Achievements and Awards - CGN New Energy Holdings reported significant achievements in 2022, including multiple awards for its projects, such as the Shengsi 56 Offshore Wind Power project recognized as a "Pioneer among Zhejiang Workers" by the Zhejiang Federation of Trade Union[22]. - The Taipingshan Wind Power project in Shandong Province received four second-class prizes and several third-class prizes for quality management achievements in 2021 and 2022 from various associations[23]. - The company’s projects in Anhui Province won multiple awards, including first-class and third-class prizes for quality control in the electric power industry[25]. - The Minqin Wind Power project and Hongshagang Wind Power project in Gansu Province were awarded second-class prizes for technological innovation achievements[26]. - The company achieved its first Innovation Achievement Award in material management from the China Electric Power Equipment Management Association, highlighting its commitment to innovation[27]. - The Company received multiple awards at the 8th Investor Relations Awards of the HKIRA, including "Best IR Company" and "Best ESG (E)"[34]. - The Company was recognized for its projects, with several wind and solar power projects awarded AAAA-level honors in production and operation statistical indicators[30]. - The Taipingshan Wind Power project won four second-class prizes in the "Achievements of Quality Management Team of Power Construction of 2021"[194]. - The Dangtu Fishing-Photovoltaic Power Complementary project received a first-class prize in the "Achievements of Quality Control of Electric Power Industry in Anhui Province of 2022"[195]. - The Qingyun Shangtang Wind Farm and other projects received the honorary title of "AAAA-level Unit" in the Benchmarking of Production and Operation Statistical Indicators for National Wind Farms in China[200]. Financial Performance - In 2022, the profit attributable to equity shareholders amounted to US$195.1 million, representing a decrease of 20.1% compared to the previous year[41]. - Basic earnings per share were US$4.55 cents, equivalent to HK$35.47 cents per share[41]. - Revenue for the year ended December 31, 2022, was $2,430.1 million, an increase from $1,775.3 million in 2021, representing a year-on-year growth of 37.0%[119]. - Operating profit for the year was $589.7 million, compared to $479.6 million in 2021, reflecting an increase of 23.0%[119]. - Profit before taxation for the Group was US$272,994,000 in 2022, down from US$295,180,000 in 2021[170]. - Segment revenue from power plants in the PRC increased by 16.0% to US$1,024,780,000 in 2022, attributed to higher power generation and newly commissioned wind and solar projects[170]. - Segment results for power plants in the PRC were US$287,229,000 in 2022, a decrease from US$325,237,000 in 2021[170]. - Segment revenue for power plants in the PRC decreased by 11.7% due to post-tax impairment losses of US$45.0 million[172]. Installed Capacity and Power Generation - As of December 31, 2022, the attributable installed capacity of the Company's power plants reached 8,986.5 MW, a year-on-year increase of 6.9%[41]. - The new attributable installed capacity for the year was 619.7 MW[41]. - The Company's power generation reached 19,189.7 GWh, an increase of 5.7% compared to 18,162.0 GWh in the previous year[41]. - The electricity generated by PRC wind projects was 9,370.8 GWh, representing a growth rate of 22.9% compared to the previous year[156]. - The electricity generated by PRC solar projects amounted to 1,692.4 GWh, with a year-on-year growth of 6.4%[156]. - The total electricity generated by the Group's projects reached 19,189.7 GWh, an increase of 5.7% from 18,162.0 GWh in 2021[156]. - The wind power and solar power accounted for 62.4% of the Group's total attributable installed capacity as of December 31, 2022[135]. - The attributable installed capacity of the Group reached 8,986.5 MW as of December 31, 2022, representing a year-on-year increase of 6.9%[135]. - Newly commissioned attributable installed capacity of wind projects amounted to 569.7 MW in 2022, contributing to an operating profit increase of $42.7 million to $394.9 million[123]. - Newly commissioned attributable installed capacity of solar projects was 50.0 MW, with a slight profit increase of $3.8 million to $45.7 million[124]. Strategic Initiatives and Market Focus - The company is focused on expanding its renewable energy projects, as evidenced by the various awards and recognitions received for its wind and photovoltaic projects[20]. - The Company aims to ensure the safe and efficient operation of equipment to contribute to achieving the national "dual carbon" goal[44]. - The Company plans to continue its focus on stringent and pragmatic work styles to ensure high-quality development[44]. - The Company expects steady growth in new operating capacity in 2023, adhering to high-quality development principles[137]. - The company aims to optimize its development layout in the renewable energy market, focusing on wind and solar power while contributing to carbon neutrality goals[153]. - The Company is committed to enhancing its operational efficiency and quality management, as demonstrated by the accolades received across multiple projects[24]. - The