[Table_Page] 年报点评|公用事业 证券研究报告 [【Table_T广itle] 发公用事业&海外】华润电力 [公Tab司le_I评nves级t] 买入 当前价格 17.98港元 （00836.HK） 合理价值 27.28港元 前次评级 买入 火电扭亏、绿电提速，高 ROE 有望保持 报告日期 2024-03-22 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 火电扭亏、绿电稳增，23业绩同比提升56.2%。公司发布2023年业 24% 绩，2023年公司实现归母净利润110.03亿港元（同比+56.2%），其中 15% 火电核心利润36.11亿港元（上年为-25.82亿港元）、可再生能源核心 6% 利润97.26亿港元（同比+12.5%），减值损失27.5亿港元（上年为10.5 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 亿港元），23年ROE达13%。公司末期每股派息0.587港元，全年三 -13% 次共派息1.415港元，分红率62%，对应最新收盘价股息率7.9%。 -22% ⚫ 煤价回落驱动 ...

更新报告 买入 火电盈利大幅改善，风光装机提速 华润电力（0836.HK） 2024-03-21 星期四 投资要点 目标价： 26.5 港元 ➢ 2023年盈利同比+56.2%，派息率62%： 现 价： 17.92港元 2023年公司营业额为1033.34亿港元，同比基本持平；归母净利润110.03 预计升幅: 48% 亿港元，同比增长56.2%，每股基本盈利为2.29港元，加上特别股息0.5 港元，全年共派息1.415港元，派息率为62%（2023年为40%）。公司 重要数据 业绩增长主要来自风光利润贡献以及火电盈利大幅修复。2023年，可再 生能源业务核心利润贡献为97.26亿港元(2022年：86.45亿港元)，火电 日期 2024-03-20 业务核心利润贡献为36.11亿港元(2022年：亏损25.82亿港元)。 收盘价（港元） 17.92 总股本（百万股） 4,810 ➢ 容量电价叠加单位燃料成本下降，火电盈利确定性提升： 总市值（亿港元） 862 公司 2023 年火电盈利大幅改善主要受益煤价下行，期内公司火电单位 净资产（百万港元） 104,547 燃料成本同比下降12.6%。公司预期2024 ...

交银国际研究 公司更新 电力 收盘价 目标价 潜在涨幅 2024年3月20日 港元17.92 港元22.70↑ +26.7% 华润电力 (836 HK) 装机进度在今年加快，股息率仍有吸引力，维持买入  一次性资产减值略高，常规派息比率持平。公司2023年盈利上升56%至110 个股评级 亿港元，比市场预期/我们的预期低6%/12%，主要受到一次性资产减值比 预期高约20亿港元所影响。不计及减值影响，公司核心盈利应达133亿港 买入 元。火电板块2023年下半年经营利润达39亿港元(上半年为16亿港元)，环 比明显改善，2023年燃料成本同比则下降12.6%。另外，撇除减值影响， 1年股价表现 再生能源板块的经营利润同比上升14%。新增装机方面，期内自建/并购的 风/光项目为6.5/1.2吉瓦(共7.7吉瓦)，高于我们预期的6.5吉瓦。公司末期息 836 HK 恒生指数 为0.587港元，全年常规派息比率维持40%。加上早前已宣布的上市20周年 20% 15% 特别股息0.5港元，全年派息比率为62%。 10% 5% 0%  装机进度加快推动盈利，负债率将在2024年达近年高位。管理层预期2024 -5% ...

Financial Performance - The net profit attributable to shareholders for 2023 was HKD 11.003 billion, an increase of 56.2% from HKD 7.042 billion in 2022[1]. - Basic earnings per share for 2023 rose to HKD 2.29, up 56.2% from HKD 1.46 in 2022[2]. - The total operating revenue for the year ended December 31, 2023, was HKD 103.33 billion, a slight increase from HKD 103.31 billion in 2022[11]. - The net profit for the year ended December 31, 2023, was HKD 12.11 billion, compared to HKD 7.56 billion in 2022, representing a year-on-year increase of 60.5%[11]. - The profit attributable to the company's owners (excluding non-cash foreign exchange losses) was HKD 10.94 billion for 2023, compared to a loss of HKD 5.05 billion in 2022[23]. - The net profit before tax was HKD 15.50 billion for 2023, reflecting a significant recovery from the previous year's performance[23]. - Operating profit increased by HKD 4.65 billion or 34.3% from HKD 13.55 billion in 2022 to HKD 18.20 billion in 2023, driven by lower coal prices and contributions from new projects[30]. Revenue and Sales - The group achieved a total electricity sales volume of 193,265 GWh in 2023, a 4.7% increase from 2022, with wind and solar power sales rising by 12.4% and 111.8%, respectively[6]. - The segment revenue from thermal power was HKD 80.05 billion, while renewable energy segment revenue was HKD 23.28 billion for 2023[23]. - In RMB terms, the revenue for 2023 was RMB 92.90 billion, an increase of RMB 4.35 billion or 4.9% from RMB 88.55 billion in 2022[21]. - The average selling price of electricity from subsidiary power plants increased by 2.1% year-on-year[21]. Capital Expenditure and Investments - The cash capital expenditure for 2023 was approximately HKD 44.734 billion, with HKD 31.934 billion allocated for wind and solar projects[7]. - The cash capital expenditure for 2024 is estimated at approximately HKD 59.9 billion, with HKD 44.6 billion allocated for wind and solar projects[10]. - The company plans to optimize its capital structure through dividend payments, issuance of new shares, and debt management strategies[39]. Debt and Liabilities - The net debt to equity ratio stood at 188.3% as of December 31, 2023, compared to 158.7% in 2022[3]. - Total liabilities increased to HKD 217,848,849 in 2023 from HKD 182,834,098 in 2022, representing a rise of 19.2%[14]. - The total bank and other borrowings increased to HKD 164.53 billion in 2023 from HKD 138.32 billion in 2022[41]. - Borrowings in financing activities amounted to HKD 93,903,965 in 2023, a significant increase from HKD 62,229,310 in 2022, marking a growth of 50.9%[17]. Dividends - The proposed final dividend for 2023 is HKD 0.587 per share, with a total dividend of HKD 1.415 per share, resulting in a payout ratio of 62%[1]. - The company paid dividends to shareholders totaling HKD 4,893,060 in 2023, compared to HKD 4,387,972 in 2022, reflecting an increase of 11.5%[17]. - The company reported a total of HKD 5.79 billion in dividends distributed during the year, compared to HKD 1.23 billion in 2022[37]. Operational Efficiency - The average unit fuel cost for thermal power plants was RMB 296.3 per MWh, a decrease of 12.6% compared to 2022[7]. - The average utilization hours for wind power plants increased by 2.2% to 2,451 hours, while solar power plants saw a decrease of 2.0% to 1,480 hours[7]. - The operating costs for 2023 were HKD 87.38 billion, a decrease of HKD 6.54 billion or 7.0% from HKD 93.92 billion in 2022[25]. - Fuel costs decreased by HKD 9.77 billion or 15.2% to HKD 54.51 billion in 2023, primarily due to a 12.6% drop in the average coal price[25]. Employee and Operational Costs - Employee benefits expenses rose by HKD 5.55 billion or 8.4% from HKD 6.63 billion in 2022 to HKD 7.19 billion in 2023, influenced by new project launches and currency depreciation[26]. - Total employee costs for 2023 amounted to HKD 7.19 billion, up from HKD 6.63 billion in 2022[36]. Environmental and Sustainability Initiatives - The company has implemented a carbon peak and carbon neutrality action plan, focusing on renewable energy development and reducing coal consumption[9]. - The company plans to invest in carbon capture and storage technologies to further reduce carbon