Financial Performance - The company's consolidated operating revenue for the first half of 2023 was RMB 126.032 billion, an increase of 7.84% year-on-year[1]. - Net profit attributable to equity holders was RMB 6.490 billion, representing a significant growth of 301.53% compared to the same period last year[1]. - Earnings per share stood at RMB 0.32, with net assets per share (excluding minority interests) at RMB 3.76[1]. - The company's total operating revenue for the first half of 2023 was RMB 126.032 billion, an increase of 7.84% from RMB 116.869 billion in the same period last year[17]. - The increase in domestic operating revenue was primarily due to the rise in on-grid electricity generation and settlement prices[17]. - The company reported a total of RMB 4.05 billion in other income, which includes various service revenues, reflecting a diversified income stream[90]. - The company reported a significant increase in investment income, reaching RMB 728.71 million, compared to RMB 670.82 million in the same period of 2022[139]. - The total comprehensive income for the six months was RMB 6.57 billion, compared to a loss of RMB 3.95 billion in the same period last year[140]. Electricity Generation and Utilization - The total electricity generated by the company's domestic power plants reached 211.148 billion kWh, a year-on-year increase of 7.43%[3]. - The average utilization hours of domestic power plants increased by 39 hours to 1,799 hours[3]. - In Q2 2023, the company's total electricity generation in China reached 104.138 billion kWh, a year-on-year increase of 17.24%[10]. - The electricity generation from coal-fired units in the first half of 2023 was 1,760.16 billion kWh, a year-on-year increase of 5.19%[11]. - The electricity generation from solar power in the first half of 2023 saw a significant increase of 72.04% year-on-year, reaching 47.05 billion kWh[11]. Costs and Expenses - The consolidated operating costs and expenses for the first half of 2023 were RMB 113.25 billion, a decrease of 2.85% year-on-year[19]. - Fuel costs, the largest component of operating costs, totaled RMB 77.50 billion, down 4.01% year-on-year due to a decrease in domestic fuel prices[20]. - Depreciation expenses increased to RMB 12.61 billion, up RMB 637 million from the previous year, primarily due to increased depreciation from newly established units[21]. - Labor costs rose to RMB 7.42 billion, an increase of RMB 685 million year-on-year, mainly due to higher social security contributions[22]. - The company reported a total of RMB 6.143 billion in operating expenses for the first half of 2023, slightly up from RMB 6.091 billion in the same period of 2022[129]. Debt and Financing - The debt-to-equity ratio improved to 2.65 from 3.26 at the end of 2022, indicating a stronger equity position due to profitability[30]. - The company issued perpetual bonds totaling RMB 27.99 billion and redeemed RMB 11.00 billion in perpetual bonds during the first half of 2023[32]. - The company issued a total of RMB 500 million in unsecured short-term bonds with varying interest rates from 1.79% to 2.18% during the first half of 2023[35]. - The total short-term borrowings of the company and its subsidiaries as of June 30, 2023, were RMB 69.038 billion, down from RMB 83.573 billion at the end of 2022[35]. - Long-term borrowings, including those due within one year, reached RMB 180.160 billion as of June 30, 2023, an increase from RMB 170.808 billion at the end of 2022[37]. Shareholder Information - As of June 30, 2023, the total issued share capital of the company is 15,698,093,359 shares, with domestic shares accounting for 70.06% and foreign shares for 29.94%[49]. - The largest shareholder, Huaneng International Power Development Company, holds 5,066,662,118 shares, representing 32.28% of the total issued shares[51]. - The company did not declare dividends for the year 2022 due to a negative net profit attributable to shareholders, as approved by the annual general meeting[38]. - The company’s board of directors decided not to declare an interim dividend for the year 2023[55]. Governance and Compliance - The company has complied with the Corporate Governance Code, except for the separation of roles between the chairman and the CEO, which was addressed with the appointment of a new general manager[56]. - The company has established a robust governance structure to ensure the interests of shareholders are protected[56]. - The board of directors has taken responsibility for corporate governance, continuously reviewing and improving governance policies to enhance operational quality and protect minority investors' rights[58]. - The company has strengthened its information disclosure management system, establishing an Information Disclosure Committee to ensure timely and accurate reporting of significant operational matters[59]. - The company has established a comprehensive internal control system, including a sixth edition of the Internal Control Manual, detailing 25 business processes and 19 soft elements to enhance operational efficiency and compliance[60]. Future Plans and Strategies - The company plans to continue promoting green low-carbon transformation and optimize coal power structure in the second half of 2023[8]. - The company aims to enhance capital operations and broaden financing channels to support energy security and green low-carbon transition[8]. - The company is committed to continuous improvement in financial disclosures and compliance with international standards, enhancing investor confidence[89]. - The company plans to continue expanding its overseas operations, particularly in Singapore and Pakistan, as part of its growth strategy[93]. - The company aims to enhance the proportion of clean energy and optimize its installed capacity structure in response to the "dual carbon" goals[44].

