Financial Performance - The company's operating revenue for Q1 2023 was ¥17,649,256,075.35, representing a decrease of 3.64% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company reached ¥1,010,519,269.71, an increase of 61.19% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥834,182,138.35, up 98.01% from the previous year[4] - Basic earnings per share for the period was ¥0.08, an increase of 60% year-on-year[5] - Total operating revenue for Q1 2023 was CNY 17.65 billion, a decrease of 3.63% from CNY 18.32 billion in Q1 2022[19] - Net profit for Q1 2023 reached CNY 1.06 billion, an increase of 103.57% compared to CNY 520.28 million in Q1 2022[20] - Comprehensive income for Q1 2023 totaled CNY 942.70 million, compared to CNY 676.47 million in Q1 2022, reflecting a growth of 39.23%[21] - The net profit for Q1 2023 reached ¥980,855,886.94, representing an increase of about 14.4% from ¥857,613,011.40 in Q1 2022[27] - The total comprehensive income for Q1 2023 was ¥860,694,935.58, down from ¥1,013,859,384.11 in Q1 2022, indicating a decline of approximately 15.1%[28] Cash Flow - The net cash flow from operating activities was negative at -¥1,281,505,859.93, a decrease of 655.66% compared to the same period last year[4] - Cash flow from operating activities showed a net outflow of CNY 1.28 billion in Q1 2023, compared to a net inflow of CNY 230.63 million in Q1 2022[22] - The cash flow from operating activities showed a net outflow of ¥149,130,230.41 in Q1 2023, an improvement from a net outflow of ¥633,212,084.38 in Q1 2022[29] - The cash flow from investing activities resulted in a net outflow of ¥2,639,211,489.10 in Q1 2023, compared to a net inflow of ¥2,331,719,267.42 in Q1 2022[30] - The total cash inflow from financing activities was 12,223,681,499.50 RMB, an increase of 7,854,937,903.51 RMB year-over-year[23] - The net cash flow from financing activities was 4,042,591,611.48 RMB, up from 1,552,152,358.88 RMB in the previous year[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥140,980,760,593.39, reflecting a growth of 16.52% from the end of the previous year[5] - The company's total current assets reached RMB 39.79 billion, an increase of 33.8% from RMB 29.74 billion on December 31, 2022[15] - The company's total liabilities increased to RMB 67.59 billion, up 26.5% from RMB 53.43 billion at the end of 2022[18] - The total assets of the company reached RMB 140.98 billion, representing a growth of 16.5% from RMB 120.99 billion at the end of 2022[18] - The company's total equity reached RMB 73.39 billion, up 8.6% from RMB 67.56 billion at the end of 2022[18] - The company's total assets at the end of Q1 2023 were ¥1,539,045,136.28, a decrease from ¥4,851,295,774.12 at the end of Q1 2022[30] Shareholder Information - The top shareholder, Zhejiang Energy Group Co., Ltd., holds 69.45% of the shares, totaling 9,312,667,001 shares[9] Investments and Acquisitions - The company acquired a 9.70% stake in Suzhou Zhonglai Photovoltaic New Materials Co., Ltd., becoming its controlling party with a total voting power of 19.70%[13] Research and Development - R&D expenses increased to CNY 52.20 million in Q1 2023, up 68.73% from CNY 30.91 million in Q1 2022[20] - Research and development expenses for Q1 2023 were ¥550,188.66, significantly higher than ¥23,805.31 in Q1 2022, indicating a focus on innovation[27] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[31]

Financial Performance - The company reported a total operating revenue of ¥80,194,583,010.24 for 2022, representing a 12.83% increase compared to ¥71,075,745,807.66 in 2021[14]. - The net profit attributable to shareholders of the parent company was negative at ¥-1,822,451,446.36 for 2022, worsening from ¥-836,732,466.55 in the previous year[14]. - The company plans not to distribute profits for the year 2022 due to the negative net profit[3]. - The basic earnings per share for 2022 was reported at ¥-0.14, a decline from ¥-0.06 in 2021[15]. - The company’s weighted average return on equity was -2.91% for 2022, down from -1.27% in 2021, indicating a decrease of 1.64 percentage points[15]. - The company reported a significant increase in cash from financing activities, totaling 43,736,533,393.84 CNY, which is a 161.43% increase compared to the previous year[43]. - The company reported a net profit margin decline due to increased operating costs, with total operating costs rising faster than revenue growth[187]. - The net profit for 2022 was a loss of CNY 3,599,001,643.32, compared to a loss of CNY 1,979,999,863.77 in 2021, indicating a deterioration in profitability[188]. - The total comprehensive income for 2022 was a loss of CNY 4,181,503,584.77, compared to a loss of CNY 2,122,243,026.84 in 2021[189]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 73.50% to ¥224,071,023.66 in 2022 from ¥845,659,226.63 in 2021[14]. - The total cash inflow from operating activities for 2022 was CNY 87,726,926,103.05, an increase of 4.5% from CNY 84,208,371,315.11 in 2021[193]. - The net cash flow from financing activities was CNY 7,860,905,238.39, a turnaround from CNY -2,711,283,969.76 in 2021[194]. - The total cash and cash equivalents at the end of 2022 amounted to CNY 13,118,753,283.38, up from CNY 10,840,535,132.35 at the end of 2021[195]. - The company reported a net increase in cash and cash equivalents of CNY 2,278,218,151.03 for 2022, compared to a net decrease of CNY 7,725,720,357.16 in 2021[194]. Assets and Liabilities - The total assets of the company increased by 4.56% to ¥120,991,959,592.14 at the end of 2022, compared to ¥115,714,472,030.73 at the end of 2021[14]. - The total liabilities rose to ¥53,434,084,108.03 in 2022 from ¥43,905,782,817.74 in 2021, representing an increase of approximately 21.5%[184]. - The asset-liability ratio increased to 44.16%, up by 6.22 percentage points from the previous year[163]. - The company's total assets as of December 31, 2022, were CNY 1209.92 billion, with a net asset of CNY 675.58 billion[163]. - The total equity attributable to shareholders decreased to ¥61,284,831,795.42 in 2022 from ¥63,950,654,613.56 in 2021, reflecting a decline of approximately 4.2%[184]. Operational Highlights - The company achieved a record electricity generation of 151.99 billion kWh in 2022, with in-province generation accounting for approximately 56.6% of total provincial output[23]. - The user-side heating supply reached 30.75 million tons, marking a year-on-year growth of 5.35%[23]. - The average load rate of coal-fired units increased by 13.9 percentage points to 87.4% during peak summer demand[23]. - The total installed power generation capacity is expected to reach approximately 281 million kW by the end of 2023, marking a new high in newly commissioned capacity[25]. - The company