Company is committed to optimizing its development layouts in the new energy market, focusing on wind and photovoltaic power as its main businesses[151]. - The Company has implemented a dual-prevention mechanism to enhance risk identification and management across its operations[144]. Policy and Regulatory Environment - A series of policies have been released in 2022 to guide the new energy sector towards high-quality development, aligning with the "dual carbon" goals[93]. - The focus on large-scale wind and photovoltaic power bases marks a significant trend in the new energy industry, driven by the "dual carbon" objectives[84]. - The NEA's 2022 guidelines emphasize the construction of complementary hydropower, wind, and photovoltaic power bases, and the development of smart micro-grids[89]. - The establishment of a national unified electricity market system is being accelerated to optimize power resource allocation[105]. - The national policy encourages local governments to implement supportive measures for the wind and solar power industries, aiming for high-quality development[106]. - The implementation plan emphasizes the construction of a clean, low-carbon, safe, and efficient energy system[97]. Environmental and Social Responsibility - The Company actively participated in rural revitalization and environmental protection initiatives, contributing to energy saving and emission reduction[186]. - The Company made donations to support pandemic prevention and rural revitalization efforts in Shengsi County[187]. - The Cenxi Dalong Wind Farm in Guangxi received the "2022 Environment-friendly Practical Technologies and Demonstration Projects" award for its strict compliance with environmental protection requirements[188]. - The Company actively promotes clean energy development while contributing to biodiversity protection and energy conservation efforts[190]. - The Company participated in the 28th Think Tank Salon of State-owned Enterprises, discussing the role of major energy enterprises in achieving the "Carbon Peak, Carbon Neutrality" goals[189]. Technological Innovation and Digital Transformation - The Company focused on digital transformation through technologies like big data and artificial intelligence to enhance operational efficiency[180]. - The Company aims to enhance offshore wind power capabilities by researching key technologies such as offshore price parity and deep-sea floating wind power[181]. - In 2022, the Company received the AAA-level Integration of Informatization and Industrialization Management System Certificate, marking a significant achievement in digital transformation[182]. - The Company emphasized scientific and technological innovation to achieve low-carbon, green, and sustainable development[183].

Financial Performance - For the year ended December 31, 2022, the revenue was $2,430.1 million, an increase of 36.9% compared to $1,775.3 million for the year ended December 31, 2021[3]. - The profit for the year ended December 31, 2022, was $214.4 million, a decrease of 17.9% from $261.1 million for the year ended December 31, 2021[3]. - The profit attributable to equity shareholders for the year ended December 31, 2022, was $195.1 million, down 20.1% from $244.3 million for the year ended December 31, 2021[3]. - The basic earnings per share for the year ended December 31, 2022, was 4.55 cents, a decline of 20.1% from 5.69 cents for the year ended December 31, 2021[5]. - The total operating expenses for the year ended December 31, 2022, amounted to $1,840.4 million, compared to $1,295.7 million for the year ended December 31, 2021[4]. - The operating profit for the year ended December 31, 2022, was $589.7 million, an increase from $479.6 million for the year ended December 31, 2021[4]. - The pre-tax profit for the year was $272.99 million, down from $295.18 million in the previous year[10]. - Other income for 2022 was $42.7 million, a slight increase of 3.4% from $41.3 million in the previous year[25]. - Financial expenses rose to $227.1 million, an increase of 20.7% from $188.2 million in the previous year, mainly due to increased interest expenses as wind power projects commenced operations[27]. - The company's income tax expense for 2022 was USD 58.6 million, an increase of USD 24.5 million or 71.9% compared to USD 34.1 million in the previous year, primarily due to the expiration of preferential tax rates for certain subsidiaries in China[30]. Assets and Liabilities - Non-current assets as of December 31, 2022, were $6,451.0 million, down from $7,074.5 million as of December 31, 2021[6]. - Current assets as of December 31, 2022, totaled $1,892.9 million, compared to $1,659.4 million as of December 31, 2021[6]. - As of December 31, 2022, total assets amounted to $8,343.9 million, a decrease from $8,733.9 million as of December 31, 2021[12]. - The net current liabilities were approximately $(574.5) million, improved from $(1,145.7) million in the previous year[15]. - Total equity increased slightly to $1,499.9 million from $1,495.2 million year-over-year[8]. - Non-current liabilities decreased to $4,376.6 million from $4,433.6 million year-over-year[12]. - The company reported a total of $3,407.1 million in bank borrowings due after one year, a slight decrease from $3,482.4 