Financial Performance - Operating revenue for the first quarter reached RMB 65.27 billion, a slight increase of 0.03% year-on-year[3] - Net profit attributable to shareholders was RMB 2.25 billion, representing a significant increase of 335.30% compared to the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2.01 billion, up 241.95% year-on-year[3] - Basic and diluted earnings per share were both RMB 0.10, reflecting an increase of 211.11% year-on-year[3] - Net profit for Q1 2023 reached RMB 2.46 billion, a significant recovery from a net loss of RMB 1.11 billion in Q1 2022[17] - Total comprehensive income for Q1 2023 was RMB 1.82 billion, a recovery from a loss of RMB 823.10 million in Q1 2022[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 508.00 billion, a 1.07% increase from the end of the previous year[3] - Total current assets as of March 31, 2023, amounted to CNY 90,017,140,836, an increase from CNY 86,721,861,527 as of December 31, 2022, reflecting a growth of approximately 2.97%[13] - Total non-current assets reached CNY 417,980,075,961 as of March 31, 2023, compared to CNY 415,884,115,961 at the end of 2022, indicating a slight increase of about 0.50%[14] - Total assets as of March 31, 2023, were CNY 507,997,216,797, up from CNY 502,605,977,488 at the end of 2022, representing a growth of approximately 1.78%[15] - Total liabilities decreased to CNY 362,178,767,968 as of March 31, 2023, from CNY 376,061,926,739 at the end of 2022, showing a reduction of about 3.70%[15] Shareholder Information - Shareholders' equity attributable to the parent company increased by 17.55% to RMB 127.58 billion[3] - Shareholders' equity increased to CNY 145,818,448,829 as of March 31, 2023, compared to CNY 126,544,050,749 at the end of 2022, reflecting a significant growth of approximately 15.23%[16] - The top shareholder, Huaneng International Power Development Company, holds 5,066,662,118 shares, representing 32.28% of total shares[11] - The second-largest shareholder, Hong Kong Central Clearing Limited, owns 4,184,280,180 shares, accounting for 26.65%[11] - The company reported a total of 74,510 common shareholders at the end of the reporting period[10] Cash Flow and Financing - Net cash flow from operating activities decreased by 26.96% to RMB 6.14 billion, primarily due to lower receipts from electricity and higher fuel procurement payments[9] - The net financing amount in the financing activities increased by 190.98% to RMB 4.80 billion, indicating improved financing conditions[9] - Cash flow from operating activities for Q1 2023 was RMB 6.14 billion, compared to RMB 8.40 billion in Q1 2022, showing a decrease of 26.9%[19] - Cash flow from financing activities in Q1 2023 was RMB 4.80 billion, down from RMB 1.65 billion in Q1 2022, indicating a decrease of 189.7%[20] Research and Development - Research and development expenses rose by 154.16% to RMB 195.40 million, indicating increased investment in core business[9] - Research and development expenses increased to RMB 195.40 million in Q1 2023, up from RMB 76.88 million in Q1 2022, reflecting a growth of 154.5%[17] - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth prospects[21] Retained Earnings and Borrowings - The company’s retained earnings increased to CNY 8,287,945,689 as of March 31, 2023, compared to CNY 6,703,035,601 at the end of 2022, marking an increase of about 23.66%[16] - The company has a significant amount of short-term borrowings totaling CNY 65,933,246,505 as of March 31, 2023, down from CNY 83,573,496,799 at the end of 2022, indicating a decrease of approximately 21.16%[15]

Energy Capacity and Generation - As of December 31, 2022, the company's controllable installed capacity reached 127,228 MW, with low-carbon clean energy capacity accounting for 33,171 MW, representing 26.07% of the total[6][15]. - The company operates power plants across 26 provinces, autonomous regions, and municipalities in China, and has investments in power operations in Singapore and Pakistan[6]. - The company has a diversified energy portfolio, including wind, solar, coal, gas, hydro, and biomass power generation[16]. - The company added controllable power generation capacity of 2,585 MW from thermal power, 3,092.55 MW from wind power, and 2,935.18 MW from solar power in 2022[36]. - The company’s low-carbon clean energy capacity accounted for 26.07% of total installed capacity[36]. - In 2022, the company's domestic electricity generation (in billion kWh) from coal units decreased by 4.01% year-on-year, totaling 3,638.93 billion kWh[59]. - Wind power generation increased by 34.01% year-on-year, reaching 274.10 billion kWh in 2022[59]. - Solar power generation saw a significant increase of 71.29% year-on-year, totaling 60.06 billion kWh in 2022[59]. Financial Performance - In 2022, the company achieved consolidated operating revenue of RMB 246.725 billion, representing a year-on-year growth of 20.31%[51]. - The net loss attributable to equity holders of the company for 2022 was RMB 8.026 billion, a reduction in loss of 22.66% compared to the previous year[51]. - The company's consolidated operating revenue for 2022 was RMB 246.725 billion, an increase of 20.31% compared to RMB 205.079 billion in the previous year[67]. - The company's net loss for 2022 was RMB 10.973 billion, a reduction of RMB 1.961 billion compared to the previous year's net loss of RMB 12.934 billion[83]. - The company's pre-tax loss for 2022 was RMB 10.814 billion, an improvement of RMB 4.050 billion compared to a pre-tax loss of RMB 14.864 billion in the previous year[67]. - The total tax and additional charges for 2022 were RMB 1.442 billion, a decrease of RMB 244 million from RMB 1.686 billion in the previous year[69]. Investments and Capital Expenditure - The company plans to allocate capital expenditures of RMB 53.90 billion for thermal power, RMB 118.36 billion for wind power, and RMB 140.00 billion for photovoltaic projects in 2023, primarily funded through self-owned funds and bank loans[97]. - The company’s capital