emissions[9]. - The company will include renewable energy development and carbon reduction targets in the performance contracts of its executive team[9]. Financial Position and Assets - The company reported total assets of HKD 322.40 billion as of December 31, 2023, an increase from HKD 283.39 billion in 2022[13]. - The total equity of the company reached HKD 104,547,141 in 2023, up from HKD 100,553,548 in 2022, which is a growth of 4.0%[14]. - The company's cash and cash equivalents at the end of 2023 were HKD 4,082,972, down from HKD 7,721,275 at the end of 2022, indicating a decrease of 47.3%[17]. Compliance and Governance - The auditors, Deloitte, provided an unqualified opinion on the consolidated financial statements for the year ending December 31, 2023[50]. - The company confirmed compliance with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8 to April 23, 2023[49]. - The company has adopted the standard code of conduct for securities trading and confirmed all directors have complied with it[50].

Financial Performance - The company's turnover for the six months ended June 30, 2023, was HK$51,483,669, representing an increase from HK$50,409,175 in the same period of 2022[10]. - Profit attributable to owners of the company for the first half of 2023 was HK$6,740,100, compared to HK$4,369,939 in the first half of 2022, indicating a significant growth[10]. - Turnover for 1H23 was reported at HK$82,716 million, a decrease of 4.4% compared to HK$86,538 million in 1H22[14]. - Profit attributable to owners of the company rose to HK$6,740 million in 1H23, marking an increase of 54.3% from HK$4,370 million in 1H22[15]. - Basic earnings per share attributable to owners of the company increased to HK$1.40 in 1H23, up from HK$0.91 in 1H22, reflecting a growth of 53.8%[15]. - The total comprehensive income for the period, net of tax, was HK$2,344,625, compared to a loss of HK$2,576,134 in the first half of 2022[55]. - The Group's profit before income tax was HK$8,692,178 thousand, with a profit attributable to owners of the Company of HK$5,884,090 thousand[81]. - The profit for the period was reported at HK$6,740,100, while other comprehensive income resulted in a loss of HK$4,553,846, leading to a total comprehensive income of HK$2,240,902 for the six months ended June 30, 2023[161]. Operational Capacity - As of June 30, 2023, CR Power's total attributable operational generation capacity was 54,986 MW, with renewable energy sources (wind, hydro-electric, and photovoltaic) accounting for approximately 34.5% of this capacity at 18,970 MW[5][10]. - The total operational generation capacity of the company as of June 30, 2023, was 70,793 MW[16]. - The attributable operational generation capacity in Central China was 16,019 MW, representing the largest share of the company's capacity distribution[10]. - The attributable operational generation capacity of wind power was 16,682 MW, with 5,504 MW under construction; photovoltaic power capacity was 2,009 MW, with 5,039 MW under construction; and hydro power capacity was 280 MW[34]. - The total effective interest for the Yangjiang Wind Phase II project is 45.5 MW, fully attributable to the company[22]. - The Group's operational generation capacity was 70,793 MW, with attributable operational capacity of 54,986 MW, of which thermal power accounted for 36,016 MW, representing 65.5%[35]. Renewable Energy Focus - CR Power is focusing on expanding its renewable energy portfolio, with significant investments in new projects across various provinces[18]. - The company has maintained its position in the Hang Seng ESG 50 Index for four consecutive years, highlighting its commitment to sustainable development[6]. - Renewable energy's share of total operational generation capacity reached 34.5% in 1H23, compared to 32.6% in 1H22, indicating a positive trend towards renewable sources[12]. - The Group's strategic focus on expanding its renewable energy portfolio aligns with global trends towards sustainable energy solutions[34]. - The company is expanding its photovoltaic capacity, with projects like Guangzhou Photovoltaic at 14.3 MW and Shenzhen Photovoltaic at 5.6 MW, both fully attributable[22]. Financial Position - CR Power's non-current assets as of June 30, 2023, totaled HK$248,202,376, an increase from HK$227,535,156 in 2022[10]. - The company's net debt to shareholders' equity ratio was 171.0% as of June 30, 2023, compared to 149.1% in 2022, indicating a rise in leverage[10]. - Total assets increased to HK$310,548,837, up from HK$283,387,646, representing a growth of 9.1%[59]. - Total liabilities increased to HK$209,250,186, compared to HK$182,834,098, indicating a rise of 14.4%[61]. - The Group's total borrowings as of June 30, 2023 amounted to HK$158,034 million, an increase from HK$138,319 million as of 31 December 2022[124]. Cash Flow and Investments - Cash capital expenditure for the first half of 2023 was approximately HK$18,758 million, with HK$12,599 million allocated to wind and photovoltaic power plant construction[40]. - The Group aims to add 7,000 MW of new wind and photovoltaic projects for grid connection in 2023, with many projects expected to connect in the second half of the year[43]. - Net cash inflows from operating activities for the six months ended June 30, 2023, were HK$8,425,849, up from HK$8,193,823, reflecting a growth of 2.8%[64]. - Net cash outflows from investing activities amounted to HK$18,605,838, compared to HK$12,891,182, showing an increase of 44.5%[64]. - Cash flows from financing activities showed net inflows of HK$19,386,312 for the six months ended June 30, 2023, compared to HK$6,598,203 in 2022, representing a substantial increase in financing activities[167]. Dividends and Shareholder Returns - The interim dividend declared is HK$0.328 per share