Financial Performance - For the year ended December 31, 2021, the Group generated revenue of RMB 2,183 million, an increase of 9.11% year-on-year, and achieved a profit of RMB 778 million, representing a 15.60% increase compared to the previous year[8]. - The Group achieved a total revenue of RMB2,183,048,000 in 2021, representing a 9.1% increase compared to RMB2,000,754,000 in 2020[49]. - Profit attributable to equity shareholders increased by 15.6% to RMB778,476,000 in 2021, up from RMB673,405,000 in 2020[49]. - Basic earnings per share rose to RMB9.35 cents in 2021, compared to RMB8.18 cents in 2020[49]. - The Group's cash and bank balances were approximately RMB4,151.44 million as of December 31, 2021, up from RMB2,608.07 million in 2020[154]. - The net assets of the Group were RMB7,553.48 million as of December 31, 2021, compared to RMB6,494.50 million in 2020[154]. - The liability-to-asset ratio increased to 68.6% as of December 31, 2021, from 66.7% in 2020[154]. - The Group's bank and other borrowings amounted to RMB10,939.51 million as of December 31, 2021, compared to RMB7,754.50 million in 2020[154]. Operational Achievements - The Group's attributable power generation reached 4.93 billion kilowatt hours, a 10% increase year-on-year, with subsidiary-owned wind farms generating 20.5% more power compared to the previous year[12]. - The total installed capacity of the Group's projects under construction reached 1,833.5 MW, with 13 new power plants commissioned during the reporting period, totaling 873.5 MW[11]. - The Group commenced construction and operation of a total of 586 MW projects in 2021, including individual wind power projects reaching 200 MW[52]. - The total constructed capacity of the Group's projects hit a record of 1,833.5 MW in 2021, compared to 1,050 MW in 2020[55]. - The Group's subsidiary-owned power plants had a total installed capacity of 2,137 MW as of December 31, 2021, with 29 wind power plants (1,763 MW) and 15 PV power plants (374 MW)[59]. - The Group's installed capacity for PV power plants increased significantly by 154.0% to 381 MW in 2021 compared to 150 MW in 2020[61]. Market and Industry Trends - The competitive landscape in the renewable energy sector has intensified with more companies entering the market[9]. - In 2021, the installed capacity of wind power in China reached 47.57 GW, while PV installations hit a record high of 54.88 GW, marking significant growth despite pandemic challenges[28]. - The price of wind turbine equipment dropped from approximately RMB 3,000/kW in early 2021 to under RMB 2,000/kW by the end of 2021, indicating a significant reduction in costs[29]. - The National Development and Reform Commission of China aims to complete a national unified electricity market system by 2025, enhancing market-based transactions for new energy[14]. - The carbon emissions trading market in China was officially launched, becoming the world's largest, which is expected to increase the value of carbon assets significantly in the future[41]. Strategic Initiatives - The Group plans to increase project construction efforts to achieve greater growth in installed capacity, focusing on optimizing procurement strategies and cost control[20]. - The Group aims to expand its business types and explore new growth points, particularly in energy storage and integrated energy services[24]. - The Group will continue to adjust and optimize asset quality, reducing reliance on green electricity subsidies and improving operational efficiency[22]. - The Group's efforts in asset optimization aimed to reduce reliance on renewable energy subsidies and improve cash flow[69]. - The Group will actively explore new energy-related business types, including energy storage, carbon assets, and integrated energy services, to cultivate new growth points[182]. Environmental and Social Responsibility - The Group's renewable energy projects achieved a reduction of 5,717 kilotons of CO2 emissions, 1,378 tons of SO2, and 1,437 tons of NOX in 2021[130]. - The Group saved 2,258 kilotons of standard coal and 8,918 kilotons of water through its renewable energy generation compared to conventional power plants[130]. - The Group emphasizes strict compliance with environmental protection laws and continuously improves its management and sustainable development capabilities[132]. - The Group's focus on ecological and environmental protection includes investments in biodiversity and water conservation[125]. - The Group actively engages in community welfare and social responsibility initiatives while focusing on clean energy development[141]. Employee and Community Engagement - The Group maintains a strong commitment to employee health and safety, ensuring no COVID-19 infections among domestic employees during the year[140]. - As of December 31, 2021, the Group had 1,907 full-time employees, an increase from 1,619 employees in 2020[152]. - Over 80% of employees have received two or more vaccine injections, with an investment of RMB0.39 million in epidemic prevention and control[151]. - The Group has donated approximately RMB3.65 million to support 1,441 outstanding students and reward 79 excellent teachers[142]. - Over 160 training sessions were organized in 2021 to enhance employee skills and improve the in-house trainer system[148]. Future Outlook and Challenges - The Group will closely follow policy changes affecting wind and PV power generation to minimize risks associated with revenue fluctuations[156]. - The ongoing COVID-19 pandemic has introduced significant uncertainties, potentially leading to fluctuations in power demand and supply chain management challenges[161]. - The main climate risk involves fluctuations in power generation due to inter-annual variations in wind and solar resources, which could adversely affect revenue and profits[163]. - The Group will focus on ensuring safety first, improving its safety management system, and implementing production safety responsibilities[173]. - The Group will continue to explore new areas of development while maintaining sustainable growth in its core business[171].

