Financial Performance - The annual operating revenue for 2023 was RMB 12.802 billion, and the total profit amounted to RMB 3.623 billion, with a debt-to-asset ratio of 64.59%[9]. - The company's revenue for 2023 reached RMB 12,802,292 thousand, an increase of 2.4% from RMB 12,499,229 thousand in 2022[21]. - Operating profit decreased to RMB 5,306,676 thousand in 2023 from RMB 6,206,972 thousand in 2022, reflecting a decline of 14.5%[21]. - Net profit attributable to the parent company was RMB 2,753,227 thousand, down 21.0% from RMB 3,485,167 thousand in the previous year[21]. - The total comprehensive income for the year was RMB 3,095,020 thousand, down from RMB 3,940,984 thousand in 2022[21]. - The company achieved a net profit of RMB 3,093.70 million in 2023, a decrease of RMB 797.53 million compared to RMB 3,891.23 million in 2022[44]. - Total revenue for 2023 was RMB 12,802.29 million, representing a 2.42% increase from RMB 12,499.23 million in 2022, primarily due to increased electricity sales[45]. - The average on-grid electricity price for 2023 was RMB 466.00 per MWh, a decrease of RMB 33.07 per MWh year-on-year[38]. Operational Highlights - The company achieved a power generation of 31.6 billion kWh in 2023, equivalent to saving 9.53 million tons of standard coal and reducing carbon dioxide emissions by 18.03 million tons[9]. - The company achieved a total electricity generation of 31,607,760 MWh in 2023, with a construction target of 3,580 MW and a total installed capacity of 15,418.72 MW[26]. - Wind power generation accounted for 29,185,365 MWh, up 7.44% compared to the previous year[33]. - Photovoltaic electricity generation increased to 2,422,395 MWh, a growth of 49.22% year-on-year[34]. - The average utilization hours for wind power reached 2,269 hours, an increase of 7 hours from the previous year[35]. - The average utilization hours for photovoltaic power improved to 1,537 hours, up 123 hours year-on-year[35]. Asset and Capital Structure - As of the end of 2023, the total assets of China Datang Corporation Renewable Power Co., Limited reached RMB 101.545 billion, with a total installed capacity of 15,418.72 MW[9]. - Total assets as of December 31, 2023, amounted to RMB 101,545,305 thousand, an increase from RMB 97,548,274 thousand in 2022[22]. - Non-current assets totaled RMB 79,037,119 thousand, slightly up from RMB 78,635,215 thousand in 2022[22]. - Current assets increased to RMB 22,508,186 thousand from RMB 18,913,059 thousand in 2022, marking a growth of 19.0%[22]. - The company's distributable reserves as of December 31, 2023, amounted to approximately RMB 4,271.30 million, an increase from RMB 2,412.99 million as of December 31, 2022[83]. - The group's total borrowings as of December 31, 2023, were RMB 57,254.99 million, an increase of 4.90% from RMB 54,578.92 million in 2022[55]. Strategic Initiatives and Future Plans - The company plans to focus on green low-carbon development and enhance its capabilities to become a leading clean energy supplier in the industry in 2024[10]. - The company plans to focus on expanding its renewable energy projects and enhancing operational efficiency in the upcoming year[20]. - The company aims to improve quality and efficiency while ensuring high-level safety in its operations moving forward[10]. - The company is actively investing in new energy projects across various regions, including Jiangsu, Guizhou, Ningxia, Hainan, and others, to accelerate the conversion of quality project resources[27]. - The company plans to enhance operational efficiency and revenue management in 2024, focusing on cost control and digital operations[64][65]. Corporate Governance and Compliance - The company has established a modern corporate governance structure to enhance governance levels and ensure effective checks and balances[142]. - The company has complied with the corporate governance code and has maintained a high level of corporate governance[133]. - The board consists of nine directors, with three being independent non-executive directors, complying with the listing rules requiring at least one-third of the board to be independent[165]. - The company has mechanisms in place to ensure the board receives independent views and opinions, with independent professional institutions being consulted when necessary[150]. - The company emphasizes the importance of corporate culture and governance reform to promote high-quality development[142]. Environmental, Social, and Governance (ESG) Efforts - The company is committed to promoting the integration of party building and core business operations to drive development and innovation[26]. - The ESG report covers the period from January 1, 2023, to December 31, 2023, and includes data from 19 subsidiaries, maintaining consistency with the previous reporting period[198]. - The company aims to enhance ESG data collection and reporting processes, reflecting ongoing improvements in its ESG initiatives[198]. - Stakeholders are encouraged to provide feedback on the ESG report through designated contact methods[200]. Shareholder Engagement - The company organized 84 investor meetings in 2023, engaging with 507 participants, reflecting a commitment to enhancing investor relations[42]. - The company emphasizes communication with shareholders through various channels, including performance announcements and investor roadshows[183]. - Shareholders holding more than 3% of voting shares can submit written proposals for consideration at shareholder meetings[184]. Related Party Transactions - The ongoing related party transaction limit for the year 2023 with Datang Group is set at RMB 600 million, with actual transaction amounting to RMB 480 million[120]. - Related party transactions during the year were reviewed and deemed to comply with Hong Kong Stock Exchange regulations, with prices being reasonable and fair[194].

