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% |

Financial Performance - The company's operating revenue for 2020 was approximately RMB 51.68 billion, a decrease of 4.94% compared to RMB 54.37 billion in 2019[14]. - Net profit attributable to shareholders for 2020 was approximately RMB 6.09 billion, an increase of 41.76% from RMB 4.29 billion in 2019[14]. - The net cash flow from operating activities for 2020 was approximately RMB 10.13 billion, representing a 12.19% increase from RMB 9.03 billion in 2019[14]. - The basic earnings per share for 2020 was RMB 0.45, up 40.63% from RMB 0.32 in 2019[15]. - The total assets at the end of 2020 were approximately RMB 114.51 billion, an increase of 3.19% from RMB 110.97 billion at the end of 2019[14]. - The weighted average return on equity for 2020 was 9.22%, an increase of 2.35 percentage points from 6.87% in 2019[15]. - The net profit after deducting non-recurring gains and losses for 2020 was approximately RMB 5.91 billion, a 39.81% increase from RMB 4.23 billion in 2019[14]. - The company reported a net asset attributable to shareholders of approximately RMB 67.85 billion at the end of 2020, a 5.74% increase from RMB 64.17 billion at the end of 2019[14]. - The total power generation for the year was 113.72 billion kWh, a decline of 3.21% compared to the previous year, while the cumulative heating supply reached approximately 26 million tons, an increase of about 240,000 tons[24]. - The company’s average equivalent availability factor for managed units was 93.01%, with an average forced outage rate of 0.09%[24]. Market and Industry Insights - In 2020, the total electricity consumption in China reached 7.51 trillion kWh, representing a year-on-year growth of 3.1%[21]. - The installed power generation capacity in China increased by 9.5% year-on-year, reaching 2.2 billion kW by the end of 2020[21]. - The expected growth rate for national electricity consumption in 2021 is projected to be between 6% and 7%[21]. - By the end of 2021, the total installed power generation capacity in China is anticipated to reach 2.37 billion kW, a year-on-year increase of approximately 7.7%[21]. - The proportion of non-fossil energy power generation capacity is expected to rise to 47.3% of the total installed capacity by the end of 2021, up from 44.8% in 2020[21]. - The company holds a significant market share in the Zhejiang electricity market, managing approximately half of the province's thermal power generation capacity[22]. - The company is actively involved in the nuclear power sector, with investments in multiple nuclear power companies, enhancing its competitive edge[22]. Research and Development - The company’s research and development expenses rose by 56.02% to CNY 285.77 million, reflecting a commitment to innovation[25]. - The total R&D investment amounted to 347,019,799.34 RMB, representing 0.67% of operating revenue[33]. - Research and development expenses increased significantly to ¥26.51 million in 2020, compared to ¥7.43 million in 2019, marking a rise of 256.5%[138]. Cash Flow and Investments - The company’s cash flow from operating activities increased by 12.19% to CNY 10.13 billion, while cash flow from investment activities saw a significant decline of 232.03%[25]. - The company’s cash dividend policy has been strictly adhered to, ensuring the protection of minority shareholders' rights[55]. - The company reported a total of 115,000,000 RMB in entrusted loans for project construction with a maturity date of November 15, 2024, at an annualized return rate of 4.275%[77]. - The company has a total of 193,000,000 RMB in entrusted loans for operational purposes, with a maturity date of April 10, 2025, also at an annualized return rate of 4.275%[77]. Environmental and Social Responsibility - The company has implemented pollution control facilities including dust removal, limestone-gypsum wet desulfurization, low-nitrogen burners, and wastewater treatment systems, all of which are operating normally[87]. - All power generation enterprises have obtained environmental impact assessment approvals and completion acceptance documents for major construction projects such as desulfurization and denitrification projects[88]. - The company has committed 445.8812 million RMB towards poverty alleviation initiatives, including e-commerce and tourism[82]. - The company provided financial assistance of 8.55 million RMB to support 36 impoverished students[84]. Corporate Governance - The company has no controlling shareholder or actual controller[101]. - The board of directors held 10 meetings during the year, with 7 conducted via communication methods[119]. - The independent directors participated in all board meetings, with no absences reported[118]. - The company has established emergency response plans for sudden environmental pollution incidents, which have been filed with local environmental protection bureaus[90]. Audit and Compliance - The company received a standard unqualified opinion from PwC on its financial statements, indicating that they fairly reflect its financial position and operating results for the year 2020[123]. - The audit report emphasizes the importance of understanding internal controls related to the audit process[127]. - The company has maintained compliance with related party transaction disclosure obligations[63]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[136]. - The company aims to enhance its competitiveness as a comprehensive energy service provider by integrating traditional thermal power with renewable energy sources[51]. - The company plans to prioritize the development of non-fossil energy sources as a key strategy for green energy transition, aligning with national policies[50].