expenditure for infrastructure and upgrades in 2022 was RMB 40.01 billion, with significant investments in various wind and clean energy projects[95]. - The company acquired a 25% stake in Shenzhen Energy Group for RMB 2.39 billion, which is projected to provide stable investment returns in the future[113]. - The investment in Sichuan Energy Development is expected to yield RMB 1.96 billion in investment income for the company in 2022, contributing to stable returns[114]. Corporate Governance and Compliance - The company has implemented strict compliance with securities trading regulations for directors, ensuring no insider trading activities occurred among board members[155]. - The company has established a comprehensive risk management and internal control system, successfully passing external audits for 17 consecutive years[137]. - The company has complied with all provisions of the Corporate Governance Code except for C.2.1, which requires a clear distinction between the roles of the Chairman and the CEO[133]. - The company is in the process of appointing a new CEO to comply with the Corporate Governance Code[133]. - The board of directors consists of 15 members, including 5 independent non-executive directors, representing one-third of the board[161]. Employee and Training Initiatives - The company’s total number of employees, including domestic and overseas, reached 57,069 as of December 31, 2022, with competitive compensation linked to performance[116]. - The company is committed to enhancing employee training programs to improve overall employee quality and skills[116]. - All directors and supervisors participated in various training sessions throughout 2022 to enhance compliance awareness and professional capabilities[190]. Environmental Commitment - The company is committed to achieving carbon peak and carbon neutrality goals, promoting green and low-carbon energy transformation[108]. - The company has implemented advanced emission purification systems in new coal-fired power plants to comply with stringent environmental regulations[128]. - The company aims to enhance the proportion of clean energy and optimize its installed capacity structure in line with national "dual carbon" goals[123]. Risk Management - The company has developed a risk management framework that includes risk identification, assessment, response, and monitoring, enhancing its risk resilience[147]. - The company has established a risk reporting and early warning mechanism to facilitate effective risk management across all levels[148]. - The board of directors has approved the 2022 comprehensive risk management report, ensuring compliance with relevant regulations[148]. Shareholder Relations - The company emphasizes shareholder relations and maintains communication through multiple channels to promote mutual understanding[157]. - The company has established a dedicated department to facilitate communication with shareholders and investors, ensuring timely and accurate information dissemination[157]. - The company actively engages in investor relations activities to build long-term trust with investors[136].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：902） 二零二二年年度業績公告 境內電廠上網電量： 4,251.86億千瓦時 合併營業收入： 人民幣2,467.25億元 歸屬於本公司權益持有者的淨虧損： 人民幣80.26億元 每股虧損： 人民幣0.65元 建議股息： 無 業績摘要 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 67,083,723,226, representing a 34% increase compared to the same period last year[4] - The net loss attributable to shareholders was CNY 933,610,916, a significant improvement from a loss of CNY 3,499,249,295 in the previous year[4] - The net loss attributable to shareholders for the year-to-date period was CNY 3,942,298,192, reflecting a 477% increase in losses compared to the previous year[4] - Total revenue for the first nine months of 2022 reached RMB 183.95 billion, an increase from RMB 145.32 billion in the same period of 2021, representing a growth of approximately 26.6%[18] - The net loss for the first nine months of 2022 was RMB 5.49 billion, compared to a net profit of RMB 1.10 billion in the same period of 2021, indicating a significant decline in profitability[18] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 25,583,009,135, an increase of 11% compared to the same period last year[5] - Operating cash flow for the first nine months of 2022 was RMB 25.58 billion, an increase from RMB 23.00 billion in the same period of 2021, reflecting improved cash generation from operations[20] - Cash inflows from operating activities increased to RMB 214.54 billion in the first nine months of 2022, compared to RMB 163.32 billion in the same period of 2021, indicating stronger sales performance[20] - Cash inflow from financing activities totaled RMB 194.99 billion in the first nine months of 2022, compared to RMB 170.20 billion in the same period of 2021, representing an increase of approximately 14.5%[21] - The total cash and cash equivalents at the end of September 2022 amounted to RMB 16.19 billion, up from RMB 13.90 billion at the end of September 2021, reflecting an increase of approximately 16.5%[21] Assets and Liabilities - The total assets at the end of the reporting period were CNY 486,109,693,071, reflecting a decrease of 0.88% from the previous year-end[5] - The total current assets as of September 30, 2022, amount to 82,786,159,940 RMB, a decrease from 92,471,124,604 RMB at the end of 2021[14] - The total liabilities as of September 30, 2022, are 366,313,843,738 RMB, compared to 366,176,481,079 RMB at the end of 2021[16] - The total non-current assets as of September 30, 2022, are 403,323,533,131 RMB, an increase from 397,929,672,525 RMB at the end of 2021[14] - Total liabilities and equity as of September 30, 2022, amounted to RMB 486.11 billion, a slight decrease from RMB 490.40 billion at the end of 2021[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 77,556[10] - The largest shareholder, Huaneng International Power Development Company, holds 5,066,662,118 shares, representing 32.28% of the total shares[10] - The company has a