Electricity Consumption and Renewable Energy Capacity - In 2023, China's electricity consumption increased by 6.7%, with a further expected rise of 6.0% in 2024[8]. - China's wind and solar capacity is projected to reach 1,300 GW by the end of 2023, surpassing the original target of 1,200 GW set for 2030[9]. - Total power consumption in China increased by 6.7% in 2023, reaching 9,224,000 GWh, with wind and solar power generation capacity rising by 27.5% and 38.7% respectively[50]. - By the end of 2024, the total capacity for wind and solar is expected to exceed that of coal, potentially accounting for 40% of the country's total installed capacity[81]. - Of the 1,300 GW, 530 GW will come from wind energy and 780 GW from solar energy, with renewable energy expected to account for 40% of total installed capacity by the end of 2024[83]. Financial Performance - Turnover from majority-owned wind farms declined by 8% to HK$181.3 million, while gross profit decreased by 19% to HK$52.1 million[21]. - Overall net profit before impairment rose by 93% to HK$57.4 million, with cash flow from operating and investing activities increasing by HK$79.9 million to HK$289.5 million[23]. - A non-cash impairment of HK$30.6 million was recorded for Mudanjiang and Lunaobao wind farms, resulting in a 25% decrease in earnings to HK$23.3 million[24]. - For the year ended December 31, 2023, China Renewable Energy recorded a turnover of HK$181.3 million, an 8% decrease from HK$197.2 million in 2022 due to increased curtailment[32]. - Gross profit for the period decreased by 19% to HK$52.1 million, down from HK$64.7 million in 2022[32]. - Net profit before impairment increased by 93% to HK$57.4 million, compared to HK$31.1 million in 2022, driven by improved profit contributions from associates and lower exchange losses[34]. - The Group's net debt to equity ratio improved to 7% as of December 31, 2023, down from 20% in 2022, indicating a stronger balance sheet[28]. - Total bank borrowings decreased to HK$287.8 million from HK$440.9 million in 2022, primarily due to the repayment of existing loans[36]. - The Group recorded a net exchange loss of HK$5.0 million in 2023, significantly lower than the HK$24.8 million loss in 2022[34]. - Impairment charges of HK$30.6 million for certain wind farms resulted in a net profit after tax attributable to equity holders decreasing by 25% to HK$23.3 million, or earnings per share of HK$0.93[35]. Operational Performance - Total power dispatch for 2023 increased by 5% to 1,423.8 GWh despite curtailment challenges[18]. - The Group operates eight wind farms and one distributed solar project, with a total gross power generating capacity of 738 MW and a net capacity of 427 MW as of December 31, 2023[51]. - Total power dispatch from the Group's wind farms in 2023 reached 1,423.8 GWh, reflecting a 5% increase from 1,360.9 GWh in 2022[52]. - The Siziwang Qi Phase I and II wind farms dispatched approximately 210.3 GWh in 2023, an increase from 188.7 GWh in 2022, with utilization hours rising to 2,124[58]. - The Danjinghe wind farm dispatched approximately 403.7 GWh in 2023, up from 371.3 GWh in 2022, with utilization hours increasing to 2,018[59]. - The Changma wind farm dispatched approximately 466.7 GWh in 2023, compared to 412.3 GWh in 2022, with utilization hours increasing to 2,322[60]. - The Lunaobao wind farm dispatched approximately 154.0 GWh in 2023, a decrease from 183.5 GWh in 2022, with utilization hours dropping to 1,532[65]. - The Songxian wind farm dispatched approximately 135.8 GWh in 2023, slightly lower than 137.6 GWh in 2022, with utilization hours at 1,836[66]. - The Nanxun distributed solar project generated approximately 4.6 GWh of power in 2023, slightly down from 4.7 GWh in 2022, resulting in 1,154 utilization hours compared to 1,167 hours last year[67]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code and Listing Rules throughout the year ended December 31, 2023, with a noted deviation regarding the separation of the roles of chairman and CEO[119][120]. - The Company’s independent non-executive directors have extensive experience in corporate management and international equity investment, enhancing governance and strategic oversight[118][119]. - The Group's corporate governance practices are designed to safeguard the interests of shareholders and other stakeholders, ensuring accountability and transparency[118]. - The Board will continue to review its organizational structure to ensure it meets governance principles and may consider separating the roles of chairman and CEO when appropriate[120][122]. - The Company has taken measures to ensure strict compliance with corporate