Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 163,065,000, a decrease of 10.0% from HKD 181,337,000 in 2023[2] - The gross profit for the same period was HKD 32,947,000, down 36.8% from HKD 52,145,000 in 2023[2] - Operating profit improved to HKD 7,598,000 compared to an operating loss of HKD 9,868,000 in the previous year[2] - The profit attributable to equity holders for the year was HKD 14,409,000, down 23.0% from HKD 18,790,000 in 2023[3] - The total comprehensive loss for the year amounted to HKD 39,868,000, compared to a loss of HKD 28,230,000 in 2023[3] - The basic and diluted earnings per share for the year were HKD 0.66, down from HKD 0.93 in 2023[3] - The company's profit attributable to equity holders for 2024 was HKD 16,475,000, down 29.2% from HKD 23,281,000 in 2023[19] - Earnings per share for 2024 was HKD 0.66, compared to HKD 0.93 in 2023, reflecting a decrease of 29.0%[19] Assets and Liabilities - Non-current assets decreased to HKD 1,534,505,000 from HKD 1,730,040,000 in the previous year, indicating a reduction in asset value[4] - Current assets increased to HKD 596,608,000 from HKD 521,174,000, showing improved liquidity[4] - Total liabilities decreased to HKD 309,531,000 from HKD 377,233,000, reflecting a reduction in financial obligations[5] - The total bank borrowings decreased to HKD 227.6 million from HKD 287.8 million in 2023, primarily due to the repayment of existing project loan principal[29] - The net capital debt ratio as of December 31, 2024, was 0%, down from 7% in the previous year[32] - The company has a net capital debt ratio of 0%, indicating one of the strongest balance sheets in the industry[47] Revenue Sources - Power sales for the year 2024 amounted to HKD 163,065,000, a decrease of 10.0% from HKD 181,337,000 in 2023[12] - Total revenue from external customers for the year 2024 was HKD 163,100,000, down from HKD 181,300,000 in 2023, representing a decline of 10.0%[13] - The company has three customers contributing over 10% of total revenue, with the largest customer accounting for HKD 69,200,000 in 2024[13] Financing Costs - The net financing cost decreased significantly to HKD 11,643,000 from HKD 24,165,000, reflecting a reduction in financing costs[2] - Financing costs decreased to HKD 14,598,000 in 2024 from HKD 28,081,000 in 2023, a reduction of 48.0%[16] Dividends - Proposed final dividend for 2024 is HKD 0.005 per share, unchanged from 2023[20] - The company did not declare any interim dividends for the six months ending June 30, 2024, and declared a final cash dividend of HKD 0.005 per share for the year ending December 31, 2023[21][22] - The proposed final dividend is set at HKD 0.005 per ordinary share for the year ending December 31, 2024[52] Impairment and Accounting Standards - The company recognized a net impairment loss of HKD 30,620,000 in 2023, with no impairment losses recorded in 2024[14] - The company expects the application of new accounting standards to impact future financial statements, particularly in the presentation and disclosure of the income statement[11] - The company is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[11] Renewable Energy Projects - The total installed capacity of the company's wind and solar projects reached 738 MW, with a net generation capacity of 427 MW[34] - The total electricity generation from the company's wind farms in 2024 was 1,323.1 GWh, a decrease of 7% from 1,423.8 GWh in 2023[35] - The total installed capacity of the Mudanjiang and Muling wind farms is 59.5 MW, with a generation of approximately 49.4 GWh in 2024, a decrease of 7.5% from 53.4 GWh in 2023[36] - The total installed capacity of the Siziwangqi Phase I and II wind farms is 99 MW, generating about 193.2 GWh in 2024, down 8.1% from 210.3 GWh in 2023[37] - The company holds a 40% stake in the 200 MW Danjinghe wind farm, which generated approximately 356.7 GWh in 2024, a decrease of 11.6% from 403.7 GWh in 2023[38] - The Changma wind farm, with a capacity of 201 MW, generated about 403.8 GWh in 2024, down 13.5% from 466.7 GWh in 2023[39] - The Lvnabao wind farm, with a capacity of 100.5 MW, saw an increase in generation to approximately 200.2 GWh in 2024, up 30.0% from 154.0 GWh in 2023[40] - The Songxian wind farm, with a total capacity of 74 MW, generated about 119.8 GWh in 2024, a decrease of 11.8% from 135.8 GWh in 2023[41] - The Nanzhen distributed solar project generated approximately 4.5 GWh in 2024, a decrease of 2.2% from 4.6 GWh in 2023[42] - The company plans to continue developing renewable energy projects and seek investment opportunities to enhance profitability and create long-term value[43] - The company plans to replace old 0.85 MW wind turbines with new 6.66 MW turbines, increasing the number of turbines from 70 to 9[46] - The company is seeking to increase the height of wind towers from 65 meters to 140 meters to capture higher wind speeds[46] - The company will continue to support carbon emission reduction goals through investments in various renewable energy projects[50] - The company has decided to suspend the development of new wind power plants until electricity pricing and demand become clearer[46] Human Resources and Governance - The company aims to improve and strengthen human resources through external recruitment and internal transfers in 2024[48] - The board of directors consists of seven members, including executive and independent non-executive directors[61] Future Outlook - The Chinese government aims for a GDP growth rate of 5% in 2025, which is expected to drive strong electricity demand due to various economic stimulus measures[45] - Wind speed increased by 11% in January and February 2025, leading to a 37% year-on-year increase in generation, compared to a 15% increase from the same period in 2023[45] Reporting and Compliance - The preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[58] - The annual report containing all information required by the listing rules will be published on the company's and the stock exchange's websites[59]

