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，概不就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 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二三年中期業績公告 中國電力國際發展有限公司（「本公司」）董事局（「董事局」）欣然公佈，本公司及 其附屬公司（統稱「本集團」或「我們」）截至二零二三年六月三十日止六個月的未經 審核中期業績。此等財務報表乃根據香港會計準則第34號「中期財務報告」所編製，已 獲本公司審核委員會（「審核委員會」）及本公司核數師安永會計師事務所審閱。 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 人民幣千元 人民幣千元 % 收入 21,317,030 20,305,157 4.98 當期利潤 2,549,571 1,430,427 78.24 本集團權益持有人應佔利潤 1,849,653 849,881 117 ...

Financial Performance - In 2022, the total electricity generation reached approximately 7,310,757 MWh, with a net profit attributable to shareholders of RMB 2,648,051 thousand, compared to a loss of RMB 256,257 thousand in 2021[4]. - The company's revenue for 2022 was RMB 43,689,129 thousand, representing a 48.93% increase from RMB 35,476,703 thousand in 2021[7]. - The operating profit for 2022 was RMB 7,604,262 thousand, up from RMB 5,105,944 thousand in 2021[9]. - The basic earnings per share for 2022 was RMB 0.22, compared to a loss of RMB 0.04 in 2021[8]. - The company's total assets increased by 20.63% to RMB 211,404,964 thousand in 2022, up from RMB 175,245,988 thousand in 2021[12]. - The company's net profit increased to RMB 2,685,338,000, representing a growth of 297.07% compared to the previous year[110]. - The company's total revenue for 2022 was RMB 43,689,129,000, a 23.15% increase from RMB 35,476,703,000 in the previous year[112]. - Operating costs for 2022 were RMB 39,347,562,000, up 23.58% from RMB 31,838,603,000 in the previous year[114]. - Financial expenses increased to RMB 4,260,961,000, a rise of 10.34% from RMB 3,861,500,000 in the previous year[122]. Clean Energy Capacity and Development - The total installed capacity of the company reached 31,599.2 MW in 2022, an increase from 28,931.9 MW in 2021, marking a growth of 9.22%[13]. - The company aims to expand its clean energy capacity, with approximately 65% of its installed capacity coming from renewable sources[2]. - As of December 31, 2022, the total installed capacity of the group is 31,599.2 MW, with clean energy capacity accounting for 20,519.2 MW, representing 64.94% of the total[22]. - The group has a total of 11,080 MW of coal power capacity, with 7,554 MW being equity capacity[28]. - The company achieved a clean energy installed capacity increase of 5.9 GW in 2022, with clean energy accounting for approximately 65% of total installed capacity[47]. - The company is focused on expanding its clean energy portfolio, with 64.94% of its total capacity being clean energy[22]. - The company has a total of 7,592.4 MW of installed capacity under construction, with 5,847.7 MW attributable capacity[30]. - New projects under preliminary work have a total installed capacity of approximately 9,400 MW, with 8,940 MW from renewable energy (wind and solar) sources[31]. Strategic Investments and Acquisitions - The company holds a 51% stake in XinYuan ZhiChu and XinYuan JingWu, indicating ongoing strategic investments in renewable energy sectors[17]. - The company completed the acquisition of 23 renewable energy project companies for a total consideration of RMB 7.453 billion, adding approximately 2.16 GW of quality assets to its portfolio[53]. - The company agreed to acquire equity interests in 16 target companies from China Power New Energy for a total adjusted consideration of RMB 5,790,593,419.82, with RMB 5,782,593,419.82 settled through the issuance of shares[129]. - The company also agreed to acquire equity interests in 10 target companies from China Power International New Energy for a cash consideration of RMB 1,670,098,862.61[129]. Market Expansion and Internationalization - The company signed a cooperation agreement for a 120 MW solar project in Mexico, marking its first step towards internationalization in the energy storage sector[36]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[73]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[68]. Technological Innovation and R&D - The company is investing 1 billion RMB in R&D for new technologies aimed at improving energy efficiency[67]. - The company is developing the first domestic pure battery-swapping container ship, contributing to China's "dual carbon" goals[33]. - The group is advancing research in integrated photovoltaic, energy storage, and distribution systems to align with low-carbon development strategies[83]. - The group has made progress in the development of colored photovoltaic technology, with the production line design and core equipment customization for a demonstration project in Tongzhou, Beijing completed[80]. Environmental, Social, and Governance (ESG) Initiatives - The company received recognition as one of the "Outstanding ESG Enterprises" for its performance in environmental, social, and governance aspects[44]. - The company has made significant progress in its strategic transformation, successfully navigating challenges posed by fluctuating resource prices and the COVID-19 pandemic[46]. - The company is committed to enhancing its ESG governance framework and aligning with domestic and international ESG standards[58]. - The company has received the 2022 Best ESG Report Award from BDO and was recognized as one of the Outstanding ESG Enterprises for 2021-2022 by the Hong Kong Economic Journal[56]. Operational Efficiency and Cost Management - The company reduced its financing costs, achieving a comprehensive financing interest rate of 3.34%, down 0.69 percentage points from the beginning of the year[55]. - The average unit fuel cost for coal power operations rose to RMB 326.16 per MWh, an increase of 17.41% from RMB 277.79 per MWh in the previous year[116]. - The company plans to enhance its digital infrastructure, allocating 500 million RMB for technology upgrades in the upcoming year[65]. - The company will optimize its employee performance reward mechanism to enhance labor productivity in new industries and projects[58]. Risk Management and Corporate Governance - The group has established a comprehensive risk management mechanism, including a risk management committee responsible for overseeing overall risk management strategies[148]. - The board consists of seven directors, including three executive directors, three non-executive directors, and one independent non-executive director[178]. - The company strictly adheres to the revised Corporate Governance Code and related listing rules effective from January 1, 2022[175]. - The board oversees the group’s risk management and internal control systems[184]. Future Outlook and Goals - The company anticipates a dual growth in energy investment and consumption due to supportive policies for green transformation and innovation[57]. - The strategic goal is to become a world-class green low-carbon energy supplier by 2035, with a focus on sustainable development in clean energy sectors[172]. - By 2025, the company aims to be a leading green low-carbon energy supplier in China, progressing towards global leadership by 2030[172].

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，概不就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 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二二年度業績公告 中國電力國際發展有限公司（「本公司」）董事局（「董事局」）公佈，本公司及其附 屬公司（統稱「本集團」或「我們」）截至二零二二年十二月三十一日止年度的經審核 財務業績。 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 變動 （經重列） 人民幣千元 人民幣千元 % 收入 43,689,129 35,476,703 23.15 年度利潤 2,685,338 676,296 297.07 本公司權益持有人應佔 利潤╱（虧損） 2,648,051 (256,257) 不適用 本公司普通股股東應佔 利潤╱（虧損） 2,480,840 (390,507) 不適用 人民幣元 人民幣元 % ...