diverse shareholder base, with the top ten shareholders holding a combined total of 6,000,000,000 shares, representing a significant portion of the company's equity[11] Operational Efficiency and Cost Management - The company plans to continue focusing on cost management and operational efficiency to mitigate the impact of rising fuel prices on profitability[9] - The company reported a significant increase in government subsidies, totaling CNY 248,510,391 for the current period, contributing to improved financial performance[6] Earnings and Retained Earnings - The weighted average return on net assets was -2.71%, down from -5.69% in the same period last year[4] - The company’s retained earnings decreased to RMB 8.19 billion as of September 30, 2022, down from RMB 16.35 billion at the end of 2021, reflecting the impact of losses on accumulated profits[17] - Other comprehensive losses for the first nine months of 2022 totaled RMB 840.06 million, compared to RMB 57.78 million in the same period of 2021, highlighting increased volatility in other comprehensive income[19] - The company reported a basic and diluted loss per share of RMB 0.35 for the first nine months of 2022, compared to a loss per share of RMB 0.04 in the same period of 2021[18] Investment Activities - Investment activities resulted in a net cash outflow of RMB 22.37 billion for the first nine months of 2022, an improvement from a net outflow of RMB 27.31 billion in the same period of 2021[20] - The company received cash from minority shareholders' investments totaling RMB 1.46 billion in 2022, compared to RMB 1.16 billion in 2021, indicating a significant increase[21] - The company reported a cash outflow for debt repayment of RMB 185.68 billion in 2022, compared to RMB 151.82 billion in 2021, marking an increase of approximately 22.3%[21] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was a positive RMB 62.73 million in 2022, contrasting with a negative impact of RMB 491.17 million in 2021[21]

Financial Performance - For the six months ended June 30, 2022, the company reported consolidated operating revenue of RMB 116.869 billion, an increase of 22.68% year-on-year[2]. - The net loss attributable to equity holders of the company was RMB 3.22 billion, a decrease of 176.91% compared to the same period last year, with a loss per share of RMB 0.27[2]. - The company's consolidated operating revenue for the first half of 2022 reached RMB 116.87 billion, an increase of 22.68% compared to RMB 95.26 billion in the same period last year[17]. - The company's consolidated operating costs for the first half of 2022 amounted to RMB 116.57 billion, up 37.12% year-on-year[19]. - The company's net loss attributable to equity holders in the first half of 2022 was RMB 3.220 billion, a decrease of 176.91% compared to a net profit of RMB 4.187 billion in the same period last year[24]. - The company reported a pre-tax loss of RMB 4,534,896 thousand for the six months ended June 30, 2022, compared to a profit of RMB 6,043,355 thousand in the same period of 2021[106]. - The company reported a significant increase in depreciation of property, plant, and equipment to RMB 11,519,864 thousand from RMB 10,750,687 thousand year-over-year[106]. - The company’s financial expenses, net, totaled RMB 5,024,325 thousand for the six months ended June 30, 2022, compared to RMB 4,323,261 thousand in the same period of 2021, indicating an increase of approximately 16.2%[100]. Electricity Generation - The total electricity generation from the company's operating power plants in China was 196.544 billion kWh, a year-on-year decrease of 5.61%[3]. - In the first half of 2022, the company's coal-fired power generation decreased by 8.04% year-on-year, totaling 1,673.38 billion kWh[12]. - Wind power generation increased by 30.61% year-on-year, reaching 137.61 billion kWh in the first half of 2022[12]. - Solar power generation saw a significant increase of 69.63% year-on-year, totaling 27.35 billion kWh in the first half of 2022[12]. - The company's hydropower generation increased by 17.32% year-on-year, amounting to 5.10 billion kWh in the first half of 2022[12]. - The overall clean energy generation increased, with wind and solar power contributing significantly to the growth despite declines in coal and gas generation[12]. Market and Pricing - The average on-grid electricity settlement price for the company's domestic power plants was RMB 505.69 per MWh, an increase of 20.70% year-on-year[2]. - The proportion of market-based trading electricity volume reached 87.81%, an increase of 26.76 percentage points year-on-year[3]. - Domestic operating revenue increased by RMB 11.95 billion, primarily due to a rise in average settlement electricity prices[17]. - The company plans to maximize overall benefits by closely tracking regional electricity demand growth and leveraging seasonal peaks in electricity consumption[9]. - The company aims to achieve 100% signing, performance, and execution of long-term contract pricing policies[9]. Costs and Expenses - The company's fuel cost for electricity sold increased by 50.49% year-on-year due to high coal prices[6]. - The increase in domestic operating costs was RMB 22.35 billion, mainly driven by higher fuel costs[19]. - The company's cash flow hedge effective portion fair value change was RMB 1,367,092 thousand for the six months ended June 30, 2022, compared to RMB 991,452 thousand in the same period of 2021, reflecting a significant increase[102]. Investments and Financing - The company will strengthen capital operations and innovate financing tools to broaden financing channels[9]. - The company has over RMB 300 billion in unused comprehensive credit lines from major banks as of June 30, 2022, indicating strong financing capabilities[31]. - The company plans to continue funding capital expenditures through self-owned funds, cash flows from operations, and debt and equity financing[31]. - The company acquired a 25% stake in Shenzhen Energy Group for RMB 2.39 billion, which is expected to