Group 1 - The company reported a revenue of RMB 7.011 billion for the year ending December 31, 2024, representing a year-on-year increase of 25.92% [1] - Shareholder profit reached approximately RMB 86 million, showing a significant growth of about 104.76% compared to the previous year [1] - The earnings per share were recorded at 3.88 cents, with a proposed final dividend of 10 Hong Kong cents per share [1] Group 2 - The company accelerated the expansion of its clean energy scale, actively developing and acquiring solar, wind, hydroelectric, and energy storage projects [2] - As of December 31, 2024, the company owned 166 solar power stations, 38 wind power stations, 26 hydroelectric power stations, and 3 energy storage stations, with a total installed capacity of approximately 12,639 megawatts, up from about 8,577 megawatts in 2023 [2] - The company has a projected capacity of approximately 5 gigawatts for hydroelectric development rights, with a 75% indirect ownership in the project company [2] Group 3 - The total electricity generation from the company's power stations increased significantly from approximately 11.9942 million megawatt-hours for the year ending December 31, 2023, to about 17.6747 million megawatt-hours, marking an increase of approximately 47.4% [3] - All power stations have been connected to the grid and have been generating electricity steadily [3]

Capacity and Generation Growth - The total installed capacity of the group increased to approximately 12,639 MW as of December 31, 2024, up from about 8,577 MW in 2023, representing a growth of approximately 47.4%[4] - The total electricity generation from the group's power stations rose significantly from approximately 11,994,209 MWh in 2023 to about 17,674,684 MWh in 2024, marking an increase of approximately 47.4%[7] - The group owns 166 solar power stations, 38 wind power stations, 26 hydroelectric power stations, and 3 energy storage stations as of December 31, 2024, compared to 140, 28, 26, and 1 respectively in 2023[4] - The group has expanded its power generation presence across 28 provinces in China as of December 31, 2024, up from 26 provinces in 2023[4] - The company operates a total of 169 power stations with a combined installed capacity of 13,501 MW and generated revenue of RMB 19,420.157 million[10] Financial Performance - The company recorded a net profit of approximately RMB 557 million for the year, an increase from RMB 472 million in 2023, primarily due to increased electricity sales[16] - Revenue and EBITDA for the year were approximately RMB 7,011 million and RMB 5,622 million, respectively, compared to RMB 5,568 million and RMB 4,559 million in 2023, reflecting an increase attributed to a 47.4% growth in installed capacity from approximately 8,577 MW to 12,639 MW[17] - The average electricity price per kWh (excluding VAT) decreased to approximately RMB 0.40 from RMB 0.46 in 2023, mainly due to the increased proportion of grid-connected solar and wind power projects[17] - The company reported total revenue of RMB 7,011 million for the year ended December 31, 2024, representing a 25.8% increase from RMB 5,568 million in 2023[45] - EBITDA for the year was RMB 5,622 million, compared to RMB 4,559 million in 2023, indicating a growth of 23.3%[45] Financing and Debt Management - The weighted average interest rate for bank and other borrowings decreased to approximately 3.73% in 2024 from 4.04% in 2023, primarily due to refinancing high-interest loans with low-interest RMB borrowings[12] - The company raised RMB 800 million through privately placed perpetual medium-term notes at a fixed interest rate of 3.69%, which was fully used to repay borrowings[12] - The company completed two batches of medium-term notes issuance totaling RMB 1,000 million, with fixed interest rates of 2.35% and 3.00%, to repay debts[13] - The company registered a total of RMB 5,000 million in perpetual medium-term notes in July 2023, with subsequent issuances in 2024 totaling RMB 3,500 million at interest rates ranging from 2.33% to 2.68%[14] - The total bank and other borrowings amounted to approximately RMB 68,582 million, with about RMB 20,646 million due within the next twelve months[55] Operational Efficiency and Management - The company aims to enhance its management level of clean energy generation businesses while accelerating the scale expansion of clean energy[4] - The company is focused on capital-intensive operations and continues to explore financing options to reduce costs and support future business expansion[12] - The company aims to enhance its operational efficiency and cost control, focusing on profit contribution and maintaining strict project cost management[43] - The company plans to continue expanding its operational capacity and improving management efficiency to support future growth[17] - The EBITDA margin decreased from approximately 82% to about 80% due to the expansion of power generation business and additional operating expenses[26] Asset and Liability Management - As of December 31, 2024, the group recorded current assets of approximately RMB 16,602 million and current liabilities of approximately RMB 28,976 million[28] - The debt to equity ratio decreased to 73.5% from 76.7% in the previous year, primarily due to the issuance of perpetual medium-term notes[29][30] - The company reported a cash and cash equivalents balance of RMB 5,195 million in 2024, down from RMB 6,187 million in 2023, indicating a decrease of approximately 16%[50] - The total liabilities increased to RMB 79,809 million in 2024 from RMB 72,973 million in 2023, representing a growth of about 9%[51] - The group has cash deposits totaling approximately RMB 5,604 million as of December 31, 2024[31] Strategic Development and Future Plans - The group is focusing on the development of solar, wind, hydroelectric, and energy storage businesses while enhancing the diversity of its clean energy portfolio[6] - The company plans to expand its business in the hydropower sector, particularly in Yunnan and Tibet, and is working on preliminary studies for multiple hydropower projects[43] - The company is committed to following the national "dual carbon" strategy and aims to become a respected international clean energy investment operator[41] - The company has a strategy to identify suitable investment opportunities for acquiring promising renewable energy projects that can provide stable returns[101] - The group plans to reduce leverage through strategic partnerships to lower capital expenditures and future debt to equity ratios[30] Shareholder and Dividend Information - A share consolidation was conducted on November 1, 2024, changing the par value from HKD 0.10 to HKD 1.00 per share, maintaining the authorized share capital at HKD 3 billion[24] - The company proposed a final dividend of HKD 0.10 per share for the year, subject to shareholder approval at the upcoming annual general meeting[92] - The final dividend declared for the year ended December 31, 2023, is HKD 1.00 per share, totaling approximately HKD 223 million (around RMB 196 million), which is consistent with the previous year's dividend[91] - The board proposed a final dividend of HKD 0.10 per ordinary share, equivalent to approximately RMB 0.092, compared to HKD 0.01 (approximately RMB 0.0091) in 2023[110] - The proposed final dividend is subject to approval at the annual general meeting scheduled for June 18, 2025[110] Compliance and Governance - The company has maintained compliance with all applicable corporate governance codes during the year, ensuring high standards of corporate governance[107] - The company has not reported any significant events after the date of the financial position statement, indicating stability in its operations[104] - The company is currently assessing the impact of the new standards on its consolidated income statement and cash flow statement structure[66] - The company plans to enhance its financial reporting by introducing new performance metrics defined by management, which will be disclosed separately in the financial statements[67] - The company has identified its operating segments based on the nature of products sold or services provided, which include solar, wind, and hydropower generation[68]