holds about half of the total thermal power generation capacity in Zhejiang province, indicating a strong market position[27]. Strategic Initiatives - The company made strategic advancements in clean energy, including significant investments in nuclear power and renewable energy sectors, and launched several energy storage projects[23]. - The acquisition of publicly listed company Zhonglai Co. marked a strategic entry into the high-end equipment manufacturing sector for renewable energy[23]. - The company aims to increase the share of non-fossil energy consumption to 20% by 2025, focusing on the development of wind and solar power[67]. - The company plans to enhance its competitive edge as a comprehensive energy service provider by integrating traditional thermal power with nuclear, renewable energy, and energy storage[68]. - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth strategies[79]. Governance and Management - The company has established specialized committees under the board, including an audit committee and a strategic committee[91]. - The company has implemented a performance assessment and salary determination management method for its managerial staff[96]. - The company has not faced any penalties from securities regulatory agencies in the reporting period[87]. - The company appointed Cao Lu as a director and Wang Zhi Hua as an independent director during the board meetings held on January 7 and January 20, 2022[87]. - The company reported a total remuneration for all directors, supervisors, and senior management at the end of the reporting period, as detailed in the remuneration section[84]. Related Party Transactions - The total amount of related party transactions for the year reached CNY 2,921,439,050.85, with significant contributions from gas procurement and service agreements[135]. - The company engaged in related party transactions with Zhejiang Energy Natural Gas Group Co., Ltd. amounting to CNY 1,095,661,663.46 for gas procurement[135]. - The expected upper limit for related party transactions in 2022 was CNY 20 billion, with actual transactions not exceeding this limit[135]. - The company has signed a framework agreement for related party transactions covering the period from 2022 to 2024, approved by the annual general meeting[136]. - The company has committed CNY 4.32 billion to establish a special fund for investment in Guizhou Jinyuan Weining Energy Co., Ltd.[141].

Financial Performance - The company's operating revenue for Q3 2022 was ¥24,960,903,234.22, representing a year-on-year increase of 21.04%[4] - The net profit attributable to shareholders was ¥58,888,640.80, with a year-to-date net profit of ¥457,115,772.55, reflecting a decrease of 79.78% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses for the quarter was ¥47,604,736.98, with a year-to-date figure of ¥225,543,559.13, down 88.84% year-on-year[4] - The company's operating costs for Q3 2022 were approximately CNY 61.62 billion, an increase from CNY 48.79 billion in Q3 2021, reflecting a year-over-year growth of 26.3%[20] - Net profit for Q3 2022 was reported at -CNY 418.52 million, a significant decline compared to a net profit of CNY 1.74 billion in Q3 2021[20] - The total profit for Q3 2022 was CNY 9.32 billion, down from CNY 1.75 billion in the same period last year, indicating a decrease of 99.5%[20] - The basic earnings per share for Q3 2022 was CNY 0.03, down from CNY 0.17 in Q3 2021, reflecting a decrease of 82.4%[21] - The company experienced a total comprehensive loss of CNY 1.27 billion in Q3 2022, compared to a comprehensive income of CNY 1.74 billion in Q3 2021[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥120,483,641,838.14, an increase of 4.14% from the end of the previous year[4] - Total liabilities as of September 30, 2022, were RMB 49,929,949,487.10, compared to RMB 43,905,782,817.74 at the end of 2021, reflecting an increase of approximately 13.0%[16] - The company's equity attributable to shareholders was RMB 63,337,961,562.29 as of September 30, 2022, down from RMB 63,932,165,658.25 at the end of 2021, indicating a decrease of about 0.9%[16] - The company reported a decrease in accounts payable from RMB 7,437,712,566.60 in 2021 to RMB 6,321,243,976.09 in 2022, a reduction of approximately 15.0%[15] - The company’s long-term borrowings increased to RMB 22,672,247,441.43 as of September 30, 2022, compared to RMB 18,136,093,331.00 at the end of 2021, representing an increase of about 25.5%[16] Cash Flow - Net cash inflow from operating activities was CNY 2,888,453,743.49, a decrease of 8.1% compared to CNY 3,143,006,908.81 in the previous year[23] - Total cash inflow from investment activities was CNY 2,321,781,456.09, slightly down from CNY 2,396,122,141.04 year-over-year[24] - Cash outflow from financing activities totaled CNY 25,354,173,771.46, an increase from CNY 16,045,234,688.50 in the previous year[24] - Net cash flow from financing activities was CNY 4,537,246,424.09, recovering from a negative CNY 6,004,902,289.81 in the same quarter last year[24] - The ending balance of cash and cash equivalents was CNY 14,981,735,222.12, up from CNY 14,188,688,318.91 year-over-year[24] - The company reported a net increase in cash and cash equivalents of CNY 4,141,200,089.77, contrasting with a decrease of CNY 4,377,567,170.60 in the same quarter last year[24] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 155,773[8] - Zhejiang Energy Group Co., Ltd. held 69.45% of the shares, making it the largest shareholder[9] Investment and Expenses - Investment income rose by 40.42% primarily due to increased profits from associated companies[7] - Research and development expenses decreased to CNY 108.47 million in Q3 2022 from CNY 134.73 million in Q3 2021, a reduction of 19.4%[20] - The company reported investment income of CNY 2.89 billion in Q3 2022, up from CNY 2.06 billion in Q3 2021, representing an increase of 40.3%[20] - Financial expenses increased by 32.20% due to a rise in financing scale and interest expenses[7] - The financial expenses for Q3 2022 were CNY 976.94 million, an increase from CNY 738.98 million in Q3 2021, indicating a rise of 32.3%[20] - The tax expenses for Q3 2022 were CNY 427.84 million, significantly higher than CNY 6.72 million in Q3 2021, showing an increase of 6,353.5%[20] Accounting and Standards - The company has adopted new accounting standards effective January 1, 2022, impacting the financial statements[25]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥35,922,988,581.82, representing a 20.58% increase compared to ¥29,792,412,288.91 in the same period last year[14]. - The net profit attributable to shareholders of the listed company decreased by 83.97% to ¥398,227,131.75 from ¥2,483,720,120.80 