governance functions and has reviewed its governance practices during the year[124][126]. - The Group's leadership is committed to driving sustainable growth and exploring new market opportunities in the renewable energy sector[106]. - The Board consists of six members, including three Executive Directors and three Independent Non-executive Directors, meeting the requirement of at least one-third independent representation[134]. - The Company aims to appoint one female director by the 2024 annual general meeting to enhance gender diversity on the Board[135]. - The Company has adopted a Board Diversity Policy to enhance competitive advantage through increased diversity at the Board level[186]. - The Nomination Committee has established measurable objectives for achieving diversity on the Board and recommended them for adoption[187]. Strategic Focus and Future Outlook - The company's strategy focuses on evaluating investment opportunities based on economic, environmental, and social benefits to enhance profitability and create sustainable value[73]. - Risk management is integrated into daily business processes, with identified risks monitored and discussed at the Group level[75]. - The company aims to continue developing renewable energy projects and seek growth investment opportunities in high-quality industries such as clean energy and advanced manufacturing[80]. - The Group anticipates that curtailment rates will decrease in the coming years as new high-speed transmission lines are built[85]. - The Group is actively seeking to upgrade older wind farms, encouraged by a new policy from the National Energy Agency[86]. - The Group's financial performance and business review for 2023 are detailed in the "Management Discussion and Analysis" section of the annual report[125].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 181,337,000, a decrease of 8.06% from HKD 197,184,000 in 2022[3] - Gross profit for the same period was HKD 52,145,000, down 19.4% from HKD 64,665,000 in the previous year[3] - Operating loss for the year was HKD 9,868,000 compared to an operating profit of HKD 17,027,000 in 2022[3] - Net profit for the year was HKD 18,790,000, a decline of 37.0% from HKD 29,819,000 in 2022[4] - Basic and diluted earnings per share for the year were HKD 0.93, down from HKD 1.24 in 2022[4] - The group reported a net profit attributable to equity holders of HKD 23,281,000 for 2023, down 25.1% from HKD 31,111,000 in 2022, resulting in earnings per share of HKD 0.93[25] Assets and Liabilities - Total assets decreased to HKD 2,251,214,000 from HKD 2,618,999,000, representing a reduction of 14.0%[6] - Non-current assets totaled HKD 1,730,040,000, down 9.05% from HKD 1,902,662,000 in the previous year[6] - Current assets decreased to HKD 521,174,000 from HKD 716,337,000, a decline of 27.3%[6] - Total liabilities decreased significantly to HKD 377,233,000 from HKD 704,257,000, a reduction of 46.6%[7] - The total bank borrowings as of December 31, 2023, were HKD 287.8 million, down from HKD 440.9 million in 2022, primarily due to repayment of existing project loans[37] - The company had bank deposits and cash of HKD 164.3 million as of December 31, 2023, compared to HKD 232.4 million in 2022[39] - The net capital debt ratio decreased to 7% as of December 31, 2023, from 20% in the previous year[42] Revenue Sources - Total revenue from electricity sales for the year 2023 was HKD 181,337,000, a decrease of 8.1% from HKD 197,184,000 in 2022[18] - The group has three customers contributing over 10% of total revenue, with revenues of HKD 79,100,000, HKD 72,100,000, and HKD 25,200,000 respectively[19] Impairment and Financial Income - The group recognized a total impairment loss of HKD 30,620,000 in 2023, compared to no impairment losses in 2022[20] - The company reported a significant increase in financial income to HKD 3,916,000 from HKD 1,791,000 in the previous year[3] Cash Flow and Expenses - Cash flow from operating and investing activities increased to HKD 289.5 million, driven by strong cash flow from the company's wind power projects[35] - Financing costs decreased to HKD 28,081,000 in 2023 from HKD 36,173,000 in 2022, reflecting a reduction in bank loan interest expenses[22] - The group incurred a net foreign exchange loss of HKD 5,011,000 in 2023, a decrease from HKD 24,759,000 in 2022[22] - The company experienced a foreign exchange loss of HKD 5 million in 2023, significantly lower than the HKD 24.8 million loss in 2022[35] Dividends - The proposed final dividend for 2023 is HKD 0.005 per share, totaling HKD 12,531,000, unchanged from 2022[26] - The board has proposed a final dividend of HKD 0.005 per share