Financial Performance - The group achieved a revenue of approximately RMB 52.894 billion, a decrease of about 10.43% compared to the same period in 2023[5]. - The profit attributable to equity holders of the company for the period was approximately RMB 3.432 billion, an increase of about 19.29% year-on-year[5]. - Basic earnings per share were approximately RMB 0.286, reflecting a growth of about 19.67% compared to the same period last year[5]. - The company's revenue for the period was approximately RMB 52.894 billion, a decline of about 10.43% year-on-year, primarily due to decreases in electricity generation and on-grid prices[24]. - The company's total revenue for the six months ending June 30, 2024, was RMB 52,893,953 thousand, a decrease of approximately 10.3% from RMB 59,053,025 thousand in the same period of 2023[73]. - The revenue from electricity sales was RMB 42,876,950 thousand, down from RMB 47,129,670 thousand in 2023, reflecting a decline of about 9.5%[73]. - The revenue from coal sales decreased significantly to RMB 4,403,661 thousand from RMB 6,441,207 thousand, marking a decline of approximately 31.6%[73]. - The company reported a total comprehensive income of RMB 3,988,029 for the period, compared to RMB 3,033,088 in the previous year, marking a growth of 31.6%[60]. Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million based on a total share capital of 10,227,561,133 shares[6]. - The company plans to distribute a cash dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million, based on a total share capital of 10,227,561,133 shares as of June 30, 2024[43]. - The total dividend declared for the fiscal year 2023 was approximately RMB 1.534 billion, down from RMB 2.045 billion for the fiscal year 2022, reflecting a decrease of about 25%[108]. Operational Capacity and Generation - The group operates 45 power generation enterprises with a total installed capacity of 58,815.32 MW, including 46,750 MW from coal-fired power, 9,600.13 MW from gas-fired power, and 2,459 MW from hydropower[7]. - The company's total electricity generation was approximately 101.30 million MWh, a decrease of about 5.85% compared to the same period in 2023[23]. - The average utilization hours of power generation units decreased by 192 hours to 1,741 hours, with coal-fired units averaging 1,926 hours, down 225 hours year-on-year[23]. - The company added a new gas power generation unit with a capacity of 505.54 MW during the reporting period[21]. - The company plans to add a total of 6,031.30 MW of new capacity, including gas and coal power units, in the near future[21]. Costs and Expenses - The group's fuel costs for the period were approximately RMB 32.839 billion, a decrease of about 15.43% compared to the same period in 2023, primarily due to lower coal and gas prices and a decrease in power generation[25]. - The group's coal sales costs were approximately RMB 3.819 billion, a decrease of about 37.64% compared to the same period in 2023, mainly due to a decline in coal trading volume[25]. - The group's depreciation and amortization expenses were approximately RMB 5.363 billion, an increase of about 3.90% compared to the same period in 2023, primarily due to the impact of newly commissioned units[25]. - The total operating expenses for the first half of 2024 amounted to RMB 751,942 thousand, up from RMB 684,020 thousand in the same period of 2023, representing a rise of 9.9%[77]. Financial Position and Cash Flow - The group's total borrowings as of June 30, 2024, were approximately RMB 92.846 billion, with a debt-to-asset ratio of approximately 60.78%, a decrease of about 1.29 percentage points compared to the end of 2023[30]. - The group's cash and cash equivalents as of June 30, 2024, were approximately RMB 5.267 billion[31]. - The net cash inflow from operating activities for the first half of 2024 was approximately RMB 5.285 billion, an increase of about RMB 3.534 billion compared to the same period in 2023, primarily due to improved operating performance[33]. - The company reported a net cash increase of RMB 96,813 thousand for the period, compared to RMB 615,007 thousand in the previous year, indicating a decrease of about 84.3%[67]. - The company has a net current liability of approximately RMB 37,483 million as of June 30, 2024, indicating potential liquidity concerns[69]. Strategic Initiatives and Future Outlook - The management discussed future business outlook and strategies for the second half of the year, emphasizing growth and market expansion[5]. - The company is actively pursuing new technologies and product development to enhance operational efficiency and sustainability[5]. - The group plans to strengthen market analysis and adjust pricing strategies to enhance power generation