Financial Performance - For the six months ended June 30, 2022, the profit attributable to equity holders of the company was RMB 849,881,000, a decrease of 44.8% compared to RMB 1,541,731,000 for the same period in 2021[13]. - Revenue for the six months ended June 30, 2022, was RMB 20,305,157,000, representing a 19.68% increase from RMB 16,965,636,000 in 2021[12]. - The company reported a basic earnings per share of RMB 0.07 for the first half of 2022, down 53.33% from RMB 0.15 in 2021[12]. - In the first half of 2022, the company's net profit was RMB 1,430,427,000, a decrease of RMB 1,140,145,000 or 44.35% compared to the same period last year[44]. - The company's total comprehensive income for the period was RMB 748,539,000, a decrease of 70.5% from RMB 2,529,558,000 in the same period last year[102]. Revenue and Sales - Total electricity sales volume for the six months ended June 30, 2022, was 50,440,867 MWh, an increase of 5.16% from 53,045,286 MWh in 2021[9]. - The total electricity sales for the first half of 2022 reached 53,045,286 MWh, representing a 5.16% increase year-on-year[29]. - The group’s hydropower sales increased by 6.09% due to higher average rainfall in the river basins where the hydropower plants are located[30]. - The combined electricity sales volume of wind and solar power increased by 32.83% year-on-year, with profits rising by 9.07%[13]. - The company generated RMB 20,154,790,000 from electricity sales to regional and provincial grid companies, up from RMB 16,920,099,000, representing a 19.5% growth[127]. Capacity and Projects - The installed capacity as of June 30, 2022, was 32,140.0 MW, a 13.05% increase from 28,429.7 MW in 2021[12]. - The consolidated installed capacity of the group reached 32,140.0 MW as of June 30, 2022, an increase of 3,710.3 MW year-on-year[17]. - The group plans to acquire clean energy project companies with a total operational capacity of 2,154.83 MW, which was approved by independent shareholders on August 24, 2022[17]. - As of June 30, 2022, the total capacity of projects under construction was 6,541.6 MW, all of which are clean energy projects[26]. - The group has planned a total capacity of 56,000 MW for five major wind and solar energy base projects in regions such as Ningxia, Gansu, and Inner Mongolia, all of which have completed the proposal preparation work[27]. Financial Position - The total debt amounted to RMB 115,360,699,000, an increase of 8.91% from RMB 105,921,101,000 in 2021[12]. - The total assets of the company increased by 7.17% to RMB 187,802,826,000 from RMB 175,245,988,000 in 2021[12]. - The company's cash and cash equivalents increased significantly to RMB 8,579,462,000, up 385.64% from RMB 1,766,632,000 in 2021[12]. - The debt-to-equity ratio, calculated as net debt divided by total capital, was approximately 67% as of June 30, 2022, unchanged from December 31, 2021[65]. - As of June 30, 2022, the company's total equity was RMB 52,721,100,000, compared to RMB 51,884,797,000 at the end of 2021, reflecting a growth of approximately 1.6%[105]. Operating Costs and Expenses - Operating costs rose to RMB 16,857,356,000, an increase of 31.25% from RMB 12,843,392,000, mainly due to higher fuel costs and depreciation[49]. - The average unit fuel cost for coal power operations increased by 40.48% to RMB 331.57 per MWh, attributed to tight supply and high coal prices[51]. - Financial expenses increased by RMB 171,403,000 or 8.72% to RMB 2,137,952,000, reflecting higher interest expenses due to increased asset scale[55]. - The company reported a significant increase in fuel costs, which rose to RMB 10,244,732,000, an increase of 36.5% from RMB 7,486,534,000 in the previous year[101]. - The average on-grid electricity price for coal power increased by approximately 20% due to rising coal prices, while the average price for hydropower decreased due to a higher proportion of lower-priced market transactions[35]. Clean Energy Initiatives - Clean energy sources, including hydropower, wind power, photovoltaic power, and gas power, accounted for 16,300.0 MW, representing approximately 50.72% of the total installed capacity, up 3.62 percentage points year-on-year[17]. - The group is actively participating in competitive offshore wind power projects in Guangxi, with a planned total capacity of 2,700 MW[21]. - The group aims to become a world-class green low-carbon energy supplier, focusing on sustainable and rapid development of clean low-carbon energy[17]. - The group is developing integrated source-network-load-storage projects, with significant progress in multiple projects, including a 1,000 MW renewable energy base project in Macheng City[27]. - The company is actively pursuing clean energy development and optimizing operations to reduce carbon emissions[79]. Risk Management and Governance - The company has established a comprehensive risk management system to address various financial and operational risks[71]. - The company emphasizes strong corporate governance and has adhered to all relevant provisions of the Corporate Governance Code as of June 30, 2022[86]. - The company has implemented a robust audit and internal control system, ensuring compliance with risk management regulations[86]. - The company aims for "zero deaths, zero accidents" in operational safety, enhancing management capabilities and conducting regular safety training sessions[77]. - The company has not faced any significant accidents or regulatory penalties related to safety or environmental compliance during the reporting period[77][81]. Employee and Community Engagement - As of June 30, 2022, the company employed 10,928 full-time employees, an increase from 10,413 in the previous year[79]. - The company has adopted a new equity incentive plan to align the interests of employees and shareholders, promoting long-term stability and performance[78]. - The company conducted online meetings with over 500 investment institutions to maintain investor relations during the pandemic[89]. - The company is committed to enhancing ESG disclosures and aims for full coverage of ESG reports by 2023[76]. - The company has implemented energy-saving upgrades across multiple power plants, resulting in significant energy savings[81]. Future Outlook - In the second half of 2022, the overall electricity consumption in China is expected to grow by approximately 7% year-on-year, with an annual growth forecast of 5%-6%[82]. - The company plans to accelerate the completion of clean energy investment projects and achieve seamless asset integration, focusing on large-scale renewable energy bases in Ningxia and Inner Mongolia, as well as integrated projects in Qinghai[82]. - The company expects its wind and solar power projects to qualify for price subsidies after June 30, 2023, with receivables anticipated to be recoverable 12 months post-report date[153]. - The company is advancing the green electricity transportation project in Chaoyang City, which is expected to increase the local green electricity ratio and contribute to carbon reduction in transportation[83]. - The company is committed to exploring new energy storage demonstration projects and accelerating the development of electrochemical storage technologies and battery module production lines[83].

Installed Capacity and Energy Generation - In 2021, the total installed capacity of the group reached 28,931.9 MW, with clean energy accounting for 15,091.9 MW, representing 52.16% of the total capacity[26]. - The total electricity sales volume in 2021 was 98,793,792 MWh, an increase of 11.94% compared to 2020[6]. - Hydropower generation contributed 54,770,211 MWh, while wind power and photovoltaic power generated 24,471,737 MWh and 6,888,335 MWh respectively[6]. - The total installed capacity of the company's power plants is approximately 13,840 MW, with equity capacity at 9,040 MW[31]. - The company achieved a total generation capacity of 5,222.3 MW in various provinces, with significant contributions from Shanxi (1,030 MW) and Hubei (849.4 MW)[30]. - The total installed capacity of clean energy sources, including hydropower, wind power, and solar power, reached 15,091.9 MW, an increase of 8.18 percentage points from the previous year[76]. - The total installed capacity of projects under construction as of December 31, 2021, is 6,631.9 MW, with clean energy projects accounting for 69.84% of the total[88]. - In 2021, the total electricity generation was 103,048,687 MWh, a decrease of 14.74% compared to 2020, while wind power generation increased by 69.34% to 7,020,878 MWh[90]. Financial Performance - The group reported a total revenue of RMB 171,219,000 in 2021, a significant decrease from RMB 2,925,551,000 in 2020[6]. - The company's net profit was RMB 171,219,000, a decrease of RMB 2,754,332,000 or 94.15% compared to the previous year[108]. - The company's revenue for 2021 was RMB 34,734,288,000, an increase of 22.18% from RMB 28,427,721,000 in 2020[110]. - Operating costs for 2021 were RMB 31,601,265,000, an increase of 41.12% from RMB 22,393,465,000 in 2020, primarily due to rising fuel costs[114]. - Total fuel costs increased by RMB 7,061,819,000, driven by a significant rise in coal prices and increased electricity sales[115]. - The average unit fuel cost for coal power was RMB 277.80 per MWh, a substantial increase of 40.94% from RMB 197.10 per MWh in the previous year[115]. - Financial expenses rose to RMB 3,861,500,000, an increase of RMB 657,802,000 or 20.53% compared to the previous year[120]. - The proposed final dividend for the year ended December 31, 2021, is RMB 0.05 per share, totaling RMB 541,669,000, down from RMB 1,274,895,000 in the previous year[124]. Clean Energy Initiatives - The company aims to enhance its clean energy portfolio and reduce reliance on coal-fired power generation[26]. - The company has a significant focus on clean energy, with approximately 120 GW of its total capacity being clean energy, representing 61.54% of its total installed capacity[35]. - The company is committed to achieving a green, low-carbon, and innovation-driven transformation strategy in 2022[60]. - The company aims to transform from a traditional power generation enterprise to a green low-carbon energy supplier, with a strategic focus on becoming a world-class provider by 2035[53][54]. - The company is focused on exploring new business models that integrate photovoltaic energy with agriculture, forestry, animal husbandry, and fishery sectors[60]. - The company is dedicated to achieving a green, low-carbon, and innovation-driven transformation strategy in 2022[60]. - The company is committed to supporting local communities in green development and environmental protection, enhancing its corporate social responsibility initiatives[152]. Market Expansion and Strategic Development - The company has plans for market expansion and technological advancements in renewable energy sectors[26]. - The company is actively involved in mergers and acquisitions to strengthen its market position and operational capabilities[26]. - The company aims to strengthen its leading position in the clean energy sector by focusing on large-scale wind and solar projects, targeting a significant increase in installed capacity[60]. - The company is actively participating in market-oriented direct electricity trading and developing integrated smart energy projects to expand its user base[159]. - The company is committed to ESG management to enhance its international brand and image[162]. Operational Efficiency and Management - The company has received recognition for its operational efficiency and management capabilities, including the AAAAA rating from the China Electric Power Enterprise Union[36]. - The company has implemented cost-saving measures and efficiency improvements to reduce administrative and operational expenses, optimizing financial management[146]. - The group established a quality, occupational health and safety, and environmental (QHSE) management system that continues to operate effectively, ensuring compliance with international standards[150]. - The company is enhancing its operational management by improving procurement efficiency and digital transformation of coal power units[162]. Corporate Governance - The company emphasizes the importance of good corporate governance and has adhered to the corporate governance code, ensuring fair treatment of all shareholders[163]. - The board of directors consists of seven members, with a majority being non-executive directors, ensuring independent judgment and effective governance[168]. - The company has established a nomination policy outlining the criteria and procedures for selecting suitable candidates for the board[180]. - The company has adopted a code of conduct for directors' securities trading, confirming compliance during the fiscal year[184]. - The board is responsible for overseeing risk management, internal control systems, and corporate governance[187]. Sustainability and Environmental Impact - The company emphasizes sustainable development and environmental protection, with a commitment to reducing carbon emissions and enhancing operational efficiency[154]. - The group is committed to achieving the "30-60" carbon peak and carbon neutrality goals, with ongoing investments in green low-carbon smart assets and clean energy projects[79]. - The company has adopted the TCFD framework for climate-related financial disclosures, identifying risks and opportunities associated with climate change[153]. - The company is actively engaging in the carbon trading market and green certificate tracking to leverage its competitive advantages[162].