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Corporate Basic Information](index=3&type=section&id=Corporate%20Information) This section provides a list of the company's core management, board of directors, and committee members, along with key partners including auditors, legal advisors, and principal bankers, also disclosing the registered office and principal place of business - The Chairman of the Company's Board of Directors is Mr. Zhang Ping. The chairpersons of the Audit Committee, Remuneration Committee, Nomination Committee, Risk Control Committee, and Sustainable Development Committee are Ms. Li Hongwei and Mr. Zhang Ping, respectively[5](index=5&type=chunk) - The Company's auditor is Grant Thornton Hong Kong Limited. Principal bankers include Agricultural Bank of China, Bank of Beijing, Bank of China, and several other large financial institutions[6](index=6&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) During the reporting period, the Group accelerated clean energy expansion, increasing total grid-connected installed capacity from 8,577 MW at the end of 2023 to 10,045 MW, with total power generation significantly growing by 49.5% to 7,590,356 MWh Installed Capacity Overview | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Number of Solar Power Plants | 153 | 140 | | Number of Wind Power Plants | 34 | 28 | | Number of Hydro Power Plants | 26 | 26 | | Total Grid-connected Installed Capacity (MW) | 10,045 | 8,577 | - During the reporting period, the total power generation from subsidiary power plants was approximately **7,590,356 MWh**, a significant increase of approximately **49.5%** compared to **5,078,765 MWh** in the same period last year[12](index=12&type=chunk)[13](index=13&type=chunk) - The Group's power plants are diversified across **27 provinces in China**, as well as **Vietnam** and **Australia**, achieving geographical and portfolio diversification[9](index=9&type=chunk)[11](index=11&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) During the reporting period, the Group achieved a net profit of RMB 292 million, a 18.2% year-on-year increase, with revenue growing 27.1% to RMB 3,272 million and EBITDA increasing 26.2% to RMB 2,686 million, primarily driven by expanded grid-connected capacity Key Financial Indicators | Financial Indicator (RMB million) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,272 | 2,574 | +27.1% | | EBITDA | 2,686 | 2,129 | +26.2% | | Net Profit | 292 | 247 | +18.2% | | Finance Costs | 1,105 | 1,063 | +4.0% | - The average electricity price per kWh (excluding VAT) decreased from **RMB 0.51** in the same period last year to **RMB 0.43**, mainly due to an increased proportion of grid-parity solar and hydro power projects[22](index=22&type=chunk) - The gearing ratio decreased from **76.7%** at the end of 2023 to **74.9%**, primarily attributed to the issuance of perpetual medium-term notes which increased equity[40](index=40&type=chunk)[41](index=41&type=chunk) Key Performance Indicators | Key Performance Indicator | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | EBITDA Margin | ~82% | ~83% | | Debt to EBITDA Ratio | ~22.7 | ~20.3 | | Interest Coverage Ratio | ~2.61 | ~2.19 | [Material Acquisitions and Disposals](index=17&type=section&id=Material%20Acquisitions%20and%20Disposals) During the reporting period, the Group completed a significant acquisition in April 2024, where its subsidiary acquired all equity of Heshun Runneng New Energy Co., Ltd. for approximately RMB 149 million, making it a wholly-owned subsidiary - In April 2024, the company completed the acquisition of all equity in Heshun Runneng New Energy Co., Ltd. for approximately **RMB 149 million**[47](index=47&type=chunk)[50](index=50&type=chunk) [Prospects](index=19&type=section&id=Prospects) Looking ahead, the company will align with national 'dual carbon' strategies, deepening green development, and plans to form a new pattern with 'Energy + Intelligent Computing' as its core business, synergistically developing six major segments - The company's strategic core is to build an **'Energy + Intelligent Computing'** main business, achieving synergistic development across six major segments: wind, solar, hydro, integrated energy, gas turbines, green hydrogen, and intelligent computing[58](index=58&type=chunk) - 2024 annual targets: installed capacity to exceed **15 million kW**, and asset scale to reach **RMB 130 billion**[59](index=59&type=chunk) - The company will accelerate the construction of the **Beijing Artificial Intelligence Public Intelligent Computing Platform**, providing digital infrastructure for the AI industry and fostering new growth points[58](index=58&type=chunk)[62](index=62&type=chunk) [Interim Condensed Consolidated Financial Statements](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the company's revenue was RMB 3,272 million, a 27.1% year-on-year increase, with profit for the period at RMB 292 million, up 18.2%, and profit attributable to company shareholders at RMB 33 million, with basic and diluted earnings per share of RMB 0.15 cents Interim Condensed Consolidated Statement of Profit or Loss | Item (RMB million) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 3,272 | 2,574 | | EBITDA | 2,686 | 2,129 | | Finance costs | (1,105) | (1,063) | | Profit before income tax | 434 | 342 | | **Profit for the period** | **292** | **247** | | Profit attributable to owners of the Company | 33 | 107 | | Basic and diluted earnings per share (RMB cents) | 0.15 | 0.48 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) During the reporting period, the company recorded a profit for the period of RMB 292 million, with other comprehensive loss from currency translation differences of RMB 134 million, resulting in a total comprehensive income for the period of RMB 158 million, a significant increase from RMB 60 million in the prior year Interim Condensed Consolidated Statement of Comprehensive Income | Item (RMB million) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Profit for the period | 292 | 247 | | Other comprehensive loss (currency translation differences) | (134) | (187) | | **Total comprehensive income for the period** | **158** | **60** | [Interim Condensed Consolidated Statement of Financial Position](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the company's total assets reached RMB 101.802 billion, a 13.1% increase from the end of 2023, with total liabilities at RMB 81.364 billion and total equity at RMB 20.438 billion, indicating liquidity pressure as current liabilities exceed current assets Interim Condensed Consolidated Statement of Financial Position | Item (RMB million) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Non-current assets** | **78,667** | **72,318** | | Property, plant and equipment | 70,682 | 64,150 | | **Current assets** | **23,135** | **17,718** | | Cash and cash equivalents | 8,539 | 6,187 | | **Total assets** | **101,802** | **90,036** | | **Non-current liabilities** | **49,559** | **44,576** | | Bank and other borrowings (non-current) | 46,849 | 41,961 | | **Current liabilities** | **31,805** | **28,397** | | Bank and other borrowings (current) | 22,817 | 20,745 | | **Total liabilities** | **81,364** | **72,973** | | **Total equity** | **20,438** | **17,063** | [Interim Condensed Consolidated Statement of Changes in Equity](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) During the reporting period, the company's total equity increased from RMB 17.063 billion at the beginning of the year to RMB 20.438 billion, primarily driven by the issuance of RMB 2.294 billion in perpetual medium-term notes and RMB 1.323 billion in non-controlling interest contributions, partially offset by RMB 