efficiency in response to risks in the electricity market[36]. - The group will closely monitor changes in the coal market and optimize coal procurement strategies to control costs amid rising coal prices due to supply pressures[37]. - The company is enhancing carbon asset management in response to the reduction in carbon quotas, encouraging coal power enterprises to adopt low-carbon technologies[38]. - The company is actively pursuing low-carbon transformation initiatives in line with national policies for coal power sector decarbonization[38]. Governance and Compliance - The company has maintained a strict governance structure, adhering to various regulatory requirements to enhance its governance level[52]. - The company has complied with the environmental, social, and governance requirements of the Hong Kong Listing Rules during the first half of the year[52]. - The company is revising its articles of association to comply with new regulatory requirements, including the transition to a paperless listing mechanism[40]. - The audit committee has reviewed the unaudited condensed consolidated financial statements prepared in accordance with International Accounting Standard 34[51]. Employee and Management Information - As of June 30, 2024, the total number of employees in the group was 24,232[51]. - The company has adopted a remuneration policy based on performance, ensuring a fair and effective compensation distribution mechanism[51]. - The remuneration for key management personnel for the six months ended June 30, 2024, was RMB 1,804 thousand, down from RMB 2,133 thousand for the same period in 2023, indicating a decrease of about 15.4%[132]. Acquisitions and Investments - The company has agreed to acquire 80% of Huadian Jiangsu Energy Co., Ltd. and several other energy companies, with the total consideration yet to be determined[41]. - The company is planning to issue new A-shares to raise funds not exceeding 100% of the consideration for the asset acquisitions, with the number of new shares not exceeding 30% of the total issued shares post-transaction[41]. - The company issued a total of RMB 2.358 billion in green medium-term notes and RMB 2.566 billion in the second phase of medium-term notes as of June 30, 2024, with actual annual interest rates ranging from 2.14% to 3.61%[98][99]. - The company issued RMB 1.5 billion in short-term financing bonds on June 12, 2024, with a maturity of 90 days and a coupon rate of 1.7%[100].

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。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 二零二四年中期業績公告 財務及業務摘要 • 完成發電量約為101.30百萬兆瓦時； • 完成上網電量約為94.71百萬兆瓦時； • 實現營業額約為人民幣528.94億元； • 實現歸屬於本公司權益持有人應佔本期間利潤約為人民幣34.32億元； • 基本每股盈利約為人民幣0.286元。 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其 附屬公司（「本集團」）按《國際會計準則》第34號「中期財務報告」編製的截至二零 二四年六月三十日止六個月期間（「本期間」）未經審計的中期綜合財務業績摘要。 1 本公司第十屆董事會第十一次會議建議二零二四年中期派發股息每股人民幣0.08 元 ...

公司代码：600027 公司简称：华电国际 华电国际电力股份有限公司 2024 年半年度报告 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事会会议的董事情况。 | --- | --- | --- | --- | |----------------|----------------|----------------------------|--------------| | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 副董事长 | 赵冰 | 因其他事务未能亲自出席会议 | 王晓渤 | | 董事 | 曹敏 | 因其他事务未能亲自出席会议 | 李国明 | 三、 本半年度报告未经审计。 四、 公司负责人戴军先生、主管会计工作负责人李国明先生及会计机构负责人（会计主管人员）王 超先生声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本公司第十届 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Huadian Power International with a target price of HK$5.52, up from a previous target of HK$4.62 [3][14]. Core Insights - The company's profits have significantly recovered due to a decline in coal prices, achieving a revenue of RMB 117.18 billion in 2023, a year-on-year increase of 9.45%, and a net profit of RMB 4.52 billion compared to RMB 0.1 billion in the previous year [11][14]. - In Q1 2024, the company reported a revenue of RMB 30.95 billion, a decrease of 3.21% year-on-year, primarily due to increased hydropower generation in Hubei, which affected thermal power output. However, net profit rose by 64.21% year-on-year to RMB 1.86 billion, driven by lower coal prices [11][12][14]. - The company has a controlled installed capacity of 58,449.78 MW, with coal-fired power generation accounting for approximately 80% of this capacity [12]. Financial Performance - The company’s revenue projections for 2024-2026 are RMB 124.77 billion, RMB 126.45 billion, and RMB 128.71 billion, respectively, with net profits expected to be RMB 6.05 billion, RMB 7.36 billion, and RMB 8.38 billion [14]. - The report highlights a significant increase in hydropower generation, with a 24.8% year-on-year increase in Q1 2024, while thermal power generation saw a slight decline of 0.5% [12][13]. - Investment income for 2023 was RMB 3.776 billion, down 21.4% year-on-year, but the potential for high growth in new energy investments remains [13][14]. Market Position and Strategy - The company plans to expand its new energy capacity significantly, with Huadian Group aiming to add 75GW of new energy installed capacity during the "14th Five-Year Plan" [13]. - The report indicates that the overall trend of declining coal prices in 2024 is expected to improve thermal power profitability [14].