Investment Rating - The report maintains a "Buy" rating for Datang Renewable (01798 HK) [2] Core Views - The cautious growth outlook and continuous improvement of the balance sheet are highlighted, with a downward revision of earnings per share (EPS) for 2024 and 2025 by 32.7% and 41.4% to RMB 0.348 and RMB 0.395 respectively, and a forecast of RMB 0.441 for 2026 [1][2] - The target price has been revised down to HK$2.30 from HK$3.10 based on a price-to-earnings (P/E) ratio of 6.0 times for 2024 [1][2] - Despite 2023's earnings falling short of expectations, the cautious expansion strategy has led to an improved balance sheet, with a net profit of RMB 2.753 billion, a decrease of 21.9% year-on-year [1][2] Financial Summary - In 2023, Datang Renewable recorded a total revenue of RMB 12.802 billion, with a net profit of RMB 2.753 billion and an EPS of RMB 0.308, reflecting a 23.6% decline [4] - The company plans to add 2.0 GW of new capacity in 2024, with a total of 1.8 GW under construction as of the end of 2023 [1] - Operating cash flow was robust at RMB 7.140 billion in 2023, with a continued decrease in leverage, as the net debt-to-equity ratio fell by 3.6 percentage points to 169.1% [1][4] Operational Insights - The report emphasizes the potential for upgrading old wind farms, with approximately 1.96 GW of capacity eligible for transformation, expected to reach around 4 GW by the end of 2025 [4] - The management anticipates that upgrading old wind farms could potentially double the installed capacity and triple the power generation [4]

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年3月28日 港元1.60 港元2.00↓ +25.0% 大唐新能源 (1798 HK) 自建项目执行力度仍有待提高，目前估值大致反映预期差  2023年盈利下跌幅度在预期之內，末期息同比上升40%。因2022年成本 个股评级 较低造成的高基数，大唐新能源 2023 年纯利同比下跌 24%至 22.4 亿元 买入 （人民币，下同），略低于我们预期3%。如扣除早前公告约2亿元的一 次性减值，核心利润同比仅下降4.8%。2023年经营利润略低于我们预期 3%，主要原因是除减值项以外的经营开支亦上升约30%。公司末期息大幅 1年股价表现 提升40% 至7分，派息比率提高10%至23%。 1798 HK 恒生指数 30%  在建项目充足，2024 年仍有望完成装机目标。公司去年新增 1.2 吉瓦装 20% 10% 机，风/光分别新增0.29/0.94吉瓦，略低于我们预期的1.5吉瓦，特别在 0% 风电装机的进展较预期慢。管理层仍预期2024年将新增超过2吉瓦装机。 -10% -20% 我们认为在公司在建项目1.8吉瓦的基础上仍有望完成。同时，管理层 ...