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) [Statement on Report Authenticity and Completeness](index=3&type=section&id=1.1) The company's management affirms the truthfulness and completeness of this unaudited quarterly report, assuming full legal responsibility - Company management guarantees the report's content is true, accurate, and complete[4](index=4&type=chunk) - This company's third-quarter report is unaudited[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=Item%20II.%20Company%20Basic%20Information) [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) For the first three quarters of 2020, revenue declined by 6.96%, while net profit attributable to shareholders surged by 43.59% to CNY 0.38 EPS, and operating cash flow decreased by 21.61% Key Financial Data for Q1-Q3 2020 | Indicator | Year-to-Date (Jan-Sep) | Prior Year-to-Date (Jan-Sep) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 36,896,975,048.11 | 39,655,555,222.64 | -6.96% | | Net Profit Attributable to Shareholders (CNY) | 5,207,659,133.66 | 3,626,867,660.70 | 43.59% | | Net Cash Flow from Operating Activities (CNY) | 6,362,215,590.40 | 8,115,981,138.53 | -21.61% | | Basic EPS (CNY/share) | 0.38 | 0.27 | 40.74% | | Weighted Average ROE (%) | 7.98% | 5.75% | Increased by 2.23 percentage points | - In the first three quarters of 2020, the company's non-recurring gains and losses totaled **CNY 149 million**, primarily from government subsidies[7](index=7&type=chunk) [Shareholder Ownership](index=4&type=section&id=2.2%20Total%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20at%20Period-End) As of period-end, the company had 159,848 shareholders, with Zhejiang Provincial Energy Group as the controlling shareholder at 68.47% ownership, including 2.694 billion pledged shares - As of the end of the reporting period, the company had **159,848** shareholders[8](index=8&type=chunk) Top Five Shareholders' Holdings | Shareholder Name | Shares Held at Period-End | Proportion (%) | | :--- | :--- | :--- | | Zhejiang Provincial Energy Group Co., Ltd. | 9,312,667,001 | 68.47 | | China Huaneng Group Co., Ltd. | 573,115,691 | 4.21 | | Zhejiang Zheneng Xingyuan Energy Saving Technology Co., Ltd. | 500,500,000 | 3.68 | | China Securities Finance Corporation Limited | 406,901,339 | 2.99 | | Hebei Port Group Co., Ltd. | 211,809,000 | 1.56 | - Controlling shareholder Zhejiang Provincial Energy Group Co., Ltd. pledged **2.694 billion shares** of its holdings[8](index=8&type=chunk) [Preferred Shareholder Information](index=5&type=section&id=2.3%20Total%20Preferred%20Shareholders%2C%20Top%20Ten%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Unrestricted%20Preferred%20Shareholders%20at%20Period-End) The company had no preferred shareholders at the end of the reporting period - During this reporting period, the company had no preferred share-related matters[9](index=9&type=chunk) [Significant Matters](index=5&type=section&id=Item%20III.%20Significant%20Matters) [Analysis of Significant Changes in Key Financial Statement Items](index=5&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20Key%20Financial%20Statement%20Items%20and%20Indicators) Several financial indicators showed significant changes, with revenue and costs decreasing, while investment income surged by 37.94% and construction in progress increased by 53.06% due to project investments Significant Changes in Financial Indicators | Account | Change (%) | Reason for Change | | :--- | :--- | :--- | | Construction in Progress | 53.06 | Primarily due to increased investment in the Zhenhai Power Plant relocation project | | Non-current Liabilities Due Within One Year | 113.51 | Primarily due to an increase in long-term borrowings due within one year | | Investment Income | 37.94 | Primarily due to increased investment income from associates and joint ventures | | Operating Revenue | -6.96 | Primarily due to decreased power generation | | Operating Cost | -10.73 | Primarily due to lower coal prices and reduced coal consumption from decreased power generation | [Progress of Significant Matters](index=6&type=section&id=3.2%20Analysis%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) The company is acquiring a 25.62% stake in Singapore-listed Jinjiang Environment and completed the spin-off and reorganization of Huaizhe Coal Power, now