证券代码：600027 证券简称：华电国际 公告编号：2023-012 华电国际电力股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2023 年 4 月 7 日（星期五）起至 2023 年 4 月 13 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本公司邮箱 hdpi_ir@126.com 进行提问，本公司将在说明会上对投资者普遍关注的问题进行 回答。 华电国际电力股份有限公司（"本公司"）将于 2023 年 3 月 30 日发布本公司 2022 年度报告，为便于广大投资者更全面深入地了解本公司 2022 年度经营成果 及财务状况，本公司计划于 2023 年 4 月 14 日（星期五）上午 10:00-11:00 举行 2022 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频直播结合网络互动形式召开，本公司将针对 2022 年 度经营成果及财务指标的具体情况与投资者进行互动交 ...

[Company Profile and Key Financial Indicators](index=2&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and its core financial performance metrics [Key Accounting Data and Financial Indicators](index=2&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first three quarters of 2022, operating revenue grew modestly to **RMB 79.65 billion**, while net profit attributable to the parent company significantly increased by **45.98%** to **RMB 2.325 billion**, with the third quarter achieving a notable turnaround to profit Key Financial Indicators for Q1-Q3 2022 and Q3 (RMB thousands) | Indicator | Year-to-Date | Year-on-Year Change (%) | Current Period (Q3) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 79,650,516 | 1.92% | 30,105,663 | 26.97% | | Net Profit Attributable to Shareholders of Listed Company | 2,325,259 | 45.98% | 680,228 | N/A (Turnaround to Profit) | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 1,874,037 | N/A (Turnaround to Profit) | 585,734 | N/A (Turnaround to Profit) | | Net Cash Flow from Operating Activities | 9,425,532 | 58.00% | N/A | N/A | | Basic Earnings Per Share (RMB/share) | 0.166 | 104.94% | 0.046 | N/A (Turnaround to Profit) | | Weighted Average Return on Net Assets (%) | 4.17% | increased by 2.51 percentage points | 1.19% | N/A (Turnaround to Profit) | - The company retrospectively adjusted unit trial operation sales occurring on or after January 1, 2021, due to the adoption of "Interpretation No. 15 of Accounting Standards for Business Enterprises," impacting the prior year's comparative base[4](index=4&type=chunk) [Non-Recurring Gains and Losses](index=3&type=section&id=Non-Recurring%20Gains%20and%20Losses) In the first three quarters of 2022, the company's non-recurring gains and losses totaled **RMB 451 million**, primarily from government subsidies, with the third quarter alone accounting for **RMB 94 million** Non-Recurring Gains and Losses for Q1-Q3 2022 (RMB thousands) | Item | Year-to-Date Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 84,067 | | Government Subsidies | 436,770 | | Other Non-Operating Income and Expenses | 99,193 | | Less: Income Tax and Minority Interest Impact | 169,676 | | **Total** | **451,222** | [Analysis of Key Financial Indicator Changes](index=4&type=section&id=Analysis%20of%20Key%20Financial%20Indicator%20Changes) The company explained significant changes in its Q1-Q3 financial data, attributing revenue growth to increased electricity and heat prices, net profit surge to higher electricity prices and associate company gains, and improved operating cash flow to increased power generation revenue and VAT refunds - Operating revenue for the first three quarters increased by **1.92%** year-on-year, primarily due to rising electricity and heat prices, partially offset by reduced coal trade volume and the deconsolidation of new energy assets[6](index=6&type=chunk) - Net profit attributable to the parent company significantly increased by **45.98%** year-on-year, mainly due to higher electricity and heat prices and increased equity investment income, which collectively offset the impact of rising fuel prices[6](index=6&type=chunk) - Net cash inflow from operating activities significantly increased by **58.00%** year-on-year, primarily benefiting from increased power generation revenue and VAT credit refunds[7](index=7&type=chunk) - Cash flow from financing activities shifted from a net inflow of **RMB 5.579 billion** in the prior year to a net outflow of **RMB 3.355 billion**, mainly due to increased debt repayments[7](index=7&type=chunk) [Shareholder Information](index=5&type=section&id=Shareholder%20Information) This section details the company's shareholder structure and the holdings of its major investors [Shareholding Structure](index=5&type=section&id=Shareholding%20Structure) As of the reporting period end, the company had **86,934** common shareholders, with controlling shareholder China Huadian Corporation Limited holding **46.81%**, and the top ten shareholders collectively holding approximately **80.17%**, indicating a relatively concentrated equity structure Top Ten Shareholders' Holdings | Shareholder Name | Shareholding Percentage (%) | Number of Shares Held (shares) | | :--- | :--- | :--- | | China Huadian Corporation Limited | 46.81 | 4,620,061,224 | | Hong Kong Securities Clearing Company Nominees Limited | 18.37 | 1,813,482,634 | | Shandong Development Investment Holding Group Co., Ltd. | 7.67 | 757,226,729 | | China Securities Finance Corporation Limited | 3.71 | 365,765,750 | | Shenergy Company Limited | 1.32 | 130,510,000 | [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the reporting period [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) As