG KONG PRINCIPAL OFFICEUnit 3213,32/FCOSCO TowerNo.183 Queens Road CentralHong KongSTOCK CODE611WEBSITE4CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2

13、024Chairmans Statement主席報告Dear shareholders,On behalf of the board of directors(the“Board”)of China Nuclear Energy Technology Corporation Limited(the“Company”,together with its subsidiaries,the“Group”),I am pleased to present to you this annual report and the audited consolidated financial statement

14、s of the Group for the year ended 31 December 2024.In 2024,the global macro-economy has not experienced recession despite the ups and downs,and the energy transformation has a clear goal,which affects the development of the new energy(wind power,solar power and energy storage)industries,with opportu

15、nities and challenges co-existing.For the photovoltaic industry,the transformation of the global energy structure was accelerating and the overall installed photovoltaic power generation capacity is on the rise.Economic and policy uncertainties around the world have affected the supply-demand relati

16、onship in the photovoltaic market.In contrast to the market volatility of photovoltaic projects,the demand for wind power is on the rise,with global installed wind power generation capacity reaching 136GW in 2024.In addition,factors such as the maturity of the global industrial chain,the nationaliza

17、tion of parts and components,as well as the large-scale wind turbines have contributed to the continuous decline in the construction costs of wind power projects.For the energy storage industry,under the background of global energy transformation,the demand for energy storage has increased due to th

18、e intermittent and unstable characteristics of new energy generation,and energy storage has become a key means to solve the problem of new energy consumption.With the implementation of supportive policies for new energy development in various countries,the market space for energy storage projects is

19、 also expanding.In 2024,Chinas economic development showed a positive trend in many aspects.The total investment in new energy projects in China in 2024 amounted to RMB3.7 trillion,a year-on-year decrease of 53.8%,but the structural adjustment and quality improvement of the industry were notable.Amo

20、ng them,the investment scale of wind power and photovoltaic power amounted to RMB1.7 trillion,accounting for 46%of the total investment scale in the industry.The annual newly installed wind power and photovoltaic power generation capacity reached the 各位股東：本人謹代表中國核能科技集團有限公司（本公司、連同其附屬公司統稱本集團）董事會（董事會）欣

21、然提呈本年報，及本集團截至二零二四年十二月三十一日年度經審核綜合財務報表。二零二四年，全球宏觀經濟雖有波折但未出現衰退，能源轉型目標明確，影響新能源風光儲行業的發展，機遇與挑戰並存。對光伏行業來說，全球能源結構加速轉型，光伏裝機量整體走高，全球各地經濟及政策的不確定性影響了光伏市場的供需關係。相對於光伏項目的市場波動，風電需求呈現增長態勢，2024年全球風電新增裝機達到136GW。此外，全球產業鏈的成熟、零部件國產化以及風機大型化等因素，促使風電項目的建設成本持續下降。儲能產業在全球能源轉型背景下，由於新能源發電的間歇性和不穩定性特點，對儲能的需求增大，儲能成為解決新能源消納問題的關鍵手段。隨

22、著各國對新能源發展的支持政策不斷出臺，儲能項目的市場空間也在不斷擴大。二零二四年，中國經濟發展呈現出多方面的積極態勢，2024年中國新能源項目投資總額達3.7萬億元人民幣，同比呈現53.8%的降幅，但產業內部結構調整與品質提升特徵顯著。其中，風電光伏投資規模為人民幣1.7萬億元，約佔全行業投資規模的46%；風電光伏的年度新增裝機規模提前六年達成了20305中國核能科技集團有限公司二零二四年年報Chairmans Statement主席報告2030 planning target six years ahead of schedule,demonstrating a development tr

23、end beyond expectations.In addition,the scale of green power trading has continued to expand rapidly,with market potential to be released.Currently,green power trading in China is still mainly based on a voluntary market,with limited attraction to large groups of domestic-demand enterprises.Green po

24、wer resources and demand are distributed in a reverse direction,with the supply of green power mostly in the three northern parts,while the demand is mostly in the middle and eastern parts,which makes it challenging to trade green power across regions.Overall,the wind power,solar power and energy st

25、orage investment in the world and even in China is still showing a steady growth trend.Price competition has brought about a reduction in investment costs,repeated technological calculations have brought about an increase in efficiency,and new energy structural transformation has brought about a cha

26、nge in the direction and strategies of investment.The Group has also proactively adjusted its strategic development and investment direction in light of changes in the industry,to proactively cope with the competition pressure and to steadily expand its investment in new energy businesses.In 2024,Ch

27、ina launched a number of policies to support the development of green energy,including the“Thousands of Villages Wind Power Coverage Action”,which utilizes scattered land in rural areas to promote wind power development,with a target of achieving 2,000GW of installed wind power generation capacity i

28、n rural areas.The“Special Chapter on Green Power Trading”speeds up the construction of the green energy market system to meet user demand.The new policy on distributed photovoltaic adjusts the industrial and commercial photovoltaic on-grid mode and encourages self-generation and self-consumption by

29、small-scale power stations,as well as the guiding opinions on supporting the participation of new business entities in the electricity market.These policies aim to promote the development of renewable energy and optimize the market mechanism.The Group has been actively following the changes in polic

30、ies,responding to national policies,adapting to market rules,optimizing its management model to explore more diversified investment and development opportunities and continue to move forward along the path of high-quality development.年的規劃目標，展現超預期發展態勢。此外，綠電交易規模持續快速擴大，市場潛力待釋放，目前我國綠電交易仍以自願交易市場為主，對龐大的內需

31、型企業群體吸引力有限；綠電資源與需求呈逆向分佈，綠電供給以三北地區居多，而需求多在中東部地區，跨區域綠電交易存在挑戰?？傮w來說，全球乃至中國風光儲投資還是呈現穩步增長的態勢，價格競爭帶來投資成本的降低，技術反覆運算帶來效率提升，新能源結構轉型帶來投資方向及策略的變化，本集團亦依據行業發展的變化積極調整戰略發展及投資方向，積極應對競爭壓力，穩步拓展新能源業務投資。二零二四年，中國推出多項政策支持綠色能源發展，包括千鄉萬村馭風行動 利用農村零散土地推動風電開發，目標實現2,000GW鄉村風電裝機；綠色電力交易專章 加快構建綠色能源市場體系，滿足用戶需求；分散式光伏新政調整工商業光伏上網模式，鼓勵小

32、規模電站自發自用；以及支持新型經營主體參與電力市場的指導意見等。這些政策旨在促進可再生能源發展、優化市場機制。本集團亦積極跟進政策變革，回應國家政策，適應市場規則，優化管理模式，探索更多元化的投資及發展機會，繼續沿著高品質發展的道路繼續前進。6CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Chairmans Statement主席報告In 2024,the Group boosted its new energy business to a new level through,among others,

33、resource sharing and business synergies with the support of its two substantial shareholders,namely 深圳市新南山控股（集團）股份有限公司(transliterated as Shenzhen New Nanshan Holding(Group)Co.,Ltd.)(“Nanshan Holdings”)and China He Investment(Hong Kong)Company Limited.Since becoming the largest substantial shareholde

34、r of the Group,during the year,Nanshan Holdings has continued to offer tremendous support for the development of the Group.During the year,we advanced the development and implementation of various rooftop distributed photovoltaic projects such as Blogis,with 4 projects connected to the grid and 8 pr

35、ojects under construction.In addition,we built the first“Zero Carbon Park”benchmark project in Shanghai Quicktron Park,further expanding the synergy among shareholders and achieving significant results in resource sharing.In 2024,all projects undertaken by the Group were completed on schedule and wi

36、th high quality.The installation lease and assembling and installation of solar thermal collector for a 40MW tank-type solar thermal project in Zabuye,Tibet was completed and delivered on schedule and at a substantial profit.The capacity of the self-invested new energy power station projects constru

37、cted and connected to the grid was generally satisfactory.During the year,the Group newly added wind power and solar power grid-connected capacity of 840MW,which were mainly located in economically developed areas such as Guangdong and Jiangsu.In addition,during the year,the Group realized grid-conn

38、ected energy storage power stations of 307MWh,of which:the first independent energy storage power station with a scale of 100MW/200MWh is connected to grid in Yunnan;and the first and largest industrial and commercial energy storage power station with a scale of 14.9MW/59.8MWh is connected to grid i

39、n Shenzhen,Guangdong Province.In 2024,the Group insisted on informatization construction.During the year,we completed the connection between the operation and maintenance system of new energy business and the private cloud system,realizing the comprehensive and real-time backup of operation and main

40、tenance data in the Groups data center.We completed the conversion of the financial system SAP to unify the Groups financial auditing system and improve the level of financial informatization.We completed the construction of the office automation(OA)system to standardize the management process and i

41、mprove work efficiency.二零二四年，本集團在兩大股東深圳市新南山控股（集團）股份有限公司（南山控股）以及中核投資（香港）有限公司的支持下，繼續通過資源分享、業務協同等多種方式推進新能源業務再上新臺階。南山控股自成為本集團的第一大股東以來，年內持續對本集團發展給予積極支援，年內推進寶灣物流等多個屋頂分散式光伏項目的開發及落地，併網項目4個，在建項目8個。此外，在上?？靷}園區打造第一個零碳園區 標桿項目，股東協同效應進一步擴大，資源分享成效顯著。二零二四年，本集團承建的各個項目均如期高品質完工，西藏紮布耶40MW槽式光熱項目工裝租賃以及集熱器組裝安裝工程如期完工交付，利潤可觀

42、。投建、併網的自主投資新能源電站項目容量總體令人滿意，年內新增風光併網規模840MW，主要分佈在廣東、江蘇等經濟發達地區。此外，年內本集團實現儲能電站併網307MWh，其中：雲南地區併網首個獨立儲能電站，規 模 100MW/200MWh；深 圳 併 網 廣東 省 首 個 最 大 的 工 商 業 儲 能 電 站，規 模14.9MW/59.8MWh。二零二四年，本集團堅持做好資訊化建設。年內完成新能源業務運維系統與私有雲系統的對接，實現運維資料在集團資料中心的全面、即時備份；完成財務系統SAP的轉換，統一集團內財務核算系統，提高財務資訊化水準；完成辦公自動化(OA)系統建設，規範管理流程，提高工作

43、效率。7中國核能科技集團有限公司二零二四年年報Chairmans Statement主席報告二零二四年，本集團持續做好安全管理。全年未發生一起人身死亡事故、人員責任事故、重大設備事故、火災事故、員工重傷或輕傷事故，達成年度安全目標，各項目品質合格率100%，達成年度品質目標。二零二四年，本集團堅持金融服務產業的轉型，為新能源投運業務提供融資支援的發展定位，主動應對宏觀經濟環境調整帶來的變化，在做好金融風控的前提下，以產業基金形式實現融資租賃與基金投資運用，以工商業儲能產業基金實現項目落地，打造新模式、新業態。二零二五年，新能源風光儲行業將繼續保持快速發展的態勢，但隨著新能源裝機容量的增加，限電

44、問題日益突出；政策變革和技術創新亦將成為行業發展、結構轉型的主要動力。隨著各項政策的實施，本集團在配網升級改造、提高併網的能力、電力市場化交易、具備消納條件的優質資源獲取等方面均面臨挑戰及機遇。二零二五年，本集團將繼續加大投資開發力度，在自主開發的基礎上，計畫通過合作開發、收購、併購等多種途徑獲取更優質的項目資源。國內聚焦華東、西南、華南、西北區域，依據電力市場交易成熟度、經濟實力、工商業產業聚集度、風光資源及土地優勢等多方面、多維度綜合判斷投資區域。此外，在風險可控的前提下，積極拓展儲能、風電、光熱等EPC業務的承接，為自身投資In 2024,the Group continued to i

45、mprove its safety management.During the year,there was not a single fatal accident,personal liability accident,major equipment accident,fire accident and serious or minor injury to employees,thus achieving the annual safety target.The quality pass rate of each project was 100%,thus achieving the ann

46、ual quality target.In 2024,the Group adhered to the transformation of the financial services industry and the development positioning of providing financial support for the new energy investment and operation business,and proactively responded to the changes brought about by the adjustment of the ma

47、cro-economic environment.On the premise of proper financial risk control,the Group realized the use of finance leasing and fund investment in the form of an industry fund,and realized project implementation with the industrial and commercial energy storage industry fund to create a new mode and a ne

48、w type of operation.In 2025,the new energy(wind power,solar power and energy storage)industries will continue to maintain a rapid development trend,but with the increase in installed capacity of new energy,the problem of power rationing is becoming more and more prominent.Policy changes and technolo

49、gical innovation will also become the main driving force for the industrys development and structural transformation.With the implementation of various policies,the Group is facing challenges and opportunities in the areas of upgrading and reconstruction of the distribution network,improving the cap

50、acity of the grid connection,electricity market-oriented trading,and acquisitions of quality resources with consumption conditions.In 2025,the Group will continue to step up its investment and development efforts.On the basis of self-development,the Group plans to obtain better project resources thr

51、ough various channels such as co-development,acquisitions and mergers and acquisitions.Domestically,the Group will focus on East China,Southwestern China,South China and Northwestern China,and will make comprehensive judgments on investment regions based on various aspects and dimensions,such as the

52、 maturity of the electricity market transactions,economic strength,industrial and commercial industry concentration,wind and solar resources,and land advantages.In addition,under the premise of risk control,the Group will actively expand its EPC business 8CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION

53、LIMITEDANNUAL REPORT 2024Chairmans Statement主席報告儲備項目經驗，與投資開發相互補充。同時，加強電站運營管理，以電站智慧集控中心為抓手，提升電站運營效率，確保電站安全生產。積極應對電力市場化交易帶來的變革，引進或培養電力市場化交易人員，加強江蘇、雲南、廣東等地電力市場化交易和綠電、綠證政策跟蹤研究、豐富新能源業務收入來源。二零二五年，本集團將繼續加強經營及項目管理，提升自身研發及技術水準，不斷創新優化，提升工程項目品質，確保承接的項目如期併網發電。集團將持續完善各項管理制度以及流程的建設，加大對項目的巡察、監督、考核力度，切實提高經營管理水準，向國際

54、先進的綜合能源服務商行列再邁近一步，為國家新能源發展貢獻更多的力量。在此，本人謹代表董事會，向我們的股東、員工、合作夥伴表示由衷的感謝。希望我們攜手共進，在新能源的賽道上繼續勇攀高峰，全面錨定集團高品質發展的目標規劃，新的一年在新能源產業發展更上一層樓。主席舒謙二零二五年三月二十五日such as energy storage,wind power and solar thermal power businesses,to reserve project experience for its own investment and complement its investment and de

55、velopment.At the same time,we will strengthen the operation and management of power stations,and treat the intelligent centralized control center of power stations as the starting point to enhance the operational efficiency of power stations and ensure the safe production of power stations.We will a

56、ctively respond to the changes brought about by electricity market-oriented trading,introduce or cultivate personnel for electricity market-oriented trading,and strengthen the tracking and research of electricity market-oriented trading in Jiangsu,Yunnan and Guangdong,etc.and green power and green c

57、ertificate policies,to enrich the income sources from new energy businesses.In 2025,the Group will continue to strengthen its operational and project management and enhance our R&D and technical standards with continuous innovations and optimizations,to improve the quality of engineering projects an

58、d ensure that the projects undertaken by the Group will be connected to the grid for power generation as scheduled.The Group will continue to improve the construction of various management systems and processes,and intensify its efforts in project inspection,supervision and assessment,to enhance the

59、 standard of operation and management.We aim to take a step closer to become an internationally advanced integrated energy service provider,and make more contributions to the development of national new energy.On behalf of the Board,I would like to express my sincere gratitude to our shareholders,em

60、ployees and partners.I sincerely hope we will work hand in hand and continue to scale new heights on the track of new energy development.While setting up a comprehensive plan for the Groups high-quality development,we will reach a higher level in the development of the new energy industry in the com

61、ing year.ChairmanShu Qian25 March 20259中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析BUSINESS REVIEW AND PROSPECTSReview of Industry Development StatusThe year 2024 marks the 10th anniversary of the in-depth implementation of the energy security strategy of“Four Revolutions and One Co

62、operation”,and is a critical year for accomplishing the objectives and tasks of the“14th Five-Year Plan”.The Group deepens its study of and act in the faith of the spirits of the 20th National Congress of the CPC,as well as the Second and Third Plenums of the 20th Central Committee of the CPC,and im

63、plement the new development concept in a complete,accurate and comprehensive manner.Under the guidance of the work of“carbon peak and carbon neutrality”,the Group shall coordinate energy security and low-carbon development,accelerate the planning and construction of a new type of energy system,and t

64、hus steadily push forward the transformation toward a green and low-carbon energy,promoting the development of renewable energy onto a new stage in full force.Review of Major Policies in Relation to Chinas Energy IndustryIn January 2024,the National Energy Administration issued the“Key Points of Ene

65、rgy Regulatory Work in 2024”.The document clearly stated that it would carry out special regulation on distributed photovoltaic filing and grid connection progression,focusing on tracking the filing,grid connection,transactions and settlement of distributed photovoltaics.At the same time,the Nationa

66、l Energy Administration will instruct grid enterprises to further optimize the grid connection process and improve the efficiency of grid connection,while promoting the connection of wind power and photovoltaic bases in“desert,Gobi and wilderness”,distributed power sources,energy storage,and chargin

67、g piles to the grid.業務回顧與展望行業發展狀況回顧二零二四年是深入實施四個革命、一個合 作 能 源 安 全 新 戰 略 十 週 年，也 是 完 成十四五 規劃目標任務的關鍵一年。深入學習貫徹中國共產黨二十大和二十屆二中、三中全會精神，完整準確全面貫徹新發展理念，以碳達峰、碳中和 工作為引領，統籌能源安全和低碳發展，加快規劃建設新型能源體系，穩妥推進能源綠色低碳轉型，全力推動可再生能源發展再上新臺階。中國能源產業主要政策回顧二零二四年一月，國家能源局發佈了 2024年能源監管工作要點。文件明確提出，將開展分佈式光伏備案、接網推進情況的專項監管，重點跟蹤分佈式光伏的備案、併網、

68、交易和結算等環節。同時，國家能源局將指導電網企業進一步優化併網流程，提升併網效率，並推動沙戈荒 風光基地、分佈式電源、儲能設施以及充電樁等順利接入電網。10CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析In February 2024,the National Development and Reform Commission,the National Bureau of Statistics,and the Natio

69、nal Energy Administration issued the“Notice on Strengthening the Convergence of Green Electricity Certificates with Energy Conservation and Carbon Reduction Policies and Vigorously Promoting Non-Fossil Energy Consumption”,which proposed that green electricity certificates shall be used as the basic

70、certificate for renewable energy power consumption.The effective convergence between green electricity certificates and dual control policies of energy consumption shall be strengthened.The corresponding power consumption of green electricity certificates trading shall be incorporated into the accou

71、nting for assessment indicators for evaluating the energy conservation targets and responsibilities of Provincial Peoples Governments in the“14th Five-Year Plan”to vigorously promote non-fossil energy consumption.In February 2024,the National Development and Reform Commission and the National Energy

72、 Administration jointly issued the“Guiding Opinions on Strengthening the Grid Peaking,Energy Storage and Smart Dispatch Capacity Construction”which mentioned that the construction of new energy storage on the power side shall be promoted.New energy enterprises shall be encouraged to flexibly configu

73、re new energy storage through self-built,co-built and leasing.The scale of energy storage configuration shall be reasonably determined in conjunction with the system demand.The level of new energy consumption and utilization,capacity support capability and network safety performance shall be enhance

74、d.For large-scale new energy bases focusing on desert,Gobi and wilderness regions,the construction of supporting energy storage shall be reasonably planned and its regulating capacity shall be fully utilized,to play a greater role in supporting large-scale and high-ratio transmission of new energy a

75、nd promoting the development of multi-energy complementarity.二零二四年二月，國家發展改革委、國家統計局、國家能源局發佈 關於加強綠色電力證書與節能降碳政策銜接大力促進非化石能源消費的通知，通知 提出將綠證作為可再生能源電力消費的基礎憑證，加強綠證與能耗雙控政策有效銜接，將綠證交易對應電量納入十四五 省級人民政府節能目標責任評價考核指標核算，大力促進非化石能源消費。二零二四年二月，國家發改委、國家能源局聯合發佈 關於加強電網調峰儲能和智能化調度能力建設的指導意見。文件提到要推進電源側新型儲能建設，鼓勵新能源企業通過自建、共建和租賃等方

76、式靈活配置新型儲能，結合系統需求合理確定儲能配置規模，提升新能源消納利用水平、容量支撐能力和涉網安全性能。對以沙漠、戈壁、荒漠地區為重點的大型新能源基地，合理規劃建設配套儲能並充分發揮調節能力，為支撐新能源大規模高比例外送、促進多能互補發展發揮更大作用。11中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析二零二四年三月，二零二四年政府工作報告發佈 報告提出，要積極穩妥推進碳達峰碳中和，紮實開展碳達峰十大行動。提升碳排放統計核算核查能力，建立碳足跡管理體系，擴大全國碳市場行業覆蓋範圍。深入推進能源革命，控制化石能源消費，加

77、快建設新型能源體系。加強大型風電光伏基地和外送通道建設，推動分佈式能源開發利用，提高電網對清潔能源的接納、配置和調控能力，發展新型儲能，促進綠電使用和國際互認，發揮煤炭、煤電兜底作用，確保經濟社會發展用能需求。二零二四年三月，國家能源局印發 2024年能源工作指導意見。到二零二四年底，非化石能源發電裝機佔比將提高到55%左右，風電、太陽能發電量佔全國發電量的比重達到17%以上，非化石能源佔能源消費總量比重提高到18.9%左右。指導意見 還要求大力推進非化石能源高質量發展，穩步推進大型風電光伏基地建設，有序推動項目建成投產；統籌優化海上風電佈局，推動海上風電基地建設，穩妥有序推動海上風電向深水遠

78、岸發展；做好全國光熱發電規劃佈局，持續推動光熱發電規?；l展；因地制宜加快推動分散式風電、分佈式光伏發電開發，在條件具備地區組織實施千鄉萬村馭風行動 和千家萬戶沐光行動。In March 2024,the 2024 Report on the Work of the Government was released,which proposed to actively and steadily promote carbon peak and carbon neutrality,and solidly carry out the“Ten Actions for Reaching Carbon Di

79、oxide Peaking”.The carbon emission accounting and verification capabilities shall be enhanced and a carbon footprint management system shall be established to expand the coverage of the national carbon market industry.The energy revolution shall be promoted in depth by controlling the consumption of

80、 fossil energy,and accelerating the construction of a new energy system.The construction of large-scale wind power and photovoltaic bases and transmission corridors shall be strengthened and the development and utilization of distributed energy resources shall be promoted.The power grids ability to

81、accept,allocate and regulate clean energy shall be improved.New types of energy storage shall be developed and the use of green power and international mutual recognition shall be promoted,in order to give full play to the bottoming-out role of coal and coal-fired power and ensure the energy demand

82、for economic and social development.In March 2024,the National Administration published the“2024 Guiding Opinions on Energy Work”(the“Guiding Opinions”).By the end of 2024,the proportion of installed non-fossil energy generation will increase to about 55%,the proportion of wind power and solar power

83、 generation in national electricity generation will reach more than 17%,and the proportion of non-fossil energy in total energy consumption will increase to about 18.9%.The Guiding Opinions also call for vigorously promoting the high-quality development of non-fossil energy and steadily pushing forw

84、ard the construction of large-scale wind power and photovoltaic bases.The completion and commissioning of projects shall be orderly promoted.The arrangement of offshore wind power shall be coordinated and optimized.The construction of offshore wind power bases shall be promoted,as well as the develo

85、pment of offshore wind power to the deep water and farshore in a steady and orderly manner.Good planning and arrangement of the national solar thermal power generation shall be made,while continuing to promote the development of large-scale solar thermal power generation.The promotion of distributed

86、 wind power and distributed photovoltaic power development shall be accelerated according to local conditions.The implementation of the“Thousands of Villages Wind Power Coverage Action”and the“Thousands of Households Photovoltaic Coverage Action”shall be organized in regions with necessary condition

87、s.12CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析In May 2024,the State Council issued the“2024-2025 Energy Conservation and Carbon Reduction Action Plan”(the“Action Plan”)which indicated that by 2025,the proportion of non-fossil energ

88、y consumption will reach about 20%.The construction of large-scale wind power and photovoltaic bases focusing on deserts,Gobi,and wilderness shall be accelerated.Offshore wind power shall be developed in a reasonable and orderly manner,the large-scale development and utilization of ocean energy shal

89、l be promoted,and the development and utilization of distributed new energy shall be advanced.The construction of transmission channels for large scale wind power and photovoltaic bases shall be accelerated to enhance cross-provincial and cross-regional power transmission capabilities.The transforma

90、tion of distribution networks shall be accelerated to enhance the carrying capacity of distributed new energy.Pumped storage and new energy storage shall be actively developed.In June 2024,the National Energy Administration issued the“Notice on Safeguarding High Quality Development of New Energy for

91、 Better Use of New Energy”which required that the targets of new energy utilization rate for various regions shall be determined scientifically.The targets of new energy utilization rate for certain regions with more sufficient resources shall be relaxed in an appropriate manner to no less than 90%i

92、n principle,and annual dynamic assessment shall be carried out as per consumption patterns.In June 2024,the National Energy Administration issued the Notice on Announcement on the Commissioning of the National Green Certificate Issuance and Trading System,which stated that the National Green Certifi

93、cate Issuance and Trading System was officially launched on 30 June 2024.In September 2024,the National Energy Administration published a notice on“The Basic Rules for Electricity Registration”,which stated that all of the industrial and commercial users shall directly participate in the trading of

94、electricity market in principal,and for those who do not have a direct participation of market trading would be required to purchase electricity through agents of the grid enterprises according to the Rules.二零二四年五月，國務院印發 20242025年節能降碳行動方案。方案 指出，二零二五年，非化石能源消費佔比達到20%左右。加快建設以沙漠、戈壁、荒漠為重點的大型風電光伏基地。合理有序開發

95、海上風電，促進海洋能規?；_發利用，推動分佈式新能源開發利用。加快建設大型風電光伏基地外送通道，提升跨省跨區輸電能力。加快配電網改造，提升分佈式新能源承載力。積極發展抽水蓄能、新型儲能。二零二四年六月，國家能源局發佈 關於做好新能源消納工作保障新能源高質量發展的通知。通知要求，科學確定各地新能源利用率目標。部分資源條件較好的地區可適當放寬新能源利用率目標，原則上不低於90%，並根據消納形勢開展年度動態評估。二零二四年六月，國家能源局發佈了關於啟用國家綠證核發交易系統的公告，二零二四年六月三十日正式啟用國家綠證核發交易系統。二零二四年九月，國家能源局關於印發 電力市場註冊基本規則 的通知，通知指