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Directors](index=2&type=section&id=Directors) The board comprises executive directors, including the Chairman and CEO, and independent non-executive directors - Executive Directors include **Mr. Huang Gang** (Chairman and CEO), **Ms. Liu Hui**, **Mr. Huang Zhiliang**, and **Mr. Li Zhaoyi**[1](index=1&type=chunk) - Independent Non-Executive Directors include **Mr. Zheng Yuhe**, **Mr. Tian Yuchuan**, and **Mr. Zhang Songyi**[1](index=1&type=chunk) [Auditor](index=2&type=section&id=Auditor) The company's auditor is Union Power HK CPA Limited, a firm of practicing accountants and registered public interest entity auditors - The auditor is **Union Power HK CPA Limited**[1](index=1&type=chunk) [Company Secretary](index=2&type=section&id=Company%20Secretary) The company secretary is Mr. Lai Kam Kuen - The company secretary is **Mr. Lai Kam Kuen**[1](index=1&type=chunk) [Principal Bankers](index=2&type=section&id=Principal%20Bankers) The company's principal bankers include Bank of Communications, China Construction Bank, China Merchants Bank, Dah Sing Bank, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank - Principal bankers include **Bank of Communications**, **China Construction Bank**, **China Merchants Bank**, **Dah Sing Bank**, **Industrial and Commercial Bank of China**, and **Shanghai Pudong Development Bank**[1](index=1&type=chunk) [Registered and Business Offices](index=2&type=section&id=Registered%20and%20Business%20Offices) The company's registered office is in the Cayman Islands, with its Hong Kong head office and principal place of business located in Nanyang Centre, Tsim Sha Tsui East, Kowloon, Hong Kong - The registered office is located at **Cricket Square, Hutchins Drive, Cayman Islands**[1](index=1&type=chunk) - The Hong Kong head office and principal place of business are located at **9th Floor, Tower 1, Nanyang Centre, 75 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong**[2](index=2&type=chunk)[3](index=3&type=chunk) [Share Registrars and Contact Information](index=4&type=section&id=Share%20Registrars%20and%20Contact%20Info) The company's principal share registrar is Suntera (Cayman) Limited, and its Hong Kong branch share registrar is Hong Kong Central Share Registrar Limited, with contact details provided - The principal share registrar is **Suntera (Cayman) Limited**[2](index=2&type=chunk) - The Hong Kong branch share registrar is **Hong Kong Central Share Registrar Limited**[2](index=2&type=chunk) - Company email is **info@cre987.com**, website is **www.cre987.com**, and stock code is **987**[2](index=2&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=4&type=section&id=Financial%20Review) The Group's revenue and profit significantly declined due to unfavorable wind conditions, with improved liquidity and reduced bank borrowings 2024 H1 Key Financial Metrics Comparison | Metric | H1 2024 (HK$ million) | H1 2023 (HK$ million) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 74.3 | 97.8 | -24% | | Gross Profit | 10.5 | 31.8 | -67% | | Finance Costs | 7.0 | 13.8 | -49% | | Net Profit from Associates | 22.1 | 42.2 | -48% | | Profit Attributable to Equity Holders after Tax | 11.7 | 35.9 | -67% | | Earnings Per Share (HK cents) | 0.47 | 1.43 | -67% | Liquidity and Financial Resources | Metric | June 30, 2024 (HK$ million) | December 31, 2023 (HK$ million) | | :--- | :--- | :--- | | Total Bank Borrowings | 241.7 | 287.8 | | Bank Balances and Cash | 174.4 | 164.3 | | Net Gearing Ratio | 4% | 7% | - The book value of assets pledged by the Group's subsidiaries was approximately **HK$501.4 million**, a decrease from HK$789.4 million at the end of 2023[5](index=5&type=chunk) - The Group had **no contingent liabilities** as of June 30, 2024[5](index=5&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) China's GDP growth slowed in H1 2024, impacting consumer demand, while the Group's wind power generation decreased due to unfavorable wind conditions despite increased national renewable energy capacity - China's GDP grew by **5.0%** year-on-year in Q1 2024, slowing to **4.7%** in Q2, falling short of the government's full-year target of 5%[6](index=6&type=chunk) - China's wind power installed capacity increased by **20.0%** to **467 GW**, with total wind power generation growing by approximately **10%** to **508,800 GWh**[6](index=6&type=chunk) - The average wind speed at the Group's wind farms decreased from **6.2 meters/second** in the same period of 2023 to **5.8 meters/second**[6](index=6&type=chunk) - The company's wind farms generated a total of **690.6 GWh** in H1 2024, a year-on-year decrease of **11.4%**[6](index=6&type=chunk) - Curtailment improved, decreasing from **10.6%** in the same period of 2023 to **6.2%**[6](index=6&type=chunk) [Mudanjiang and Muling Wind Farms](index=6&type=section&id=Mudanjiang%20and%20Muling%20Wind%20Farms) Mudanjiang and Muling Wind Farms, with a total installed capacity of 59.5 MW, experienced a 15.1% decrease in power generation in H1 2024 due to poor wind resources and increased curtailment - Total installed capacity is **59.5 MW**, with the