of September 30, 2022, the company's total assets were **RMB 218.315 billion**, a slight decrease of **0.25%** from the beginning of the year, with Q1-Q3 operating revenue at **RMB 79.651 billion** and net profit at **RMB 2.095 billion**, while net cash flow from operating activities significantly increased by **58.00%** to **RMB 9.426 billion** [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2022, the company's total assets were **RMB 218.315 billion** and total liabilities were **RMB 144.871 billion**, resulting in a debt-to-asset ratio of **66.36%**, with notable changes including a **46.63%** decrease in inventory and a **42.92%** increase in bonds payable Key Items from Consolidated Balance Sheet (RMB thousands) | Item | September 30, 2022 | December 31, 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 218,314,968 | 218,860,429 | -0.25% | | Total Liabilities | 144,871,029 | 145,294,314 | -0.29% | | Equity Attributable to Parent Company Owners | 61,969,449 | 61,829,644 | 0.23% | [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2022, the company's total operating revenue was **RMB 79.651 billion**, a **1.92%** increase, while total operating costs rose by **3.00%** to **RMB 77.79 billion** due to higher fuel prices, and net profit attributable to parent company shareholders significantly improved by **45.98%** to **RMB 2.325 billion** Key Items from Consolidated Income Statement (RMB thousands) | Item | Q1-Q3 2022 | Q1-Q3 2021 | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 79,650,516 | 78,149,497 | 1.92% | | Total Operating Costs | 82,359,894 | 80,375,978 | 2.47% | | Investment Income | 3,935,379 | 5,021,382 | -21.63% | | Total Profit | 2,037,707 | 1,803,471 | 12.99% | | Net Profit Attributable to Parent Company Shareholders | 2,325,259 | 1,592,844 | 45.98% | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2022, net cash flow from operating activities significantly increased by **58.00%** to **RMB 9.426 billion**, driven by higher power generation revenue and VAT refunds, while financing activities shifted to a net outflow of **RMB 3.355 billion** due to increased debt repayments Key Items from Consolidated Cash Flow Statement (RMB thousands) | Item | Q1-Q3 2022 | Q1-Q3 2021 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,425,532 | 5,965,567 | | Net Cash Flow from Investing Activities | -4,698,022 | -10,005,686 | | Net Cash Flow from Financing Activities | -3,355,405 | 5,579,126 | | Cash and Cash Equivalents at Period End | 7,317,172 | 8,307,837 | [Parent Company Financial Statements](index=13&type=section&id=Parent%20Company%20Financial%20Statements) At the parent company level, total assets were **RMB 120.583 billion** as of September 30, 2022, primarily comprising long-term equity investments in subsidiaries, with net profit for the first three quarters at **RMB 3.542 billion**, a decrease mainly due to higher asset disposal gains in the prior year - The parent company's net profit for the first three quarters of 2022 was **RMB 3.542 billion**, a decrease from **RMB 5.105 billion** in the same period last year[20](index=20&type=chunk) - The parent company's total assets amounted to **RMB 120.583 billion**, with long-term equity investments reaching **RMB 81.936 billion**, accounting for approximately **68%**, reflecting its role as a holding platform[18](index=18&type=chunk) [Changes in Accounting Policies and Financial Statement Adjustments](index=19&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Financial%20Statement%20Adjustments) This section details the impact of new accounting standards on the company's financial reporting and any resulting adjustments [Explanation and Impact of Accounting Standard Changes](index=19&type=section&id=Explanation%20and%20Impact%20of%20Accounting%20Standard%20Changes) Effective January 1, 2022, the company adopted "Interpretation No. 15 of Accounting Standards for Business Enterprises" regarding trial operation sales, leading to retrospective adjustments that primarily increased long-term equity investments and retained earnings while decreasing fixed assets and construction in progress - The company adopted "Interpretation No. 15 of Accounting Standards for Business Enterprises" effective January 1, 2022, retrospectively adjusting trial operation sales occurring on or after January 1, 2021[24](index=24&type=chunk) Major Impacts of Consolidated Financial Statement Adjustments at Beginning of Period (RMB thousands) | Adjustment Item | Adjustment Amount | | :--- | :--- | | Long-Term Equity Investments | 120,304 | | Fixed Assets | -38,787 | | Construction in Progress | -3,368 | | Surplus Reserve | 11,521 | | Retained Earnings | 74,498 |