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in Q1 2024 met expectations, with significant improvement in core profitability [3]. - The decline in coal prices has led to a recovery in core business profitability [3]. - The balance sheet continues to improve, enhancing the company's dividend capacity [3]. Financial Summary - Revenue for 2023 is projected at 116.376 billion RMB, with a year-on-year growth of 9.83% [2]. - The net profit attributable to shareholders for 2023 is expected to be 4.601 billion RMB, reflecting a significant recovery from previous losses [2]. - The company's PE ratio is projected to decrease from 8.5 in 2023 to 5.5 by 2026, indicating potential undervaluation [2]. Performance Metrics - In Q1 2024, the company reported a revenue of 30.95 billion RMB, a decrease of 3.2% year-on-year, while the net profit attributable to shareholders increased by 64.2% to 1.86 billion RMB [3]. - The average electricity price in Q1 2024 was 0.509 RMB per kWh, down 4.1% year-on-year [3]. - The gross margin improved to 8.4%, an increase of 4.2 percentage points year-on-year [3]. Market Data - The current stock price is 4.13 HKD, with a market capitalization of 42.24 billion HKD [4][5]. - The stock has traded within a range of 2.81 to 4.74 HKD over the past 52 weeks [4].

Financial Performance - Operating revenue for Q1 2024 was RMB 30,951,954, a decrease of 3.21% compared to the same period last year[5] - Net profit attributable to shareholders was RMB 1,862,213, an increase of 64.21% year-on-year[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,620,710, up 66.90% year-on-year[5] - Basic earnings per share for the period was RMB 0.16, an increase of 77.78% compared to the previous year[5] - The increase in net profit was primarily driven by a decrease in coal prices[8] Cash Flow - Net cash flow from operating activities reached RMB 4,369,448, representing a significant increase of 78.72%[5] Assets and Equity - Total assets at the end of the reporting period were RMB 223,036,299, a decrease of 0.70% from the end of the previous year[5] - Equity attributable to shareholders increased to RMB 69,756,242, reflecting a growth of 5.62%[5] Non-Recurring Gains - The company reported non-recurring gains of RMB 241,503, after accounting for tax and minority interests[7] Accounting Standards - The company adopted new accounting standards effective January 1, 2024, without retrospective adjustments[6] Shareholder Structure - The total number of shares for China Huadian Group Co., Ltd. is 4,620,061,224, with 4,534,199,224 being RMB ordinary shares[10] - The company has a significant shareholder structure, with the top 10 shareholders holding a total of 1,859,275,956 shares from Hong Kong Central Clearing Limited[10] - There are no changes in the borrowing or returning of shares by the top 10 shareholders due to the transfer of financing[11] Operational Information - The company has not provided any additional important information regarding its operational situation during the reporting period[11] Board of Directors - The board of directors includes a diverse group of members, ensuring a range of perspectives in decision-making[12]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 30,951,954 thousand, representing a decrease of 3.21% compared to the same period last year[4]. - Net profit attributable to shareholders of the listed company reached CNY 1,862,213 thousand, an increase of 64.21% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,620,710 thousand, up 66.90% from the previous year[4]. - Basic earnings per share for the period was CNY 0.16, an increase of 77.78% compared to the same period last year[4]. - Operating profit for Q1 2024 increased to CNY 2,750,504, up 111.1% from CNY 1,303,734 in Q1 2023[16]. - Net profit for Q1 2024 reached CNY 2,262,328, representing a 92.1% increase from CNY 1,179,753 in Q1 2023[16]. Cash Flow - The net cash flow from operating activities was CNY 4,369,448 thousand, reflecting a significant increase of 78.72%[4]. - Cash flow from operating activities for Q1 2024 was CNY 4,369,448, significantly higher than CNY 2,444,797 in Q1 2023[19]. - The net cash flow from operating activities for Q1 2024 was CNY 485,251 thousand, compared to CNY 96,550 thousand in Q1 2023, showing a significant improvement[27]. - The cash