for the six months ended 30 June 2023, an increase from HK$0.21 per share in 2022, totaling approximately HK$1,578 million[112][113]. - The final dividend for the year ended 31 December 2022 was HK$0.376 per share, approved by shareholders, resulting in a total payment of approximately HK$1,809 million in July 2023, compared to HK$216 million in 2022[112][113]. - The company paid dividends amounting to HK$1,808,727 to owners during the period, reflecting ongoing shareholder returns despite the comprehensive income fluctuations[161]. Market Recognition and Strategic Development - CR Power has been included in the Hang Seng Index since June 5, 2023, reflecting recognition of its strategic transformation and innovative development by capital markets[6]. - Future outlook remains positive with ongoing development in integrated energy services and renewable energy technologies[20]. - The Group's diversified energy portfolio positions it well to capitalize on the growing demand for clean energy solutions[34].

Financial Performance - The company reported a net profit attributable to shareholders of HKD 6.74 billion for the first half of 2023, an increase of HKD 2.37 billion or 54.2% compared to HKD 4.37 billion in the same period of 2022[1][2]. - For the six months ending June 30, 2023, the company reported revenue of HKD 51,483,669, an increase from HKD 50,409,175 in the same period of 2022, representing a growth of 2.13%[11]. - The operating profit for the same period was HKD 10,495,310, compared to HKD 7,410,556 in the previous year, indicating a significant increase of 41.5%[11]. - The net profit for the first half of 2023 was HKD 7,078,590, up from HKD 4,374,460 in the first half of 2022, reflecting a growth of 61.7%[12]. - The profit before tax for the first half of 2023 was HKD 8.69 billion, compared to HKD 5.24 billion in the first half of 2022, reflecting a significant improvement in operational performance[21]. - The company's profit attributable to owners for the first half of 2023 was approximately HKD 6.74 billion, an increase of 54.2% compared to HKD 4.37 billion in the same period of 2022[34]. Revenue and Sales - Power sales revenue reached HKD 47.17 billion, up from HKD 45.93 billion in the same period last year, driven by a 7.0% increase in sales volume from subsidiary power plants[19]. - The company achieved a total electricity sales volume of 92,501,982 MWh in the first half of 2023, a 7.0% increase from 86,413,534 MWh in the same period of 2022[4]. - The core profit contribution from renewable energy business was HKD 5.95 billion, up from HKD 5.28 billion in the first half of 2022, while the core profit from thermal power business improved to HKD 726 million from a loss of HKD 1.44 billion[1][2]. Costs and Expenses - Total operating costs decreased to HKD 42.98 billion, down HKD 2.28 billion or 5.0% from HKD 45.26 billion in the first half of 2022[23]. - Fuel costs decreased by 9.7% to HKD 27.80 billion, primarily due to a 7.9% drop in the average coal price[23]. - Employee benefits expenses increased by 26.7% to HKD 3.16 billion, influenced by new project launches and currency exchange rate effects[24]. - Financial expenses rose to HKD 2.10 billion, an increase of 8.2% from HKD 1.94 billion in the first half of 2022, mainly due to increased borrowing[28]. Capital Expenditure and Investments - Cash capital expenditure for the first half of 2023 was approximately HKD 18.76 billion, with HKD 12.60 billion allocated to wind and solar projects[6]. - Cash capital expenditure for 2023 is projected to be approximately HKD 45 billion, with around HKD 30.6 billion allocated for wind and solar power station construction[10]. - The company aims to add 7,000 MW of new wind and solar projects to the grid in 2023, with many projects expected to be connected in the second half of the year[9]. Debt and Liabilities - The net debt to equity ratio increased to 171.0% from 158.7% year-on-year[2]. - As of June 30, 2023, total liabilities increased to HKD 209,250,186 thousand from HKD 182,834,098 thousand as of December 31, 2022, representing a growth of approximately 14.4%[15]. - The company’s non-current liabilities, including borrowings, rose to HKD 121,317,672 thousand as of June 30, 2023, from HKD 99,951,023 thousand as of December 31, 2022, reflecting an increase of about 21.4%[15]. - The company’s current liabilities increased to HKD 87,932,514 thousand as of June 30, 2023, from HKD 82,670,777 thousand as of December 31, 2022, representing a growth of approximately 6.4%[15]. Cash Flow - The net cash inflow from operating activities for the six months ended June 30, 2023, was HKD 8,425,849 thousand, compared to HKD 8,193,823 thousand for the same period in 2022, reflecting an increase of about 2.8%[16]. - Cash outflow from investing activities for the six months ended June 30, 2023, was HKD 18,605,838 thousand, up from HKD 12,891,182 thousand in the prior year, indicating a rise of approximately 44.5%[16]. - Financing activities generated a net cash inflow of HKD 19,386,312 thousand for the six months ended June 30, 2023, compared to HKD 6,598,203 thousand in the same period of 2022, marking an increase of about 194.5%[17]. - The company reported a net increase in cash and cash equivalents of HKD 9,206,323 thousand for the six months ended June 30, 2023, compared to HKD 1,900,844 thousand in the previous year, which is an increase of approximately 384.5%[17]. Renewable Energy and Sustainability - The company aims to add 40 million kW of renewable energy capacity during the 14th Five-Year Plan period (2021-2025), targeting over 50% of total capacity by the end of 2025[8]. - The company is focusing on low-carbon technologies such as carbon capture, utilization, and storage (CCUS) to reduce carbon emissions and promote