Financial Performance - For the year ended December 31, 2023, the operating revenue was RMB 12,802.29 million, an increase of 2.42% compared to the previous year[2]. - For the same period, the profit before tax was RMB 3,623.35 million, a decrease of 16.58% year-on-year[2]. - The net profit attributable to the owners of the parent company was RMB 2,753.23 million, down 21.00% from the previous year[2]. - Basic earnings per share attributable to ordinary shareholders was RMB 0.3079, a decline of 23.54% compared to last year[2]. - The company reported a net profit of RMB 2,239,635,000 for the year 2023, compared to RMB 2,753,227,000 in 2022, indicating a decrease of about 18.6%[10]. - The company’s total income tax expense included adjustments for prior year tax estimates, resulting in a net tax expense of RMB 570,121 thousand for 2023[57]. - The income tax expense for 2023 was RMB 529,646 thousand, an increase from RMB 452,471 thousand in 2022, reflecting a rise in corporate income tax due to higher pre-tax profits[57]. - The effective tax rate increased to 14.6% in 2023 from 10.4% in 2022, primarily due to reduced tax benefits as some subsidiaries reached the end of their tax holiday periods[57]. - The company's government subsidies amounted to RMB 338.91 million, up 15.39% from RMB 293.72 million in 2022[122]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 101,545.31 million, an increase from RMB 97,548.27 million in 2022[7]. - The total liabilities were RMB 65,587.32 million, compared to RMB 63,278.35 million in 2022[8]. - The net assets increased to RMB 35,957.98 million from RMB 34,269.93 million in the previous year[8]. - The total equity attributable to shareholders as of December 31, 2023, is RMB 32,039,107,000, an increase from RMB 30,186,896,000 in 2022, reflecting a growth of approximately 6.1%[9]. - The total amount raised from issuing bonds and short-term notes in 2023 was RMB 699,801 thousand, a significant decrease from RMB 5,098,262 thousand in 2022, indicating a reduction of approximately 86.3%[15]. - The company’s total borrowings as of December 31, 2023, amounted to RMB 54,150,005 thousand, up from RMB 52,034,374 thousand in 2022, indicating a growth of about 4.1%[98]. - The total cost of property, plant, and equipment as of December 31, 2023, was RMB 114,951,727 thousand, compared to RMB 109,831,030 thousand in 2022, indicating a growth of about 4.1%[66]. Cash Flow and Financing Activities - The net cash generated from operating activities decreased significantly to RMB 7,140,036 in 2023 from RMB 13,231,320 in 2022, indicating a decline of approximately 46.0%[13]. - The net cash flow from investing activities for 2023 was RMB (6,519,407) thousand, a decrease from RMB (6,848,812) thousand in 2022, indicating a reduction of approximately 4.8%[14]. - The net cash flow from financing activities in 2023 was RMB (5,614) thousand, significantly improved from RMB (7,066,699) thousand in 2022, reflecting a decrease of approximately 99.9%[15]. - The net increase in cash and cash equivalents for 2023 was RMB 615,015 thousand, compared to a decrease of RMB (684,191) thousand in 2022, showing a turnaround in cash flow[16]. - As of December 31, 2023, the group had unused bank credit facilities amounting to approximately RMB 83,176 million, with RMB 17,474.8 million not requiring renewal within the next 12 months[22]. Operational Performance - The company’s total power generation reached 31,607,760 MWh in 2023, with a construction target of 3,580 MWh and installed capacity of 15,418.72 MW[103]. - Wind power generation accounted for 12,981.20 million, with a year-on-year increase of 293.30 million or 2.31%[106]. - The company's installed photovoltaic capacity increased significantly to 2,437.52 million, representing a growth of 937.05 million or 62.45% from the previous year[107]. - The total power generation for the year was 31,607,760 MWh, reflecting a year-on-year growth rate of 9.80%[110]. - The average utilization hours for wind power reached 2,269 hours, an increase of 7 hours year-on-year, while photovoltaic average utilization hours increased by 123 hours to 1,537 hours[111]. - The company maintained a strong safety record with no production accidents reported throughout the year[109]. Governance and Compliance - The company has adhered strictly to the Corporate Governance Code and has confirmed that all directors and supervisors complied with the standards for securities trading during the reporting period[148]. - The financial statements for the year ending December 31, 2023, have been reviewed by the audit committee and prepared in accordance with international financial reporting standards[150]. - The company has engaged international and domestic auditors for the financial year ending December 31, 2023, ensuring the accuracy of the consolidated financial statements[149]. Future Outlook - In 2024, the company aims to enhance operational efficiency and revenue through improved management of electricity pricing and volume[141]. - The company anticipates a continued implementation of proactive fiscal and stable monetary policies in 2024, which may lead to further interest rate reductions[139]. - The company will focus on capital structure balance to meet the funding needs of new project developments, given the capital-intensive nature of its business[138]. - The company recognizes 2024 as a critical year for deepening state-owned enterprise reforms and enhancing management practices[140].

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。 中国大唐集团新能源股份有限公司 China Datang Corporation Renewable Power Co., Limited* (於中華人民共和國註冊成立的股份有限公司) （ （股份代號：01798 ） 2023年第三季度財務資料 本公告乃根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交 易所有限公司證券上市規則第13.09條及第13.10B條 而 作 出。 根 據 中 華 人 民 共 和 國（「中 國」）有 關 法 例 規 定，於 中 期 票 據 或 超 短 期 融 資 券 存 續 期 間，中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）須 在 每 年10月31日 或 之 前 披 露 第 三 季 度 財 務 報 表。隨 附 的 財 務 報 表 為 本 公 司 於 中 國 貨 幣 網（網 ...