Group holding **86%** and **86.7%** equity interests respectively[6](index=6&type=chunk) - Power generation in H1 2024 was approximately **24.2 GWh**, a **15.1%** decrease compared to the same period last year[6](index=6&type=chunk) [Siziwang Qi Phase I and II Wind Farms](index=7&type=section&id=Siziwang%20Qi%20Phase%20I%20and%20II%20Wind%20Farms) Siziwang Qi Phase I and II Wind Farms, wholly-owned by the Group with 99 MW installed capacity, saw a 5.1% decrease in power generation in H1 2024 due to reduced wind resources - Total installed capacity is **99 MW**, wholly-owned by the Group[7](index=7&type=chunk) - Power generation in H1 2024 was approximately **107.0 GWh**, a **5.1%** decrease compared to the same period last year[7](index=7&type=chunk) [Danjinghe Wind Farm](index=7&type=section&id=Danjinghe%20Wind%20Farm) Danjinghe Wind Farm, with 200 MW installed capacity and 40% effective interest held by the Group, experienced a 16.0% decrease in power generation in H1 2024 due to reduced wind resources - Installed capacity is **200 MW**, with the Group holding **40%** effective interest[7](index=7&type=chunk) - Power generation in H1 2024 was approximately **196.7 GWh**, a **16.0%** decrease compared to the same period last year[7](index=7&type=chunk) [Changma Wind Farm](index=8&type=section&id=Changma%20Wind%20Farm) Changma Wind Farm, with 201 MW installed capacity and 40% effective interest held by the Group, experienced a 9.5% decrease in power generation in H1 2024 due to reduced wind resources - Installed capacity is **201 MW**, with the Group holding **40%** effective interest[7](index=7&type=chunk) - Power generation in H1 2024 was approximately **212.2 GWh**, a **9.5%** decrease compared to the same period last year[7](index=7&type=chunk) [Lunaobao Wind Farm](index=9&type=section&id=Lunaobao%20Wind%20Farm) Lunaobao Wind Farm, with 100.5 MW installed capacity and 30% effective interest, saw a 10.6% increase in power generation in H1 2024 due to reduced curtailment from new transmission lines, despite decreased wind resources - Installed capacity is **100.5 MW**, with the Group holding **30%** effective interest[8](index=8&type=chunk) - Power generation in H1 2024 was approximately **104.4 GWh**, a **10.6%** increase compared to the same period last year[8](index=8&type=chunk) - Curtailment decreased due to **new transmission lines**[8](index=8&type=chunk) [Songxian Wind Farm](index=9&type=section&id=Songxian%20Wind%20Farm) Songxian Wind Farm, wholly-owned by the Group with 74 MW installed capacity, experienced a significant 38.5% decrease in power generation in H1 2024 due to severely reduced wind resources and turbine freezing from abnormal cold weather - Total installed capacity is **74 MW**, wholly-owned by the Group[8](index=8&type=chunk) - Power generation in H1 2024 was approximately **46.1 GWh**, a **38.5%** decrease compared to the same period last year[8](index=8&type=chunk) - Power generation was affected by **abnormal cold weather** and **freezing of some wind turbines**[8](index=8&type=chunk) [Nanxun Distributed Solar Project](index=9&type=section&id=Nanxun%20Distributed%20Solar%20Project) The Nanxun Distributed Solar Project, the Group's first wholly-owned rooftop solar project with 4 MWp installed capacity, generated approximately 2.2 GWh in H1 2024, a 4.3% decrease - Installed capacity is **4 MWp**, the Group's first wholly-owned distributed rooftop solar project[8](index=8&type=chunk) - Power generation in H1 2024 was approximately **2.2 GWh**, a **4.3%** decrease compared to the same period last year[8](index=8&type=chunk) [Business Model and Risk Management](index=10&type=section&id=Business%20Model%20and%20Risks%20Management) The Group operates as an investor and operator in China's renewable energy sector, focusing on acquiring, developing, constructing, and operating power plants while integrating risk management into daily operations across six key categories - The primary business is acting as an **investor and operator** in China's renewable energy sector, providing stable electricity to customers[9](index=9&type=chunk)[12](index=12&type=chunk) - The Group's strategy is "Grow, Expand, Endure," aiming for continuous development of renewable energy projects, enhanced profitability, and sustainable value creation for shareholders[10](index=10&type=chunk)[12](index=12&type=chunk) - Risk management is integrated into daily business processes, with existing and emerging risks identified and reviewed semi-annually, categorized into **policy and regulatory, legal and compliance, safety, health and environment, financial, operational, and reputational risks**[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Outlook](index=11&type=section&id=Outlook) The Group anticipates improved China GDP growth in H2 2024 with government stimulus, and expects long-term curtailment reduction due to increased grid investment, while cautiously pursuing new projects and considering existing wind farm upgrades - China's GDP growth is expected to improve in H2 2024, with government policies aimed at stimulating domestic demand and the property market[13](index=13&type=chunk) - The National Energy Administration will accelerate transmission project construction, expecting **curtailment to decrease in the long term**[13](index=13&type=chunk) - The Group will cautiously invest in new projects when returns are attractive and consider **upgrading existing wind farms** to significantly enhance generation capacity and output[13](index=13&type=chunk)[14](index=14&type=chunk)[17](index=17&type=chunk) [Employees](index=12&type=section&id=Employees) As