zero-carbon park pilot construction[9]. - The company has included carbon reduction and renewable energy development in the performance contracts of its executive team, with key performance indicators related to renewable energy capacity and carbon emission intensity[9]. - The company is actively exploring integrated energy services, targeting energy-saving and carbon reduction applications for enterprises and parks[9]. Shareholder Returns - The company declared an interim dividend of HKD 0.328 per share for the first half of 2023, up from HKD 0.21 per share in the same period of 2022[35]. - The basic earnings per share for the first half of 2023 was HKD 1.40, compared to HKD 0.91 in the same period of 2022[35]. Corporate Governance and Compliance - The company has complied with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8, 2023, to April 23, 2023[46]. - The interim results for the six months ended June 30, 2023, were reviewed by the audit and risk committee and audited by Deloitte[48]. - The financial information for the six months ended June 30, 2023, is prepared in accordance with Hong Kong Accounting Standard 34 and will be published as soon as practicable[48]. - The company has submitted its financial statements for the year ended December 31, 2022, to the Companies Registry as required by the Companies Ordinance[49]. - The auditor's report on the financial statements for the year ended December 31, 2022, was unqualified and did not raise any issues[49]. - The board of directors includes three executive directors, two non-executive directors, and four independent non-executive directors as of the announcement date[49].

Financial Performance - The company's turnover for 2022 was HK$103,305,097,000, representing an increase from HK$90,414,166,000 in 2021, which is a growth of approximately 14.5%[9] - Profit attributable to owners of the company for 2022 was HK$7,042,478,000, significantly up from HK$2,137,849,000 in 2021, marking an increase of approximately 229%[9] - Basic earnings per share attributable to owners of the company rose to HK$1.46 in 2022 from HK$0.44 in 2021, reflecting a substantial increase of approximately 231.8%[9] - The company maintained a dividend per share of HK$0.586 for 2022, up from HK$0.295 in 2021, indicating a growth of approximately 98.3%[9] - The company reported a turnover of HK$103.31 billion for the full year, representing a year-on-year increase of 14.3%[28] - Profit attributable to owners of the company amounted to HK$7.04 billion, with basic earnings per share of HK$1.46[28] - Distributable reserves amounted to HK$27,561,957,000 as of December 31, 2022, an increase from HK$16,949,959,000 in 2021[118] Operational Capacity - As of December 31, 2022, CR Power's total attributable operational generation capacity was 52,581 MW, with renewable energy sources (wind, hydro-electric, and photovoltaic) accounting for 17,004 MW, or approximately 32.3% of the total capacity[3] - As of December 31, 2022, the total operational generation capacity of the company was 67,814 MW, with an attributable operational generation capacity of 52,581 MW[17] - The total net generation volume of the Group's consolidated power plants in 2022 was 184,604 GWh, representing a year-on-year increase of 4.1%[197] - The attributable operational generation capacity of newly commissioned thermal power projects in 2022 amounted to 3,021 MW[195] - The Group's attributable operational generation capacity of wind power was 15,512 MW, with 4,857 MW under construction as of the end of 2022[194] Renewable Energy Focus - The renewable energy attributable operational generation capacity is a key focus area, although specific figures were not provided in the documents[17] - The company is expanding its renewable energy portfolio across multiple provinces, focusing on wind and photovoltaic power plants[19][20] - The company added 3,252 MW of grid-connected installed capacity for renewable energy during the year[26] - The core profit contribution from the company's renewable energy business was HK$8.645 billion[28] - The company obtained a total of 16,790 MW of renewable energy construction permits in 2022, including 7,900 MW of base projects and over 1,500 MW of offshore wind farms, marking a record high[29][30] Sustainability and ESG Commitment - CR Power has been included in the Hang Seng ESG 50 Index and the Hang Seng Corporate Sustainability Benchmark Index for three consecutive years, highlighting its commitment to sustainable development[4] - The company is committed to enhancing its operational efficiency and sustainability practices in line with market trends[19][20] - The company is focused on advancing a new energy system centered on renewable energy, aiming to seize strategic opportunities during the 14th Five-Year Plan period[50] - The Group emphasizes environmental sustainability, committing to resource conservation and the development of clean and renewable energy projects[103] - The company's comprehensive energy consumption per RMB 10,000 output value decreased by 11.36% in 2022, reflecting its commitment to environmental protection[42] Management and Governance - The Board of Directors includes both executive and independent non-executive members, ensuring governance and oversight[130] - The Group's management team includes experienced professionals with backgrounds in legal affairs, investment, and human resources, enhancing its operational capabilities[92][93] - The leadership team's diverse backgrounds in various managerial roles contribute to a comprehensive understanding of the energy sector[83][84][87][88] - The Company has taken out insurance against liabilities and costs associated with defending any proceedings brought against its Directors[134] Market Expansion and Future Outlook - Future outlook