Financial Performance - For the year ended December 31, 2023, revenue was RMB 37.638 billion, a decrease of 5.6% compared to the previous year[2]. - For the same period, profit before tax was RMB 8.398 billion, an increase of 9.3% year-on-year[4]. - Net profit attributable to equity holders was RMB 6.355 billion, reflecting a growth of 23.9% compared to last year[2]. - Earnings per share for the year was RMB 0.7398, an increase of RMB 0.1536 from the previous year[2]. - Total comprehensive income for the year was RMB 6.891 billion, compared to RMB 6.096 billion in 2022[6]. - The company reported a net financial expense of RMB 3.437 billion, down from RMB 3.800 billion in the previous year[4]. - The company’s coal sales cost decreased significantly to RMB 3.119 billion from RMB 6.275 billion in 2022[4]. - The company’s total revenue from technical service fees increased to RMB 387,004,000 in 2023, up from RMB 249,129,000 in 2022, representing a growth of approximately 55.41%[49]. - The company reported a net loss of RMB 28,596 thousand from the disposal of subsidiaries, indicating challenges in this area[44]. - The company achieved a net profit of RMB 6.868 billion in 2023, representing a 12.1% increase from RMB 6.128 billion in 2022[104]. Assets and Liabilities - Non-current assets increased to RMB 184.907 billion from RMB 170.707 billion in 2022[7]. - Current assets decreased to RMB 45.008 billion from RMB 52.905 billion in 2022[7]. - Total current liabilities decreased to RMB 71,254,606 thousand in 2023 from RMB 74,279,570 thousand in 2022, representing a reduction of approximately 2.8%[8]. - Total non-current liabilities increased to RMB 76,634,457 thousand in 2023 from RMB 69,536,675 thousand in 2022, reflecting an increase of about 10.1%[8]. - Total assets minus current liabilities rose to RMB 158,660,533 thousand in 2023, up from RMB 149,331,785 thousand in 2022, indicating an increase of approximately 6.8%[8]. - The company's total equity increased to RMB 82,026,076 thousand in 2023 from RMB 79,795,110 thousand in 2022, marking a growth of about 2.8%[8]. - The company's total liabilities increased to RMB 147,889,063 thousand in 2023 from RMB 143,816,245 thousand in 2022, reflecting an increase of approximately 2.9%[8]. - The company's reserves increased to RMB 60,232,203 thousand in 2023 from RMB 55,008,230 thousand in 2022, representing an increase of about 9.9%[8]. - The company's borrowings decreased from RMB 53,279,235 thousand in 2022 to RMB 49,498,691 thousand in 2023, a decline of approximately 7.5%[8]. - The company's total borrowings increased to RMB 72,780,016 thousand in 2023 from RMB 66,445,183 thousand in 2022, reflecting an increase of about 9.4%[8]. Segment Performance - The group reported total revenue of RMB 38,405,434,000 for the year ending December 31, 2023, with significant contributions from the wind power segment at RMB 27,496,401,000, thermal power at RMB 8,418,208,000, and photovoltaic power at RMB 1,408,072,000[26]. - The operating profit for the group was RMB 12,033,730,000, with the wind power segment contributing RMB 11,010,584,000, thermal power RMB 394,869,000, and photovoltaic power RMB 627,146,000[26]. - The profit from reportable segments increased to RMB 12,033,730,000 in 2023, compared to RMB 11,450,511,000 in 2022, reflecting a growth of 5.1%[30]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% from RMB 27.248 billion in 2022, attributed to increased installed capacity and electricity sales[124]. - The thermal power segment's revenue decreased by 28.1% to RMB 8.418 billion from RMB 11.716 billion in 2022, mainly due to reduced coal sales volume and average selling price[126]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion from RMB 0.657 billion in 2022, driven by increased installed capacity and electricity sales[129]. Cash Flow and Investments - The net cash inflow from operating activities in 2023 was RMB 13.884 billion, down RMB 15.684 billion from RMB 29.568 billion in 2022, mainly due to a decrease in receivables from electricity sales subsidies[152]. - The net cash outflow from investment activities in 2023 was RMB 21.434 billion, an increase of RMB 2.325 billion from RMB 19.109 billion in 2022, primarily for wind and photovoltaic power project construction[152]. - The net cash outflow from financing activities in 2023 was RMB 6.264 billion, a decrease of RMB 10.241 billion from a net inflow of RMB 3.977 billion in 2022, mainly due to loan repayments and interest payments[152]. - In 2023, the company's capital expenditures amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022[145]. - Wind power project expenditures were RMB 10.469 billion, accounting for 43.8% of total capital expenditures, while photovoltaic project expenditures were RMB 12.014 billion, making up 50.3%[146]. Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2023[177]. - The company has adopted the standard code for securities trading for all directors and supervisors, confirming compliance during the reporting period[178]. - The audit committee has reviewed the group's performance for the year 2023 and the financial statements prepared in accordance with International Financial Reporting Standards[181]. - The company has appointed Ernst & Young as the auditor for the financial statements for the year ending December 31, 2023, with an audit fee of RMB 13.24 million (excluding tax)[179]. - The company has engaged Zhongshen Zhonghuan Certified Public Accountants as its Chinese auditor for the year 2023, with an audit fee of RMB 9.929 million (excluding tax)[180]. Future Outlook and Strategy - The company plans to accelerate the development of renewable energy, particularly wind and solar power, as part of the national energy strategy[69]. - The group is focusing on the development of offshore wind power projects in Jiangsu, Hainan, Shanghai, and Guangdong, achieving new breakthroughs[83]. - The group is enhancing strategic collaboration and leveraging integrated advantages to promote large-scale project development[83]. - The group has developed new models for long-term electricity price forecasting and multi-period trading strategy risk control[89]. - The group aims to improve local grid structures and expand consumption channels to address risks associated with weak grid infrastructure in certain regions[155].