for the year ending December 31, 2023, consistent with the previous year[69] Operational Focus and Strategy - The company has not reported any significant operations outside of China, focusing solely on the renewable energy segment[18] - The company operates eight wind farms and one distributed solar project, with a focus on expanding renewable energy projects[56] - The company aims to enhance profitability and create lasting value for shareholders through continuous innovation and operational improvements[56] - The company plans to continue investing in various renewable energy projects to support carbon emission reduction goals[66] - The company has maintained a cautious approach to expansion due to increased power rationing and declining electricity prices[61] Market and Industry Insights - China's GDP grew by 5.2% in 2023, with total electricity consumption increasing by 6.7% to 9,224,000 GWh[44] - Installed capacity for wind and solar power in China increased by 27.5% and 38.7%, reaching 464 GW and 589 GW respectively[44] - Total wind power generation output was 1,050,000 GWh, up approximately 38.5% year-on-year, accounting for 9% of the national total[44] - Total solar power generation output was 610,000 GWh, up approximately 41.2% year-on-year, accounting for 3% of the national total[44] - China's GDP growth is projected to be at least 5% in 2024, with electricity demand expected to increase by 6.0%[60] - The installed capacity of wind and solar energy is anticipated to reach 1,300 GW by the end of this year, exceeding the initial target of 1,200 GW set for 2030[60] - By the end of 2024, wind and solar energy capacity is expected to surpass coal-fired capacity, accounting for 40% of the total installed capacity[60] Environmental Impact - The company's total electricity generation for the company was 1,428.4 GWh, resulting in a reduction of approximately 463,000 tons of coal consumption and a decrease of 1,106,000 tons in carbon emissions[65] - The company is actively seeking to upgrade aging wind farms, encouraged by new policies from the National Energy Administration[61] Governance and Compliance - The roles of the Chairman and CEO are separated, with the current CEO being Mr. Huang Gang, who also serves as the Chairman[73] - The company has adopted the standard code of conduct for directors' securities trading, confirming compliance by all directors for the year ending December 31, 2023[74] - An Audit Committee has been established, consisting of three members, all of whom are independent non-executive directors, to review the audited financial statements for the year ending December 31, 2023[75] - The preliminary performance announcement aligns with the audited financial statements, confirming the accuracy of the financial data presented[77] - The annual report for 2023 will be published on the company's website and the Hong Kong Stock Exchange website, containing all required information[78] - The board of directors consists of six members, including three executive directors and three independent non-executive directors[80] Workforce - The company employs a total of 94 employees across its operations in Hong Kong and mainland China, focusing on attracting and retaining skilled personnel[64]

Financial Performance - For the six months ended June 30, 2023, China Renewable Energy Investment Limited recorded a turnover of HK$97.8 million, a 10% decrease from HK$108.3 million in the same period last year[13]. - Gross profit for the period decreased by 26% to HK$31.8 million, down from HK$43.1 million for the six months ended June 30, 2022[13]. - Net profit attributable to equity holders increased by 17% to HK$35.9 million, compared to HK$30.7 million for the same period in 2022, with earnings per share rising to HK1.43 cents from HK1.23 cents[13]. - Operating profit decreased to HK$15,461,000, representing a decline of 24.3% compared to HK$20,443,000 in the previous year[91]. - Profit for the period increased to HK$35,039,000, up 16.1% from HK$30,168,000 in the same period of 2022[91]. - Profit attributable to equity holders of the Company was HK$35,853,000, representing a 16.5% increase from HK$30,745,000 in 2022[114]. - Basic and diluted earnings per share increased to 1.43 HK cents, up from 1.23 HK cents in the same period of 2022[114]. - Total comprehensive loss attributable to equity holders of the Company was HK$43,237,000, an improvement from a loss of HK$56,272,000 in 2022[114]. Financial Position - As of June 30, 2023, total bank borrowings were HK$304.7 million, down from HK$440.9 million as of December 31, 2022, primarily due to repayment of existing project loans and corporate bank