Financial Performance - The company's operating revenue for Q3 2022 was RMB 30,105.66 million, a year-on-year increase of 26.97% compared to RMB 23,711.01 million in the same period last year[4]. - The net profit attributable to shareholders of the listed company was RMB 680.23 million, a significant turnaround from a loss of RMB 1,779.59 million in the previous year[4]. - The basic earnings per share increased to RMB 0.046, compared to a loss of RMB 0.207 per share in the same period last year, marking an increase of 104.94%[4]. - The company's net profit for the first three quarters was RMB 2,325.26 million, an increase of 45.98% year-on-year, driven by rising electricity prices and increased equity earnings[7]. Cash Flow and Assets - The company's cash flow from operating activities for the year-to-date period was RMB 9,425.53 million, reflecting a 58.00% increase from RMB 6,016.28 million in the previous year[4]. - The company's net cash inflow from operating activities for the first three quarters was approximately RMB 9,426 million, reflecting an increase of 58.00% year-on-year[7]. - The total assets at the end of the reporting period were RMB 218,860.43 million, a slight decrease of 0.25% compared to the previous year[4]. Investment and Liabilities - The company's investment income for the first three quarters was RMB 393.5 million, a decrease of 21.63% year-on-year, primarily due to the absence of one-time gains from last year's asset integration[7]. - The company reported a significant reduction in other current liabilities, down 95.06% to RMB 1,066 million, primarily due to the repayment of short-term financing notes[7]. - The company's net cash outflow from investment activities for the first three quarters was approximately RMB 4.698 billion, a year-on-year decrease of 53.05%, mainly due to the impact of last year's integration of new energy assets[8]. - The net cash outflow from financing activities for the first three quarters was approximately RMB 3.355 billion, compared to a net inflow of approximately RMB 5.579 billion in the same period last year, primarily due to an increase in debt repayment[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 86,934, with the largest shareholder, China Huadian Group Co., Ltd., holding 4,620,061,224 shares, representing 46.81% of the total[9]. - The second-largest shareholder, Hong Kong Central Clearing Limited, held 1,813,482,634 shares, accounting for 18.37%[9]. - The company had a total of 4,534,199,224 RMB ordinary shares held by shareholders without sales restrictions[10]. - The company has a significant portion of its shares pledged or frozen, with China Craft Group Co., Ltd. having 70,545,600 shares frozen, which includes 19,641,699 shares[10]. Operational Information - The company has not provided any additional important information regarding its operational situation during the reporting period[11]. - Inventory at the end of Q3 was RMB 3,264 million, a decrease of 46.63% from the beginning of the period, mainly due to reduced coal stock[7].

Financial Performance - The group achieved a revenue of approximately RMB 48.945 billion for the six months ended June 30, 2022, representing a decrease of about 7.21% compared to the same period in 2021[4]. - The profit attributable to equity holders of the company for the period was approximately RMB 1.580 billion, with basic earnings per share of approximately RMB 0.114[4]. - The group's revenue for the period was approximately RMB 48.945 billion, a decrease of 7.21% year-on-year, mainly due to reduced coal trading volume[27]. - The group reported a net profit attributable to equity holders of approximately RMB 1.580 billion, a decrease of 51.81% year-on-year[27]. - The company reported a net profit attributable to equity holders of RMB 1,126,250 thousand for the six months ended June 30, 2022, down 59.0% from RMB 2,751,154 thousand in the same period of 2021[108]. - Basic earnings per share decreased to RMB 0.114, compared to RMB 0.279 for the same period in 2021[108]. - The company reported a significant increase in fuel costs, which rose to RMB (37,793,593) from RMB (28,344,341) in the previous year, representing a 33.4% increase[70]. - The company incurred a total depreciation and amortization expense of RMB 5,059,441 thousand, down from RMB 6,014,890 thousand in the same period of 2021[103]. - The company reported a tax expense of RMB 141,668 thousand for the six months ended June 30, 2022, compared to a tax expense of RMB 674,498 thousand in the same period of 2021[106]. Operational Capacity and Strategy - The group operates a total of 42 power plants with a total installed capacity of 53,413.04 MW, including approximately 42,360 MW of coal-fired power, 8,589.05 MW of gas-fired power, and 2,459 MW of hydropower[5]. - Clean energy generation capacity, including gas and hydropower, accounts for approximately 20.69% of the total installed capacity[5]. - The group continues to focus on expanding its clean energy portfolio and enhancing operational efficiency through advanced technologies[5]. - Future strategies include potential market expansion and investment in new technologies to improve sustainability and operational performance[5]. - The company has a significant presence in coal-fired and gas-fired power generation, with detailed operational data provided for various power plants[7][9][11]. Financial Position and Cash Flow - The group's total borrowings amounted to approximately RMB 89.448 billion, with a debt-to-asset ratio of 65.65%, a slight decrease from the previous year[37]. - As of June 30, 2022, the group had cash and cash equivalents of approximately RMB 5.547 billion[38]. - The net cash inflow from operating activities was