Revenue Performance - For the nine months ended September 30, 2023, the group's revenue was RMB 28.10 billion, a decrease of 7.00% compared to the same period last year[2] - Wind power revenue (excluding concession service income) was RMB 20.86 billion, an increase of 3.53% year-on-year[4] - Thermal power revenue was RMB 6.21 billion, a decrease of 34.17% compared to the previous year[4] Profitability - Net profit attributable to equity holders of the company was RMB 6.38 billion, an increase of 18.95% year-on-year[2] - The group reported a total operating profit of RMB 11.15 billion, an increase from RMB 10.78 billion in the previous year[2] - The group’s financial expenses decreased to RMB 2.51 billion from RMB 2.93 billion year-on-year[2] Power Generation - Total power generation reached 55,504,550 MWh, an increase of 7.87% year-on-year[1] - Wind power generation was 44,673,091 MWh, up 6.17% from the previous year[1] - The thermal power generation decreased to 7,645,833 MWh, down 4.76% from 8,027,779 MWh in the previous year[8] - Other renewable energy generation increased significantly by 136.43% to 3,185,625 MWh[1] - The total power generation for the nine months ending September 30, 2023, was 55,504,550 MWh, representing a 7.87% increase from 51,453,461 MWh in the same period of 2022[8] Regional Performance - Notable regional performance included a 36.93% increase in Guangxi, generating 1,829,084 MWh, and a 22.12% increase in Hunan, with 578,745 MWh generated[7] - The company reported a decrease in power generation from Canada by 17.95%, down to 161,257 MWh from 196,523 MWh[7] - The company experienced a 22.81% increase in power generation from South Africa, reaching 600,100 MWh compared to 488,652 MWh previously[7] - The generation from Xinjiang decreased by 1.95%, totaling 3,014,967 MWh compared to 3,074,827 MWh last year[7] Future Strategies - The company aims to continue expanding its renewable energy capacity and improve operational efficiency in the coming quarters[9] - Future strategies include enhancing technological advancements in power generation and exploring potential mergers and acquisitions to strengthen market position[9]

Financial Performance - The company reported consolidated operating revenue of RMB 19.847 billion for the six months ended June 30, 2023, a decrease of 8.4% compared to RMB 21.662 billion for the same period in 2022[2]. - The pre-tax profit increased by 10.9% to RMB 6.999 billion, up from RMB 6.309 billion in the previous year[14]. - Net profit attributable to equity holders of the company rose by 18.3% to RMB 5.124 billion, compared to RMB 4.332 billion in the same period last year[14]. - Basic earnings per share increased to RMB 0.5997, up from RMB 0.5052 in the previous year, reflecting a growth of 18.6%[14]. - The total comprehensive income for the period was RMB 5.838 billion, compared to RMB 5.240 billion in the same period last year[14]. - In the first half of 2023, the company achieved a net profit of RMB 5.834 billion, an increase of 13.5% compared to RMB 5.140 billion in the same period of 2022[83]. - The profit attributable to equity holders of the company reached RMB 51.24 billion, up 18.3% from RMB 43.32 billion in the first half of 2022[136]. Revenue Segments - The wind power segment's sales revenue in the first half of 2023 was RMB 15.215 billion, up 6.4% from RMB 14.294 billion in the same period of 2022[84]. - The coal sales revenue from the thermal power segment in the first half of 2023 was RMB 1.507 billion, a significant decrease of 64.4% from RMB 4.237 billion in the same period of 2022[88]. - The photovoltaic power generation segment's sales revenue increased by 47.4% to RMB 460 million in the first half of 2023, compared to RMB 312 million in the same period of 2022[88]. - The wind power segment's revenue for the first half of 2023 was RMB 152.15 billion, a growth of 6.4% from RMB 143.06 billion in the same period of 2022[140]. - The thermal power segment's revenue decreased by 40.9% to RMB 41.03 billion, down from RMB 69.47 billion in the same period of 2022[148]. - The photovoltaic segment's revenue surged by 47.8% to RMB 4.61 billion, compared to RMB 3.12 billion in the first half of 2022[156]. Capacity and Generation - The total installed capacity of power generation in the country reached 2.71 billion kilowatts, a year-on-year increase of 10.8%[22]. - Non-fossil energy generation capacity grew by 18.6% to 1.39 billion kilowatts, accounting for 51.5% of the total installed capacity, an increase of 3.4 percentage points year-on-year[22]. - Wind power generation capacity increased by 13.7% to 390 million kilowatts, while solar power capacity surged by 39.8% to 470 million kilowatts[22]. - The total electricity generation for the first half of 2023 reached 39,746,820 MWh, representing a year-on-year increase of 9.48%, with wind power generation increasing by 9.57% to 33,108,421 MWh[35]. - The company launched 36 new projects in the first half of 2023, with a total installed capacity of 515.41 MW, including 125.20 MW from wind and 390.21 MW from solar[52]. - The installed capacity of the company as of June 30, 2023, was 31,623.25 MW, with wind power accounting for 26,317.04 MW and solar power for 3,431.21 MW[52]. Costs and Expenses - Operating expenses for the first half of 2023 were RMB 11.896 billion, a decrease of 15.5% from RMB 14.079 billion in the same period of 2022[93]. - The company's depreciation and amortization expenses were RMB 5.285 billion, an increase of 6.4% compared to RMB 4.967 billion in the same period of 2022[96]. - Employee costs rose to RMB 2.182 billion in the first half of 2023, an increase of 18.1% from RMB 1.847 billion in the first half of 2022[106]. - Material costs decreased to RMB 0.058 billion in the first half of 2023, down 43.1% from RMB 0.102 billion in the first half of 2022[108]. - Maintenance costs were RMB 0.313 billion in the first half of 2023, a decrease of 11.6% from RMB 0.354 billion in the first half of 2022[112]. - Administrative expenses slightly increased to RMB 0.332 billion in the first half of 2023, up 0.3% from RMB 0.331 billion in the first half of 2022[116]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 2,333.40 billion, an increase of RMB 101.18 billion