2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 ...

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]

据中国大唐消息，4月28日，中国大唐集团有限公司党组书记、董事长吕军，董事、总经理、党组副书 记张传江在广州拜会广东省委书记黄坤明，省委副书记、省长王伟中。双方就深化战略对接、加强能源 合作进行深入交流。吕军表示，中国大唐高度重视在粤发展，将深入学习贯彻习近平总书记视察广东重 要讲话、重要指示精神，全面落实广东省委"1310"具体部署，继续深化拓展与广东的战略合作，进一步 加大投资力度，切实担负好央企职责，全力做好能源保供工作，加快推进海上风电、新型储能等新能源 项目建设，力争早投产、早见效；愿与广东企业合作开发藏东南清洁能源，共同参与新型电力系统构 建，更好服务广东绿色高质量发展。 ...

广东省委书记黄坤明会见大唐集团董事长吕军一行 智通财经4月29日电，广东省委书记黄坤明，省委副书记、省长王伟中4月28日下午在广州会见了中国大 唐集团有限公司党组书记、董事长吕军，党组副书记、总经理张传江一行，就深化战略对接、加强能源 合作进行深入交流。黄坤明表示，愿与大唐集团一道把战略合作推向深入，聚焦电力能源保供稳价加强 沟通对接，共同抓好投产项目安全运营，协同谋划实施好藏电入粤等重大项目，合力推进海上风电与海 洋牧场融合发展，积极探索能源开发赋能"百县千镇万村高质量发展工程"实施新模式，推动央地合作迈 上新台阶。广东经济发展前景广阔，新能源产业是新晋的第九个万亿元级产业集群，希望大唐集团抓住 市场机遇，充分发挥能源央企产业、技术、人才等优势，加快清洁能源、新型储能等产业项目落地实 施，大力开展氢能等新技术示范推广，在加快抢占产业新赛道的同时助力广东培育壮大新质生产力。广 东将着力完善各类要素保障，为企业在粤发展营造良好环境。 ...

Financial Performance - The company's operating revenue for the first quarter was CNY 30,206,052, a decrease of 1.74% compared to the same period last year[7] - Net profit attributable to shareholders increased by 68.12% to CNY 2,238,433 compared to CNY 1,331,460 in the previous year[7] - Basic and diluted earnings per share increased by 98.81% to CNY 0.1004, up from CNY 0.0505 in the previous year[7] - The net profit for Q1 2025 was CNY 2,744,617 thousand, an increase of 58.2% compared to CNY 1,736,282 thousand in Q1 2024[39] - The total comprehensive income for Q1 2025 was CNY 2,744,006 thousand, up from CNY 1,736,401 thousand in Q1 2024[41] - The total revenue for Q1 2025 was CNY 3,252,346 thousand, compared to CNY 2,129,893 thousand in Q1 2024, representing a growth of 52.7%[39] - The operating profit for Q1 2025 was CNY 3,242,702 thousand, an increase of 53.2% from CNY 2,114,094 thousand in Q1 2024[39] - The income tax expense for Q1 2025 was CNY 507,729 thousand, compared to CNY 393,611 thousand in Q1 2024, indicating a rise of 29.0%[39] - The company reported a net profit margin improvement, with net income for Q1 2025 expected to reflect better cost management strategies[38] Cash Flow - The net cash flow from operating activities rose by 51.00% to CNY 9,312,542, driven by lower fuel costs[7] - Net cash flow from operating activities for Q1 2025 was $6,167,179, a decrease of approximately 33.0% from $9,312,542 in Q1 2024[44] - Cash inflow from operating activities for Q1 2025 was $33,866,310, compared to $32,955,129 in Q1 2024, representing an increase of approximately 2.75%[43] - Cash outflow from operating activities for Q1 2025 was $27,699,131, compared to $23,642,587 in Q1 2024, indicating an increase of about 16.5%[44] - Cash inflow from financing activities totaled 35,787,910, an increase from 23,576,990 in the previous period, reflecting a growth of approximately 51.5%[46] - Net cash flow from financing activities was -2,318,303, compared to -1,050,754 in the prior period, indicating a decline in financing efficiency[46] - The ending balance of cash and cash equivalents was 10,214,452, slightly down from 10,446,561 in the previous period[46] - The net increase in cash and cash equivalents was 3,006,464, compared to 1,953,581 in the prior period, showing an increase of approximately 53.9%[46] Assets and Liabilities - Total assets at the end of the reporting period were CNY 322,645,370, reflecting a slight increase of 0.01% from the previous year[9] - The company's total assets as of March 31, 2025, amounted to CNY 322,645,370, slightly up from CNY 322,601,537 at the end of 2024[36] - Current liabilities decreased to CNY 91,382,133 in Q1 2025 from CNY 100,883,091 in Q1 2024, reflecting a reduction of approximately 9.93%[34] - Long-term borrowings increased to CNY 118,130,137 in Q1 2025 from CNY 117,093,432 in Q1 2024, showing a growth of about 0.89%[35] - The total liabilities as of March 31, 2025, were CNY 224,657,814, a decrease from CNY 229,117,953 at the end of 2024[35] Shareholder Information - Total number of common shareholders at the end of the reporting period is 174,969[26] - The largest