Financial Performance - For the six months ended June 30, 2023, the company's operating revenue was RMB 6.976 billion, an increase of 12.06% compared to RMB 6.225 billion for the same period in 2022[19]. - The company's profit before tax for the same period was RMB 2.728 billion, reflecting a 7.44% increase from RMB 2.539 billion in 2022[20]. - The net profit attributable to the parent company was RMB 2.093 billion, up 2.78% from RMB 2.037 billion in the previous year[20]. - The company achieved a net profit attributable to the parent company of RMB 2.093 billion in the first half of 2023, an increase of RMB 57 million, representing a growth of 2.78% year-on-year[27]. - The total operating revenue reached RMB 6.976 billion, an increase of RMB 751 million, reflecting a strong growth momentum[27]. - Total revenue for the first half of 2023 reached RMB 17,123,574, representing a year-on-year increase of 19.16% compared to RMB 14,370,741 in 2022[36]. - Wind power revenue was RMB 15,937,212, up 16.87% from RMB 13,636,619 in the previous year[36]. - The company reported a profit of RMB 1,779,856 thousand for the current period, contributing to a total comprehensive income of RMB 2,349,435 thousand[105]. Capacity and Generation - The total installed capacity of the company as of June 30, 2023, was 14,329.67 MW, an increase of 1,152.65 MW or 8.75% year-on-year[26]. - The company's electricity generation for the first half of 2023 was 17,123,574 MWh, representing a year-on-year increase of 2,752,833 MWh or 19.16%[26]. - The cumulative installed capacity of wind power reached 12,781.20 MW, an increase of 684.65 MW, or 5.66% year-on-year[28]. - The cumulative installed capacity of photovoltaic power increased to 1,548.47 MW, up 473.00 MW, representing a growth of 43.98% year-on-year[28]. - The total installed capacity as of June 30, 2023, was 14,329.67 MW, an increase of 8.75% compared to 13,177.02 MW as of June 30, 2022[30]. Financial Health - The total assets of the company as of June 30, 2023, amounted to RMB 98.571 billion, compared to RMB 97.548 billion at the end of 2022[21]. - The total liabilities decreased to RMB 61.785 billion from RMB 63.278 billion at the end of 2022[21]. - Financial expenses decreased to RMB 877 million, down RMB 170 million, a reduction of 16.25%, indicating improved financial health[27]. - The asset-liability ratio improved to 62.68%, a decrease of 2.19 percentage points compared to the beginning of the year, indicating a more robust capital structure[42]. - The company's financial expenses decreased by 16.25% to RMB 877.43 million, compared to RMB 1,047.72 million in 2022, mainly due to lower interest rates[55]. - The company's net current assets increased significantly to RMB 4,366,741 thousand, compared to RMB 1,788,654 thousand at the end of 2022, reflecting a growth of 143.5%[101]. Operational Efficiency - The comprehensive average utilization hours increased by 88 hours to 1,209 hours, while the comprehensive power limitation rate decreased by 1.74 percentage points to 3.81%[26]. - The average utilization hours for wind power increased to 1,258 hours, up 97 hours, with a curtailment rate of 3.88%, down 1.83 percentage points year-on-year[32]. - The average utilization hours for photovoltaic power reached 781 hours, an increase of 99 hours, with a curtailment rate of 2.81%, remaining stable year-on-year[32]. - The company reported significant improvements in equipment utilization, with various regions showing increased performance metrics[34]. - The company continues to optimize its operational efficiency, contributing to a notable reduction in electricity loss[32]. Strategic Focus - The company plans to focus on accelerating the development of renewable energy and enhancing management and innovation capabilities[25]. - The company aims to leverage existing resources to drive incremental development and plans to invest in large-scale renewable energy bases, targeting a million-kilowatt-level new energy base construction[75]. - The company is accelerating offshore wind power development and promoting distributed photovoltaic and decentralized wind power projects, particularly in the southeastern regions[76]. - The group plans to enhance revenue by improving electricity pricing management and focusing on equipment efficiency to increase power generation capacity[77]. - The company intends to continuously reduce various costs and expenses, including financing costs, by optimizing financing channels and improving negotiation capabilities[78]. Governance and Management - Investor engagement increased significantly, with 47 investor meetings held and 291 participants by June 30, 2023[45]. - The company’s governance structure was enhanced, with 153 major decisions made in board meetings during the first half of 2023[43]. - Six loss-making subsidiaries turned profitable by June 30, 2023, demonstrating effective governance strategies[46]. - The group has established a comprehensive performance assessment system to motivate employees based on clear performance targets and standards[80]. - The company’s employee compensation consists of a base salary and performance-based pay, which is determined by overall performance assessment results[81]. Employee and Training - As of June 30, 2023, the group employed 4,076 people, with 13.4% aged 50 and above, and 35.16% aged 30 