from RMB 2,232.22 billion at the end of 2022[170]. - Total liabilities increased to RMB 1,491.72 billion, up RMB 56.95 billion from RMB 1,434.77 billion at the end of 2022[170]. - The equity attributable to equity holders of the company rose to RMB 723.97 billion, an increase of RMB 39.48 billion from RMB 684.49 billion at the end of 2022[170]. - The company's current assets amounted to RMB 569.27 billion, an increase of RMB 40.62 billion from RMB 528.65 billion as of December 31, 2022[178]. - The company's current liabilities decreased to RMB 713.89 billion as of June 30, 2023, from RMB 740.27 billion as of December 31, 2022[182]. - The net current liabilities decreased to RMB 144.62 billion as of June 30, 2023, from RMB 211.62 billion as of December 31, 2022[182]. Strategic Initiatives - The company is committed to enhancing safety management and has implemented a "100-day attack" action plan to improve production safety, resulting in a 23.80% increase in the number of long-running units compared to the previous year[37]. - The company is focused on digital transformation and innovation as part of its strategy to become a world-class renewable energy company[35]. - The company is actively participating in carbon market construction, issuing approximately 1.72 million green certificates to achieve 100% green electricity usage for its headquarters and training base[70]. - The company is focusing on the development of emerging technologies such as energy storage, hydrogen, and ammonia energy[50]. - The company is advancing the integration of floating wind and fishery projects, with the foundational structure ready for installation[62]. - The company is focusing on strategic planning for international cooperation, with ongoing projects in South Africa, Brunei, and Singapore[68]. Financing and Investments - The company issued 11 short-term financing bonds in the first half of 2023, successfully raising over RMB 30 billion in low-cost bank loans[65]. - The company's capital expenditures for the first half of 2023 were RMB 92.86 billion, a 40.6% increase from RMB 66.04 billion in the same period of 2022[195]. - The company's capital expenditures for wind power projects were RMB 36.72 billion, while expenditures for other renewable energy projects were RMB 53.82 billion[196]. - The company did not have any significant investments in the first half of 2023[200].

Financial Performance - For the six months ended June 30, 2023, revenue was RMB 19.847 billion, a decrease of 8.4% compared to the same period in 2022[2]. - For the same period, profit before tax was RMB 6.999 billion, an increase of 10.9% year-over-year[2]. - Net profit attributable to equity holders was RMB 5.124 billion, reflecting an 18.3% increase compared to the previous year[2]. - Earnings per share for the period was RMB 0.5997, up RMB 0.0945 from the same period in 2022[2]. - The company reported a total comprehensive income of RMB 5.838 billion for the period, compared to RMB 5.240 billion in the previous year[5]. - The profit from continuing operations for the six months ended June 30, 2023, was RMB 835 million, a turnaround from a loss of RMB 661 million in the same period of 2022[17]. - The company achieved a net profit of RMB 5.834 billion, an increase of 13.5% compared to RMB 5.140 billion in the same period of 2022[87]. - The profit attributable to equity holders for the six months ended June 30, 2023, was RMB 5,124,290,000, an increase from RMB 4,332,145,000 in 2022, representing a growth of approximately 16.3%[49]. - The profit attributable to ordinary shareholders for the same period was RMB 5,026,897,000, compared to RMB 4,215,731,000 in 2022, reflecting an increase of about 19.3%[49]. Assets and Liabilities - Non-current assets totaled RMB 176.414 billion as of June 30, 2023, compared to RMB 170.358 billion at the end of 2022[8]. - Current assets increased to RMB 56.927 billion from RMB 52.864 billion at the end of 2022[8]. - Total assets as of June 30, 2023, amounted to RMB 233.34 billion, an increase of RMB 10.12 billion from RMB 223.22 billion as of December 31, 2022[119]. - Total liabilities as of June 30, 2023, were RMB 149.17 billion, up RMB 5.69 billion from RMB 143.48 billion as of December 31, 2022[121]. - The total equity attributable to equity holders of the company rose to RMB 72,397,208,000 from RMB 68,449,461,000, marking an increase of approximately 5.4%[10]. - The net current liabilities improved to RMB (14,462,120,000) from RMB (21,162,316,000), indicating a significant enhancement in liquidity position[11]. - The current ratio improved to 0.80 as of June 30, 2023, compared to 0.71 as of December 31, 2022, primarily due to an increase in current assets[127]. Revenue Segmentation - Revenue from electricity sales for the six months ended June 30, 2023, reached RMB 17,576 million, compared to RMB 19,846 million in total segment revenue[21]. - The wind power segment's sales revenue was RMB 15.215 billion, representing 76.6% of total revenue, and increased by 6.4% from RMB 14.294 billion in 2022[90]. - Thermal power segment revenue decreased by 40.9% to RMB 4.103 billion in the first half of 2023, down from RMB 6.947 billion in the same period of 2022[111]. - Solar power segment revenue grew by 47.8% to RMB 461 million in the first half of 2023, compared to RMB 312 million in the same period of 2022[115]. - The photovoltaic power generation segment reported operating revenue of RMB 4.61 billion for the first half of 2023, a 47.8% increase from RMB 3.12 billion in the same period of 2022[116]. Costs and Expenses - The total cost of inventory for the first half of 2023 was RMB 3,253,066,000, down from RMB 6,033,151,000 in 2022, showing a decrease of 46.0%[38]. - Operating expenses decreased by 15.5% to RMB 11.896 billion from RMB 14.079 billion in 2022, primarily due to lower coal sales costs[93]. - Employee costs increased by 18.1% to RMB 2.182 billion from RMB 1.847 billion in 2022, attributed to a rise in workforce and salary adjustments[98]. - Depreciation and amortization expenses rose by 6.4% to RMB 5.285 billion from RMB 4.967 billion in the previous year, driven by increased costs in the wind power segment[94]. Market and Operational Insights - In the first half of 2023, the national