loan facilities[13]. - Total assets as of June 30, 2023, were HK$2,374,693,000, down from HK$2,618,999,000 at the end of 2022, reflecting a decrease of 9.3%[93]. - Total equity decreased to HK$1,858,285,000 from HK$1,914,742,000, a decline of 2.9%[93]. - Total liabilities decreased to HK$516,408,000 as of June 30, 2023, down from HK$704,257,000 at the end of 2022, representing a reduction of approximately 26.7%[116]. - Current liabilities totaled HK$216,920,000, a significant decrease of 42.3% from HK$375,699,000 at the end of 2022[116]. - Non-current liabilities decreased to HK$299,488,000 as of June 30, 2023, down from HK$328,558,000 at the end of 2022, a decline of 8.9%[116]. - The bank borrowings current portion decreased significantly to HK$42,646,000 from HK$144,612,000, a reduction of 70.5%[116]. Cash Flow - Net cash generated from operating activities increased to HK$62,028,000, up 52.2% from HK$40,784,000 in 2022[96]. - Net cash generated from investing activities significantly rose to HK$122,207,000, compared to HK$8,370,000 in the previous year[96]. - Cash generated from operations rose to HK$64,520,000, a 47% increase from HK$43,897,000 in 2022[96]. - Cash and cash equivalents at 30 June 2023 were HK$212,544,000, an increase from HK$160,933,000 at the same time last year[96]. Operational Highlights - The Group experienced a net exchange loss of HK$4.6 million due to the depreciation of Renminbi during the first half of 2023[13]. - The Group operates 738 MW of wind farms and solar projects across several provinces, contributing to local economic development and compliance with environmental regulations[24]. - Total power dispatch for the company's wind farms in the first half of 2023 was 779.4 GWh, an increase of 10% compared to 708.7 GWh in the same period of 2022[16]. - The Group's operating assets generated a total of 781.7 GWh, reducing approximately 254,000 tons of coal consumption and 604,000 tons of carbon emissions[24]. - Wind power generation capacity increased by 13.7% to 389 GW, with total wind power output at 462,800 GWh, a 20% increase compared to 2022[16]. - Solar power output was 266,300 GWh, reflecting a 30% increase compared to 2022, accounting for 6.2% of total power generation[16]. Market and Economic Context - China's GDP increased by 5.5% year-on-year in the first half of 2023, but growth slowed to only 0.8% in the second quarter compared to the first quarter[16]. - Total power consumption in China rose by 5% compared to 2022, reaching 4,307,600 GWh[16]. - The government is expected to boost demand for power, particularly wind and solar, through interest rate cuts and measures to revive the property sector[22]. - Concerns about a potential economic recession exist, but government measures such as interest rate cuts are expected to increase electricity demand in the second half of the year, particularly for wind and solar energy[67]. Risk Management - Risk management is integrated into daily business processes, covering project operations to corporate strategy development[42]. - Identified risks are monitored and discussed at the Group level, overseen by the Executive Committee and the Board[42]. - The Group faces multiple financial risks, including foreign exchange risk, interest rate risk, credit risk, and liquidity risk[174]. - There have been no material changes in the risk management process or policies since the end of 2022[173]. Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the six months ended 30 June 2023, except for the separation of roles between the Chairman and CEO[56]. - All Directors confirmed compliance with the Model Code regarding securities transactions throughout the six months ended 30 June 2023[57]. - The Company will review the structure of the Board to ensure it continues to meet governance principles[56]. Dividend Policy - The Company did not recommend the payment of an interim dividend for the six months ended 30 June 2023, compared to nil in 2022[56]. - The Group paid a final dividend of HK$0.5 cents per ordinary share, totaling HK$12,531,000 on 6 July 2023[156]. - No interim dividend was declared for the six months ended June 30, 2022, indicating a shift in dividend policy[157].

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 份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。 CHINA RENEWABLE ENERGY INVESTMENT LIMITED 中國再生能源投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：987） （網址：www.cre987.com） 截至二零二三年六月三十日止六個月之 中期業績公告 中國再生能源投資有限公司（「本公司」或「中國再生能源」）董事會（「董事會」）謹此公佈 本公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審 核簡明綜合中期財務資料如下： 簡明綜合全面收入報表 截至二零二三年六月三十日止六個月 未經審核 截至六月三十日止六個月 附註 二零二三年 二零二二年 千港元 千港元 收益 5 97,820 108,343 ...

