Financial Performance - Operating revenue for the first nine months was CNY 4,288,923,227.38, representing a year-on-year increase of 2.77%[7] - Net profit attributable to shareholders for the first nine months was CNY 817,520,486.04, an increase of 54.91% compared to the same period last year[7] - Basic earnings per share for the reporting period was CNY 0.358, up 54.98% from CNY 0.231 in the previous year[7] - The net cash flow from operating activities for the first nine months was CNY 2,805,749,901.59, an increase of 13.87% year-on-year[7] - The weighted average return on equity increased to 18.47%, up 4.39 percentage points from the previous year[7] - Revenue for the first three quarters of 2015 reached RMB 35,695.434 million, with a total profit of RMB 23,645.559 million and a net profit of RMB 20,095.623 million (unaudited)[18] - Year-to-date revenue reached CNY 4,288,923,227.38, a slight increase of 2.75% compared to CNY 4,173,289,138.75 for the same period last year[29] - Operating profit for the third quarter was CNY 395,766,868.21, down 31.19% from CNY 574,754,919.93 year-over-year[31] - Year-to-date operating profit reached CNY 1,310,981,855.34, an increase of 40.97% compared to CNY 930,061,343.05 in the previous year[31] Asset and Liability Management - Total assets at the end of the reporting period were CNY 21,139,061,346.08, a decrease of 4.53% compared to the end of the previous year[7] - The company's total liabilities decreased from CNY 16,325,470,369.90 at the beginning of the year to CNY 14,678,238,261.04 by the end of September 2015[24] - The total equity attributable to shareholders increased to CNY 4,450,648,009.41 from CNY 3,913,239,583.04 at the beginning of the year, reflecting a growth of approximately 13.7%[25] - The company's short-term borrowings decreased from CNY 799,952,562.09 to CNY 99,952,562.09, a reduction of approximately 87.5%[24] - The non-current liabilities decreased from CNY 13,018,255,042.86 to CNY 10,468,382,714.86, a decline of about 19.5%[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 113,851[11] - The largest shareholder, China Datang Corporation, held 50.51% of the shares, totaling 1,151,922,693 shares[12] - The second-largest shareholder, Guangxi Investment Group Co., Ltd., held 19.25% of the shares, totaling 438,948,188 shares[12] Operational Efficiency - The company's electricity generation for the first three quarters of 2015 was 13.669 billion kWh, representing a year-on-year increase of 33.83%[18] - Prepaid accounts decreased by 43.40% compared to the beginning of the year, mainly due to a reduction in prepaid fuel payments[15] - Inventory decreased by 28.83% compared to the beginning of the year, primarily due to a decrease in thermal power generation and reduced prepaid fuel inventory[15] - Accounts payable decreased by 32.69% compared to the beginning of the year, attributed to reduced thermal power generation and decreased fuel procurement[16] Comprehensive Income - The total comprehensive income for Q3 2015 was 358.08 million, compared to 494.55 million in the previous quarter, indicating a decline of around 27.5%[36] - The total comprehensive income attributable to minority shareholders was 141.64 million, compared to 181.54 million in the previous quarter, indicating a decrease of approximately 22.0%[36] Cash Flow Analysis - Cash flow from operating activities for the first nine months was ¥2,805,749,901.59, an increase of 13.9% from ¥2,463,945,142.04 in the same period last year[41] - The company experienced a net cash outflow from investing activities of ¥232,283,022.22, an improvement from a net outflow of ¥445,735,725.39 in the previous year[42] - Cash received from investment income was ¥708,751,596.80, a substantial increase from ¥198,137,123.93 in the same period last year[44] - Cash outflow for financing activities was ¥814,780,947.49, down from ¥933,037,705.45 year-on-year, reflecting improved cash management[45] Restructuring and Investments - The company is undergoing a restructuring process, with the asset purchase application currently under review by the China Securities Regulatory Commission[17] - The company reported a significant increase in investment income, totaling ¥672,825,320.37 for the first nine months, compared to ¥151,460,967.75 in the previous year[38]