electricity consumption reached 4,307.6 billion kWh, representing a year-on-year growth of 5.0%[58]. - The total installed power generation capacity in the country as of June 30, 2023, was 2,710 million kW, an increase of 10.8% year-on-year[59]. - Wind power generation capacity increased to 390 million kW, a year-on-year growth of 13.7%[59]. - The company experienced seasonal fluctuations in wind power revenue, with higher income generated in the first and fourth quarters due to favorable wind speeds[25]. - The average utilization hours for wind power in the first half of 2023 were 1,271 hours, an increase of 98 hours compared to the same period in 2022, attributed to improved reliability and increased average wind speed[67]. Strategic Initiatives - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[18]. - The company is focusing on safety management and environmental protection, with its Tianjin and Anhui subsidiaries recognized as outstanding cases in national health enterprise construction[66]. - The company is committed to becoming a world-class renewable energy company, emphasizing digital transformation and innovation[65]. - The company is actively enhancing communication with major coal suppliers to ensure timely and sufficient delivery of contracted coal[144]. - The company is implementing measures to manage interest rate risks by collaborating with financial institutions and optimizing financing strategies[142]. Governance and Compliance - The company has fully complied with the Corporate Governance Code during the reporting period from January 1 to June 30, 2023[149]. - The company has established an Audit Committee responsible for overseeing financial reporting and risk management[151]. - The Audit Committee consists of three directors, with Zhao Feng serving as the chairperson[152].

Financial Performance - In 2022, the company achieved a total revenue of RMB 39,862 million, marking a significant increase from RMB 26,388 million in 2021, representing a year-on-year growth of 50.8%[10] - The company's profit before tax for 2022 was RMB 10,020 million, up from RMB 6,922 million in 2021, reflecting a growth of 44.5%[12] - The net profit attributable to equity holders of the company reached RMB 7,433 million in 2022, compared to RMB 5,025 million in 2021, indicating a year-on-year increase of 47.9%[20] - In 2022, the company's revenue was RMB 39,861,647 thousand, a slight decrease of 0.03% compared to 2021[37] - The company's profit before tax in 2022 was RMB 7,683,712 thousand, down 23.2% from RMB 10,019,791 thousand in 2021[37] - The company reported a basic and diluted earnings per share of RMB 58.63 in 2022, a decrease of 34.4% from RMB 89.32 in 2021[37] - The company achieved a net profit of RMB 6.129 billion, a decrease of 27.2% compared to RMB 8.421 billion in 2021[190] - The company's revenue for 2022 was RMB 39.862 billion, slightly down by RMB 0.1 billion from RMB 39.872 billion in 2021[191] - The wind power segment's electricity sales and other income increased to RMB 27.191 billion in 2022, up 2.5% from RMB 26.540 billion in 2021[191] - The thermal power segment's coal sales revenue decreased to RMB 6.423 billion in 2022, down 16.5% from RMB 7.695 billion in 2021[191] - The thermal power segment's electricity sales revenue increased to RMB 4.069 billion in 2022, a growth of 15.7% from RMB 3.516 billion in 2021[191] - Other net income for 2022 was RMB 1.206 billion, a slight increase of 0.4% from RMB 1.201 billion in 2021[197] Installed Capacity and Production - The total installed capacity of the company reached 31,107.84 MW by the end of 2022, with wind power capacity accounting for 26,191.84 MW, maintaining its leading position in the market[3] - The company generated a total electricity output of 70,633,024 MWh in 2022, which is an increase of 11.6% compared to the previous year[4] - The total power generation of the group's wind farms in 2022 was 58,308,065 MWh, representing a 13.66% increase from 51,299,762 MWh in 2021[148] - The average utilization hours for wind power in 2022 were 2,296 hours, a decrease of 70 hours compared to 2021, primarily due to lower average wind speeds[145] - The group’s thermal power generation in 2022 was 10,572,663 MWh, down 1.9% from 10,776,027 MWh in 2021, with average utilization hours decreasing by 108 hours to 5,639 hours[153] - The company added a total of 2,409.60 MW of self-built installed capacity, including 534.40 MW of wind power and 1,875.20 MW of solar power[140] - The group added 62 GW of resource reserves in 2022, a 9.8% increase from 56.46 GW in 2021, with significant contributions from wind and solar projects[156] - The group achieved a breakthrough in development indicators with a total of 18.37 GW, including 13.14 GW from centralized development indicators[156] - The total installed capacity of the company reached 4,800 MW in Beijing and 933.0 MW in Guangxi, with significant contributions from other regions such as 1,375.7 MW in Heilongjiang and 5,435.8 MW in Shanghai[69] Market Expansion and Development - The company signed development agreements for over 62 GW and obtained development rights for over 18 GW in 2022, positioning itself as a leader in new energy development[3] - The company has expanded its business operations across 32 provinces in China and internationally in countries like Canada, South Africa, and Ukraine[42] - The company is actively pursuing market expansion and new technology development in the renewable energy sector[51] - Longyuan Power Group has a significant presence in the renewable energy sector, with 100% ownership in multiple wind and solar energy companies across China, including Longyuan (Qinghai) New Energy Development Co., Ltd.