Another reorganization of central enterprises! China Nuclear Huineng & Xinhua Hydropower to be merged

Recently, China Nuclear Power Co., Ltd. issued an announcement on the signing of the Entrusted Management Agreement and related transactions, which shows that China Nuclear Group will entrust 57.65% of Xinhua Hydropower's equity and management rights to China Nuclear Power. Synchronized

with the entrusted management agreement, there are also changes at the personnel level: according to the official website of China Nuclear Huineng Co., Ltd. (Hereinafter referred to as China Nuclear Huineng), Zhang Yan, chairman of Xinhua Power Generation, has assumed the post of party secretary of the new company and is also the head of Xinhua Power Generation.

This means that China Nuclear Group's two new energy entities (China Nuclear Huineng and Xinhua Power Generation) with assets of about 100 billion yuan will soon be merged into one entity. Founded in 2002,

Xinhua Power Generation is jointly funded by CNNC (57.65%) and the Ministry of Water Resources (42.35%), with a registered capital of 1.275 billion yuan.

Xinhua Power Generation is the main body of non-nuclear green energy strategy implementation of CNNC, and its main business covers four major sectors of new energy, energy storage, hydropower and integrated intelligent energy. Among them, the scale of pumped storage and photothermal has ranked first in the industry.

Up to now, the grid-connected installed capacity of Xinhua Power Generation has exceeded 12.65 million kilowatts, the installed capacity under construction has exceeded 17.149 million kilowatts, and the new energy reserve project has exceeded 20 million kilowatts .

Financial data show that as of September 30, 2023 (unaudited), the total assets of Xinhua Power Generation are 118.084 billion yuan, and the net assets are 22.022 billion yuan; the operating income from January to September this year is 7.376 billion yuan, and the net profit is 1.343 billion yuan.