Financial Performance - The company's operating revenue for the first half of 2015 was approximately CNY 2.97 billion, an increase of 18.89% compared to CNY 2.50 billion in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2015 was approximately CNY 604.32 million, representing a significant increase of 181.41% from CNY 214.74 million in the previous year[19]. - The basic earnings per share for the first half of 2015 was CNY 0.265, up 181.91% from CNY 0.094 in the same period last year[19]. - The net cash flow from operating activities for the first half of 2015 was approximately CNY 1.93 billion, an increase of 45.19% compared to CNY 1.33 billion in the previous year[19]. - The total electricity generation reached 12.303 billion kWh, an increase of 24.73% year-on-year, with hydropower contributing 9.791 billion kWh, up 40.05%[26]. - The company's operating revenue increased by 18.89% to approximately CNY 2.97 billion, while operating costs decreased by 3.81% to approximately CNY 1.50 billion[31]. - The net cash flow from operating activities rose by 45.19% to approximately CNY 1.93 billion, driven by increased hydropower revenue and reduced fuel costs for thermal power[31]. - The gross profit margin for the electricity segment was 49.04%, reflecting a year-on-year increase of 11.61 percentage points[36]. - The company has maintained a stable profit structure with no significant changes in profit sources during the reporting period[31]. Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 21.11 billion, a decrease of 4.68% from CNY 22.14 billion at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were approximately CNY 4.23 billion, an increase of 8.20% from CNY 3.91 billion at the end of the previous year[19]. - Total assets decreased from CNY 22,142,291,941.71 to CNY 21,106,533,694.72, a decline of approximately 4.68%[101]. - Total liabilities decreased from CNY 16,325,470,369.90 to CNY 15,029,310,590.56, a decline of approximately 7.95%[101]. - Current liabilities increased from CNY 3,307,215,327.04 to CNY 4,400,507,099.70, an increase of approximately 33.06%[101]. - Non-current liabilities decreased from CNY 13,018,255,042.86 to CNY 10,628,803,490.86, a decline of approximately 18.36%[101]. - Owner's equity increased from CNY 5,816,821,571.81 to CNY 6,077,223,104.16, an increase of approximately 4.48%[101]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 130,622[88]. - The largest shareholder, China Datang Corporation, holds 1,151,922,693 shares, representing 50.51% of total shares[90]. - Guangxi Investment Group Co., Ltd. is the second largest shareholder with 438,948,188 shares, accounting for 19.25%[90]. - New Hope Wealth No. 1 Asset Management Plan increased its holdings by 12,050,000 shares, now holding 0.53%[90]. Cash Flow and Financing Activities - Operating cash inflow for the first half of 2015 was CNY 3,576,540,780.87, an increase from CNY 2,866,459,675.74 in the same period of 2014, representing a growth of approximately 25%[113]. - The net cash outflow from investing activities was CNY -133,066,890.25, compared to CNY -311,122,386.90 in the previous year, indicating an improvement of about 57%[114]. - Cash flow from financing activities showed a net outflow of CNY -2,231,154,658.43, which is a significant increase from CNY -808,987,621.87 in the prior year, reflecting a 175% increase in cash outflow[114]. - The company received CNY 72,871,860.68 in tax refunds during the reporting period, compared to CNY 26,457,525.20 in the previous year, marking an increase of approximately 175%[113]. - The cash inflow from obtaining loans was CNY 919,440,150.00, which was not present in the previous year’s report, indicating new financing activities[114]. Investment and Asset Management - The company has a total installed capacity of 5.6725 million kW, with hydropower making up 4.109 million kW[39]. - The company’s hydropower assets account for approximately 30% of the total installed capacity in Guangxi, with plans to increase this to 67% following the acquisition of Longtan assets[39]. - The company plans to purchase 500,000 tons of coal for power generation at a price not exceeding the market rate, with a total transaction amount based on actual settlement[61]. - The company is currently undergoing a major asset restructuring, with approval pending from the China Securities Regulatory Commission[63]. Guarantees and Financial Agreements - The company has a total guarantee amount of ¥2,846,145,384.15, which accounts for 46.83% of the company's net assets[73]. - The company has provided guarantees totaling ¥714,693,300.00 to shareholders and related parties[73]. - The total amount of guarantees provided to subsidiaries during the reporting period was ¥-253,100,000.00, with an ending balance of ¥2,131,452,084.15[73]. - The company has a financial service agreement with China Datang Group Financial Co., Ltd., where deposits earn interest at the People's Bank of China rates[70]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, with no significant doubts about the company's ability to continue operations for the next 12 months[134]. - The financial statements comply with the latest enterprise accounting standards issued by the Ministry of Finance, reflecting the company's financial position and operating results accurately[135]. - The accounting period for the company runs from January 1 to December 31 each year[137]. - The company's functional currency for accounting purposes is the Chinese Yuan (CNY)[139].