[58] - The company is committed to contributing to national carbon peak and carbon neutrality goals, focusing on becoming a globally competitive renewable energy company[140] - The company aims to enhance its market position through strategic acquisitions and expansions in both domestic and international markets[68] - The company is actively involved in the construction of large-scale wind and solar power bases in desert and arid regions, particularly in the Yellow River basin[138] Technological Innovation and Digital Transformation - The company plans to enhance its digital transformation and project development strategies in 2023 to ensure the achievement of production targets and improve operational efficiency[6] - The company has implemented a digital management platform to enhance safety and operational efficiency, including the development of a fault warning model and real-time monitoring systems[143] - The group implemented a digital management platform for construction sites, enhancing safety and efficiency through real-time monitoring[157] - The company launched the first online monitoring system for carbon emissions at the fuel end, ensuring 100% real-time collection, transmission, calculation, and analysis of carbon emission data[8] - The company revised its technology innovation plan for 2023-2025, aiming for significant advancements every three years and annual progress[184] - The company applied for a record 44 invention patents and 36 utility model patents in 2022, marking a historical high for invention patent applications[170] Awards and Recognition - The company received the "Best Listed Company" award at the China Securities Golden Bauhinia Awards, highlighting its strong governance and market reputation[4] - The company was recognized as a "Demonstration Enterprise for Credit System Construction in the Power Industry" in 2022[96] - The company’s project for "Wind Turbine Performance and Fault Diagnosis Technology Research" was awarded as one of the top ten solutions at the Digital China Summit[77] - The company’s carbon asset management subsidiary received the "Outstanding Service and Management Practice Certificate" from the Shanghai Environment and Energy Exchange[78] - The company was included in the "Top 500 Global New Energy Enterprises" list for ten consecutive years[80] Environmental Commitment - The company aims to promote green finance and has initiated measures to support renewable energy development, including the establishment of a national low-carbon transition fund[135] - The company developed over 15 million tons of emission reductions under the International Verified Carbon Standard (VCS) projects in 2022[176] - The company established a digital carbon inventory management system, standardizing and digitizing the carbon inventory process[176] - The company emphasized risk control in carbon trading, upgrading its carbon asset trading operation platform for automated risk control[176] Strategic Focus - The company aims to provide long-term stable returns to shareholders while striving to build a world-class renewable energy company with global competitiveness[6] - Longyuan Power Group's strategic focus includes enhancing its renewable energy capacity, with significant investments in new technologies and market expansion initiatives.[58] - The group plans to continue expanding its renewable energy projects, focusing on solar, wind, and emerging technologies like energy storage and hydrogen[154]

Revenue and Profit - The group reported a revenue of RMB 30.21 billion for the nine months ended September 30, 2022, representing a year-on-year increase of 9.41%[2] - The net profit attributable to equity holders of the company was RMB 5.36 billion, a decrease of 9.33% compared to the same period last year[2] - The company reported a net financial expense of RMB 2.93 billion, compared to RMB 2.60 billion in the previous year[2] - Other income amounted to RMB 851.14 million, slightly up from RMB 811.25 million in the previous year[2] Power Generation - The total electricity generation was 51,453,461 MWh, an increase of 11.84% from the previous year[1] - The total power generation for the nine months ending September 30, 2022, was 51,453,461 MWh, representing an increase of 11.84% compared to 46,008,125 MWh in the same period of 2021[8] - The renewable energy segment saw a significant increase in generation, with 1,347,376 MWh generated, up 87.16% from 719,923 MWh in the previous year[8] - The wind power business generated 42,078,307 MWh, an increase of 13.63% from 37,030,861 MWh in the same period last year[7] - The company’s coal-fired power generation remained stable at 8,027,779 MWh, a slight decrease of 2.78% from 8,257,341 MWh in the previous year[8] Segment Performance - Wind power segment revenue (excluding concession service income) was RMB 20.15 billion, up 6.50% compared to the same period last year[4] - The thermal power segment revenue reached RMB 9.44 billion, reflecting a growth of 15.37% year-on-year[4] - The company reported a total generation capacity of 28,862.25 TWh, which is a 15.95% increase from 24,891.79 TWh year-over-year[6] - The installed capacity for wind power as of September 30, 2022, was 25,711.44 MW, an increase of 14.71% from the previous year[5] Regional Performance - The company experienced a remarkable growth in the Guangxi region, with a generation increase of 305.20%, reaching 1,335,751 MWh compared to 329,649 MWh in the previous year[8] - The Hebei region maintained stable generation at 1,770.10 TWh, showing no change from the previous year[6] - The company reported a 54.82% increase in generation from the Tianjin and Shanxi regions, totaling 1,239.75 TWh compared to 1,041.75 TWh in the previous year[6] - The company’s total generation from other renewable energy sources increased by 111.65%, reaching 1,275.81 TWh compared to 602.80 TWh in the previous year[6] Future Plans - The company plans to continue expanding its renewable energy capacity and exploring new technologies to enhance operational efficiency[3] - The company’s overall performance indicates a strong upward trend in renewable energy generation, aligning with market expansion strategies[8]