196 million in declared dividends and RMB 134 million in total comprehensive loss - Total equity increased from **RMB 17.063 billion** at the beginning of the year to **RMB 20.438 billion** at the end of the period[77](index=77&type=chunk) - The primary reasons for the increase in equity were the issuance of **perpetual medium-term notes (RMB 2.294 billion)** and **non-controlling interest contributions (RMB 1.323 billion)**[77](index=77&type=chunk) - During the period, a final dividend of **RMB 196 million** for 2023 was declared, and a total comprehensive loss of **RMB 101 million** (attributable to owners of the Company) was recorded[77](index=77&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, net cash inflow from operating activities was RMB 1.273 billion, while investing activities resulted in a net cash outflow of RMB 7.012 billion due to significant capital expenditures, and financing activities generated a net cash inflow of RMB 8.052 billion, primarily from new bank borrowings and perpetual medium-term note issuance, increasing cash and cash equivalents to RMB 8.539 billion at period-end Interim Condensed Consolidated Statement of Cash Flows | Item (RMB million) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 1,273 | 3,303 | | Net cash outflow from investing activities | (7,012) | (3,182) | | Net cash inflow/(outflow) from financing activities | 8,052 | (2,657) | | **Net increase/(decrease) in cash and cash equivalents** | **2,313** | **(2,536)** | | Cash and cash equivalents at end of period | 8,539 | 2,748 | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=31&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [2.1 Going Concern](index=32&type=section&id=2.1%20Going%20Concern) Despite current liabilities exceeding current assets by approximately RMB 8.67 billion at period-end, posing significant going concern uncertainty, the Board believes the Group has sufficient working capital for continued operations, considering new post-period financing, ongoing financial support from controlling shareholder Jingneng Group, and expected cash flows from existing power plants - As of June 30, 2024, the Group's current liabilities exceeded current assets by approximately **RMB 8.67 billion**, with approximately **RMB 22.827 billion** in borrowings maturing within the next twelve months, constituting a significant uncertainty regarding going concern[92](index=92&type=chunk)[94](index=94&type=chunk) - Management has taken several measures, including: (1) successful issuance of **RMB 1 billion** medium-term notes in July 2024; (2) securing approximately **RMB 2.364 billion** in new bank borrowings in July; (3) substantial loan support from controlling shareholder Jingneng Group and its subsidiaries, with confidence in renewal or new loan acquisition[96](index=96&type=chunk) [3 Revenue and Segment Information](index=38&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group's business is divided into three main segments: solar, wind, and hydro power generation, with solar being the largest revenue source at RMB 2.168 billion, and the vast majority of revenue (RMB 3.123 billion) originating from mainland China, supplemented by Australia and Vietnam, while major customer concentration is high, with two customers contributing over 20% of total revenue Revenue and Segment Assets by Business Segment (H1 2024) | Business Segment (H1 2024) | Revenue (RMB million) | Segment Assets (RMB million) | | :--- | :--- | :--- | | Solar Power Generation Business | 2,168 | 47,519 | | Wind Power Generation Business | 747 | 32,346 | | Hydro Power Generation Business | 357 | 9,240 | | **Total** | **3,272** | **93,053** | Revenue and Non-current Assets by Geographical Segment (H1 2024) | Geographical Segment (H1 2024) | Revenue (RMB million) | Non-current Assets (RMB million) | | :--- | :--- | :--- | | China | 3,123 | 69,278 | | Australia | 130 | 5,994 | | Vietnam | 19 | 519 | | **Total** | **3,272** | **75,796** | [17 Acquisitions of Subsidiaries](index=58&type=section&id=17%20Acquisitions%20of%20Subsidiaries) During the reporting period, the Group completed the acquisition of two new energy companies through asset acquisition for a total cash consideration of RMB 217 million, primarily acquiring property, plant, and equipment valued at RMB 972 million while assuming RMB 598 million in bank and other borrowings, adding 100 MW of solar and 80 MW of wind grid-connected installed capacity Acquired Subsidiaries Overview | Acquired Company | Acquisition Month | Equity Acquired | Consideration (RMB million) | Type | New Installed Capacity (MW) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pingquan Bangcheng New Energy Technology Co., Ltd. | March 2024 | 85.0% | 68 | Solar | 100.0 | | Heshun Runneng New Energy Co., Ltd. | April 2024 | 100.0% | 149 | Wind | 80.0 | - The acquisitions in this period were accounted for as asset acquisitions, with a total cash consideration of **RMB 217 million**, resulting in a net cash outflow from acquisitions of **RMB 60 million**[213](index=213&type=chunk)[215](index=215&type=chunk) [18 Related-Party Transactions](index=63&type=section&id=18%20Related-Party%20Transactions) The Group engages in significant related-party transactions, primarily interest payments on loans to controlling shareholder Jingneng Group and its subsidiaries, with substantial outstanding bank and other loans from the controlling shareholder and its subsidiaries at period-end, indicating strong reliance on the controlling shareholder for financing Significant Related Party Balances | Significant Related Party Balances (RMB million) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Bank borrowings from subsidiaries of controlling shareholder | 5,800 | 7,470 | | Loans from controlling shareholder | 10,655 | 10,865 | | Financial institution loans from subsidiaries of controlling shareholder | 5,900 | 5,450 | - During the reporting period, interest expenses paid to controlling shareholder Jingneng Group were **RMB 195 million**, and to its subsidiaries were **RMB 185 million**[225](index=225&type=chunk) [20 Events after the Date of Statement of Financial Position](index=70&type=section&id=20%20Events%20after%20the%20date%20of%20statement%20of%20financial%20position) Two significant post-balance sheet events occurred: the extension of the scheme implementation agreement for the acquisition of Australian listed company TPC to October 15, 2024, and the company's acquisition of ICBC Investment's 29.43% equity in subsidiary United Photovoltaics (Changzhou) for approximately RMB 3.02 billion in July 2024, making it a wholly-owned subsidiary - To acquire Australian listed company TPC Consolidated Limited, the company revised the last date for the scheme implementation agreement to **October 15, 2024**, awaiting the decision from the Australian Foreign Investment Review Board[253](index=253&type=chunk)[254](index=254&type=chunk) - In July 2024, the company acquired **29.43%** equity in United Photovoltaics (Changzhou) held by ICBC Investment for approximately **RMB 3.02 billion**, achieving full ownership of the subsidiary[257](index=257&type=chunk) [Other Information](index=72&type=section&id=Other%20Information) [Substantial Shareholders' Interests](index=78&type=section&id=Substantial%20Shareholders%27%20Interests) As of June 30, 2024, the company's substantial shareholders include controlling shareholder Beijing Energy Investment Group (Hong Kong) Co., Limited with a 32.14% stake, China Merchants Group Limited with 15.22%, Huaqing Photovoltaic Co., Ltd. with 13.65%, and China CITIC Financial Asset Management Co., Ltd. with 11.79% Substantial Shareholders | Substantial Shareholder | Shareholding Percentage | | :--- | :--- | | Beijing Energy Investment Group (Hong Kong) Co., Limited | 32.14% | | China Merchants Group Limited | 15.22% | | Huaqing Photovoltaic Co., Ltd. | 13.65% | | China CITIC Financial Asset Management Co., Ltd. | 11.79% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=83&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company repurchased 130 million of its own shares on the Stock Exchange for a total consideration of approximately HKD 30 million, held as treasury shares for potential future strategic acquisitions or resale based on market conditions - The company repurchased **130 million shares** in June 2024 for a total consideration of approximately **HKD 30 million**, with repurchase prices ranging from **HKD 0.219 to HKD 0.237 per share**[291](index=291&type=chunk)[293](index=293&type=chunk) [Share Option Scheme](index=73&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in June 2022, and during the reporting period, 134,650,200 share options lapsed due to unfulfilled vesting conditions, leaving 352,079,800 unexercised options as of June 30, 2024, with approximately four years remaining on the scheme - During the reporting period, **134,650,200** share options lapsed, with no new options granted or exercised[264](index=264&type=chunk) - As of June 30, 2024, **352,079,800** share options remained unexercised under the share option scheme[264](index=264&type=chunk)