Financial Performance - Operating revenue for the reporting period was CNY 1,344,065,361.37, an increase of 22.66% year-on-year[7] - Net profit attributable to shareholders of the listed company was CNY 215,462,905.73, recovering from a loss of CNY 19,370,813.92 in the same period last year[7] - The company's operating revenue increased by 22.66% year-on-year, primarily due to favorable water conditions and the commissioning of new generating units[13] - The net profit attributable to the parent company turned from loss to significant profit, driven by improved profitability from hydropower operations[13] - The net profit for Q1 2015 reached CNY 51,544,934.37, compared to a net loss of CNY 53,974,975.05 in Q1 2014[30] - The total profit for Q1 2015 was CNY 51,436,115.37, recovering from a loss of CNY 53,961,588.77 in the same period last year[29] - Net profit attributable to shareholders increased to CNY 1,198,714,815.81, up from CNY 980,189,647.36, reflecting a growth of 22.3%[20] Cash Flow - Cash flow from operating activities increased by 55.53% to CNY 798,448,890.34 compared to the same period last year[7] - Cash flow from operating activities increased to CNY 1,633,523,729.85, compared to CNY 1,198,278,706.18 in the previous year, marking a growth of approximately 36.3%[32] - The net cash flow from operating activities for Q1 2015 was ¥798,448,890.34, an increase of 55.6% compared to ¥513,356,779.04 in the previous year[33] - Total cash inflow from operating activities was ¥1,650,694,168.58, while cash outflow was ¥852,245,278.24, resulting in a net cash inflow of ¥798,448,890.34[33] Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,847,501,712.17, a decrease of 1.33% compared to the end of the previous year[7] - The company's current assets totaled approximately CNY 2.69 billion, slightly down from CNY 2.71 billion at the beginning of the year[18] - Long-term equity investments amounted to approximately CNY 1.11 billion, down from CNY 1.12 billion at the beginning of the year[18] - Fixed assets were valued at approximately CNY 16.76 billion, a decrease from CNY 17.04 billion at the beginning of the year[18] - Total liabilities decreased to CNY 15,757,291,991.31 from CNY 16,325,470,369.90, a decline of 3.5%[20] - Current liabilities totaled CNY 2,947,847,724.45, down from CNY 3,307,215,327.04, indicating a decrease of 10.9%[20] - Non-current liabilities amounted to CNY 12,809,444,266.86, a slight decrease from CNY 13,018,255,042.86[20] Shareholder Information - The total number of shareholders at the end of the reporting period was 98,417[11] - The largest shareholder, China Datang Corporation, holds 50.51% of the shares[11] - The company has not identified any related party relationships among the top shareholders[11] Investment and Financing Activities - The company plans to issue ordinary shares to purchase assets and issue preferred shares to raise matching funds[12] - Cash received from borrowings decreased by 100% year-on-year, as the company achieved good profits without external borrowing[13] - Cash used for debt repayment decreased by 22.24% year-on-year, in line with financing contracts and cash flow conditions[13] Tax and Dividend Information - Taxes paid increased by 111.07% year-on-year, reflecting substantial growth in revenue and profit, including VAT and related taxes[13] - The company's unpaid dividends grew by 53,129.80% compared to the beginning of the year, due to profit distribution from a subsidiary[13] - The company's undistributed profits increased by 22.29% year-on-year, mainly due to better water inflow at its hydropower enterprises[13] Other Financial Metrics - The weighted average return on net assets increased by 5.97 percentage points to 5.43%[7] - The financial expenses decreased to CNY 87,595,164.79 from CNY 105,080,132.33, reflecting a reduction of approximately 16.5%[29] - The investment income for Q1 2015 was CNY 40,897,545.69, up from CNY 28,131,843.86 in the same quarter last year[29] - The company reported a basic and diluted earnings per share of CNY 0.096, compared to a loss per share of CNY 0.008 in Q1 2014[27]

Financial Performance - In 2014, the company's operating revenue reached CNY 5,703,384,436.94, representing a 15.36% increase compared to CNY 4,944,102,874.45 in 2013[31] - The net profit attributable to shareholders was CNY 592,811,394.47, a significant increase of 163.08% from CNY 225,337,576.61 in the previous year[31] - The net cash flow from operating activities was CNY 3,218,059,343.18, reflecting a 34.58% increase from CNY 2,391,121,927.73 in 2013[31] - The total assets of the company at the end of 2014 were CNY 22,142,291,941.71, a slight increase of 0.98% from CNY 21,926,661,682.29 in 2013[31] - The company's net assets attributable to shareholders increased to CNY 3,913,239,583.04, up 12.87% from CNY 3,467,085,131.19 in 2013[31] - Basic earnings per