shareholder, China Datang Corporation, holds 6,540,706,520 shares, representing 35.34% of total shares[27] - HKSCC Nominees Limited, the second largest shareholder, holds 6,090,486,027 shares, accounting for 32.91%[27] - The total shares held by China Datang Corporation and its subsidiaries account for approximately 53.04% of the total issued shares[29] - The company has not reported any changes in the participation of major shareholders in financing or lending activities[30] Investment Activities - Investment income surged by 296.02%, primarily due to losses from equity disposals in the previous period[24] - The company acquired 95% of the shares in a subsidiary, Da Tang Solar Industry (UK) Limited, which will impact the financial results for the first quarter[10] - The company reported a significant increase in investment income from joint ventures and associates, with a total of CNY 96,719 thousand in Q1 2025 compared to CNY 90,346 thousand in Q1 2024[39] Operational Efficiency - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[38]

Financial Performance - The operating revenue for 2024 was RMB 123.47 billion, showing a slight increase compared to RMB 122.43 billion in 2023[29]. - The pre-tax profit for 2024 was RMB 8.67 billion, a significant recovery from a loss of RMB 11.08 billion in 2021[29]. - The company’s equity attributable to owners was RMB 30.22 billion as of December 31, 2024, compared to RMB 27.44 billion in 2023[30]. - The total operating costs decreased to approximately RMB 112.323 billion, a reduction of about RMB 2.075 billion or 1.81% due to lower fuel costs[53]. - The total profit before tax from continuing operations was approximately RMB 8.666 billion, an increase of about 51.88% year-on-year[55]. - The net profit attributable to equity holders of the company was approximately RMB 4.538 billion, compared to RMB 1.440 billion in the previous year[55]. - The company reported a significant increase in revenue, achieving a total of 10 billion yuan, representing a 15% year-over-year growth[1]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[1]. Asset and Liability Management - As of the end of 2024, the total assets of the company reached approximately RMB 322.62 billion, with an installed capacity of 79,111.227 MW[11]. - The total liabilities of the company as of December 31, 2024, were RMB 229.19 billion, reflecting an increase from RMB 215.74 billion in 2023[30]. - As of December 31, 2024, total assets amounted to approximately RMB 322.624 billion, an increase of about RMB 18.345 billion from the end of 2023[56]. - The total liabilities reached approximately RMB 229.190 billion, an increase of about RMB 13.448 billion, primarily due to financing needs for power project construction[56]. - The company issued medium-term notes and short-term financing bonds totaling RMB 16 billion during the year, effectively lowering the overall financing cost[49]. - The company raised RMB 39.77 billion in debt financing and RMB 3.5 billion in equity financing in 2024[172]. Energy Production and Capacity - The company generated approximately 285.15 billion kWh of electricity in 2024, with a grid-connected electricity output of about 269.32 billion kWh[14]. - The company added 6,700.263 MW of new installed capacity in 2024, with the proportion of low-carbon clean energy installed capacity increasing to 40.37%, up by 2.62 percentage points from the end of the previous year[12]. - The total installed capacity of the company reached approximately 79,111.227 MW, with a new installed capacity of 6,700.263 MW during the reporting period, including 2,594.2 MW from wind power and 1,704.823 MW from solar power[46]. - The company approved a total capacity of 14,744.9 MW for power projects in 2024, including 4,660 MW for 3 coal-fired projects, 2,031.8 MW for 16 wind projects, and 8,053.1 MW for 245 solar projects[157]. - The company added 6,700.263 MW of new generating capacity in 2024, with 2,400 MW from coal-fired projects, 2,594.2 MW