Financial Performance - In 2020, the company's revenue reached RMB 28,427.7 million, representing a 2.39% increase from RMB 27,763.3 million in 2019[17] - Operating profit for 2020 was RMB 6,371.9 million, up 16.25% from RMB 5,481.3 million in 2019[17] - Basic earnings per share increased by 30.77% to RMB 0.17 in 2020, compared to RMB 0.13 in 2019[17] - The group's total revenue increased by 2.39% year-on-year, while profit attributable to equity holders rose by 33.01%[81] - The company's net profit attributable to equity holders increased by RMB 423,924,000 to RMB 1,708,305,000, representing a growth of 33.01% compared to 2019[102] - In 2020, the group's net profit was RMB 2,925,551,000, an increase of RMB 724,401,000 or 32.91% compared to the previous year[141] Assets and Liabilities - Total assets as of 2020 amounted to RMB 155,948.7 million, reflecting an 11.16% growth from RMB 140,289.7 million in 2019[17] - The total debt increased by 16.37% to RMB 91,431.9 million in 2020, compared to RMB 78,568.3 million in 2019[17] - The company's equity attributable to shareholders rose by 10.15% to RMB 33,397.8 million in 2020, from RMB 30,320.1 million in 2019[17] - The debt-to-equity ratio based on net debt was approximately 66% as of December 31, 2020, compared to 63% in 2019[170] - The group recognized impairment provisions totaling RMB 703,276,000 in 2020, including RMB 587,327,000 for assets held for sale[177] Clean Energy Initiatives - The company plans to continue expanding its clean energy portfolio, which includes hydropower, wind power, and natural gas power[53] - The group is focusing on expanding its renewable energy portfolio, with significant investments in wind and solar projects to enhance its market position[66] - By the end of 2020, the group's clean energy installed capacity reached 9,393.6 MW, accounting for 39.34% of total installed capacity, an increase of 3.77 percentage points from the end of 2019[81] - Clean energy segment revenue amounted to RMB 10.72 billion, representing 37.71% of total revenue, up 4.01 percentage points from the end of 2019[81] - The group successfully completed the acquisition of three clean energy projects totaling 350 MW in Shanxi, contributing to its clean energy transformation[81] Operational Capacity - As of December 31, 2020, the total installed capacity was 23,878.2 MW, with clean energy capacity accounting for 39.34% at 9,393.6 MW[53] - The group has a total of 5,475.1 MW of hydropower capacity, with an equity percentage ranging from 44.1% to 64.93%, resulting in an equity capacity of 3,406.7 MW[55] - The total installed capacity of coal power plants across various regions amounts to 15,040 MW, with an equity capacity of 11,056 MW[63] - The group is currently constructing projects with a total installed capacity of 5,682.9 MW, including 1,882.4 MW from wind power and 978.9 MW from solar power[66] Market and Strategic Development - The company aims to enhance its market presence through strategic investments and potential acquisitions in the renewable energy sector[53] - The company is considering strategic acquisitions to bolster its portfolio, with potential targets identified in the H sector[91] - The company will leverage opportunities along the "Belt and Road" initiative to enhance its international business capabilities and market influence[87] - The company is actively researching carbon emissions and trading policies to formulate and implement its carbon reduction targets[86] Sustainability and Environmental Impact - The company has been recognized as an "Outstanding Unit" in the "13th Five-Year Plan" for corporate culture construction, emphasizing its commitment to clean development and green energy[78] - The company is committed to fostering innovation in new industries, business models, and management systems to support industrial transformation[87] - The group is committed to sustainable development and actively promotes energy conservation and emission reduction initiatives[194] - Over 90% of the coal-fired power units in operation have met ultra-low emission standards[198] Challenges and Responses - The company is facing challenges due to tightening carbon emission quotas, which may increase costs for coal-fired power generation[188] - The company has adjusted its procurement strategy to manage coal inventory effectively during the pandemic, resulting in reduced fuel costs[189] - The company has resumed construction on most projects by March 2020, ensuring timely completion despite initial delays due to the pandemic[189] Employee and Operational Management - The group employed a total of 10,520 full-time employees as of December 31, 2020, an increase from 10,444 in 2019[194] - The group has implemented comprehensive measures to ensure employee health and safety during the COVID-19 pandemic, including remote work and online meetings[192] - The group has established a quality, occupational health and safety, and environmental management system that continues to operate stably, ensuring compliance with international standards[193]

[Financial Summary](index=4&type=section&id=Financial%20Summary) This section provides a concise overview of the company's total electricity sales, net profit contributions by generation segment, and key financial position indicators Total Electricity Sales (MWh) | Indicator | H1 2020 | H1 2019 | Change | | :--- | :--- | :--- | :--- | | **Total Electricity Sales (MWh)** | 39,979,532 | 42,261,760 | -5.40% | | Of which: Hydropower | 11,780,203 | 13,204,537 | -10.79% | | Of which: Wind Power | 2,078,356 | 1,627,093 | 27.73% | | Of which: Photovoltaic Power | 2,132,468 | 1,533,232 | 39.08% | | Of which: Thermal Power | 23,988,505 | 25,896,898 | -7.37% | Net Profit by Segment (RMB Thousand) | Net Profit by Segment (RMB Thousand) | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Hydropower | 1,058,780 | 1,297,861 | | Wind Power | 442,400 | 263,154 | | Photovoltaic Power | 339,395 | 290,844 | | Thermal Power | 357,121 | 88,024 | | Unallocated Portion | (281,990) | (128,504) | Key Financial Indicators | Key Financial Indicators | As of June 30, 2020 | As of December 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Revenue (RMB Thousand)** | 13,055,829 | 13,843,958 | -5.69% | | **Basic Earnings Per Share (RMB Yuan)** | 0.12 | 0.10 | 20.00% | | **Equity Attributable to Company Shareholders (RMB Thousand)** | 30,000,293 | 30,320,075 | -1.05% | | **Total Assets (RMB Thousand)** | 146,120,512 | 140,289,698 | 4.16% | | **Total Debt (RMB Thousand)** | 83,458,613 | 78,568,268 | 6.22% | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial results, strategic developments, and risk management during the reporting period [Business Review](index=6&type=section&id=Business%20Review) Despite COVID-19 impacts, the company's H1 2020 profit attributable to shareholders grew 20.09% to RMB 1.173 billion, driven by enhanced new energy contributions and improved thermal power plant profitability, reflecting its ongoing transition to a clean energy focus - In H1 2020, the company's profit attributable to shareholders increased by **20.09%** to **RMB 1,172,986,000**, with basic earnings per share of **RMB 0.12**[14](index=14&type=chunk) Equity Installed Capacity (As of June 30, 2020) | Equity Installed Capacity (As of June 30, 2020) | MW | Proportion | | :--- | :--- | :--- | | Hydropower | 3,134.1 | 14.10% | | Wind Power | 1,602.2 | 7.21% | | Photovoltaic Power | 2,981.6 | 13.41% | | Natural Gas Power | 367.6 | 1.65% | | **Total Clean Energy** | **8,085.5** | **36.37%** | | Thermal Power | 14,147.9 | 63.63% | | **Total** | **22,233.4** | **100%** | - From July 1, 2019, to June 30, 2020, the Group added **1,280.6 MW** of equity installed capacity from newly commissioned generating units, with clean energy (hydro, wind, solar) accounting for **73.7%**[17](index=17&type=chunk)[18](index=18&type=chunk) [Project Development and Projects Under Construction](index=7&type=section&id=Project%20Development%20and%20Projects%20Under%20Construction) The company actively pursues a clean, integrated, and smart energy transformation strategy, focusing on large-scale PV and smart energy projects while expanding into overseas markets, with nearly half of its projects under construction dedicated to clean energy - The company made progress in clean energy projects, including **407 MW** of the Liaoning **500 MW** photovoltaic project being commissioned, and completing three integrated smart energy projects in Beijing[19](index=19&type=chunk) - The company is actively expanding into overseas markets by signing entrusted management agreements for clean energy and overseas power plants with its parent company and establishing a joint venture focused on the ASEAN region[20](index=20&type=chunk) - As of June 30, 2020, equity installed capacity for projects under construction was **4,621.3 MW**, with clean energy accounting for **49.27%**[21](index=21&type=chunk) [Operating Performance](index=9&type=section&id=Operating%20Performance) H1 2020 saw a 5.40% decrease in total electricity sales due to hydropower and thermal power declines, offset by significant growth in wind and solar generation, while heat sales decreased and direct power supply proportion fell - Total electricity sales decreased by **5.40%** year-on-year, with: - Hydropower: Decreased by **10.79%** due to insufficient rainfall - Wind and Photovoltaic: Increased by **27.73%** and **39.08%** respectively, due to new unit commissioning and policy support - Thermal Power: Decreased by **7.37%** due to pandemic impact and demand decline[27](index=27&type=chunk) - Total heat sales were **10,540,134 GJ**, a year-on-year decrease of **5.75%**, primarily due to a joint venture ceasing heat production[29](index=29&type=chunk) - Direct power