Power Generation Capacity and Development - The total installed capacity of the group's power stations increased to approximately 10,045 MW as of June 30, 2024, up from about 8,577 MW as of December 31, 2023, representing a growth of approximately 17.1%[2] - The group owns 153 solar power stations, 34 wind power stations, 26 hydroelectric power stations, and 1 energy storage station as of June 30, 2024, compared to 140 solar and 28 wind power stations as of December 31, 2023[2] - The group holds development rights for hydroelectric power projects with an estimated capacity of approximately 5 GW, with 75% ownership in the project company[3] - The group plans to continue focusing on the development of solar, wind, and hydroelectric power businesses, as well as energy storage, to enhance the diversity of its clean energy portfolio[3] - The group has expanded its operational footprint to 27 different provinces in China as of June 30, 2024, up from 26 provinces as of December 31, 2023[2] - The group has a total of 219 power stations, with a combined installed capacity of 10,621 MW, compared to 167 power stations and 7,698 MW capacity in the previous year[5] - The group is awaiting approvals for preliminary work on hydroelectric power projects before construction begins[3] Electricity Generation and Revenue - The total electricity generation for the period was approximately 7,590,356 MWh, a significant increase of about 49.5% compared to approximately 5,078,765 MWh for the same period in 2023[4] - Revenue and EBITDA for the period were approximately RMB 3,272 million and RMB 2,686 million, respectively, compared to RMB 2,574 million and RMB 2,129 million last year, reflecting an increase of about 27.1% and 26.2%[9] - The total electricity generation for the period was approximately 8,242,187 MWh, generating revenue of RMB 3,495 million[7] - Solar power business generated revenue of RMB 2,168 million, wind power business generated RMB 747 million, and hydropower business generated RMB 357 million for the six months ended June 30, 2024[51] - The company's revenue from China for the six months ended June 30, 2024, was RMB 3,123 million, compared to RMB 2,548 million for the same period in 2023, reflecting a growth of approximately 22.5%[54] Financial Performance - The company recorded a net profit of approximately RMB 292 million for the period, an increase from RMB 247 million for the same period last year, primarily due to increased electricity sales[9] - The net profit attributable to shareholders for the first half of 2024 was RMB 292 million, compared to RMB 247 million in the same period of 2023, marking an increase of 18.2%[32] - The company's profit attributable to shareholders for the six months ended June 30, 2024, was RMB 33 million, a decrease of 69% from RMB 107 million in the same period of 2023[59] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.15, down 69% from RMB 0.48 in the same period of 2023[59] Financing and Debt Management - The company successfully registered a total of RMB 5,000 million in perpetual medium-term notes in the interbank market, with fixed interest rates of 3.0% and 2.9% for the fourth and fifth batches issued[8] - As of June 30, 2024, the actual annual interest rate for bank and other borrowings was approximately 3.77%, down from 3.92% at the end of 2023, due to refinancing arrangements[8] - Total borrowings increased from RMB 62,706 million to RMB 69,666 million, with net debt rising to RMB 60,986 million from RMB 56,243 million[19] - The debt-to-EBITDA ratio rose to approximately 22.7 from 20.3, indicating a longer period required to repay debts under unchanged net debt and EBITDA conditions[17] - Total bank and other borrowings amounted to approximately RMB 69,724 million, with RMB 22,827 million due within the next 12 months[40] - The group is in discussions with several banks to raise approximately RMB 15,000 million in unused short-term or long-term financing[41] Asset Management - The company reported total assets of RMB 101,802 million as of June 30, 2024, compared to RMB 90,036 million at the end of 2023, indicating a growth of 13.5%[35] - The company’s non-current assets increased to RMB 78,667 million as of June 30, 2024, from RMB 72,318 million at the end of 2023, reflecting a growth of 8.5%[35] - The company’s total equity reached RMB 20,438 million as of June 30, 2024, compared to RMB 17,063 million at the end of 2023, an increase of 19.5%[36] - The group has capital commitments of approximately RMB 6,748 million related to the construction of solar and wind power plants with a total expected capacity of about 5.3 GW[40] Operational Efficiency - The average utilization hours for solar power stations were 669 hours, while wind power stations had an average of 1,045 hours for the period ending June 30, 2024[5] - The EBITDA margin decreased from approximately 83% to about 82%, primarily due to the expansion of power generation operations and additional operating expenses[16] - The operating cash flow to net debt ratio remained stable at around 2.7 for the periods ending June 30, 2024, and June 30, 2023[17] - The interest coverage ratio improved to approximately 2.61 from 2.19, reflecting better capacity to cover interest expenses[17] Strategic Initiatives - The company plans to enhance its clean energy industry layout, focusing on wind, solar, hydropower, hydrogen energy, and integrated energy development[29] - The company aims to align with the national "dual carbon" strategy and expand its clean energy industry chain, forming a new development pattern of "energy + intelligent computing"[29] - The company plans to accelerate the development of green fuel projects, focusing on hydrogen energy as a key solution for achieving a zero-carbon society[30] - The company is actively exploring new models for energy storage to participate in grid auxiliary services and spot trading, contributing to national energy security[30] Employee and Operational Metrics - The group employed 1,856 full-time employees as of June 30, 2024, with total employee benefits expenses amounting to approximately RMB 251 million[26] - Accounts receivable and notes receivable increased to RMB 527 million from RMB 294 million, while electricity price subsidy receivables rose to RMB 10,045 million from RMB 8,577 million[13] - The total amount of accounts receivable and electricity price subsidy receivables was RMB 10,329 million as of June 30, 2024, compared to RMB 8,217 million as of December 31, 2023, reflecting a 26% increase[63] Acquisitions and Investments - The group completed the acquisition of 100% equity in Heshun Runeng New Energy Co., Ltd. for approximately RMB 149 million on April 3, 2024, making it a wholly-owned subsidiary[22] - The company completed the acquisition of 26 power plants in China, enhancing its renewable energy portfolio and expanding its business scale in the renewable energy sector[74] - The company plans to acquire 29.43% equity in United Photovoltaics Changzhou for approximately RMB 3.02 billion, increasing its ownership from 70.57% to 100%[77] Dividends and Share Repurchase - The company declared a final dividend of HKD 0.01 per ordinary share for the year ended December 31, 2023, totaling approximately RMB 196 million, compared to RMB 199 million for the year ended December 31, 2022[62] - The company repurchased a total of 130 million ordinary shares during the period, with a total cost of approximately RMB 27.3 million[67] - The company did not declare or pay any interim dividends for the period[63]