from wind projects, and 1,704.823 MW from solar projects, increasing the share of low-carbon clean energy installations to 40.37%[157]. Strategic Development and Future Plans - The company aims to achieve a green low-carbon transformation, focusing on "green low-carbon, multi-energy complementarity, efficient collaboration, and digital intelligence" as its development vision[11]. - The company plans to continue expanding its clean energy projects, particularly in solar and wind power, to meet the growing demand for renewable energy[12]. - The company is focusing on enhancing energy security capabilities and aims to create a new model for integrated management of coal power and new energy[35]. - The company plans to continue promoting high-quality development and cost leadership strategies, aiming for further operational efficiency and profitability[34]. - The company is actively pursuing green and low-carbon transformation, focusing on wind, solar, and hydropower development, while upgrading coal-fired power plants to reduce emissions[156]. - The company aims to expand into the clean heating market in northern cities and promote new energy low-carbon clean heating solutions to assist local governments in reducing carbon emissions[156]. - The company is exploring new business models in offshore wind power and is conducting research on projects like pumped storage, air storage, and carbon capture and utilization (CCUS)[156]. Governance and Compliance - The company emphasizes the importance of compliance and market-oriented operational mechanisms to enhance governance and management capabilities[36]. - The company has established a dedicated investor relations management team and has engaged with 287 investors and analysts through various communication channels in 2024[155]. - The company fully complied with the corporate governance code and has not faced any penalties from regulatory bodies in 2024[160]. - The company has adopted the principles and provisions of the corporate governance code as its governance benchmark[161]. - The board of directors consists of 15 members, including 5 independent non-executive directors, ensuring a diverse and professional background[175]. - The board established four specialized committees to enhance decision-making processes, with independent directors holding a majority in key committees[176]. - The company confirmed that no major shareholder has occupied the company's funds, ensuring compliance with relevant laws and regulations[180]. Workforce and Talent Development - The company employed 27,969 staff members, implementing a performance-based salary system to enhance employee motivation and align compensation with contributions[59]. - The workforce consists of 27,969 employees, with 83.41% being male and 16.59% female, indicating a significant gender imbalance in the workforce[67]. - The company emphasizes talent development and has implemented a comprehensive training plan to enhance the skills of its workforce, including a focus on high-end and urgently needed talent[70]. - The company has strengthened its leadership team by focusing on the selection of young executives, enhancing their training and evaluation systems[21]. - A comprehensive performance evaluation system has been established, incorporating monthly, annual, and special assessments to enhance incentive mechanisms[21]. Risk Management - The company faces risks related to electricity generation, with new energy generation capacity expected to reach 1.45 billion kilowatts in 2024, surpassing coal-fired generation for the first time, leading to a decline in coal machine utilization hours[60]. - To mitigate electricity and price risks, the company will enhance operational optimization and participate actively in the national unified electricity market, aiming to increase external transaction volumes[62]. - The company anticipates a significant risk of declining electricity prices due to a stable downward trend in coal prices and increased uncertainty from the entry of new energy into the market[63].