supply transactions accounted for approximately **36.86%** of total electricity sales, down from **41.96%** in the prior year, mainly due to industrial users' production halts[30](index=30&type=chunk) - Average on-grid tariff changes: - Hydropower: Decreased due to tariff reductions - Wind Power: Increased due to commissioning of new units with higher tariffs - Photovoltaic: Decreased due to subsidy phase-out and commissioning of grid-parity projects - Thermal Power: Slightly increased due to VAT reduction and a decrease in market transaction proportion[31](index=31&type=chunk) [Financial Performance Analysis](index=13&type=section&id=Financial%20Performance%20Analysis) H1 2020 revenue declined 5.69% to RMB 13.06 billion due to lower hydropower and thermal power sales, but a significant RMB 747 million reduction in fuel costs boosted operating profit by 1.94% to RMB 3.79 billion and net profit by 5.76% to RMB 1.92 billion Revenue by Segment (RMB Thousand) | Revenue by Segment (RMB Thousand) | H1 2020 | H1 2019 | Change | | :--- | :--- | :--- | :--- | | Hydropower | 2,995,129 | 3,675,395 | -18.51% | | Wind Power | 1,008,735 | 763,026 | 32.20% | | Photovoltaic Power | 1,192,065 | 923,711 | 29.05% | | Thermal Power | 7,859,900 | 8,481,826 | -7.33% | | **Total** | **13,055,829** | **13,843,958** | **-5.69%** | - Operating costs decreased by **6.82%** year-on-year to **RMB 9.69 billion**, primarily due to lower coal prices and reduced thermal power sales volume, leading to a **RMB 747 million** decrease in total fuel costs[39](index=39&type=chunk)[40](index=40&type=chunk) - Finance costs increased by **9.09%** year-on-year to **RMB 1.68 billion**, mainly due to higher interest expenses resulting from increased debt[43](index=43&type=chunk) - Share of profits from associates and joint ventures both increased, primarily benefiting from lower coal prices which boosted the net profits of related companies[44](index=44&type=chunk)[45](index=45&type=chunk) [Liquidity and Capital Management](index=16&type=section&id=Liquidity%20and%20Capital%20Management) As of June 30, 2020, the Group's cash and cash equivalents increased to RMB 2.05 billion, while total debt rose to RMB 83.46 billion, and H1 capital expenditure significantly increased to RMB 8.22 billion, with over 70% allocated to clean energy - Cash Flow Overview (For the six months ended June 30, 2020): - Net cash from operating activities: **RMB 3.59 billion** (year-on-year increase) - Net cash used in investing activities: **RMB 6.46 billion** (year-on-year increase) - Net cash from financing activities: **RMB 3.69 billion** (year-on-year increase)[49](index=49&type=chunk) - As of June 30, 2020, the Group's total debt was **RMB 83.46 billion**, with a gearing ratio (net debt/total capital) of approximately **65%**, a slight increase from **63%** at the end of 2019[50](index=50&type=chunk) - Capital expenditure in H1 was **RMB 8.22 billion**, a significant year-on-year increase, with clean energy segments (hydro, wind, solar) accounting for **RMB 5.99 billion**, or **73%** of total expenditure[51](index=51&type=chunk) [Risk Management](index=18&type=section&id=Risk%20Management) The Group faces significant risks including foreign exchange, funding, and policy changes, alongside operational uncertainties from the COVID-19 pandemic, for which it has established comprehensive risk management mechanisms - Key Risk Exposures: - **Foreign Exchange Risk**: Holds JPY and USD denominated borrowings, facing RMB exchange rate fluctuation risk - **Funding Risk**: New project development requires substantial capital, and financing market volatility may affect funding costs and efficiency - **Policy Change Risk**: Uncertainty from the cancellation of coal-electricity price linkage mechanism, promotion of grid-parity projects, and market-oriented electricity price reforms[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - The pandemic exerted pressure on electricity consumption, fuel supply chains, and project construction, but the Group mitigated fuel costs by seizing procurement opportunities, and cash flow risk is controllable as electricity is sold to reputable grid companies[236](index=236&type=chunk) [Social and Environmental Governance and Outlook](index=20&type=section&id=Social%20and%20Environmental%20Governance%20and%20Outlook) The company prioritizes social and environmental responsibility, with no major safety incidents and over 90% of thermal units meeting ultra-low emission standards, while focusing on operational improvements, clean energy transition, and innovation for the second half of the year - In terms of operational safety, the Group effectively responded to the pandemic and Yangtze River basin floods, with no major employee, equipment, or environmental accidents during the period[237](index=237&type=chunk) - Regarding energy conservation and emission reduction, over **90%** of commissioned thermal power units meet ultra-low emission standards, and the coal consumption rate for power supply remains at a low level[239](index=239&type=chunk)[240](index=240&type=chunk) - Key tasks for the second half of the year: - **Operational Management**: Expand electricity consumption channels and enhance cross-border operational capabilities - **Industrial Transformation**: Steadfastly pursue clean, integrated, and smart energy development, accelerating photovoltaic base construction - **Technological Innovation**: Integrate energy technology with information internet technology to build an integrated smart energy platform - **System Reform**: Deepen performance appraisal and incentive mechanisms[242](index=242&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) This section details the company's commitment to high corporate governance standards, including compliance with codes and internal control measures [Corporate Governance Practices](index=21&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards, largely complying with the Corporate Governance Code, and has established effective risk management and internal control systems, including successful remote audits during the pandemic - During the reporting period, the company complied with most provisions of the Corporate Governance Code under the Listing Rules, with the temporary dual role of Chairman and President being rectified after July 28, 2020, ensuring segregation of duties[66](index=66&type=chunk)[67](index=67&type=chunk) - The company implemented various measures in risk management and internal control, including initiating remote internal audits during the pandemic, conducting monthly major risk prevention and mitigation efforts, and strengthening post-evaluation of new energy project investments[68](index=68&type=chunk) Major Shareholders | Major Shareholder | Identity | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | State Power Investment Corporation Limited | Interests in controlled corporations | 5,887,793,513 | 60.04% | | China Power International Development Limited | Interests in controlled corporations/Beneficial owner | 5,495,518,060 | 56.03% | | China Power Development Ltd | Beneficial owner | 2,662,000,000 | 27.14% | [Independent Review Report](index=25&type=section&id=Independent%20Review%20Report) This section presents the independent review report on the interim financial information, confirming its preparation in accordance with accounting standards [Independent Review Report](index=25&type=section&id=Independent%20Review%20Report) Ernst & Young conducted an independent review of the Group's interim financial information for the six months ended June 30, 2020, concluding that it was prepared in all material respects according to Hong Kong Accounting Standard 34 - Ernst & Young reviewed the interim financial information, noting that a review has a scope significantly narrower than an audit, thus no audit opinion is expressed[76](index=76&type=chunk) - Based on the review, Ernst & Young found nothing to suggest that the interim financial information was not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[77](index=77&type=chunk) [Consolidated Financial Statements](index=26&type=section&id=Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows [Interim Condensed Consolidated Statement of Profit or Loss](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2020, Group revenue decreased to RMB 13.06 billion, but reduced operating expenses led to a slight increase in operating profit to RMB 3.79 billion, with profit attributable to shareholders growing 20.1% to RMB 1.17 billion Interim Condensed Consolidated Statement of Profit or Loss (RMB Thousand) | Item (RMB Thousand) | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Revenue | 13,055,829 | 13,843,958 | | Operating Profit | 3,786,804 | 3,714,586 | | Profit Before Tax | 2,380,414 | 2,363,186 | | Profit for the Period | 1,915,706 | 1,811,379 | | **Profit Attributable to Company Shareholders** | **1,172,986** | **976,735** | | Basic Earnings Per Share (RMB Yuan) | 0.12 | 0.10 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Building on the RMB 1.92 billion profit for the period, a net other comprehensive expense of RMB 223 million resulted in total comprehensive income of RMB 1.69 billion, with RMB 955 million attributable to company shareholders Interim Condensed Consolidated Statement of Comprehensive Income (RMB Thousand) | Item (RMB Thousand) | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Profit for the Period | 1,915,706 | 1,811,379 | | Other Comprehensive (Expense) / Income, Net of Tax | (223,322) | 148,738 | | **Total Comprehensive Income for the Period** | **1,692,384** | **1,960,117** | | Attributable to Company Shareholders | 955,113 | 1,129,440 | | Attributable to Non-controlling Interests | 737,271 | 830,677 | [Interim Condensed