includes potential market expansion and new technology development, although specific plans were not outlined in the documents[17] - The Group's future outlook includes a focus on expanding its clean energy initiatives in alignment with government strategies[103] - The company plans to focus on low-carbon energy transformation and aims to become a world-class clean energy supplier and integrated energy service provider[49] Financial Management and Transactions - Total borrowings as of December 31, 2022, were HK$131,705,574,000, compared to HK$128,495,939,000 in 2021[119] - The Group issued corporate bonds and notes with a face value of RMB3,000,000,000 (equivalent to HK$3,358,440,000) as of December 31, 2022[120] - The Company reported interest expense paid to related parties totaling HK$132,545,000[172] - The Independent Non-executive Directors confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[168] Risk Management - The Group's operational risks include policy, industry, market, business, and financial risks, as discussed in the Chairman's Statement and Management's Discussion and Analysis[99] - The Group has complied with all relevant laws and regulations that significantly impact its operations during the year ended December 31, 2022[106]

Financial Performance - The company's net profit for 2022 was HKD 7.04 billion, an increase of HKD 4.90 billion or 229.4% compared to HKD 2.14 billion in 2021[1]. - Basic earnings per share for 2022 rose to HKD 1.46, up 229.4% from HKD 0.44 in 2021[1]. - The total revenue for 2022 was HKD 103.31 billion, compared to HKD 90.41 billion in 2021, reflecting a growth of approximately 14.2%[2]. - The operating profit for 2022 was HKD 13,551,079, significantly up from HKD 6,029,140 in 2021, reflecting a year-over-year increase of 125.5%[10]. - The net profit attributable to shareholders for 2022 was HKD 7,042,478, compared to HKD 2,137,849 in 2021, marking a growth of 229.5%[10]. - The company reported a profit before tax of HKD 9,461,474 in 2022, a substantial increase from HKD 2,391,416 in 2021, representing an increase of approximately 295%[14]. - The total comprehensive income attributable to the company’s owners for 2022 was HKD 193.93 million, down from HKD 562.21 million in 2021[22]. - The company reported a core business loss attributable to shareholders of HKD 6.06 billion in 2022, compared to a loss of HKD 2.98 billion in 2021[28]. Revenue and Sales - The electricity sales revenue reached HKD 95.29 billion in 2022, up from HKD 83.46 billion in 2021, reflecting a growth of 14.2%[26]. - The company achieved a total electricity sales volume of 184,604 GWh in 2022, a 4.1% increase from 2021[5]. - The average on-grid electricity price for subsidiary coal-fired power plants increased by 20.2% year-on-year[26]. Assets and Liabilities - The company’s total assets as of December 31, 2022, were HKD 283.39 billion, with net debt to equity ratio at 158.7%[3]. - Total equity decreased to HKD 100,553,548 in 2022 from HKD 107,662,881 in 2021, representing a decline of approximately 6.5%[13]. - The total liabilities rose to HKD 182,834,098 in 2022, up from HKD 180,304,471 in 2021, indicating a slight increase of about 1.4%[13]. - The net debt to equity ratio rose from 142.3% in 2021 to 158.7% in 2022, indicating a significant increase in leverage[51]. Capital Expenditure and Investments - The cash capital expenditure for 2022 was approximately HKD 35.11 billion, with significant investments in wind and solar projects[6]. - The company plans to invest approximately HKD 45 billion in capital expenditures for 2023, with HKD 30.6 billion allocated for wind and solar power projects[9]. - The company plans to add 40,000 MW of renewable energy capacity during the 14th Five-Year Plan period, aiming for over 50% of total capacity by the end of 2025[7]. Operational Efficiency - The total operating costs for 2022 were HKD 93.92 billion, up by HKD 6.81 billion or 7.8% from HKD 87.11 billion in 2021[29]. - Fuel costs rose to HKD 64.28 billion in 2022, an increase of 10.0% from HKD 58.44 billion in 2021, primarily due to a 10.6% rise in coal prices[29]. - The average unit fuel cost for coal-fired power plants was RMB 339.1 per MWh, up 10.9% from 2021[6]. Carbon Reduction and Renewable Energy - The company is actively pursuing carbon reduction initiatives, including the development of renewable energy and carbon capture technologies[8]. - The company aims to achieve a renewable energy installed capacity ratio and a reduction in power supply carbon emission intensity as key performance indicators for management[8]. - The installed capacity of the company at the end of 2022 was 67,814 MW, with renewable energy accounting for 32.3% of the total[4]. Workforce and Corporate Governance - As of December 31, 2022, the company employed 22,340 staff, an increase from 21,252 in 2021, indicating a growth in workforce[55]. - The company has included carbon reduction and renewable energy development in the performance contracts of its executive team, linking these to their performance evaluations[8]. - The auditor's report for the fiscal year ending December 31, 2022, was unqualified, indicating no significant issues with the financial statements[58]. Miscellaneous - The proposed final dividend for 2022 is HKD 0.376 per share, compared to HKD 0.045 per share in 2021[41]. - The group reported a net current liability of HKD 34.04 billion as of December 31, 2022, indicating sufficient operational funds to meet financial obligations for at least the next twelve months[44]. - The company completed the acquisition of 100% equity in Guangdong Runeng New Energy Co., Ltd. for approximately RMB 1.44 billion, enhancing its renewable energy scale with 440.3MW wind power projects primarily located in resource-rich regions[55].