Economic Growth and Energy Demand - In the first half of 2021, China's GDP grew by 12.7% year-on-year, with overall electricity consumption increasing by 16.2% year-on-year[4]. - China's GDP growth is expected to exceed 8% for the year, significantly higher than the government's target of 6%[167]. - The overall electricity demand in China has been rapidly increasing, with some provinces experiencing tight power supply and staggered power consumption[167]. Renewable Energy Capacity and Generation - The newly installed capacity of wind power in China was 10.84 GW, and PV power generation was 13.01 GW, representing year-on-year increases of 4.52 GW and 2.86 GW respectively[8]. - The Group's attributable power generation grew year-on-year by 8.1%, with wind power generation increasing by 14.7%[31]. - The total installed capacity of the Group's power plants as of June 30, 2021, was 3,346 MW, with a notable increase in project scale and complexity[74]. - The attributable installed capacity increased to 2,406 MW from 2,266 MW year-over-year, marking a growth of 6.2%[78]. Financial Performance - In the first half of 2021, the Group achieved a total income of RMB970,259,000, representing a decrease of 2.9% compared to the same period in 2020[29]. - Profit attributable to equity holders of the Group amounted to RMB403,213,000, reflecting an increase of 6.3% year-on-year[29]. - The Group's net assets as of June 30, 2021, were RMB6,706,971,000, with net assets per share at RMB0.79[29]. - The liability-to-asset ratio continued to decrease, indicating improved asset quality and financial stability[20]. Operational Efficiency and Technology - Technological advancements have significantly reduced the average cost of wind power, with a notable decline in wind turbine prices and costs per kW of wind power projects[12]. - Intelligent operation and maintenance (O&M) is experiencing rapid growth, driven by the increasing demand for efficiency improvements in existing power plants[13]. - The average theoretical photoelectric conversion efficiency of N-type PV cells is generally higher than 24%, indicating advancements in PV technology[12]. Project Management and Development - The Group has strengthened project management and coordination, ensuring safe and steady progress in project construction despite complex conditions[74]. - The Group aims to enhance its development capabilities by focusing on regions without power curtailment and optimizing project deployment[164]. - The Group will push forward project construction to ensure sustained growth in attributable installed capacity, with a focus on improving project management and safety quality[176]. Environmental Impact and Compliance - In the first half of 2021, the Group achieved significant reductions in carbon dioxide, sulfur dioxide, and nitrogen oxide emissions compared to conventional power plants, contributing to lower air pollution[122]. - The Group's efforts in environmental protection and compliance are integrated into its strategic and operational practices[117]. - The Group's initiatives in ecological and environmental protection have established a positive image in local investment and development[119]. Employee Development and Welfare - The Group has established a series of talent training programs, including apprenticeship and various development initiatives, to enhance employee skills and business efficiency[150]. - The Group emphasizes occupational health and safety, providing regular health checkups and safety training to ensure employee well-being[153]. - The Group has implemented various employee welfare programs, including a mutual aid fund that provided RMB58,000 in subsidies in the first half of 2021[157]. Strategic Initiatives and Future Outlook - The Group aims to innovate its development model, enhancing regional layout and capturing market share by developing various integrated resource projects such as PV and agriculture[179]. - The Group will actively develop its services businesses to achieve multifaceted development and market expansion[172]. - The introduction of favorable policies is expected to facilitate the long-term development of the renewable energy industry[168]. Financing and Investment - The Group achieved a net increase in loan amount of RMB315 million through financing replacement for existing power plants, with the financing cost of new projects decreasing by 0.28% to 5.32%[86]. - The Group actively expanded new financing channels and maintained good communication with various financial institutions to enhance financing flexibility[88]. - The Group is focused on replacing subsidized projects with grid parity projects to improve asset quality[91].