96、出，工商業用戶原則上全部直接參與電力市場交易，暫未直接參與市場交易的工商業用戶按規定由電網企業代理購電。13中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析二零二四年十月，國家能源局綜合司公開徵求 分佈式光伏發電開發建設管理辦法（徵求意見稿）意見。文件提出，國家建立健全支持新能源持續發展的制度機制，各地結合分佈式光伏發電發展情況、電力市場建設進展等制定相應的配套政策。分佈式光伏發電項目可以獨立或通過微電網、源網荷儲一體化、虛擬電廠聚合等方式公平參與電能量、輔助服務等各類電力市場交易。二零二四年十月，國家發展改革委等部門印

97、發 關於大力實施可再生能源替代行動的指導意見，提出要全面提升可再生能源供給能力。加快推進以沙漠、戈壁、荒漠地區為重點的大型風電光伏基地建設，推動海上風電集群化開發?？茖W有序推進大型水電基地建設，統籌推進水風光綜合開發。就近開發分佈式可再生能源。穩步發展生物質發電，推動光熱發電規?；l展。二零二四年十一月，國家能源局在政協委員提案的答覆摘要中指出，近年來，分佈式新能源快速發展，已成為能源轉型的重要力量。下一步，國家發展改革委將適應隔牆售電、源網荷儲一體化等新模式發展，會同有關方面研究完善促進新能源就近消納的相關價格機制，加快推進電力現貨、輔助服務等市場體系建設。In October 2024,t

98、he General Affairs Department of the National Energy Administration publicly solicited comments on the“Management Measure for the Development and Construction of Distributed Photovoltaic Power Station(Draft for Solicitation of Comments)”.The document stated that the state would establish and improve

99、 institutional mechanisms to support the sustainable development of new energy,while local governments shall formulate corresponding supporting policies based on the development status of distributed photovoltaic power generation and the progress of electricity market construction.Distributed photov

100、oltaic power generation projects may independently or through methods such as micro-grids,source-grid-load-storage integration,and virtual power plant aggregation participate fairly in various types of electricity market transactions,including electric energy and ancillary services.In October 2024,t

101、he National Development and Reform Commission together with other departments issued the“Guiding Opinion on Vigorously Implementing the Renewable Energy Replacement Action”,proposing to comprehensively enhance the supply capacity of renewable energy.Accelerate the construction of large-scale wind an

102、d photovoltaic power bases focusing on desert,Gobi,and arid regions,and promote the clustered development of offshore wind power.Press forward the construction of large-scale hydropower bases in a scientific and orderly way,and coordinate the integrated development of hydropower,wind power and solar

103、 power.Develop distributed renewable energy locally.Steadily develop biomass power generation and promote the scaled development of solar thermal power generation.In November 2024,the National Energy Administration has stated in the summary of replies to proposals from the Member of the CPPCC that t

104、he distributed new energy developed rapidly in recent years and became a major power in energy transformation.Looking ahead,the National Development and Reform Commission would adapt to new development model such as“cross-boundary electricity trading”and source-grid-load-storage integration,and woul

105、d work with relevant parties to study and improve the relevant pricing mechanism in promoting the consumption of new energy in the vicinity,and to speed up the construction of market systems for spot electricity and auxiliary services.14CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPOR

106、T 2024Management Discussion and Analysis管理層討論與分析In November 2024,the National Energy Administration issued a Guidelines on Supporting Innovative Development of New Business Entities in the Electricity Sector,encouraging new business entities to participate in the electricity market on an equal basis

107、.Enterprises may sell its electricity generated through distributed photovoltaic projects to the consumer outside the red line within the same distribution platform area through registering as a new power operator,i.e.realising a complete cross-boundary electricity trading.The National Development a

108、nd Reform Commission and the National Energy Administration jointly issued“Notice on Deepening Market-Oriented Reform of New Energy On-grid Tariffs to Promote High-Quality Development of New Energy”(NDRC Price 2025 No.136)on 27 January 2025,which aimed at promoting the entry of new energy on-grid ou

109、tput generated from wind and solar power into the electricity market,with on-grid tariffs determined through market transaction.This policy differentiated existing and new projects,with the existing projects maintaining continuity with current polices while the new projects determining electricity t

110、ariffs through market-based bidding mechanisms,and established a sustainable price settlement mechanism to ensure new energy enterprises would receive reasonable revenue through a“refund overpayments and supplement underpayments”differential price settlement method.The reform,which would take effect

111、 on 1 June 2025,aimed at promoting high-quality development of the new energy industry and helping achieve the“dual-carbon”target.二零二四年十一月，國家能源局發佈關於支持電力領域新型經營主體創新發展的指導意見，鼓勵新型經營主體平等參與電力市場。企業可以通過註冊電力新型經營主體，將分佈式光伏項目的發電量，在同一配電臺區內，賣給場區紅線範圍外的用電戶，即完全實現隔牆售電。國家發展改革委和國家能源局於二零二五年一月二十七日聯合發佈了 關於深化新能源上網電價市場化改革促進新

112、能源高質量發展的通知（發改價格2025 136號），旨在推動風電、太陽能發電等新能源上網電量全面進入電力市場，上網電價通過市場交易形成。該政策區分存量和增量項目，存量項目與現行政策銜接，增量項目通過市場化競價確定電價，並建立可持續發展價格結算機制，通過多退少補 差價結算方式確保新能源企業獲得合理收益。改革自二零二五年六月一日起執行，旨在促進新能源行業高質量發展，助力雙碳 目標實現。15中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析光伏發電行業發展狀況回顧國家能源局發佈的數據顯示，二零二四年全國光伏新增裝機278GW，同

113、比增長28%，其 中 集 中 式 光 伏 160GW，分 佈 式 光 伏118GW。截至十二月底，中國光伏發電累計裝機達886GW，同比增長45%，其中集中式光伏511GW，分佈式光伏375GW。二零二四年，全國光伏發電量8,341億千瓦時，同比增長44%；全國光伏發電利用率96.8%。先進電池技術（TOPCon、異質結、鈣鈦礦+疊層）推陳出新，從10年前多晶硅組件效率14%到現在HJT組件效率25.2%、BC組件效率27.09%，以及大面積全鈣鈦礦疊層電池效率達28.2%，未來新型堆疊結構電池效率估計高達43%。組件價格從23年底人民幣1元W降至目前約人民幣0.6元W。鈣鈦礦電池憑借高效率、

114、低成本優勢，有望成為下一代光伏新勢力。風力發電行業發展狀況回顧二零二四年全國風電新增裝機79.8GW，同比增長6%，其中陸上風電75.8GW，海上風電4GW。從新增裝機分佈看，三北 地區佔全國新增裝機的75%。截至十二月底，中國風電累計併網容量達到521GW，同比增長18%，其中陸上風電480GW，海上風電41GW。二零二四年，全國風電發電量9,916億千瓦時，同比增長16%；全國風電平均利用率95.9%。Review of Development Status of the Photovoltaic Power Generation IndustryData from the Nationa

115、l Energy Administration indicated that the newly installed photovoltaic power generation output in China reached 278GW in 2024,representing a year-on-year increase of 28%,including 160GW of centralised photovoltaics and 118GW of distributed photovoltaics.As of the end of December,Chinas accumulative

116、 installed photovoltaic power generation output reached 886GW,representing a year-on-year increase of 45%,among which included 511GW of centralised photovoltaics and 375GW of distributed photovoltaics.In 2024,Chinas photovoltaic power generation reached 834.1 billion kWh,representing a year-on-year

117、increase of 44%,and the utilisation rate of Chinas photovoltaic power generation is 96.8%.Advanced battery technologies(TOPCon,heterojunction,perovskite+stacked)evolve through years,with efficiency of polycrystalline silicon module from 10 more years ago marked at 14%to the current HJT module achiev

118、ing an efficiency of 25.2%,BC module efficiency of 27.09%,and large-area perovskite stacked battery efficiency of 28.2%,while the efficiency of the upcoming battery in new stacked structure is estimated to be as high as 43%.Component price dropped from RMB1/W at the end of 2023 to about RMB0.6/W at

119、the moment.Perovskite battery is expected to become the next generation of photovoltaic new force with advantages of high efficiency and low cost.Review of Development Status of the Wind Power Generation IndustryThe newly installed wind power capacity in China amounted to 79.8GW in 2024,representing

120、 a year-on-year increase of 6%,which included 75.8GW from the onshore and 4GW from the offshore.From the view of distribution of the new installment,“Three North”areas accounted for 75%of Chinas newly installed capacity.As of the end of December,Chinas accumulative gird-connected wind power capacity

121、 reached 521GW,representing a year-on-year increase of 18%,which included 480GW from the onshore and 41GW from the offshore.In 2024,Chinas wind power generation output reached 991.6 billion kWh,representing a year-on-year increase of 16%,and the average utilisation rate of Chinas wind power was 95.9

122、%.16CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析The 143m blades of the wind turbine have been rolled out,with the highest hub height reaching 180 metres.Major technological breakthroughs have been achieved in deep and remote floating

123、 wind power,and technological advances,including those in flexible DC transmission,have driven the project to reduce costs and increase efficiency.The price of onshore wind turbines has been reduced from RMB4/W in 2020 to around RMB1.2/W at present.Offshore wind turbine price:Currently,the price wit

124、h tower is about RMB3.3/W,and the price without tower is about RMB2.8/W.Review of Status of the Energy Storage IndustryAs of the end of 2024,the cumulative installed capacity of new energy storage projects that were completed and operative in China reached 73.76GW,representing an increase of more th

125、an 130%compared with that of the end of 2023.The capability of distribution and utilization of new type of energy storage continued to improve.In 2024,the equivalent utilisation hours of new energy storage was approximately 1,000 hours,which has played a role in promoting the development and consump

126、tion of new energy,ensuring peak supply and safeguarding the safe and stable operation of the power system,and has strongly supported the construction of a new power system.The mainstream of energy storage batteries is 280Ah,and is moving towards larger capacity,longer life and higher safety.This is

127、 achieved by increasing the capacity of the battery cells and the system,and implementing liquid cooling and other ways to improve efficiency,reduce attenuation,and promote cost reduction throughout the life cycle of energy storage.Breakthroughs have also been made in all-vanadium liquid current bat

128、tery,solid-state battery,and sodium-ion battery technology.Currently,the price of 2h energy storage system has dropped from RMB1.6/Wh in early 2023 to around RMB0.5/Wh,and the price of energy storage battery cells has dropped from RMB0.95/Wh in early 2023 to roughly RMB0.3 to 0.35/Wh.風 機 143m 葉 片 已

129、下 線，最 高 輪 轂 高 度 達180米，深遠海漂浮式風電實現重大技術突破，柔性直流外送在內的技術進步推動項目降本增效。陸上風機的價格從2020年人民幣4元W降低到目前的人民幣1.2元W左右。海上風機價格：目前，含塔筒價格約人民幣3.3元W，去除塔筒價格約人民幣2.8元W。儲能行業狀況回顧截至二零二四年底，全國已建成投運新型儲能項目累計裝機規模達73.76GW，較2023年底增長超過130%。新型儲能調度運用水平持續提升，二零二四年新型儲能等效利用小時數約1,000小時，發揮了促進新能源開發消納、頂峰保供及保障電力系統安全穩定運行功效，有力支撐新型電力系統建設。儲能電池以280Ah為主流，並

130、向更大容量、更長壽命、更高安全方面邁進，通過增大電芯和系統容量、液冷等方式提高效率、減少衰減，推動儲能生命週期降本。全釩液流電池、固態電池、鈉離子電池技術等也取得突破進展。目前，2h儲能系統價格從2023年初的人民幣1.6元Wh降至人民幣0.5元Wh左右；儲能電芯的價格從2023年初的人民幣0.95元Wh降至人民幣0.30.35元Wh。17中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析業務回顧二零二四年，宏觀層面，外部環境的複雜性、嚴峻性及不確定性明顯上升，國內結構調整持續深化帶來新挑戰，宏觀政策效應持續釋放、外需有所

131、回暖、新質生產力加速發展等因素也形成新支撐。產業層面，近年來我國以風電、光伏發電為代表的新能源發展成效顯著，但電力系統對大規模高比例新能源接網和消納的適應性不足，已成為制約新能源發展最重要的因素之一，集中式、地面分佈式項目政策收緊，優質項目競爭加劇。在此情形下，本集團對外搶抓機遇，加大市場開發，積極爭取優質項目；對內加強協作，緊扣精益主題，力推提質增效。二零二四年，在各股東方的支持下，本集團通過資源共享、業務協同等多種方式推進公司新能源業務穩步發展。集團外，完善市場佈局，加強優質項目開發，實現多點開花，羅平100MW分佈式項目中標，泰州俞垛50MW光伏項目、睢寧沙集50MW光伏項目、博尚二期1

132、60MW光伏項目以及臨翔一期100MW/200MWh儲能項目均已獲得建設規模指標，正在跟蹤的項目規模超4GW；集團內，加強產業協同，利用股東方物流園、產業園屋頂資源，建設屋頂分佈式電站，開發工商業儲能項目，試水零碳園區新賽道。BUSINESS REVIEWIn 2024,at the macro level,the heightening of the complexity,severity and uncertainty of the external environment and the continual intensifying of the domestic structural

133、adjustment posed new challenges,the effect of the macro policy continued to release,external demand has warmed up,and the new matter productivity accelerated its development,forming a new support.At the industrial level,the development of new energy,represented by wind power and photovoltaic power g

134、eneration,in China in recent years has achieved remarkable results,but the lack of adaptability of the power system to large-scale and high proportion of new energy connected to the grid and consumed has become one of the most important factors restricting the development of new energy,and the polic

135、y on centralized and ground-based distributed projects has been tightened,and the competition for high-quality projects has intensified.Under such circumstances,the Group seized opportunities externally,increased market development and actively sought quality projects;internally,the Group strengthen