holding 51% of Huaizhe Power - The company intends to acquire a **25.62%** stake in Singapore-listed Jinjiang Environment Holdings Co., Ltd. through its wholly-owned subsidiary and issue a tender offer to other shareholders[11](index=11&type=chunk) - Joint venture Huaizhe Coal Power Co., Ltd. completed its spin-off and reorganization, with the company now holding a **51%** equity stake in the newly established Huaizhe Power Co., Ltd[11](index=11&type=chunk) [Commitments](index=6&type=section&id=3.3%20Unfulfilled%20Commitments%20Beyond%20Due%20Date%20During%20the%20Reporting%20Period) The company had no unfulfilled commitments beyond their due date during the reporting period - No unfulfilled commitments beyond their due date were present during the reporting period[11](index=11&type=chunk) [Performance Forecast](index=6&type=section&id=3.4%20Warning%20and%20Explanation%20of%20Potential%20Loss%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-Beginning%20to%20End%20of%20Next%20Reporting%20Period) The company has not issued any significant change warning for cumulative net profit through the next reporting period - The company has not issued a significant performance change warning[11](index=11&type=chunk) [Appendix](index=6&type=section&id=Item%20IV.%20Appendix) [Financial Statements](index=6&type=section&id=4.1%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q3 2020 [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2020, total assets were CNY 111.023 billion (+0.05%), total liabilities were CNY 36.595 billion (decrease), and net assets attributable to shareholders were CNY 66.004 billion (+2.86%) Consolidated Balance Sheet Key Items (Unit: CNY Billion) | Item | Sep 30, 2020 (CNY Billion) | Dec 31, 2019 (CNY Billion) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1110.23 | 1109.70 | +0.05% | | Total Liabilities | 365.95 | 384.73 | -4.88% | | Total Equity Attributable to Parent Company Shareholders | 660.04 | 641.67 | +2.86% | [Parent Company Balance Sheet](index=9&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2020, parent company total assets were CNY 66.385 billion, primarily long-term equity investments at CNY 46.731 billion, with total liabilities at CNY 1.767 billion Parent Company Balance Sheet Key Items (Unit: CNY Billion) | Item | Sep 30, 2020 (CNY Billion) | Dec 31, 2019 (CNY Billion) | | :--- | :--- | :--- | | Total Assets | 663.85 | 655.90 | | Long-term Equity Investments | 467.31 | 450.27 | | Total Liabilities | 17.67 | 22.67 | [Consolidated Income Statement](index=12&type=section&id=Consolidated%20Income%20Statement) For Q1-Q3 2020, operating revenue was CNY 36.897 billion (-6.96%), while net profit attributable to parent company surged by 43.59% to CNY 5.208 billion due to cost control and investment income Consolidated Income Statement Key Items (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 36,896,975,048.11 | 39,655,555,222.64 | -6.96% | | Operating Cost | 31,002,521,837.97 | 34,726,806,933.92 | -10.73% | | Investment Income | 2,642,335,277.35 | 1,915,582,939.39 | +37.94% | | Net Profit Attributable to Parent Company Shareholders | 5,207,659,133.66 | 3,626,867,660.70 | +43.59% | [Parent Company Income Statement](index=14&type=section&id=Parent%20Company%20Income%20Statement) For Q1-Q3 2020, parent company net profit was CNY 4.665 billion (+28.27%), primarily driven by investment income of CNY 4.649 billion, with minor operating profit contribution Parent Company Income Statement Key Items (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,214,459,975.11 | 2,240,324,012.77 | -1.15% | | Investment Income | 4,649,263,804.44 | 3,691,475,691.68 | +25.95% | | Net Profit | 4,665,355,288.19 | 3,637,205,994.10 | +28.27% | [Consolidated Cash Flow Statement](index=17&type=section&id=Consolidated%20Cash%20Flow%20Statement) For Q1-Q3 2020, operating cash flow was CNY 6.362 billion (-21.61%), with net outflows of CNY 810 million from investing and CNY 5.802 billion from financing activities Consolidated Cash Flow Statement Summary (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,362,215,590.40 | 8,115,981,138.53 | | Net Cash Flow from Investing Activities | -810,448,875.82 | -687,990,135.39 | | Net Cash Flow from Financing Activities | -5,802,094,098.94 | -4,920,370,118.33 | [Parent Company Cash Flow