share rose to CNY 0.260, a 162.62% increase compared to CNY 0.099 in 2013[32] - The weighted average return on equity increased to 16.14%, up 9.51 percentage points from 6.63% in 2013[32] Revenue and Generation - The total electricity generation for the year was 23.202 billion kWh, an increase of 21.48% year-on-year, with hydropower generation increasing by 43.14% to 17.367 billion kWh[38] - The company achieved a main business revenue of RMB 5,675,770,000, which is a 15.47% increase from RMB 4,915,500,000 in the previous year, driven by increased hydropower revenue due to improved water conditions[44] - The company's thermal power generation decreased by 17.62% year-on-year, primarily due to lower overall electricity demand in Guangxi[41] - The company’s wind power generation increased by approximately 11.01% year-on-year, with specific plants exceeding regional average utilization hours[41] Cash Flow and Investments - The company’s investment activities resulted in a net cash outflow of RMB 568,752,744.60, an improvement of 55.47% compared to the previous year's outflow of RMB 1,277,274,064.75[42] - The company’s financing activities showed a net cash outflow of RMB 1,977,971,216.89, which is a significant increase in outflow compared to RMB 1,102,251,492.07 in the previous year, indicating a 79.45% increase in financing costs[42] - The company reported a total revenue of 1,048,501,770.50 RMB for the year 2014, with a net profit of 15,621,332.75 RMB[77] Operational Efficiency and Costs - Fuel costs decreased to ¥1,190,075,916.88, accounting for 35.16% of total costs, down from 43.9% last year, primarily due to lower coal prices and a decrease in thermal power generation[52] - Employee compensation increased to ¥544,606,035.05, representing 16.09% of total costs, up from 13.75% last year, driven by overall wage growth and the inclusion of labor dispatch costs in employee compensation calculations[53] - Depreciation expenses rose to ¥1,091,571,654.55, making up 32.25% of total costs, compared to 27.83% last year, due to the transfer of construction projects to fixed assets[53] Strategic Initiatives and Future Plans - The company plans to distribute a cash dividend of CNY 1.3 per 10 shares, totaling an estimated cash distribution of CNY 296,458,436.82[8] - The company plans to achieve a power generation target of 22.15 billion kWh and a total profit of 786 million RMB in 2015, with a debt-to-asset ratio controlled below 73%[96] - The company expects a total financing requirement of 2.79 billion RMB in 2015, including 1.08 billion RMB for new financing and 1.71 billion RMB for loan replacement[97] - The company is actively expanding its hydropower and wind power projects, particularly in regions with high growth potential like Guizhou, which saw a revenue increase of 58.40%[69] Shareholder and Governance - The company reported a cash dividend distribution plan for 2014, proposing a cash dividend of 1.3 RMB per 10 shares, amounting to an estimated total cash distribution of 296,458,436.82 RMB[106] - As of December 31, 2014, the company's total share capital was 2,280,449,514 shares, with a net profit attributable to shareholders of 592,811,394.47 RMB, resulting in a dividend payout ratio of 50%[108] - The company has provided guarantees totaling 521.77 million RMB to China Datang Corporation, with the guarantee period from August 10, 2012, to April 23, 2023[135] Environmental and Social Responsibility - The company has maintained a clean environmental record, with all emissions meeting national standards and no environmental accidents reported during the reporting period[108] - The company has committed to social responsibility initiatives, supporting disaster relief and local community stability efforts[108] - The management team emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2025[187] Market Position and Competition - The company plans to enhance its competitive edge by acquiring Longtan assets, which could increase its market share in hydropower to 67% in Guangxi[72] - The company aims to become a leading large-scale power listed company in southern China by the end of the 12th Five-Year Plan, focusing on mergers and acquisitions in the power sector[95] - The company faces risks from competitive electricity pricing and potential adverse weather conditions affecting hydropower generation[100]

2014 年第三季度报告 广西桂冠电力股份有限公司 2014 年第三季度报告 1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司主要财务数据和股东变化 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2014 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员应当保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事以通讯表决方式审议季度报告。 1.3 公司负责人王森、主管会计工作负责人戴波、 总会计师吴育双及会计机构负责人（会计主管 人员）丘俊海保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司主要财务数据和股东变化 2.1 主要财务数据 单位：元 币种：人民币 | 受托经营取得的托管费收入 | | | | --- | --- | --- | | 除上述各项之外的其他营业外收入和支出 | | | | 其他符合非经常性损益定义的损益项目 | - ...

