[]1160626AAA/
AAA
12~18
2025
A+H
lbwang@ccxi.com.cn
yyliu@ccxi.com.cn
(010)66428877
(010)66426100202320242025.3/.1~3
4152.504715.335056.565302.86
1653.041829.451762.141803.58
2499.462885.883294.423499.28
2138.452506.222879.483126.27
825.49789.45756.97163.19
170.46174.68147.3140.65
EBIT 263.51 271.20 232.04 --
EBITDA 385.96 405.85 367.99 --
331.20375.06299.7134.78
(%)35.9737.4331.9939.37
(%)6.396.124.75--
EBIT (%) 31.92 34.35 30.65 --
(%)60.1961.2065.1565.99
(%)56.4057.8062.0463.42
/EBITDA(X) 5.54 6.18 7.82 --
EBITDA (X) 5.43 5.91 5.47 --
FFO/ (%) 12.59 12.27 8.87 --
12023~2025
20232024202420252025
2
3
--
2025
(%)(%)
5864.102307.477492.6269.01820.75179.7141.32
3183.802326.485056.5665.15756.97147.3131.99
2500.003364.10
1878.47
2512.401834.98
/
2025/09/08
AAA AAA 49.00/48.99 2025/07/09~2031/07/08
3115203178
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3183.849.92%2
114194
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3424.8
3
1
M310 2×102.6
M310 2×99.0
CPR1000 2×108.6
CPR1000/ACPR1000 6×108.6
EPR 2×175.0
CPR1000 4×108.9
CPR1000 2×108.6
2×118.8
2512.4
CPR1000 4×111.9
ACPR1000 2×111.9
671.4
3183.8
2120241020251298.4102.6
1
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2025
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3056.83179.83183.83183.8
7509771077671699
2141.462272.842326.48509.57
(%)57.350.956.267.2
2385.42508.42512.42512.4
752277277751--
1670.721790.121834.98400.41
(%)89.2991.4792.65--
(%)85.9087.9788.66--
/0.42280.41620.3803--
/
120.4056
120.4143
120.4153
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120.4350
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30.3916
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85.12% 83.33% WANO
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1695.602041.571049.10--
FCD 1 4 4 5 FCD
2025
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52025725
A 49.00
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625.1745.85659.3243.60617.5737.49
178.981.91108.391.57113.412.20
14.5731.5613.2931.4214.2936.59
4.7541.446.5626.169.5223.33
2.0114.021.8822.962.1831.34
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2025
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2025
2025
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202320242025.3/.1~3
26.6426.7928.625.33
24.2024.4319.173.43
56.6651.3345.2310.49
107.91103.0393.3920.05
(%)13.0713.0512.3412.28
13.0516.9620.422.33
193.30200.27160.1944.70
16.0419.3323.535.18
205.31216.28186.0349.85
EBIT 263.51 271.20 232.04 --
EBITDA 385.96 405.85 367.99 --
(%)6.396.124.75--
157.40170.26208.27254.74
118.2791.0780.1268.59
189.52200.78204.93190.92
205.73203.50224.22227.28
(%)17.5315.4215.4015.30
2466.842630.492524.332498.98
563.24850.521139.311327.22
71.20140.85209.71268.31
4152.504715.335056.565302.86
234.37206.01202.37193.98
47.0659.4995.5273.69
450.44483.75798.20890.26
1688.012022.472081.282236.01
2138.452506.222879.483126.27
8
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504.99504.99504.99504.99
107.94200.8396.8496.95
444.32501.46534.48561.89
520.68543.60530.26544.38
1653.041829.451762.141803.58
(%)60.1961.2065.1565.99
(%)56.4057.8062.0463.42
331.20375.06299.7134.78
-125.13-324.48-323.36-111.95
-190.88-66.5666.77114.07
EBITDA (X) 5.43 5.91 5.47 --
FFO/ (%) 12.59 12.27 8.87 --
/EBITDA(X) 5.54 6.18 7.82 --
10
20242025(%)57.8062.0462.49~64.40
/EBITDA(X) 6.18 7.82 8.15~8.40
10ESG
11
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48.9820257151
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1508470.0003%
48.9999.9887%
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6.79%58.89%
34.32%
20252025
75.00%140.5893.2478.7037.48
59.00%695.12255.50164.7135.67
46.00%405.58163.11111.6926.16
61.00%722.42150.5479.840.76
100.00%117.2349.8353.327.93
100.00%184.4999.2653.6814.48202320242025.3/.1~3
1574002.281702629.622082672.082547362.51
1182658.85910706.99801224.72685884.84
7256.57108386.8684838.4883646.64
2057251.442035016.382242189.152272769.12
1510677.151635794.231831995.591734180.59
24668358.6726304880.5425243303.0624989809.05
5632389.978505150.5711393091.0713272171.72
544584.71666263.95862443.81858703.24
41525035.6847153259.8550565611.8153028601.55
470647.46594938.68955163.26736865.26
4504425.164837493.317982009.128902590.18
16880070.3520224722.6620812800.0622360093.66
21384495.5125062215.9628794809.1831262683.84
19826941.1523398694.0626732683.6428715321.33
24994640.9928858785.7432944179.0934992838.22
16530394.6918294474.1117621432.7218035763.33
710928.74686636.07672818.58--
8254864.327894466.967569655.901631942.51
1933049.572002727.611601854.54446986.47
160420.15193289.08235314.5551790.87
1704577.161746813.061473114.42406547.41
EBIT 2635055.46 2711953.75 2320433.78 --
EBITDA 3859596.12 4058464.95 3679868.76 --
3311989.433750572.802997052.94347752.20
-1251261.37-3244829.33-3233554.86-1119495.76
-1908823.80-665643.42667689.471140676.84
202320242025.3/.1~3
(%)35.9737.4331.9939.37
(%)13.0713.0512.3412.28
EBIT (%) 31.92 34.35 30.65 --
(%)6.396.124.75--
(X) 0.94 0.88 0.66 0.66
(X) 0.67 0.63 0.47 0.48
(X) 2.76 2.41 2.41 1.75*
(X) 6.17 7.54 8.84 8.78*
(%)60.1961.2065.1565.99
(%)56.4057.8062.0463.42
/(%)21.0619.3027.7228.48
/
0.120.120.08--
(X)
/
0.590.630.30--
(X)
4.665.464.45--
(X)
/EBITDA(X) 5.54 6.18 7.82 --
EBITDA/ (X) 0.86 0.84 0.46 --
EBITDA (X) 5.43 5.91 5.47 --
EBIT (X) 3.71 3.95 3.45 --
FFO/ (%) 12.59 12.27 8.87 --+/++
+
+++
+
-
/
/(+
-
++
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------
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EBIT + -
EBITDA
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EBIT/
EBIT =EBIT/
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EBIT EBIT/
EBITDA EBITDA/
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D2 SOHO5
100010
+861066428877
+861066426100
www.ccxi.com.cn
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