Statement](index=18&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For Q1-Q3 2020, parent company operating cash flow was a net outflow of CNY 39 million, investing cash flow was a net inflow of CNY 3.122 billion, and financing cash flow was a net outflow of CNY 2.788 billion Parent Company Cash Flow Statement Summary (Jan-Sep 2020) | Item | Jan-Sep 2020 (CNY) | Jan-Sep 2019 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -39,036,319.95 | 121,700,837.88 | | Net Cash Flow from Investing Activities | 3,122,137,002.37 | 2,792,426,250.77 | | Net Cash Flow from Financing Activities | -2,787,898,341.78 | -2,419,353,798.63 | [Accounting Standard Change Adjustments](index=19&type=section&id=4.2%20Adjustments%20to%20Financial%20Statements%20at%20Beginning%20of%20First%20Execution%20Year%20for%20New%20Revenue%20and%20Lease%20Standards%20from%202020) Effective January 1, 2020, the company adopted new revenue standards, reclassifying CNY 74.65 million from 'Advances from Customers' to 'Contract Liabilities' in consolidated statements, with no impact on opening retained earnings - The company first adopted new revenue standards in **2020**, adjusting relevant items in its opening financial statements[32](index=32&type=chunk) Consolidated Balance Sheet Adjustments | Item | Before Adjustment (CNY) | After Adjustment (CNY) | Adjustment Amount (CNY) | | :--- | :--- | :--- | :--- | | Advances from Customers | 125,254,333.44 | 50,606,738.08 | -74,647,595.36 | | Contract Liabilities | - | 74,647,595.36 | 74,647,595.36 | [Retrospective Adjustment Explanation](index=24&type=section&id=4.3%20Explanation%20of%20Retrospective%20Adjustment%20of%20Prior%20Period%20Comparative%20Data%20for%20First-Time%20Adoption%20of%20New%20Revenue%20and%20Lease%20Standards%20from%202020) The company did not retrospectively adjust prior period comparative data when adopting new accounting standards - The company did not retrospectively adjust prior period comparative data[39](index=39&type=chunk) [Audit Report](index=24&type=section&id=4.4%20Audit%20Report) This quarterly report remains unaudited - This quarterly financial report is unaudited[39](index=39&type=chunk)[4](index=4&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2020 was ¥22.32 billion, a decrease of 13.82% compared to ¥25.90 billion in the same period last year[12]. - The net profit attributable to shareholders was ¥3.02 billion, representing a 20.60% increase from ¥2.51 billion in the previous year[12]. - The net cash flow from operating activities was ¥3.24 billion, down 32.78% from ¥4.82 billion in the same period last year[12]. - The total assets at the end of the reporting period were ¥111.62 billion, an increase of 0.59% from ¥110.97 billion at the end of the previous year[12]. - The company's net assets attributable to shareholders decreased by 0.86% to ¥63.61 billion from ¥64.17 billion at the end of the previous year[12]. - The basic earnings per share for the first half of 2020 was ¥0.22, up 22.22% from ¥0.18 in the same period last year[13]. - The operating cost decreased by 16.36% to approximately ¥19.07 billion, down from ¥22.81 billion, primarily due to lower coal prices and reduced power generation[18]. - The company achieved a significant increase in domestic coal-fired power generation in May and June, with growth rates of 20.8% and 17.8% respectively, recovering from a 37.5% decline in the first quarter[17]. - The company reported a total comprehensive income of approximately ¥1,556.89 million for the first half of 2020, significantly lower than ¥4,488.00 million in the first half of 2019[74]. - The total profit for the first half of 2020 was approximately ¥2,480.06 million, a decrease of 19.7% from ¥3,091.01 million in the first half of 2019[74]. Investments and Assets - The company has invested approximately ¥204.55 million in equity investments during the reporting period, including investments in various power generation companies[24]. - The cumulative fair value change for the company's investments at the end of the reporting period is approximately RMB 4.36 billion[27]. - The company holds approximately 50% of the provincial regulated thermal power installed capacity, making it a major player in the Zhejiang electricity market[16]. - The company plans to expand its nuclear power investments, holding a 34% stake in the Cangnan Nuclear Power