Financial Performance - The company's operating revenue for the first half of 2014 was RMB 2,497,993,039.14, an increase of 2.79% compared to RMB 2,430,076,438.78 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2014 was RMB 214,744,947.57, representing a growth of 5.46% from RMB 203,633,949.98 year-on-year[19]. - The basic earnings per share for the first half of 2014 was RMB 0.094, up 5.62% from RMB 0.089 in the previous year[17]. - The total profit for the first half of 2014 was CNY 404,742,788.68, an increase of 23.5% from CNY 327,564,920.90 in the same period last year[70]. - The company reported a net profit of CNY 333,927,580.18 for the first half of 2014, representing an increase of 18.3% from CNY 282,282,629.46 in the previous year[70]. Revenue and Costs - The company's main business revenue from electricity was CNY 2,488,853,767.93, with a gross margin of 34.77%, reflecting a 0.20 percentage point increase year-on-year[26]. - Total operating costs decreased to CNY 2,119,796,444.21 from CNY 2,151,807,841.49, reflecting a reduction of about 1.5%[69]. - The company reported a decrease in management expenses by 22.27% to RMB 101,640,597.16 compared to RMB 130,767,398.58 in the previous year[22]. Assets and Liabilities - The company's total assets as of the end of the reporting period were RMB 22,322,098,402.03, an increase of 1.80% from RMB 21,926,661,682.29 at the end of the previous year[19]. - Current liabilities rose to CNY 3,178,598,362.60 from CNY 2,777,090,022.85, indicating an increase of about 14.4%[64]. - Total liabilities amounted to CNY 17,113,201,113.46, up from CNY 16,830,651,289.71, which is an increase of approximately 1.7%[64]. Cash Flow - The net cash flow from operating activities decreased by 6.69% to RMB 1,327,937,094.81 from RMB 1,423,085,309.05 in the same period last year[19]. - The net cash flow from financing activities was negative at CNY -808,987,621.87, compared to CNY -291,466,481.09 in the same period last year[76]. - The company incurred investment cash outflows of CNY 327,792,132.36, a decrease of 47.3% compared to CNY 621,256,609.36 in the previous year[75]. Investments and Loans - The company provided a loan of CNY 180,000,000.00 to Longhu Electric Power Co., Ltd. at an interest rate of 6.4% for a term of 3 years[27]. - The company reported a total of 320 million in bank loans for working capital with an interest rate of 6.1%[29]. - The company has not engaged in any entrusted financial management activities during the reporting period[27]. Shareholder Information - The company distributed a cash dividend of 0.5 CNY per 10 shares, totaling 114,022,475.70 CNY, as approved in the 2013 annual shareholders' meeting[35]. - The largest shareholder, China Datang Corporation, holds 50.51% of shares, totaling 1,151,922,693 shares[54]. - The total number of shareholders at the end of the reporting period is 77,180[54]. Market and Competition - The company faced pressure on electricity sales in the Sichuan region due to increased competition from newly operational hydropower stations[21]. - The company anticipates improved hydropower generation in the second half of 2014 due to better water conditions in the Hongshui River basin[21]. Compliance and Governance - The company has maintained compliance with corporate governance standards and has not encountered significant risks in internal controls[50]. - The company has no major litigation, arbitration, or media disputes during the reporting period[41]. Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the enterprise accounting standards[98]. - The company recognizes deferred tax assets and liabilities based on temporary differences, with expected tax rates applied accordingly[147]. - The company uses the equity method to prepare consolidated financial statements, adjusting for long-term equity investments in subsidiaries[102]. Future Outlook - The company plans to explore new markets in Southeast Asia to diversify its revenue streams and reduce dependency on domestic markets[156]. - The company aims to increase its market share in the renewable energy sector through strategic investments and technological advancements[156]. - The company has set a future revenue growth target of 10% for the next fiscal year, driven by new product launches and market expansion strategies[156].