Financial Performance - The Group achieved a revenue of RMB 2.001 billion in 2020, representing a year-on-year increase of 9.0%[12]. - The profit attributable to equity holders of the Group was RMB 673 million, reflecting an increase of 11.4% over the previous year[12]. - The Group's attributable power generation amounted to 4.75 billion kWh, which is an increase of 8.7% compared to last year[13]. - The net profit from the Group's wholly-owned power plants reached RMB 732 million, marking a 16.5% increase over the same period last year[13]. - The Group's basic earnings per share rose to RMB 8.18 cents, up from RMB 7.22 cents in 2019, while diluted earnings per share increased to RMB 7.86 cents from RMB 6.86 cents[59]. - The Group achieved a year-on-year growth in revenue, with profit attributable to equity holders reaching a record high[53]. - The Group achieved a total revenue of RMB2,000,754,000, representing a 9.0% increase compared to RMB1,835,922,000 in 2019[59]. - The Group's net profit from jointly-owned power plants was RMB 131,852,000, down 22.5% from RMB 170,042,000 in 2019[96]. Operational Challenges - The company faced significant operational impacts due to pandemic-related restrictions, affecting project development and construction timelines[9]. - Strict epidemic prevention measures were implemented, leading to restrictions on economic activities and logistics[9]. - The pandemic resulted in delays in equipment repairs and increased power curtailment in some regions[9]. - The ongoing COVID-19 epidemic poses uncertainties that may affect power demand and supply chain management, impacting the Group's operations[161]. Asset Management and Quality - The liability-to-asset ratio decreased by 3.25 percentage points year-on-year, reaching 66.74%[11]. - The Group's liability-to-asset ratio decreased by 3.25 percentage points compared to the same period last year, indicating improved asset quality[12]. - The Group's asset structure was optimized to enhance shareholder value[79]. - The Group's reliance on renewable energy subsidies decreased, improving the asset quality of power plants[117]. - The Group implemented a strategy of "build & transfer," significantly reducing gross renewable energy subsidy receivables and improving asset quality[54]. Renewable Energy Development - The Group plans to add over 1 million kW in production capacity during 2021, capitalizing on China's renewable energy development[19]. - The focus for 2021 includes strengthening the development of photovoltaic projects and organizing large-scale integrated resource development projects[24]. - The Group aims to continuously lower the Levelized Cost of Energy (LCOE) to enhance competitiveness in the market-oriented trading environment[23]. - The Group will adopt a "build & transfer" strategy to replace renewable energy subsidized projects with grid parity projects, improving overall asset quality[168]. - The Group aims to enhance asset management and reduce reliance on renewable energy subsidies by developing grid parity projects[164]. Technological Innovation - The Group focused on innovation, expanding research and development in intelligent O&M, energy IoT, big data analysis, and artificial intelligence technology[54]. - The intelligent O&M platform POWER+ was further developed, integrating online monitoring with offline operations for better data management[122]. - The Group's technological improvements effectively reduced electricity loss and enhanced the stability of power plant operations[107]. - Technical innovation, intelligent operation, and innovative financing will be employed to improve the efficiency of grid parity projects[176][178]. Environmental Impact - The Group achieved a reduction of 5,205 kilotons of CO2 emissions and 1,274 tons of SO2 emissions in 2020, contributing to a total accumulated reduction of 34,734 kilotons of CO2 and 24,700 tons of SO2 since inception[134]. - The Group's investment in wind and photovoltaic power plants has significantly contributed to reducing air pollution and greenhouse gas emissions[131]. - The Group's environmental protection management system focuses on ecological conservation and biodiversity protection throughout the life cycle of power plants[132]. Employee and Community Engagement - The Group expresses gratitude to shareholders and the community for their trust and support, emphasizing its commitment to entrepreneurial spirit and success[27]. - The Group provided over 1,000 hours of training courses in 2020 to meet the learning needs of employees across various categories and levels[150]. - The Group has donated approximately RMB 3 million over 13 consecutive years, supporting 1,238 outstanding students and rewarding 57 excellent teachers[146]. - The Group has established a scholarship program in collaboration with North China Electric Power University, promoting renewable energy education in China[146]. Strategic Focus and Future Plans - The Group plans to strengthen the development of photovoltaic projects, focusing on various integrated resource development projects[26]. - The Group will focus on enhancing the capabilities of its engineering construction team and project coordination to ensure timely project completion[170]. - The Group will actively develop its service businesses, aiming to build influential service brands in the industry[173]. - The Group's strategic focus remains on core power generation while actively developing related renewable energy industry chain businesses[121].