Project, which is currently under approval[25]. - The total investment cost for the company in the report period is approximately RMB 1.16 billion, with a holding quantity of 61,478,642 shares for 招商银行[27]. - The total assets of the company reached CNY 111.62 billion, up from CNY 110.97 billion, indicating a growth of approximately 0.6%[68]. - The company has a significant amount of fixed assets valued at approximately ¥48.00 billion, indicating strong operational capacity[145]. Cash Flow and Liquidity - The company has a cash balance of approximately ¥16.73 billion, representing an increase of 1.70% from ¥16.45 billion in the previous year[20]. - The cash inflow from operating activities for the first half of 2020 was approximately ¥25,331.85 million, down from ¥32,542.32 million in the first half of 2019[75]. - The ending balance of cash and cash equivalents increased to ¥16,729,843,740.52, compared to ¥12,277,573,930.39 in the previous period[76]. - The total cash outflow from operating activities amounted to ¥22,091,802,016.98, a decrease of 20.4% compared to ¥27,721,914,268.77 in the prior period[76]. - The net cash flow from operating activities decreased to ¥3,240,043,071.80, down 32.7% from ¥4,820,406,036.23 in the previous period[76]. Related Party Transactions - The total amount of related party transactions was approximately RMB 896.62 million, with natural gas procurement accounting for 91.47% and fuel and material procurement for 8.53%[42]. - The company engaged in related party transactions with Zhejiang Energy Group, with a projected annual limit of RMB 7.5 billion for 2020, and actual transactions did not exceed this limit[42]. - The pricing principles for related party transactions are based on market prices, ensuring that transaction conditions are not inferior to those offered by independent third parties[42][43][44]. - The company has committed to minimizing related party transactions and will sign formal agreements for unavoidable transactions[34]. Shareholder Information - Total number of ordinary shareholders as of the end of the reporting period is 171,384[60]. - The largest shareholder, Zhejiang Energy Group Co., Ltd., holds 9,312,667,001 shares, accounting for 68.47% of total shares[61]. - The second largest shareholder, China Huaneng Group Co., Ltd., holds 573,115,691 shares, representing 4.21% of total shares[61]. - No changes in share capital structure or significant shareholder changes reported during the period[60][62]. Compliance and Governance - The company appointed PwC Zhongtian as the financial audit institution for the 2020 fiscal year, and Tianjian as the internal control audit institution[38]. - There were no significant lawsuits or arbitration matters during the reporting period[39]. - The company has established environmental monitoring plans and has publicly disclosed its pollutant discharge status in compliance with environmental regulations[56]. - All power generation enterprises under the company have obtained pollutant discharge permits and are compliant with the relevant environmental standards[57]. Accounting Policies and Financial Reporting - The company’s accounting policies are aligned with the enterprise accounting standards, ensuring accurate financial reporting[88]. - The company’s financial statements are prepared based on the assumption of going concern, indicating ongoing operational viability[87]. - The company has implemented new revenue and lease accounting standards, which may impact future financial reporting[143]. - The company regularly evaluates its accounting estimates and key judgments, particularly regarding financial asset classification and credit risk assessment[136]. Taxation and Incentives - The company is eligible for various tax incentives, including a 75% additional deduction for R&D expenses incurred from January 1, 2018, to December 31, 2020[152]. - The company benefits from a three-year exemption and a three-year reduction of corporate income tax for investments in public infrastructure projects[153]. - The applicable VAT rates for electricity sales and maintenance services were reduced to 13% and 9% respectively, effective April 1, 2019[154]. - The company has a total of CNY 199.82 million in other monetary funds at the end of the period, compared to CNY 176.07 million at the beginning[156].