or below[79]. - The company has achieved a 100% training rate for all employees, with an average training duration of 45 hours per person for male and female employees[82]. - The average training hours for senior management is 50 hours per person, while department heads receive 45 hours[82]. - Key management personnel compensation for the first half of 2023 totaled RMB 1,474 million, a decrease of approximately 19.9% compared to RMB 1,842 million in the same period of 2022[197]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 3,344,202, a decrease of 66.8% compared to RMB 10,061,491 for the same period in 2022[108]. - Cash flows used in investing activities amounted to RMB (1,619,547), down from RMB (1,882,494) in the previous year, reflecting a 13.9% improvement[109]. - The net cash used in financing activities was RMB (1,717,735), significantly reduced from RMB (6,383,816) in the prior year, indicating a 73.1% decrease[109]. - The company issued perpetual bonds and notes, receiving cash of RMB 6,800,000, compared to RMB 1,000,003 in the previous year, marking a substantial increase[109]. - The company has unutilized bank financing commitments of approximately RMB 74,326 million as of June 30, 2023, ensuring liquidity for operational needs[113]. Assets and Liabilities - The total net value of assets pledged for loans as of June 30, 2023, was RMB 13,226.76 million[67]. - The group’s total assets as of June 30, 2023, were RMB 17,266,125 thousand, compared to RMB 14,468,273 thousand as of December 31, 2022, indicating a growth of approximately 19.4%[162]. - The total amount of project deposits increased significantly to RMB 34,054 thousand as of June 30, 2023, from RMB 11,846 thousand as of December 31, 2022, reflecting a growth of approximately 187.5%[158]. - The group’s total liabilities as of June 30, 2023, were not explicitly stated but are implied to have increased in line with asset growth, indicating potential leverage for future investments[162]. - The total amount of collateralized assets for bank loans was RMB 8,368,453 thousand as of June 30, 2023, compared to RMB 7,694,698 thousand as of December 31, 2022[184].

Financial Performance - For the six months ended June 30, 2023, the company's operating revenue was RMB 6.976 billion, an increase of 12.06% compared to RMB 6.225 billion for the same period in 2022[18]. - The company's profit before tax for the same period was RMB 2.728 billion, up 7.44% from RMB 2.539 billion in 2022[19]. - The net profit attributable to the owners of the parent company was RMB 2.093 billion, reflecting a 2.78% increase from RMB 2.037 billion in the previous year[19]. - Basic and diluted earnings per share attributable to ordinary shareholders of the parent company were RMB 0.2447, an increase of RMB 0.0018 compared to RMB 0.2429 in 2022[19]. - The company's net profit for the six months ended June 30, 2023, was RMB 2,349.12 million, an increase of RMB 68.61 million compared to the same period in 2022[47]. - Total revenue for the same period was RMB 6,976.24 million, representing a growth of 12.06% from RMB 6,225.44 million in 2022, primarily due to increased electricity sales[48]. - The company's operating profit for the six months was RMB 3,566.27 million, a slight increase of 0.52% from RMB 3,547.75 million in the same period last year[52]. - The profit attributable to the owners of the parent company was RMB 2,093.38 million, an increase of RMB 56.63 million compared to RMB 2,036.75 million in 2022[59]. - The company's net profit margin decreased from 36.63% in 2022 to 33.67% in 2023, influenced by changes in asset impairment provisions and one-time compensation income[58]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 98.571 billion, compared to RMB 97.548 billion as of December 31, 2022[20]. - The total liabilities were RMB 61.785 billion, a decrease from RMB 63.278 billion at the end of 2022[20]. - The total equity attributable to the owners of the parent company was RMB 32.445 billion, up from RMB 30.187 billion at the end of 2022[20]. - The asset-liability ratio improved to 62.68% as of June 30, 2023, a decrease of 2.19 percentage points from the beginning of the year[41]. - The net debt-to-capital ratio as of June 30, 2023, was 58.15%, a decrease of 2.21 percentage points from 60.34% as of December 31, 2022[64]. - The group’s borrowings as of June 30, 2023, amounted to RMB 53,572.20 million, a decrease of 1.84% from RMB 54,578.92 million as of December 31, 2022[62]. Revenue Generation - Electricity sales revenue reached RMB 6,948.98 million, up 12.21% from RMB 6,192.54 million in the previous year, driven by higher grid-connected electricity generation[48]. - The total power generation amounted to 17,123,574 MWh, reflecting a year-on-year growth of 2,752,833 MWh or 19.16%[25]. - Wind power generation accounted for 15,937,212 MWh, up 16.87% from 13,636,619 MWh in the previous year[35]. - The photovoltaic power generation surged to 1,186,363 MWh, marking a significant increase of 61.60% from 734,122 MWh in 2022[36]. Operational Efficiency - Operating expenses increased by 21.19% to RMB 3,580.53 million, compared to RMB 2,954.38 million in 2022, mainly due to increased depreciation and maintenance costs[51]. - Financial expenses decreased to RMB 877 million, a reduction of RMB 170 million or 16.25% year-on-year, indicating improved