Financial Performance - The company reported a consolidated operating revenue of RMB 21.662 billion for the six months ended June 30, 2022, representing an increase of 11.7% compared to RMB 19.385 billion in the same period of 2021[22]. - The pre-tax profit decreased to RMB 6.309 billion, down 13.1% from RMB 7.256 billion in the same period of 2021[22]. - The net profit attributable to equity holders of the company was RMB 4.333 billion, a decline of 17.5% from RMB 5.251 billion in the same period of 2021[22]. - Basic earnings per share decreased to RMB 0.5052, down from RMB 0.6385 in the same period of 2021[22]. - The company's net profit for the first half of 2022 was RMB 5.141 billion, a decrease of 14.9% from RMB 6.039 billion in the same period of 2021[63]. - The wind power segment's sales revenue for the first half of 2022 was RMB 14.293 billion, a slight increase of 0.6% from RMB 14.208 billion in the same period of 2021[64]. - The thermal power segment's sales revenue increased by 24.5% to RMB 2.040 billion in the first half of 2022, compared to RMB 1.639 billion in the same period of 2021[67]. - The company's operating expenses increased by 30.3% to RMB 14.079 billion in the first half of 2022, compared to RMB 10.802 billion in the same period of 2021[72]. - The company's operating profit for the first half of 2022 was RMB 819.6 million, a decline of 10.5% from RMB 915.8 million in the same period of 2021[85]. Assets and Liabilities - Total assets increased to RMB 216.873 billion as of June 30, 2022, compared to RMB 205.695 billion as of December 31, 2021[23]. - The total liabilities rose to RMB 137.038 billion, up from RMB 127.671 billion as of December 31, 2021[23]. - The company's net assets amounted to RMB 79.835 billion, an increase from RMB 78.024 billion as of December 31, 2021[23]. - The company's current assets reached RMB 502.49 billion as of June 30, 2022, an increase of RMB 105.25 billion from RMB 397.24 billion at the end of 2021[113]. - The company's net current liabilities decreased to RMB 165.67 billion as of June 30, 2022, down RMB 59.49 billion from RMB 225.16 billion at the end of 2021[116]. - The net debt-to-equity ratio as of June 30, 2022, was 54.18%, a decrease of 2.23 percentage points from 56.41% at the end of 2021[130]. Power Generation and Capacity - The total installed power generation capacity in the country reached 2.44 billion kilowatts, a year-on-year increase of 8.1%[25]. - Wind power generation capacity grew by 17.2% year-on-year, reaching 340 million kilowatts, while solar power generation capacity increased by 25.8%[25]. - In the first half of 2022, the company achieved a total power generation of 36.305 billion kWh, representing a year-on-year increase of 9.66%[36]. - Wind power generation reached 30.216 billion kWh, up 10.25% year-on-year, while solar and other renewable energy generation surged by 86.02% to 0.818 billion kWh[36]. - As of June 30, 2022, the company's total installed capacity reached 28,827.99 MW, with wind power accounting for 25,711.44 MW[36]. - The total installed capacity of wind farms increased to 25,711.44 MW as of June 30, 2022, up 14.63% from 22,429.14 MW in 2021[47]. Renewable Energy Initiatives - The company aims to enhance its green and low-carbon technology development in line with national policies promoting carbon peak and carbon neutrality[26]. - Non-fossil energy consumption is targeted to reach approximately 17.3% of total energy consumption, with an additional 180 billion kWh of electricity substitution planned[28]. - Wind and solar power generation is expected to account for about 12.2% of total electricity consumption[28]. - The plan includes large-scale development of renewable energy, particularly in the "Three North" regions for wind and solar power[28]. - The government aims to enhance the green power trading system and promote the consumption of renewable energy across various sectors[30]. - The renewable energy consumption guarantee mechanism is being improved to support the development of renewable energy projects[29]. - The company is actively developing green finance initiatives and promoting the use of renewable energy sources such as wind, solar, and biomass[35]. Financial Management and Investments - The company received RMB 50 billion in renewable energy subsidies from the central government to support energy supply and alleviate coal power companies' financial pressures[35]. - The company reported a net cash outflow of RMB 2.038 billion from investment activities in the first half of 2022, mainly for wind power project construction[138]. - The company faced risks related to policy changes in the electricity market, with ongoing reforms and an expanding scale of new energy market transactions, necessitating close monitoring of national policies to secure long-term sales revenue[140]. - The company issued A-shares for asset acquisition and cash purchases, resulting in a net decrease in equity attributable to equity holders of RMB 38.40 billion[106]. - The company acquired 100% equity of Northeast New Energy for RMB 794 million, Shaanxi New Energy for RMB 816 million, Guangxi New Energy for RMB 986 million, Yunnan New Energy for RMB 752 million, Gansu New Energy for RMB 442 million, Tianjin Clean Energy for RMB 600 million, and Inner Mongolia New Energy for RMB 791 million, totaling RMB 4.4 billion in acquisitions[133]. Corporate Governance and Management - The group has established a modern corporate governance structure to create shareholder value, adhering to the Corporate Governance Code[148]. - The board consists of three independent non-executive directors with appropriate professional qualifications, ensuring compliance with listing rules[152]. - The group has implemented a board diversity policy to support strategic goals and sustainable development, considering various factors in board composition[151]. - The company’s internal audit and risk management systems are overseen by the audit committee, ensuring compliance with financial reporting standards[153]. - The group has implemented a performance-based compensation system that links employee salaries to the company's economic performance and individual contributions[170]. - The group continues to promote a "big training" system to enhance employee growth and development[170]. Market and Competitive Landscape - The group actively explores market potential in Central and Eastern Europe, Southern Africa, and Southeast Asia, aiming for regional development and breakthroughs in key markets[53]. - The group aims to enhance market competitiveness and governance capabilities, focusing on risk management, development, and digital transformation[147]. - The group is committed to executing long-term coal supply agreements to ensure timely supply and compliance, while closely monitoring market trends to optimize procurement strategies[145].