provide stable investment returns in the future, contributing RMB 230 million to equity profits in the first half of 2022[34]. Governance and Compliance - The company has established a comprehensive governance structure to maximize shareholder value and ensure compliance with applicable laws and regulations[55]. - The company has implemented various measures to enhance corporate governance and operational quality, including regular reviews of governance policies and training for directors and senior management[58]. - The company has formed an information disclosure committee to oversee the preparation of periodic reports and ensure timely disclosure of significant matters[58]. - The company has adhered to the Corporate Governance Code as stipulated in the listing rules during the reporting period[55]. Environmental and Operational Strategy - The company is committed to green low-carbon development and will accelerate the development of new energy projects[9]. - The company plans to accelerate its green transformation and increase the proportion of clean energy in its energy mix to adapt to the "dual carbon" goals[39]. - The company is actively addressing environmental risks by improving wastewater treatment systems and enhancing coal yard management to comply with strict government regulations[41]. Shareholder Information - The board of directors recommended not to distribute dividends for the year 2021 due to negative net profit attributable to shareholders, which was approved at the annual shareholders' meeting[32]. - The company decided not to declare any dividends for the mid-year of 2022[53]. - The company has issued a total of 15,698,093,359 shares as of June 30, 2022, with 10,997,709,919 shares (70.06%) held by domestic investors and 4,700,383,440 shares (29.94%) held by foreign investors[43].

Financial Performance - Operating revenue for the reporting period reached CNY 65,250,379,565, representing a year-on-year increase of 30.54%[5] - Net profit attributable to shareholders was a loss of CNY 956,338,198, a decrease of 129.96% compared to the previous year[5] - Basic and diluted earnings per share were both CNY (0.09), a decline of 152.94% year-on-year[5] - The significant decline in net profit was primarily due to rising coal prices impacting domestic electricity operations[9] - Operating loss for Q1 2022 was RMB 968.24 million, compared to an operating profit of RMB 4.97 billion in Q1 2021[20] - Net loss attributable to shareholders for Q1 2022 was RMB 956.34 million, a significant decrease from a profit of RMB 3.19 billion in Q1 2021[20] Cash Flow and Liquidity - Net cash flow from operating activities was CNY 8,403,935,233, down 26.19% from the previous year[5] - Operating cash flow decreased by 26.19% primarily due to increased fuel procurement expenditures[10] - In Q1 2022, the net cash flow from operating activities was RMB 8.40 billion, a decrease of 26.0% compared to RMB 11.39 billion in Q1 2021[22] - The company reported a significant increase in financing cash flow by 185.37% due to net financing amounts in the first quarter[10] - Total cash inflow from financing activities in Q1 2022 was RMB 77.99 billion, an increase of 39.6% from RMB 55.83 billion in Q1 2021[23] - The net increase in cash and cash equivalents at the end of Q1 2022 was RMB 16.33 billion, compared to RMB 13.60 billion at the end of Q1 2021, reflecting a growth of 20.1%[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 488,810,999,006, a decrease of 0.31% compared to the end of the previous year[5] - Total liabilities decreased slightly to RMB 365.44 billion as of March 31, 2022, from RMB 366.18 billion as of December 31, 2021[19] - Current liabilities decreased to RMB 170.75 billion, down from RMB 186.40 billion at the end of 2021, reflecting a reduction of 8.4%[19] - Non-current liabilities increased to RMB 194.69 billion, up from RMB 179.78 billion, marking an increase of 8.3%[19] - Total equity decreased to RMB 123.37 billion from RMB 124.18 billion, a decline of 0.7%[19] Investments and Expenses - Long-term equity investments increased by 1.72% due to the recognition of equity investment income of 378 million yuan and other equity changes[10] - Research and development expenses surged by 109.59%, reflecting the company's increased investment in core business R&D[10] - The company reported a significant increase in research and development expenses to RMB 76.88 million, compared to RMB 36.68 million in the previous year, reflecting a 109.8% increase[20] Inventory and Other Financial Metrics - The company's inventory decreased significantly to 8.68 billion yuan from 16.82 billion yuan year-over-year[16] - Contract liabilities decreased by 79.99% as pre-collected heating fees reduced with the end of the heating season[10] - Fixed assets increased by 1.21% due to the transfer of construction and technical renovation projects to fixed assets[10] - Other comprehensive income after tax for Q1 2022 was RMB 288.83 million, down from RMB 372.92 million in Q1 2021[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 125,055, with the largest shareholder holding 32.28%[11]