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥177,938,822.15, down 92.23% from ¥2,291,273,998.04 in the same period last year[14]. - The cash flow generated from operating activities was ¥1,049,716,057.26, a decrease of 61.93% compared to ¥2,757,464,320.60 in the previous year[14]. - The basic earnings per share for the first half of 2022 was ¥0.03, down 83.33% from ¥0.18 in the same period last year[15]. - The weighted average return on net assets decreased to 0.62% from 3.60% in the previous year, a reduction of 2.98 percentage points[15]. - The company reported a financial expense of approximately ¥639.30 million, which is an increase of 31.93% compared to ¥484.56 million in the previous year, attributed to increased financing scale and interest expenses[25]. - The total profit for the first half of 2022 was approximately ¥52 million, down from ¥2.72 billion in the previous year, reflecting a decrease of about 98%[93]. - The company's total comprehensive income for the first half of 2022 was approximately -¥404 million, compared to ¥2.80 billion in the first half of 2021, indicating a decline of over 114%[96]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥117,065,560,879.33, an increase of 1.17% from ¥115,715,427,998.41 at the end of the previous year[14]. - Cash and cash equivalents at the end of the period amounted to ¥12,572,473,683.68, representing 10.74% of total assets, an increase of 15.73% compared to the previous year[27]. - Accounts receivable decreased by 10.88% to ¥9,286,680,219.05, accounting for 7.93% of total assets[27]. - Inventory increased by 21.27% to ¥5,250,306,584.87, representing 4.48% of total assets[27]. - Long-term equity investments rose by 4.18% to ¥28,302,542,816.65, making up 24.04% of total assets[27]. - Total liabilities rose to ¥45,952,972,748.03 from ¥43,905,782,817.74, an increase of approximately 4.66%[88]. - Long-term borrowings increased to ¥20,498,984,664.00 from ¥18,136,093,331.00, representing a growth of about 13.03%[88]. - The total amount of related party transactions for engineering construction and supervision was 550,280,601.97 RMB[61]. Market Position and Strategy - The company maintained a strong market position, controlling about half of the province's thermal power installed capacity, and has deep investments in the nuclear power sector[21]. - The company is actively pursuing major project investments, including ongoing projects like the Leqing Power Plant Phase III and the CO2 capture and utilization demonstration project[22]. - The company aims to enhance operational efficiency by improving coal resource management and increasing the volume of long-term contracts under the "¥570-770 per ton" pricing mechanism[22]. - The company is focused on expanding its market presence and enhancing its competitive edge through strategic investments and partnerships in the energy sector[21]. Environmental and Regulatory Compliance - The company has implemented pollution control measures, including dust removal and wastewater treatment facilities, which are operating normally[43]. - All subsidiaries have obtained pollution discharge permits and are compliant with environmental regulations[47]. - The company has established emergency response plans for environmental incidents and has conducted training and drills[45]. - The company has not reported any administrative penalties related to environmental issues during the reporting period[47]. Related Party Transactions - Zheneng Group committed to not engaging in any business activities that may compete with Zheneng Power, both domestically and internationally, ensuring that their shareholding in competing companies does not exceed 5%[51]. - The total amount of related party transactions in coal and transportation business reached CNY 738,512,286.64, with the largest transaction being transportation services at CNY 609,455,158.61[63]. - The company reported a total of 975,339,059.79 RMB in related party transactions for natural gas procurement during the reporting period[60]. - The total amount for procurement of equipment and materials from related parties was 368,577,392.28 RMB[62]. Financial Management and Investments - The company invested CNY 4.32 billion in a special fund for equity investment in Guizhou Jinyuan Weining Energy Co., Ltd., pending approval from the China Securities Regulatory Commission[69]. - The company participated in a capital increase project for China Nuclear Huineng Co., Ltd., investing CNY 1.2 billion for a 4.8% equity stake[69]. - The company has a maximum daily deposit limit of CNY 5.5 billion with Zhejiang Provincial Energy Group Finance Co., Ltd., with a total deposit amount of CNY 10,284,632.20 during the period[73]. - The loan amount from Zhejiang Provincial Energy Group Finance Co., Ltd. was CNY 1,327,090,000, with an interest rate range of 3.7%-4.21%[74]. Credit Risk and Provisions - The company recognized a total bad debt provision of RMB 96,432,096.52 for the period, with a significant increase of RMB 24,851,133.80 compared to the previous period[195]. - The bad debt provision for receivables aged over 3 years amounted to RMB 118,552,049.11, with a bad debt provision of RMB 62,648,388.27, reflecting a provision rate of 52.84%[193]. - The company has a total of RMB 5,831,982.49 in individually assessed bad debt provisions, with a 100% provision rate[190]. - The company’s receivables aged over 3 years amounted to RMB 118,552,049.11, with a bad debt provision of RMB 62,648,388.27, reflecting a provision rate of 52.84%[193]. Governance and Management Changes - There have been changes in the board of directors, including the election of new independent directors and the resignation of others due to personal reasons or retirement[39]. - The company has not disclosed any changes in the controlling shareholder or actual controller during the reporting period[84]. - The company has not granted any stock incentives to directors, supervisors, or senior management during the reporting period[84]. Accounting Policies and Financial Reporting - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance[114]. - The company recognizes assets and liabilities acquired in a business combination at their book value on the acquisition date, adjusting capital reserves for any differences between the net asset book value and the consideration paid[116]. - The company consolidates all subsidiaries under its control in the consolidated financial statements, reflecting the entire group's financial position and performance[118]. - The company applies expected credit loss accounting for financial assets measured at amortized cost and debt instruments measured at fair value, recognizing loss provisions based on the weighted average of credit losses adjusted for default risk[131].