million[12]. - The company has $1,398.7 million in undrawn general financing available for use within the next twelve months[15]. - Trade receivables as of December 31, 2022, amounted to USD 739.3 million, slightly down from USD 744.5 million in 2021, with a notable increase in receivables from electricity sales[36]. - The group's total bank borrowings increased from USD 4,245.9 million on December 31, 2021, to USD 4,364.5 million on December 31, 2022, with secured borrowings at USD 2,864.2 million and unsecured borrowings at USD 1,500.3 million[41]. Revenue Sources - Revenue from the Chinese power plants was $1,024.8 million, while revenue from the Korean power plants was $1,377.4 million for the year ended December 31, 2022[11]. - Revenue from wind power projects in China was $692.8 million, a 21.7% increase from $569.2 million in the previous year[22]. - Revenue from Korea increased by 62.2% to $1,377.4 million, driven by significant increases in electricity prices and contributions from a biomass project that began operations in April 2021[22]. - The total revenue for the group was $2,430.1 million, reflecting growth compared to the previous year's total[11]. Operational Highlights - The company added 569.7 MW of wind power capacity in China during 2022, contributing to an increase in operating profit by $42.7 million to $394.9 million[60]. - The company’s solar power projects added 50.0 MW of capacity in 2022, resulting in a slight profit increase of $3.8 million to $45.7 million[61]. - The company’s Korean projects saw net profit rise from $25.0 million to $62.7 million, primarily due to increased fuel margins and contributions from a biomass project[59]. - The company’s coal, thermal, and gas projects in China reported a loss increase from $16.7 million to $43.2 million, mainly due to rising coal prices[60]. - The company’s clean and renewable energy projects accounted for 82.6% of its total installed capacity of 8,986.5 MW as of December 31, 2022[57]. Strategic Initiatives - The company is positioned to benefit from supportive local policies for offshore wind projects in Shandong, with subsidies of RMB 800, 500, and 300 per kW for projects completed by 2024[54]. - The company is actively participating in the development of a unified national electricity market in China, with pilot programs already initiated in various regions[55]. - The company aims to enhance its core capabilities and achieve high-quality development by focusing on traditional business development and improving operational efficiency[90]. - The company plans to implement five lean management projects to strengthen project development, design, procurement, cost management, and operational cost management[91]. - The company is committed to achieving carbon peak and carbon neutrality goals by enhancing its capabilities in wind and solar power development[69]. Sustainability and Environmental Efforts - The company is committed to sustainability, with plans to reduce carbon emissions by 40% by 2030[106]. - The company actively participated in rural revitalization efforts and contributed to environmental protection initiatives, including donations for pandemic prevention and ecological restoration projects[80]. - The company launched its first marine biological release activity in May 2022, promoting the recovery of local crab resources and enhancing ecological balance[81]. - The company’s projects have been recognized for their environmental protection efforts, with awards for practical technologies and demonstration projects in ecological conservation[81]. Governance and Compliance - The annual performance review for the year ending December 31, 2022, was conducted by the audit committee, confirming the financial statements align with the preliminary announcement[99]. - The company has adhered to all applicable corporate governance code provisions for the year ending December 31, 2022, except for the separation of roles between the chairman and CEO[96]. - The board believes that the current arrangement of having the same individual serve as both chairman and CEO is appropriate for the company's strategic execution[97]. - The company has adopted a customized code for securities trading by directors, which is not less stringent than the standard code[98]. Risks and Challenges - The company faces risks related to fuel price fluctuations, regulatory changes, and extreme weather conditions affecting its power projects in China and South Korea[86][87]. - The company is exposed to interest rate risks due to its floating-rate debt, which is used to support asset acquisitions and operational needs[88]. - The company manages foreign exchange risks through forward contracts, as its functional currency is USD while most revenues are in RMB and KRW[89].

中广核QOCGN 中國廣核新能源控股有限公司 CGN New Energy Holdings Co., Ltd. (Incorporated in Bermuda with limited liability)（於百慕埋註冊成立的有限公司) Stock Code 股份代號：1811.HK 0 4 童 用 自 然 的 能 롤 Natural Energy Powering Nature INTERIM REPORT 中 報告 CONTENTS 目 錄 | --- | --- | --- | |--------------------------------------------------------------------------------------------------|-------|-------| | | | | | Corporate Information 公司資料 | 2 | | | Financial and Operating Highlights 財務及業務摘要 | 6 | | | Management Discussion and Analysis 管理層討論與分析 | 7 ...