Capacity and Energy Production - As of December 31, 2021, the company has a controllable installed capacity of 118,695 MW, with equity installed capacity at 103,875 MW, and low-carbon clean energy capacity accounting for 22.39%[12] - The company operates power plants across 26 provinces, autonomous regions, and municipalities in China, and has investments in Singapore and Pakistan[12] - The company expanded its renewable energy capacity, achieving a total controllable power generation capacity of 799 MW from solar energy and 2,403.45 MW from wind energy[27] - In 2021, the total electricity sales volume was 3,785.28 billion kWh, with coal-fired generation increasing by 10.81% year-on-year[49] - The total electricity generation reached 457.3 billion kWh, representing a year-on-year increase of 13.2%[126] - The total electricity sales volume was 430.165 billion kWh, an increase of 13.23% compared to the previous year[141] Financial Performance - The company's operating revenue for 2021 reached RMB 204.61 billion, an increase from RMB 169.45 billion in 2020, representing a growth of approximately 20.76%[29] - In 2021, the company achieved consolidated operating revenue of RMB 204.605 billion, an increase of 20.75% compared to the previous year[42] - The net profit attributable to shareholders for 2020 was RMB 4.57 billion, a significant increase of 191.51% compared to the previous year[25] - The net loss attributable to equity holders for the same period was RMB 10.636 billion, a decrease of 547.27% compared to the previous year, with a loss per share of RMB 0.81[48] - The company reported a net profit of RMB 3.13 billion for the first quarter of 2021, up 51.75% year-on-year[25] - The company's net profit attributable to equity holders decreased to RMB 10.636 billion, a decline of RMB 15.802 billion or 605.21% compared to the previous year's net profit of RMB 2.611 billion[62] Investments and Projects - The company completed the construction of the first domestic biomass power generation project, the Huaneng Shandong Jiyang Biomass Heat and Power Generation Project[24] - The company launched the first national-level sludge coupling power generation project at Huaneng Chongqing Luohuang Power Plant, which can process nearly one-third of the sludge in Chongqing annually[27] - The company achieved a capital expenditure of RMB 126.49 billion for wind power projects in 2022[69] - The company plans to continue expanding its operations in Pakistan, where procurement costs have risen due to increased coal prices[60] - The company plans to enhance its international cooperation and improve the operational efficiency of overseas assets to increase profitability[75] Governance and Management - The company has a strong governance structure and market reputation, supported by a high-quality workforce and professional management[15] - The company has established a governance structure that clearly defines the responsibilities and powers among shareholders, the board of directors, and management[85] - The company has implemented a competitive compensation policy linked to performance for its 57,513 employees as of December 31, 2021[78] - The board of directors consists of 15 members, with a 100% attendance rate for several key executives during the year[95] - The company has established a comprehensive risk management report, which is regularly reviewed by the board's strategic committee[90] Environmental and Social Responsibility - The company is committed to building a "green enterprise" and ensuring efficient resource utilization[46] - The company has made significant investments in environmental protection technologies and has been recognized for its safety, quality, and progress in overseas power construction projects[14] - The company purchased over 50 million yuan worth of agricultural products from poverty-stricken areas throughout the year[131] - The company donated over 2 million yuan in cash and materials for flood relief efforts in Henan province[131] - The company actively participated in community development and social responsibility initiatives, including education and environmental protection activities[131] Future Outlook and Strategy - The company aims to achieve carbon peak and carbon neutrality, focusing on green low-carbon energy transformation and optimizing coal power structure[75] - The expected growth in national electricity consumption for 2022 is projected at 5%-6%, with a decrease in growth rate by approximately 4 percentage points compared to the previous year[76] - The company plans to enhance its market analysis and optimize carbon market trading to improve operational efficiency[144] - Huaneng International plans to expand its market presence by increasing investments in renewable energy projects by 20% over the next three years[192] - The company aims to reduce carbon emissions by 15% by 2025 as part of its sustainability strategy[192] Challenges and Risks - The company faced challenges in 2021 due to fluctuations in the electricity, fuel, and capital markets, resulting in operational losses primarily influenced by rising fuel prices[178] - Financial risks are expected to rise, with an increase in financial expenses anticipated[83] - The international coal market is experiencing supply-demand tension due to Indonesia's coal export restrictions and global uncertainties[81] - The company experienced a significant increase in procurement costs due to rising electricity prices in the Singapore market, impacting overall operational expenses[61] Shareholder Relations - The company will not distribute dividends for 2021 due to a net loss, despite having distributed a total of RMB 62.687 billion in dividends since 1998[44] - The company maintains a cash dividend policy, distributing at least 50% of the distributable profit in years of profitability[133] - The company emphasizes a two-way communication approach with investors, utilizing various channels such as calls, emails, and roadshows[133] - The company actively participated in online investor meetings, conducting 12 sessions with over 200 institutional investors[136] Technological Advancements - The company has achieved significant technological advancements, including the first domestic implementation of a 1 million kW ultra-supercritical coal-fired unit and the first digitalized unit of its kind[14] - The company has made significant technological breakthroughs, including the launch of China's first integrated DCS/DEH+SIS million-kilowatt secondary reheating project[45] - The company has been recognized for its ESG practices, being featured in the "ESG Development White Paper" by the China Listed Companies Association[86] - The company has developed various financial management regulations to ensure the authenticity and completeness of financial reports[89]