Financial Performance - The company's operating revenue for 2021 was approximately ¥71.07 billion, an increase of 37.51% compared to ¥51.68 billion in 2020[15]. - The net profit attributable to shareholders of the listed company for 2021 was a loss of approximately ¥855.22 million, a decrease of 114.05% compared to a profit of ¥6.09 billion in 2020[15]. - The net cash flow from operating activities for 2021 was approximately ¥845.66 million, a decrease of 91.65% compared to ¥10.13 billion in 2020[15]. - The total operating revenue for 2021 reached ¥71,073,237,421.13, a significant increase from ¥51,684,433,449.89 in 2020, representing a growth of approximately 37.5%[168]. - The total operating costs for 2021 were ¥75,968,972,312.85, up from ¥47,282,453,378.16 in 2020, indicating an increase of about 60.5%[168]. - The net profit for 2021 was reported as -¥2,920,912,211.91, a decline from a profit of ¥7,827,338,939.44 in 2020[168]. - The comprehensive income for 2021 was approximately ¥3.25 billion, compared to ¥5.28 billion in 2020, showing a decrease of around 38%[170]. - The net loss attributable to the parent company for 2021 was approximately ¥855.22 million, compared to a profit of ¥6.09 billion in 2020, indicating a significant decline[169]. Assets and Liabilities - The total assets at the end of 2021 were approximately ¥115.69 billion, an increase of 1.03% from ¥114.51 billion at the end of 2020[15]. - The total liabilities rose to ¥43.91 billion in 2021 from ¥38.20 billion in 2020, an increase of 15.00%[163]. - The company's total equity decreased to ¥71.79 billion in 2021 from ¥76.31 billion in 2020, a decline of 5.00%[163]. - Current assets decreased to ¥27.15 billion in 2021 from ¥29.84 billion in 2020, a decline of 9.05%[162]. - Cash and cash equivalents dropped significantly to ¥10.86 billion in 2021 from ¥18.57 billion in 2020, a decrease of 41.00%[161]. - Accounts receivable rose to ¥8.53 billion in 2021, up from ¥6.02 billion in 2020, an increase of 41.67%[161]. - Inventory increased to ¥4.33 billion in 2021 from ¥2.73 billion in 2020, a growth of 58.00%[161]. - Short-term borrowings surged to ¥9.11 billion in 2021 from ¥4.66 billion in 2020, an increase of 95.00%[162]. Operational Highlights - The company achieved a total electricity generation of 146.973 billion kWh, and grid-connected electricity of 138.995 billion kWh, representing year-on-year growth of 29.24% and 29.70% respectively[28]. - The company’s user-side heating volume reached 29.185 million tons, marking a year-on-year increase of 12.80%[28]. - The company holds a substantial market share in Zhejiang, managing approximately half of the province's thermal power generation capacity[26]. - The company is actively involved in nuclear power projects, partnering with various nuclear energy companies to enhance its portfolio[26]. - The company plans to complete the construction of two 1,000 MW ultra-supercritical coal-fired units at the Leqing Power Plant by the summer peak of 2023[49]. Research and Development - The company’s research and development expenses increased by 36.02% to 388.7 million RMB, reflecting a commitment to innovation[29]. - Total R&D investment accounted for 0.58% of operating revenue, with capitalized R&D representing 5.03% of total R&D investment[40]. Market and Regulatory Environment - The company is adapting to regulatory changes in the electricity market, which may enhance competition and efficiency in the long term[45]. - The average annual growth rate of electricity consumption in China is projected to be 4.8% from 2021 to 2025, with total electricity consumption expected to reach 9.5 trillion kWh by 2025[24]. - The company plans to enhance its competitive edge by focusing on clean and efficient production in traditional thermal power and expanding into nuclear energy, energy storage, and integrated energy projects[66]. Environmental and Safety Initiatives - The company emphasizes the importance of safety management and environmental protection, completing significant upgrades to its operational infrastructure[22]. - The carbon emission intensity of the company's coal-fired units decreased to 0.83 tons/MWh, a reduction of 0.01 tons/MWh year-on-year[105]. - The company has established pollution prevention facilities, including dust removal and wastewater treatment systems, all of which are operating normally[99]. Governance and Management - The company has committed to enhancing its internal control systems and conducting self-assessments of governance practices[68]. - The company appointed a new chairman and general manager in October 2021, with the chairman's remuneration set at 96.59 million CNY and the general manager's at 85.72 million CNY[72]. - Total remuneration for directors and senior management during the reporting period amounted to 728.71 million CNY[73]. - The company has not reported any significant changes in the number of shares held by directors and senior management during the reporting period[72]. Related Party Transactions - The total amount of related party transactions for natural gas procurement was approximately CNY 2.37 billion, with total related party transactions amounting to CNY 3.28 billion for the year[117]. - The company has a framework agreement for related party transactions with a projected upper limit of CNY 7.5 billion for 2021, which was not exceeded in actual performance[118]. Financial Management - The company engaged PwC as its domestic accounting firm with an audit fee of CNY 365 million for a term of 5 years[114]. - The financial statements were audited by PwC, confirming compliance with accounting standards[155]. - The company has maintained compliance with all relevant regulations and has not faced any penalties or corrective actions[116].