approximately RMB 2.782 billion, a decrease of about 34.43% compared to the same period in 2021, primarily due to a reduction in coal trade volume and the impact of not consolidating wind and solar assets this year[40]. - The net cash outflow from investment activities was approximately RMB 2.812 billion, a decrease of about 65.68% compared to the same period in 2021, mainly due to the non-consolidation of wind and solar assets[40]. - The net cash outflow from financing activities was approximately RMB 368 million, compared to a net cash inflow of approximately RMB 5.803 billion in the first half of 2021, primarily due to an increase in debt repayment[40]. Corporate Governance and Compliance - The company has implemented a strict corporate governance code that exceeds the requirements of the Corporate Governance Code under the Hong Kong Listing Rules[59]. - The company has maintained compliance with environmental, social, and governance requirements as per the Hong Kong Listing Rules[59]. - The audit committee has reviewed the unaudited condensed consolidated financial statements prepared in accordance with International Accounting Standard 34[57]. - The company has established a strategic committee in addition to the audit, remuneration, and nomination committees[61]. Market and Economic Conditions - In the first half of 2022, China's GDP grew by 2.5% year-on-year, while total electricity consumption increased by 2.9% to 4,097.7 million MWh[25]. - The company's operations face risks from the COVID-19 pandemic, electricity market fluctuations, coal market conditions, and environmental regulations, which may impact macroeconomic recovery and electricity demand[43]. Employee and Management Information - The total number of employees in the group is 24,711 as of June 30, 2022[57]. - The company has adopted a performance-based compensation policy for employees, emphasizing meritocracy and competitive selection[57]. - The total remuneration for key management personnel decreased from RMB 2,687 thousand in 2021 to RMB 2,572 thousand in 2022, a decline of about 4.3%[193]. Investment and Asset Management - The company has initiated the process for public REITs in infrastructure, selecting natural gas cogeneration projects in Zhejiang Province as potential assets, with total assets of approximately RMB 2.805 billion and total liabilities of approximately RMB 1.690 billion as of December 31, 2021[49]. - The company reported a significant increase of approximately 589.42% in profit from joint ventures and associates to RMB 2.895 billion, attributed to increased earnings from invested new energy and coal companies[34]. - The company has a significant amount of deferred VAT and other taxes amounting to RMB 690,532,000 as of June 30, 2022, down from RMB 1,434,315,000 at the end of 2021[118].

Company Overview [Key Financial Data and Indicators](index=2&type=section&id=I.%20Key%20Financial%20Data) In Q1 2022, operating revenue slightly decreased by 3.98%, while net profit attributable to shareholders significantly declined by 50.26% due to rising coal prices, with operating cash flow remaining stable and retrospective adjustments disclosed | Indicator (Thousand RMB) | Current Period | Prior Period (Restated) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,815,896 | 30,010,563 | -3.98% | | Net Profit Attributable to Shareholders | 616,670 | 1,239,728 | -50.26% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 450,249 | 1,086,463 | -58.56% | | Net Cash Flow from Operating Activities | 4,039,639 | 4,254,501 | -5.05% | | Basic Earnings Per Share (RMB/share) | 0.040 | 0.099 | -59.60% | | Weighted Average Return on Net Assets (%) | 1.01% | 1.95% | -48.21% | - The significant year-over-year decline in profit was primarily due to increased operating costs from rising coal prices, with current period operating costs approximately **28.288 billion RMB**, a **6.98% year-over-year increase**[8](index=8&type=chunk) - Investment income significantly increased by **518.09% year-over-year**, reaching approximately **1.179 billion RMB**, primarily due to improved performance of associates and joint ventures[8](index=8&type=chunk) - The company retrospectively adjusted prior period data due to: 1) the 2021 acquisition of equity in certain China Huadian Group companies in Hunan, included in the consolidated financial statements; and 2) the adoption of 'Interpretation No. 15 of Accounting Standards for Business Enterprises' from 2022, requiring retrospective adjustment for trial operation sales[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) Non-recurring Gains and Losses | Non-recurring Gains and Losses (Thousand RMB) | Current Period Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 81,747 | | Government Grants | 156,733 | | Other Non-operating Income and Expenses | 21,889 | | **Total** | **166,421** | [Shareholder Information](index=5&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 124,843 common shareholders, with the top two shareholders, China Huadian Group Co., Ltd. and HKSCC Nominees Limited, holding over 65% combined, indicating a relatively concentrated equity structure - As of the end of the reporting period, the company had a total of **124,843 common shareholders**[9](index=9&type=chunk) Top Ten Shareholders | Top Ten Shareholders | Shareholding Percentage (%) | Nature of Shares | | :--- | :--- | :--- | | China Huadian Group Co., Ltd. | 46.81 | State-owned Legal Person | | HKSCC Nominees Limited | 18.37 | Overseas Legal Person | | Shandong Development Investment Holding Group Co., Ltd. | 7.67 | State-owned Legal Person | | China Securities Finance Corporation Limited | 3.89 | Unknown | | Shenergy Company Limited | 1.32 | State-owned Legal Person | Other Reminders [Other Reminders](index=7&type=section&id=III.