Financial Performance - The company achieved a net profit of CNY 3,899,647,450.78 for the year 2019, with a proposed cash dividend of CNY 2.00 per 10 shares [4]. - Total operating revenue for 2019 was CNY 54,370,549,106.11, representing a decrease of 4.00% compared to 2018 [14]. - The net profit attributable to shareholders increased by 6.38% year-on-year, reaching CNY 4,293,272,328.81 [14]. - The net cash flow from operating activities rose by 33.27% to CNY 9,027,910,953.58 in 2019 [14]. - The company's total assets at the end of 2019 were CNY 110,969,781,894.46, a slight increase of 1.16% from the previous year [14]. - The net assets attributable to shareholders increased by 4.86% to CNY 64,167,055,611.95 [14]. - Basic earnings per share for 2019 were CNY 0.32, reflecting a growth of 6.67% compared to 2018 [15]. - The weighted average return on equity was 6.87%, an increase of 0.23 percentage points from the previous year [15]. - The company reported a quarterly operating revenue of CNY 14,714,993,883.47 in Q4 2019 [18]. - The net profit attributable to shareholders in Q4 2019 was CNY 666,404,668.11 [18]. Market Position and Strategy - The company holds approximately 50% of the provincial regulated thermal power installed capacity, showcasing its significant market share in Zhejiang's electricity market [23]. - The company is the third largest shareholder in China's nuclear power sector, indicating a strategic diversification into nuclear energy [23]. - The company plans to continue expanding its market presence in the nuclear power sector, with investments in multiple nuclear power projects [23]. - The expected growth in electricity consumption for 2020 is projected to be between 4% and 5%, indicating a stable market outlook [22]. - The company’s management experience and strong backing from its controlling shareholder, Zhejiang Energy Group, enhance its competitive advantage in the energy sector [23]. Operational Efficiency - The operating cost for 2019 was approximately ¥47.57 billion, down 7.20% year-on-year [26]. - The company reduced losses in five subsidiaries, achieving a total loss reduction of approximately ¥317 million year-on-year [26]. - The company completed 42 unit overhauls and implemented 295 technical reform projects throughout the year [24]. - The average coal consumption for power generation units was 297.18 grams per kilowatt-hour, a decrease of 0.15 grams per kilowatt-hour year-on-year [24]. - The company achieved a sulfur dioxide, nitrogen oxides, and particulate matter emission compliance rate of over 99.9% [24]. Research and Development - Research and development expenses increased by 47.21% to approximately ¥183 million [26]. - The total R&D investment amounted to CNY 198.81 million, accounting for 0.37% of total revenue, with 7.87% of the R&D costs capitalized [35]. Financial Management - The company's cash and cash equivalents increased by 39.57% to CNY 16.45 billion compared to the previous year [37]. - The total cost of fuel and repair decreased by 8.92% to CNY 29.02 billion, accounting for 75.66% of total costs [32]. - The company reported a significant increase in cash recovered from investments, which rose by 239.13% to CNY 1.90 billion [36]. - The company’s long-term equity investments increased by 9.19% to CNY 23.38 billion, accounting for 21.07% of total assets [37]. Related Party Transactions - The total amount of related party transactions with Zhejiang Natural Gas Development Co., Ltd. reached RMB 246,761.69 million, accounting for 88.94% of the total [77]. - The total related party transactions with Zhejiang Energy Group's Technology Engineering and Service Division amounted to RMB 316,353.64 million, with the largest transaction being RMB 129,765.83 million for engineering construction and supervision services [78]. - The total related party transactions with Ningbo Shipping Co., Ltd. were RMB 162,078.97 million, with transportation services contributing RMB 132,519.01 million, representing 81.76% of the total [79]. Corporate Governance - The company has a structured remuneration assessment process for senior management, aligning with performance metrics [127]. - The independent directors' remuneration is approved by the shareholders' meeting, ensuring transparency [127]. - The company maintains a strong governance framework with independent directors overseeing key decisions [126]. Environmental and Social Responsibility - The company has established pollution prevention facilities, including low-nitrogen burners and wastewater treatment devices, which are operating normally [105]. - The company has achieved ultra-low emissions for major air pollutants, complying with the relevant national standards [104]. - The company’s total poverty alleviation funding for 2019 amounted to RMB 5.12683 million, with RMB 2.72373 million allocated to five industrial development poverty alleviation projects [99]. Audit and Compliance - The audit found that management's significant judgments regarding the impairment assessment of fixed assets, intangible assets, and construction in progress were supported by available evidence [147]. - The company's financial statements were audited by PwC, which provided an unqualified opinion on the financial reports for the year ended December 31, 2019 [144]. - There were no significant lawsuits or arbitration matters reported for the year, indicating a stable legal standing [75].