Capacity and Generation - As of December 31, 2020, the company had a controllable installed capacity of 113,357 MW and an equity installed capacity of 98,948 MW[6]. - The company operates power plants across 26 provinces, autonomous regions, and municipalities in China, with significant capacity in Shandong (21,138 MW) and Jiangsu (10,930 MW)[12][16]. - The company achieved a controllable power generation capacity of 1,825.04 MW from new gas turbine units in 2020[25]. - The company’s clean energy installed capacity accounted for 20.6% of total installed capacity[25]. - The company added controllable power generation capacity of 1,925.04 MW from thermal power, 2,177.9 MW from wind power, and 771.93 MW from solar power during the year[197]. Financial Performance - In Q1 2020, the company's net profit attributable to shareholders was RMB 2.06 billion, a decrease of 22.42% year-on-year[20]. - In 2019, the company's net profit attributable to shareholders was RMB 1.686 billion, an increase of 17.21% year-on-year[21]. - In H1 2020, the company's net profit attributable to shareholders was RMB 5.733 billion, an increase of 49.73% year-on-year[22]. - In the first three quarters of 2020, the company's net profit attributable to shareholders was RMB 9.133 billion, an increase of 69.34% year-on-year[25]. - The company achieved a total operating revenue of RMB 169.446 billion for the year ended December 31, 2020, a decrease of 2.62% year-on-year[34]. - Net profit attributable to the company's shareholders was RMB 2.378 billion, representing a significant increase of 210.28% compared to the previous year[34]. - The company's operating revenue for 2020 was RMB 169.446 billion, down 2.62% from RMB 174.009 billion in 2019[50]. - The company's net profit for 2020 was RMB 2.611 billion, an increase of 135.65% from RMB 1.108 billion in the previous year[64]. - The company's earnings per share for 2020 was RMB 0.04[189]. Debt and Financing - The company issued USD bonds totaling USD 300 million with a coupon rate of 2.250% maturing in 2025 and another USD 300 million with a coupon rate of 2.625% maturing in 2030[19]. - The company issued RMB 25 billion in 3+N year convertible bonds to qualified investors[20]. - The company issued RMB 30 billion in three-year perpetual medium-term notes in the interbank market[20]. - Interest-bearing debt totaled approximately RMB 241.743 billion, including long-term loans, bonds payable, short-term loans, and finance lease payables[68]. - The total amount of short-term borrowings as of December 31, 2020, was RMB 66.31 billion, a slight decrease from RMB 67.12 billion in 2019[79]. - Long-term borrowings (including current portion) totaled RMB 131.89 billion as of December 31, 2020, compared to RMB 134.02 billion in 2019[80]. - The debt-to-equity ratio decreased to 2.30 at the end of 2020 from 2.74 at the end of 2019, mainly due to the issuance of RMB 25.5 billion in other equity instruments[70]. Market and Operations - The company has established a wholly-owned power operation in Singapore and invested in a power operation in Pakistan[6]. - The company operates power plants across 26 provinces in China and has investments in Singapore and Pakistan, making it one of the largest listed power generation companies in China[39]. - The company’s market share in Singapore's electricity generation was 21.4%, an increase of 0.7 percentage points year-on-year[43]. - The company faced a 17.70% decline in revenue from its Singapore operations, primarily due to falling electricity prices[51]. - The average selling price of electricity for domestic power plants was RMB 413.63 per MWh, a decrease of 0.81% compared to the previous year[49]. Environmental and Technological Advancements - The company has achieved significant milestones in environmental technology, including the development of flue gas collaborative treatment technology widely applied in new and retrofitted projects[8]. - The company has been a pioneer in introducing advanced technologies, including the first 1 million kW ultra-supercritical coal-fired unit in China[8]. - The company completed ultra-low emission upgrades for its coal-fired power plants, complying with government environmental standards[99]. - The company’s ultra-low emission unit capacity reached 98%, with dust, sulfur dioxide, and nitrogen oxide emissions at 8.4 mg/kWh, 67 mg/kWh, and 132 mg/kWh respectively, maintaining industry-leading environmental performance[167]. - The company is committed to green development strategies and aims to optimize its coal power structure while expanding clean energy sources[86]. Governance and Compliance - The company has established a robust governance structure, ensuring effective decision-making and compliance with regulatory requirements[102]. - The board of directors consists of 15 members, with independent non-executive directors making up one-third of the board[118]. - The company has implemented strict compliance measures for securities trading by directors, adhering to the most stringent regulations across the three markets it operates in[117]. - The company has established a comprehensive internal control assessment system, conducting annual evaluations to enhance management quality[44]. - The company has ensured that no violations regarding the use of funds have occurred, as confirmed by independent audits[110]. Future Plans and Strategies - The company plans to implement strategies focused on green development, innovation, and safety to achieve high-quality growth during the 14th Five-Year Plan period[36]. - The company plans to allocate RMB 313.82 billion for wind power capital expenditures in 2021, funded through self-owned funds and bank loans[75]. - The company aims to create long-term, stable, and growing returns for shareholders while maintaining a balanced dividend policy[82]. - The company plans to optimize its energy structure by accelerating the development of clean and efficient coal power and participating actively in market construction[96]. - The company is committed to building a high-quality talent team, focusing on the development of high-level and high-skilled personnel[169].

