Financial Performance - For the six months ended June 30, 2019, the company reported consolidated operating revenue of RMB 14.038 billion, an increase of 5.1% compared to RMB 13.363 billion for the same period in 2018[7]. - The company's profit before tax for the same period was RMB 4.384 billion, reflecting a slight increase of 0.3% from RMB 4.372 billion in 2018[14]. - Net profit attributable to equity holders of the company was RMB 3.208 billion, up 0.5% from RMB 3.193 billion in the previous year[14]. - Earnings per share increased to RMB 0.3841, compared to RMB 0.3823 in the same period last year[7]. - In the first half of 2019, the company achieved a net profit of RMB 3.632 billion, a 0.8% increase from RMB 3.603 billion in the same period of 2018[33]. - The company's operating revenue for the first half of 2019 was RMB 14.038 billion, up 5.1% from RMB 13.363 billion in the same period of 2018[34]. - The wind power segment's revenue in the first half of 2019 was RMB 9.915 billion, an increase of RMB 335 million or 3.5% compared to RMB 9.580 billion in the same period of 2018[34]. - The coal sales revenue from the thermal power segment was RMB 1.784 billion, a 15.0% increase from RMB 1.551 billion in the same period of 2018[34]. - The company's operating expenses for the first half of 2019 were RMB 8.377 billion, a 6.3% increase from RMB 7.882 billion in the same period of 2018[39]. - The company's total liabilities were RMB 93.859 billion, compared to RMB 89.939 billion at the end of 2018, resulting in a debt-to-equity ratio of 0.83[15]. Assets and Liabilities - As of June 30, 2019, the total assets of the company amounted to RMB 152.898 billion, an increase from RMB 146.504 billion at the end of 2018[15]. - The total liabilities of the group as of June 30, 2019, were RMB 93.859 billion, an increase of RMB 3.920 billion from RMB 89.939 billion as of December 31, 2018[82]. - The equity attributable to the company's equity holders as of June 30, 2019, was RMB 51.587 billion, an increase of RMB 2.351 billion from RMB 49.236 billion as of December 31, 2018[82]. - Current assets as of June 30, 2019, were RMB 24.393 billion, an increase of RMB 6.607 billion from RMB 17.786 billion as of December 31, 2018, primarily due to an increase in accounts receivable[86]. - As of June 30, 2019, the group's current liabilities amounted to RMB 39.883 billion, an increase of RMB 1.03 billion compared to December 31, 2018[88]. - The net current liabilities decreased to RMB 15.490 billion from RMB 21.994 billion as of December 31, 2018, reflecting a reduction of RMB 6.504 billion[88]. - The current ratio improved to 0.61 from 0.45, primarily due to an increase in accounts receivable[88]. - As of June 30, 2019, the total borrowings and notes payable reached RMB 79.407 billion, an increase of RMB 3.116 billion from RMB 76.291 billion as of December 31, 2018[91]. - The net debt-to-equity ratio was 56.40%, slightly up from 56.18% as of December 31, 2018, due to a higher growth rate in debt compared to equity[96]. Operational Efficiency and Capacity - The total installed capacity of wind power in the country reached 192.69 GW, representing a year-on-year growth of 12.2%[16]. - The company plans to continue expanding its wind power capacity, with an additional 9.09 GW of wind power installed in the first half of 2019, which is an increase of 1.56 GW compared to the previous year[16]. - The total electricity generation for the first half of 2019 was 26.291 billion kWh, with wind power generation accounting for 21.445 billion kWh, an increase of 3.15% year-on-year[21]. - The average utilization hours for wind power in the first half of 2019 was 1,172 hours, a decrease of 9 hours compared to the same period of 2018, primarily due to reduced wind resources and improvements in equipment management[21]. - The average utilization hours for thermal power units in the first half of 2019 was 2,443 hours, down 113 hours from 2,556 hours in the same period of 2018[25]. - The company implemented a multi-dimensional indicator evaluation system to enhance management quality, focusing on key performance indicators such as generation difference rate and average fault downtime[21]. - The company is actively managing electricity curtailment, with a continuous reduction in curtailment levels and a focus on regions with higher curtailment ratios[21]. Strategic Initiatives and Governance - The company implemented 11 specific measures to ensure safety and production goals were met during the "100-day campaign" in the first half of 2019[20]. - The company emphasized safety and environmental responsibility, launching initiatives to enhance safety management and reduce risks[20]. - The company is committed to improving corporate governance as an essential part of creating shareholder value[108]. - The company has appointed three independent non-executive directors with appropriate professional qualifications[112]. - The audit committee has reviewed and confirmed the interim results announcement for the six months ending June 30, 2019[113]. - The company emphasizes board diversity as a key factor in achieving strategic goals and sustainable development[111]. Market and Pricing Environment - The overall electricity consumption in the country grew by 5.0%, with a notable slowdown in growth compared to the previous year[16]. - In 2019, the new approved onshore wind power project prices were set at a maximum of RMB 0.34, 0.39, 0.43, and 0.52 per kWh, depending on resource areas[18]. - The guiding price for offshore wind power projects was adjusted to RMB 0.8 per kWh in 2019 and further reduced to RMB 0.75 per kWh in 2020[18]. - The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued policies to promote competitive pricing for wind and solar projects, transitioning to a subsidy-free model by 2021[18]. - The guiding prices for new approved onshore wind projects in 2020 were further lowered to RMB 0.29, 0.34, 0.38, and 0.47 per kWh[18]. - The policies introduced by the NDRC and NEA aim to facilitate the transition to a market-driven pricing mechanism for renewable energy[19]. Investments and Financing - The group expanded financing channels and successfully issued two medium-term notes and three short-term financing bonds in the first half of 2019[30]. - The group focused on enhancing capital management and controlling funding costs, increasing the proportion of long-term financing to ensure the safety of the capital chain[30]. - The group implemented cost control measures, effectively reducing project costs through design optimization and strict supervision, ensuring project quality[27]. - The group obtained approval for 247.5 MW of national parity projects and secured development rights for competitive projects totaling 45 MW and distributed projects totaling 11 MW in the first half of 2019[26]. Research and Development - The company added 9 new patents in the first half of 2019, including 1 invention patent and 8 utility model patents[31]. - Increased investment in technology, focusing on floating and ultra-large offshore wind power technology research, and upgrading the renewable energy monitoring center[107]. Shareholder Information - The total share capital of the company as of June 30, 2019, is RMB 8,036,389,000, divided into 8,036,389,000 shares with a par value of RMB 1.00 each[114]. - The board of directors did not propose any interim dividend for the six months ending June 30, 2019[115]. - The National Energy Group holds 4,696,360,000 shares, representing 100% of the relevant class of shares and 58.44% of the total share capital[118]. - Wellington Management Group LLP owns 337,479,270 H shares, accounting for 10.10% of the relevant class and 4.20% of the total share capital[118]. - BlackRock, Inc. controls 270,806,135 H shares, which is 8.11% of the relevant class and 3.37% of the total share capital[118]. - JPMorgan Chase & Co. holds 251,072,564 H shares, representing 7.52% of the relevant class and 3.12% of the total share capital[118]. Legal and Compliance - There are no significant legal disputes or arbitrations involving the group as of June 30, 2019[127]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[115].