financial health[26]. - The average financing cost for the group decreased to 3.21% in the first half of 2023, down 17 basis points from the end of the previous year[40]. - The group has successfully reduced external financing costs by a total of RMB 8.987 billion since the beginning of the year[40]. Investments and Projects - The company acquired construction project indicators totaling 2,580.00 MW, distributed across various provinces including Xinjiang, Shandong, and Hebei[27]. - The group secured new renewable energy projects, including 900 MW in Shandong and 1,000 MW in Xinjiang[39]. - The company aims to leverage existing resources to drive incremental development and plans to invest in large-scale renewable energy bases[74]. - The company is accelerating offshore wind power development and promoting distributed photovoltaic and wind power projects[75]. Employee and Management - As of June 30, 2023, the total number of employees is 4,076, with 13.4% aged 50 and above, and 38.67% aged 30 to 39[78]. - The company has achieved a 100% training rate for all employees, with an average training duration of 45 hours per male and female employee[81]. - The average training hours for senior management is 50 hours per person, while department heads receive 45 hours[81]. - The company has established a comprehensive performance assessment system to motivate employees based on their performance[79]. Corporate Governance - The company has complied with the Corporate Governance Code, with no significant deviations noted, except for the roles of Chairman and CEO being held by the same individual[92]. - The audit committee has reviewed the interim financial statements for the six months ended June 30, 2023, ensuring adherence to accounting standards[95]. - The company has appointed three independent non-executive directors, ensuring compliance with the listing rules regarding board composition[94]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 3,344,202 thousand, a decrease of 66.8% compared to RMB 10,061,491 thousand for the same period in 2022[107]. - The cash flow from investing activities resulted in a net outflow of RMB 1,619,547 thousand, compared to RMB 1,882,494 thousand in the previous year, indicating a reduction in investment expenditure[108]. - The cash flow from financing activities showed a net outflow of RMB 1,717,735 thousand, significantly lower than the outflow of RMB 6,383,816 thousand in the same period last year[108]. - The company issued perpetual bonds and notes, receiving cash of RMB 6,800,000 thousand, compared to RMB 1,000,003 thousand in the previous year[108]. Market Engagement - The number of investors and analysts participating in the annual performance meeting reached a record high, with 127 attendees from 109 institutions[37]. - The company held 47 investor meetings and engaged with 291 participants by June 30, 2023, to enhance market value and investor relations[44]. Legal and Compliance - The company has no significant litigation or arbitration as of June 30, 2023, ensuring a stable legal environment for operations[92]. - The company believes it has sufficient resources to meet its liabilities for at least the next twelve months, supporting the appropriateness of preparing the financial statements on a going concern basis[114].

Financial Performance - The total profit amounted to RMB 4.344 billion, an increase of RMB 1.675 billion year-on-year, representing a growth of 62.79%[7]. - The profit attributable to the parent company's shareholders for the year was RMB 3,940.984 million[16]. - The total comprehensive income attributable to the parent company was RMB 2,332.455 million[20]. - The basic and diluted earnings per share for the year were RMB 0.4027, compared to RMB 0.2077 in the previous year[20]. - The company achieved a revenue increase of 188.0% in a specific segment, reflecting strong market performance[20]. - In 2022, the company's total revenue reached RMB 78,635,215 thousand, a slight increase from RMB 77,905,254 thousand in 2021, representing a growth of 0.93%[22]. - The operating profit for 2022 was RMB 30,186,896 thousand, up from RMB 27,408,209 thousand in 2021, indicating a growth of 10.2%[22]. - The net profit attributable to the parent company for 2022 was RMB 17,124,405 thousand, a decrease of 23.5% compared to RMB 22,339,047 thousand in 2021[22]. - The company achieved a total operating revenue of RMB 12.499 billion in 2022, an increase of RMB 631 million, representing a growth of 5.32% year-on-year[27]. - The net profit attributable to the parent company reached RMB 3.485 billion, a year-on-year increase of RMB 1.454 billion, reflecting a growth of 71.55%[27]. Installed Capacity and Power Generation - The installed capacity reached 14,193.37 MW, nearly quadrupling since the company's listing[11]. - The company holds a controlling installed capacity of 12,687.90 MW in wind power and 1,500.47 MW in solar power as of December 31, 2022[11]. - As of December 31, 2022, the company's installed capacity was 14,193.37 MW, an increase of 1,115.35 MW compared to the same period in 2021, representing a growth rate of 8.53%[29]. - The company achieved a total power generation of 28,787,028 MWh in 2022, resulting in a savings of 8.6793 million tons of standard coal and a reduction of 23.8357 million tons of CO2 emissions[79]. - In 2022, the