Financial Performance - Net profit attributable to shareholders decreased by 117.91% to a loss of CNY 18.71 million compared to the same period last year[13]. - Operating revenue decreased by 9.28% to CNY 1.10 billion compared to the same period last year[13]. - Net cash flow from operating activities decreased by 34.11% to CNY 513.36 million compared to the same period last year[13]. - Investment income decreased by 157% due to increased losses from Yinhai Aluminum and decreased profits from Beibu Gulf Bank[16]. - The company reported a net loss of CNY 9,688,183.89 for the quarter, compared to a net profit of CNY 140,998,195.80 in the previous year[33]. - Net profit turned negative at -¥53,974,975.05 compared to a profit of ¥35,068,641.31 in the previous period, indicating a significant loss[35]. - Total comprehensive income also reflected a loss of -¥53,974,975.05, aligning with the net profit figures[35]. Assets and Liabilities - Total assets decreased by 0.58% to CNY 21.80 billion compared to the end of the previous year[13]. - The company’s total assets amounted to CNY 21,800,151,966.79, down from CNY 21,926,661,682.29, showing a decrease of about 0.57%[25]. - Total liabilities decreased to CNY 15,021,436,136.30 from CNY 15,108,659,544.91, reflecting a reduction of approximately 0.58%[25]. - The company's equity attributable to shareholders decreased to CNY 3,418,379,088.11 from CNY 3,467,085,131.19, a decline of 1.41%[30]. - The company’s long-term investments decreased slightly to CNY 1,235,316,476.86 from CNY 1,244,807,076.75, a decline of about 0.77%[24]. - The company’s fixed assets decreased to CNY 16,391,769,774.18 from CNY 16,653,906,789.92, indicating a decrease of approximately 1.57%[25]. Cash Flow - Cash flow from operating activities decreased to ¥513,356,779.04 from ¥779,158,576.66, a drop of about 34.1% year-over-year[38]. - Cash flow from investing activities showed a net outflow of -¥174,551,961.78, compared to -¥347,945,857.45 in the previous period, reflecting reduced investment activity[39]. - Cash flow from financing activities resulted in a net outflow of -¥452,202,257.60, a significant decrease from a net inflow of ¥512,465,603.56 in the prior period[39]. - Total cash inflow from financing activities amounted to $30 million, while total cash outflow reached $198.02 million, resulting in a net cash flow of -$168.02 million[43]. - Cash and cash equivalents at the end of the period were $429.08 million, down from $619.22 million at the beginning of the period, indicating a decrease of $190.14 million[43]. Operational Metrics - The company’s weighted average return on net assets decreased by 3.62 percentage points to -0.54%[13]. - The company’s basic earnings per share decreased by 117.39% to -CNY 0.008[13]. - The earnings per share (EPS) for the quarter was -0.008, compared to 0.046 in the same period last year[33]. - Total operating revenue for the first quarter was CNY 1,095,725,264.94, a decrease of 9.26% compared to CNY 1,207,799,963.14 in the same period last year[32]. - Total operating costs increased to CNY 1,090,880,913.25, up from CNY 1,075,902,830.60, reflecting a rise of 1.38%[33]. Corporate Governance - The company’s chairman unexpectedly passed away during the reporting period, and the vice chairman is temporarily assuming the role[19]. - The company has not received any notifications regarding the disposal of three power stations from the controlling shareholder, China Datang Corporation[22]. - The company has committed to maintaining a profit distribution ratio of no less than 50% of the distributable profits for the years 2006-2008[21]. - The company has committed to gradually injecting the assets of Longtan Hydropower Station into the company once the station is fully operational at the designed water level of 400 meters[21].