Financial Performance - Operating revenue for the first nine months decreased by 7.86% to CNY 39,655,555,222.64 compared to the same period last year[5]. - Net profit attributable to shareholders decreased by 3.39% to CNY 3,626,867,660.70 compared to the same period last year[5]. - The company's operating revenue for the reporting period was CNY 39.66 billion, a decrease of 7.86% compared to CNY 43.04 billion in the previous year, primarily due to a decline in power generation[10]. - The basic earnings per share decreased by 3.57% to CNY 0.27 compared to the same period last year[5]. - Total operating revenue for Q3 2019 was approximately ¥13.76 billion, a decrease of 9.87% compared to ¥15.27 billion in Q3 2018[21]. - Net profit for Q3 2019 was approximately ¥1.34 billion, a decrease of 13.46% compared to ¥1.55 billion in Q3 2018[22]. - The total profit for Q3 2019 was approximately ¥1.67 billion, a decrease of 5.83% compared to ¥1.78 billion in Q3 2018[22]. - The total comprehensive income for Q3 2019 was approximately ¥1.21 billion, a decrease of 46.06% compared to ¥2.25 billion in Q3 2018[23]. Cash Flow - The net cash flow from operating activities increased by 17.63% to CNY 8,115,981,138.53 compared to the same period last year[5]. - The net cash flow from operating activities for the first three quarters of 2019 was CNY 121,700,837.88, a decrease of 55.2% compared to CNY 271,955,714.27 in the same period of 2018[30]. - The total cash inflow from investment activities was CNY 4,318,330,125.93, an increase from CNY 3,106,148,618.83 year-over-year[32]. - The net cash flow from financing activities was -CNY 2,419,353,798.63, compared to -CNY 2,373,295,375.86 in the previous year, indicating a worsening cash outflow situation[32]. - The cash flow from investment activities showed a net inflow of CNY 2,792,426,250.77, a significant increase from CNY 849,750,893.61 year-over-year[32]. Assets and Liabilities - The company's net assets attributable to shareholders increased by 3.06% to CNY 63,070,540,073.32 compared to the end of the previous year[5]. - The total assets amounted to CNY 109.82 billion, a slight increase from CNY 109.70 billion at the end of the previous year[14]. - Total liabilities decreased from CNY 40,543,777,787.30 to CNY 38,583,917,178.05, a reduction of approximately 4.5%[15]. - The total equity attributable to shareholders increased from CNY 61,195,455,409.35 to CNY 63,070,540,073.32, reflecting a growth of about 3.1%[16]. - The company's inventory increased from CNY 56,743,563.11 to CNY 81,036,537.01, a rise of approximately 42.9%[17]. - Total liabilities reached approximately ¥40.54 billion, with current liabilities at ¥16.42 billion and non-current liabilities at ¥24.13 billion[35]. Shareholder Information - The number of shareholders at the end of the reporting period was 183,739[8]. - The largest shareholder, Zhejiang Energy Group Co., Ltd., holds 68.48% of the shares, amounting to 9,312,667,001 shares[8]. Other Income and Expenses - The company recorded non-operating income of CNY 36,160,829.97 for the reporting period[7]. - The company reported a total of CNY 201,434,416.13 in government subsidies recognized during the first nine months[6]. - R&D expenses for Q3 2019 were approximately ¥19.79 million, a significant decrease of 62.05% from ¥52.19 million in Q3 2018[21]. - The company's tax expenses for Q3 2019 were approximately ¥329.53 million, an increase of 47.00% compared to ¥224.29 million in Q3 2018[22].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥25,896,355,731.97, a decrease of 6.75% compared to ¥27,771,168,724.65 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥2,506,841,967.57, an increase of 6.76% from ¥2,348,121,672.96 in the previous year[13]. - The company achieved a net profit of CNY 2.507 billion, representing a year-on-year increase of 6.76%[19]. - The total operating revenue for the period was CNY 25.896 billion, a decrease of 6.75% compared to the previous year[20]. - The company reported a net profit of approximately ¥17.90 billion, down from ¥18.61 billion, a decrease of about 3.81%[75]. - The comprehensive income for the first half of 2019 was CNY 3,644,725,312.94, which includes a net profit of CNY 3,045,302,032.49[92]. Cash Flow and Liquidity - The net cash flow from operating activities reached ¥4,820,406,036.23, representing a significant increase of 42.72% compared to ¥3,377,519,742.59 in the same