Financial Performance - In 2021, the company achieved a total operating revenue of RMB 37.195 billion, representing a year-on-year increase of 29.75%[7] - The net profit attributable to shareholders reached RMB 6.413 billion, up 27.63% compared to the previous year[7] - The company's revenue for 2021 reached RMB 37,195 million, a significant increase from RMB 28,667 million in 2020, representing a growth of approximately 29.5%[10] - The pre-tax profit for 2021 was RMB 8,756 million, up from RMB 6,922 million in 2020, indicating a growth of about 26.5%[11] - The net profit attributable to equity holders for 2021 was RMB 6,413 million, compared to RMB 5,025 million in 2020, reflecting an increase of approximately 27.6%[24] - The earnings per share (EPS) for 2021 was RMB 76.63, a rise from RMB 58.81 in 2020, marking an increase of around 30.3%[14] Installed Capacity and Power Generation - The total installed capacity of the company reached 26,699 MW by the end of 2021, with wind power capacity at 23,668 MW, maintaining the global leading position[5] - The total power generation for the year was 63,285,328 MWh, an increase of 19.26% year-on-year[6] - The total installed capacity of various power sources reached 26,699 MW by the end of 2021, with wind power accounting for 23,668 MW, maintaining a leading position among global wind power operators[27] - The company added a total of 2,104 MW of new installed capacity in 2021, with 1,451 MW from wind power[193] - The total electricity generation reached 63,285,328 MWh, representing a year-on-year increase of 19.26%, with wind power generation contributing 51,299,762 MWh, up 17.44% year-on-year[193] Strategic Development and Expansion - The company signed development agreements for over 56.46 GW and obtained development rights for 18.36 GW, both historical highs[7] - The company plans to leverage its A-share listing to enhance competitiveness and capitalize on strategic opportunities in the renewable energy sector[9] - The company continues to expand its operations in various renewable energy sectors, including wind, solar, biomass, tidal, geothermal, and thermal power projects across 32 provinces in China and internationally[27] - The company is expanding its international presence, with 100% ownership in Longyuan Canada Renewable Energy Co., Ltd. and Longyuan South Africa Renewable Energy Co., Ltd., both contributing substantial capacity[28] - The company has plans for strategic acquisitions to bolster its renewable energy portfolio and expand its market reach[32] Digital Transformation and Innovation - The company implemented a digital transformation strategy, connecting nearly 14,000 wind turbines to a digital platform, with 45 million data access points[7] - The company has initiated a digital transformation plan, achieving nearly 100% data collection and implementing a new operational model with unmanned stations[195] - The company has developed a self-owned power forecasting system for renewable energy stations to promote coordinated development between generation and grid[195] - The company has established a risk data repository and improved its risk management system in compliance with national safety production regulations[194] Sustainability and Environmental Commitment - The company is committed to sustainability and aims to achieve carbon neutrality by 2030[32] - Longyuan Power Group has been recognized as a "Carbon Neutral Pioneer Enterprise" for its efforts in green and low-carbon development[172] - The company completed a carbon trading transaction of 210,000 tons in South Africa, with a transaction value of $350,000, marking the first large-scale renewable energy project international voluntary emission reduction transaction in South Africa[174] Operational Efficiency - The company achieved a wind power utilization hour of 2,366 hours, exceeding the industry average by 134 hours[7] - The average utilization hours for wind power in 2021 were 2,366 hours, an increase of 127 hours compared to 2020, attributed to higher wind speeds and improved equipment management[195] - The company reported a 100% operational efficiency for multiple projects, including 350.50 MW in Dafeng and 388.30 MW in Xuyi[88] - The company has focused on addressing systemic issues in equipment management, aiming for the construction of fault-free wind farms[195] Government Policies and Market Trends - The Chinese government aims for non-fossil energy consumption to reach 20% by 2025 and 25% by 2030, emphasizing the importance of renewable energy in achieving carbon neutrality goals[179] - The total installed capacity for wind and solar power is projected to exceed 1,200 GW by 2030, with a focus on large-scale development and high-quality growth of these energy sources[180] - The government encourages renewable energy companies to build or purchase peak-shaving capabilities to increase grid connection scale, with initial capacity linked to 15% of power output[183] - The integration of source, grid, load, and storage is being promoted to ensure the consumption of renewable energy and support the healthy development of new energy[181]

Revenue and Profit - The group's revenue for the three months ended March 31, 2022, was RMB 10.422 billion, an increase of 4.76% compared to the same period last year[2]. - Net profit attributable to equity holders of the company was RMB 2.258 billion, a decrease of 22.88% compared to the same period last year[2]. - The group reported a total operating profit of RMB 4.368 billion, down from RMB 5.057 billion in the same period last year[2]. - Financial expenses decreased to RMB 954.183 million from RMB 1.078 billion year-on-year[2]. - The other revenue increased to RMB 179.747 million, up 42.86% year-on-year[5]. Power Generation - The total power generation for the group was 18,216,668 MWh, an increase of 4.83% year-on-year, with wind power generation increasing by 5.13% to 15,142,123 MWh[1]. - Wind power generation for the three months ended March 31, 2022, was 15,142,123 MWh, up 5.13% from 14,403,790 MWh in the same period last year[8]. - The renewable energy segment saw a significant increase in generation, with a 93.04% rise to 1,163.64 MWh compared to 602.80 MWh previously[7]. - The hydropower generation in Henan increased by 121.53% to 110,708 MWh from 49,974 MWh in the previous year[9]. - The company experienced a 58.97% increase in other renewable energy generation, reaching 319,829 MWh compared to 201,192 MWh last year[9]. - The coal-fired power generation remained stable at 2,754,717 MWh, showing a slight decrease of 0.64% from 2,772,571 MWh[9]. - The company reported a 54.82% increase in power generation in Tianjin, reaching 254,410 MWh compared to 169,179 MWh last year[8]. - The company reported a total generation of 18,216,668 MWh for the three months ended March 31, 2022, which is a 4.83% increase from 17,377,553 MWh year-over-year[9]. Installed Capacity - The installed capacity for wind power as of March 31, 2022, was 25,661.44 MW, representing a growth of 14.80% from the previous year[6]. - The total installed capacity as of March 31, 2022, was 28,700.08 MW, representing a 15.58% increase from 24,830.44 MW in the previous year[7]. Strategic Initiatives - The group completed the acquisition of assets from subsidiaries of the State Energy Investment Group, with the final registration completed between January 4 and January 6, 2022[3]. - The company plans to continue expanding its renewable energy capacity and improve operational efficiency in the coming quarters[10]. - The company is focusing on strategic acquisitions to enhance its market position and diversify its energy portfolio[10]. Accounting Policies - The group plans to implement new accounting policies effective from January 1, 2022, in accordance with the revised International Accounting Standard 16[4].