Economic Performance - In the first half of 2020, China's GDP growth turned positive at 3.2% year-on-year and 11.5% quarter-on-quarter, indicating a steady economic recovery[2]. - Cumulative electricity consumption in China recorded a 10.1% year-on-year decrease in February, rebounding to a 6.1% year-on-year increase in June[3]. Energy Consumption and Production - The share of clean energy consumption in overall energy consumption increased by 0.6 percentage points, with clean energy power generation accounting for 27.6% of total power generation[3]. - The national average utilization hours of wind power decreased by 10 hours year-on-year to 1,123 hours, while photovoltaic power utilization increased by 19 hours to 595 hours[6]. - Wind and solar power curtailment increased, contributing to a rise in electricity loss during the reporting period[22]. - The Group's attributable power generation recorded a slight increase of 2.5% compared to the same period last year, with wholly-owned power plants showing a growth of 6.6%[30]. - The total attributable PV power generation decreased by 7.4%, primarily due to a 5.3% reduction in light resources and increased solar power curtailment in regions like Tibet[29]. Financial Performance - In the first half of 2020, newly released Renminbi loans by financial institutions reached RMB12.33 trillion, the highest level in history, representing an increase of RMB2.31 trillion compared to the same period last year[14]. - The Group achieved a total income of RMB999,540,000 in the first half of 2020, representing a 3.8% increase compared to RMB963,349,000 in the same period last year[22]. - Profit attributable to equity holders decreased to RMB379,389,000, down 5.0% from RMB399,232,000 in the first half of 2019[22]. - Basic earnings per share were RMB4.60 cents, a decrease from RMB4.75 cents in the same period last year[22]. - The Group's net profit from jointly-owned power plants was RMB95,271,000, a decrease of 6.5% compared to RMB101,849,000 in the same period last year[57]. Project Development and Construction - The delay in project construction due to the COVID-19 epidemic contributed to insufficient new projects being put into production in the first half of the year[22]. - The construction management of wind power and photovoltaic projects continued to follow the policies established in 2019, promoting grid parity projects and state financial subsidies[6]. - The Group has two newly commenced construction projects with a total installed capacity of 300MW and attributable installed capacity of 164MW[59]. - The construction of nine ongoing projects with a total capacity of 646MW is progressing, all of which are wholly-owned projects[60]. Technological Advancements - The Group initiated a total of 49 technological transformation projects across various power plants during the reporting period[47]. - The Group's technological transformation initiatives contributed to an increase in power plants' availability despite some delays due to the epidemic[43]. - The Group's intelligent operation platform has been optimized to enhance the efficiency of power plant operations[48]. Environmental Impact - In the first half of 2020, the Group's electricity generation from wind and PV power plants resulted in a reduction of 2,735 kilotons of CO2 emissions, 651 tons of SO2 emissions, and 678 tons of NOX emissions compared to conventional power plants[108]. - The Group saved 1,066 kilotons of standard coal and 4,209 kilotons of water during the same period, contributing to significant environmental benefits[108]. - The Group's environmental protection measures included the use of low-noise wind turbines and other eco-friendly equipment to minimize environmental impact[104]. Safety and Human Resources - The Group maintained stable production and safety measures in power plants, ensuring no incidents of COVID-19 among employees[24]. - The Group spent over RMB 1 million on epidemic prevention materials, including masks and sanitizers, to ensure employee safety[139]. - A total of 132 job positions were created for the local labor force in the first half of the year, promoting local employment through localized recruitment[120]. - During the first half of 2020, the Group conducted over 60,000 hours of training classes for more than 3,200 participants[135]. Corporate Governance and Shareholder Information - As of June 30, 2020, Liu Shunxing holds 1,872,484,242 shares, representing approximately 22.32% of the total issued share capital[180]. - The Company has adopted a Share Award Scheme allowing the issuance of new shares, with 113,000,000 new awarded shares granted to selected persons[189]. - The substantial shareholders include CWPI holding 1,147,877,155 shares (13.68%), Huadian Fuxin holding 880,000,000 shares (10.49%), and Splendor Power Limited holding 697,607,087 shares (8.32%) of the company's issued share capital as of June 30, 2020[196].