Installed Capacity and Generation - As of the end of 2018, the installed capacity of Longyuan Power reached 21,044 MW, with wind power capacity at 18,919 MW, making it the largest wind power operator globally [46]. - In 2018, the total wind power generation was 39.542 billion kWh, an increase of 5.094 billion kWh year-on-year, representing a growth of 14.78% [49][50]. - The total installed capacity of Longyuan Power Group's wind power projects is 4,000.00 MW, with significant contributions from various subsidiaries [73]. - The company has a total installed capacity of 18,918.8 MW in wind power across 29 regions [100]. - The company has a total installed capacity of 1,215.00 MW from various wind power projects, with significant contributions from subsidiaries like Jiangyin Sulong Thermal Power Co., Ltd. and Longyuan Power Group Co., Ltd. [84]. Financial Performance - The company achieved a pre-tax profit of RMB 5.897 billion in 2018, a year-on-year increase of 7.9%, and a net profit attributable to equity holders of RMB 4.166 billion, up 8.3% [49]. - The total revenue for 2018 was RMB 26.388 billion, reflecting a year-on-year growth of 7.3% [49]. - The company reported a total of 396.50 MW from its wind power projects in Shanxi Province, with additional capacities of 198.00 MW in Anhui Province and 144.10 MW in Shaanxi Province [88][91]. - In 2018, the company achieved a net profit of RMB 4.921 billion, an increase of 8.2% compared to RMB 4.550 billion in 2017 [128]. - The wind power segment's revenue in 2018 was RMB 18.424 billion, a 14.6% increase from RMB 16.072 billion in 2017, driven by higher sales volume [162]. Operational Efficiency and Management - The average wind power utilization hours were 2,209 hours, exceeding the industry average by 114 hours [50]. - The company is committed to deepening reforms and improving management efficiency through systematic construction and advanced management practices [53]. - The company implemented strict dual control over curtailment ratio and volume, enhancing management and marketing strategies to maximize benefits [116]. - The company has established a risk prevention and control system to enhance operational safety and efficiency in wind power generation [115]. - The company is focusing on technological upgrades and equipment efficiency improvements to drive operational performance in wind farms [115]. Project Development and Expansion - In 2018, the company approved wind power projects totaling 1,710 MW, with new wind power installations of 523.5 MW [46][51]. - The company is actively expanding its renewable energy projects across various provinces in China and internationally, including Canada and South Africa [70]. - The group has a total of 7.0 GW of approved wind power projects that are not yet operational, which will support ongoing development needs during the 13th Five-Year Plan period [120]. - The company is actively pursuing market expansion through acquisitions and partnerships, enhancing its operational footprint in the renewable energy sector [84]. - The company plans to ensure that the national average wind power utilization rate exceeds 90% by 2019, with a target to control the curtailment rate below 10% [111]. Awards and Recognition - The company has been recognized as one of the "Top 500 Global New Energy Enterprises" for six consecutive years, highlighting its strong market presence [71]. - The company received the "Best Listed Company" award at the 8th China Securities "Golden Bauhinia" Awards [103]. - The company was awarded the "Demonstration Unit for Corporate Culture Construction in the National Power Industry" by the China Electric Power Enterprise Union [104]. - The company’s wind power projects in Shandong, Guangxi, and Shanghai received the "China Power Quality Engineering Award" [105]. - The company’s tidal power test station won the "Outstanding Marine Engineering" honor from the China Ocean Engineering Consulting Association [105]. Strategic Focus and Future Goals - The company plans to focus on high-quality development and innovation-driven strategies to enhance its competitiveness in the global renewable energy market [52][53]. - The company aims to increase its renewable energy capacity significantly in the coming years, aligning with national energy policies and sustainability goals [84]. - The company aims to build a world-class renewable energy company with global competitiveness by 2020, in line with national development goals [200]. - The company is committed to achieving its operational goals for 2019 by adhering to the principles of stability and progress, and by implementing an innovation-driven development strategy [200]. - The company is actively involved in the "Belt and Road" initiative, showcasing its overseas development achievements during the BRICS summit in South Africa [107].