China's nuclear power unit runs smoothly and the cold test of AP1000 three-door unit was successful

China Nuclear Power released its 2016 interim report, achieving operating income of 14.
131 billion yuan in the first half of the year, a year-on-year increase of 9.
60%; The net profit attributable to shareholders of the listed company was 2.
497 billion yuan, a year-on-year increase of 0.
99%; Basic earnings per share, net of non-recurring gains and losses
, were $0.
143.

Comments:

The operation of the unit is generally stable, and the optimization of overhaul management has achieved practical results
.
In 2016, the company adhered to the policy of "safety first, quality first, prevention first, comprehensive management", ensured the safe, reliable and high-quality construction of all nuclear power projects under construction, and operated nuclear power units safely, stably and economically operated, while grasping the strategic layout of nuclear power restart and going global, actively coping with changes in the macro environment such as economic slowdown and power system reform, and maintaining sustained and stable
growth of the company's business performance 。 During the reporting period, nuclear power operation units maintained safe and reliable operation, with a cumulative power generation of 40.
397 billion kWh, a year-on-year increase of 10.
17%, accounting for 47.
53% of the annual planned power generation target of 85 billion kWh; The optimization of overhaul management has achieved practical results, and 5 overhauls have been completed, accounting for 41.
67%
of the 12 overhauls in the whole year.

Gross margin declined in the first half of the year due to pressure on the utilization of hours in some regions, and is expected to improve in the second half of the year
.
The company's operating cost in the first half of the year was 7.
964 billion yuan, a year-on-year increase of 17.
03%, and the gross profit margin of its main business was 43.
54%, a year-on-year decrease of 3.
61%.

The main reason for the increase in operating costs exceeding the decline in operating income and gross profit margin is the low number of nuclear power utilization hours caused by local power surplus and other large increases in power generation in Fujian and Hainan, which are 3224 and 2935 hours respectively, which are lower than the average utilization hours of 6.
15% and 16.
58%
in the first half of the year.
In the second half of the year, the number of nuclear power utilization hours in the two regions is expected to improve as the power station facilities are improved and other power generation levels return to normal
.

The company's project progressed smoothly, and the cold test of Unit 1 of AP1000 Sanmen Nuclear Power Plant was successful
.
The company's projects are progressing steadily, and Unit 3 in Fuqing in Fujian and Unit 2 in Changjiang in Hainan are expected to be put into operation this
year.
On August 18, 2016, the National Development and Reform Commission and the National Energy Administration, together with the Ministry of Science and Technology, the Ministry of Environmental Protection (National Nuclear Safety Administration), and the Bureau of Science, Technology and Industry for National Defense, organized a meeting in Beijing to conduct an expert review of the cold function test of the AP1000 relying project Sanmen Unit 1, and the final opinion formed by the expert group composed of 13 authoritative experts said that in the cold test stage, the relevant test results of the main pump, passive core cooling system, passive containment cooling system and other equipment and systems were normal and met the
。 The successful cold test of Sanmen Unit 1 is expected to accelerate the construction of China's nuclear power
.