Financial Performance - For the year ended December 31, 2019, the Group generated a revenue of RMB1,835,922,000, and realized a profit of RMB604,293,000, representing an increase of 29.8% compared to the previous year[6]. - In 2019, the Group achieved a total income of RMB1,835,922,000, representing a 29.8% increase compared to RMB1,414,070,000 in 2018[29]. - Profit attributable to equity holders of the Group amounted to RMB604,293,000, a 20.3% increase from RMB502,406,000 in the previous year[29]. - Basic earnings per share were RMB7.22 cents, up from RMB5.88 cents in 2018, while fully diluted earnings per share were RMB6.86 cents, compared to RMB5.87 cents in the prior year[29]. - The Group's net assets reached RMB5,969,201,000 as of December 31, 2019, an increase from RMB5,546,739,000 in 2018[29]. - The Group's net assets per share increased to RMB0.70 from RMB0.65 in the previous year[29]. Power Generation and Capacity - As of December 31, 2019, the Group's net assets reached RMB5,969,201,000, with attributable power generation of 4,368.1 GWh, an increase of 20.1% over the previous year[6]. - The power generation from wholly-owned wind power plants increased by 36.6% year-on-year, contributing to 89.1% of the Group's total revenue[6]. - The Group's attributable power generation increased by 20.1% year-on-year, with wholly-owned power plants seeing a 31.8% increase[30]. - The Group's attributable installed capacity was 963 MW, with 7 wholly-owned projects under construction totaling 394 MW and 9 new projects with a capacity of 637 MW[55]. - The Group's total installed capacity reached 2,394 MW in 2019, reflecting a 5.1% increase from 2,277 MW in 2018[58]. Technological Advancements and Efficiency - In 2019, the Group implemented 20 major technical transformations to enhance power generation efficiency, including turbine blade lengthening and ice accumulation prevention[8]. - The Group actively applied new technologies and processes to optimize design and procurement strategies, improving asset quality and power generation efficiency[7]. - The Group enhanced its investment in technical transformation of power plants and implemented intelligent operation management to improve asset quality and efficiency[29]. - The Group's investment in technical transformation of power plants contributed to continuous improvement in operational efficiency[40]. - The Group's intelligent energy cloud platform POWER+ has provided quality intelligent energy services to renewable energy power stations with a total capacity of over 7 GW[71]. Market and Industry Trends - The renewable energy industry in China has entered the era of grid parity, with significant cost reductions in photovoltaic power generation[13]. - The installed capacity of China's renewable power generation reached 794 GW by the end of 2019, representing a year-on-year increase of 9% and accounting for 39.5% of total installed capacity[16]. - The government announced the first batch of 20.76 GW wind and PV power generation projects for grid parity in 2019, which are progressing in an orderly manner[17]. - The overall prices of PV modules and crystalline silicon wafers displayed a consistent downward trend due to technological advancements, leading to a significant decrease in PV power generation costs[22]. - The renewable energy industry is expected to continue its stable growth despite external pressures, supported by proactive fiscal policies and a low interest rate environment[154]. Environmental and Social Responsibility - The Group achieved a reduction of 4,978 kilotons of CO2, 1,643 tons of SO2, and 1,580 tons of NOX emissions in 2019, contributing to a total accumulated reduction of 29,528 kilotons of CO2, 23,426 tons of SO2, and 20,992 tons of NOX since inception[95]. - The Group actively participated in poverty alleviation efforts across multiple