period last year[13]. - Cash flow from operating activities increased by 42.72% to CNY 4.820 billion, mainly due to reduced cash payments for coal and raw materials[20]. - The company's cash and cash equivalents increased by 4.15%, reaching CNY 12.28 billion, reflecting a stronger liquidity position[23]. - The cash balance at the end of the period was 12,277,573,930.39 RMB, down from 12,688,873,532.59 RMB at the end of the previous period[86]. - The net increase in cash and cash equivalents was 489,719,077.07 RMB, contrasting with a decrease of -118,942,304.16 RMB in the prior year[86]. Assets and Liabilities - The total assets at the end of the reporting period were ¥108,549,173,195.23, a decrease of 1.05% from ¥109,696,343,858.16 at the end of the previous year[13]. - The total liabilities were reported at ¥45,000,000,000, with current liabilities making up a significant portion[73]. - The total liabilities decreased to approximately ¥38.57 billion from ¥40.54 billion, representing a reduction of about 4.88%[75]. - The total equity attributable to shareholders increased to approximately ¥62.08 billion, up from ¥61.20 billion, marking a growth of about 1.43%[75]. - The total amount of related party transactions with subsidiaries amounts to RMB 1,182,999,370.38, accounting for 100% of the reported transactions[45]. Investments and R&D - Research and development expenses increased by 33.09% to CNY 47.889 million, reflecting a commitment to innovation[20]. - The company reported an investment income of approximately ¥1.22 billion during the reporting period, reflecting a significant contribution from joint ventures and associates[187]. - The company has maintained a strategic partnership with China Nuclear Power, becoming its third-largest shareholder and participating in financial and operational decision-making[188]. - The company’s total investment in joint ventures and associates reached approximately ¥20.95 billion, indicating a robust investment strategy in the energy sector[187]. Shareholder and Governance - The company did not propose any profit distribution plan or capital reserve transfer to share capital during the reporting period[3]. - The top shareholder, Zhejiang Energy Group Co., Ltd., holds 69.94% of the shares, totaling 9,512,667,001 shares[69]. - The company has committed to maintaining independent operations and financial integrity, ensuring no interference from its controlling shareholder, Zhejiang Energy Group[36]. - There were no significant risks or violations of decision-making procedures reported during the period[5]. Environmental and Compliance - All environmental protection measures are in compliance, with major pollutants achieving ultra-low emissions standards[62]. - The company has implemented pollution control facilities, including desulfurization and denitrification systems, which are operating normally[63]. - The company has established emergency response plans for environmental incidents, which have been filed with local environmental authorities[65]. - The company has not faced any penalties or corrective actions related to its integrity or that of its major shareholders during the reporting period, reflecting a strong compliance culture[41]. Related Party Transactions - The expected upper limit for related party transactions with Zhejiang Energy Natural Gas Group for 2019 is set at RMB 7.5 billion, with actual transactions not exceeding this estimate[44]. - The company’s related party transactions pricing principle is based on market prices, ensuring fairness in negotiations[48]. - The total amount of related party transactions reached CNY 785,230,072.56, accounting for 100% of the total transactions[48]. - The company’s related party transactions with Zhejiang Energy International Co., Ltd. were approved at the 2016 annual general meeting, covering the period from 2017 to 2019[51]. Accounting Policies and Financial Reporting - The financial statements are prepared based on the principle of going concern, ensuring the company's ability to continue operations[96]. - The company includes 41 subsidiaries in its consolidated financial statements, reflecting a broad operational scope[95]. - The accounting policies are aligned with enterprise accounting standards, ensuring accurate financial reporting[97]. - Changes in accounting policies were made in 2019 due to revised financial reporting standards issued by the Ministry of Finance[142].