Consolidated Statement of Financial Position](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2020, total assets increased to RMB 146.12 billion, driven by property, plant, and equipment, while total liabilities rose to RMB 101.48 billion, and total equity slightly decreased to RMB 44.64 billion Interim Condensed Consolidated Statement of Financial Position (RMB Thousand) | Item (RMB Thousand) | As of June 30, 2020 | As of December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **146,120,512** | **140,289,698** | | Non-current Assets | 132,309,684 | 127,310,657 | | Current Assets | 9,378,571 | 8,352,076 | | **Total Liabilities** | **101,481,499** | **95,156,489** | | Non-current Liabilities | 61,988,734 | 59,621,301 | | Current Liabilities | 36,543,845 | 32,436,962 | | **Total Equity** | **44,639,013** | **45,133,209** | | Equity Attributable to Company Shareholders | 30,000,293 | 30,320,075 | [Interim Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2020, equity attributable to company shareholders decreased from RMB 30.32 billion to RMB 30.00 billion, primarily due to the RMB 1.27 billion final dividend payment exceeding the RMB 955 million total comprehensive income - Equity attributable to shareholders at the beginning of the period was **RMB 30.32 billion**, with total comprehensive income of **RMB 955 million** recorded during the period, and a final dividend of **RMB 1.27 billion** for 2019 paid, resulting in equity attributable to shareholders decreasing to **RMB 30.00 billion** at period-end[82](index=82&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2020, net cash from operating activities increased to RMB 3.59 billion, while net cash outflow from investing activities expanded to RMB 6.46 billion, and net cash inflow from financing activities significantly rose to RMB 3.69 billion Interim Condensed Consolidated Statement of Cash Flows (RMB Thousand) | Item (RMB Thousand) | H1 2020 | H1 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 3,589,510 | 3,173,432 | | Net Cash Used in Investing Activities | (6,456,662) | (3,757,532) | | Net Cash from Financing Activities | 3,686,080 | 1,048,910 | | **Net Increase in Cash and Cash Equivalents** | **818,928** | **464,810** | | Cash and Cash Equivalents at End of Period | 2,055,610 | 2,302,854 | [Notes to the Interim Condensed Consolidated Financial Statements](index=33&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides key explanatory notes to the interim condensed consolidated financial statements, detailing revenue segmentation, receivables, borrowings, and related party transactions [Note 3: Revenue and Segment Information](index=37&type=section&id=Note%203%3A%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from electricity sales across four segments: thermal, hydro, wind, and photovoltaic power, with thermal being the largest revenue source despite a decline, while hydropower contributed the highest profit Segment Performance (RMB Thousand) | Segment Performance (RMB Thousand) | Revenue | Profit / (Loss) Before Tax | Profit / (Loss) for the Period | | :--- | :--- | :--- | :--- | | Thermal Power | 7,859,900 | 535,768 | 357,121 | | Hydropower | 2,995,129 | 1,284,272 | 1,058,780 | | Wind Power | 1,008,735 | 463,936 | 442,400 | | Photovoltaic Power | 1,192,065 | 358,397 | 339,395 | | Unallocated | - | (261,959) | (281,990) | | **Total** | **13,055,829** | **2,380,414** | **1,915,706** | [Note 15: Trade and Other Receivables](index=48&type=section&id=Note%2015%3A%20Trade%20and%20Other%20Receivables) As of June 30, 2020, total trade and other receivables amounted to RMB 8.56 billion, with RMB 5.45 billion classified as non-current, primarily representing discounted clean energy tariff subsidies expected after 12 months - Trade and other receivables from regional and provincial grid companies include **RMB 5.45 billion** in unbilled clean energy tariff subsidies, which are classified as non-current assets and discounted due to an expected recovery period exceeding one year, indicating a significant financing component[117](index=117&type=chunk) [Note 20 & 21: Bank and Related Party Borrowings](index=53&type=section&id=Note%2020%20%26%2021%3A%20Bank%20and%20Related%20Party%20Borrowings) As of June 30, 2020, the Group's total bank borrowings were RMB 37.35 billion and related party borrowings were RMB 37.59 billion, primarily denominated in RMB and used for project construction and operations, with some secured by assets Borrowing Types (RMB Thousand) | Borrowing Type (RMB Thousand) | As of June 30, 2020 | | :--- | :--- | | Bank Borrowings | 37,349,452 | | Related Party Borrowings | 37,588,113 | | Other Borrowings | 4,535,000 | | **Total Borrowings** | **79,472,565** | [Note 30: Related Party Transactions](index=67&type=section&id=Note%2030%3A%20Related%20Party%20Transactions) The Group conducts extensive ordinary course business transactions with its ultimate holding company and subsidiaries, including significant coal purchases, construction and service fees, and interest payments, all conducted under normal commercial terms - The Group engaged in extensive ordinary course business transactions with related parties, including its ultimate holding company, State Power Investment Corporation, covering fuel procurement, engineering construction, and financial services[163](index=163&type=chunk)[164](index=164&type=chunk) - Significant related party expenditures during the period included **RMB 2.87 billion** for coal purchases from non-controlling shareholders and approximately **RMB 850 million** in total interest expenses paid to related parties[167](index=167&type=chunk)

[2019 Financial Summary](index=2&type=section&id=%E4%BA%8C%E9%9B%B6%E4%B8%80%E4%B9%9D%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) The company achieved significant growth in revenue, profit, and power generation in 2019, driven by strong performance across its power generation segments 2019 Key Financial Indicators | Indicator | 2019 | 2018 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB '000) | 27,763,287 | 23,175,626 | 19.80% | | Profit attributable to equity holders of the Company (RMB '000) | 1,284,381 | 1,098,355 | 16.94% | | Basic earnings per share (RMB) | 0.13 | 0.11 | 18.18% | | Total assets (RMB '000) | 140,289,698 | 124,956,727 | 12.27% | | Total debt (RMB '000) | 78,568,268 | 64,917,976 | 21.03% | 2019 Power Generation and Sales Volume | Item | 2019 (MWh) | 2018 (MWh) | Change (%) | | :--- | :--- | :--- | :--- | | Total power generation | 87,134,871 | 74,101,429 | 17.59% | | Total power sales | 83,558,993 | 70,964,796 | 17.75% | Net Profit by Power Generation Segment (RMB '000) | Segment | 2019 | 2018 | | :--- | :--- | :--- | | Hydropower | 699,707 | 849,881 | | Wind power | 514,570 | 215,612 | | Photovoltaic power | 617,314 | 406,843 | | Thermal power | 553,620 | 517,335 | | Net loss from unallocated portion | (184,061) | (352,486) | [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential corporate details including board members, committee structures, registration information, and listing particulars - The report provides basic company information, including members of the Board of Directors, chairpersons and members of various committees, registered office, company website, listing information (stock code: 2380), share registrar, company secretary, and auditor[17](index=17&type=chunk) [Group Structure](index=5&type=section&id=%E9%9B%86%E5%9C%98%E6%9E%B6%E6%A7%8B) The report presents the group's organizational chart, reflecting the company's structure as of the annual report publication date - The report displays the group's organizational chart, reflecting the company's structure as of the annual report publication date[20](index=20&type=chunk) [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) This section provides an overview of the company's business, its existing power generation assets, and ongoing or newly developed projects [Company Overview](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E6%B3%81) China Power is the core subsidiary for conventional energy business of SPIC, listed on the Hong Kong Stock Exchange in 2004, with its business expanding from single coal-fired power generation to hydropower, wind power, photovoltaic, and integrated energy sectors, reaching a total equity installed capacity of 21,113.2 MW by the end of 2019, with clean energy accounting for 35.57% 2019 Year-End Installed Capacity Overview | Item | Capacity (MW) | Proportion | | :--- | :--- | :--- | | Total equity installed capacity | 21,113.2 | 100% | | Clean energy equity installed capacity | 7,510.1 | 35.57% | - The company's business has diversified from initial coal-fired power generation to various areas including hydropower, wind power, photovoltaic, power distribution and sales, and integrated energy[26](index=26&type=chunk) [Existing Power Plants](index=8&type=section&id=%E7%8F%BE%E6%9C%89%E7%99%BC%E9%9B%BB%E5%BB%A0) As of the end of 2019, the Group owned and operated various types of power plants, with equity installed capacity of 13,603.1 MW for coal-fired power, 3,134.1 MW for hydropower, 1,535.5 MW for wind power, 2,472.9 MW for photovoltaic power, and 367.6 MW for natural gas power Equity Installed Capacity by Power Type (MW) | Power Type | Equity Installed Capacity (MW) | | :--- | :--- | | Coal-fired power | 13,603.1 | | Hydropower | 3,134.1 | | Wind power | 1,535.5 | | Photovoltaic power | 2,472.9 | | Natural gas power | 367.6 | [Projects Under Construction and New Developments](index=11&type=section&id=%E5%9C%A8%E5%BB%BA%E5%8F%8A%E6%96%B0%E7%99%BC%E5%B1%95%E9%A0%85%E7%9B%AE) As of the end of 2019, the Group had projects under construction with an equity installed capacity of 5,409.8 MW, of which clean energy accounted for over 50%, and was