Financial Performance - The company reported a consolidated operating revenue of RMB 17.877 billion for the six months ended June 30, 2021, representing a 25.7% increase from RMB 14.218 billion in the same period of 2020[25]. - The profit before tax was RMB 6.375 billion, up 38.8% from RMB 4.594 billion year-on-year[25]. - Net profit attributable to equity holders of the company was RMB 4.540 billion, a 36.3% increase compared to RMB 3.331 billion in the same period last year[25]. - Basic earnings per share increased to RMB 0.5500 from RMB 0.3994, reflecting a rise of RMB 0.1506[25]. - In the first half of 2021, the company achieved a net profit of RMB 5.249 billion, a 39.0% increase from RMB 3.776 billion in the same period of 2020[55]. - The company's operating revenue for the first half of 2021 was RMB 17.877 billion, up 25.7% from RMB 14.218 billion in the same period of 2020[56]. - The wind power segment's sales revenue was RMB 12.738 billion, a 20.2% increase from RMB 10.601 billion in the same period of 2020[56]. - The thermal power segment's operating income reached RMB 4.826 billion, a significant increase of 44.9% from RMB 3.330 billion in the same period of 2020[94]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 5,250,807 thousand, an increase of 51.0% compared to RMB 3,479,309 thousand for the same period in 2020[158]. Assets and Liabilities - The total assets of the company amounted to RMB 180.235 billion, with total liabilities of RMB 109.733 billion[26]. - As of June 30, 2021, the company's net asset per share was RMB 7.60, up from RMB 7.18 at the end of 2020[26]. - The equity attributable to equity holders was RMB 61.042 billion, an increase of RMB 3.354 billion from RMB 57.688 billion as of December 31, 2020[100]. - Current assets were RMB 33.425 billion, an increase of RMB 2.241 billion from RMB 31.184 billion as of December 31, 2020[103]. - The current ratio improved to 0.64 from 0.59 as of December 31, 2020, due to an increase in current assets and a slight decrease in current liabilities[107]. - Total liabilities reached RMB 109.733 billion, up by RMB 0.896 billion from RMB 108.837 billion as of December 31, 2020[100]. - The company's total equity increased to RMB 70,502,341 thousand as of June 30, 2021, compared to RMB 66,448,974 thousand as of December 31, 2020, marking a growth of 6.1%[161]. Renewable Energy Development - The total installed capacity of wind power reached 290 million kW, a year-on-year increase of 34.7%[27]. - The company plans to continue expanding its renewable energy capacity in response to the growing demand for electricity and the shift towards green energy[27]. - The Chinese government aims for renewable energy to account for over 50% of total installed power capacity by the end of the 14th Five-Year Plan[29]. - The guaranteed grid connection scale for renewable energy projects in 2021 is set to be no less than 90 million kW[31]. - The government plans to ensure that the proportion of photovoltaic installation on rooftops of government buildings reaches at least 50%[31]. - The new energy consumption is expected to account for about two-thirds of the increase in total electricity consumption in society[29]. - The market for wind and solar energy is entering a stage of parity, reducing reliance on fiscal subsidies[29]. - The company plans to strengthen its position in the renewable energy sector, focusing on solar and wind power development during the 14th Five-Year Plan[45]. Operational Efficiency - The company has completed 645 renewable energy generation subsidy projects in the 12th batch, with an approved capacity of 3,949.01 MW, including 21 centralized wind power projects with a capacity of 1,320 MW[37]. - The average utilization hours for wind power in the first half of 2021 were 1,297 hours, an increase of 110 hours compared to the same period in 2020, attributed to improved wind resources and equipment management[40]. - The average capacity factor for wind power in the first half of 2021 was 30%, compared to 27% in the same period of 2020, indicating improved efficiency[43]. - The company is focusing on digital transformation and has achieved over 95% data collection rate for equipment, enhancing operational stability and management efficiency[39]. - The company has established a fault warning mechanism to identify potential defects in equipment and improve generation performance[39]. Financial Management - The company's operating expenses for the first half of 2021 were RMB 10.322 billion, a 24.3% increase from RMB 8.303 billion in the same period of 2020[62]. - The financial expenses for the first half of 2021 were RMB 1.659 billion, a decrease of 4.2% from RMB 1.732 billion in the same period of 2020[83]. - The company successfully issued RMB 10.30 billion in renewable energy price subsidy asset-backed securities in the first half of 2021, enhancing its financial position[51]. - The company maintained a leading position in the industry by optimizing financing channels and reducing capital costs[50]. - The company reported an increase in foreign exchange gains of RMB 0.015 billion in the first half of 2021 compared to the same period in 2020[83]. Governance and Compliance - The company has complied with the corporate governance code and has established a modern governance structure with effective checks and balances among shareholders, the board, and senior management[124]. - The audit committee has reviewed and confirmed the interim results announcement for the six months ended June 30, 2021, in accordance with international accounting standards[130]. - The company emphasizes the importance of party leadership in state-owned enterprises and is committed to deepening party education and strict governance[122]. - The company has adopted a board diversity policy to enhance its strategic goals and sustainable development[127]. - The company has undergone several changes in its board and management structure, indicating a focus on governance and leadership effectiveness[144][145]. Market Position and Strategy - The company plans to merge with Pingzhuang Energy, involving the issuance of 345,574,165 A-shares at an adjusted price of RMB 11.30 per share[149]. - The merger and asset sale are expected to enhance the company's competitive advantage and align with national renewable energy development strategies[150]. - The company aims to strengthen its market position and reduce competition through resource integration as part of its strategic initiatives[150]. - The company is focused on maximizing revenue and profit by exploring potential in production operations and capital management to meet its annual profit goals[121].