annual power generation from wind and solar energy exceeded 1 trillion kilowatt-hours for the first time, reaching 1.19 trillion kilowatt-hours, a year-on-year increase of 21%[23]. Strategic Goals and Development Plans - The company aims to achieve high-quality development and enhance comprehensive strength in 2023, aligning with the goals of the 14th Five-Year Plan[8]. - The company is focused on innovation and management to drive development, targeting to build a "world-class" renewable energy company[8]. - The company plans to continue expanding its renewable energy projects, with a target to achieve a power generation capacity of approximately 3.3 trillion kilowatt-hours by 2025[24]. - The company aims to increase its wind and solar power generation capacity, targeting a total installed capacity of approximately 920 million kilowatts by 2023, with a new installed capacity of 16 million kilowatts, representing a year-on-year growth of over 33%[66]. - The company plans to enhance project resource acquisition and accelerate the layout of wind and solar power assets, particularly in the "Three North" regions[67]. Shareholder Engagement and Corporate Governance - The company expresses gratitude to shareholders and investors for their long-term trust and support[8]. - The company was successfully included in the Hang Seng Composite Index and the Shenzhen-Hong Kong Stock Connect list, enhancing shareholder structure[7]. - The company has a dividend policy that allows for cash, stock, or a combination of both for dividend distribution, with dividends to domestic shareholders paid in RMB and to foreign shareholders in foreign currency within three months of declaration[87]. - The company plans to distribute a final dividend of RMB 0.05 per share for the year 2022, an increase from RMB 0.03 per share in 2021[84]. - The company has established a comprehensive investor relations management system to facilitate communication with shareholders through various channels, including performance briefings and investor meetings[177]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing its ESG data collection and reporting processes, covering 20 subsidiaries in the latest report[192]. - The ESG report for 2022 was prepared in accordance with the guidelines set by the Hong Kong Stock Exchange and includes key performance indicators[191]. - The company achieved significant progress in ESG governance, ranking 23rd in the central enterprise ESG comprehensive ranking[195]. - The company is committed to green, low-carbon, and clean energy generation, enhancing its operational efficiency and governance structure[195]. - The establishment of the ESG working group aims to guide and supervise the implementation of ESG initiatives within the company[197]. Financial Management and Capital Structure - The company reported a total asset value of RMB 97,548,274 thousand in 2022, slightly down from RMB 99,302,603 thousand in 2021[22]. - The total liabilities of the company amounted to RMB 34,269,929 thousand in 2022, compared to RMB 31,345,931 thousand in 2021, reflecting an increase of 9.2%[22]. - The company’s debt-to-asset ratio was 64.87% at the end of 2022, a decrease of 3.56 percentage points from the beginning of the year[27]. - The company has implemented a comprehensive optimization of its capital and debt structure, enhancing its refinancing capabilities[41]. - The company has established a financing lease framework agreement, allowing it to broaden financing channels and secure lower-cost funds amid tight bank loan conditions and high interest rates[121]. Operational Efficiency and Technological Advancements - The company is focusing on new product development and technological advancements to drive future growth[20]. - The company focused on enhancing operational efficiency through technological upgrades and big data analysis, leading to improved equipment reliability[36]. - The average utilization hours for wind power reached 2,262 hours in 2022, remaining stable year-on-year, while solar power utilization hours increased by 333 hours to 1,414 hours[33]. - The company achieved a significant reduction in performance loss due to equipment issues, with a 22.32% decrease in energy loss compared to the previous year[36]. - The company will promote technological upgrades to improve the efficiency of existing wind power units, particularly those with a capacity of 1.5 MW or below[70]. Related Party Transactions and Agreements - The company has established a framework agreement with Datang Group for mutual supply of products and services, effective from January 1, 2022, for a three-year term[110]. - The company engaged in factoring business support with Datang Factoring Company, with an actual transaction amount of RMB 50.3 million against an annual cap of RMB 200 billion[109]. - The ongoing related party transactions under the framework agreement had a maximum annual limit of RMB 4.5 billion for 2022, with the actual transaction amount being RMB 2.703 billion[113]. - The pricing mechanism for agreed products and services will be based on government pricing or market rates determined through fair negotiation, ensuring competitive procurement conditions[112]. - The company aims to leverage Datang Group's resources to enhance cash flow and optimize financial structure through tailored factoring solutions[115].