136、ed collaboration,closely adhered to its core values and pushed for quality and efficiency improvement.In 2024,the Group promoted the steady development of the Companys new energy business through,among others,resource sharing and business synergies with the support from its shareholders.Outside the

137、Group,the Group has improved its market layout and strengthened the development of quality projects to realize collaborative development.We won the bidding for the 100MW distributed project in Luoping,and obtained the indicators for the construction scale of the 50MW photovoltaic project in Yuduo,Ta

138、izhou,the 50MW photovoltaic project in Shaji,Suining,the 160MW photovoltaic project in Boshang Phase II and the 100MW/200MWh energy storage project in Linxiang Phase I.The Group is now tracking the projects with the scale of more than 4GW.Within the Group,the Group has strengthened industrial synerg

139、ies,utilized the rooftop resources of the logistics park and industrial park of its shareholder,built rooftop distributed power stations,developed industrial and commercial energy storage projects,and tested the viability of the new development of a zero-carbon park.18CHINA NUCLEAR ENERGY TECHNOLOGY

140、 CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析截至二零二四年十二月三十一日止年度，收 益 較 去 年 同 期 下 降 約 16.9%至 人 民 幣1,295,563,000 元（二 零 二 三 年：人 民 幣1,559,437,000元（經重述）；本集團權益持有人應佔盈利人民幣114,136,000元（二零二三年：人民幣98,734,000元（經重述），較去年同期上升約15.6%；每股基本盈利為人民幣6.16分，較去年同期之人民幣5.33分（經重述）上漲人民幣0.83分，漲幅約15

141、.6%。EPC及諮詢及整體建設業務EPC及諮詢及整體建設分部收益乃基於項目完工程度確認。對外部客戶的分部銷售同比下降約49.5%至人民幣517,228,000元（二零二三年：人民幣1,025,041,000元（經重述）。分部收益減少主要由於本集團業務戰略方向變化，一是新能源EPC業務主要圍繞自投自建項目展開，確認的大部分收入在公司合併層面予以抵消；二是市政EPC業務因地產行業整體呈下行趨勢，且公司計劃退出該業務領域，為減少資本佔用，本集團24年未承接長週期新項目。二零二四年，本集團承接新能源EPC項目17個、電站運維合同4個，合同金額約8.09億元人民幣，業務類型覆蓋集中式光伏、分佈式光伏、儲

142、能等領域。典型項目方面，博尚300MW農光互補項目、泰州俞垛50MW漁光互補項目、臨翔一期100MW/200MWh儲能項目、上?？靷}零碳園區項目全容量併網，西藏扎布耶光熱項目完成全部190個集熱回路施工。For the year ended 31 December 2024,revenue decreased by approximately 16.9%year-on-year to RMB1,295,563,000(2023:RMB1,559,437,000(restated);profit attributable to owners of the Group amounted to RM

143、B114,136,000(2023:RMB98,734,000(restated),representing an increase of approximately 15.6%over the same period of last year.The basic earnings per share was RMB6.16 cents,indicating an increase of RMB0.83 cents or approximately 15.6%from RMB5.33 cents(restated)in the same period of last year.EPC and

144、Consultancy and General Construction BusinessRevenue from the EPC and consultancy and general construction segment was recognized based on the completion progress of the projects.Segment sales to external customers decreased by approximately 49.5%as compared to the same period of last year to RMB517

145、,228,000(2023:RMB1,025,041,000(restated).The decrease in segment revenue was mainly due to the change in the Groups business strategic direction.Firstly,the new energy EPC business mainly focused on self-invested and self-built projects,and most of the revenue recognized was offset at the company co

146、nsolidation level;secondly,for the municipal EPC business,due to the downward trend of the property industry as a whole and the Companys plan to withdraw from this business,in order to reduce capital occupation,the Group has not undertaken any long-cycle new projects in 2024.In 2024,the Group undert

147、ook 17 new energy EPC projects and 4 power station operation and maintenance with a contract sum of approximately RMB809 million.The scope of business has covered,among others,centralized photovoltaic,distributed photovoltaic and energy storage.In terms of typical projects,the 300MW agriculture-sola

148、r complementation project in Boshang,the 50MW fishery-solar complementation project in Yuduo,Taizhou,the 100MW/200MWh energy storage project in Linxiang Phase I and the Quicktron Zero Carbon Park Project in Shanghai were connected to the grid at full capacity,and the Zhabuye solar thermal project in

149、 Tibet completed the construction of all the 190 collector circuits.19中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析本集團始終堅持安全第一、預防為主、綜合治理 的方針，緊抓制度和責任落實，加大安全生產投入，加強安全隱患排查治理，築牢安全生產防線，有效防範和遏制了各類安全事故的發生，全年無一般以上安全生產事故發生。在工程管理方面，深入推進質量管理標準化建設，貫徹首件樣板制，加強質量巡檢、抽檢頻次，嚴把中間移交質量關，確保一次驗收通過率100%、無質量事

150、故、無顧客投訴。二零二四年，本集團電力工程施工總承包、築機電安裝專業承包等資質由三級提升至二級，新能源及風力發電等設計資質有效期延展至2029年。在科技研發工作方面，緊扣主營業務，開設3項研發新課題，申請專利11項，獲得發明專利3項、實用新型專利1項。此外，本年度再次入選江蘇省高新技術企業，獲得企業所得稅減免政策支持，為企業創新發展賦能。The Group has always adhered to the principle of“safety first,prevention as the priority and comprehensive management”,and closely

151、 monitored the implementation of systems and responsibilities,increased investment in safety production,strengthened the investigation and management of safety hazards,and built up a strong line of defense for safety production,which effectively prevented and curbed the occurrence of various types o

152、f safety accidents.There were no safety production accidents above the general level in the year.For project management,the Group deeply promoted the standardized construction of quality management and implemented the first-piece sample system,strengthening the quality inspection and sampling freque

153、ncy.The Group strictly controlled the quality of intermediate handovers to ensure a 100%acceptance rate with no quality accidents or customer complaints.In 2024,the Groups qualification for general contracting for power engineering construction and specialized contracting for construction,mechanical

154、 and electrical installation was upgraded from Grade 3 to Grade 2,and the design qualification for new energy and wind power generation was extended to 2029.For research and development in science and technology,the Group focused on its main business,started 3 new research and development projects,a

155、pplied for 11 patents and obtained 3 invention patents and 1 utility model patent.In addition,the Group was once again selected as a high-tech enterprise in Jiangsu Province and received support from the enterprise income tax exemption policy,which empowered the innovative development of the enterpr

156、ise.20CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析Power Generation BusinessIn 2024,the Group continued to accelerate the progress of grid connection of power plant projects.As at the end of December,full capacity of the Boshang proje

157、ct,the Zhenkang project,the Yangchun project,the Taizhou Yuduo project,the Taizhou liancheng project,Linxiang Phase I energy storage project,the Tianjin Baowan project,Xian Yazhi project and Shanghai Quicktron project were connected to the grid,the Suining Shaji project was connected to the grid wit

158、h a capacity of 58.9MW,the Xuzhou Airport project was connected to the grid with a capacity of approximately 36MW,resulting in the newly installed grid-connected reaching a record-high scale of 973MW.As of 31 December 2024,the Group had a total of 85 power plants in operation and maintenance,includi

159、ng 78 wind and solar power plants with a total operating capacity of 1,919MW(in terms of actual installed generating capacity)and seven 307MWh energy storage power plants.The annual wind and solar power generation was 1,794 million kWh.Among them,the cumulative power generation of photovoltaic power

160、 stations was 1,267 million kWh and the cumulative power generation of wind power stations was 527 million kWh.The Group has actively participated in green electricity trading and green electricity certificate trading as evidenced by additional revenue of approximately RMB3.60 million generated thro

161、ugh green power trading from several projects,namely Zhenjiang Xinneng,Guangdong Yangjiang,Guangdong Yangchun and Xuzhou Dalishen,as well as additional revenue of approximately RMB1.05 million from trading of 710,000 green electricity certificates.發電業務二零二四年，本集團持續加快電站項目併網進度。截至十二月底，博尚項目、鎮康項目、陽春項目、泰州俞垛

162、項目、泰州聯成項目、臨翔一期儲能項目、天津寶灣項目、西安雅致項目、上?？靷}項目全容量併網，睢寧沙集項目併網58.9MW，徐州空港項目併網約36MW，新增併網裝機規模達973MW，創歷年之最。截至二零二四年十二月三十一日，本集團在運維電站合計85座，其中風光78座，儲能7座，風光總運營規模達1,919MW（按實際裝機容量統計），儲能電站307MWh，風光全年完成發電量17.94億千瓦時。其中，光伏電站累計發電12.67億千瓦時，風電站累計發電5.27億千瓦時。積極參與綠電綠證交易，鎮江鑫能、廣東陽江、廣東陽春、徐州大力神項目通過綠電交易增收約人民幣360萬元；交易綠證約71萬張，創收約人民幣10

163、5萬元。21中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析本集團持續推進電站運營標準化建設，提升智能化運維水平。本年度發佈 標準化電站6S管理標準 等制度3項，通過整頓改進作業流程，消除事故隱患，提高電站運維效率。運用視頻監控、紅外告警、無人機巡檢等現代技術手段，完善電站巡檢排查力度，電站發電設備投入率為99.68%，較行業標準高出0.68個百分點。本集團自主開發智能運維繫統投入運行，不僅能滿足光伏、風電、儲能、碳管理等多場景管理需求，還可大幅降低數據集采設備投入成本。截至二零二四年十二月三十一日止年度，此分部錄得收益

164、較上年同期增長約48.8%，貢獻本集團收益人民幣756,231,000元（二零二三年：人民幣508,084,000元（經重述）及分部利潤（未扣除稅項及財務成本）增加約28%至人民幣349,908,000元（二零二三年：人民幣273,366,000元（經重述）。分部收益增加由於二零二四年發電業務收入較去年同期增加，主要是新增併網裝機規模增加973MW，帶來發電量大幅增長。The Group continued to promote the standardized operation of power plants and enhance the level of smart operation

165、 and maintenance.During the year,3 systems,including the“6S Management Standards for Standardized Power Plants”,were issued to enhance operation efficiency of power plants through consolidating and improving operating process as well as eliminating potential accidents.The Group utilized modern techn

166、ological means,such as real-time monitoring and control,infrared alarms and drone inspections to optimize inspection and troubleshooting at power plants.The input rate of power generation equipment at power plants was 99.68%,which was 0.68 percentage point higher than the industry standard.The Group

167、s self-developed smart operation and maintenance system was put into operation,which not only meets the management requirements of multiple scenarios,such as photovoltaic,wind power,energy storage,carbon management,but also significantly reduces the cost of the input of data collection equipment.For

168、 the year ended 31 December 2024,this segment recorded a revenue growth of approximately 48.8%as compared to the same period of last year,contributing RMB756,231,000(2023:RMB508,084,000(restated)to the revenue of the Group,and an increase in segment profit(before deducting tax and finance cost)of ap

169、proximately 28%to RMB349,908,000(2023:RMB273,366,000(restated).The increase in segment revenue was due to significant increase in power generation as a result of,among others,increase of scale of 973MW of newly-installed grid connection,leading to a rise in revenue from power generation business in

170、2024 as compared with that for the corresponding period last year.22CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析Energy Storage BusinessFor energy storage business,through actively focusing on core regions with economic benefits,we ha

171、ve been firmly developing energy storage market by leveraging on the technologies,resources and manpower advantages of leading integrators,as well as the internal resources of the Group and the application scenarios,such as development zones and urban-industrial integration.Upon the launch of Midea

172、Industrial Park project and the regional projects for,among others,CIMC and Clou,located in Jiangsu and Shaanxi,the scale of development and reserves reached 50MWh.In 2024,Chiwan Photovoltaic Energy Storage Demonstration Project was successfully connected to the grid and put into operation with the

173、energy storage scale of 14.88MW/59.60MWh,the installed PV capacity of 189KW,the annual charging and discharging capacity of the energy storage of approximately 20 million KWh and the annual PV power generation of 190,000KWh.The project has been connected to the Shenzhen Virtual Power Plant Aggregati

174、on Platform in August to participate in the demand side response,and it has been successfully participating in the invited demand side response and generating revenue.This project,as the first industrial and commercial energy storage project put into operation by Nanshan Group,was also the largest i

175、ndustrial and commercial storage project in Guangdong Province at that time.It has been a good attempt to make strategic planning for new energy development under the collaboration between the resource advantages of the Group and the industry.儲能業務儲能方面，積極圍繞具備經濟效益的核心區域，通過龍頭集成廠商的技術、資源、人員等優勢，通過集團內部資源，開發

176、園區、產城等應用場景，加大儲能市場開發力度，重點推進落地美的工業園項目、中集、科陸等位於江蘇、陝西區域項目，開發和儲備規模超過50MWh。二零二四年，赤灣光儲示範項目順利併網投運，儲能規模14.88MW/59.60MWh，光伏裝機規模189KW，儲能年充放電量約2,000萬KWh，光伏年發電量19萬度，項目八月已接入深圳虛擬電廠調度平臺，參與需求側響應，目前成功參與邀約型需求側響應並獲得收益。本項目作為南山集團投運的第一個工商業儲能項目也是當時廣東省內最大的工商儲項目，是充分集團資源優勢和產業協同下，對新能源發展戰略規劃做出的積極嘗試。23中國核能科技集團有限公司二零二四年年報Manageme