%20Other%20Reminders) During the reporting period, the company has no other significant operational information requiring special attention from investors - The company confirms there is no other significant information regarding its operations during the reporting period that requires investor attention[12](index=12&type=chunk) Quarterly Financial Statements [Audit Opinion](index=7&type=section&id=(I)%20Type%20of%20Audit%20Opinion) The financial statements for this quarter are unaudited - The company's Q1 2022 financial statements are unaudited[2](index=2&type=chunk)[12](index=12&type=chunk) [Financial Statement Analysis](index=8&type=section&id=(II)%20Financial%20Statements) Financial statements indicate a slight decrease in total assets, significant pressure on profitability with a sharp decline in net profit due to high coal prices, stable operating cash flow, reduced investment outflows, and increased financing outflows, reflecting a strategy of slowing capital expenditure and active debt repayment this quarter [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2022, total assets were **213.892 billion RMB**, a **2.25% decrease** from year-end, primarily due to a **63.79% drop in inventory** from reduced coal stock and a **79.50% decrease in contract liabilities** as heating season ended, with total liabilities decreasing and owner's equity slightly increasing | Item (Thousand RMB) | March 31, 2022 | December 31, 2021 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 213,892,228 | 218,860,429 | -2.25% | | Total Liabilities | 139,926,249 | 145,294,314 | -3.70% | | Equity Attributable to Parent Company Owners | 62,362,256 | 61,829,644 | +0.92% | - Inventory decreased by **63.79%** from the end of the previous year, primarily due to a reduction in coal stock[7](index=7&type=chunk) - Contract liabilities decreased by **79.50%** from the end of the previous year, mainly because of reduced advance heating fees as the heating season concluded[7](index=7&type=chunk) [Consolidated Income Statement](index=10&type=section&id=Consolidated%20Income%20Statement) In Q1 2022, operating revenue was **28.816 billion RMB**, a **3.98% year-over-year decrease**; operating costs rose **6.98% to 28.288 billion RMB** due to higher coal prices, severely squeezing gross margins, resulting in net profit attributable to parent company shareholders of **616.67 million RMB**, a **50.26% year-over-year decline** | Item (Thousand RMB) | Q1 2022 | Q1 2021 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,815,896 | 30,010,563 | -3.98% | | Operating Cost | 28,288,361 | 26,443,717 | +6.98% | | Investment Income | 1,179,450 | 190,823 | +518.09% | | Total Profit | 531,383 | 2,284,305 | -76.74% | | Net Profit Attributable to Parent Company Shareholders | 616,670 | 1,239,728 | -50.26% | [Consolidated Cash Flow Statement](index=12&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **4.040 billion RMB**, a **5.05% slight year-over-year decrease**, remaining largely stable; net cash outflow from investing activities was **1.365 billion RMB**, a **56.94% significant year-over-year reduction** due to decreased capital expenditures; net cash outflow from financing activities was **2.315 billion RMB**, a **79.88% year-over-year increase** primarily due to increased debt repayment | Item (Thousand RMB) | Q1 2022 | Q1 2021 (Restated) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,039,639 | 4,254,501 | -5.05% | | Net Cash Flow from Investing Activities | -1,365,290 | -3,170,570 | Outflow decreased by 56.94% | | Net Cash Flow from Financing Activities | -2,314,722 | -1,286,792 | Outflow increased by 79.88% | - Net cash outflow from investing activities decreased year-over-year, primarily due to reduced capital expenditures[8](index=8&type=chunk) - Net cash outflow from financing activities increased year-over-year, primarily due to increased debt repayment by the company[8](index=8&type=chunk) [Accounting Standard Changes and Adjustments](index=18&type=section&id=Adjustments%20to%20Opening%20Financial%20Statements%20Upon%20First-time%20Adoption%20of%20New%20Accounting%20Standards) Effective January 1, 2022, the company adopted 'Interpretation No. 15 of Accounting Standards for Business Enterprises' regarding trial operation sales, retrospectively adjusting relevant financial data, impacting opening balances of fixed assets, construction in progress, surplus reserves, and retained earnings, resulting in a **34.285 million RMB** reduction in total opening equity attributable to parent company owners - The company adopted 'Interpretation No. 15 of Accounting Standards for Business Enterprises' effective January 1, 2022, retrospectively adjusting trial operation sales occurring on or after January 1, 2021[29](index=29&type=chunk)[35](index=35&type=chunk) Key Adjustment Items (Consolidated Statements) | Key Adjustment Items (Consolidated Statements) | Adjustment Amount (Thousand RMB) | | :--- | :--- | | Fixed Assets | -38,787 | | Construction in Progress | -3,368 | | Surplus Reserves | -509 | | Retained Earnings | -33,776 | | Total Equity Attributable to Parent Company Owners | -34,285 | | Non-controlling Interests | -7,870 |