Financial Performance - In 2021, the company's operating revenue reached ¥71.07 billion, an increase of 37.51% compared to ¥51.68 billion in 2020[18]. - The net profit attributable to shareholders of the listed company was -¥855.22 million, a decrease of 114.05% from ¥6.09 billion in 2020[18]. - The net cash flow from operating activities was ¥845.66 million, down 91.65% from ¥10.13 billion in 2020[18]. - The total assets at the end of 2021 were ¥115.69 billion, a slight increase of 1.03% from ¥114.51 billion at the end of 2020[18]. - The net assets attributable to shareholders of the listed company decreased by 5.77% to ¥63.93 billion from ¥67.85 billion in 2020[18]. - The basic earnings per share for 2021 was -¥0.06, a decline of 113.33% from ¥0.45 in 2020[19]. - The weighted average return on equity was -1.30%, a decrease of 10.52 percentage points from 9.22% in 2020[19]. - The company reported a significant decline in net profit due to operational challenges and market conditions[18]. - The company achieved total operating revenue of 71.073 billion RMB, an increase of 37.51% compared to the previous year, while the operating cost surged by 64.39% to 72.575 billion RMB due to rising fuel prices[37]. - The net profit attributable to shareholders was a loss of 855 million RMB, primarily due to significant increases in fuel costs driven by soaring coal prices[36]. Government Support and Subsidies - The company received government subsidies amounting to ¥324.28 million in 2021, compared to ¥257.47 million in 2020, reflecting a growth of 25.9%[24]. - The company enjoyed tax benefits totaling ¥100 million during the year, contributing to its financial stability amidst rising resource prices[27]. Operational Developments - The company successfully completed the construction of the Binhai Phase III project and accelerated the construction of the Leqing Phase III project, indicating ongoing expansion efforts[28]. - The company actively participated in the provincial electricity market reform and supported the national green electricity trading initiatives[27]. - The company has made significant investments in new energy projects, including partnerships in renewable energy and environmental projects[28]. - The company aims to enhance its safety management and operational efficiency through various initiatives, including a three-year safety production action plan[27]. Energy Production and Consumption - In 2021, the company's total electricity generation reached 146.973 billion kWh, and grid-connected electricity generation was 138.995 billion kWh, representing year-on-year growth of 29.24% and 29.70% respectively[36]. - The total installed power generation capacity in China reached 2.38 billion kilowatts by the end of 2021, with coal power accounting for 46.7% of the total[31]. - The national electricity consumption in 2021 was 8.31 trillion kilowatt-hours, representing a year-on-year growth of 10.3%[31]. - The company’s user-side heating volume reached 29.185 million tons, reflecting a year-on-year growth of 12.80%[36]. - Power production reached 14,697,347.03 million kWh, an increase of 29.24% year-on-year, while sales volume was 13,899,524.24 million kWh, up 29.70% year-on-year[42]. Financial Management and Investments - The company reported a decrease in accounts receivable financing by approximately ¥824.55 million, indicating improved cash flow management[28]. - The company’s research and development expenses rose by 36.02% to 388.69 million RMB, indicating increased investment in innovation[37]. - The company has made significant equity investments totaling approximately 1.41 billion RMB in Zhejiang Energy Group Financial Co., Ltd. and 935.91 million RMB in China General Nuclear Power Corporation[72]. - The company sold 10 million shares of China Merchants Bank for a total transaction amount of 495 million RMB, resulting in a retained earnings increase of 462 million RMB[77]. Strategic Direction and Future Plans - The company aims to increase the proportion of non-fossil energy consumption to around 20% by 2025, as part of the national carbon peak action plan[80]. - The company plans to accelerate the transition to a clean, low-carbon, safe, and efficient energy system, focusing on renewable energy and nuclear power development[81]. - The company is committed to reducing coal consumption and controlling new coal power projects as part of its long-term strategy[81]. - The company aims to enhance energy efficiency and reduce carbon emissions through four key tasks, including improving energy management capabilities and implementing energy-saving projects[82]. - The company’s strategic focus includes enhancing operational performance and exploring new business opportunities in the energy sector[92]. Governance and Management - The company has a new management team in place as of October 28, 2021, with a focus on strategic leadership and operational efficiency[92]. - The company’s board and supervisory committee were re-elected on June 8, 2021, ensuring continuity in governance and oversight[93]. - The company emphasizes the importance of academic collaboration, with several board members holding professorships at leading universities[94]. - The company is committed to maintaining a strong governance structure with independent directors and a diverse management team[92]. Related Party Transactions - The total amount of related party transactions in 2021 reached approximately CNY 3.28 billion, including natural gas procurement of CNY 2.37 billion and gas transmission procurement of CNY 662 million[139]. - The expected upper limit for related party transactions in the oil and gas sector for 2021 was CNY 7.5 billion, and the actual transactions did not exceed this limit[140]. - The company has committed to compensating for any economic losses incurred by its subsidiaries due to delays in obtaining land and property ownership certificates[133]. Audit and Compliance - The audit report was issued on April 27, 2022, confirming the overall fairness of the financial statements[192]. - The audit found that management's significant estimates and judgments regarding impairment assessments were supported by available evidence[186]. - The company has no major litigation or arbitration matters reported for the year[138]. Employee and Compensation Information - The total number of employees in the company is 9,423, with 1,347 in the parent company and 8,076 in major subsidiaries[107]. - The company reported a total of 728.71 million CNY in pre-tax compensation for its directors and senior management during the reporting period[91]. - The current chairman, Yu Guoping, received a pre-tax compensation of 96.59 million CNY, while the former chairman, Sun Weiheng, received 56.14 million CNY before his departure[91].