actively advancing preliminary work for new projects totaling approximately 2,300 MW, primarily wind, photovoltaic, and natural gas clean energy projects Equity Installed Capacity of Projects Under Construction (MW) | Power Plant Type | Equity Installed Capacity (MW) | Proportion | | :--- | :--- | :--- | | Thermal | 2,673.2 | 49.41% | | Clean energy | 2,736.6 | 50.59% | | **Total** | **5,409.8** | **100%** | - The company is undertaking preliminary work for new projects with a total installed capacity of approximately 2,300 MW, of which renewable energy (wind and photovoltaic) accounts for 2,100 MW, demonstrating a clear strategy towards clean energy transition[34](index=34&type=chunk) [2019 Milestones](index=12&type=section&id=%E4%BA%8C%E9%9B%B6%E4%B9%9D%E5%B9%B4%E5%A4%A7%E4%BA%8B%E8%A8%98) Key events in 2019 included strategic acquisitions, significant project approvals, and notable changes in corporate governance - To accelerate clean energy transition, the company acquired three photovoltaic projects from GCL New Energy and sold partial equity in Pingwei Power Plant Unit 1 and Unit 2 to deepen coal power cooperation[39](index=39&type=chunk) - The National Development and Reform Commission approved the "Liaoning Chaoyang 500 MW Photovoltaic Grid Parity Project" as one of the first and largest single photovoltaic grid parity demonstration projects nationwide, with construction commencing in the same year[40](index=40&type=chunk) - In corporate governance, Mr Tian Jun was appointed Chairman of the Board in November, and the company also received the "Excellence in Responsibility Information Disclosure" award[42](index=42&type=chunk) [Letter to Shareholders](index=14&type=section&id=%E8%87%B4%E8%82%A1%E6%9D%B1%E7%9A%84%E4%BF%A1%E5%87%BD) This section provides a comprehensive review of the company's business performance in 2019 and outlines the strategic outlook for 2020 [2019 Business Review](index=14&type=section&id=%E4%BA%8C%E9%9B%B6%E4%B9%9D%E5%B9%B4%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In 2019, the Group's operating performance steadily improved, with total power sales increasing by 17.75% year-on-year, total revenue growing by 19.80%, and profit attributable to shareholders rising by 16.94%, while the company high-quality advanced its clean energy transition, with clean energy equity installed capacity reaching 35.57%, and actively expanded integrated smart energy and hydrogen energy applications, simultaneously optimizing its financing structure, reducing comprehensive financing costs by 0.22 percentage points from the beginning of the year 2019 Performance Growth | Indicator | Year-on-Year Growth Rate | | :--- | :--- | | Total power sales | 17.75% | | Total revenue | 19.80% | | Profit attributable to shareholders | 16.94% | - The company adheres to its clean energy transition strategy, vigorously developing grid parity and competitive renewable energy projects, and strictly controlling capital expenditure on coal power[44](index=44&type=chunk) - During the year, the company successfully developed a 500 MW grid parity photovoltaic project and sold partial coal power equity, optimizing its installed capacity structure[45](index=45&type=chunk) - Significant achievements were made in capital management by broadening financing channels and optimizing debt structure through the issuance of medium-term notes and ultra-short-term financing bonds, resulting in a 0.22 percentage point reduction in comprehensive financing costs[45](index=45&type=chunk) [2020 Outlook](index=16&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E9%9B%B6%E5%B9%B4%E5%B1%95%E6%9C%9B) Looking ahead to 2020, facing opportunities and challenges from deepening power system reform and state-owned enterprise reform, the Group will seek progress while maintaining stability, focusing on improving operational efficiency, strengthening transformational development, deepening reform and innovation, and achieving sustainable development, confident in meeting its operational targets and delivering good returns to shareholders despite the initial impact of the COVID-19 pandemic - 2020 marks the final year of China's "13th Five-Year Plan," and the Group will seize opportunities from supply-side structural reform and power system reform to enhance market competitiveness[47](index=47&type=chunk) - Despite the initial COVID-19 pandemic, the Group maintained stable unit operations under strict prevention and control measures, minimizing the impact of the pandemic and demonstrating strong response capabilities[47](index=47&type=chunk) [Directors and Senior Management Information](index=17&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%B3%87%E6%96%99) This section provides detailed personal resumes, professional backgrounds, and current positions for the company's board members and senior management - This section details the personal resumes, professional backgrounds, and positions within the Group for the company's Board members (including executive, non-executive, and independent non-executive directors) and senior management[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial results, capital structure, and risk management strategies [Business Review and Operating Results](index=23&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) In 2019, the Group's operating performance continued to grow, with profit attributable to shareholders increasing by 16.94% to RMB 1.28 billion, and total power sales increasing by 17.75% year-on-year, primarily due to strong growth in hydropower, wind power, and photovoltaic power, while the company actively promoted clean energy transition, successfully developed grid parity photovoltaic projects, and optimized asset structure, with comprehensive financing costs decreasing by 0.22 percentage points, demonstrating significant financial management effectiveness 2019 Sales Volume by Segment (MWh) | Segment | 2019 | 2018 | Change (%) | | :--- | :--- | :--- | :--- | | Thermal power | 56,019,661 | 51,112,016 | 9.60% | | Hydropower | 20,946,792 | 16,254,508 | 28.87% | | Wind power | 3,289,280 | 1,953,422 | 68.39% | | Photovoltaic power | 3,303,260 | 1,644,850 | 100.82% | | **Total** | **83,558,993** | **70,964,796** | **17.75%** | - The company successfully seized the opportunity of grid parity policy, developing the nation's first and largest single "Liaoning Chaoyang 500 MW Photovoltaic Grid Parity Project," and continuously optimized its asset structure by acquiring high-quality clean energy projects and selling partial coal power equity[59](index=59&type=chunk)[62](index=62&type=chunk) - The Group actively participated in direct power supply transactions, with direct power sales accounting for approximately **46.09%** of total power sales in 2019, demonstrating strong market competitiveness[80](index=80&type=chunk) [Financial Performance Analysis](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) In 2019, the Group's net profit increased by 34.45% year-on-year to RMB 2.2 billion, primarily driven by strong growth in the clean energy sector, with total revenue increasing by 19.80% to RMB 27.76 billion and operating profit growing by 24.17%, however, financial expenses increased by 22.79% year-on-year due to expanded debt scale 2019 Financial Performance Summary (RMB '000) | Indicator | 2019 | 2018 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 27,763,287 | 23,175,626 | 19.80% | | Operating costs | 22,567,558 | 19,421,256 | 16.20% | | Operating profit | 5,481,339 | 4,414,341 | 24.17% | | Finance costs | 3,165,881 | 2,578,254 | 22.79% | | Net profit | 2,201,150 | 1,637,185 | 34.45% | - The main drivers of net profit growth included significant increases in hydropower, wind power, and photovoltaic power revenue, as well as an increase in thermal power revenue, though part of this growth was offset by increased fuel costs, depreciation, staff costs, finance costs, and a one-off asset impairment loss[94](index=94&type=chunk) [Assets and Capital Structure](index=31&type=section&id=%E8%B3%87%E7%94%A2%E8%88%87%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of the end of 2019, the Group's equity installed capacity increased by 1,381.6 MW year-on-year to 21,113.2 MW, with the proportion of clean energy rising to 35.57%, and capital expenditure increased year-on-year, primarily invested in clean energy projects, while the Group's total debt increased to RMB 78.57 billion, and the gearing ratio slightly rose to 63%, but the debt structure was optimized through the issuance of medium-term notes and other means 2019 Year-End Equity Installed Capacity Structure | Power Type | Equity Installed Capacity (MW) | Proportion | | :--- | :--- | :--- | | Thermal power | 13,603.1 | 64.43% | | Hydropower | 3,134.1 | 14.85% | | Wind power | 1,535.5 | 7.27% | | Photovoltaic power | 2,472.9 | 11.71% | | Natural gas power | 367.6 | 1.74% | | **Total** | **21,113.2** | **100%** | - Capital expenditure in 2019 was **RMB 15.87 billion**, a year-on-year increase of **37.3%**, with the clean energy sector accounting for **75.2%** of this expenditure, reaching **RMB 11.94 billion**, reflecting the company's strategic investment in clean energy transition[123](index=123&type=chunk) Changes in Debt Structure (RMB '000) | Item | 2019 | 2018 | | :--- | :--- | :--- | | Total debt | 78,568,268 | 64,917,976 | | Net debt | 77,330,000 (estimated) | 63,064,932 (estimated) | | Gearing ratio | Approx. 63% | Approx. 