Energy Generation and Capacity - As of December 31, 2023, the Group owned 140 solar power plants, 28 wind power plants, 26 hydro power plants, and 1 energy storage power station, with a total grid-connected installed capacity of approximately 8,577 MW[6]. - The total electricity generation volume for the entire year of 2023 reached approximately 11,994,209 MWh[6]. - The Group also held additional capacity through associates, including 2 solar power plants, 1 wind power plant, and 2 hydro power plants, with an aggregate grid-connected installed capacity of approximately 576 MW, generating about 1,787,157 MWh[6]. - The total electricity generation volume for the year ended December 31, 2023, is 11,994,209 MWh, with an average tariff of RMB 0.46 per kWh[114]. - The Group's solar power plants generated approximately 6,960,575 MWh in 2023, while wind power plants generated approximately 2,603,386 MWh, and hydro power plants generated approximately 2,430,248 MWh[108]. - The total assets of the Group are reported in RMB millions, reflecting its financial strength and growth potential[14]. - The aggregate installed capacity of clean energy controlled by the Company was approximately 18GW[25]. - The controlled capacity of new energy in Beijing grew from zero to exceeding 150MW, leading in both growth rate and installed capacity scale within the city[20]. - The Group's power plant network spans various provinces in China as well as international locations such as Australia and Vietnam[6]. - The Group's power plants are diversified across 26 different provinces in China, up from 23 provinces in 2022[103]. Financial Performance - In 2023, the Group recorded revenue of approximately RMB5,568 million and net profit of approximately RMB472 million[25]. - The company achieved a revenue of approximately RMB 5,568 million and a net profit of about RMB 472 million in 2023[26]. - Revenue and EBITDA for the year were approximately RMB5,568 million and RMB4,559 million, respectively, representing increases of approximately 35.4% and 31.5% compared to 2022[126]. - The total revenue for the year ended December 31, 2023, is RMB 5,568 million[114]. - The Group recorded a net profit of approximately RMB472 million for the year, remaining stable compared to the previous year[125]. - Total finance costs rose by approximately 31.9% to RMB1,997 million during the year, attributed to the large-scale self-development of power plants and increased financing needs[131]. - The average tariff per kWh (net of VAT) decreased to approximately RMB0.46 from RMB0.58 in 2022, primarily due to the increased proportion of grid-parity solar and hydro power generation[127]. - The effective interest rate for bank and other borrowings decreased to approximately 3.92% in 2023 from 4.18% in 2022, due to refinancing high-interest borrowings[116]. - The Group's EBITDA margin ratio decreased by approximately 2% from approximately 84% for the year ended 31 December 2022 to approximately 82% for the Year, primarily due to additional operating expenses from business expansion[147][149]. Strategic Development and Future Plans - The Company aims to build an efficient clean energy operation and maintenance platform, focusing on low-carbon and sustainable development models[7]. - Future plans include accelerating the construction of a clean energy industrial ecosystem characterized by green energy and smart collaboration[8]. - The Company emphasizes a development concept of focusing on its main business while pursuing national and global expansion[8]. - The company plans to establish a green hydrogen segment, initiating several projects including a 500 MW hydrogen production project from wind and photovoltaic power in the first half of the year[32]. - The company aims to enhance its influence in Australia through strategic coordination of energy storage and electricity sales businesses, including the development of the Wollar energy storage project[29]. - The company is focusing on expanding its integrated energy projects, particularly in natural gas heating, cooling, and power, with a pilot project in Yangxi[33]. - The company is committed to enhancing its corporate governance system to support diversified development and improve operational efficiency[39]. - The company aims to enhance management improvement and consolidate its basic management system, benchmarking against leading international and domestic enterprises to improve capital return quality[42]. - The company is committed to a "Cost Reduction and Efficiency Enhancement Year," focusing on tightening cost control and maximizing operational capabilities of power plants to enhance profitability[45]. Corporate Governance and Management - The company continues to strengthen its board with experienced professionals from diverse backgrounds, enhancing governance and strategic oversight[89]. - The board's composition reflects a commitment to sustainability and risk management, with members serving on various committees focused on these areas[90]. - The company aims to leverage the expertise of its directors to navigate market challenges and capitalize on growth opportunities in the energy sector[91]. - The ongoing development of the board is aligned with the company's goals of enhancing corporate governance and driving sustainable growth[89]. - The company is committed to maintaining high standards of financial reporting and transparency under the guidance of its experienced CFO[98]. - The management team has extensive experience in private equity investment and financial management, which supports the company's growth strategy[95]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic leadership[96]. Investment and Financing Activities - The Company launched the first public offering of photovoltaic REITs in China, introducing a total of RMB4 billion in equity investment[23]. - The Company issued RMB2.7 billion of photovoltaic subsidy asset-backed securities and US$50 million of convertible bonds, completing over US$1 billion of credit financing abroad[24]. - The company successfully issued ABCP totaling approximately RMB 1,000 million in March 2023, diversifying its fundraising channels[117]. - The asset-backed securities program launched in May 2023 has an issuance size of approximately RMB700 million, diversifying the Group's fundraising channels and enhancing operational capabilities[122]. - The issuance of perpetual medium-term notes registered in July 2023 amounts to not more than RMB5,000 million, with the first three tranches totaling RMB3,500 million completed at fixed distribution rates between 3.65% and 3.77%[124]. - The Group's financing structure was improved through various financing initiatives, including the issuance of asset-backed commercial papers and securities, enhancing capital use efficiency[123]. Market Expansion and User Growth - The company has expanded its user base, with a reported increase of 20% in active users, reaching a total of 1.2 million users by the end of 2023[79]. - Market expansion efforts have led to the establishment of two new operational facilities in Southeast Asia, expected to contribute an additional RMB 1 billion in revenue by 2024[79]. - The company is considering strategic acquisitions to enhance its market position, with potential targets identified in the renewable energy sector[79]. - A new product line focused on energy-efficient solutions is set to launch in Q2 2024, anticipated to generate RMB 300 million in sales within the first year[79]. Sustainability and Environmental Commitment - The board of directors emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[79]. - The company aims to create a green-oriented, multi-energy complementary, and intelligently synergistic clean energy industry ecosystem under the guidance of the "14th Five-Year Plan"[196]. - The company is exploring innovative corporate culture to integrate industries, talents, and wisdom, fostering a responsible and efficient organizational environment[53]. Human Resources and Employee Management - The total employee benefits expenses for the year amounted to approximately RMB537 million, an increase from RMB351 million in 2022, with the number of full-time employees rising to 1,790[173]. - The company is committed to building a market-oriented talent selection mechanism to cultivate management talents and technical experts with competitive advantages[52].