Financial Performance - For the six months ended June 30, 2022, the earnings per share decreased to HK$ 90.84 from HK$ 117.15 in 2021, representing a decline of approximately 22.5%[9]. - The turnover for the same period increased to HK$ 50,409,175,000, up from HK$ 42,799,952,000 in 2021, reflecting a growth of about 17.5%[9]. - Profit attributable to owners of the Company was HK$ 4,369,939,000, down from HK$ 5,635,468,000 in 2021, indicating a decrease of approximately 22.5%[9]. - Operating profit decreased to HK$ 7,410,556, down 7.1% from HK$ 7,979,180 in the previous year[63]. - Total comprehensive loss for the period was HK$ 2,576,134, compared to a comprehensive income of HK$ 7,363,727 in the same period last year[64]. - The Group's net profit for the first half of 2022 was approximately HK$ 4,370 million, representing a decrease of 22.5% compared to HK$ 5,635 million in the first half of 2021[122][123]. Operational Capacity - As of June 30, 2022, the total attributable operational generation capacity was 50,018 MW, an increase from 47,063 MW in 2021, representing a growth of approximately 6.3%[10]. - The total operational generation capacity of the company was 64,610 MW as of June 30, 2022, with an attributable operational generation capacity of 50,018 MW[16]. - The total gross generation volume of operating power plants was 112,470,302 MWh, slightly down from 114,442,088 MWh in 2021, a decrease of about 1.7%[9]. - The attributable operational generation capacity from wind, hydro-electric, and photovoltaic power combined was 16,302 MW, accounting for approximately 32.6% of the total capacity[3]. Renewable Energy Focus - The company has been included in the Hang Seng ESG 50 Index for three consecutive years, demonstrating its commitment to sustainable development[4]. - Attributable operational generation capacity of renewable energy increased from 7,024 MW in 1H18 to 16,302 MW in 1H22, reflecting a growth of approximately 132%[11]. - The renewable energy attributable operational generation capacity mix increased from 19.0% in 1H18 to 32.6% in 1H22, indicating a significant shift towards renewable sources[14]. - The core profit contribution from the renewable energy business amounted to HK$ 5.28 billion, reflecting a year-on-year growth of 5.8%[24]. Financial Position - Non-current assets increased to HK$ 227,535,156,000 from HK$ 221,417,796,000 in 2021, reflecting a growth of about 2.5%[10]. - The net debt to shareholders' equity ratio was 149.1% as of June 30, 2022, compared to 120.5% in 2021, indicating an increase in leverage[10]. - As of June 30, 2022, the Group's total assets were approximately HK$ 282.87 billion, with operational generation capacity of 64,610 MW and attributable operational generation capacity of 50,018 MW[24]. - Total equity attributable to owners of the Company was HK$ 86,538,290, a decrease from HK$ 88,991,769 at the end of 2021[66]. Cash Flow and Investments - Net cash flows generated from operating activities increased to HK$ 8,193,823, up from HK$ 4,782,248, representing a growth of 71.5%[67]. - Cash capital expenditure in the first half of 2022 was approximately HK$ 13.25 billion, with HK$ 9.47 billion allocated for wind and photovoltaic power plants[51]. - The Group's cash and cash equivalents at the end of the period were HK$ 9,479,901, compared to HK$ 4,326,081 at the end of the previous period, reflecting a substantial increase of 119.5%[68]. - The Group's repayment of bank and other borrowings was HK$ 16,707,290, up from HK$ 14,317,136, indicating an increase of 16.7%[68]. Market Strategy and Future Outlook - The strategic focus remains on clean energy supply and integrated energy services, aligning with carbon peak and carbon neutrality goals[22]. - Future outlook indicates a commitment to further market expansion and potential acquisitions to enhance operational capabilities[17]. - The Group aims to increase its installed capacity of renewable energy by 40 GW during the 14th Five Year Plan period (2021-2025)[52]. - The company is actively pursuing new technology developments in energy efficiency and sustainability to align with market trends[17]. Accounting Policies and Changes - The Group's financial statements for the six months ended June 30, 2022, have been prepared on a historical cost basis, except for certain financial instruments measured at fair value[175]. - The Group has applied amendments to HKFRSs for the first time, effective from January 1, 2022, with no material impact on financial positions and performance[173]. - The application of the amendments to HKAS 16 resulted in a net increase in profit for the period of HK$ 146,493,000 for the six months ended June 30, 2022[192]. - The changes in accounting policy also affected the condensed consolidated statement of cash flows, although specific details were not provided in the extracted content[200].