177、nt Discussion and Analysis管理層討論與分析邯 鄲 美 的 製 冷 7.5MW/22.362MWh 儲 能 項目於十月中旬竣工並正式投入使用，投運時是河北省內單體規模最大的用戶側儲能項目。本項目不僅通過削峰填谷有效降低企業能耗，節約用能成本，實現經濟效益的最大化；還積極響應了國家對於碳達峰、碳中和的戰略部署，成為節能園區建設的典範。邯鄲 美 的 廚 電 5MW/13.416MWh 儲 能 項 目 於十一月竣工並正式投入使用。臨翔一期100MW/200MWh儲能項目全容量併網，首年充電5,334萬千瓦時、放電4,675萬千瓦時。該項目被列入雲南省首批儲能示範項目，投產後不

178、僅可通過充放電價差和容量租賃獲取收益，還可依照雲南省能源局配儲政策，優先降低本集團雲南區域電站限電比例。深圳青少年足球訓練基地光儲超充，車網互動 一體化應用場景項目成功併網。該基地將承辦二零二五亞洲足聯中國U20亞洲杯賽事及二零二五年第十五屆全國運動會足球賽事，搭載光儲充一體化技術的應用和智能化管控系統的運營，實現了光伏、儲能、充電之間的高效互動，是深圳市首個足球基地光儲充一體化項目。Handan Midea Refrigeration 7.5MW/22.362MWh energy storage project was completed in mid-October and put int

179、o operation,it was the largest single user-side energy storage project in Hebei Province for the time being.This project has not only effectively reduced energy consumption of enterprises by peak-load shifting,saved energy costs and maximised economic benefits,but also positively responded to the st

180、rategic deployment of the states carbon peaks and carbon neutrality,making it a model for the construction of energy-saving parks.Handan Midea Kitchen&Electric Appliances 5MW/13.416MWh energy storage project was completed and put into operation in November.Linxiang Phase I 100MW/200MWh energy storag

181、e project was connected to the grid at full capacity,with 53.34 million kWh of charging and 46.75 million kWh of discharging in the first year.The project was included in the first batch of energy storage demonstration projects in Yunnan Province,after its commissioning,it has not only generated rev

182、enue through charging/discharging spread and capacity leasing,but also reduced the proportion of the power limitation of the Groups Yunnan regional power plants on a priority basis as per the allocation and storage policy of the Yunnan Provincial Energy Administration.Shenzhen Youth Football Trainin

183、g Base“Photovoltaic Storage and Super Charging,Vehicle to Grid”integrated application scenario project was successfully connected to the grid.The base will host AFC U20 Asian Cup China 2025 and the 15th National Games of the Peoples Republic of China Football Tournament in 2025.With the application

184、of photovoltaic-storage-charging integrated technology and the operation of intelligent management and control system,it has achieved efficient interaction between photovoltaic,energy storage and charging,and it is the first photovoltaic-storage-charging integration project of football base in Shenz

185、hen.24CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析Financing BusinessFor the year ended 31 December 2024,the Groups finance leasing business recorded segment revenue from external customers of RMB22,104,000(2023:RMB26,312,000(restated

186、),representing a year-on-year decrease of 16%.The decrease in segment revenue was mainly due to intense competition among the peers and hurdles for project expansion,resulting in a decrease in revenue from external customers.In 2024,the Group continued to carry out finance leasing,factoring and othe

187、r financial businesses in the new energy field,increased the proportion of external business income,and focused on the tasks of“guaranteeing investment,reducing leverage,ensuring liquidity,and reducing costs”to ensure the effective flow of funds and the effective reduction of financial costs.The Gro

188、up has focused on the new energy industry(including photovoltaic and energy storage),new infrastructure(including 5G base stations and data centers)and healthcare(rehabilitation medical treatment,pandemic prevention equipment)and other fields to conduct market analysis.Through actively anticipating

189、the market conditions and potential risks,the Company not only strengthened its capabilities to conduct professional and market-oriented business development,but also reserved projects and provided reference for the determination of business direction and the formulation of risk control criteria.In

190、respect of factoring business,we focused on the development of reverse factoring and supply chain fintech for core enterprises such as state-owned central enterprises.We have reinforced our principal businesses,facilitated development of differentiation and given full play to the advantages of finan

191、cial instruments to consolidate the profitability of financial businesses such as financial leasing,unceasingly demonstrate the financial-industrial integration ability with an aim of providing financial support and security services for the Groups industrial investment platform.融資業務截至二零二四年十二月三十一日止年

192、度，本集團之融資租賃業務錄得對外部客戶的分部收益人民幣22,104,000元（二零二三年：人民幣26,312,000元（經重述），同比下降約16%。分部收益的減少主要由於同業競爭劇烈，項目拓展困難，外部收益減少。二零二四年，本集團持續圍繞新能源領域開展融資租賃和保理等類金融業務，加大外部業務收入佔比，把保投放、降槓桿、保流動、降成本 任務作為重點工作，保證資金有效流動、財務成本有效降低。本集團重點針對新能源行業（包括光伏和儲能）、新基建（包括5G基站和數據中心）、健康醫療（康復醫療、防疫設備）等領域展開研判，通過積極研判市場及可能帶來的風險，不僅增強了公司的專業化、市場化業務拓展能力，還為業務

193、方向研判和風控標準制定提供了項目儲備及依據。保理業務方面，重點發展基於國央企核心企業的反向保理和供應鏈科技金融。夯實主業，差異發展，充分發揮金融工具作用優勢，鞏固融資租賃等金融業務的盈利能力，不斷突出產融結合能力，為集團實業投資平臺提供資金支持與保障服務。25中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析(a)融資租賃應收款項二零二四年度，本集團與24位（二零二三年度：21位）新能源行業承租人簽署25個（二零二三年度：23個）融資租賃合同。(b)應收貸款二零二四年度，本集團與1位（二零二三年度：11位）客戶簽署1個（二

194、零二三年度：11個）貸款合同。(i)應收貸款的行業分佈情況下表列出本集團應收貸款的行業分佈情況：(a)Finance Lease ReceivablesIn 2024,the Group has 25(2023:23)finance lease contracts with 24(2023:21)lessees who engaged in new energy sector.(b)Loan ReceivablesIn 2024,the Group has 1(2023:11)loan contract with 1(2023:11)customer.(i)Industry Profile o

195、f Loan ReceivablesThe following table sets out the breakdown of the Groups loan receivables by industries:As of 31 December 2024As of 31 December 2023(restated)Changes截至二零二四年十二月三十一日截至二零二三年十二月三十一日（經重述）變動RMB000%RMB000%RMB000人民幣千元%人民幣千元%人民幣千元 Construction Sector建築%New energy Sector新能源%100,00088%(100,00

196、0)Property Management Sector物業管理10,558100%13,34812%(2,790)Total Loan Receivables應收貸款總額10,558100%113,348100%(102,790)26CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析(ii)應收貸款的區域分佈情況所有的應收貸款都均來自中華人民共和國（中國）客戶。下表列出本集團應收貸款的中國區域分佈情況：(ii)Geogra

197、phical Region Profile of Loan ReceivablesAll of the loan receivables are due from the customers located in the Peoples Republic of China(the“PRC”).The following table sets out the breakdown of the Groups loan receivables by customers geographical region in the PRC:As of 31 December 2024As of 31 Dece

198、mber 2023(restated)Changes截至二零二四年十二月三十一日截至二零二三年十二月三十一日（經重述）變動RMB000%RMB000%RMB000人民幣千元%人民幣千元%人民幣千元 Eastern華東%Southern華南10,558100%100,00088%(89,442)Central華中%13,34812%(13,348)Southwestern西南%Total Loan Receivables應收貸款總額10,558100%113,348100%(102,790)(iii)Maturity Profile of Loan ReceivablesThe followin

199、g table sets out the maturity analysis of the Groups loan receivables:As of 31 December 2024As of 31 December 2023(restated)Changes截至二零二四年十二月三十一日截至二零二三年十二月三十一日（經重述）變動RMB000%RMB000%RMB000人民幣千元%人民幣千元%人民幣千元 Maturity到期日Not more than 1 year1年內3,62134%103,70092%(100,079)1 to 2 years1至2年3,89837%3,7003%1982

200、 to 5 years2至5年3,03929%5,9485%(2,909)Total Loan Receivables應收貸款總額10,558100%113,348100%(102,790)(iii)應收貸款的到期日情況下表列出本集團應收貸款的到期情況分析：27中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析業務模式本公司之間接全資附屬公司核建融資租賃（深圳）有限公司（核建融資租賃）主要在中國境內提供融資租賃及保理業務。所提供融資租賃的主要模式為融資租賃直租、售後回租以及有追索權保理。業務模式主要是從本集團內部資源、銀行

201、以及同業租賃公司取得的貸款投放於租賃以及保理項目。融資租賃直租：承租人指定供應商選定設備，承租人、設備供應商、核建融資租賃簽訂三方採購協定，由核建融資租賃直接付款給設備供應商，核建融資租賃同時與承租人簽訂融資租賃合同，承租人按期支付租金予核建融資租賃。BUSINESS MODELThe indirect wholly owned subsidiary of the Company,CNEC Financial Leasing(Shenzhen)Co.,Ltd.(“CNEC Financial Leasing”),principally engages in the provision of f

202、inancial leasing and factoring business in the PRC.The principal mode of finance lease offered mainly include direct-leasing,sale-and-leaseback and recourse factoring.The major source of fund for this business is loans from banks and leasing companies from the same industry for leasing and factoring

203、 projects,and internal resources of the Group.Direct-leasing:The lessee designates the supplier of the selected equipment.Then the lessee,the equipment supplier,and CNEC Financial Leasing sign a tripartite procurement agreement.CNEC Financial Leasing will pay the equipment supplier for the equipment

204、 after acceptance of equipment by the lessee and a financial leasing contract will be signed between CNEC Financial Leasing and the lessee.The lessee pays CNEC Financial Leasing rent based on the agreed terms.28CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussio

205、n and Analysis管理層討論與分析售後回租：承租人將設備出售給核建融資租賃並與之簽訂設備買賣合同，核建融資租賃與承租人簽訂售後回租合同，核建融資租賃支付設備款，承租人按期支付租金予核建融資租賃。有追索權保理：貿易和服務合同項下的債權人（賣家或服務提供者），將其享有的現在或將來的應收賬款轉讓給核建融資租賃，由核建融資租賃提供應收賬款融資服務，在保理融資款本息未獲清償的情況下，核建融資租賃不僅有權要求基礎交易合同的債務人向其清償債務，同時有權向應收賬款債權的出讓人追索。核建融資租賃在中國的目標客戶主要包括清潔能源、文體科技等行業的大規模、資產密集型機構客戶。核建融資租賃中國境內的大多數客

206、戶乃透過以下方式招攬而來：(a)現有客戶、銀行或同業的業務合作夥伴推薦、(b)核建融資租賃的市場推廣及銷售工作以及(c)帶來與不同供應商潛在保理業務機會的本集團自有項目。貸款主要條款根據客戶的信用狀況與抵押物的質量釐定，融資租賃貸款一般年期為3到10年。此外，應收融資租賃款以光伏電站、售電所得款項，以及由承租人繳足的註冊資本為抵押。應收貸款總額以借款人的應收融資租賃款和應收貿易款作抵押。Sale-and-leaseback:The lessee sells the equipment to CNEC Financial Leasing and signs an equipment sale a

207、nd purchase contract with CNEC Financial Leasing.Then CNEC Financial Leasing signs a sale-and-leaseback contract with the lessee.CNEC Financial Leasing pays the lessee for the equipment and the lessee pays CNEC Financial Leasing rent based on the agreed terms.Recourse factoring:Creditors(sellers or

208、service providers)under trade and service contracts transfer their current or future accounts receivable to CNEC Financial Leasing.CNEC Financial Leasing will then provide financing services for the accounts receivable.In the case where the principal and interest of the factoring financing are not f

209、ully repaid,CNEC Financial Leasing has the right to request the debtor of the underlying transaction contract to pay off the debts to CNEC Financial Leasing and to recover the principal and interest from the transferor of the accounts receivable.CNEC Financial Leasings target customers mainly includ

210、e sizable and asset-intensive institutional customers in the PRC covering industries ranging from renewable energy,sports and culture,and technology.Most customers of CNEC Financial Leasing in the PRC are obtained through(a)referrals from business partners of existing customers,banks or peers,(b)mar

211、keting and sales effort from CNEC Financial Leasing,and(c)self-owned projects of the Group which will bring potential factoring business opportunities with different suppliers of the Group.Major terms of loans grantedSubject to the credibility of the customers and quality of the collateral,the finan

212、cial leases granted normally have a term of 3 to 10 years.Furthermore,all of the total finance lease receivables are secured by photovoltaic power plants,proceeds from sales of electricity and paid up registered capital of the lessees,while all of the total loan receivables are secured by finance le

213、ase receivables and trade receivables of the borrowers.29中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析內部控制程序在開展融資租賃及保理業務過程中，核建融資租賃已採取如下內部控制措施：客戶信貸風險評估(i)核建融資租賃的業務部憑藉考慮新客戶的財務狀況、市場份額、股東背景及商業信譽來評估任何新客戶的背景及信譽。核建融資租賃亦會考慮其未來的業務策略及擴展計劃。(ii)對符合準入要求的客戶，核建融資租賃業務部將進行盡職審查及信譽核查。核建融資租賃研究及分析客戶背景，包括

214、其經營歷史、股東及其他財務資料。有關資產類別及特性要求的特別要求亦需要研究並與核建融資租賃的歷史及市場記錄進行對比。(iii)評估後，核建融資租賃業務部將對客戶和項目進行盡職調查，風險合規部預審通過後，呈報管理層進行決策，管理層結合融資方案、資金成本、項目風險等因素，綜合考量後決定是否投放該項目。INTERNAL CONTROL PROCEDURESCNEC Financial Leasing has implemented the following internal control measures in carrying out the financial leasing and fac