Capacity and Generation Growth - The total installed capacity of the group's power stations increased to approximately 8,577 MW as of December 31, 2023, up from about 5,603 MW in 2022, representing a growth of approximately 53.5%[2] - The total electricity generation from the group's power stations rose significantly to about 11,994,209 MWh for the year, marking an increase of approximately 68% from about 7,141,204 MWh in the previous year[4] - The group owns 140 solar power stations, 28 wind power stations, 26 hydropower stations, and 1 energy storage station as of December 31, 2023, compared to 105 solar, 20 wind, and no hydropower stations in 2022[2] - The average utilization hours for solar power stations increased to 1,413 hours in 2023 from 1,353 hours in 2022, while wind power stations saw an increase to 2,769 hours from 2,560 hours[5] - The group has a total of 195 power stations under its subsidiaries, compared to 125 in the previous year, reflecting a significant expansion in its operational capacity[5] Strategic Development and Acquisitions - The group is strategically developing and acquiring power stations to achieve predetermined minimum return rates, considering factors such as sunlight, wind speed, water resources, and applicable feed-in tariffs[2] - The group aims to enhance the management level of its clean energy generation business through active development and acquisitions in solar, wind, and hydropower sectors[2] - The group plans to continue focusing on the development of solar, wind, hydropower, and energy storage businesses in the short term while diversifying its clean energy portfolio in the long term[3] - The company acquired 25% of Moorabool Wind Farm for approximately AUD 85 million (RMB 403 million) and an additional 26% for about AUD 95 million (RMB 462 million)[29] - The company invested RMB 885 million in Baoshan Energy to acquire approximately 65.7% equity, gaining control over 26 hydropower stations with a total installed capacity of 952 MW[29] Financial Performance - The company recorded a net profit of approximately RMB 472 million for the year, remaining stable compared to RMB 472 million in 2022[12] - Revenue and EBITDA for the year were approximately RMB 5,568 million and RMB 4,559 million, respectively, representing increases from RMB 4,115 million and RMB 3,465 million in 2022, attributed to a 53.1% increase in installed capacity from approximately 5,603 MW to 8,577 MW[13] - The company’s total comprehensive income for the year was RMB 398 million, compared to RMB 83 million in 2022, indicating significant growth[42] - The company reported a profit of approximately RMB 472 million for the year ending December 31, 2023[50] - The company reported a net profit attributable to shareholders of RMB 42 million for 2023, a significant decrease of 84.4% compared to RMB 269 million in 2022[71] Financing and Debt Management - The actual annual interest rate for bank and other borrowings decreased to approximately 3.92% from 4.18% in 2022, due to refinancing high-interest loans with low-interest RMB borrowings[9] - The company successfully issued asset-backed commercial paper totaling RMB 1,000 million, diversifying its financing channels and reducing accounts receivable[9] - Total borrowings increased from RMB 44,145 million to RMB 63,049 million, with net debt rising from RMB 36,122 million to RMB 56,243 million[26] - Total bank and other borrowings amounted to approximately RMB 62,773 million, with RMB 20,759 million due within the next twelve months[50] - The company is focused on enhancing its financing capabilities and reducing costs through various financing channels[9] Asset and Liability Management - The total assets as of December 31, 2023, amounted to RMB 90,036 million, compared to RMB 60,328 million in 2022, reflecting a 49.3% increase[44] - Non-current assets increased to RMB 72,318 million from RMB 41,463 million, representing a 74.4% growth year-over-year[44] - The company has capital commitments of approximately RMB 8,985 million, primarily related to the construction of solar and wind power plants with a total expected capacity of about 5 GW[50] - The company’s total liabilities include RMB 21,817 million from the solar power segment, RMB 12,989 million from the wind power segment, and RMB 4,284 million from the hydropower segment[60] - As of December 31, 2023, the company's current liabilities exceeded current assets by approximately RMB 10,679 million[50] Operational Efficiency and Challenges - EBITDA margin decreased from approximately 84% to about 82% due to additional operating expenses from business expansion[22] - Debt to EBITDA ratio increased from approximately 10.3 to about 12.3, indicating a longer period required to repay debt[22] - Operating cash flow to net debt ratio declined from approximately 5.8% to about 4.8%, reflecting reduced ability to cover debt with operating income[24] - Interest coverage ratio remained stable at approximately 2.49, indicating consistent ability to pay interest on debt[24] - The company recognized impairment losses of approximately RMB 163 million for property, plant, and equipment, compared to none in 2022, due to indications of impairment[17] Market and Regulatory Environment - The company expects developments in national policies regarding renewable energy subsidy arrears to alleviate the situation of overdue subsidies[20] - The company received electricity price subsidies of approximately RMB 1,352 million in the current year, down from RMB 1,771 million in the previous year, indicating a decrease of about 23.5%[80] - The company anticipates improvements in the collection of overdue renewable energy subsidies due to expected policy developments from authorities[80] - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial statements[53] Shareholder and Corporate Governance - The board proposed a final dividend of HKD 0.01 per share, equivalent to approximately RMB 0.091, consistent with the previous year's dividend[97] - The company repurchased approximately 66 million ordinary shares during the year at a total cost of about RMB 13.6 million, compared to RMB 6 million in the previous year[84] - The company will suspend share transfer registration from June 13, 2024, to June 18, 2024, to determine the rights of shareholders attending the 2024 Annual General Meeting[98] - The company will also suspend share transfer registration from June 24, 2024, to June 26, 2024, to determine the rights to receive the final dividend[98] - The board expresses gratitude to all stakeholders for their contributions during the year[100]

智通财经APP讯，北京能源国际(00686)发布公告，董事会辖下的可持续发展委员会(可持续发展委员会) 已于2024年2月1日设立。 据悉，可持续发展委员会的主要职责及责任为监察集团有关可持续发展事宜的愿景、策略、政策、系统 及实践的制定及实施，并向董事会提出建议，以促进集团可持续发展事宜的发展及执行;推动集团高质 量及可持续的发展及增长;及将可持续发展融入贯穿于集团的生产、营运及企业文化中。 可持续发展委员会由三名成员组成，包括执行董事张平、非执行董事苏永健及独立非执行董事靳新彬， 且张平为可持续发展委员会主席。 ...