provinces, including Heilongjiang, Jilin, Hebei, Anhui, Hunan, Hubei, Yunnan, and Guangxi, contributing manpower, resources, and finances to local economic development[99]. - The Group's commitment to environmental protection included measures such as advanced technologies and intelligent operations to enhance sustainability[90]. - The Group's community responsibility initiatives included various welfare programs aimed at improving living standards in areas where it operates[100]. - The Group's focus on clean energy development aligns with its commitment to corporate social responsibility, fostering positive relationships with local communities[98]. Operational Management and Safety - The Group maintained safe and stable production with no serious personal injuries or fatal accidents during the year[50]. - The Group conducted safety inspections and management training sessions in both spring and autumn of 2019, enhancing employee safety awareness[126]. - Emergency response trainings and first aid simulation drills were organized for on-site project staff to ensure their safety and health[130]. - The Group provided comprehensive safety protection gears and tools in compliance with power safety requirements across all power plants[130]. - The Group emphasizes a safe and healthy working environment, focusing on fire safety management and improving office conditions[123]. Employee Development and Corporate Culture - The Group launched an unattended or less-attended intelligent O&M model, significantly improving the efficiency of power plant operations and maintenance[114]. - The Group implemented a hierarchical and categorized talent incubation system, optimizing training systems and assessments to improve employee competencies[120]. - The Group organized various corporate culture events in 2019, enhancing team cohesiveness and employee satisfaction through activities like sports competitions and health lectures[123]. - The Group's focus on employee development includes encouraging professional qualification certifications to enhance employees' professional competence[118]. - The Group donated over RMB 105,000 to support an ex-employee's medical expenses, demonstrating its commitment to employee welfare[122]. Financing and Investment Strategies - The balance of bank and leasing loans increased to RMB 7,841,675,000 as of December 31, 2019, up from RMB 7,061,877,000 in 2018[132]. - The Group's financial strategies included diversified cooperation with financial institutions to safeguard capital for development and enhance asset quality[64]. - The GS Convertible Loan amounted to US$30,000,000, consisting of three tranches: US$12,000,000, US$9,000,000, and US$9,000,000[134]. - The net proceeds from the GS Convertible Loan are expected to be approximately US$29,650,000, allocated for working capital, interest repayment, and wind power plant construction[136]. - The Group has maintained a stable debt structure and diversified financing channels, consistently enjoying financing interest rates lower than the industry average[150]. Future Outlook and Strategic Focus - The Group aims to ensure steady growth in core power generation business amidst fierce industry competition[12]. - The Group plans to focus on production safety, project construction, and lowering the Levelized Cost of Energy (LCOE) in 2020[157]. - The Group will continue to optimize asset quality and adjust investment strategies to adapt to changes in the external operating environment[157]. - The Group will promote intelligent operation and enhance the efficiency of power generation through technical upgrades and centralized monitoring systems[161]. - The Group aims to improve its sustainable operation and risk control capabilities, optimizing asset quality and liability structures to maintain a reasonable gearing ratio and enhance capital utilization efficiency[171].