215、toring business:Credit risk assessment of customers(i)The business and operations department of CNEC Financial Leasing assesses the background and reputation of any new customers by taking into account the new customers financial status,market share,shareholders background and business reputation.CN

216、EC Financial Leasing also takes into consideration their future business strategies and expansion plan.(ii)For customers who meet the access requirements,the business and operations department of CNEC Financial Leasing will conduct due diligence and credit verification.CNEC Financial Leasing researc

217、hes and analyzes customers backgrounds,including their operating history,shareholders and other financial information.If applicable,specific needs in respect of the type and specification requirements of the assets will also be studied and compared with CNEC Financial Leasings historical and market

218、records.(iii)After evaluation,the business and operations department of CNEC Financial Leasing will conduct due diligence on the customers and the projects.After the preliminary review process is passed by the risk and compliance department,the application will be submitted to the management for dec

219、ision making.The management will decide whether to execute the project after comprehensive consideration based on factors such as financing option,capital cost and project risk.30CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析貸款期限釐定機制經盡

220、職審查後，核建融資租賃業務部將根據估計資本成本、回報評估及管理層的批準提供初步報價供客戶考慮。核建融資租賃亦將評估不同交易架構以及相關租賃及融資選擇權，同時亦會考慮租賃條款（包括期限、租賃付款及付款時間表）及融資條款（包括利率、期限及融資額），以對特定交易的法律及營運風險作出整體評估。此階段亦會評估利率風險、對手方信貸風險、債務水平及標的資產的剩餘價值風險。亦會進行現金流分析，以評估交易的第一還款來源是否可靠。核建融資租賃將著手就融資安排（如有）取得金融機構的初步意向。核建融資租賃通常會就建議融資安排獲取至少三家金融機構的意向。貸款審批流程(i)於與客戶確定主要條款後，核建融資租賃業務部將項目

221、報告呈報至風險評審決策委員會審批，並據此考慮是否向核建融資租賃董事會建議批準。經核建融資租賃董事會批準，核建融資租賃業務部屆時將著手基於經磋商及批準的資產收購、租賃及融資租賃融資的條款編製協議及相關文件（如有）。Mechanism in determining loan termsAfter the due diligence process,the business and operations department of CNEC Financial Leasing will provide preliminary quotation for clients consideration b

222、ased on the estimated cost of capital of CNEC Financial Leasing,return assessment and approval by the management.CNEC Financial Leasing will also evaluate different transaction structures and the relevant leasing and financing options.Lease terms including time frame,the amount of the lease payment,

223、the payment schedule,and financing terms including interest rate,duration and the amount of financing will also be considered for the purpose of making an overall assessment of the legal and operational risks of a particular transaction.Interest rate risk,counterparty and credit risk,the level of de

224、bt,and the residual value risk of the subject assets will also be assessed at this stage.Cash flow analysis will also be performed to assess the reliability of the primary source of repayment.CNEC Financial Leasing will proceed to obtain preliminary indications from the financial institutions for th

225、e financing arrangements(if any).CNEC Financial Leasing will generally require indications from at least three financial institutions on the proposed financial arrangement.Approval process for granting loans(i)After confirmation of principal terms with the customers,the business and operations depar

226、tment of CNEC Financial Leasing will submit the project report to the risk review and decision committee for approval.If approval is obtained,recommendation to the board of directors of CNEC Financial Leasing can be made.After the approval of the board of directors of CNEC Financial Leasing is obtai

227、ned,the business and operations department of CNEC Financial Leasing will then proceed to prepare the agreement and relevant document on the basis of the negotiated and approved terms of the asset acquisition,lease and the financing of the finance lease(if any).31中國核能科技集團有限公司二零二四年年報Management Discus

228、sion and Analysis管理層討論與分析(ii)於釐定融資安排的具體規定及詳細條款（如有）後，核建融資租賃將開始就融資租賃及融資與不同各方配合。該過程中不同部門通力協作，確保所有有關安排將能根據計劃時間表完成。核建融資租賃的財務部根據簽訂的融資租賃協議及融資租賃協議融資（如有）規定的放款條件和時間表等投放項目款項。(iii)若所申請金額會觸發香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）下本公司之披露或股東批準責任，則所有融資租賃及保理業務均須通過本公司董事會的進一步審批。監察貸款償還及收回情況核建融資租賃資產管理部監察從客戶收取租賃付款的情況，同時密切監察客戶支付租賃付款

229、時是否有任何延誤，並在出現延誤時迅速作出跟進行動。核建融資租賃資產管理部將密切監控承租人及擔保人（統稱債務人）的財務及經營狀況，每半年要求債務人提供財務報表，並在公共領域對債務人跟進分析。每年將對債務人進行實地現場檢查，以監測債務人的經營狀況、項目進展情況及租賃資產狀況，上述所有都將相應地進行記錄。核建融資租賃通過持續監測、行業分析、網絡資料及研究報告等外部渠道等及時了解債務人的相關資料，以評估債務人信譽及識別任何潛在違約風險，並根據評估結果及時採取現場檢查（如有必要）、補足租賃資產、變更租賃協議條款、取回租賃資產或提前終止租賃協議等相關措施。(ii)Following the determi

230、nation of the specifications and the detailed terms of the financing arrangements(if any),CNEC Financial Leasing will proceed to coordinate with different parties for the finance lease and financing.The process represents the collaborative efforts of different departments to ensure that all the rela

231、ted arrangements will be completed according to the planned schedule.The finance and treasury department of CNEC Financial Leasing grants financing according to the financing conditions and timetable of the signed finance lease agreement and the financing of the finance lease agreement(if any).(iii)

232、Furthermore,all the financial leases and factoring business will be subject to further approval by the board of directors of the Company if the transaction may trigger any disclosure and/or shareholders approval requirement under the Rules Governing the Listing of Securities(the“Listing Rules”)on Th

233、e Stock Exchange of Hong Kong Limited(the“Stock Exchange”).Monitoring loan repayment and recoveryThe asset management department of CNEC Financial Leasing monitors the receipt of the lease payment from the customers,and closely monitors if there is any delay in the lease payment by the customers and

234、 follow-up actions to be taken promptly in case of such delay.CNEC Financial Leasing will closely monitor the financial condition and operation of the customers and(if applicable)the guarantors(collectively,the“Obligors”)by,amongst other things,requesting financial statements of the Obligor semi-ann

235、ually and keeping track of the Obligors in public domain for analysis.Annual on-site checks at the Obligors premise will be carried out to check the operating condition of the Obligors,project progress and condition of the leased assets,all of which will be documented accordingly.CNEC Financial Leas

236、ing will also obtain other relevant information from industry analysis,online information and research report,in order to evaluate the creditability of the Obligors and identify any potential default risk and based on the result of such evaluations,and to timely implement measures such as on-site ch

237、ecks(if and when necessary),replenishment of leased assets,amendments to the terms of the lease agreement,seizure of the leased assets or termination of the lease agreement.32CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析對拖欠貸款採取行動倘發生逾期

238、還款，核建融資租賃資產管理部及業務部將與客戶及債權人保持密切聯繫，及時通報相關方當前進展，尋求適當解決方案以解除或減輕核建融資租賃所承受的風險。經向客戶作出查詢後，核建融資租賃可自行酌情授予客戶有限的緩衝期（通常不超過三個月）。緩衝期屆滿後，核建融資租賃將向違約客戶發出催款函。倘發生違約事件，核建融資租賃亦可與客戶磋商和解方案。若無法達成和解方案，或客戶未能履行和解方案中的承諾，抑或客戶與核建融資租賃失去聯繫，則核建融資租賃可對有關客戶提起法律訴訟，並強制執行擔保資產以收回本金和未付利息。在釐定緩衝期、和解方案及可能的強制執行行動時，我們將考慮（其中包括）(i)貸款的貸款價值比率（包括利息）、

239、(ii)法律行動的成本及(iii)變現標的證券的可能性和能力。貸款減值和核銷截至二零二四年十二月三十一日，本集團之應收貸款及融資租賃應收款項沒有錄得貸款減值（二零二三年：無）及沒有錄得貸款核銷（二零二三年：無）。主要客戶貸款集中度截至二零二四年十二月三十一日，由於融資租賃應收款項及應收貸款總額中分別有20%（二零二三年：27%）及53%（二零二三年：67%）為應收本集團融資分部的最大客戶及五名最大客戶款項，故本集團有適度的信貸集中風險。本集團按地理位置劃分的融資分部信貸風險主要集中於中國，佔融資租賃應收款項及應收貸款總額的100%（二零二三年：100%）。Taking actions on d

240、elinquent loansIf there is overdue payment,the business and operations department and asset management department of CNEC Financial Leasing will keep a close contact with customers and creditors to keep the relevant parties informed of the current development and seek a proper solution to resolve or

241、 mitigate the risk exposure of CNEC Financial Leasing.Upon the enquiry to the customer,CNEC Financial Leasing may at its own discretion grant a limited time extension,usually not exceeding three months to the customer.Upon expiry of the time extension period,CNEC Financial Leasing will send demand l

242、etters to the defaulting customers.In the event of a default,CNEC Financial Leasing may also negotiate settlement proposals with the customer.Where settlement proposals cannot be agreed,or where the customer fails to honour the commitments under the settlement proposals,or the customer lost contact

243、with CNEC Financial Leasing,CNEC Financial Leasing may institute legal proceedings against the customer and seek to enforce the secured assets to recover the principal and outstanding interest.In determining the time extension,the settlement proposals and the possible enforcement action,we will have

244、 regard to,amongst other things,(i)the loan-to-value ratio of the loan(including interest),(ii)the costs of legal action,and(iii)the probability and ability of realizing the underlying security.Impairment and write-off of loansFor the year ended 31 December 2024,the Group has recorded no impairment

245、loss(2023:Nil)and no write-off of loans(2023:Nil)for the loan receivables and finance lease receivables.Concentration of loans to major clientsAs at 31 December 2024,the Group has a moderate level of concentration of credit risk as 20%(2023:27%)and 53%(2023:67%)of the total finance lease receivables

246、 and loan receivables was due from the Groups largest customer and the five largest customers of the financing segment respectively.The Groups financing segment concentration risk of credit risk by geographical location is mainly in the PRC,which accounted for 100%(2023:100%)of the total finance lea

247、se receivables and loan receivables.33中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析PROMOTING ENVIRONMENTAL PROTECTIONEnvironmental Management ApproachThe Group adheres to the general direction of environmental protection of“Strict Compliance with Laws and Regulations,Protection of En

248、vironment and Standardisation of Management”.We not only actively develop and promote green energy but also minimise pollution and harm to the environment.CNI(Nanjing),a wholly-owned subsidiary of the Group,has obtained ISO14001 and GB24001-2016 environmental management system certifications.In orde

249、r to fulfil the responsibility of project safety production,protect the ecological environment and minimise the impact on the environment during operation,the Group has established a sound environmental protection management mechanism.In order to standardise the environmental impact of the project p

250、rocess and avoid potential environmental hazards and major accidents,CNI(Nanjing)has formulated the Environmental Protection Management Approach at Project Site.The first responsible person for on-site environmental protection is the project manager,responsible for supervising and mastering the envi

251、ronmental protection management within the jurisdiction.The on-site project department is responsible for the overall planning of the environmental protection of the project before the commencement of the construction project,and formulating corresponding environmental protection measures based on t

252、he environmental pollution generated during the construction process or other activities.The safety engineers are responsible for the inspection of the specific implementation,such as checking and implementing the environmental protection measures of the participating units,and the environmental mea

253、sures inside and outside the construction area.During the Reporting Period,the Group did not violate any laws and regulations that have a significant impact on the Group relating to air and greenhouse gas emissions,discharges into water and land,and generation of hazardous and non-hazardous waste.推動

254、綠色環保環境管理方針本集團堅持嚴守法規、保護環境、規範管理 的環境保護大方向，不僅積極發展推廣綠色能源，同時盡可能減少對環境的污染和危害。集 團 全 資 附 屬 公 司 中 核（南 京）取 得 了ISO14001和GB240012016環境管理體系認證。為了落實項目安全生產的責任，保護生態環境，盡量減少營運過程中對環境的影響，本集團建立了健全的環境保護管理機制。為了做到項目過程所產生環境影響的規範化，避免有關環境隱患及重大事故，中核（南京）已制定 項目現場環境保護管理制度?，F場環境保護第一責任人是項目經理，負責監督和掌握管轄範圍內的環境保護管理情況?，F場項目部負責在施工項目開工前，對項目工程環

255、境保護做總體策劃，並根據施工過程中或其他活動中產生的環境污染，制定相應的環境保護措施。具體落實情況的檢查則由安全工程師負責，例如檢查落實參建單位環境保護措施、施工區域內外環境措施等。於本報告期內，本集團並沒有違反任何有關廢氣及溫室氣體排放、廢水及土地的排放、有害及無害廢氣物產生並對本集團有重大影響的法律法規。34CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析環境目標負責任的營運理念是本集團多年以來所秉持並奉行的。我們致力

256、於全面兼顧環境、社會及經濟效益，在營運業務中主動承擔自己的責任。本集團董事已授權ESG工作小組，每年檢討ESG目標進度，並定期向其匯報。各部門在ESG工作小組的指導下積極開展ESG相關工作，以確保在營運各環節和所有業務決策中融入可持續發展的思想。質量、環境、職業健康安全管理體系本集團致力於建設質量文化、規範質量管理，以管理創新、監督檢查、標桿引領、重點問題跟蹤治理等方式，落實質量工作，在提升工程質量、項目投資效益的同時，創建綠色低碳的優秀資產，實現質量、環境、職業健康安全的社會效益最大化。本集團根據質量管理、環境管理以及職業安全管理體系三個體系標準要求，並結合公司的實際情況，建立質量、環境、職