Financial Performance - The company's operating revenue for Q1 2022 was RMB 28,815,896 thousand, a decrease of 3.98% compared to RMB 29,263,011 thousand in the same period last year[4] - Net profit attributable to shareholders was RMB 616,670 thousand, down 50.26% from RMB 1,198,855 thousand year-on-year[4] - The net profit after deducting non-recurring gains and losses was RMB 450,249 thousand, a decrease of 58.56% compared to RMB 1,111,231 thousand in the previous year[4] - The total profit for Q1 2022 was RMB 531,000 thousand, a decrease of 76.74% compared to the previous year[8] Cash Flow and Investments - The company's cash flow from operating activities was RMB 4,039,639 thousand, showing a slight increase of 0.92% from RMB 4,002,784 thousand year-on-year[4] - The net cash outflow from investment activities was RMB 1,365,000 thousand, a decrease of 56.94% year-on-year, mainly due to reduced capital expenditures[8] - The net cash outflow from financing activities was RMB 2,315,000 thousand, an increase of 79.88% year-on-year, primarily due to debt repayment[8] - The company's investment income for Q1 2022 was RMB 117,900 thousand, an increase of 518.09% year-on-year, attributed to improved performance of associated enterprises[8] Assets and Shareholder Information - The total assets at the end of the reporting period were RMB 213,892,228 thousand, a decrease of 2.25% from RMB 218,860,429 thousand at the end of the previous year[4] - Accounts receivable financing at the end of Q1 2022 was approximately RMB 1,085,000 thousand, an increase of 43.67% compared to the end of the previous year[7] - The total number of ordinary shareholders at the end of the reporting period is 124,843, with the top ten shareholders holding a combined 46.81% of shares[9] - China Huadian Group Co., Ltd. is the largest shareholder, holding 4,620,061,224 shares, which represents 46.81% of the total[9] - Hong Kong Central Clearing (Agent) Co., Ltd. holds 1,812,781,534 shares, accounting for 18.37% of the total[9] - Shandong Development Investment Holding Group Co., Ltd. holds 757,226,729 shares, representing 7.67% of the total[9] - The total number of preferred shareholders with restored voting rights is not specified, indicating no significant changes in this area[9] Governance and Operational Updates - The board of directors consists of multiple members, including both executive and independent directors, ensuring a balanced governance structure[12] - The report does not provide any significant updates on new products, technologies, market expansion, or mergers and acquisitions[11] - The company emphasizes the importance of reviewing the unaudited financial statements as of March 31, 2022, available on the Shanghai Stock Exchange website[11] - The report includes a reminder for investors to pay attention to the company's operational situation during the reporting period[11] - The company has a diverse shareholder base, with various institutional and individual investors holding significant stakes[10]

Power Generation Capacity and Operations - The company operates a total of 42 power plants with a combined installed capacity of approximately 53,355.55 MW, including 42,360 MW from coal-fired power, 8,589.05 MW from gas-fired power, and 2,403 MW from hydropower[26]. - The company holds a 100% ownership in several key power plants, including Zouxian Power Plant (2,575 MW) and Shiliquan Power Plant (2,120 MW)[27]. - The company has a significant stake in joint ventures, such as 69% in Zouxian Company (2,000 MW) and 75% in Laizhou Company (4,000 MW)[27]. - The company has a diversified power generation portfolio, with significant contributions from both coal and gas-fired plants[27]. - The company has a total installed capacity of 6,855.6 MW in Hubei, with an ownership interest of 82.56%[28]. - The company operates multiple power plants, including 1,320 MW in Changde with a 48.98% ownership and 1,200 MW in Changsha with a 70% ownership[28]. - The company has a significant presence in renewable energy, with 1,360 MW capacity in Hubei, holding a 50% stake[29]. - The company’s coal-fired plants include a significant 2,570 MW capacity in Jiangling, with a 100% ownership[29]. - The company’s gas-fired plants include a capacity of 1,310.2 MW in Shijiazhuang, with an 82% ownership[28]. - The company completed the commissioning of 3,885.9 MW of new power generation projects in 2021, including coal, gas, and hydropower installations[37]. Financial Performance - The company achieved a revenue of approximately RMB 100.98 billion in 2021, marking a 12.98% increase compared to 2020[37]. - The total power generation reached 232.80 