flow from investing activities showed a net inflow of CNY 1,826,459 thousand in Q1 2024, a significant recovery from a net outflow of CNY -3,667,709 thousand in Q1 2023[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 223,036,299 thousand, a decrease of 0.70% from the end of the previous year[4]. - Total assets as of March 31, 2024, were CNY 221,484,905, a slight decrease from CNY 223,036,299 at the end of 2023[15]. - Total liabilities decreased to CNY 133,737,572 from CNY 139,656,521 at the end of 2023[15]. - The total liabilities decreased to CNY 51,693,513 thousand as of March 31, 2024, from CNY 55,421,915 thousand at the end of 2023[23]. Shareholder Equity - Shareholders' equity attributable to shareholders of the listed company was CNY 69,756,242 thousand, an increase of 5.62%[4]. - The weighted average return on equity rose to 4.03%, an increase of 1.52 percentage points from the end of the previous year[4]. Inventory and Investments - The company’s inventory decreased to CNY 3,208,774 from CNY 4,500,583 at the end of 2023, indicating improved inventory management[15]. - The company reported a decrease in inventory to CNY 530,229 thousand from CNY 677,521 thousand in the previous period, indicating improved inventory management[22]. - Long-term equity investments increased to CNY 44,935,552 from CNY 43,791,153, reflecting strategic investment growth[15]. Financial Expenses and Borrowings - The company’s financial expenses for Q1 2024 were CNY 258,717 thousand, down from CNY 287,312 thousand in Q1 2023, reflecting cost control efforts[25]. - The company’s short-term borrowings decreased to CNY 2,315,598 thousand from CNY 2,414,838 thousand at the end of 2023, indicating a reduction in leverage[22]. Accounting Standards - The company adopted new accounting standards effective January 1, 2024, without retrospective adjustments[5].

Company Overview - The company operates a total of 45 power generation assets with a controlling installed capacity of 58,449.78 MW, including 46,890 MW from coal-fired power, 9,094.59 MW from gas-fired power, and 2,459 MW from hydropower[4]. - The company has a total of 10,227,561,133 shares outstanding, with A-shares accounting for approximately 83.21% and H-shares for 16.79%[5]. - The company employs a total of 24,778 staff members as of December 31, 2023[5]. - The company has a strong presence in 12 provinces and cities across China, strategically located in power load centers[4]. Power Generation Capacity - The total installed capacity of Huadian International Power Co., Ltd. is 6,855.6 MW, with an ownership interest of 82.56% in Hubei Company[8]. - The company has a total of 1,320 MW capacity in Lu'an Company, with a 95% ownership[8]. - The installed capacity of the company in Wuhu Company is 2,320 MW, with a 65% ownership[8]. - The company has a 100% ownership in Tianjin Development Zone Company with an installed capacity of 510 MW[8]. - Huadian International Power has a 100% ownership in the 1,200 MW Changsha Company[8]. - The company has a total of 920 MW capacity in Luding Hydropower Company, with 100% ownership[11]. - The company holds a 64% ownership in Zagu Nao Hydropower Company with an installed capacity of 591 MW[11]. - The company has a 100% ownership in Sichuan Investment Company with an installed capacity of 883 MW[11]. Financial Performance - The company achieved a revenue of approximately RMB 116.376 billion, an increase of about 9.83% compared to the previous year[25]. - The net profit attributable to shareholders was approximately RMB 4.601 billion, with basic earnings per share of RMB 0.355[26]. - The total power generation reached 223.80 million MWh, representing a year-on-year growth of approximately 1.30%[24]. - The company added a total of 3,695.54 MW of new generating capacity during the year, including 3,020 MW of efficient coal-fired units and 675.54 MW of gas-fired units[19]. - The company plans to add 6,536.84 MW of approved and under-construction units, including various gas and coal-fired projects[29]. - The company proposed a dividend of RMB 0.15 per share, totaling approximately RMB 1.534 billion based on the total share capital[20]. - The company maintained a debt-to-asset ratio of 62.07%, reflecting a strong position compared to industry peers[18]. Strategic Initiatives - The company is focused on expanding its renewable energy projects as part of its strategic initiatives[4]. - The company has plans for future market expansion, particularly in regions with high electricity demand[4]. - The company aims to increase its market share through potential mergers and acquisitions in the energy sector[4]. - The company is actively involved in research and development of new technologies to enhance operational efficiency[4]. - The