China Renewable Energy Investment Limited China 中國再生能源投資有限公司 Renewable Stock Code 股份代號 : 987 Energy Investment Limited 中國再生能源投資有限公司 A ...

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 份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。 CHINA RENEWABLE ENERGY INVESTMENT LIMITED 中國再生能源投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：987） （網址：www.cre987.com） 截至二零二二年十二月三十一日止年度之 全年業績公告 中國再生能源投資有限公司（「本公司」或「中國再生能源」）董事會（「董事會」）謹此公佈 本公司及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之綜合 業績如下： 綜合全面損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 3 197,184 250,255 銷售成本 5 (132,519) (138,158) ...

Financial Performance - For the six months ended June 30, 2022, China Renewable Energy Investment Limited recorded a turnover of HK$108.3 million, a 19% decrease from HK$133.7 million in the same period last year[9]. - Gross profit for the period decreased by 33% to HK$43.1 million, down from HK$64.6 million for the six months ended June 30, 2021[9]. - Net profit from associate company wind farms decreased by 36% to HK$34.1 million compared to HK$53.6 million in the previous year[9]. - Net profit after tax attributable to equity holders decreased by 64% to HK$30.7 million, with earnings per share of HK1.23 cents, down from HK$85.3 million or HK3.40 cents in the same period of 2021[9]. - Operating profit decreased to HK$20,443,000, representing a decline of 66% compared to HK$60,763,000 in the previous year[69]. - Profit for the period was HK$30,168,000, a significant drop of 65% from HK$85,733,000 in the same period of 2021[69]. - Basic and diluted earnings per share were HK$1.23, down from HK$3.40 in the previous year, reflecting a decrease of 64%[70]. Financial Position - As of June 30, 2022, total bank borrowings were HK$519.3 million, a decrease from HK$588.0 million as of December 31, 2021, primarily due to repayment of existing project loans[9]. - Total assets as of June 30, 2022, amounted to HK$2,767,394,000, a decrease from HK$2,912,467,000 at the end of 2021[72]. - Total equity decreased to HK$1,978,373,000 from HK$2,047,729,000, indicating a decline of approximately 3.4%[72]. - Non-current assets totaled HK$2,077,981,000, down from HK$2,198,350,000, reflecting a decrease of 5.5%[72]. - Cash and cash equivalents were HK$160,933,000, down from HK$197,182,000, a decline of 18%[72]. - As of June 30, 2022, total liabilities decreased to HK$789,021, down 8.8% from HK$864,738 as of December 31, 2021[74]. - Non-current liabilities totaled HK$369,898, a reduction of 19% from HK$456,504 at the end of 2021[74]. Operational Performance - Total power dispatch from the Company's wind farms in the first half of 2022 was 708.7 GWh, representing a 19% decrease from 873.2 GWh in the same period of 2021[13]. - Wind speeds in January and February 2022 were unusually low, resulting in a 22% decrease in power dispatch compared to the previous year[21]. - Mudanjiang and Muling wind farms dispatched approximately 36.0 GWh in the first half of 2022, down from 40.8 GWh in the previous year[13]. - Siziwang Qi Phase I and II wind farms dispatched approximately 113.8 GWh in the first half of 2022, down from 124.1 GWh in the same period last year, representing a decrease of about 10.4%[15]. - Danjinghe wind farm dispatched approximately 195.6 GWh in the first half of 2022, a decrease of 25.1% from last year's 261.2 GWh[15]. Cash Flow - Cash generated from operations for the six months ended June 30, 2022, was HK$43,897, a decrease of 36% compared to HK$68,604 in the same period of 2021[79]. - Net cash generated from operating activities was HK$40,784, down 38.5% from HK$66,263 in the prior year[79]. - Cash and cash equivalents at June 30, 2022, were HK$160,933, down 27.4% from HK$221,687 at the same time last year[79]. Risk Management - Risk management is integrated into daily business processes, with identified risks monitored and discussed at the Group level[19]. - The Group has classified risk factors into six categories: Policy and Regulations, Legal and Compliance, Safety, Health and Environmental, Financial, Operational, and Reputational[19]. - There have been no material changes in the risk management process or policies since the end of 2021[154]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended June 30, 2022, except for the separation of the roles of chairman and CEO[50]. - The Company confirmed that all Directors complied with the Model Code regarding securities transactions during the six months ended June 30, 2022[52]. - The Audit Committee reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2022, which was also reviewed by the Company's auditor[50]. Shareholder Information - As of June 30, 2022, Mrs. OEI Valonia Lau holds a total of 1,833,696,937 shares, representing 73.168% of the existing issued share capital of the Company[46]. - HKC (Holdings) Limited is the beneficial owner of 1,403,352,050 shares, accounting for 56.000% of the existing issued share capital[46]. - The Company does not recommend the payment of an interim dividend for the six months ended June 30, 2022, compared to HK0.5 cents in 2021[48]. Future Outlook - The outlook for the economy remains uncertain due to ongoing zero-Covid policies affecting power demand[21]. - The Group remains optimistic that wind conditions will normalize in the second half of the year[21]. - The government is expanding financial tools and tax incentives to support the renewable energy industry, aiding in carbon neutrality goals[21].