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 20,621,383,945.36, representing a year-on-year increase of 41.45%[4] - The net profit attributable to shareholders was a loss of CNY 214,920,294.64, a decrease of 109.84% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 262,809,258.02, down 112.44% year-on-year[4] - Total operating revenue for the first three quarters of 2021 reached ¥50.41 billion, a 36.6% increase from ¥36.90 billion in the same period of 2020[16] - Net profit for the third quarter of 2021 was ¥1.74 billion, a decrease of 69.6% compared to ¥5.73 billion in the same quarter of 2020[18] - Earnings per share for the third quarter of 2021 was ¥0.17, down from ¥0.38 in the same quarter of 2020[18] Assets and Liabilities - Total assets at the end of the reporting period were CNY 115,439,271,501.19, an increase of 0.81% from the end of the previous year[5] - The company's current assets totaled RMB 28,946,196,189.86, a decrease from RMB 29,841,762,151.50 in the previous year[13] - The company's total liabilities reached RMB 39,437,344,995.76, up from RMB 38,198,223,222.85, indicating a rise of about 3.2%[14][15] - The total assets amounted to ¥114,512,429,461.74, showing a slight increase from ¥114,551,649,409.28[24] - Total liabilities amounted to approximately ¥38.20 billion, with a slight decrease from ¥38.24 billion in the previous period[25] Cash Flow - The company's cash flow from operating activities showed a net outflow, with a decrease of 50.60% year-on-year[4] - Cash flow from operating activities for the first three quarters of 2021 was ¥3.14 billion, down 50.7% from ¥6.36 billion in the same period of 2020[19] - The net cash flow from financing activities was -¥6,004,902,289.81, compared to -¥5,802,094,098.94 in the prior year[21] - The total cash outflow from investment activities amounted to ¥3,910,472,913.68, an increase from ¥2,696,141,467.35 in the previous period[21] Inventory and Receivables - The increase in accounts receivable by 31.35% was primarily due to an increase in electricity sales[7] - Inventory increased by 38.28% due to rising coal prices[7] - The company's inventory rose to RMB 3,780,478,698.74 from RMB 2,734,002,157.61, reflecting an increase of about 38.3%[13] - Accounts receivable increased to RMB 7,912,935,482.91 from RMB 6,024,366,862.89, reflecting a growth of approximately 31.4%[12][13] Government Support and Subsidies - The company received government subsidies amounting to CNY 93,760,544.19 during the reporting period, an increase of 35.79%[6] Research and Development - Research and development expenses for the first three quarters of 2021 amounted to ¥134.73 million, a 72% increase from ¥78.39 million in the same period of 2020[16] Foreign Exchange and Investment Income - The company experienced a foreign exchange loss of ¥22.02 million in the third quarter of 2021, compared to a gain of ¥3,902.14 in the same quarter of 2020[18] - The company reported a decrease in investment income to ¥2.06 billion for the first three quarters of 2021, down from ¥2.64 billion in the same period of 2020[16] Employee Compensation and Restructuring - The company reported employee compensation payable of approximately ¥320.11 million[25] - The company holds a 49.57% stake in Huai-Zhe Coal Power Co., Ltd. and a 51% stake in Huai-Zhe Electric Power Co., Ltd. following a restructuring[11]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately CNY 29.79 billion, representing a year-on-year increase of 33.48% compared to CNY 22.32 billion in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2021 was approximately CNY 2.48 billion, a decrease of 18.11% from CNY 3.02 billion in the previous year[12]. - The net cash flow from operating activities was approximately CNY 2.76 billion, down 14.89% from CNY 3.24 billion in the same period last year[12]. - The basic earnings per share for the first half of 2021 were CNY 0.18, down 18.18% from CNY 0.22 in the same period last year[13]. - The company reported non-recurring gains of approximately CNY 192.45 million during the reporting period, primarily from government subsidies and asset disposals[14]. - The company's total electricity generation reached 66.804 billion kWh in the first half of the year, representing a year-on-year increase of 39.53%[18]. - Operating revenue for the first half of the year was CNY 29.79 billion, an increase of 33.48% compared to the same period last year[19]. - Net profit attributable to shareholders was CNY 2.476 billion, a decrease of 18.11% year-on-year[18]. - The company's total comprehensive income for the first half of 2021 was CNY 2,101,522,493.54, an increase from CNY 1,556,894,019.13 in the same period of 2020, representing a growth of approximately 35%[81]. Assets and Liabilities - The company's total assets at the end of the reporting period were approximately CNY 115.88 billion, an increase of 1.19% from CNY 114.51 billion at the end of the previous year[12]. - The company's net assets attributable to shareholders at the end of the reporting period were approximately CNY 67.63 billion, a slight decrease of 0.32% from CNY 67.85 billion at the end of the previous year[12]. - The total liabilities increased to approximately CNY 39.58 billion from CNY 38.20 billion, marking an increase of about 