257、業健康安全管理體系。集團全資附屬公司中核（南京）獲上海質量體系審核中心頒發質量、環境、職業健康安全的管理體系認證證書。Environmental TargetsA responsible operation philosophy has been upheld and pursued by the Group over the years.We are committed to taking full account of environmental,social and economic benefits,and take the initiative to assume our respo

258、nsibilities in operating our business.The directors of the Group have delegated the ESG Working Group to review the progress of ESG targets annually and report to them regularly.Under the guidance of the ESG Working Group,all departments actively carry out ESG-related work to ensure that the concept

259、 of sustainable development is integrated into all aspects of operations and all business decisions.Quality,Environmental,Occupational Health and Safety Management SystemsThe Group is committed to building a quality culture and standardizing quality management.It implements quality work through mana

260、gement innovation,supervision and inspection,benchmarking guidance,and key problem tracking and governance.While improving project quality and project investment benefits,the Group creates excellent green and low-carbon excellent assets to maximize social benefits of quality,environment,occupational

261、 health and safety.The Group has established a quality,environmental and occupational health and safety management system in accordance with the requirements of three system standards,namely quality management,environmental management and occupational safety management systems,and the actual situati

262、on of the Company.CNI(Nanjing),a wholly-owned subsidiary of the Group,was awarded the Management System Certificate of Quality,Environment,Occupational Health and Safety by Shanghai Audit Center of Quality System.35中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析為確保內部政策順利有效推行，本集團已制定 質量、

263、環境、職業健康安全管理手冊，並根據國家有關政策、法律法規、標準和本集團實際情況要求，進行修編換版。質量、環境、職業健康安全的管理架構、管理方針、管理目標以及整體管理流程等內容，均已明確列在此管理手冊中。具體內容包括營運排放、環境及天然資源使用、產品責任、員工健康與安全等層面。遵守相關法律及規例於截至二零二四年十二月三十一日止年度，董事會並不知悉有證據顯示有任何對本集團有重大影響的相關法律及規例不合規事宜。僱員、客戶及供應商的關係本集團為平等機會僱主，不會基於僱員的個人特徵而歧視任何僱員。僱員手冊列明僱用條款及條件、僱員表現及服務預期以及僱員權益。本集團提供持續培訓及發展機會以增進僱員職業發展。

264、員工的健康與安全是本集團十分重視的，本集團致力於為員工創造安全的工作環境。本集 團 已 獲 得 GB/T45001-2020/ISO 45001-2018職業健康安全管理體系認證證書，以更高效和徹底地將職業健康與安全措施付諸實踐。為了不斷提升本集團產品和服務的水平，本集團已建立 顧客滿意度測量程序，收集客戶反饋，分析客戶的滿意程度，本集團營運部還會定期開展顧客滿意度調查。In order to ensure the smooth and effective implementation of internal policies,the Group has formulated the Qual

265、ity,Environment,Occupational Health and Safety Management Manual,which has been revised and updated in accordance with relevant national policies,laws and regulations,standards and the actual situation of the Group.The management structure,management policies,management objectives and overall manage

266、ment process of quality,environment and occupational health and safety are clearly listed in this management manual.Specific aspects include operational emissions,the use of environment and natural resources,product liability,employee health and safety,etc.Compliance with Relevant Laws and Regulatio

267、nsDuring the year ended 31 December 2024,the Board was not aware of any instances of non-compliance with the relevant laws and regulations that have significant impacts on the Group.Relationship with Employees,Customers and SuppliersThe Group is an equal opportunity employer and does not discriminat

268、e on the basis of personal characteristics.Employee handbook outlined terms and conditions of employment,expectations for employees behaviour and service delivery,employees rights and benefits.The Group provides ongoing training and development opportunities to enhance employees career progression.T

269、he Group attaches great importance to the health and safety of employees.The Group is committed to creating a safe working environment for employees.The Group has obtained the GB/T45001-2020/ISO 45001-2018 Occupational Health and Safety Management System Certification to put occupational health and

270、safety measures into practice more efficiently and thoroughly.In order to continuously improve the quality of the Groups products and services,the Group has established the Customer Satisfaction Measurement Procedure to collect customer feedback and analyze customer satisfaction.The Groups operation

271、 department will also regularly conduct customer satisfaction surveys.36CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析本集團深知與客戶培養和保持信任的重要性，因此本集團致力於維護客戶的隱私，嚴格執行相關法律法規。為了明確客戶資料的接收、傳遞、保護、利用、保管等程序，本集團實行客戶財產管理政策和程序。供應商是本集團不可或缺的合作夥伴，本集團建立了完善有

272、效的供應商管理機制，以降低採購風險、加強對供應商的管理，同時從供應層面把握相關的環境及社會風險。本集團現已制定 供應商管理辦法，對供應商的招標聘選、日常管理及年度評價進行規範化管理。於截至二零二四年十二月三十一日止年度，本集團與其僱員、客戶及供應商之間概無發生任何將對本集團業務及本集團取得成功所倚重因素造成重大影響之狀況。誠信經營本集團嚴厲打擊任何貪污舞弊行為，努力創造廉潔奉公、公平公正的工作氛圍。通過制定和推行 反貪污及賄賂政策、員工手冊及 禮品收受登記管理辦法等內部管理文件，我們要求員工遵守商業道德，做到誠信工作。本集團嚴格遵守營運所在地區適用的相關法律法規。於本報告期內，本集團沒有發生任

273、何對本集團或員工提出並已審結的貪污訴訟案件。本集團亦沒有違反任何與防止賄賂、勒索、欺詐及洗黑錢有關並對本集團有重大影響的法律法規。The Group is well aware of the importance of cultivating and maintaining trust with customers.Therefore,the Group is committed to protecting customer privacy and strictly complying with relevant laws and regulations.In order to clarify

274、 the procedures for receiving,transmitting,protecting,using and keeping customer information,the Group implements customer property management policies and procedures.Suppliers are indispensable partners of the Group.The Group has established a sound and effective supplier management mechanism to re

275、duce procurement risks,strengthen supplier management,and understand relevant environmental and social risks at the supply level.The Group has formulated the Supplier Management Measures to standardize the management of bidding and selection,daily management and annual evaluation of suppliers.During

276、 the year ended 31 December 2024,there is no circumstance or any event between the Group and its employees,customers and suppliers which will have a significant impact on the Groups business and the factors on which the Groups success depends.Integrity in BusinessThe Group strictly cracks down on an

277、y corruption and fraud,and strives to create a corruption-free and fair working atmosphere.Through the formulation and implementation of internal management documents such as the Anti-Corruption and Bribery Policy,the Employee Handbook and the Regulation on Gift Acceptance and Registration,we requir

278、e our employees to abide by business ethics and work with integrity.The Group strictly complies with the relevant laws and regulations applicable to the regions where it operates.During the Reporting Period,there were no concluded legal cases regarding corrupt practices brought against the Group or

279、our employees.The Group did not violate any laws and regulations relating to bribery,extortion,fraud and money laundering that have a significant impact on the Group.37中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析本集團要求全體員工嚴於律己，恪守反貪污相關的法律法規及本公司規章制度，拒絕假公濟私，不利用職務便利來謀求不正當的利益。我們制定的 員工手冊 及

280、 禮品收受登記管理辦法，已為員工的日常商業行為提供了合適的指導，例如如何面對禮品或報酬等。本集團已制定 舉報政策，明確舉報途徑以及處理舉報的方法。任何人士都可以通過電子郵件或郵寄的方式，就可疑或不當的商業活動，向舉報小組舉報。我們嚴格保密所有收到的信息，並且確保舉報人及被舉報人都得到公平對待。一旦發現舉報屬實，我們將嚴格按照內部機制做出處理，並在必要時將案件移交司法機關處理。我們會定期舉辦各類反貪污培訓，從管理人員到一般員工，全面提高本集團董事及員工的反貪污意識。我們堅定不移地推進黨風廉政建設工作，定期召開黨員大會開展黨風廉政建設宣傳，在元旦、春節、清明、五一、中秋及國慶節日前開展廉潔提醒，強

281、化廉潔意識，並強調要做好節日安全生產工作。我們亦就中層以上崗位的人員變動進行一對一反腐倡廉警示教育。The Group requires all employees to strictly abide by the laws and regulations related to anti-corruption as well as the Companys rules and regulations.Employees should not abuse their authority for personal gain.We have formulated the Employee Handb

282、ook and the Regulation on Gift Acceptance and Registration,which provide appropriate guidance for employees daily business activities,such as accepting gifts or rewards.The Group has formulated the Whistleblowing Policy to clarify the reporting channels and methods for handling reports.Anyone may re

283、port suspicious or inappropriate business activities to the Whistle-blowing team by email or by post.We keep all information received strictly confidential and ensure that both the whistle-blowers and the person who has been reported are treated fairly.If a report is found to be substantiated,we wil

284、l handle it in strict accordance with the internal mechanism and,transfer the case to the judicial authority when necessary.The Group holds various anti-corruption training regularly for both the management and general employees,to comprehensively improve the anti-corruption awareness of the directo

285、rs and employees of the Group.We have been steadfastly promoting party conduct and clean government construction works and convening regular meetings of party members to launch promotion of party conduct and clean government construction.On the eve of the New Years Day,the Lunar New Year,the Ching M

286、ing Festival,the Labour Day,the Mid-Autumn Festival and the National Day,integrity reminders are published to strengthen the awareness of integrity and emphasise the need to have a good practice of production safety during festivals.We also conduct one-on-one anti-corruption warning education in res

287、pect of the change of personnel at the middle level or above.38CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析業務展望據中國電力企業聯合會 2024-2025年度全國電力供需形勢分析預測報告 預測，二零二五年全國新增發電裝機規模有望超過4.5億千瓦，其中新增新能源發電裝機規模超過3億千瓦。二零二五年底全國發電裝機容量有望超過38億千瓦，同比增長14%左右。其中

288、，煤電所佔總裝機比重二零二五年底將降至三分之一；非化石能源發電裝機23億千瓦、佔總裝機比重上升至60%左右。其中，水電4.5億千瓦、併網風電6.4億千瓦、併網太陽能發電11億千瓦、核電6,500萬千瓦、生物質發電4,800萬千瓦左右。本集團將堅持穩中求進、以穩為主，深化改革創新、聚焦主責主業，準確把握各項經營風險，統籌推進一體兩翼 工程，做強做優新能源電站投建運主業，加快培育發展新質生產力。BUSINESS PROSPECTSAccording to the forecast of the“Analysis and Forecast Report on the National Power S

289、upply and Demand Situation in 2024-2025”released by the China Electricity Council,it is expected that the national newly installed power generation capacity will exceed 450 million KW in 2025,among which the newly installed new energy power generation capacity will exceed 300 million KW.As of the en

290、d of 2025,it is expected that the national installed power generation capacity will exceed 3.8 billion KW,representing a year-on-year increase of approximately 14%.Among them,the share of coal-fired power in the total installed capacity will be reduced to one-third by the end of 2025,while the non-f

291、ossil energy power generation capacity will be 2.3 billion KW,representing an increase to approximately 60%of the total installed capacity.Among them,450 million KW of hydropower,640 million KW of grid-connected wind power,1.1 billion KW of grid-connected solar power,65 million KW of nuclear power,a

292、nd approximately 48 million KW of biomass power will be generated.The Group will adhere to the principle of seeking progress while maintaining stability,focusing on stability,deepening reform and innovation,and focusing on its main duties and responsibilities.The Group will grasp various operational

293、 risks accurately,while coordinating the promotion of the“One Body and Two Wings”project and also strengthening and optimizing the main responsibility of investment,construction and operation of new energy power stations,in order to accelerate the cultivation of new-quality productivity for developm

294、ent.39中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析風光從西北到東南，棄電限電正在制約著新能源消納，展望二零二五年，全國範圍內棄電率將繼續上升。受此影響，風光新增裝機增速將放緩，步入平穩增長階段。從二零二五年全國能源工作會議上獲悉，二零二五年新增風電光伏裝機預計將達到200GW左右，新能源基地、戈壁電站、海上風電、千家萬戶沐光行動、千鄉萬村馭風行動 等將推動裝機規模增長。儲能強制配儲 政策取消，二零二五年儲能併網增速將放緩。日前，中國儲能行業2024年回顧與2025年展望 研究報告在京發佈，在基準場景下，二零二五

295、年國內儲能新增併網規模將達到69.6GW/177.2GWh（即最大充放電功率69.6吉瓦，儲能容量177.2吉瓦時），以能量規模計算的增速為59%，較前幾年動輒翻倍的增速明顯放緩，但新增規模繼續擴大。Wind Power and Photovoltaic PowerFrom Northwestern China to Southeastern China,power curtailment is restricting the consumption of new energy,and the power curtailment rate will continue to rise natio

296、nwide in 2025.As a result,the growth rate of the newly installed wind and photovoltaic power generation capacity will slow down and enter a phase of steady growth.According to the 2025 National Energy Work Conference,the newly installed wind and photovoltaic power generation capacity is expected to

297、reach around 200GW in 2025,with new energy bases,Gobi power stations,offshore wind power,the“Thousands of Households Photovoltaic Coverage Action”and the“Thousands of Villages Wind Power Coverage Action”driving the growth in installation capacity.Energy StorageWith the removal of the“mandatory energ

298、y storage”policy,the growth rate of grid-connected energy storage will slow down in 2025.Recently,the“China Energy Storage Industry Review in 2024 and Outlook in 2025”research report was released in Beijing.In the standard scenario,the domestic energy storage newly installed grid-connected capacity