Operational Capacity and Generation - Total attributable operational generation capacity reached 47,997 MW, with renewable energy (wind, hydro, and photovoltaic) accounting for 15,441 MW, or 32.2% of the total capacity[4][7] - The company operates 37 coal-fired power plants, 141 wind farms, 31 photovoltaic power plants, 2 hydro-electric power plants, and 4 gas-fired power plants[4][7] - Renewable energy operational capacity increased to 15,441 MW in 2021, up from 11,238 MW in 2020[11] - Total operational generation capacity of the company was 60,465 MW as of December 31, 2021[14] - Attributable operational generation capacity was 47,997 MW as of December 31, 2021[14] - Renewable energy attributable operational generation capacity was 15,441 MW[15] - The company added 2,535 MW of attributable grid-connected installed capacity for renewable energy in 2021[25] - Operational generation capacity for renewable energy stood at 15,441 MW, with attributable operational generation capacity for renewable energy accounting for 32.2%, an increase of 6.3 percentage points over the previous year[25] - The company's attributable operational generation capacity for wind power was 14,337MW, with 1,402MW under construction, and photovoltaic power generation capacity was 824MW, with 1,417MW under construction[195] - The company added 2,535MW of new attributable grid-connected generation capacity for wind and photovoltaic power during the year[195] - The company's total net generation volume for 2021 was 177,300GWh, a 14.4% increase from 2020, with wind and photovoltaic power generation increasing by 57.8% and 63.2%, respectively, and thermal power generation increasing by 7.5%[200] Financial Performance - Revenue for 2021 was HK$89.8 billion, a significant increase from HK$69.55 billion in 2020[11] - Profit attributable to owners of the company in 2021 was HK$1.59 billion, a sharp decline from HK$7.58 billion in 2020[11] - Total assets grew to HK$287.36 billion in 2021, compared to HK$259.63 billion in 2020[11] - Cash and cash equivalents stood at HK$7.93 billion at the end of 2021, up from HK$5.04 billion in 2020[11] - Dividend per share for 2021 was HK$0.295, down from HK$0.631 in 2020[11] - Turnover for the year was HK$89.80 billion, representing a year-on-year increase of 29.1%[26] - Profit attributable to owners of the company amounted to HK$1.593 billion, with earnings per share of HK$0.33[26] - Core profit contribution from the company's renewable energy business was HK$8,381 million, a year-on-year growth of 85.37%[26] - Total assets of the company reached HK$287.4 billion as of the end of 2021[25] - Distributable reserves of the Company amounted to HK$16,949,959,000 as at 31 December 2021, a decrease from HK$18,952,516,000 in 2020[125] - Total borrowings of the Group increased to HK$128,495,939,000 as at 31 December 2021, up from HK$102,267,275,000 in 2020[126] - The Group issued corporate bonds and notes with a face value of RMB7,800,000,000 (equivalent to HK$9,540,102,000) as at 31 December 2021, down from RMB11,800,000,000 (equivalent to HK$14,020,288,000) in 2020[127] Renewable Energy Development - The company obtained construction permits for 12,310 MW of renewable energy throughout the year[31] - The company plans to add 40,000 MW of installed capacity for renewable energy during the 14th Five-year Plan period, aiming for renewable energy to account for over 50% of total attributable installed capacity by the end of 2025[30] - The company commenced construction of its first offshore wind power project, the China Resources Cangnan 1 offshore wind power project, which is also the first Chinese offshore wind power project with a parity tariff under construction[32] - The company aims to add 40,000 MW of renewable energy capacity during the "14th Five-Year Plan" period, with renewable energy equity capacity exceeding 50% by the end of 2025[34] - In 2021, the company obtained new energy construction indicators totaling 12,310 MW[34] - The company obtained approvals or filed for 1,800MW of wind power projects and 35,000MW of photovoltaic power projects, totaling 36,800MW[196] Environmental and Sustainability Initiatives - The company has been included in the Hang Seng ESG 50 Index and Hang Seng Corporate Sustainability Benchmark Index for two consecutive years[5][6] - The company invested RMB 1,096 million in upgrading fully enclosed coal yards, integrated sewage treatment, and hazardous waste disposal for coal-fired power units[45] - The company completed the first day of trading in the national carbon trading market in July 2021 and successfully fulfilled the first carbon contract cycle by the end of 2021[38] - The company participated in the first green power trading in September 2021 and completed the first voluntary inter-provincial green power trade in November 2021[38] - The company ranked No. 1 in the "Central State-owned Enterprises ESG • Pioneer 50" index among 440 centrally owned listed holding companies[43] - The company established the China Resources Carbon Neutrality Institute to research the detailed implementation timetable and roadmap for carbon peak and carbon neutrality[44] - The Group adheres to environmental sustainability, focusing on resource conservation, clean and renewable energy projects, and emission control[104] Corporate Governance and Leadership - Ms. Wang Xiaobin is a member of the Australian Certified Practising Accountants Association and holds a Graduate Diploma in Applied Finance and Investment from the Australian Securities Institute and a Bachelor of Commerce degree from Murdoch University[69] - Mr. Liu Guixin, aged 58, was appointed as a Non-executive Director in September 2021 and has over 30 years of experience in the building materials and cement industry[70] - Mr. Chen Guoyong, aged 60, was appointed as a Non-executive Director in September 2021 and has extensive experience in the gas industry, serving as Vice President of CR Gas since March 2012[71] - Ms. Elsie Leung Oi-sie, aged 83, was appointed as an Independent Non-executive Director in April 2010 and has a distinguished career in law and public service, including serving as the first Secretary for Justice of the Hong Kong Special Administrative Region[72][73][74][75] - Dr. Raymond Ch'ien Kuo Fung, aged 70, was appointed as an Independent Non-executive Director in April 2010 and has served on the boards of several major corporations, including Swiss Re Limited and Hang Seng Bank Limited[76] - Dr. Ch'ien was appointed as an Independent Non-executive Director of the company in April 2010 and served until April 13, 2022[79] - Dr. Ch'ien holds a Doctoral Degree in Economics from the University of Pennsylvania and served as a Trustee from 2006 to 2016[78] - Mr. Jack So Chak Kwong was appointed as an Independent Non-executive Director of