3.62%[71]. - The total equity attributable to shareholders decreased to approximately CNY 67.63 billion from CNY 67.85 billion, a decline of about 0.32%[73]. - The company's total assets amounted to approximately 63.61 billion, showing a decrease from the previous period[87]. - The total liabilities at the end of the period were approximately 24.33 billion, showing a slight increase compared to the previous period[87]. Market Position and Strategy - The company holds a significant market share in Zhejiang's electricity market, with its installed capacity accounting for about half of the province's total thermal power capacity[16]. - The company is focused on expanding its business in various energy sectors, including thermal, gas, nuclear, and combined heat and power generation[16]. - The company has deepened its layout in the nuclear power sector, participating in several nuclear power companies and projects, enhancing its competitive edge[17]. - The company has established a joint venture for renewable energy project investments, enhancing its market expansion strategy[18]. - The company has made significant progress in its reform and development initiatives, including the commissioning of new projects and partnerships in renewable energy[18]. - The company plans to focus on enhancing its capital structure and improving operational efficiency in the upcoming periods[87]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[197]. Research and Development - Research and development expenses increased by 90.41% to CNY 79.25 million, reflecting a higher investment in innovation[20]. - The company’s management indicated a focus on expanding market presence and enhancing product offerings, although specific new products or technologies were not detailed in the provided content[81]. - Research and development efforts are focused on new technologies to improve operational efficiency and service delivery[197]. Environmental and Regulatory Compliance - The company has established pollution prevention facilities, including dust removal and desulfurization systems, which are operating normally[39]. - The company has developed an environmental self-monitoring plan that is publicly available on local environmental protection department websites[42]. - The company did not receive any significant administrative penalties related to environmental issues during the reporting period[43]. - All power generation enterprises under the company have obtained pollutant discharge permits and have publicly disclosed environmental information[44]. - Since 2020, the company has implemented closed coal yard renovations across 10 power plants, constructing 18 membrane-structured closed coal sheds and 9 steel-structured coal sheds to reduce dust emissions[44]. Related Party Transactions - The total amount of related party transactions during the reporting period was approximately RMB 1.21 billion, primarily for natural gas procurement[51]. - The actual performance of related party transactions did not exceed the estimated limit of RMB 7.5 billion for 2021[52]. - The company has signed a framework agreement for energy service cooperation with Zhejiang Energy Group, with an estimated transaction limit of RMB 8 billion for 2021[55]. - The company engaged in related party transactions for transportation services amounting to approximately RMB 13.45 million[56]. - The expected upper limit for related party transactions in 2021 is set at CNY 200 million, with actual performance not exceeding this estimate[59]. Financial Management - The company has a total of 171,231 common stock shareholders as of the end of the reporting period[66]. - The largest shareholder, Zhejiang Energy Group Co., Ltd., holds 68.47% of the shares, totaling 9,312,667,001 shares[66]. - The company has not reported any major contracts or guarantees that were fulfilled or remain unfulfilled during the reporting period[64]. - The company has not engaged in any significant related party transactions that were not disclosed in temporary announcements[63]. - The company reported a decrease in undistributed profits to CNY 14.59 billion from CNY 15.89 billion, a decline of approximately 8.2%[76]. Inventory and Receivables - The inventory increased significantly to approximately ¥4.32 billion from ¥2.73 billion, indicating a growth of about 58.06%[70]. - The company's accounts receivable increased to approximately ¥6.11 billion from ¥6.02 billion, reflecting a growth of about 1.65%[70]. - The total accounts receivable at the end of the period amounted to CNY 5,274,615,689.71, with a bad debt provision of CNY 69,442,659.45, representing 85.10% of the total accounts receivable[169]. - The provision for bad debts for accounts aged one to two years is CNY 9,067,504.47, with a provision ratio of 10.77%[165]. Cash Flow Management - Cash inflows from operating activities amounted to CNY 36,241,639,271.29, compared to CNY 25,331,845,088.78 in the first half of 2020, indicating a year-over-year increase of about 43%[82]. - The net cash flow from operating activities was CNY 2,757,464,320.60, down from CNY 3,240,043,071.80 in the previous year, reflecting a decrease of approximately 15%[82]. - Cash outflows for investing activities totaled CNY 3,220,238,649.47, compared to CNY 1,953,938,328.18 in the first half of 2020, marking an increase of about 65%[83]. - The net cash flow from financing activities was negative at CNY -3,255,129,288.34, compared to CNY -2,421,909,630.41 in the previous year, indicating a decline of about 34%[83]. Accounting Policies - The company follows the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[93]. - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[101]. - The company recognizes revenue when control of goods or services is transferred to customers, including electricity, heat, fuel, and service provision[132]. - Government grants are recognized as deferred income and amortized over the useful life of the related assets, or directly recognized in profit or loss if compensating for costs incurred[134].