60% | [Risk Management and Outlook](index=37&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%B1%95%E6%9C%9B) The Group faces key risks including exchange rate risk, funding risk, and policy change risk, which it manages through optimizing funding sources and strengthening policy research, and looking ahead to 2020, the Group will continue to advance clean energy transition, enhance operational efficiency, and address opportunities and challenges from power marketization and state-owned enterprise reforms - Key risks include the impact of RMB exchange rate fluctuations on foreign currency borrowings, funding demand pressure from project development, and changes in on-grid tariffs for coal-fired power and renewable energy subsidy policies[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - The Group actively fulfills its environmental responsibilities, with over **90%** of its operational thermal power units meeting ultra-low emission standards, and continues to promote energy-saving and emission reduction technological upgrades[130](index=130&type=chunk) - In 2020, the Group will focus on improving business operational efficiency, high-quality advancing company transformation, deepening institutional and mechanism reforms, and continuing to emphasize social responsibility, aiming to build a world-class clean energy enterprise[142](index=142&type=chunk)[143](index=143&type=chunk) [Corporate Governance Report](index=43&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) This report details the company's corporate governance framework, board structure, committee functions, and commitment to accountability and shareholder communication [Governance Structure and Board of Directors](index=43&type=section&id=%E7%AE%A1%E6%B2%BB%E6%9E%B6%E6%A7%8B%E8%88%87%E8%91%A3%E4%BA%8B%E5%B1%80) The company is committed to high standards of corporate governance and has complied with most provisions of the Corporate Governance Code, with its Board of Directors comprising six members possessing diverse professional backgrounds, and during the reporting period, Mr Tian Jun served concurrently as Chairman and President, which the Board believes provides strong leadership, and the Board has established four committees: Audit, Risk Management, Remuneration and Nomination, and Executive, to ensure effective oversight - The company has established a standardized governance structure and effective internal control system, with the Board of Directors and management adhering to good corporate governance principles[145](index=145&type=chunk) - The Board of Directors comprises 1 executive director, 2 non-executive directors, and 3 independent non-executive directors, possessing expertise in power technology, strategic planning, financial law, and risk management[148](index=148&type=chunk) [Board Committees](index=47&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E8%BD%84%E4%B8%8B%E5%A7%94%E5%93%A1%E6%9C%83) The company has an Audit Committee, a Risk Management Committee, a Remuneration and Nomination Committee, and an Executive Committee, with the Audit, Risk Management, and Remuneration and Nomination Committees primarily led by independent non-executive directors, responsible for overseeing financial reporting, internal controls, risk management, director nominations, and remuneration policies, while the Executive Committee manages the Group's daily operations - The Audit Committee, composed of three independent non-executive directors, is responsible for overseeing financial reporting, internal and external audits, and internal control systems[158](index=158&type=chunk) - The Risk Management Committee is responsible for reviewing the Group's risk management strategy, framework, and policies, and reporting significant risk matters to the Board of Directors[161](index=161&type=chunk) - The Remuneration and Nomination Committee is responsible for formulating remuneration policies for directors and senior management, reviewing the Board's structure and composition, and nominating suitable director candidates[164](index=164&type=chunk) [Accountability, Audit and Shareholder Communication](index=53&type=section&id=%E5%95%8F%E8%B2%AC%E3%80%81%E6%A0%B8%E6%95%B8%E8%88%87%E8%82%A1%E6%9D%B1%E6%BA%9D%E9%80%9A) The company has established a comprehensive risk management and internal control system, supervised by an internal audit department, which the Board has reviewed and deemed effective, and maintains communication with shareholders through various channels including quarterly disclosures, earnings releases, and its website, having revised its dividend policy in January 2019 to increase the minimum payout ratio from 25% to 50% of profit attributable to shareholders - The Board of Directors, through the Audit Committee and Risk Management Committee, reviewed the effectiveness of the Group's internal control systems for finance, operations, compliance, and risk management, and deemed them effective[180](index=180&type=chunk) - The company adopted a new "Dividend Policy," committing to an annual cash dividend amount of no less than **50%** of the profit attributable to equity holders of the Company for any financial year, aiming to provide stable dividend returns to shareholders[188](index=188&type=chunk) [Risk Management Report](index=60&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A0%B1%E5%91%8A) This report outlines the group's comprehensive risk management framework, including its structure, procedures, and responses to key identified risks [Risk Management Structure and Procedures](index=60&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E6%9E%B6%E6%A7%8B%E8%88%87%E7%A8%8B%E5%BA%8F) The Group has established a "three lines of defense" comprehensive risk management framework, where business units, risk management functional departments, and the internal audit department respectively undertake responsibilities for risk management, supervision, and independent assurance, with risk management procedures covering the entire process of policy formulation, risk identification, assessment, treatment, and reporting and monitoring, and specific management procedures are in place for important investment projects and key risk areas - The Group has established a "business, supervision and support, assurance" three lines of defense risk management framework, extending risk management responsibilities to the Board of Directors, management, and all employees[196](index=196&type=chunk)[200](index=200&type=chunk) - The risk management mechanism comprises comprehensive risk management, risk management for important investment projects, and specialized risk management for key risk areas, ensuring comprehensive risk identification, assessment, and closed-loop tracking[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) [Key Risks and Countermeasures](index=63&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E6%87%89%E5%B0%8D%E6%8E%AA%E6%96%BD) In 2019, the Group identified key significant risks including compliance management risk, policy risk, market risk, exchange rate risk, project engineering management risk, and cash flow risk, and developed detailed countermeasures for each risk, such as strengthening policy analysis, market expansion, optimizing debt structure, and enhancing project supervision, to ensure risks are controllable Key Risks and Response Strategies | Risk Category | Risk Description | Key Countermeasures | | :--- | :--- | :--- | | **Compliance Management Risk** | Newly acquired subsidiaries' insufficient understanding of listed company regulatory rules may affect the timeliness and accuracy of information disclosure | Strengthen training, clarify responsibilities, innovate audit methods | | **Policy Risk** | Changes in renewable energy tariffs and subsidy policies may affect revenue and profit | Strengthen policy analysis, adjust development strategy, actively pursue grid parity projects | | **Market Risk** | Decreased electricity demand due to economic structural adjustments | Expand direct power supply market, develop integrated energy services, explore new heating markets | | **Exchange Rate Risk** | USD exchange rate fluctuations create uncertainty for foreign currency debt | Optimize currency structure of assets and liabilities, consider using financial derivatives for hedging when appropriate | | **Project Engineering Management Risk** | Project construction faces risks related to safety, progress, compliance, and land ownership | Strengthen contractor screening, construction personnel training, on-site inspections, and land ownership verification | [Environmental Protection and Social Responsibility Report Summary](index=67&type=section&id=%E7%92%B0%E5%A2%83%E4%BF%9D%E8%AD%B7%E8%88%87%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB%E5%A0%B1%E5%91%8A%E6%A6%82%E8%A6%81) This summary outlines the group's commitment to environmental protection, climate change initiatives, and various social responsibility practices [Environmental Protection and Climate Change](index=67&type=section&id=%E7%92%B0%E5%A2%83%E4%BF%9D%E8%AD%B7%E8%88%87%E6%B0%A3%E5%80%99%E8%AE%8A%E5%8C%96) The Group adheres to the philosophy of "committed to clean development, dedicated to green energy" and actively responds to climate change, strategically focusing on developing clean energy, promoting the clean transformation of existing coal-fired power, and exploring emerging energies like hydrogen, while operationally strictly controlling atmospheric pollutant emissions, with over 90% of coal-fired units meeting ultra-low emission standards, and in 2019, clean energy generation was equivalent to a reduction of 22.127 million tons of carbon dioxide emissions - The company's climate change strategies include: focusing on developing clean energy, achieving comprehensive clean transformation of existing coal-fired power, reducing coal power investments, promoting technological innovation, and exploring hydrogen and other energy sources[267](index=267&type=chunk)[268](index=268&type=chunk) - As of the end of 2019, over **90%** of operational coal-fired units met ultra-low emission standards, and clean energy