of June 30, 2024, the Group employed 95 staff in Hong Kong and mainland China, focusing on talent acquisition, retention, and development, with compensation based on performance and market conditions - As of June 30, 2024, the Group employed a total of **95 staff**[15](index=15&type=chunk)[18](index=18&type=chunk) - The Group strengthens human resources through external recruitment and internal transfers, and appoints technical consultants to support project development and operations[15](index=15&type=chunk)[18](index=18&type=chunk) - Employee remuneration is determined based on job nature, individual performance, overall Group performance, and prevailing market conditions[15](index=15&type=chunk)[18](index=18&type=chunk) [Environmental, Social and Governance Matters](index=12&type=section&id=Environmental%2C%20Social%20and%20Governance%20Issues) As an early investor in China's renewable energy sector, the Group actively contributes to environmental protection and low-carbon development, with its operating assets meeting all environmental regulations and significantly reducing carbon emissions - The Group has been actively involved in **environmental protection and low-carbon development** in China since 2006[16](index=16&type=chunk)[19](index=19&type=chunk) - In H1 2024, the Group's operating assets complied with all local environmental regulatory requirements[20](index=20&type=chunk)[22](index=22&type=chunk) - Total power generation of **692.8 GWh** resulted in a reduction of approximately **225,000 tonnes of coal consumption** and **535,000 tonnes of carbon emissions**[20](index=20&type=chunk)[22](index=22&type=chunk) - The Group values building strong relationships with stakeholders by maintaining close ties with government, local authorities, and State Grid Corporation[21](index=21&type=chunk)[22](index=22&type=chunk) [General Information](index=13&type=section&id=General%20Information) [Directors' Interests in Securities](index=13&type=section&id=Directors%27%20Interests%20in%20Securities) As of June 30, 2024, the company's directors and chief executives held long positions in the shares of the company and its associated corporations, with Mr. Huang Gang and Ms. Liu Hui holding substantial interests Directors' Long Positions in Company Shares and Related Shares (June 30, 2024) | Director Name | Nature of Interest | Number of Company Shares and Related Shares | Approximate Percentage of Company's Existing Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Huang Gang | Corporate | 1,833,696,937 | 73.168% | | Mr. Huang Gang | Joint | 41,661,439 | 1.662% | | Ms. Liu Hui | Family | 1,833,696,937 | 73.168% | | Ms. Liu Hui | Joint | 41,661,439 | 1.662% | | Mr. Huang Zhiliang | Joint | 2,051,401 | 0.082% | | Mr. Li Zhaoyi | Personal | 8,550 | 0.001% | Directors' Long Positions in Shares of Associated Corporation HKC (Holdings) Limited (June 30, 2024) | Director Name | Nature of Interest | Number of Associated Corporation Shares and Related Shares | Approximate Percentage of Associated Corporation's Existing Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Huang Gang | Corporate | 511,074,246 | 100.000% | | Ms. Liu Hui | Family | 346,657,938 | 67.829% | | Ms. Liu Hui | Corporate | 164,416,308 | 32.171% | [Substantial Shareholders' Interests in Securities](index=17&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Securities) As of June 30, 2024, Claudio Holdings Limited was a substantial shareholder, holding approximately 73.168% of the company's issued share capital, with other entities also holding significant stakes Substantial Shareholders' Long Positions in Company Shares and Related Shares (June 30, 2024) | Name/Entity | Nature of Interest | Number of Company Shares and Related Shares | Approximate Percentage of Company's Existing Issued Share Capital | | :--- | :--- | :--- | :--- | | Claudio Holdings Limited | Corporate | 1,833,696,937 | 73.168% | | HKC (Holdings) Limited | Beneficial Owner | 1,403,352,050 | 56.000% | | Genesis Capital Group Limited | Beneficial Owner | 276,065,897 | 11.016% | | Creator Holdings Limited | Beneficial Owner | 154,278,990 | 6.156% | [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[32](index=32&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2024 - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2024[32](index=32&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2024 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2024[32](index=32&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code for the six months ended June 30, 2024, with the exception of the Chairman and Chief Executive Officer roles being held by the same individual, a structure the Board believes does not impair the balance of power - The company complied with the code provisions of the Corporate Governance Code for the six months ended June 30, 2024, with the exception of the roles of Chairman and Chief Executive Officer being held by the same individual[32](index=32&type=chunk)[33](index=33&type=chunk) - The Board believes the current structure does not impair the balance of power between the Board and management and will review it from time to time[33](index=33&type=chunk) [Model Code for Securities Transactions by Directors](index=19&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code as its code of conduct for directors' securities transactions, with all directors confirming compliance, and has also adopted a code for relevant employees no less exacting than the Model Code - The company has adopted the Model Code as its