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) This section provides key declarations regarding the report's authenticity and audit status [Statement on Report Authenticity and Audit Information](index=3&type=section&id=1.1-1.4) The company's board, supervisory board, and senior management ensure the quarterly report's truthfulness, accuracy, and completeness, with all directors attending the review meeting, and note that the financial statements are unaudited - Management guarantees the quarterly report's content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's Q1 2021 report is unaudited[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=Item%20II.%20Company%20Basic%20Information) This section details the company's key financial performance and shareholder structure [Key Financial Data](index=3&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) In Q1 2021, the company achieved significant performance growth with revenue up 66.29% and net profit attributable to shareholders up 88.38%, despite a 72.50% decrease in net cash flow from operating activities to **418.13 million Yuan** Key Financial Indicators for Q1 2021 | Indicator | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 14.46 billion | 8.70 billion | 66.29% | | Net Profit Attributable to Shareholders (Yuan) | 1.05 billion | 558.90 million | 88.38% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan) | 963.86 million | 638.72 million | 50.90% | | Net Cash Flow from Operating Activities (Yuan) | 418.13 million | 1.52 billion | -72.50% | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.04 | 100.00% | | Weighted Average Return on Net Assets (%) | 1.53 | 0.87 | Increased by 0.66 percentage points | - Total non-recurring gains and losses for the period amounted to **89.01 million Yuan**, primarily comprising government subsidies of **111 million Yuan** recognized in current profit and loss[6](index=6&type=chunk)[7](index=7&type=chunk) [Shareholder Information](index=4&type=section&id=2.2%20%E6%88%AA%E6%AD%A2%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had **169,901 shareholders**, with controlling shareholder Zhejiang Provincial Energy Group Co., Ltd. holding **68.47%**, indicating a stable equity structure dominated by state-owned entities or funds among the top ten - As of the end of the reporting period, the company had **169,901 shareholders**[8](index=8&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Number of Shares Held | Shareholding Ratio (%) | | :--- | :--- | :--- | | Zhejiang Provincial Energy Group Co., Ltd. | 9.31 billion | 68.47 | | China Huaneng Group Co., Ltd. | 573.12 million | 4.21 | | Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. | 500.50 million | 3.68 | - Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. is a wholly-owned subsidiary of the controlling shareholder, Zhejiang Provincial Energy Group Co., Ltd., forming a concerted action relationship[9](index=9&type=chunk) [Significant Events](index=5&type=section&id=Item%20III.%20Significant%20Events) This section analyzes major changes in financial indicators and provides updates on significant investment activities [Analysis of Significant Changes in Key Financial Indicators](index=5&type=section&id=3.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, several financial indicators underwent significant changes, with operating revenue and cost increasing by **66.29%** and **68.60%** respectively due to higher power generation and coal prices, leading to a **102.28%** surge in operating profit, while inventory grew **32.50%** from the period's start due to increased coal stock Explanation of Significant Changes in Major Financial Statement Items | Item | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | 66.29% | Primarily due to increased power generation | | Operating Cost | 68.60% | Primarily due to increased coal consumption from higher power generation and rising coal prices | | Operating Profit | 102.28% | Primarily due to increased power generation revenue and investment income | | Inventory | 32.50% (vs. period start) | Primarily due to increased coal inventory | | Non-current Liabilities Due Within One Year | -61.78% (vs. period start) | Primarily due to a decrease in long-term borrowings due within one year | [Progress of Significant Events](index=5&type=section&id=3.2%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company disclosed progress on two significant investments: a successful **439.6 million Yuan** investment in Shanghai Kangheng Environmental Co., Ltd. for a **4.43%** stake via a partnership, and the termination of the acquisition of **25.62%** of Zheneng Jinjiang Environment Holding Co., Ltd. shares due to unfulfilled preconditions - The company, through its established partnership, invested **439.6 million Yuan** to acquire a **4.43%** stake in Shanghai Kangheng Environmental Co., Ltd[11](index=11&type=chunk) - The company terminated the transaction to acquire **25.62%** of Zheneng Jinjiang Environment Holding Co., Ltd. shares on April 12, 2021, due to unfulfilled preconditions[11](index=11&type=chunk) [Appendix](index=6&type=section&id=Item%20IV.%20Appendix) This section contains the unaudited financial statements for the first quarter of 2021 [Financial Statements](index=6&type=section&id=4.1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The appendix provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2021 [Consolidated Balance Sheet](index=6&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of March 31, 2021, total assets were **115.50 billion Yuan**, a slight **0.86%** increase from year-end, with net assets attributable to shareholders at **69.77 billion Yuan**, up **2.84%**, indicating a stable asset structure Major Items of Consolidated Balance Sheet (Unit: Billion Yuan) | Indicator | 2021-03-31 | 2020-12-31 | Change from Period Start | | :--- | :--- | :--- | :--- | | Total Assets | 115.50 | 114.51 | +0.86% | | Total Liabilities | 37.22 | 38.20 | -2.57% | | Equity Attributable to Parent Company Owners | 69.77 | 67.85 | +2.84% | [Consolidated Income Statement](index=11&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2021, the company achieved total operating revenue of **14.46 billion Yuan**, up **66.29%** YoY, and net profit attributable to parent company shareholders of **1.05 billion Yuan**, up **88.38%**, primarily driven by increased power generation revenue and investment income Major Items of Consolidated Income Statement (Unit: Billion Yuan) | Indicator | 2021 Q1 | 2020 Q1 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 14.46 | 8.70 | +66.29% | | Operating Cost | 13.20 | 7.83 | +68.60% | | Investment Income | 632 million | 509 million | +24.21% | | Operating Profit | 1.28 | 634 million | +102.28% | | Net Profit Attributable to Parent Company | 1.05 | 559 million | +88.38% | [Consolidated Cash Flow Statement](index=14&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In Q1 2021, net cash flow from operating activities was **418 million Yuan**, a significant **72.50%** YoY decrease primarily due to increased coal procurement, while net cash outflows from investing and financing activities were **1.22 billion Yuan** and **2.04 billion Yuan** respectively, leading to a reduced period-end cash and cash equivalents balance Major Items of Consolidated Cash Flow Statement (Unit: Billion Yuan) | Indicator | 2021 Q1 | 2020 Q1 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 418 million | 1.52 | -72.50% | | Net Cash Flow from Investing Activities | -1.22 | -343 million | -256.27% | | Net Cash Flow from Financing Activities | -2.04 | -1.35 | -50.74% | | Net Increase in Cash and Cash Equivalents | -2.84 | -172 million | -1552.33% |