company is actively developing strategic emerging industries and enhancing its capabilities in energy storage and carbon reduction technologies[19]. Market Outlook - In 2024, the national electricity consumption is expected to reach 9.8 trillion kWh, representing a growth of approximately 6% compared to 2023[30]. - The total installed power generation capacity in China is projected to reach 3.25 billion kW by the end of 2024, an increase of around 12% year-on-year[31]. - The group plans to achieve an electricity generation volume of approximately 220 billion kWh in 2024, remaining stable compared to the previous year[33]. Risk Management - The group faces potential risks from the electricity market due to the increasing proportion of renewable energy, which may reduce the operational space for thermal power generation[38]. - The company is facing significant project development risks due to the accelerated construction of new power systems and uncertainties in the planning of pumped storage projects, which may hinder the formation of scale effects in the short term[39]. - The company is under increasing pressure from safety and environmental risks, with stricter carbon compliance regulations leading to heightened operational risks for thermal power enterprises[40]. - The company will strengthen its carbon asset research and management, preparing for reduced carbon emission quotas in 2024 and analyzing the impact of carbon trading on corporate benefits[40]. Corporate Governance - The company is committed to improving its corporate governance and transparency in financial reporting[3]. - The company has established a comprehensive corporate governance framework, adhering to relevant regulations and enhancing governance standards[162]. - The board of directors consists of 11 members, including 4 independent non-executive directors, ensuring effective leadership and oversight[167]. - The company has implemented a strategic committee in addition to the audit, remuneration, and nomination committees to enhance decision-making processes[168]. - The independent non-executive directors have confirmed their independence in accordance with the Hong Kong Listing Rules[170]. Environmental Commitment - The company has maintained a commitment to environmental protection, ensuring compliance with environmental regulations and improving the efficiency of environmental facilities[87]. - The company has achieved ultra-low emissions standards for all 103 coal-fired generating units as of the report date[89]. - The management team emphasizes a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[55]. Shareholder Information - The shareholding structure shows that China Huadian Group holds 44.33% of A shares and 0.84% of H shares indirectly[14]. - Other A and H shareholders hold 38.88% and 15.95% of shares respectively[14]. - The company reported that the distributable reserves available for shareholders amount to approximately RMB 11.562 billion as of December 31, 2023[84]. - The company did not have any significant contingent liabilities as of December 31, 2023[70]. Operational Efficiency - The company plans to implement new operational strategies to reduce costs by 5% over the next year[54]. - The company has a structured process for convening board meetings, including provisions for emergency meetings within 10 days if necessary[176]. - The company has integrated risk management and internal control into daily operations, continuously assessing risks and developing management strategies[198].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in Q4 2023 met expectations, with revenue of 116.4 billion RMB, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 4.6 billion RMB, marking a turnaround from losses [3]. - The report anticipates a potential increase in dividends, with a proposed dividend of 0.15 RMB per share, representing 43.7% of the net profit attributable to ordinary shareholders [3]. - The company's gross profit margin for 2023 was 6.4%, an increase of 6.0 percentage points year-on-year, attributed mainly to a decrease in fuel costs, which were approximately 75.5 billion RMB, down 8.93% year-on-year [3]. - The balance sheet is expected to continue improving, with a debt ratio of 62.6% as of Q4 2023, a slight decrease from the previous quarter [3]. Financial Summary - Revenue (million RMB): 2020: 89,382; 2021: 100,984; 2022: 105,960; 2023: 116,376; 2024E: 124,897; 2025E: 126,210; 2026E: 125,647 [2]. - Net profit attributable to shareholders (million RMB): 2020: 4,167; 2021: -3,342; 2022: -31; 2023: 4,601; 2024E: 6,442; 2025E: 6,576; 2026E: 7,034 [2]. - The report projects EPS for 2024-2026 to be 0.63, 0.64, and 0.69 RMB respectively, with a current PE ratio of 6.1 times for 2024E [3].