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 30,206,052, a decrease of 1.74% compared to CNY 30,737,100 in the same period last year[4] - Net profit attributable to shareholders increased by 68.12% to CNY 2,238,433 from CNY 1,331,460 year-on-year[4] - Basic and diluted earnings per share both increased by 98.81% to CNY 0.1004 from CNY 0.0505 in the previous year[5] - Net profit for Q1 2025 reached CNY 2,744,617, representing an increase of 58.2% from CNY 1,736,282 in Q1 2024[21] - Earnings per share for Q1 2025 were CNY 0.1004, compared to CNY 0.0505 in Q1 2024, reflecting a 98.0% increase[22] - The company reported an increase in investment income to CNY 105,079 in Q1 2025, up from CNY 26,534 in Q1 2024[21] - The company’s total comprehensive income for Q1 2025 was CNY 2,744,006, compared to CNY 1,736,401 in Q1 2024, indicating strong overall performance[22] Cash Flow - The net cash flow from operating activities rose by 51.00% to CNY 9,312,542, primarily due to lower fuel costs[4] - Cash flow from operating activities for Q1 2025 was CNY 9,312,542, an increase of 50.0% from CNY 6,167,179 in Q1 2024[25] - Cash flow from investing activities for Q1 2025 was negative CNY 3,987,523, worsening from negative CNY 3,163,950 in Q1 2024[25] - Cash flow from financing activities for Q1 2025 was negative CNY 2,318,303, compared to negative CNY 1,050,754 in Q1 2024[25] - The net increase in cash and cash equivalents for the period was 3,006,464[26] - The beginning balance of cash and cash equivalents was 7,207,988[26] - The ending balance of cash and cash equivalents was 10,214,452[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 322,645,370, a slight increase of 0.01% from CNY 322,601,537 at the end of the previous year[5] - As of March 31, 2025, the total assets of the company amounted to RMB 322,645,370,000, showing a slight increase from RMB 322,601,537,000 as of December 31, 2024[14] - Total current liabilities decreased to RMB 91,382,133,000 from RMB 100,883,091,000, indicating a reduction of about 9.3%[16] - The company's long-term borrowings rose to RMB 118,130,137,000 from RMB 117,093,432,000, reflecting an increase of approximately 0.9%[16] - The total non-current liabilities increased to RMB 133,275,681,000 from RMB 128,234,862,000, an increase of about 3.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 174,969[10] - The company reported a total of 9,816,330,340 shares issued, representing approximately 53.04% of the total issued shares held by the parent company and its subsidiaries[12] - The company has pledged all of its H shares held by its subsidiary, which amounts to 3,275,623,820 shares, approximately 17.70% of the total share capital[12] Inventory and Receivables - The company's accounts receivable slightly decreased to RMB 20,853,252,000 from RMB 20,898,338,000, a decline of about 0.2%[14] - The company's inventory decreased to RMB 3,303,704,000 from RMB 4,824,979,000, a significant drop of approximately 31.5%[15] Investment and Acquisitions - The company acquired 95% of the shares in Datang Solar Industry (Yingde) Co., Ltd., leading to retrospective adjustments in financial data[5] - The company reported a significant increase in investment income by 296.02%, mainly due to losses from equity disposals in the previous period[8] Operating Costs - Total operating costs for Q1 2025 were CNY 27,122,200, down 5.84% from CNY 28,802,447 in Q1 2024[20]

智通财经4月22日讯（编辑 冯轶）智通财经为您带来今日港股重要公告 1）业绩速递 中国移动(00941.HK)：一季度营运收入为2638亿元，同比增长0.02%；净利润306亿元，同比增长3.45%。 中广核矿业(01164.HK)：第一季度旗下投资的矿山共生产天然铀659.1tU，本季度计划完成率110.7%。 中兴通讯(00763.HK)：一季度营业收入329.68亿元，同比增加7.82%；净利润24.53亿元，同比减少10.5%。 津上机床中国(01651.HK)：发布盈喜，预期年度股东应占溢利约7.82亿元 同比增加约60%。 浙江世宝(01057.HK)：一季度营业收入7.18亿元，同比增加45.47%：净利润4873.5万元，同比增加123.77%。 重庆钢铁股份(01053.HK)：一季度营业收入66.14亿元，同比减少14.51%；净亏损1.17亿元，同比收窄64.82%。 2）公司要闻 泡泡玛特(09992.HK)：一季度整体收入同比增长 165%-170%，其中中国收益同比增长95%-100%，海外收益同比增长475%- 480%。其中，亚太同比增长 345%-350%；美洲同比增长895 ...