299、will reach 69.6GW/177.2GWh(i.e.,the maximum charging and discharging power of 69.6GW and storage capacity of 177.2GWh)in 2025.The growth rate in terms of power capacity is 59%,which is obviously slower than the double growth rate in previous years,but the newly installed capacity will continue to ex

300、pand.40CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析FINANCIAL REVIEWThe Groups revenue decreased by approximately 16.9%from RMB1,559,437,000(restated)for the year ended 31 December 2023 to RMB1,295,563,000 for the year ended 31 Decemb

301、er 2024.The decrease was mainly due to the decrease of revenue generated from EPC and consultancy and general construction segment during the year ended 31 December 2024.Profit attributable to owners of the Company amounted to RMB114,136,000 for the year ended 31 December 2024,which represented a ye

302、ar-on-year increase of approximately 15.6%when compared with that for the year ended 31 December 2023.Basic earnings per share for the year ended 31 December 2024 was RMB6.16 cents when compared with RMB5.33(restated)cents recorded for the year ended 31 December 2023.RevenueDuring the year ended 31

303、December 2024,the Group achieved revenue of RMB1,295,563,000(2023:RMB1,559,437,000(restated),representing a decrease of approximately 16.9%as compared to that of the year ended 31 December 2023.Composition of revenue for the years ended 31 December 2024 and 2023 is shown in the following table:財務回顧本

304、 集 團 之 收 益 由 截 至 二 零 二 三 年 十 二 月三十一日止年度之人民幣1,559,437,000元（經 重 述）減 少 約 16.9%至 截 至 二 零二 四 年 十 二 月 三 十 一 日 止 年 度 之 人 民 幣1,295,563,000元。減少乃主要由於截至二零二四年十二月三十一日止年度EPC及諮詢及整體建設分部的收益減少。本公司擁有人應佔截至二零二四年十二月三十一日止年度的溢利為人民幣114,136,000元，相較於截至二零二三年十二月三十一日止年度按年增加約15.6%。截至二零二四年十二月三十一日止年度之每股基本盈利為人民幣6.16分，而截至二零二三年十二月三十一日

305、止年度則為人民幣5.33分（經重述）。收益於截至二零二四年十二月三十一日止年度，本集團錄得收益人民幣1,295,563,000元（二零二三年：人民幣1,559,437,000元（經重述），較截至二零二三年十二月三十一日止年度減少約16.9%。截至二零二四年及二零二三年十二月三十一日止年度之收益組合載列於下表：41中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析截至十二月三十一日止年度Year ended 31 December2024 2023二零二四年二零二三年RMB000Percentage of the Group

306、s total revenueRMB000Percentage of the Groups total revenue(restated)人民幣千元佔本集團總收益百分比人民幣千元佔本集團總收益百分比（經重述）EPC and consultancy and general constructionEPC及諮詢 及整體建設517,22839.9%1,025,04165.7%Power generation發電756,23158.4%508,08432.6%Financing融資22,1041.7%26,3121.7%Total總計1,295,563100%1,559,437100%For the

307、year ended 31 December 2024,EPC and consultancy and general construction segment remained the major source of revenue for the Group which contributed RMB517,228,000(2023:RMB1,025,041,000(restated),representing a decrease of approximately 49.5%as compared to that for the year ended 31 December 2023.T

308、he decrease in revenue was mainly due to the fact that the focus of photovoltaic power station EPC business was on the development and construction of internal power stations.Benefiting from the increasing proportion of revenue from self-owned power plants,the power generation of the year was 1,794

309、million KWh.Revenue derived from power generation segment achieved a growth of approximately 48.8%to RMB756,231,000(2023:RMB508,084,000(restated).Revenue from the financing segment decreased by approximately 16.0%to RMB22,104,000(2023:RMB26,312,000(restated),mainly contributed by the decrease in loa

310、n interest income and handling fee of the Group as compared with last year.EPC及諮詢及整體建設分部繼續為本集團的主要收益來源，於截至二零二四年十二月三十一日止年度貢獻人民幣517,228,000元（二零二三年：人民幣1,025,041,000元（經重述），較截至二零二三年十二月三十一日止年度減少約49.5%。收益減少主要由於光伏電站EPC業務重心在內部電站開發建設。受惠於自持電站收入比重不斷增加，帶動本年發電量全年完成發電量17.94億KWh。發 電 分 部 收 益 錄 得 增 長 約 48.8%至 人 民幣 756

311、,231,000 元（二 零 二 三 年：人 民 幣508,084,000元（經重述）。由於本集團貸款利息收入及手續費較去年減少，融資分部的收益減少約16.0%至人民 幣 22,104,000 元（二 零 二 三 年：人 民 幣26,312,000元（經重述）。42CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management Discussion and Analysis管理層討論與分析溢利截至二零二四年十二月三十一日止年度之溢利為人民幣119,901,000元（二零二三年：人民幣106,157,

312、000元（經重述），較二零二三年年度增加約12.9%。溢利增加主要乃由於本集團業務發展從對外承接EPC工程向電站持有運營轉變，電站毛利率相對較高，本年投入運營電站的規模增加，相應溢利增加。本集團純利率增加至9.3%（二零二三年：6.8%），本集團不同分部的純利率視乎分部的業務性質而有所不同。截至二零二四年十二月三十一日止年度，本公司擁有人應佔溢利增加約15.6%至人民幣114,136,000元（二零二三年：人民幣98,734,000元（經重述），而每股基本及攤薄盈利為人民幣6.16分（二零二三年：人民幣5.33分（經重述）。其他收入及盈利截至二零二四年十二月三十一日止年度，其他收入及盈利為人民

313、幣13,522,000元（二零二三年：人民幣32,376,000元（經重述），其主要來自利息收入（二零二三年：利息收入）。ProfitProfit for the year ended 31 December 2024 amounted to RMB119,901,000(2023:RMB106,157,000(restated),representing an increase of approximately 12.9%compared with 2023.The increase in profit was mainly attributable to the shift of the

314、Groups business development from undertaking external EPC projects to holding and operation of power stations.The gross profit margin of power stations were relatively higher and the scale of power stations put into operation during the year increased,resulting in an increase in profit corresponding

315、ly.The net profit margin of the Group increased to 9.3%(2023:6.8%).Net profit margin of the Group varied in different segments depending on its business nature.Profit attributable to owners of the Company for the year ended 31 December 2024 increased by approximately 15.6%to RMB114,136,000(2023:RMB9

316、8,734,000(restated)and basic and diluted earnings per share was RMB6.16 cents(2023:RMB5.33 cents(restated).Other income and gainsOther income and gains for the year ended 31 December 2024 amounted to RMB13,522,000(2023:RMB32,376,000(restated)which were mainly derived from interest income(2023:intere

317、st income).43中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析Staff CostsThe staff costs decreased by approximately 14.8%to RMB63,206,000(2023:RMB74,161,000(restated).DepreciationThe deprecation of the Group increased by approximately 65.6%to RMB345,659,000 for the year ended 31 December

318、 2024(2023:RMB208,791,000(restated),which was due to the operation of new power stations and the depreciation recognised during the period.Other Operating ExpensesOther operating expenses mainly included exchange differences,bank charges,professional fees,administrative expenses,research and develop

319、ments expenses,travelling expenses etc,which amounted to RMB28,865,000(2023:RMB37,745,000(restated)for the year ended 31 December 2024,representing a decrease of approximately 23.5%compared with last year.The decrease was mainly due to the decrease in legal expenses and bank charges.Finance CostsFin

320、ance costs primarily represented interest expenses on bank and other borrowings.Finance costs for the year ended 31 December 2024 increased by approximately 16.3%to RMB215,523,000(2023:RMB185,350,000(restated)compared with last year.Taking into account the capital intensive nature of the energy indu

321、stry,the Group expanded its investment in owned wind power stations and power stations and facilities for power generation income.As a result,the bank loans and other loans received by the Group increased for the expansion of power generation businesses.Income Tax ExpenseFor the year ended 31 Decemb

322、er 2024,income tax expense of the Group increased by approximately 27.9%to RMB44,157,000(2023:RMB34,527,000(restated)which was mainly due to the increase in the overall profit before tax.員工成本員工成本減少約14.8%至人民幣63,206,000元（二零二三年：人民幣74,161,000元（經重述）。折舊本 集 團 折 舊 增 加 約 65.6%至 截 至 二 零二 四 年 十 二 月 三 十 一 日 止 年

323、 度 的 人 民 幣345,659,000 元（二 零 二 三 年：人 民 幣208,791,000元（經重述），乃由於期內新增電站營運並確認折舊所致。其他經營開支截至二零二四年十二月三十一日止年度，其他經營開支（主要包括匯兌差異、銀行收費、專業費用、行政開支、研發費用及差旅費等）為人民幣28,865,000元（二零二三年：人民幣37,745,000元（經重述），費用較去年同期減少約23.5%，減少主要由於法律費用及銀行收費減少所致。財務成本財務成本主要為銀行及其他借貸的利息開支。截至二零二四年十二月三十一日止年度財務成本較去年同期增加約16.3%至人民幣215,523,000元（二零二三年：

324、人民幣185,350,000元（經重述）?？紤]到能源行業的資本密集型性質，本集團從而為產生發電收入而擴大其於擁有的風電站及發電站及設施的投資。因此，本集團為擴大發電業務所取得的銀行貸款及其他貸款增加。所得稅開支截至二零二四年十二月三十一日止年度，本 集 團 所 得 稅 開 支 增 加 約 27.9%至 人 民幣 44,157,000 元（二 零 二 三 年：人 民 幣34,527,000元（經重述），主要由於整體稅前利潤提升所致。44CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITEDANNUAL REPORT 2024Management D

325、iscussion and Analysis管理層討論與分析Financial PositionAs at 31 December20242023Changes二零二四年二零二三年變動RMB000RMB000RMB000%人民幣千元人民幣千元人民幣千元百分比(Restated)（經重述）Non-current assets非流動資產6,903,4206,016,971886,44914.7%Current assets流動資產3,420,0504,347,745(927,695)-21.3%Total assets資產總額10,323,47010,364,716(41,246)-0.4%Non

326、-current liabilities非流動負債5,267,2425,157,778109,4642.1%Current liabilities流動負債3,345,0133,599,398(254,385)-7.1%Total liabilities負債總額8,612,2558,757,176(144,921)-1.7%Net assets資產淨額1,711,2151,607,540103,6756.4%Share capital股本162,338162,338Reserves儲備1,510,8591,412,94997,9106.9%Equity attributable to:下列人士應

327、佔權益：owners of the Company本公司擁有人1,673,1971,575,28797,9106.2%non-controlling interests非控股權益38,01832,2535,76517.9%Total equity權益總額1,711,2151,607,540103,6756.4%財務狀況於十二月三十一日45中國核能科技集團有限公司二零二四年年報Management Discussion and Analysis管理層討論與分析於二零二四年十二月三十一日，本集團資產總額為人民幣10,323,470,000元（二零二三年：人民幣10,364,716,000元（經重述

328、），較截至二零二三年十二月三十一日止年度減少約0.4%。流動資產減少約21.3%至人民幣3,420,050,000元（二零二三年：人民幣4,347,745,000元（經重述），而非流動資產增加約14.7%至人民幣6,903,420,000元（二零二三年：人民幣6,016,971,000元（經重述）。本集團於年內物業、廠房及設備增加，令資產總額有所增長。於二零二四年十二月三十一日，負債總額為 人 民 幣 8,612,255,000 元（二 零 二 三 年：人民幣8,757,176,000元（經重述），較二零二三年十二月三十一日減少約1.7%。其中，於二零二四年十二月三十一日之流動負債為人民幣3,

329、345,013,000元（二零二三年：人民幣3,599,398,000元（經重述），較二零二三年十二月三十一日減少約7.1%，主要由於應付貿易賬款及票據減少所致。二零二四年十二月三十一日的非流動負債為人民幣5,267,242,000元（二零二三年：人民幣5,157,778,000元（經重述），較二零二三年十二月三十一日增加約2.1%，乃由於長期借款及租賃負債增加所致。於二零二四年十二月三十一日，本公司擁有人應佔權益總額為人民幣1,673,197,000元（二 零 二 三 年 十 二 月 三 十 一 日：人 民 幣1,575,287,000元（經重述），較二零二三年十二月三十一日增加約6.2%。

330、As at 31 December 2024,total assets of the Group were RMB10,323,470,000(2023:RMB10,364,716,000(restated),representing a decrease of approximately 0.4%as compared to that for the year ended 31 December 2023.Current assets decreased by approximately 21.3%to RMB3,420,050,000(2023:RMB4,347,745,000(resta

331、ted)and non-current assets increased by approximately 14.7%to RMB6,903,420,000(2023:RMB6,016,971,000(restated).The increase in total assets of the Group was contributed by the increase in property,plant and equipment during the year.Total liabilities as at 31 December 2024 were RMB8,612,255,000(2023

332、:RMB8,757,176,000(restated),representing a decrease of approximately 1.7%as compared to that as at 31 December 2023.In particular,current liabilities as at 31 December 2024 were RMB3,345,013,000(2023:RMB3,599,398,000(restated),representing a decrease of approximately 7.1%as compared to that as at 31

333、 December 2023,which was principally due to the decrease in trade and bills payables.Non-current liabilities as at 31 December 2024 were RMB5,267,242,000(2023:RMB5,157,778,000(restated),representing an increase of approximately 2.1%as compared to that as at 31 December 2023 as a result of the increase in long-term borrowings and lease liabilities.Total equity attributable to owners of the Company