Renewable Energy Performance - In 2021, wind speeds at the Danjinghe wind farm increased by 7% compared to 2020, reaching 6.2 meters per second, and dispatched 423.8 Giga-Watt-hours of clean energy, an increase of 11%[8]. - Overall wind resources for the Group's wind farms improved significantly in 2021, with wind speeds at Siziwang Qi in Inner Mongolia and Changma in Gansu province increasing by 8% compared to 2020[10]. - The overall curtailment rate for 2021 was 5.6%, a significant improvement from 12.2% in 2014, attributed to new transmission lines and increased demand for renewable energy[11]. - The Group's wind farms were instrumental in powering the 2022 Beijing Winter Olympics, marking the first Olympic games to operate on 100% renewable energy[8]. - The Danjinghe wind farm was highly profitable due to its acquisition through a national tender, with all its power required to be purchased by the grid, resulting in very little curtailment[8]. - The peak months for wind resources were January, February, November, and December, allowing the Group to dispatch power well above 2020 levels[10]. - The Group's wind farms in Inner Mongolia and Gansu performed well, contributing to the overall improvement in wind resources[10]. - The increase in wind speeds and reduction in curtailment reflect the growing demand for renewable energy compared to coal-fired power[11]. - The Group's strategic focus on renewable energy aligns with national policies promoting sustainable energy sources[8]. - Wind power output rose 40% year on year, now accounting for 8% of the total power generated across China[19]. - Total wind power output was 652,600 GWh, a 40% increase compared to 2020, accounting for 8% of total power generation[30]. - The Group's total gross power generating capacity is 738 MW, with a net capacity of 427 MW as of December 31, 2021[30]. - The Group aims to continuously improve in the renewable energy sector while balancing the needs of shareholders, the environment, and local communities[47]. - The Group will continue to support the goal of decreasing carbon emissions by investing in various renewable energy projects[47]. - The Group's renewable energy projects contribute to local economic development by reducing pollution and hiring local staff[176]. Financial Performance - For 2021, revenues reached HK$250.3 million, an increase of 21% compared to last year's HK$206.1 million[17]. - Gross profit increased 45% to HK$112.1 million, with a net profit after tax attributable to equity holders increasing 32% to HK$113.4 million[17]. - Total power dispatch in 2021 reached 1,541.2 GWh, an increase of 14% compared to 1,350.1 GWh in 2020[18]. - Power demand increased by 10.3% in 2021, a significant improvement over the 1.3% decline in 2020[18]. - The appreciation of the Renminbi contributed to an exchange gain, benefiting the Company's overall financial performance[17]. - As of 31 December 2021, the Group's total bank borrowings decreased to HK$588.0 million from HK$673.3 million in 2020[28]. - Unrestricted bank deposits and cash increased to HK$197.2 million as of 31 December 2021, compared to HK$190.4 million in 2020[28]. - The Group's net gearing ratio improved to 27% as of 31 December 2021, down from 35% in the previous year[28]. - The Group's associate company wind farms saw a net profit increase of 39% to HK$75.7 million, up from HK$54.3 million in the previous year[26]. Corporate Governance - The Company maintained a balanced board with seven Directors, including four Executive Directors and three Independent Non-executive Directors, ensuring strong independent oversight[64]. - All Independent Non-executive Directors provided annual confirmations of independence, and the Company considers all of them to be independent[65]. - The Company complied with the Corporate Governance Code and the Listing Rules, with deviations explained in relevant paragraphs[63]. - The Company has maintained a strong independent element in its board composition throughout the year ended December 31, 2021[64]. - The Company’s governance practices are designed to safeguard the interests of shareholders, customers, and employees[62]. - The Company has established