Financial Performance - Revenue for the six months ended June 30, 2023, was US$1,400 million, an increase from US$1,224 million in the same period of 2022, representing a growth of 14.4%[13] - EBITDA for the same period was US$600 million, compared to US$503 million in the prior year, reflecting a year-on-year increase of 19.3%[13] - Revenue for the six months ended June 30, 2023, reached US$1,223.8 million, an increase from US$1,133.7 million in the same period of 2022[50] - Operating profit for the period was US$344.6 million, compared to US$329.6 million for the same period in 2022[50] - Profit attributable to equity shareholders for the period was US$197.8 million, up from US$177.9 million in the prior year[50] - The profit for Korea projects increased from US$28.9 million to US$41.5 million, driven by higher fuel margins and increased power generation[51] - The Group's operating profit was US$344.6 million, representing a 4.5% increase from US$329.6 million in the first half of 2022, driven by new wind projects and improved fuel margins[96] - Basic and diluted earnings per share rose to 4.61 US cents for the six months ended June 30, 2023, compared to 4.15 US cents for the same period in 2022[106] Installed Capacity and Generation - The attributable installed capacity as of June 30, 2023, was 8,516 MW, a slight decrease from 8,978 MW in 2022[17] - As of June 30, 2023, the attributable installed capacity of the Group is 8,978.0 MW, with 75.9% from the PRC and 24.1% from Korea[48] - The attributable installed capacity of wind power was 4,419.1 MW, up 458.7 MW or 11.6% from the previous year, while solar power capacity increased to 1,178.3 MW, a rise of 41.5 MW or 3.7%[60] - For the six months ended June 30, 2023, the total electricity generated by the Group's consolidated power generation projects amounted to 10,140.6 GWh, representing an increase of 6.6% from 9,517.0 GWh for the same period in 2022[69] - The electricity generated by PRC wind projects reached 5,601.1 GWh, with a growth rate of 16.7% compared to the same period in 2022[69] Market and Regulatory Environment - China's electricity consumption increased by 5.0% year-on-year to 4,307.6 TWh from January to June 2023[21] - The installed power generation capacity in China reached 2,707.7 GW, marking a 10.8% increase compared to the same period last year[21] - The NEA's "Guiding Opinions on Energy Work in 2023" set a target for non-fossil energy's share of installed power generation capacity to increase to approximately 51.9%[24] - The government aims to reduce energy consumption per unit of GDP and major pollutant discharge, prioritizing the development of a new energy system[23] - Regulatory changes in China and Korea may impact electricity generation, tariffs, and environmental compliance, affecting project operations[138] Clean Energy Initiatives - The company plans to continue expanding its clean energy capacity in line with China's green development goals[22] - The accumulated installed wind power capacity in China was 389.2 GW, up 13.7% year-on-year, while solar power capacity reached 470.7 GW, an increase of 39.8%[21] - The NEA encourages the connection of large-scale wind and solar power projects to the grid, with an additional 160 GW of installed capacity expected from these sources[24] - The total installed capacity of renewable energy in China has significantly increased since the dual carbon goals were proposed, reflecting a commitment to high-quality development[28] Financial Position and Cash Flow - The Group's cash and cash equivalents decreased from US$440.6 million as of December 31, 2022, to US$341.1 million as of June 30, 2023, primarily due to cash used in investing and financing activities offsetting cash generated from operating activities[101] - The net debt/equity ratio improved from 3.64 as of December 31, 2022, to 3.32 as of June 30, 2023, mainly due to a reduction in bank borrowings[101] - Net cash generated from operating activities for the six months ended June 30, 2023, was US$340,111,000, compared to US$321,255,000 for the same period in 2022, representing an increase of approximately 5.7%[191] - Net cash used in investing activities amounted to US$240,139,000 for the six months ended June 30, 2023, compared to US$251,112,000 in the prior year, indicating a decrease of about 4.4%[191] Corporate Governance and Compliance - As of June 30, 2023, the Company has complied with all applicable provisions of the Corporate Governance Code, except for code provision C.2.1 regarding the separation of the roles of chairman and chief executive[162] - Mr. Zhang Zhiwu served as both Chairman and President until August 22, 2023, when he ceased to be President, and Mr. Li Guangming was appointed as President effective September 4, 2023, bringing the Company into compliance with code provision C.2.1[162] - The audit committee and KPMG reviewed the unaudited consolidated interim financial report for the six months ended June 30, 2023[162] Innovation and Development - The company is focusing on innovation-driven development, particularly in offshore wind power and digital operation and maintenance, to create competitive advantages in "Offshore+" and "Green Power+"[80] - The company aims to enhance its innovation capability and talent pool to lead technology and industrial innovation in China[86] - The Company is committed to expanding the scale of green power sales and raising the premium level of green power tariffs to enhance investment returns on key projects[157] - The company is promoting digital transformation of existing power stations and intelligent operation and maintenance of offshore wind turbine units[158]