Operational Performance - As of June 30, 2023, the Group operated 113 solar power plants, 21 wind power plants, and 26 hydropower plants, with a total grid-connected installed capacity of approximately 6,809.80 megawatts (MW), an increase from approximately 5,603.44 MW as of December 31, 2022, representing a growth of about 21.5%[10] - The total electricity generated by the Group's power plants increased significantly from approximately 3,322,474 megawatt-hours (MWh) for the six months ended June 30, 2022, to approximately 5,078,765 MWh for the same period in 2023, marking an increase of approximately 53%[18] - The number of wind power plants operated by the Group increased from 20 to 21, and the number of hydropower plants increased from none to 26 during the reporting period[10] - The Group's associates hold an additional 2 solar power plants, 3 wind power plants, and 2 hydropower plants, with a total grid-connected installed capacity of approximately 887.30 MW as of June 30, 2023, up from approximately 223.80 MW as of December 31, 2022[10] - The company operates a total of 167 power plants, with an installed capacity of 7,697.10 MW and a total generation volume of 5,820,364 MWh for the six months ended June 30, 2023[30] - Solar power plants contributed 3,447,375 MWh to the total generation, while wind power plants generated 1,122,317 MWh, and hydropower plants produced 509,073 MWh[24] Financial Performance - Revenue increased to approximately RMB2,574 million, up from RMB1,985 million, representing a growth of about 29.6% year-on-year[45] - EBITDA for the period was approximately RMB2,129 million, compared to RMB1,679 million in the previous year, reflecting a year-on-year increase of approximately 27%[45] - The Group recorded a net profit of approximately RMB247 million for the period, a decrease from RMB286 million in the same period last year, primarily due to increased finance costs[44] - The average electricity tariff per kWh for the company's power plants was RMB 0.51 for the six months ended June 30, 2023, with total revenue of RMB 2,828 million[30] - The profit attributable to equity holders of the company was RMB 107 million, compared to RMB 181 million in the previous year, indicating a decrease of 40.8%[144] Financing and Capital Management - The effective interest rate for bank and other borrowings as of June 30, 2023, was approximately 4.25%, up from 4.18% at the end of 2022, due to rising US borrowing rates[33] - The Group successfully issued Asset-Backed Commercial Papers (ABCP) totaling approximately RMB 1,000 million in March 2023, diversifying its fundraising channels[34] - The Group is exploring various financing channels to enhance its financing capability and reduce finance costs, reflecting its strategic focus on improving financial health[33] - The Group's total borrowings amounted to RMB 49,307 million, with RMB 10,841 million due within one year[63] - The Group's treasury policy aims to lower funding costs and manage exposure to interest rate fluctuations[72] Asset and Liability Management - As of June 30, 2023, the Group recorded current assets of approximately RMB 18,229 million and current liabilities of approximately RMB 15,989 million[71] - The total assets increased to RMB 68,726 million as of June 30, 2023, up from RMB 60,328 million as of December 31, 2022, reflecting a growth of approximately 13.3%[151] - Total liabilities as of June 30, 2023, were RMB 56,369 million, an increase from RMB 50,145 million as of December 31, 2022[196] - The gearing ratio remained stable at 77.8% as of June 30, 2023, compared to 78.0% as of December 31, 2022[80] - The debt to EBITDA ratio increased to approximately 20.3 as of June 30, 2023, compared to approximately 18.4 on June 30, 2022[68] Strategic Focus and Future Plans - The Group plans to continue focusing on the development of solar, wind, and hydropower businesses in the short term while diversifying its clean energy portfolios for long-term energy supply[17] - The company aims to focus on large-scale clean energy projects and integrated projects of source, grid, load, and storage, emphasizing the transformation application scenarios for large-scale green power[122] - The company will establish a green hydrogen and downstream product market, focusing on the integrated construction of bases for wind and solar energy and hydrogen-produced green ammonia[128] - The company is committed to digital transformation, leveraging strengths in the green electricity sector to expand into new sectors and businesses[132] - The company aims to improve its capital operations to enhance asset value, focusing on equity capital introduction and asset securitization strategies[135] Employee and Operational Costs - The total employee benefits expenses for the period amounted to approximately RMB198 million, an increase from approximately RMB161 million as of June 30, 2022[99] - The Group's EBITDA margin ratio decreased from approximately 85% for the six months ended June 30, 2022, to approximately 83% for the current period, primarily due to increased operating expenses[65] - Total finance costs rose significantly by approximately 53.6%, from RMB692 million to RMB1,063 million, due to increased average financing scale and higher US$ borrowing rates[47] Market and Industry Context - As of the first half of 2023, China's installed capacity of renewable energy reached 1.322 billion kilowatts, marking a year-on-year increase of 18.2% and accounting for approximately 48.8% of the nation's total installed capacity[117] - The National Energy Administration of the PRC has identified four major characteristics of the new power system: safety and efficiency, clean and low-carbon, flexibility and adaptability, and smart integration[116] - The newly grid-connected installed capacity of wind power and photovoltaic power exceeded 100 million kilowatts, further accelerating large-scale development in China's energy sector[117]

[0 -> 17] 女士們先生們大家好歡迎各位參加北京能源國際控股有限公司2023年中期業績交流會北京能源公司與香港聯交所主板上市 [17 -> 35] 票代码为00686.HK公司主要从事光伏发电、风电、水电等清洁能源以及氢能、储能、综合能源等领域的项目投资运营业务范围遍布全国24个 [36 -> 54] 以及澳大利亚、越南等RCEP国家海外新能源市场公司取得惠誉国际信用评级A级标普国际信用评级BBB加级联合资讯境内信用评级3A级 [54 -> 81] 希望通过今日的推介使线上线下的来宾能够对公司的业务以及未来发展潜力有一个全面的了解首先请允许我介绍今天出席的管理层代表他们是董事会主席张平先生高级副总裁刘东升先生首席财务官黄慧先生 [83 -> 112] 好的今天的会议主要分为五个环节第一个及第二个环节我们将有请公司董事会主席张平先生介绍公司情况和经营亮点第三个环节由公司首席财务官黄慧先生回顾2023上半年的财务状况第四个以及第五个环节将由公司高级副总裁刘东升先生介绍公司发展机遇以及 [112 -> 141] 未来发展策略最后我们将设有问答以及交流的环节下面有请公司董事会主席张平先生开始今天的会议好的谢谢大 ...