the company in June 2014 and assumed the chairmanship of the Airport Authority Hong Kong in June 2015[80] - Mr. Jack So Chak Kwong served as the chairman of the Hong Kong Trade Development Council from 2007 to 2015 and as the chairman and CEO of MTR Corporation Limited from 1995 to 2003[80] - Mr. Yang Yuchuan was appointed as an Independent Non-executive Director in September 2021 and is the CEO and Chief Macro Economist of Prime China Securities Limited[85] - Mr. Yang Yuchuan holds a Bachelor's Degree from Shanghai Jiao Tong University and an MBA from the University of San Francisco[85] - Mr. Shi Baofeng was appointed as President and Director on 30 September 2021[134] - Mr. Tang Yong resigned as President on 30 September 2021[134] - Mr. Yang Yuchuan was appointed as an Independent Non-executive Director on 15 September 2021[134] - Mr. Andrew Ma Chiu-Cheung resigned as an Independent Non-executive Director on 15 September 2021[134] - The Group regards the President, Senior Vice Presidents, Vice Presidents, and Assistant Presidents as members of the senior management team[145] Risk Management and Compliance - The company established an Internal Control and Risk Management Committee to conduct regular risk assessments and supervision[57] - The company conducted ongoing supervisory actions, including review of rules and regulations, examination of connected transactions, and ecological and environmental compliance[57] - The company emphasized the importance of compliance, business ethics, and risk management, conducting regular trainings in these areas[57] - The company formulated a detailed annual implementation plan under the three-year reform initiative, focusing on strategy formulation, policymaking, and risk prevention[56] - Principal risks and uncertainties facing the Group include operational risks, policy risks, industry risks, market risks, business risks, and financial risks[97] - The Group has complied with relevant laws and regulations, including the Hong Kong Companies Ordinance and the Listing Rules, during the year ended December 31, 2021[108] - The company complied with the disclosure requirements for continuing connected transactions under Chapter 14A of the Listing Rules for the year ended 31 December 2021[181] Social Responsibility and Community Engagement - The company's vaccination rate for eligible employees reached 99.92% by the end of 2021[50] - The company donated approximately RMB 15.43 million in cash and in-kind for anti-epidemic, poverty aid, elderly care, environmental protection, and community development initiatives in 2021[51] - Charitable donations made by the Group during the year amounted to approximately RMB155 million, a decrease from RMB175 million in 2020[128] - The Group values employees as important assets, focusing on career development and work-life balance through training and a supportive work environment[112] - The Group maintains stable long-term relationships with customers and suppliers, emphasizing good cooperative relationships and communication[113] Strategic Partnerships and Agreements - The company entered into a strategic cooperation agreement with CR Bank, with a maximum daily deposit cap of RMB 2 billion and a maximum daily cap of financial services of RMB 1 billion[170][171] - Actual maximum daily deposit amount for 2021 was approximately RMB 1,824.69 million, with commercial loans provided amounting to RMB 23 million[170][171] - The strategic cooperation agreement with CR Bank was renewed on 14 December 2021, effective from 1 January 2022[170][171] - The company's auditor issued an unqualified letter regarding the continuing connected transactions, confirming compliance with Hong Kong Listing Rules[173] Shareholding and Equity - Zhang Junzheng holds 700,000 ordinary shares of the company, representing 0.015% of the issued shares[151] - Wang Xiao Bin holds 3,664,560 ordinary shares of the company, representing 0.076% of the issued shares[151] - CRH (Power) Limited holds 3,027,003,337 ordinary shares of the company, representing 62.93% of the issued shares[162] - CRH holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRC Bluesky Limited holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRC holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - CRCL holds 3,027,905,337 ordinary shares of the company, representing 62.94% of the issued shares[162] - Wang Chuandong holds 800,000 ordinary shares of CR Gas, representing 0.035% of the issued shares[152] - Shi Baofeng holds 950,000 ordinary shares of CR Pharmaceutical, representing 0.015% of the issued shares[153] Operational and Financial Details - The company's top five suppliers accounted for 26.11% of total procurement, with the largest supplier, China Coal Energy Nanjing Co., Ltd., accounting for 7.82%[188] - The company's top five customers accounted for 46.79% of total sales, with the largest customer, State Grid Jiangsu Electric Power Co., Ltd., accounting for 14.38%[188] - Significant transactions with related parties during the year included interest expense paid to CRH of HK$51,377 thousand and software maintenance expense paid of HK$20,865 thousand[177] - The company's joint ventures reported sales of coal amounting to HK$1,375 thousand and sales of heat amounting to HK$112,055 thousand[179] - The company's associates reported sales of coal amounting to HK$3,009,567 thousand and sales of electricity amounting to HK$122,338 thousand[178] - The company's subsidiaries provided retail power agency services amounting to HK$22,725 thousand and maintenance services amounting to HK$716 thousand[177] - The company's subsidiaries reported rental expenses of HK$94,135 thousand and renovation fees of HK$56,662 thousand[178] - The company's joint ventures reported maintenance expenses of HK$116,438 thousand and management fee income of HK$69,046 thousand[179] - The company's non-controlling shareholders reported interest income of HK$567 thousand[179] Future Outlook and Strategic Goals - The company is optimistic about the future prospects of renewable energy, driven by increasing demand for energy consumption and global commitments to carbon emission reduction[59] - The company aims to become a world-class clean energy supplier and provider of integrated energy services, focusing on improving installed capacity, asset mix, technology innovation, and operational management[60] - The company expects wind power and photovoltaic energy conversion efficiency to increase and equipment costs to decrease, providing profit returns[59] - The company is committed to maintaining its competitive edge by aligning with government policies and market developments in the renewable energy sector[60] - The company is focused on delivering growing value for shareholders through continuous improvement in various operational aspects[60]