code of conduct for directors' securities transactions, and all directors have confirmed compliance[33](index=33&type=chunk) - The company has also adopted a code for relevant employees' dealings in company securities, with terms no less exacting than the Model Code[33](index=33&type=chunk) [Constitutional Documents of the Company](index=19&type=section&id=Constitutional%20Documents%20of%20the%20Company) To align with paperless listing mechanisms and electronic dissemination of corporate communications, the company amended its Articles of Association via a special resolution passed at the AGM on May 31, 2024, and published the updated version - To comply with the latest regulatory requirements for paperless listing mechanisms and electronic dissemination of corporate communications, the company has **amended its Articles of Association**[33](index=33&type=chunk) - A special resolution approving the amendments was passed at the Annual General Meeting on **May 31, 2024**[33](index=33&type=chunk) - The company has published the updated consolidated version of its Memorandum and Articles of Association on the Stock Exchange and the company's website[34](index=34&type=chunk)[37](index=37&type=chunk) [Appointment of Executive Director](index=20&type=section&id=Appointment%20of%20Executive%20Director) Ms. Liu Hui was appointed as an Executive Director and a member of the Executive Committee of the company on May 31, 2024 - **Ms. Liu Hui** was appointed as an Executive Director and a member of the Executive Committee of the company on **May 31, 2024**[35](index=35&type=chunk)[38](index=38&type=chunk) [Update on Directors' Information](index=20&type=section&id=Update%20on%20Directors%27%20Information) Ms. Liu Hui was appointed as an Executive Director on May 31, 2024, and Mr. Zhang Songyi resigned as a director of Athenex, Inc. in September 2023 - **Ms. Liu Hui** was appointed as an Executive Director and a member of the Executive Committee of the company on **May 31, 2024**[36](index=36&type=chunk)[39](index=39&type=chunk) - **Mr. Zhang Songyi** resigned as a director of Athenex, Inc., a NASDAQ-listed company, in **September 2023**[37](index=37&type=chunk)[39](index=39&type=chunk) [Report on Review of Interim Financial Information](index=20&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Information) [Introduction](index=20&type=section&id=Introduction) The auditor has reviewed the interim financial information of China Renewable Energy Investment Limited and its subsidiaries for the six months ended June 30, 2024, with the company's directors responsible for its preparation - The auditor has reviewed the Group's interim financial information for the six months ended June 30, 2024[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's directors are responsible for the preparation and presentation of this interim financial information in accordance with **HKAS 34 "Interim Financial Reporting"**[40](index=40&type=chunk)[41](index=41&type=chunk) [Scope of Review](index=22&type=section&id=Scope%20of%20Review) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, which is significantly less in scope than an audit, thus no audit opinion is expressed - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the Hong Kong Institute of Certified Public Accountants[42](index=42&type=chunk)[43](index=43&type=chunk) - The scope of the review is significantly less than that of an audit, therefore **no audit opinion is expressed**[42](index=42&type=chunk)[43](index=43&type=chunk) [Conclusion](index=22&type=section&id=Conclusion) Based on the review, the auditor found no matters suggesting that the interim financial information was not prepared in all material respects in accordance with HKAS 34 - The auditor found no matters that lead them to believe the interim financial information is not prepared in all material respects in accordance with **HKAS 34 "Interim Financial Reporting"**[44](index=44&type=chunk)[45](index=45&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Financial Performance Overview](index=23&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2024, the Group's revenue decreased by 24% to HK$74.3 million, leading to a 67% reduction in gross profit and a shift to an operating loss, resulting in a 67% decrease in profit attributable to equity holders Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 74,299 | 97,820 | -24.1% | | Cost of Sales | (63,807) | (65,997) | -3.3% | | Gross Profit | 10,492 | 31,823 | -67.0% | | Other Income | 2,942 | 3,409 | -13.7% | | Administrative Expenses | (14,881) | (19,771) | -24.7% | | Operating (Loss)/Profit | (1,447) | 15,461 | -109.4% | | Finance Costs — Net | (7,014) | (13,849) | -49.4% | | Share of Results of Associates | 22,134 | 42,246 | -47.6% | | Profit Before Income Tax | 13,673 | 43,858 | -68.8% | | Income Tax Expense | (3,285) | (8,819) | -62.8% | | Profit for the Period | 10,388 | 35,039 | -70.4% | | Profit Attributable to Equity Holders of the Company | 11,662 | 35,853 | -67.5% | | Basic and Diluted Earnings Per Share (HK cents) | 0.47 | 1.43 | -67.1% | - Total comprehensive loss for the period was **HK$28,954 thousand**, a narrower loss compared to HK$43,926 thousand in the prior year[46](index=46&type=chunk)[47](index=47&type=chunk) [Condensed Consolidated Statement of Financial Position](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Overview of Assets, Equity and Liabilities](index=25&type=section&id=Assets%2C%20Equity%20and%20Liabilities%20Overview) As of June 30, 2024, the Group's total assets decreased to HK$2,155.2 million, with declines in