CGN Power : FIRST QUARTERLY REPORT OF 202204-21

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CGN Power Co., Ltd.*

ʕ਷ᄿࣨཥɢٰ΅Ϟࠢʮ̡

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1816)

INSIDE INFORMATION FIRST QUARTERLY REPORT OF 2022

This announcement is made by CGN Power Co., Ltd.* (the "Company") pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of The Laws of Hong Kong).

The following is the 2022 First Quarterly Report (the "2022 First Quarterly Report" or the "Report") published on the website of the Shenzhen Stock Exchange, which sets out the unaudited results of the Company and its subsidiaries for the three months ended March 31, 2022 for illustrative purpose only. Financial data contained in the Report have been prepared according to the China Accounting Standards for Business Enterprises.

The Report has been prepared in Chinese and English. In case of discrepancy, the Chinese version shall prevail.

By Order of the Board CGN Power Co., Ltd.*

Yin Engang

Chief Financial Officer, Joint Company Secretary and Board Secretary

The PRC, April 21, 2022

As at the date of this announcement, the Board of the Company comprises Mr. Gao Ligang and Mr. Jiang Dajin as executive Directors; Mr. Yang Changli, Mr. Shi Bing, Mr. Wang Hongjun and Mr. Gu Jian as non-executive Directors; Mr. Li Fuyou, Mr. Yang Jiayi, Mr. Xia Ceming and Mr. Tang Chi Cheung as independent non-executive Directors.

* For identification purpose only

Stock Code: 003816

Stock Abbreviation: CGN Power

ANN NO.: 2022-032

CGN Power Co., Ltd.*

2022 First Quarterly Report

The Company and the Board of Directors confirm the truthfulness, accuracy and completeness of the information disclosed, and that there are no false representations, misleading statements, or material omissions.

Important notice:

1. The Board of Directors, the Supervisory Committee and Directors, Supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of this quarterly report, and warrant that there are no false representations, misleading statements, or material omissions of information in the report, and they jointly and severally accept responsibility for the report.

2. The legal representative of the Company, the person-in-charge of accounting affairs and the person-in-charge of accounting department (the head of accounting department) hereby declare and warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report.

3. Whether the First Quarterly Report has been audited

□ Yes √ No

Definitions

Terms	Means	Definitions
"Board" or "Board of Directors"	Means	the board of Directors of the Company
"Director(s)"	Means	director(s) of the Company
"Supervisory Committee"	Means	the supervisory committee of the Company
"Supervisor(s)"	Means	supervisor(s) of the Company
"Our Company", "Company", "CGN Power", "we"	Means	CGN Power Co., Ltd.* (中國廣核電力股份有限公司)
"CGNPC"	Means	China General Nuclear Power Corporation* (中國廣核集團有限公司), a controlling shareholder of the Company
"Taishan Nuclear"	Means	Taishan Nuclear Power Joint Venture Co., Ltd. (台山核電合營有限公司), a holding subsidiary in which the Company directly and indirectly holds 51% of the equity interest
"CGN Engineering"	Means	China Nuclear Power Engineering Co., Ltd.* (中廣核工程有限公司), a wholly-owned subsidiary of the Company
"Fangchenggang Nuclear"	Means	Guangxi Fangchenggang Nuclear Power Co., Ltd.* (廣西防城港核電有 限公司), a holding subsidiary in which the Company indirectly holds 36.6% of the equity interest
"Hongyanhe Nuclear"	Means	Liaoning Hongyanhe Nuclear Power Co., Ltd. (遼寧紅沿河核電有限公 司), an associate of the Company
"Yangxi Nuclear"	Means	Yangxi Nuclear Power Limited* (陽西核電有限公司), a holding subsidiary in which the Company indirectly holds 51% of the equity interest
"This Reporting Period"	Means	from January 1 to March 31, 2022

I. MAJOR FINANCIAL DATA

(I) Major accounting data and financial indicators

Does the Company require retrospective adjustment or restatement of the financial data for previous years?

