Financial Performance - The company's operating revenue for Q1 2022 was ¥7,833,542,996.96, representing a year-on-year increase of 39.79%[4] - The net profit attributable to shareholders was ¥293,165,254.52, a significant increase of 340.52% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥286,057,838.59, up 438.73% year-on-year[4] - The basic earnings per share for the period was ¥0.04, reflecting a 300% increase compared to the previous year[4] - Net profit for Q1 2022 was CNY 326,175,430.27, compared to CNY 74,575,882.02 in Q1 2021, representing a 337.5% increase[24] - Earnings per share for Q1 2022 were CNY 0.04, up from CNY 0.01 in Q1 2021[24] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥82,349,664,277.35, a slight decrease of 0.34% from the end of the previous year[5] - The company's total liabilities as of Q1 2022 amounted to CNY 55,730,216,496.20, a slight decrease from CNY 56,344,521,406.91 in the previous year[20] - Current liabilities total 23,192,687,697.67 RMB, down from 25,213,744,304.72 RMB[19] - The total liabilities increased to ¥10,102,102,887.60 in Q1 2022 from ¥9,922,397,686.28 in Q1 2021, reflecting a rise of 1.8%[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 67,346[13] - The top shareholder, Beijing Jingneng International Energy Co., Ltd., holds 2,869,161,970 shares, representing 42.92% of total shares[13] - The second-largest shareholder, Beijing Energy Group Co., Ltd., holds 1,598,336,144 shares, accounting for 23.91%[13] Cash Flow - Cash flow from operating activities was ¥1,308,942,708.35, showing a minor decrease of 0.43% year-on-year[4] - Cash received from operating activities increased by 46.32% to ¥8,329,677,190.25, primarily due to higher electricity prices[10] - Operating cash inflow totaled CNY 8,876,789,894.82, an increase from CNY 5,814,315,355.80 year-over-year[25] - Cash outflow from operating activities was CNY 7,567,847,186.47, compared to CNY 4,499,700,421.57 in the previous year[25] - Net cash flow from operating activities was CNY 1,308,942,708.35, slightly down from CNY 1,314,614,934.23 year-over-year[25] Research and Development - Research and development expenses surged to ¥7,253,920.96, a dramatic increase of 569.86% compared to the same period last year, indicating a significant boost in R&D investment[10] - Research and development expenses for Q1 2022 were CNY 7,253,920.96, significantly higher than CNY 1,082,899.74 in Q1 2021, indicating a focus on innovation[23] Investment Performance - The company reported investment income of CNY 377,607,944.82 in Q1 2022, up from CNY 298,231,864.54 in Q1 2021, reflecting improved investment performance[23] - The company reported investment income of ¥425,861,326.24 in Q1 2022, up from ¥331,261,229.93 in Q1 2021, marking a growth of 28.5%[31] Financial Position - The equity attributable to shareholders increased to ¥21,896,198,582.07, marking a 1.39% rise from the previous year[5] - The total equity of the company as of Q1 2022 was ¥25,860,352,144.11, compared to ¥25,536,266,279.07 in Q1 2021, indicating an increase of 1.3%[29] - The company's long-term liabilities totaled ¥4,375,413,090.23 in Q1 2022, an increase from ¥3,473,559,649.50 in Q1 2021, representing a growth of 25.9%[29] Current Assets - Total current assets as of March 31, 2022, amount to 11,193,507,564.10 RMB, a decrease from 11,391,449,225.62 RMB at the end of 2021[17] - Cash and cash equivalents stand at 4,249,944,872.56 RMB, up from 4,002,210,711.82 RMB year-over-year[17] - Accounts receivable increased to 4,311,708,148.00 RMB from 4,203,125,028.93 RMB, indicating a growth of approximately 2.4%[17]

[Main Financial Data](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=1&type=section&id=%28%E4%B8%80%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company experienced a significant performance decline in Q3 2021 and YTD, with net profit turning into a substantial loss, impacting EPS and ROE 2021 Q3 and YTD Core Income Statement Indicators | Indicator | Current Period (Q3 2021) (billion CNY) | Year-to-Date (YTD Q3 2021) (billion CNY) | YTD YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5.260 | 15.292 | 6.84% | | Net Profit Attributable to Shareholders | -1.308 | -1.608 | -225.70% | | Basic Earnings Per Share (CNY/share) | -0.21 | -0.25 | -231.58% | | Weighted Average Return on Net Assets | -6.35% | -7.49% | Decrease of 12.69 percentage points | Core Balance Sheet Indicators at Period End | Indicator | As of Sep 30, 2021 (billion CNY) | As of Dec 31, 2020 (billion CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 80.485 | 80.747 | -0.32% | | Shareholders' Equity Attributable to Listed Company | 23.057 | 25.613 | -9.98% | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=%28%E4%BA%8C%29%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Year-to-date, the company recorded 39.35 million CNY in non-recurring gains and losses, primarily from government subsidies Major Non-recurring Gains and Losses Items YTD | Item | Amount (million CNY) | Description | | :--- | :--- | :--- | | Government Subsidies Included in Current Profit/Loss | 55.39 | Primarily VAT refunds (50% immediate refund) and environmental technology upgrade subsidies | | Gains/Losses from Disposal of Non-current Assets | 0.27 | Primarily gains from disposal of fixed assets | | **Total** | **39.35** | - | [Analysis of Changes in Key Financial Data and Indicators](index=4&type=section&id=%28%E4%B8%89%29%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E3%80%81%E5%8E%9F%E5%9B%A0) The company's financial position changed significantly due to increased infrastructure investment, soaring fuel costs leading to losses, and decreased operating cash flow [Balance Sheet Item Variation Analysis](index=4&type=section&id=1%20%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%20%E5%80%BA%E8%A1%A8%E9%A1%B9%E7%9B%AE) Balance sheet analysis reveals significant increases in construction in progress, prepayments for fuel, and notes payable, while retained earnings decreased due to losses Major Balance Sheet Variation Items | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Construction in Progress | 88.92% | Increase in infrastructure project investments during the reporting period | | Development Expenditures | 86.40% | Increased R&D investment during the reporting period | | Notes Payable | 147.46% | Increase in bill settlements for goods during the reporting period | | Other Current Liabilities | 87.07% | Increase in short-term financing during the reporting period | | Retained Earnings | -56.45% | Loss incurred during the reporting period | [Income Statement Item Variation Analysis](index=5&type=section&id=2%20%E3%80%81%E5%88%A9%E6%B6%A6%E8%A1%A8%20%E9%A1%B9%E7%9B%AE) Income statement analysis shows operating costs increased by 34.16% due to rising fuel costs, and R&D expenses surged by 232.89% Major Income Statement Variation Items | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Cost | 34.16% | Increase in fuel costs year-on-year | | Research and Development Expenses | 232.89% | Increased R&D investment in the current period | [Cash Flow Statement Item Variation Analysis](index=5&type=section&id=3%20%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81%20%E9%87%8F%E8%A1%A8%E9%A1%B9%E7%9B%AE) Cash flow analysis shows a 20.56% decrease in operating cash flow due to higher fuel costs, a 53.21% reduction in investing cash outflow, and a significant decline in financing cash flow Major Cash Flow Statement Variation Items | Item Name | Change (%) | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -20.56% | Increased cash outflow from operating activities due to higher fuel costs | | Net Cash Flow from Investing Activities | 53.21% | Decreased cash outflow from investing activities due to reduced equity investments compared to the same period | | Net Cash Flow from Financing Activities | -286.53% | Decreased cash inflow from financing activities compared to the same period last year due to perpetual bond issuance | [Shareholder Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Shareholding Status of Shareholders](index=5&type=section&id=%28%E4%B8%80%29%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting period, the company had 74,934 common shareholders, with a highly concentrated ownership structure and significant pledged shares - As of the end of the reporting period, the company had **74,934** common shareholders[11](index=11&type=chunk) Top Ten Shareholders' Shareholding Status (Partial) | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Share Status | | :--- | :--- | :--- | :--- | | Beijing Jingneng International Energy Co., Ltd. | State-owned Legal Person | 42.97% | None | | Beijing Energy Group Co., Ltd. | State-owned Legal Person | 23.94% | None | | China Life Insurance Co., Ltd. - Dividend - Individual Dividend | Unknown | 6.46% | None | | Shanxi International Power Group Co., Ltd. | State-owned Legal Person | 6.36% | Pledged | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | Unknown | 4.49% | None | - The largest shareholder, Beijing Jingneng International Energy Co., Ltd., is a controlling subsidiary of the second largest shareholder, Beijing Energy Group Co., Ltd., and they are acting in concert[14](index=14&type=chunk) [Other Reminders](index=7&type=section&id=%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8F%90%E9%86%92%E4%BA%8B%E9%A1%B9) [Other Important Information](index=7&type=section&id=%E9%9C%80%E6%8F%90%E9%86%92%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E6%B3%A8%E7%9A%84%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BF%A1%E6%81%AF) The company confirms no other significant information regarding its operating performance requires investor attention - The company confirms no other significant information regarding its operating performance during the reporting period requires investor attention[15](index=15&type=chunk) [Quarterly Financial Statements](index=7&type=section&id=%E5%9B%9B%E3%80%81%20%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Type of Audit Opinion](index=7&type=section&id=%28%E4%B8%80%29%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E7%B1%BB%E5%9E%8B) The financial statements for this quarter are unaudited - The Q3 2021 financial statements are unaudited[15](index=15&type=chunk) [Financial Statements](index=7&type=section&id=%28%E4%BA%8C%29%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's Q3 2021 consolidated financial statements, showing losses, reduced equity, and decreased operating cash flow despite revenue growth [Consolidated Balance Sheet](index=7&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 September 30, 2021, total assets slightly decreased to 80.485 billion CNY, total liabilities increased, and parent company equity decreased to 23.057 billion CNY due to losses Consolidated Balance Sheet Key Items (billion CNY) | Item | Sep 30, 2021 | Dec 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 80.485 | 80.747 | -0.262 | | Total Liabilities | 52.243 | 49.475 | +2.768 | | Total Equity Attributable to Parent Company | 23.057 | 25.613 | -2.556 | [Consolidated Income Statement](index=10&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1-Q3 2021, operating revenue grew to 15.292 billion CNY, but soaring fuel costs led to a 34.16% increase in operating costs, resulting in a 2.014 billion CNY operating loss and a 1.608 billion CNY net loss Consolidated Income Statement Key Items (billion CNY) | Item | Q1-Q3 2021 | Q1-Q3 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 15.292 | 14.313 | +6.84% | | Operating Cost | 15.785 | 11.766 | +34.16% | | Operating Profit | -2.014 | 1.688 | Turned from profit to loss | | Net Profit Attributable to Parent Company Shareholders | -1.608 | 1.279 | -225.70% | [Consolidated Cash Flow Statement](index=12&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-Q3 2021, operating cash flow decreased by 20.56% to 2.744 billion CNY, investing cash outflow reduced by 53.21%, and financing cash flow turned negative due to changes in borrowing and bond issuance Consolidated Cash Flow Statement Key Items (billion CNY) | Item | Q1-Q3 2021 | Q1-Q3 2020 | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 2.744 | 3.454 | -20.56% | | Net Cash Flow from Investing Activities | -1.808 | -3.864 | +53.21% | | Net Cash Flow from Financing Activities | -0.782 | 0.419 | -286.53% | [Impact of New Lease Accounting Standard Implementation](index=14&type=section&id=%28%E4%B8%89%292021%20%E5%B9%B4%E8%B5%B7%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E6%96%B0%E7%A7%9F%E8%B5%81%E5%87%86%E5%88%99%E8%B0%83%E6%95%B4%E9%A6%96%E6%AC%A1%E6%89%A7%E8%A1%8C%E5%BD%93%E5%B9%B4%E5%B9%B4%E5%88%9D%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) Effective January 1, 2021, the company adopted new lease accounting standards, recognizing 4.115 billion CNY in right-of-use assets and 3.821 billion CNY in lease liabilities, with no significant financial impact - The company adopted the new lease accounting standard effective January 1, 2021, recognizing right-of-use assets and lease liabilities for all eligible leases[30](index=30&type=chunk) Major Adjustments to Opening Financial Statements in 2021 due to New Lease Standard | Adjustment Item | Adjustment Amount (billion CNY) | | :--- | :--- | | **Assets** | | | Right-of-Use Assets | +4.115 | | Fixed Assets | -4.051 | | **Liabilities** | | | Lease Liabilities | +3.821 | | Long-term Payables | -3.780 |