Financial Performance - The company's operating revenue for 2023 reached RMB 117,176,125 thousand, representing a 9.45% increase compared to RMB 107,058,536 thousand in 2022[14] - The net profit attributable to shareholders for 2023 was RMB 4,522,125 thousand, a significant increase of 3,789.00% from RMB 116,280 thousand in 2022[14] - The net cash flow from operating activities was RMB 13,251,646 thousand, up 37.26% from RMB 9,654,498 thousand in the previous year[14] - The company's total assets as of the end of 2023 were RMB 223,036,299 thousand, a slight decrease of 0.10% from RMB 223,260,470 thousand at the end of 2022[14] - The net assets attributable to shareholders increased by 17.25% to RMB 69,756,242 thousand from RMB 59,492,252 thousand in 2022[14] - Basic earnings per share for 2023 were RMB 0.35, compared to a loss of RMB 0.08 per share in 2022[15] - The diluted earnings per share also stood at RMB 0.35, reflecting a recovery from the previous year's loss[15] - The return on equity increased to 9.34%, up 11.41 percentage points from -2.07% in 2022[15] Dividend Distribution - The company plans to distribute a dividend of RMB 0.15 per share, totaling approximately RMB 1,534,134.17 thousand, which accounts for 43.65% of the distributable net profit[3] - The cash dividend amount (including tax) is CNY 1,534,134.17 thousand, which accounts for 43.65% of the net profit attributable to ordinary shareholders in the consolidated financial statements[142] - The cash dividend per 10 shares is CNY 1.50 (including tax)[142] Operating Activities - The company's operating income for Q1 2023 was CNY 31,978,448 thousand, while Q2 was CNY 27,471,203 thousand, Q3 was CNY 31,275,461 thousand, and Q4 was CNY 26,451,013 thousand[20] - The net profit attributable to shareholders for Q3 2023 was CNY 1,916,602 thousand, while Q4 showed a drastic decline to CNY 23,624 thousand[20] - The cash flow generated from operating activities in Q3 2023 was CNY 7,825,670 thousand, while Q4 was CNY 1,702,167 thousand[20] Government Subsidies and Non-Recurring Gains - The company's total government subsidies recognized in 2023 amounted to CNY 490,350 thousand, down from CNY 659,805 thousand in 2022[21] - The company reported a total of CNY 719,373 thousand in non-recurring gains and losses for 2023, compared to CNY 676,048 thousand in 2022[21] Asset Management - The company's total assets measured at fair value decreased from CNY 370,055 thousand at the beginning of the period to CNY 351,434 thousand at the end of the period[23] - The company's total installed capacity reached 58,449.78 MW, with coal-fired generation accounting for approximately 80.22% of this capacity[30] - The company completed the commissioning of power projects totaling 3,695.54 MW in 2023, including 3,020 MW of efficient coal-fired units and 675.54 MW of gas-fired units[26] Environmental and Sustainability Efforts - The company has completed ultra-low emission renovations for all coal-fired power generation units, ensuring compliance with environmental standards[148] - The company has set up 272 main discharge outlets in accordance with the pollution discharge permits, with all emissions meeting the required standards[147] - The company has achieved a 100% treatment rate for hazardous waste, minimizing solid waste storage[154] - The company emphasizes the importance of ecological environment restoration and protection, conducting regular fish breeding activities[154] - The company is committed to sustainability, with a goal to reduce carbon emissions by 20% by 2025[118] Corporate Governance - The company completed the election of the 10th Board of Directors and Supervisory Board, with 5 new directors elected and 7 re-elected, ensuring gender diversity with 2 female directors[87] - The company has established a robust internal control system and conducted an internal control evaluation report for 2022, enhancing risk prevention capabilities[89] - The company emphasizes investor protection and has improved communication with investors through various channels[88] - The company has established a remuneration and assessment committee responsible for reviewing and proposing changes to the remuneration policies for directors and senior management[121] Market Expansion and Strategic Initiatives - The company is actively expanding its market presence with new projects and technologies, focusing on both traditional and renewable energy sources[63] - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic management and investment[113] - The company plans to enhance its supply chain management, aiming to reduce costs by 10% over the next year[116] - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration by 30%[114] Related Party Transactions - The company maintains strict management of related party transactions, ensuring fairness and compliance with legal procedures[96] - The company has a total of 5,745,860 thousand RMB in related party debts to its controlling shareholder, China Huadian[178] - The company reported a total loan amount of 30,389,159 thousand RMB from Huadian Finance, with a repayment amount of 32,472,354 thousand RMB during the period[180] Financial Management - The company’s financial management is overseen by a newly elected financial director, ensuring compliance and strategic financial planning[123] - The company has a structured process for determining the remuneration of its directors and senior management, which requires shareholder approval[121] - The total pre-tax compensation for the company's executives during the reporting period amounted to 642.12 million CNY[106] Risk Management - The company faces risks from the electricity market due to the rapid growth of renewable energy installations, which may reduce the generation capacity of thermal power[82] - The company is actively researching coal procurement strategies to mitigate risks associated with decreasing long-term contract coverage and rising fuel costs[83] Employee Management - The total number of employees in the parent company and major subsidiaries is 24,778, with 10,773 retirees[136] - The company conducted training for 323,097 employees in 2023, achieving a training rate of 98.85%[139] - The company emphasizes a salary policy that links total salary to efficiency and effectiveness, ensuring fair distribution among employees[137]