million MWh, representing a year-on-year growth of approximately 7.52%[37]. - The company reported an operating loss of approximately RMB 14.40 billion in 2021, a significant decline from an operating profit of RMB 8.79 billion in 2020, primarily due to soaring coal prices[37]. - The installed capacity of the company reached approximately 53,355.55 MW, with a clean energy proportion of about 20.60%[37]. - The company’s asset-liability ratio at the end of the year was 66%, an increase of 6 percentage points from the beginning of the year[37]. - The group reported an operating loss of RMB 14,399,328 thousand for 2021, compared to an operating profit of RMB 8,790,151 thousand in 2020, indicating a significant decline in operational performance[182]. - The net loss attributable to equity holders for the year was RMB 5,215,889 thousand, a decrease from a profit of RMB 5,675,631 thousand in 2020[182]. - The company reported a significant increase in fuel costs, which rose to RMB (74,471,831) thousand in 2021 from RMB (41,394,152) thousand in 2020, impacting overall profitability[182]. Shareholder Information and Dividends - The company has issued approximately 688.16 million A-shares and 14,701,590 convertible bonds in September 2021[26]. - The company has a total of 8,152,624,615 A-shares, accounting for 82.60% of its total share capital, and 1,717,233,600 H-shares, accounting for 17.40%[26]. - The company proposed a cash dividend of RMB 0.25 per share for the fiscal year ending December 31, 2021[35]. - The company plans to distribute at least 50% of the annual distributable profit as cash dividends from 2020 to 2022[35]. - The company plans to distribute a minimum of RMB 0.2 per share in dividends during the 2020-2022 period[165]. Investments and Acquisitions - The company completed the acquisition of 45.15% equity in Inner Mongolia Huadian Mengdong Energy Co., Ltd. and 36.86% equity in Tianjin Huadian Fuyuan Thermal Power Co., Ltd. as part of a share purchase agreement approved on May 28, 2021[91]. - The company agreed to sell 65% equity in Ningxia Lingwu Power Co., Ltd. for a final transaction price of RMB 2.85 billion and 53% equity in Ningxia Huadian Heating Co., Ltd. for RMB 1.486 billion[95]. - The company completed the acquisition of regional companies in Hunan, including 70% equity in Changsha, 48.98% in Changde, and 100% in Pingjiang, for a total consideration of RMB 3.495 billion[98]. - The company agreed to inject approximately RMB 21.24 billion into Fuxin Development through the transfer of equity in its renewable energy company, totaling around RMB 13.61 billion, and a cash contribution of no less than RMB 7.63 billion[105]. Risk Management and Compliance - The group faces risks from the ongoing COVID-19 pandemic, which could impact macroeconomic recovery, electricity demand, and coal production[47]. - The group is addressing the risk of high coal prices, which have significantly increased since September 2021, by optimizing coal procurement strategies[47]. - The company has established a risk management and internal control system, which is reviewed at least annually to ensure its effectiveness[151]. - The company believes that enhancing risk management and internal control capabilities will strengthen corporate governance[153]. - The company has implemented policies to ensure assets are not used or disposed of without authorization, maintaining reliable financial records[152]. Governance and Management - The company has a structured approach to ensure that all securities transactions by directors are reported and approved[148]. - The board consists of 11 members, including 4 independent non-executive directors, ensuring a diverse range of skills and experiences[135]. - The company has established a strategic committee in addition to the audit, remuneration, and nomination committees[132]. - The company encourages directors to participate in professional development courses to enhance their knowledge and skills[135]. - The management team includes professionals with extensive backgrounds in financial management, corporate governance, and energy sector reforms, ensuring robust oversight and strategic direction[50]. Environmental and Social Responsibility - The company is focusing on the development of renewable energy to meet the national carbon peak goals by 2030[44]. - The group has achieved ultra-low emissions standards for all 95 coal-fired generating units as of the report date[73]. - The company has complied with the "comply or explain" provisions of the Environmental, Social, and Governance (ESG) reporting guidelines during the reporting period[169]. - The group will actively follow environmental regulations and improve waste management practices to mitigate environmental risks[48]. Employee and Human Resources - The company has a workforce of 25,139 employees as of December 31, 2021[26]. - The total number of employees as of December 31, 2021, was 25,139, with a focus on performance-based compensation and a fair distribution mechanism[160]. - The remuneration committee reviewed and proposed improvements to the compensation policies for directors and senior management, ensuring alignment with company performance[155].