□ Yes √ No

This Reporting Period	Changes between This
The previous corresponding period	Reporting Period and the previous corresponding period
Operating revenue (RMB)	17,177,711,032.09	17,148,253,459.92	0.17%
Net profit attributable to the shareholders of the listed company (RMB)	2,851,637,051.54	2,374,379,541.38	20.10%
Net profit attributable to the shareholders
of the listed company (excluding the non-recurring gains or losses) (RMB)	2,814,980,582.54	2,337,141,209.77	20.45%
Net cash flows from operating activities (RMB)	3,944,891,218.50	7,438,028,014.38	-46.96%
Basic earnings per share (RMB per share)	0.056	0.047	19.15%
Diluted earnings per share (RMB per share)	0.056	0.047	19.15%
Weighted average return on equity	2.79%	2.46%	Increased by 0.33 percentage point
The end of This Reporting Period	The end of previous year	Changes between the end of This Reporting Period and the end of previous year
Total assets (RMB)	403,197,706,334.65	399,993,007,845.38	0.80%
Equity attributable to the shareholders of the listed company (RMB)	103,765,164,056.17	100,910,553,004.39	2.83%

0.17% 20.10%

20.45%

-46.96% 19.15% 19.15%

Increased by 0.33 percentage point

(II) Non-recurring gains or losses items and the related amount

√ Applicable □ Not applicable

0.80% 2.83%

Unit: RMB

Item	Amounts of This Reporting Period	Remarks
Government grants recognized in profit or loss for the period (except for those closely related to the Company's normal business and for fixed or quantitative purposes in accordance with national policies and uniform standards)	Primarily due to the receipt of
54,391,844.65	government grants for research
projects
Except for the effective hedging transactions related to the normal operation of the Company, the gains or losses from changes in fair value arising from holding financial assets and liabilities held for trading, as well as the investment income arising from disposal of financial assets and liabilities held for trading and available-for-sale financial assets	Primarily due to the gains or losses from changes in fair value
1,892,210.36	arising from forward exchange
rate contracts for financial assets held for trading of subsidiaries
Other non-operating income and expenses other than the items above	-5,920,275.13	Primarily retirementdue oftoloss assetson of
subsidiaries
Other gains or losses items that meet the definition of non-recurring gains or losses	Primarily due to the change in
-1,148,804.63	fair value of H share appreciation
rights
Less: Income tax effect	7,139,138.57
Non-controlling interests effect (net of tax)	5,419,367.68
Total	36,656,469.00	--

Primarily due to the change infair value of H share appreciation

Primarily	due	to	loss	on
retirement	of	assets	of

Details of other gains or losses items that meet the definition of non-recurring gains or losses:

□ Applicable √ Not applicable

The Company did not have details of other gains or losses items that meet the definition of non-recurring gains or losses.

Explanation of the circumstances in which the non-recurring gains and losses items listed in the "Interpretative Announcement for Information Disclosure of Companies That Offer Securities to the Public No. 1 - Non-recurring Gains and Losses" (《公開發行證券 的公司信息披露解釋性公告第 1 號－非經常性損益》) are being defined as recurring gains and losses items

□ Applicable √ Not applicable

The Company did not have circumstances in which the non-recurring gains and losses items listed in the "Interpretative Announcement for Information Disclosure of Companies That Offer Securities to the Public No. 1 - Non-recurring Gains and Losses" (《公開發行證券的公司信息披露解釋性公告第 1 號－非經常性損益》) are being defined as recurring gains and losses items.

(III) Circumstances for changes in key accounting data and financial indicators and the reasons thereof

√ Applicable □ Not applicable

During the first quarter of 2022, the total on-grid power generation of nuclear power generating units operated and managed by the Company was approximately 46.202 billion kWh, representing a year-on-year increase of 1.31%. The on-grid power generation of the holding subsidiaries of the Company was approximately 36.489 billion kWh, representing a year-on-year decrease of 3.72%. Taishan Unit 1 has been shut down for inspection since July 30, 2021, and it was still shut down for inspection during This Reporting Period.

Operating revenue for January to March 2022 amounted to approximately RMB17.18 billion, representing a year-on-year increase of approximately RMB30 million, primarily due to the year-on-year increase in integrated tariffs of market-based electricity.

Total profit for January to March 2022 amounted to approximately RMB5.17 billion, representing a year-on-year increase of approximately RMB800 million, primarily due to a year-on-year increase in integrated tariffs of market-based electricity and increase in investment income from Hongyanhe Nuclear.

Net asset attributable to the shareholders of the Company for January to March 2022 amounted to approximately RMB2.85 billion, representing a year-on-year increase of approximately RMB480 million, primarily due to a year-on-year increase in integrated tariffs of market-based electricity and an increase in investment income from Hongyanhe Nuclear.

1. Consolidated balance sheet

Unit: RMB0' 000

Item	The end of This Reporting Period	The end of previous year	Change rate	Analysis of reasons for change
Other receivables	11,479.29	5,332.02	115.29%	Mainly due to the settlement of preliminary costs of the Yangxi nuclear power project by Yangxi Nuclear
Other current liabilities	397,364.64	604,085.75	-34.22%	Mainly due to the Company's repayment of ultra short-term financing notes of RMB2 billion due in the first quarter of 2022