Financial Performance - For the year ended December 31, 2018, the Group generated a revenue of RMB1,414,070,000 and realized a profit of RMB502,406,000, representing an increase of 151.16% compared to the previous year[6]. - The Group achieved a total income of RMB1,414,070,000 in 2018, representing a 36.50% increase from RMB1,035,967,000 in 2017[35]. - Profit attributable to equity holders of the Group amounted to RMB502,406,000, a significant increase of 151.16% compared to RMB200,036,000 in the previous year[35]. - As of the end of 2018, the Group's net assets amounted to RMB5,546,739,000, with net assets per share increasing to RMB0.65 from RMB0.61 in 2017[37]. - The Group's bank loans and financial leasing amounted to RMB7,061,877,000 as of December 31, 2018, up from RMB5,497,520,000 in the previous year, resulting in a gearing ratio of 69.88%[112]. Power Generation and Capacity - The attributable power generation for 2018 was 3,635.77 million kWh, an increase of 48.55% over the previous year, with the power generation from wholly-owned and holding wind power plants increasing by 138.17%[6]. - The total installed capacity of newly commissioned wind and solar power plants in 2018 was 471MW, all of which are wholly-owned by the Group[6]. - As of December 31, 2018, the installed capacity attributable to the Group was 2,277MW, with 1,611MW from wholly-owned and holding power plants, representing 70.75% of the total installed capacity[6]. - The installed capacity of wind power plants accounted for 86.21% of the total capacity attributable to the Group[7]. - The Group added 10 new power plants with a total installed capacity of 471MW in 2018, compared to 439MW in the same period of 2017[61]. Technological Advancements - The Group focused on lowering the Levelized Cost Of Electricity (LCOE) by applying new technologies and processes, resulting in significantly higher efficiencies for newly installed power plants compared to existing ones[8]. - The POWER+ system has improved operation and maintenance levels, increasing equipment availability and power generation output, serving power plants with a total capacity of up to 5GW by the end of the year[9]. - The Group made progress in new business areas, including the development of the POWER+3.0 intelligent inspection system and advancements in financial leasing, energy storage, micro-grids, and distribution networks[9]. - The Group's investment in energy IoT technology development has strengthened its "smart operation and maintenance" platform[74]. - The Group has implemented a new energy operation mode combining centralized monitoring, big data analysis, and intelligent diagnostics[75]. Market and Industry Trends - In 2018, China's total electricity consumption reached 6.8449 trillion kWh, a year-on-year growth of 8.5%[16]. - The installed wind power and photovoltaic capacity in China reached 360 GW by the end of 2018, accounting for 18.9% of total installed capacity[16]. - The government has promoted the development of offshore wind power and energy storage, leading to a significant increase in the share of renewable energy in power consumption[21][22]. - The shift in policy orientation indicates that the renewable energy industry has entered an era of competitive bidding and grid parity[22][23]. - The renewable energy market is expected to maintain its competitive advantage due to ongoing technological advancements and cost reductions[124]. Environmental Impact and Sustainability - In 2018, the Group achieved a reduction of 4,395 kilotons of CO2 emissions, 1,439 tons of SO2, and 1,383 tons of NOX compared to conventional power plants[95]. - The Group saved 1,710 kilotons of standard coal and 6,917 kilotons of water through its wind and photovoltaic power plants[95]. - The cumulative reduction of CO2 emissions since inception reached 24,551 kilotons, while SO2 and NOX reductions totaled 21,783 tons and 19,413 tons respectively[95]. - The Group emphasizes high-standard corporate social responsibility, contributing to sustainable development and positive community relations[84]. - The Group's wind power plants contributed to the reduction of PM10 and PM2.5 emissions, aiding in haze reduction[94]. Financing and Investment - The Group's capital allocation was optimized, and financing channels were expanded through the issuance of green corporate bonds and convertible loans[66]. - The Group issued bonds of US$200 million during the year, with a focus on maintaining a stable debt structure and lower financing interest rates compared to peers[120]. - The Group aims to enhance its market presence through strategic expansion in the renewable energy sector[75]. - The Group plans to explore new business models in financial leasing, expanding into energy storage and frequency regulation projects[138]. - The Group aims to maintain a reasonable gearing ratio by enhancing asset management and optimizing the asset and liability structure[139]. Employee Development and Corporate Governance - As of December 31, 2018, the Group employed 1,493 full-time employees, an increase from 1,312 in 2017[104]. - The Group organized training sessions for over 450 participants, covering various management and professional skills[108]. - The Group has established a comprehensive training system, including online and offline training for different employee levels[108]. - The Group emphasizes a people-oriented approach to sustainable development, providing a supportive working environment for employees[106]. - The Group's human resource planning includes optimizing talent pipelines and training to enhance organizational capabilities[105]. Shareholder and Market Relations - The Group's five largest customers accounted for 64% of total sales, with the largest customer contributing 19%[103]. - The Group's five largest suppliers represented 89% of total procurement, with the largest supplier accounting for 36%[103]. - The proposed final dividend for the year ended December 31, 2018, is HK$0.02 per ordinary share, amounting to HK$170,254,000 (approximately RMB145,109,000)[166]. - The company aims to benefit shareholders by enhancing the net asset value per share through share repurchases[160]. - The Company entered into a convertible loan agreement with IFC for HK$233,800,000, consisting of three tranches totaling HK$233,800,000[67].