Financial Performance - The company's operating revenue for 2021 was RMB 104,422,213 thousand, representing a 12.27% increase compared to RMB 93,009,907 thousand in 2020[16] - The net profit attributable to shareholders of the listed company was a loss of RMB 4,965,346 thousand, a decrease of 211.80% from a profit of RMB 4,441,268 thousand in the previous year[16] - The net cash flow from operating activities was a negative RMB 6,350,506 thousand, down 124.00% from RMB 26,465,861 thousand in 2020[16] - The total assets at the end of 2021 were RMB 218,860,429 thousand, a decrease of 9.84% from RMB 242,750,409 thousand at the end of 2020[16] - The net assets attributable to shareholders of the listed company decreased by 16.88% to RMB 61,829,644 thousand from RMB 74,383,869 thousand in 2020[16] - The company reported a decrease in the net profit after deducting non-recurring gains and losses to a loss of RMB 8,368,162 thousand, down 327.93% from RMB 3,671,424 thousand in 2020[16] - The basic earnings per share for 2021 was -0.61 CNY, a decrease of 269.44% compared to 0.36 CNY in 2020[17] - The weighted average return on equity decreased to -13.67% in 2021, down 20.93 percentage points from 7.26% in 2020[17] - The net profit attributable to shareholders under Chinese accounting standards was -4,965,346 thousand CNY for the current period, compared to 4,441,268 thousand CNY in the previous period[18] Revenue and Costs - The company's total operating costs were approximately RMB 117.969 billion, a year-on-year increase of 38.64%[33] - The company's fuel costs amounted to approximately RMB 75.743 billion, reflecting a significant year-on-year increase of 74.68% due to rising coal prices[35] - The company's total revenue from power generation was RMB 83,642,028 thousand, a decrease of 5.76% compared to the previous year[37] - Revenue from heating services was RMB 7,468,176 thousand, down 32.10% year-on-year, with a gross margin decrease of 28.63 percentage points to 10.61%[37] - The total revenue from coal sales was RMB 11,616,654 thousand, reflecting a 5.55% decrease, with a gross margin reduction of 4.91 percentage points to 4.03%[37] Operational Efficiency and Capacity - The company's total electricity generation reached 233.801 billion kWh, an increase of 7.52% compared to the previous year[26] - The company's total installed capacity reached approximately 53,355.55 MW, with coal-fired generation accounting for about 79%[29] - The company's coal consumption per unit of electricity generated was 287.55 grams/kWh, with all 95 coal-fired units meeting ultra-low emission standards[26] - The company's power generation efficiency showed a utilization rate of 4.86%, with an increase in annual utilization hours to 4,066 hours, up by 422 hours year-on-year[62] Investments and Future Plans - The company plans to expand its renewable energy capacity, particularly in wind and solar sectors, to enhance sustainability[53] - The company aims to achieve a 20% increase in overall power generation capacity by 2025 through strategic investments and expansions[57] - The company plans to invest around RMB 17 billion in 2022 for power project infrastructure, environmental protection, and energy-saving technology upgrades[74] - The company is focusing on the development of new energy projects, with related asset contribution plans being discussed and approved[120] Governance and Compliance - The company emphasizes the importance of compliance management and enhancing governance levels to ensure regulatory adherence and risk prevention[75] - The company has established a three-tier internal control assessment mechanism to promote efficient internal control work[79] - The company strictly adheres to insider information management, ensuring no illegal gains from insider trading[80] - The company is committed to continuous improvement in corporate governance and internal management to promote stable and healthy development[87] Shareholder and Management Information - The total pre-tax compensation for the chairman, Ding Huande, was CNY 450,000[95] - The total pre-tax compensation for the general manager, Luo Xiaoqian, was CNY 852,900[95] - The total pre-tax compensation for the financial director, Feng Rong, was CNY 760,400[95] - The total pre-tax compensation for the deputy general manager, Peng Guoquan, was CNY 778,400[99] - The company has appointed new directors and supervisors, including Zhang Zhiqiang and Li Pengyun, who were newly elected as directors[109] Environmental and Social Responsibility - The company achieved a 100% operational rate for desulfurization equipment and reduced wastewater discharge by approximately 99%, totaling about 7.86 million tons[146] - The company’s carbon emission intensity decreased by 7.4 grams per kilowatt-hour compared to the previous year, reflecting effective energy-saving technology research and management[147] - In 2021, the company allocated 4.921 million yuan for poverty alleviation projects, contributing significantly to the consolidation of poverty alleviation results in various regions[148] - The company received recognition for its poverty alleviation efforts, with its Hubei office awarded as an advanced collective in poverty alleviation[148] Financial Transactions and Debt Management - The company entered into a loan framework agreement with China Huadian, allowing for an annual borrowing limit of RMB 200 billion, with an outstanding balance of approximately RMB 171.66 billion as of December 31, 2021[157] - The company has issued a total of 15 billion RMB in corporate bonds, with interest rates ranging from 3.58% to 5.20%[196] - The total amount raised from the issuance of bonds was 43.50 billion RMB, with all funds fully utilized[199] - The company has no significant contracts or guarantees applicable for the reporting period[175]