Financial Position - As of March 31, 2023, the total assets of China Datang Corporation Renewable Power Co., Limited amounted to RMB 97.66 billion, a slight increase from RMB 97.55 billion at the end of 2022, representing a growth of approximately 0.11%[3] - The company's cash and cash equivalents increased to RMB 2.78 billion from RMB 2.47 billion, reflecting a growth of about 12.6%[3] - Accounts receivable rose to RMB 15.79 billion, up from RMB 14.39 billion, indicating an increase of approximately 9.7%[3] - The total current assets reached RMB 20.44 billion, compared to RMB 18.91 billion at the end of 2022, marking a growth of around 8.1%[3] - Long-term equity investments slightly increased to RMB 1.00 billion from RMB 0.99 billion, showing a growth of about 0.9%[3] - The company's fixed assets decreased to RMB 65.62 billion from RMB 65.73 billion, a decline of approximately 0.17%[3] - The total non-current assets amounted to RMB 77.22 billion, down from RMB 78.64 billion, representing a decrease of about 1.8%[3] - The company reported a significant reduction in long-term receivables, which fell to RMB 26.03 million from RMB 53.71 million, a decrease of approximately 51.6%[3] - As of March 31, 2023, the total liabilities of China Datang Group New Energy Co., Ltd. amounted to RMB 62.34 billion, a decrease of 1.48% from RMB 63.28 billion as of December 31, 2022[4] - Current liabilities totaled RMB 14.31 billion, down 16.5% from RMB 17.12 billion at the end of 2022[4] - Long-term borrowings increased to RMB 41.23 billion, up 4.5% from RMB 39.44 billion as of December 31, 2022[4] - The total liabilities as of March 31, 2023, amounted to RMB 17,409,065,341.06, slightly up from RMB 17,390,593,832.15 at the end of 2022[6] - The company's total assets as of March 31, 2023, were RMB 45,172,826,889.81, compared to RMB 45,458,637,502.46 at the end of 2022[6] - The total non-current liabilities increased to RMB 16,364,813,439.30 as of March 31, 2023, from RMB 15,429,410,267.53 at the end of 2022[6] Profitability - The net profit attributable to the parent company increased to RMB 8.27 billion, compared to RMB 7.29 billion at the end of 2022, reflecting a growth of 13.5%[4] - The net profit attributable to the parent company for Q1 2023 was RMB 1,135,283,244.68, up 28.2% from RMB 885,189,084.83 in Q1 2022[7] - The company reported a basic earnings per share of 0.1356 for Q1 2023, compared to 0.1029 in Q1 2022[7] - Net profit for Q1 2023 was a loss of CNY 55,251,775.10, compared to a profit of CNY 82,875,569.07 in Q1 2022, indicating a significant decline[8] Revenue and Expenses - The company's operating revenue for Q1 2023 reached RMB 3,505,610,033.25, an increase of 13.9% compared to RMB 3,077,039,160.33 in the same period last year[7] - Operating revenue for Q1 2023 was CNY 11,941,311.45, a slight increase from CNY 11,913,869.29 in Q1 2022, representing a growth of 0.23%[8] - Research and development expenses for Q1 2023 were RMB 5,145,606.56, an increase from RMB 4,171,662.54 in Q1 2022[7] - Financial expenses for Q1 2023 were CNY 44,563,567.71, up from CNY 41,443,618.43 in Q1 2022, marking an increase of 5.1%[8] - The company's financial expenses decreased to RMB 428,756,049.79 in Q1 2023 from RMB 519,765,593.79 in the same period last year[7] Cash Flow - Cash flow from operating activities increased to CNY 1,597,584,036.61 in Q1 2023, up from CNY 1,034,713,983.50 in Q1 2022, reflecting a growth of 54.4%[9] - Cash inflow from investment activities was CNY 136.72 million, up from CNY 54.54 million, marking an increase of 150% year-over-year[10] - The company reported a total cash inflow from operating activities of CNY 387.40 million, while cash outflow was CNY 311.99 million, leading to a positive net cash flow[10] - The ending cash and cash equivalents balance was CNY 23.77 million, a significant drop from CNY 422.56 million at the end of Q1 2022[10] - The net cash flow from financing activities was negative CNY 40.49 million, contrasting with a positive CNY 109.36 million in the same quarter last year[10] Future Outlook - The company has not disclosed specific future outlook or guidance in the provided documents[2] - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the available information[2] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7]

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。 中国大唐集团新能源股份有限公司 China Datang Corporation Renewable Power Co., Limited* (於中華人民共和國註冊成立的股份有限公司) （股份代號：01798 ） 截 至2022年12月31日止年度之末期業績公佈 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截 至 2022 年 12 月 31 日 止 年 度，營 業 收 入 為 人 民 幣 12,499.23 百 萬 元， 比去 ...