non-current assets but increases in current receivables and cash, while total equity and liabilities also decreased, notably in bank borrowings Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Metric | June 30, 2024 (HK$ thousand) | December 31, 2023 (HK$ thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 805,426 | 873,421 | | Interests in Associates | 765,780 | 824,173 | | Total Non-Current Assets | 1,599,954 | 1,730,040 | | Trade and Other Receivables (Current) | 369,940 | 345,343 | | Cash and Cash Equivalents | 174,419 | 164,290 | | Total Current Assets | 555,214 | 521,174 | | Total Assets | 2,155,168 | 2,251,214 | | Total Equity | 1,832,496 | 1,873,981 | | Bank Borrowings (Non-Current) | 213,480 | 244,461 | | Current Portion of Bank Borrowings (Current) | 28,170 | 43,339 | | Total Liabilities | 322,672 | 377,233 | - Construction in progress increased from **HK$364 thousand** at the end of 2023 to **HK$1,412 thousand** as of June 30, 2024[48](index=48&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Equity Movements](index=27&type=section&id=Equity%20Movements) For the six months ended June 30, 2024, equity attributable to owners of the company decreased from HK$1,882.1 million to HK$1,841.8 million, primarily due to negative exchange reserve impacts and dividends paid, offsetting the profit for the period Condensed Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Total Equity at January 1 | 1,873,981 | 1,914,742 | | Profit/(Loss) for the Period | 10,388 | 35,039 | | Total Other Comprehensive (Loss)/Income for the Period | (39,342) | (78,965) | | Total Comprehensive (Loss)/Income for the Period | (28,954) | (43,926) | | Dividends Paid | (12,531) | (12,531) | | Total Equity at June 30 | 1,832,496 | 1,858,285 | - Exchange reserve attributable to owners of the company further decreased from **HK$(95,200) thousand** at the beginning of the year to **HK$(134,641) thousand**[50](index=50&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Activities](index=28&type=section&id=Cash%20Flow%20Activities) For the six months ended June 30, 2024, net cash from operating activities significantly decreased, while net cash from investing activities also declined, and net cash used in financing activities was primarily for bank loan repayments and dividend payments, resulting in an increase in period-end cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 28,324 | 62,028 | | Net Cash from Investing Activities | 46,137 | 122,207 | | Net Cash Used in Financing Activities | (61,952) | (199,010) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 12,509 | (14,775) | | Cash and Cash Equivalents at June 30 | 174,419 | 212,544 | - Dividends received from associates amounted to **HK$46,380 thousand**, a significant decrease from HK$135,639 thousand in the prior year[51](index=51&type=chunk) - Bank loan repayments totaled **HK$41,023 thousand**, and dividends paid were **HK$12,531 thousand**[51](index=51&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=28&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1 General Information](index=28&type=section&id=1%20General%20Information) China Renewable Energy Investment Limited primarily engages in renewable energy business in the PRC, with its shares listed on the Main Board of the Hong Kong Stock Exchange, and Mr. Huang Gang as the ultimate controlling party - The Group primarily engages in the **renewable energy business**, mainly located in the People's Republic of China[52](index=52&type=chunk) - The company's shares are listed on the **Main Board of The Stock Exchange of Hong Kong Limited**[52](index=52&type=chunk) - The ultimate holding company is **Claudio Holdings Limited**, and the ultimate controlling party is **Mr. Huang Gang**, the company's Chairman, Chief Executive Officer, and Executive Director[52](index=52&type=chunk) [2 Basis of Preparation](index=28&type=section&id=2%20Basis%20of%20Preparation) The unaudited condensed consolidated interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual financial statements for the year ended December 31, 2023 - The unaudited condensed consolidated interim financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[52](index=52&type=chunk) - It should be read in conjunction with the annual financial statements for the year ended **December 31, 2023**[52](index=52&type=chunk) [3 Accounting Policies](index=30&type=section&id=3%20Accounting%20Policies) During this interim period, the Group first applied amendments to Hong Kong Financial Reporting Standards, which had no significant impact on the financial position or performance for the current or prior periods - During this interim period, the Group first applied amendments to **HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7**[53](index=53&type=chunk) - These amendments had **no significant impact** on the Group's financial position and performance for the current and prior periods[53](index=53&type=chunk) [4 Critical Accounting Estimates and Judgements](index=30&type=section&id=4%20Critical%20Accounting%20Estimates%20and%20Judgements) The preparation of interim financial information requires management to make judgments, estimates, and assumptions, and the key sources of estimation uncertainty are consistent with those used in the 2023 annual consolidated financial statements - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[53](index=53&type=chunk) - The critical judgments and key sources of estimation uncertainty made in this interim financial information are the same as those applied in the consolidated financial statements for the year