Power Generation Capacity and Development - The total installed capacity of the group's power stations increased to approximately 6,809.80 MW as of June 30, 2023, up from about 5,603.44 MW as of December 31, 2022, representing an increase of approximately 21.5%[2] - The total power generation for the six months ended June 30, 2023, was approximately 5,078,765 MWh, a significant increase of about 53% compared to approximately 3,322,474 MWh for the same period in 2022[4] - The group owns 113 solar power stations, 21 wind power stations, and 26 hydropower stations as of June 30, 2023, compared to 105 solar, 20 wind, and no hydropower stations as of December 31, 2022[2] - The group holds development rights for hydropower projects with an estimated capacity of approximately 5 GW, with a 75% indirect ownership stake in the project company[3] - The group is strategically developing, constructing, and acquiring power stations to achieve predetermined minimum return rates, considering various factors such as sunlight, wind speed, and local electricity prices[2] - The group has expanded its power generation presence across 24 provinces in China as of June 30, 2023, up from 23 provinces as of December 31, 2022[2] - The total number of power stations owned by the group, including joint ventures, reached 167 as of June 30, 2023, compared to 106 as of December 31, 2022[5] - The group plans to continue focusing on the development of solar, wind, and hydropower businesses in the short term while enhancing the diversity of its clean energy portfolio[3] Financial Performance - The company recorded a net profit of approximately RMB 247 million, a decrease from RMB 286 million as of June 30, 2022, primarily due to increased financing costs[10] - Revenue and EBITDA for the period were approximately RMB 2,574 million and RMB 2,129 million, respectively, representing increases of about 29.7% and 27.0% compared to RMB 1,985 million and RMB 1,679 million for the same period last year[10] - The company reported a profit before tax of RMB 342 million for the six months ended June 30, 2023, compared to RMB 364 million for the same period in 2022, reflecting a slight decrease of 6.0%[56] - The profit after tax for the six months ended June 30, 2023, was RMB 247 million, compared to RMB 286 million for the same period in 2022, indicating a decrease of approximately 13.6%[56] - Total revenue for the first half of 2023 was RMB 2,574 million, up from RMB 1,985 million in the same period of 2022, marking a year-on-year increase of 29.6%[38] - EBITDA for the first half of 2023 was RMB 2,129 million, compared to RMB 1,679 million in the same period of 2022, reflecting a growth of 27%[38] Revenue Breakdown - The solar power segment generated revenue of RMB 1,994 million, while the wind power segment and hydropower segment contributed RMB 466 million and RMB 114 million, respectively[55] - As of June 30, 2023, the company's electricity sales reached RMB 1,318 million, a significant increase from RMB 817 million in the same period of 2022, representing a growth of 61.5%[38] Financing and Capital Structure - The company has diversified its financing channels, achieving a successful issuance of asset-backed commercial paper totaling approximately 1,000 million RMB[8] - A public offering of a REIT in the photovoltaic sector raised approximately 2,934.6 million RMB, enhancing operational liquidity and reducing net borrowings[8] - The actual annual interest rate for bank and other borrowings as of June 30, 2023, is approximately 4.25%, slightly up from 4.18% at the end of 2022[8] - Total financing costs increased by approximately 53.6% from RMB 692 million to RMB 1,063 million, attributed to business expansion and higher USD financing rates[11] - The capital structure showed a debt-to-capital ratio of 77.8% as of June 30, 2023, slightly down from 78.0% at the end of 2022[20] - The total bank and other borrowings increased to RMB 49,207 million as of June 30, 2023, compared to RMB 43,790 million as of December 31, 2022, reflecting a growth of approximately 12.5%[73] Asset Management - Non-current assets increased to RMB 50,497 million as of June 30, 2023, compared to RMB 41,463 million at the end of 2022, marking an increase of approximately 21.5%[41] - Total assets reached RMB 68,726 million, up from RMB 60,328 million at the end of 2022, representing an increase of approximately 13.7%[41] - The company's total equity attributable to equity holders was RMB 12,357 million, compared to RMB 10,183 million at the end of 2022, reflecting an increase of about 21.5%[43] Operational Challenges - The average utilization hours for solar power stations increased to 675 hours in the first half of 2023 from 722 hours in the same period of 2022[5] - The EBITDA margin decreased from approximately 85% to about 83% due to increased operational expenses related to business expansion[17] - Operating cash flow to net debt ratio decreased from approximately 3.4% to about 2.7%, reflecting reduced capacity to service debt from operating income[18] - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2022[51] Strategic Initiatives - The company aims to enhance its development focus on large-scale green power conversion applications and energy supply to meet end-user demands[36] - The company plans to accelerate the development of clean energy bases in regions like Inner Mongolia and Jilin, aiming for phased results[36] - The company is focusing on the integration of green hydrogen and downstream product markets, particularly in the construction of integrated hydrogen production bases[36] - The company intends to leverage its advantages in the clean energy sector to expand into new business areas, including digital computing power[36] Shareholder Returns - The company declared a final dividend of RMB 0.92 per share, totaling approximately RMB 207 million, which was approved by shareholders[64] - The company has not declared or paid any dividends during the first half of 2023, consistent with the same period in 2022[64]