generation during the year was **27,902,917 MWh**, equivalent to a reduction of **22,127,013 tons** of carbon dioxide emissions[269](index=269&type=chunk) [Social Responsibility Practices](index=70&type=section&id=%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB%E5%AF%A6%E8%B8%90) The Group prioritizes people, safeguarding employee rights, and providing a positive work environment and development platform, while in its operations, the company ensures safe and reliable power supply, establishes fair and just cooperative relationships with suppliers, integrating social responsibility into supply chain management, and actively participates in community building, fulfilling its social responsibilities - In supply chain management, the Group established a strict supplier review system and incorporated environmental requirements into procurement contracts, reviewing a total of **4,386** suppliers in 2019[274](index=274&type=chunk)[275](index=275&type=chunk) - The company adheres to the "safety first" principle, with no major safety incidents involving employees, equipment, or environmental aspects occurring in 2019[276](index=276&type=chunk) [Investor Relations and Frequently Asked Questions](index=72&type=section&id=%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82%E5%8F%8A%E5%B8%B8%E5%95%8F%E5%95%8F%E9%A1%8C) This section details the company's investor relations activities and provides answers to frequently asked questions regarding its strategy and dividend policy - The company highly values investor relations, maintaining communication with investors through various forms such as earnings release conferences, shareholder meetings, roadshows, and investor forums[279](index=279&type=chunk)[1000](index=1000&type=chunk)[1002](index=1002&type=chunk) - In 2019, the company conducted roadshows in mainland China, Hong Kong, Singapore, and the United States, meeting with numerous analysts and fund managers[1002](index=1002&type=chunk) - The FAQs clarify the company's development strategy to become a world-class clean energy enterprise, explain its views on coal-fired power price reform and renewable energy subsidy policies, and reiterate the dividend policy of a payout ratio no less than **50%** of profit attributable to shareholders[285](index=285&type=chunk)[290](index=290&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) [Directors' Report](index=75&type=section&id=%E8%91%A3%E4%BA%8B%E5%B1%80%E5%A0%B1%E5%91%8A) This report covers the Board's recommendations for dividend distribution, details on financing activities, and disclosures regarding related party transactions - The Board of Directors recommends a final dividend of **RMB 0.13** per share for the year 2019[296](index=296&type=chunk) - During the reporting period, the company issued ultra-short-term financing bonds totaling **RMB 500 million** and medium-term notes totaling **RMB 2 billion** to optimize its financing structure[300](index=300&type=chunk) - The report details related party transactions during the year, including property transaction contracts for the sale of partial equity in Pingwei Power Plant Unit 1 and Unit 2, multiple engineering general contracting agreements, power generation quota trading agreements, and ongoing related party transactions, confirming compliance with relevant listing rules[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk)[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) [Independent Auditor's Report](index=89&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) This report presents the independent auditor's opinion on the financial statements and highlights key audit matters addressed during the audit process - Deloitte Touche Tohmatsu issued an unmodified opinion on the company's 2019 consolidated financial statements, affirming that the statements present a true and fair view of the Group's financial position and performance[360](index=360&type=chunk) - Key audit matters included assessing the recoverable amounts of certain cash-generating units in the thermal power, hydropower, and photovoltaic power segments, and valuing the provision for inundation compensation arising from the construction of hydropower plants[362](index=362&type=chunk)[363](index=363&type=chunk)[365](index=365&type=chunk) [Consolidated Financial Statements](index=95&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the company's consolidated financial statements, including the income statement, balance sheet, cash flow statement, and detailed notes [Main Financial Statements](index=95&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) In 2019, the Group achieved revenue of RMB 27.76 billion, a year-on-year increase of 19.8%, and a profit for the year of RMB 2.20 billion, a year-on-year increase of 34.5%, with total assets increasing to RMB 140.29 billion and total equity to RMB 45.13 billion, while net cash inflow from operating activities was RMB 5.16 billion, net cash outflow from investing activities was RMB 15.82 billion, and net cash inflow from financing activities was RMB 10.05 billion Consolidated Statement of Comprehensive Income Summary (RMB '000) | Indicator | 2019 | 2018 | | :--- | :--- | :--- | | Revenue | 27,763,287 | 23,175,626 | | Operating profit | 5,481,339 | 4,414,341 | | Profit before tax | 2,714,163 | 2,069,948 | | Profit for the year | 2,201,150 | 1,637,185 | | Profit attributable to equity holders of the Company | 1,284,381 | 1,098,355 | Consolidated Statement of Financial Position Summary (RMB '000) | Indicator | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Total assets | 140,289,698 | 124,956,727 | | Total liabilities | 95,156,489 | 82,107,695 | | Total equity | 45,133,209 | 42,849,032 | Consolidated Statement of Cash Flows Summary (RMB '000) | Indicator | 2019 | 2018 | | :--- | :--- | :--- | | Net cash from operating activities | 5,158,172 | 2,784,456 | | Net cash used in investing activities | (15,816,887) | (12,184,593) | | Net cash from financing activities | 10,047,782 | 6,676,615 | | Net decrease in cash and cash equivalents | (610,933) | (2,723,522) | [Notes to the Consolidated Financial Statements](index=102&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The financial statement notes detail the company's significant accounting policies, including the impact of the first-time application of HKFRS 16 "Leases," and disclose segment information, related party transactions, financial instrument risks, and subsidiary acquisitions, with key accounting estimates involving impairment of non-financial assets, provision for inundation compensation, and income tax expenses - The company first applied HKFRS 16 "Leases" in 2019, retrospectively adjusting its financial statements to recognize right-of-use assets and lease liabilities, and restating comparative data[391](index=391&type=chunk)[392](index=392&type=chunk)[393](index=393&type=chunk) - Segment information shows that all power generation segments (thermal, hydro, wind, photovoltaic) achieved growth in revenue and profit in 2019, with particularly significant revenue growth in wind and photovoltaic power[473](index=473&type=chunk) - During the year, the company completed the acquisition of several companies, including Jiangling GCL, Xinan GCL, Ruzhou GCL, and Daqing Meiyangda, expanding its clean energy asset portfolio and recognizing related goodwill or bargain purchase gains[629](index=629&type=chunk)[639](index=639&type=chunk) [Five-Year Financial and Operational Summary](index=220&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E5%8F%8A%E7%B6%93%E7%87%9F%E6%A6%82%E8%A6%81) This section provides a five-year overview of the company's key financial and operational performance indicators 2015-2019 Key Financial and Operational Data (RMB millions) | Indicator | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 27,763.3 | 23,175.6 | 19,966.8 | 18,866.2 | 20,196.7 | | **Profit for the year** | 2,201.2 | 1,637.2 | 1,280.7 | 3,255.5 | 5,329.6 | | **Profit attributable to equity holders of the Company** | 1,284.4 | 1,098.4 | 795.3 | 2,365.9 | 4,149.0 | | **Total assets** | 140,289.7 | 124,956.7 | 98,026.6 | 91,187.1 | 86,243.2 | | **Net assets** | 45,133.2 | 42,849.0 | 37,194.5 | 34,594.8 | 34,225.8 | | **Equity installed capacity (MW)** | 21,113.2 | 19,731.6 | 17,051.6 | 16,728.6 | 16,254.6 | | **Total power sales (MWh)** | 83,558,993 | 70,964,796 | 64,053,714 | 60,760,318 | 60,868,493 | [Glossary of Technical Terms](index=221&type=section&id=%E6%8A%80%E8%A1%93%E8%A9%9E%E5%BD%99%E5%8F%8A%E9%87%8B%E7%BE%A9) This section provides detailed definitions and explanations for key technical terms and company entity abbreviations used throughout the report - This section provides detailed definitions and explanations for key technical terms (such as "equity installed capacity," "average utilization hours," "coal consumption rate for power supply") and company entity abbreviations (such as "SPIC," "Wuling Power") used in the report[707](index=707&type=chunk)[708](index=708&type=chunk)[709](index=709&type=chunk) [Information for Investors](index=224&type=section&id=%E5%B0%8D%E6%8A%95%E8%B3%87%E8%80%85%E6%9C%89%E7%94%A8%E7%9A%84%E8%B3%87%E6%96%99) This section provides important dates for investors, including the annual general meeting and dividend payment schedule, along with investor contact information - This section provides an investor calendar, including key dates such as the Annual General Meeting date, ex-dividend date, share transfer registration suspension period, and proposed final dividend payment date[712](index=712&type=chunk) - Investor inquiry contact information is provided, including the address, telephone, fax, and email for the share registrar and the company's Capital Operations and Investor Relations Department[713](index=713&type=chunk)