ended **December 31, 2023**[53](index=53&type=chunk) [5 Revenue and Other Income](index=31&type=section&id=5%20Revenue%20and%20Other%20Income) For the six months ended June 30, 2024, the Group's revenue primarily from electricity sales totaled HK$74.3 million, a 24% year-on-year decrease, with significant contributions from electricity tariff subsidies and three major customers Revenue and Other Income (For the six months ended June 30) | Category | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Sales of Electricity | 74,299 | 97,820 | | VAT Refund | 2,909 | 3,387 | | Total Other Income | 2,942 | 3,409 | - Electricity sales include **HK$39.7 million** (2023: HK$51.0 million) of electricity tariff subsidies owed by state grid companies[55](index=55&type=chunk)[56](index=56&type=chunk) - The Group had **three customers** whose revenue exceeded 10% of the Group's total revenue, amounting to **HK$38.2 million, HK$24.3 million, and HK$9.5 million** respectively[57](index=57&type=chunk) [6 Operating (Loss)/Profit](index=32&type=section&id=6%20Operating%20%28Loss%29%2FProfit) For the six months ended June 30, 2024, the Group's operations shifted from a profit to a loss of HK$1.4 million, primarily due to depreciation of property, plant and equipment, employee benefit expenses, and net exchange losses Operating (Loss)/Profit Key Items (For the six months ended June 30) | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Auditor's Remuneration | (330) | (330) | | Amortisation of Intangible Assets | (332) | (362) | | Depreciation of Property, Plant and Equipment | (48,548) | (52,859) | | Depreciation of Right-of-Use Assets | (711) | (692) | | Net Exchange Loss | (750) | (4,590) | | Employee Benefit Expenses | (12,432) | (12,572) | | Legal and Professional Fees | (476) | (1,438) | [7 Finance Income and Costs](index=33&type=section&id=7%20Finance%20Income%20and%20Costs) For the six months ended June 30, 2024, the Group's net finance costs significantly decreased to HK$7.0 million from HK$13.8 million in the prior year, mainly due to lower interest expenses on bank borrowings and no interest expense on amounts due to a shareholder Finance Income and Costs (For the six months ended June 30) | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | (8,340) | (11,431) | | Interest Expense on Amount Due to a Shareholder | — | (4,259) | | Interest Income from Bank Deposits | 1,326 | 1,841 | | Finance Costs — Net | (7,014) | (13,849) | [8 Income Tax Expense](index=33&type=section&id=8%20Income%20Tax%20Expense) For the six months ended June 30, 2024, income tax expense significantly decreased to HK$3.3 million from HK$8.8 million, primarily due to increased deferred income tax credits and a withholding tax refund, with certain subsidiaries enjoying tax incentives Income Tax Expense (For the six months ended June 30) | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Current Income Tax | (1,665) | (3,150) | | Withholding Tax on Dividends | (3,160) | (5,949) | | Deferred Income Tax Credit/(Expense), Net | 1,540 | (6,816) | | Withholding Tax Refund on Dividends Paid in Prior Years | — | 7,096 | | Income Tax Expense | (3,285) | (8,819) | - Two of the Group's subsidiaries enjoy a **3-year full tax exemption** followed by a **50% tax exemption for the subsequent 3 years**[64](index=64&type=chunk) - A subsidiary established in Inner Mongolia is eligible for the Western Development Enterprise Income Tax Incentive, enjoying a **preferential tax rate of 15%** until December 31, 2030[64](index=64&type=chunk) - Hong Kong tax resident companies may enjoy a **5% withholding tax rate on dividends** (compared to 10% in the same period of 2023)[65](index=65&type=chunk) [9 Dividends](index=35&type=section&id=9%20Dividends) A final dividend of HK$0.5 cents per share for 2023, totaling HK$12.5 million, was paid on June 21, 2024, and the Board resolved not to declare any interim dividend for the six months ended June 30, 2024 - The 2023 final dividend of **HK$0.5 cents per ordinary share**, amounting to **HK$12,531,000**, was paid on **June 21, 2024**[65](index=65&type=chunk) - The Board resolved **not to declare any interim dividend** for the six months ended June 30, 2024[65](index=65&type=chunk) [10 Earnings Per Share](index=36&type=section&id=10%20Earnings%20Per%20Share) For the six months ended June 30, 2024, earnings per share attributable to owners of the company significantly decreased to HK$0.47 cents from HK$1.43 cents in the prior year, with basic and diluted EPS being the same due to no dilutive equity instruments Earnings Per Share Calculation (For the six months ended June 30) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (HK$ thousand) | 11,662 | 35,853 | | Weighted Average Number of Ordinary Shares (thousand shares) | 2,506,157 | 2,506,157 | | Earnings Per Share (HK cents) | 0.47 | 1.43 | - For the six months ended June 30, 2024 and 2023, the company had **no dilutive equity instruments**, thus basic and diluted earnings per share were the same[69](index=69&type=chunk) [11 Capital Expenditure](index=37&type=section&id=11%20Capital%20Expenditure) For the six months ended June 30, 2024, the net book value of property, plant and equipment decreased, while construction in progress increased, with additions to property, plant and equipment and construction in progress during the period Capital Expenditure Changes (For the six months ended June 30) | Item | Net Book Value at Beginning of 2024 (HK$ thousand) | Net Book Value at End of 2024 (HK$ thousand) | | :--- | :--- | :--- | | Property, Plant and Equipment | 873,421 | 