Financial Performance - Revenue for the six months ended June 30, 2023, was $1,223.8 million, an increase of 7.9% compared to $1,133.7 million for the same period in 2022[3]. - Profit attributable to equity shareholders for the six months ended June 30, 2023, was $197.8 million, up 11.2% from $177.9 million for the same period in 2022[3]. - Earnings per share for the six months ended June 30, 2023, was 4.61 cents, an increase of 11.2% from 4.15 cents for the same period in 2022[3]. - The increase in profit was mainly due to higher fuel margins from Korean projects, contributions from new wind power projects, and the turnaround of equity-accounted investees[3]. - Total operating expenses for the six months ended June 30, 2023, were $879.2 million, compared to $804.1 million for the same period in 2022, reflecting an increase of 9.3%[5]. - The operating profit for the first half of 2023 was $206.9 million, an increase of $13.5 million or 7.0% compared to $193.4 million in the first half of 2022[17]. - Other income decreased to $8.4 million in the first half of 2023 from $27.7 million in the same period of 2022, a decline of 19.3 million, mainly due to lower sales of power generation capacity[21]. - Financial expenses decreased to $110.9 million in the first half of 2023 from $120.3 million in the first half of 2022, a reduction of 7.8%, attributed to a decrease in the weighted average balance of bank borrowings[22]. - Income tax expenses rose to $38.1 million in the first half of 2023 from $33.3 million in the first half of 2022, an increase of $4.8 million, mainly due to higher pre-tax profits[25]. - The company did not declare an interim dividend for the six months ended June 30, 2023[3]. Assets and Liabilities - Non-current assets as of June 30, 2023, were $6,263.3 million, a decrease from $6,451.0 million as of December 31, 2022[7]. - Current assets as of June 30, 2023, were $1,859.9 million, slightly down from $1,892.9 million as of December 31, 2022[7]. - Total liabilities as of June 30, 2023, were $4,649.1 million, compared to $4,376.9 million as of December 31, 2022[8]. - Net assets as of June 30, 2023, were $1,617.1 million, an increase from $1,499.6 million as of December 31, 2022[8]. - Total equity as of June 30, 2023, was $1,617.1 million, compared to $1,499.6 million as of December 31, 2022[10]. - Cash and cash equivalents decreased from $440.6 million on December 31, 2022, to $341.1 million on June 30, 2023, primarily due to cash used in investing and financing activities offsetting cash generated from operations[25]. - The net debt-to-equity ratio improved from 3.64 on December 31, 2022, to 3.32 on June 30, 2023, mainly due to a reduction in bank borrowings[26]. - Total bank borrowings decreased from $4,364.5 million on December 31, 2022, to $4,169.9 million on June 30, 2023[34]. Operational Highlights - The company reported a total segment revenue of $1,223.8 million for the first half of 2023, with contributions from China, Korea, and management services[11]. - The segment performance for the Chinese power plants was $206.9 million, while the Korean power plants reported $56.5 million in segment performance for the first half of 2023[11]. - The power generation of the group reached 10,140.6 GWh for the six months ended June 30, 2023, an increase of 6.6% compared to 9,517.0 GWh for the same period in 2022[65]. - The power generation from China's wind power projects was 5,601.1 GWh, representing a growth rate of 16.7% compared to 4,800.1 GWh in the previous year[65]. - The power generation from China's solar power projects was 848.1 GWh, with a growth rate of 0.7% compared to 841.8 GWh in the previous year[65]. - The installed capacity of wind power in China reached 389.2 GW by June 30, 2023, reflecting a year-on-year growth of 13.7%[45]. - The installed capacity of solar power in China reached 470.7 GW by June 30, 2023, showing a significant year-on-year increase of 39.8%[45]. - The installed capacity of wind power increased by 458.7 MW year-on-year to 4,419.1 MW as of June 30, 2023, representing a growth of 11.6%[60]. - The installed capacity of solar energy reached 1,178.3 MW, an increase of 41.5 MW or 3.7% year-on-year[60]. Strategic Initiatives - The company is actively responding to national requirements to expand its industrial scale and enhance efficiency, focusing on the development of strategic emerging industries[62]. - The company is focusing on innovation-driven development strategies, emphasizing the integration of advanced offshore wind technology and digital operation and maintenance[73]. - The company has made progress in integrating advanced offshore wind technology, with multiple research projects completed and demonstrating a differentiated competitive advantage in the offshore wind sector[74]. - The company aims to enhance project conversion rates and resource assurance through strategic alliances in "strategy, industry, and technology"[87]. - The company is focused on technological innovation to drive development, including key technology research and digital transformation of existing power stations[90]. Regulatory and Compliance - The company has adhered to corporate governance codes, with a noted exception regarding the dual role of the chairman and CEO[92]. - The company confirmed compliance with the standard code and its own code by all directors for the six months ended June 30, 2023[93]. - The audit committee and KPMG reviewed the unaudited consolidated interim results for the six months ended June 30, 2023[94]. - The company operates under the governance code as per the listing rules, ensuring adherence to corporate governance standards[95]. - The company’s financial reporting adheres to international accounting standards[96]. Market and Industry Trends - The National Energy Administration aims for an installed power generation capacity of approximately 2,790 GW in 2023, with an increase of 160 GW in wind and solar power, raising the share of non-fossil energy generation to about 51.9%[46]. - The new energy sector has seen significant growth in renewable energy installations since the dual carbon goals were proposed, with policies being introduced to guide industry development during the 14th Five-Year Plan period[46]. - The offshore wind power sector is experiencing rapid development, with significant breakthroughs in scale and technology, supported by improved management policies and planning[50]. - The green electricity trading market is being expanded, allowing all renewable energy projects to participate in market transactions, thereby increasing the scale of green electricity participation[51]. - The National Development and Reform Commission has announced the provincial grid transmission and distribution prices for 2023-2026, effective from June 1, 2023, as part of ongoing reforms in the electricity market[52]. Social Responsibility and Recognition - The company actively engages in social responsibility initiatives, including emergency rescue points and biodiversity protection, contributing to local community support[76]. - In June 2023, the company was awarded the "Best IR Hong Kong Company" by New Fortune and received multiple awards at the HKIRA Investor Relations Awards, including "Best ESG" and "Best Annual Report"[78]. - The company has been recognized for its projects, with several wind and solar projects receiving awards for excellence in renewable energy and safety management in 2023[78][79].

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 ...