Financial Performance - The company reported a consolidated revenue of RMB 79.127 billion for the first half of 2020, a decrease of 5.35% compared to the same period last year[6]. - Net profit attributable to the company's equity holders was RMB 5.441 billion, an increase of 58.10% year-on-year, with earnings per share at RMB 0.30[6]. - The total operating revenue for the first half of 2020 was RMB 79.127 billion, a decrease of 5.35% from RMB 83.603 billion year-on-year[23]. - The operating cost for the first half of 2020 was RMB 65.812 billion, down 8.85% from the previous year[24]. - The company reported a year-on-year increase of 3.73% in electricity generation in the second quarter, achieving 949.49 billion kWh[15]. - The company reported a significant increase in biomass power generation, with a year-on-year growth of 15.65% in Q2 2020, reaching 0.64 million[17]. - The company reported a net profit attributable to equity holders for the first half of 2020 was RMB 5.441 billion, an increase of 58.10% compared to RMB 3.442 billion in the same period last year[22]. - The company reported a net profit of RMB 6,700,434 thousand, up from RMB 4,395,373 thousand, representing a year-on-year increase of about 52.4%[110]. Electricity Generation and Sales - The total electricity generation for the first half was 179.650 billion kWh, down 8.05% year-on-year, while electricity sales reached 172.125 billion kWh, a decrease of 6.98%[6]. - In the first half of the year, the total electricity generation of the company's operating power plants in China was 1796.50 billion kWh, a year-on-year decrease of 8.05%[15]. - The sales volume of electricity in the first half of the year was 1721.25 billion kWh, a year-on-year decrease of 6.98%[15]. - The average on-grid settlement price for electricity in the first half of the year was 416.65 RMB/MWh, a year-on-year decrease of 0.68%[15]. - The company’s market-based trading electricity volume was 840.6 billion kWh, with a trading volume ratio of 49.89%, an increase of 2.84 percentage points year-on-year[15]. Cost Management - The average selling price of coal for the company decreased significantly, with the CCI5500 index averaging RMB 540 per ton, down RMB 70 per ton year-on-year[8]. - The fuel cost per unit of electricity sold was RMB 206.51 per MWh, a decrease of 7.73% compared to the previous year[8]. - Fuel costs amounted to RMB 40.831 billion in the first half of 2020, a decrease of 13.71% compared to the same period last year[25]. - The company implemented effective cost control measures and adjusted procurement strategies to stabilize coal supply during the pandemic[8]. - The company aims to reduce financial costs and improve operational efficiency while advancing technological innovation and major project development[15]. Renewable Energy Development - The company successfully commissioned a total installed capacity of 1,438.42 MW in the first half, including 472.52 MW of gas units, 480 MW of wind power, and 485.9 MW of solar power[10]. - As of June 30, 2020, the company's controllable installed capacity was 108,111 MW, with a clean energy capacity share of 18.16%[10]. - The company is focusing on market expansion and new technology development to enhance its competitive edge in the renewable energy sector[17]. - Future outlook indicates a continued emphasis on biomass and wind power generation as key growth areas for the company[17]. - The company is focusing on expanding its renewable energy capacity, particularly in solar and wind power sectors[18]. Financial Position and Liabilities - Total assets reached RMB 439.352 billion as of June 30, 2020, a 2.59% increase from RMB 428.250 billion at the end of 2019, while total liabilities decreased by 2.87% to RMB 289.324 billion[36]. - The debt-to-equity ratio improved to 2.27 from 2.74 at the end of 2019, indicating an increase in equity holders' funds[38]. - The company’s total short-term borrowings amounted to RMB 61.515 billion, a decrease from RMB 67.119 billion at the end of 2019[45]. - The total long-term borrowings (including current portion) as of June 30, 2020, were RMB 134.147 billion, slightly up from RMB 134.023 billion at the end of 2019[46]. - The company has unused bank credit facilities exceeding RMB 316 billion as of June 30, 2020, from major banks such as Bank of China, China Construction Bank, and Industrial and Commercial Bank of China[44]. Corporate Governance - The company emphasizes maximizing shareholder value and ensuring long-term stable returns[72]. - The company has complied with the Corporate Governance Code as per the listing rules[72]. - The board of directors underwent a re-election process on June 16, 2020, with Zhao Keyu elected as the new chairman[71]. - The company has implemented a series of governance measures to enhance operational quality and ensure compliance with applicable laws and regulations[75]. - The board of directors has established various rules and regulations to strengthen corporate governance, including the "Shareholders' Meeting Rules" and "Board of Directors' Rules" among others[75]. Market Conditions and Risks - The overall electricity consumption in China decreased by 1.3% year-on-year in the first half of 2020, with an expected annual growth of 2%-3%[53]. - The average settlement electricity price faces a risk of decline due to the rapid advancement of the spot market and competitive pricing below variable cost levels in some provinces[53]. - Coal prices experienced significant fluctuations in the first half of 2020, with expectations of stable supply and slight price fluctuations in the second half[56]. - The company plans to strengthen marketing management and closely monitor national policies and market changes to mitigate electricity price risks[53]. - The company actively monitors exchange rate and interest rate fluctuations to assess associated risks[46].