805,426 | | Right-of-Use Assets | 13,451 | 12,410 | | Intangible Assets | 1,372 | 1,048 | | Construction in Progress | 364 | 1,412 | - Additions to property, plant and equipment amounted to **HK$584 thousand**, and additions to construction in progress were **HK$1,071 thousand** during the period[70](index=70&type=chunk) [12 Prepayments, Trade and Other Receivables](index=38&type=section&id=12%20Prepayments%2C%20Trade%20and%20Other%20Receivables) As of June 30, 2024, the Group's total trade receivables were HK$299.4 million, including HK$292.4 million in electricity tariff subsidies expected to be fully recovered, with other receivables comprising deductible input VAT and dividends from associates Prepayments, Trade and Other Receivables (As of June 30) | Item | June 30, 2024 (HK$ thousand) | December 31, 2023 (HK$ thousand) | | :--- | :--- | :--- | | Non-Current Other Receivables | 13,878 | 17,259 | | Current Trade Receivables | 299,382 | 289,572 | | Current Prepayments and Other Receivables | 70,558 | 55,771 | | Total | 383,818 | 362,602 | - Trade receivables include **HK$292.4 million** (2023: HK$281.3 million) of electricity tariff subsidies, which are expected to be fully recoverable[76](index=76&type=chunk)[78](index=78&type=chunk) - Other receivables include **HK$24.7 million** of deductible input VAT and **HK$52.3 million** of dividends receivable from associates[81](index=81&type=chunk)[83](index=83&type=chunk) [13 Share Capital](index=40&type=section&id=13%20Share%20Capital) As of June 30, 2024, the company's issued and fully paid share capital remained unchanged at 2,506,157,464 ordinary shares with a par value of HK$0.01 each, totaling HK$25.1 million Share Capital Status (As of June 30) | Item | Number of Shares | HK$ thousand | | :--- | :--- | :--- | | Issued and Fully Paid Share Capital (June 30, 2024) | 2,506,157,464 | 25,062 | [14 Trade and Other Payables](index=41&type=section&id=14%20Trade%20and%20Other%20Payables) As of June 30, 2024, the Group's total trade and other payables decreased to HK$49.6 million from HK$55.0 million at the end of 2023, primarily comprising payables for the acquisition and construction of property, plant and equipment Trade and Other Payables (As of June 30) | Item | June 30, 2024 (HK$ thousand) | December 31, 2023 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 390 | 506 | | Payables for Acquisition and Construction of Property, Plant and Equipment | 44,894 | 46,733 | | Other Payables and Accruals | 4,301 | 7,806 | | Total | 49,585 | 55,045 | - The aging analysis of trade payables shows that **all trade payables are within 12 months**[86](index=86&type=chunk) [15 Financial Risk Management](index=42&type=section&id=15%20Financial%20Risk%20Management) The Group's operations are exposed to foreign currency, interest rate, credit, and liquidity risks, with no significant changes in risk management processes or policies since the end of 2023, and carrying amounts of financial instruments approximate their fair values - The Group's operations are exposed to **foreign currency risk, interest rate risk, credit risk, and liquidity risk**[87](index=87&type=chunk) - There have been **no significant changes** in risk management processes or policies since the end of 2023[87](index=87&type=chunk) - The carrying amounts of trade receivables, cash, and borrowings approximate their fair values, and the Group has **no assets and liabilities measured at fair value**[87](index=87&type=chunk) [16 Commitments](index=43&type=section&id=16%20Commitments) As of June 30, 2024, the Group had contracted but unprovided capital expenditure of HK$6.5 million for renewable energy projects, and total future lease payments for land and buildings not yet commenced amounted to HK$0.3 million - As of June 30, 2024, contracted but unprovided capital expenditure for renewable energy projects amounted to **HK$6.5 million**[88](index=88&type=chunk) - Total future lease payments for land and buildings under lease not yet commenced amounted to **HK$0.3 million**[88](index=88&type=chunk) [17 Related Party Transactions](index=43&type=section&id=17%20Related%20Party%20Transactions) For the six months ended June 30, 2024, the Group engaged in transactions with related parties, including office sharing, administrative services, and leases with HKC (Holdings) Limited, and provided a bank loan guarantee for an associate - The company entered into an office sharing agreement with HKC (Holdings) Limited for a consideration of **HK$1.6 million**[88](index=88&type=chunk) - Administrative service fees of **HK$1.1 million**, office rent of **HK$0.8 million**, and rooftop rent of **HK$0.2 million** were paid to HKC (Holdings) Limited[88](index=88&type=chunk)[89](index=89&type=chunk) - The company entered into loan financing agreements with Creator Holdings Limited and Genesis Capital Venture Limited, allowing it to borrow up to **HK$300 million**, but no amounts had been drawn down as of June 30, 2024[89](index=89&type=chunk) - As of June 30, 2024, the Group provided a bank loan guarantee for an associate, with the outstanding amount being **HK$6.4 million**[90](index=90&type=chunk)[92](index=92&type=chunk)

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） 截至二零二四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」）截至二零二四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 截至二零二四年六月三十日止六個月 | --- | --- | --- | --- | |---------------------|-------|-------------------------------------|----------------| | | 附註 | 截至六月三十日止六個月 \n二零二四年 | 二零二三年 | | ...

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].