multiple committees, including the Audit, Nomination, and Remuneration Committees, to oversee specific areas of the Group's affairs[83]. - The Board is collectively responsible for promoting the success of the Group and maximizing financial performance and shareholder value[69]. - The Company has adopted a Dividend Policy aimed at allowing shareholders to participate in profits while retaining adequate reserves for future growth[145]. - The Company has implemented an Inside Information Disclosure Policy to ensure compliance with relevant regulations regarding the disclosure of inside information[143]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance from all Directors for the year ended December 31, 2021[112]. Environmental, Social, and Governance (ESG) Initiatives - The Group has been involved in environmental protection and low carbon development in China since 2006, adapting to changing stakeholder expectations[157]. - The Board has reviewed and approved the ESG strategy and reporting for the financial year ended December 31, 2021[157]. - The ESG report emphasizes the importance of measurable key performance indicators (KPIs) for assessing ESG impacts[161]. - The Group aims to enhance its ESG policies and management system through consistent reviews and improvements[161]. - The Group has identified key ESG issues relevant to its renewable energy business, including wind power and distributed solar projects[163]. - The Group values the trust and support from stakeholders, which are critical to its sustainable development[170]. - The Group welcomes feedback from stakeholders on its ESG approach and performance through various communication channels[176]. - The Group is committed to achieving environmental sustainability through best practices and integrating environmental protection into daily operations[182]. - The Group has implemented energy-saving measures, including maintaining room temperature at 25 °C and encouraging video conferencing[180]. - The Group has not generated any hazardous waste and has minimal water consumption in its renewable energy business[180]. Employee and Workplace Safety - The company reported zero work-related fatalities in the past three years, maintaining a consistent safety record[192]. - There was one work injury case in 2021, resulting in 180 lost workdays, with a work injury rate of 0.01%[192]. - The employee turnover rate was 8.1% for males and 0% for females, indicating a stable workforce[188]. - The company has implemented various health and safety measures, including safety training and risk assessments, to ensure a safe working environment[191]. - The company provides comprehensive health care and medical insurance coverage for its employees[188]. - The Group has complied with all relevant health and safety regulations during the year ended December 31, 2021[198]. - The Group's procurement procedures ensure that suppliers meet safety, environmental, and quality standards, with a focus on ISO qualifications[198]. Strategic Focus and Future Outlook - The Group plans to continue developing renewable energy projects and seek growth investment opportunities[36]. - The demand for renewable energy is expected to remain strong due to government priorities for carbon neutrality by 2060 and the increasing attractiveness of renewable energy compared to coal[40]. - The Group's strategy focuses on "Grow • Advance • Sustain," aiming to enhance profitability and create sustainable value[36]. - The Group's investment opportunities are evaluated based on economic, environmental, and social benefits[36]. - The Group acknowledges the increasing requirements for climate-related information disclosures due to stricter environmental laws[184].

中国再 China Renewable Energy Investment Limited 中國再生能源投資有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號 : 987 INTERIM REPORT 2021 零 年度 中期業績報告 IIV Contents 目錄 Corporate Information 2 公司資料 Pages 頁次 Management Discussion and Analysis 4 管理層討論及分析 General Information 13 一般資料 Report on Review of Interim Financial Information 20 中期財務資料的審閱報告 Condensed Consolidated Statement of Comprehensive Income 22 簡明綜合全面收入報表 Condensed Consolidated Statement of Financial Position 24 ...