Financial Performance - The company's operating revenue for 2013 was CNY 4,944,102,874.45, a decrease of 4.89% compared to CNY 5,198,176,138.75 in 2012[21]. - The net profit attributable to shareholders for 2013 was CNY 225,337,576.61, down 21.38% from CNY 286,630,763.93 in 2012[21]. - The basic earnings per share for 2013 were CNY 0.099, a decrease of 21.43% from CNY 0.126 in 2012[21]. - The weighted average return on equity for 2013 was 6.63%, down 2.26 percentage points from 8.89% in 2012[21]. - The company's main electricity sales revenue was CNY 4,915,500,000, down 5.21% from CNY 5,185,740,000 in the previous year, primarily due to a decrease in hydropower generation[28]. - The total comprehensive income for 2013 was CNY 344,343,005.80, down 20.3% from CNY 432,143,812.86 in the previous year[170]. - The total profit for 2013 was CNY 414,526,923.77, a decrease of 22.7% from CNY 536,284,825.71 in the previous year[170]. Cash Flow and Investments - The cash flow from operating activities increased by 16.34% to CNY 2,391,121,927.73 in 2013, compared to CNY 2,055,279,779.05 in 2012[21]. - The cash flow from investing activities showed a net outflow of CNY 1,277,274,064.75, improving from a net outflow of CNY 1,635,989,421.89 in the previous year[173]. - The cash flow from financing activities resulted in a net outflow of CNY 1,102,251,492.07, compared to a net outflow of CNY 682,375,554.21 in the previous year[174]. - The company received CNY 5,300,000,000.00 from borrowings in 2013, an increase from CNY 4,688,100,000.00 in the previous year[174]. - The company reported an increase in investment income from joint ventures to CNY 17,172,553.19, compared to CNY 128,167,658.03 in the previous year[170]. Assets and Liabilities - The total assets at the end of 2013 were CNY 21,926,661,682.29, a slight increase of 0.71% from CNY 21,771,840,833.55 in 2012[21]. - Total liabilities reached CNY 16.83 billion, an increase of 0.23% from the beginning of the year[42]. - The asset-liability ratio was 76.76%, a decrease of 0.73 percentage points compared to the beginning of the year[42]. - The company's equity totaled CNY 5.10 billion, with a 4.02% increase in equity attributable to the parent company[42]. - Current liabilities totaled CNY 2,777,090,022.85, down from CNY 5,134,739,194.45, indicating a significant reduction of 45.9%[160]. Operational Performance - The total installed capacity of the company at the end of the reporting period was 5,372.5 MW, including 3,809 MW from hydropower, 1,330 MW from thermal power, and 233.5 MW from wind power[25]. - The total electricity generated by the company's power plants was 18.278 billion kWh, a decrease of 11.24% year-on-year, with hydropower down 18.10% and wind power up 32.49%[25][26]. - The company’s hydropower generation was adversely affected by a significant reduction in natural water inflow, with a decrease of nearly 60% compared to the multi-year average[26]. - The company’s thermal power generation increased due to improved operational efficiency at the Heshan Power Plant, with a year-on-year increase of 4.49%[26]. - The company plans to achieve a power generation target of 21.5 billion kWh and revenue of 5.544 billion CNY in 2014, with a profit target of 600 million CNY[55]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling approximately CNY 114,022,475.7[7]. - The company’s total share capital as of December 31, 2013, was 2,280,449,514 shares[65]. - The company’s total equity attributable to shareholders at the end of the year was CNY 4,901,534,100.24, up from CNY 4,592,593,097.78 at the end of the previous year, indicating a growth of about 6.7%[186]. Corporate Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among its governing bodies[133]. - The board of directors underwent changes, with resignations from Vice Chairman Li Shaomin and Director Zhang Lu due to age, and Independent Director Ruan Xianghua resigning for personal reasons[122]. - The remuneration for independent directors is set at CNY 60,000 annually, with travel expenses covered for attending meetings[126]. - The company has a focus on equal communication and work coordination with its controlling shareholder, China Datang Group, ensuring that management time is concentrated on the listed company[125]. - The company reported that all remuneration for directors, supervisors, and senior management is subject to performance assessments based on operational metrics[126]. Future Outlook and Strategic Initiatives - The company aims to expand its renewable energy portfolio and actively participate in power asset acquisitions to enhance its market position[35]. - The company plans to invest in new technologies to improve operational efficiency and reduce costs, aiming for a 10% reduction in operational expenses by 2015[120]. - The company is focused on optimizing its asset structure and enhancing project reserves in economically developed coastal areas and resource-rich western regions[57]. - The company anticipates a stable operational environment due to the prioritization of hydropower generation under national clean energy policies, benefiting from increased hydropower output[54]. - The company is committed to modernizing and internationalizing its operations to strengthen its competitive edge in the energy market[111].