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

Financial Performance - The company's operating revenue for the year ended December 31, 2024, was approximately RMB 123.47 billion, representing a year-on-year increase of 0.86%[4] - The pre-tax profit reached approximately RMB 8.67 billion, an increase of 51.88% compared to the previous year[4] - Net profit attributable to equity holders of the company was approximately RMB 4.54 billion, a significant increase of 215.05% from RMB 1.44 billion in the previous year[4] - Basic earnings per share was approximately RMB 0.1646, compared to a loss of RMB 0.0114 in the previous year, marking a turnaround[4] - The operating profit for 2024 was RMB 11,150.991 million, significantly up from RMB 8,028.757 million in 2023, indicating an increase of approximately 38.4%[34] - The net profit for the year was RMB 6,898.952 million, compared to RMB 3,103.217 million in 2023, marking a substantial growth of around 122.5%[34] - The company's profit for the year 2024 reached RMB 6,898,952 thousand, a significant increase from RMB 3,103,217 thousand in 2023, representing a growth of approximately 122.5%[35] - Total comprehensive income for the year amounted to RMB 6,869,129 thousand, compared to RMB 3,366,913 thousand in 2023, indicating an increase of about 104.4%[35] - The net profit attributable to shareholders for 2024 was RMB 4,506,183,000, representing a significant increase of 229.70% compared to RMB 1,366,761,000 in 2023[72] Cost Management - The total operating costs for the year amounted to approximately RMB 112.32 billion, a decrease of about RMB 2.07 billion or 1.81% compared to the previous year, primarily due to a reduction in fuel costs[9] - The financial expenses for the year were approximately RMB 5.30 billion, a decrease of about RMB 0.465 billion or 8.06% compared to the previous year, mainly due to controlled financing costs[10] - The total operating costs decreased to RMB 112,322.638 million in 2024 from RMB 114,397.843 million in 2023, reflecting a reduction of about 1.82%[34] - Total employee costs for 2024 amounted to RMB 9,933,175, a decrease of 11.25% from RMB 11,188,331 in 2023[63] Asset and Liability Management - As of December 31, 2024, the total assets of the group were approximately RMB 322.62 billion, an increase of about RMB 18.35 billion compared to the end of 2023, mainly due to the increase in property, plant, and equipment from power project construction[12] - As of December 31, 2024, the total liabilities of the group were approximately RMB 229.19 billion, an increase of about RMB 13.45 billion compared to the end of 2023, primarily due to increased financing needs for power project construction[12] - The group had cash and cash equivalents of approximately RMB 7.73 billion, with about RMB 0.137 billion in foreign currency deposits[13] - The group has a debt ratio of approximately 71.04% and a net debt-to-equity ratio of approximately 190.07%[13] - The company's accounts receivable increased to RMB 21,142,490,000 in 2024 from RMB 19,853,637,000 in 2023, after accounting for impairment provisions[67] - The total liabilities, including accounts payable and contract liabilities, rose to RMB 30,984,525,000 in 2024, compared to RMB 28,678,392,000 in 2023[70] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.0621 per share for the fiscal year 2024[2] - The board of directors proposed a cash dividend of RMB 0.0621 per share, totaling approximately RMB 1.149 billion, subject to shareholder approval[19] - The total cash dividend for the fiscal year represents 38.13% of the net profit attributable to shareholders under Chinese accounting standards[22] - The company proposed a final dividend of RMB 0.0621 per share for the year ending December 31, 2024, totaling RMB 1,149,267,000 (including tax) to be approved at the shareholders' meeting[64] Corporate Governance - The company received an A rating in the annual information disclosure assessment from the Shanghai Stock Exchange, reflecting improved corporate governance[7] - The company has consistently complied with the corporate governance code, with recent board and supervisory committee elections held[25] - The company established various committees, including the nomination committee and remuneration committee, to ensure effective governance and oversight[28] - The board of directors ensured adequate representation at the annual general meeting, despite some members being unable to attend due to public duties[27] Renewable Energy and Sustainability - The company is focused on expanding its renewable energy portfolio and transitioning traditional industries towards green and low-carbon energy solutions[6] - The installed capacity of new power generation units increased by 6,700.263 MW during the reporting period, with wind power projects contributing 2,594.2 MW and photovoltaic projects contributing 1,704.823 MW[7] - The proportion of low-carbon clean energy installations rose to 40.37%, an increase of 2.62 percentage points compared to the end of the previous year[7] Compliance and Accounting Standards - The group has adopted revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, including IFRS 16 regarding lease liabilities in sale and leaseback transactions[40] - The group has implemented amendments to IAS 7 and IFRS 7, requiring disclosure of supplier financing arrangements to assess their impact on liabilities and cash flows[41] - The company confirmed compliance with the standards for securities trading by all directors and supervisors during the year[29] - The audit committee reviewed the accounting policies and internal controls, affirming that the financial report for 2024 complies with applicable accounting standards[30] Employee and Operational Insights - The total number of employees in the group was 27,969, with a focus on performance-based compensation systems to enhance employee motivation and productivity[15] - The company aims to strengthen safety management and enhance high-quality development in 2025, focusing on cost reduction and market opportunities[16][17]