Financial Performance - Revenue for 2020 increased by 14% to HK$206.1 million, up from HK$181.2 million in 2019, while gross profit rose 12% to HK$77.1 million[20]. - Net profit after tax attributable to equity holders increased by 50% to HK$86.2 million, translating to earnings per share of HK3.44 cents[20]. - For the year ended December 31, 2020, China Renewable Energy recorded a turnover of HK$206.1 million, a 14% increase from HK$181.2 million in 2019[30]. - Gross profit for the period increased by 12% to HK$77.1 million, compared to HK$68.6 million in 2019[30]. - Net profit attributable to equity holders increased by 50% to HK$86.2 million, with earnings per share of HK$3.44 cents, up from HK$57.4 million or HK$2.29 cents per share in 2019[30]. - The Group's total bank borrowings as of December 31, 2020, were HK$673.3 million, compared to HK$648.5 million in 2019[30]. - The appreciation of Renminbi during 2020 resulted in a net exchange gain of HK$17.6 million[30]. - The Group maintains a strong cash position with bank deposits of HK$192.9 million as of December 31, 2020[30]. - As of December 31, 2020, the Group's total assets amounted to HK$2,904.3 million, with a healthy cash position of HK$192.9 million[21]. - The net asset value per share increased to HK76.4 cents, reflecting improved financial health[21]. Power Generation and Capacity - The total gross power generating capacity of the Group reached 738 MW, with net power generating capacity increasing by 10% to 427 MW following the completion of the Songxian Wind Farm[14]. - Total power consumption in China increased by 3% in 2020, reaching 7,511,000 GWh, while wind and solar power generation capacity rose by 34% and 23% respectively[34]. - The Group's net power generating capacity increased by 10% to 427 MW, with total gross power generating capacity at 738 MW[34]. - Total wind power output for the Group was 1,350.1 GWh in 2020, nearly unchanged from 1,356.3 GWh in 2019[34]. - The Songxian Wind Farm began contributing to revenues starting in May 2020, following its completion in the first half of the year[34]. - The fully operational Henan Songxian 74 Mega-Watt wind project contributed positively, offsetting the overall poor wind resources[30]. Market and Industry Outlook - Looking ahead, the company expects to benefit from the full-year operations of Songxian and anticipates continued reductions in curtailment rates[22]. - The global emphasis on renewable energy is expected to accelerate, particularly with the U.S. re-entering the Paris Agreement, which may benefit the company's operations in China[22]. - The company anticipates ongoing support from China for renewable energy initiatives, aligning with global trends[23]. - Future outlook indicates that China will continue to enhance the importance of renewable energy in its economy, benefiting China Renewable Energy[25]. - The company expects a continued decrease in power curtailment in 2021 due to the full-year operation of the Songxian project[25]. Risk Management and Corporate Governance - Risk management is integrated into daily operations and corporate strategy, with a proactive approach to identifying and mitigating risks across six categories[43]. - The Company has established a risk management and internal control system, with the Board overseeing its effectiveness and management responsible for its implementation[170]. - The Internal Audit and Risk Management Department provides independent assurance on the effectiveness of the Group's risk management and internal control systems[173]. - The Audit Committee reviews the effectiveness of the Group's risk management and internal control systems at least annually[192]. - The Company has adopted a whistleblowing guideline to allow employees to report concerns confidentially regarding financial reporting and other serious misconduct[147]. Corporate Structure and Board Composition - The Company maintained a balanced board with seven Directors, including four Executive Directors and three Independent Non-executive Directors, ensuring strong independent oversight[87]. - The Company complied with the Corporate Governance Code, maintaining at least three Independent Non-executive Directors throughout the year, with one possessing appropriate professional qualifications[88]. - The Board is collectively responsible for promoting the success of the Group and maximizing financial performance and Shareholders' value[93]. - The Company has arranged appropriate liability insurance for its Directors, with coverage reviewed annually[101]. - The roles of Chairman and CEO are currently held by the same individual, Mr. OEI Kang, Eric, with the Board considering this structure effective for business operations[92]. Employee and Community Engagement - The Group's operations employed a total of 97 employees as of December 2020, focusing on attracting and retaining skilled personnel[54]. - The Group plans to explore additional means to contribute to the communities it operates in as it grows larger and more profitable[59]. - The Company encourages Directors to enroll in professional development courses to enhance their awareness of good corporate governance practices[168]. Dividend Policy - The Company has adopted a Dividend Policy aimed at allowing shareholders to participate in profits while retaining adequate reserves for future growth[198]. - Factors considered before proposing dividends include actual and expected financial performance, retained earnings, debt to equity ratio, and future expansion plans[199]. - The declaration and payment of dividends are subject to restrictions under the laws of the Cayman Islands and the Company's Articles of Association[200].