股票代码：600900 股票简称：长江电力 公告编号：2023-044 中国长江电力股份有限公司 2023 年第三季度发电量完成情况公告 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。 2023 年第三季度公司境内所属六座梯级电站发电量分别为： 电站名称 总发电量（亿千瓦时） 三峡电站 287.64 葛洲坝电站 58.27 | 溪洛渡电站 | 189.35 | | --- | --- | | 向家坝电站 | 103.52 | | 乌东德电站 | 150.76 | | 白鹤滩电站 | 211.69 | | 合 计 | 1001.23 | 特此公告。 中国长江电力股份有限公司董事会 2023 年 10 月 12 日 根据公司初步统计，2023 年第三季度，长江上游乌东德水库来 水总量约 460.28 亿立方米，较上年同期偏丰 15.37%；三峡水库来水 总量约 1367.38 亿立方米，较上年同期偏丰 35.81%。 受长江流域来水改善影响，2023 年第三季度，公司境内所属六 座梯级电站总发电量约 1001.23 亿千瓦时，较 ...

股票代码：600900 股票简称：长江电力 公告编号：2023-043 中国长江电力股份有限公司 关于举办"股东开放日"活动的公告 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。 为进一步加强与公司股东的沟通交流，便于广大股东深入全面了 解公司生产经营情况，公司拟于2023年10月10日（周二）—11日（周 三）举办"股东开放日"活动。具体如下： 一、活动主题：走进大国重器，感受中国力量 二、活动时间：2023年10月10日—11日 三、活动地点：白鹤滩水电站（世界第二大水电站，位于四川省 宁南县和云南省巧家县境内，安装有16台全球单机容量最大的百万千 瓦水轮发电机组，总装机1600万千瓦）；活动集合地为昆明市盘龙区 四、活动方式：现场参观+座谈交流 五、报名条件：2023年9月25日登记在册的公司股东 六、费用承担：公司负责由昆明往返白鹤滩电站交通费及现场餐 费，其它费用股东自理 七、报名登记：为满足重点区域安全管理需要，请有意参加活动 的股东2023年9月26日17:00前将报名意愿和身份证件发送至公司邮 箱：cypc@ ...

股票代码：600900 股票简称：长江电力 公告编号：2023-042 中国长江电力股份有限公司关于公司控股股东 一致行动人之间转让股份的提示性公告 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： 本次转让为在公司控股股东一致行动人之间进行的股份转让， 公司控股股东及其一致行动人合计持股比例和数量未发生变化，不涉 及向市场减持。 一、本次公司控股股东一致行动人之间转让股份的基本情况 近日，中国长江电力股份有限公司（以下简称"公司"）收到 三峡财务有限责任公司（以下简称"三峡财务公司"）通知，三峡财 务公司按照国家金融监督管理总局（原中国银行保险监督管理委员会） 2022 年发布的《企业集团财务公司管理办法》及其配套通知要求（企 业集团财务公司只可投资固定收益类有价证券，权益类不再属于许可 范围），须于近期退出持有的权益类有价证券。经履行相关审批程序， 三峡财务公司拟以非公开协议方式转让其持有的公司无限售条件流 通股 35,216,171 股至三峡上海能源投资开发有限公司（以下简称"上 海能投公司"）。 转让方 ...

股票代码：600900 股票简称：长江电力 公告编号：2023-041 中国长江电力股份有限公司 关于 2023 年半年度报告投资者关注热点的问答公告 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。 2023 年 8 月 31 日，中国长江电力股份有限公司（以下简称"公 司"）在上海证券交易所网站（http://www.sse.com.cn）披露了 2023 年半年度报告。为便于广大投资者全面深入了解公司发展战略、生产 经营、业务拓展等，现就收集的热点问题答复如下： (说明：规划、预测相关内容受多种因素影响，非公司相应承诺) 一、发展战略 1．公司中期发展战略？ "十四五"中后期，公司将继续保持"高水平巩固大水电，高质 量拓展新空间，高站位推进科技创新"的总体发展思路：坚守大水电 主业，同时，在产业链上，从以发电为主拓展到"发—配—售"并举； 从能源结构上，从单一水电扩展到"水风光储"并举；从业务形态上， 由单一电源运行管理拓展到智慧综合能源，从发电侧拓展到用户侧综 合服务。主要包括： 抽水蓄能方面：抽水蓄能电站本质为大水电 ...

Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥30.97 billion, a decrease of 1.54% compared to the same period last year[15]. - The net profit attributable to shareholders for the first half of 2023 was approximately ¥8.88 billion, representing a decline of 22.85% year-on-year[15]. - The basic earnings per share for the first half of 2023 was ¥0.3630, down 22.85% from ¥0.4965 in the same period last year[16]. - The net profit after deducting non-recurring gains and losses for the first half of the year is approximately ¥8.50 billion, a decrease of 24.67% compared to ¥11.28 billion in the same period last year[94]. - The total profit for the first half of 2023 was approximately ¥10.79 billion, down 24.5% from ¥14.29 billion in the same period of 2022[102]. - The company's net profit for the first half of 2023 was approximately ¥9.14 billion, down 22.4% from ¥11.78 billion in the first half of 2022[102]. - The company's total revenue for the first half of 2023 was approximately ¥8.24 billion, a decrease of 31.5% compared to ¥12.06 billion in the same period of 2022[104]. Cash Flow and Investments - The net cash flow from operating activities increased by 41.03% to approximately ¥25.09 billion compared to the previous year[15]. - Net cash flow from investing activities was -71.48 billion RMB, a decrease of 734.68% year-on-year, primarily due to payments for the acquisition of Yun Chuan Company[25]. - Net cash flow from financing activities was approximately 48.83 billion RMB, an increase of 676.18% year-on-year, driven by financing related to the acquisition of Yun Chuan Company[25]. - Cash inflow from operating activities reached ¥37.09 billion, up 18.5% from ¥31.39 billion in the first half of 2022[107]. - The company reported a net cash outflow from investment activities amounted to ¥114.66 billion in the first half of 2023, compared to ¥25.16 billion in the same period of 2022, indicating a significant increase in investment expenditures[112]. - The net cash flow from financing activities was ¥57.12 billion, a substantial improvement from a net outflow of ¥0.89 billion in the first half of 2022, reflecting successful capital raising efforts[112]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥577.09 billion, a slight decrease of 0.24% compared to the previous year[15]. - The total liabilities increased to approximately ¥169.02 billion, up 61.2% from ¥104.74 billion at the end of 2022[100]. - The company's equity attributable to shareholders dropped to CNY 185,023,786,571.66 from CNY 227,672,712,353.16, a decrease of approximately 18.7%[97]. - The company's total liabilities increased to CNY 380,997,342,680.01 from CNY 322,436,160,281.09, indicating a significant rise in financial obligations[97]. - The company's total assets reached approximately ¥301.44 billion, an increase of 23.6% from ¥243.61 billion at the end of 2022[100]. Research and Development - Research and development expenses rose significantly by 1,134.89% to approximately 128 million RMB, reflecting increased investment in R&D[25]. - Research and development expenses for the first half of 2023 were approximately ¥71.49 million, significantly up from ¥10.27 million in the same period of 2022, indicating a growth of 6.96 times[104]. Environmental and Social Responsibility - The company strictly adhered to environmental regulations, completing all environmental protection tasks without any pollution incidents or legal violations in the first half of 2023[46]. - The company initiated 59 responsibility projects to support rural revitalization, focusing on improving local industries, talent, culture, and ecology[50]. - The company conducted 12 ecological scheduling experiments in its cascade reservoirs, promoting fish spawning and enhancing ecological functions[48]. - The company has successfully bred approximately 2.63 million fertilized eggs and 1.48 million juvenile fish of rare species as part of its biodiversity protection efforts[48]. Corporate Governance and Compliance - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[5]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[6]. - The company has established an independent financial department and accounting system for the listed company, ensuring independent tax compliance[55]. - The company guarantees that there is no substantial competition with the main business of Changjiang Electric, and will not engage in any competitive activities[54]. Strategic Initiatives - The company is actively pursuing strategic investments in upstream and downstream industries and emerging fields, while enhancing its core capabilities in hydropower operation and maintenance[21]. - The company plans to expand its market presence through strategic acquisitions and partnerships in the energy sector[74]. - The company is exploring innovative management models to ensure efficient project management and investment execution[40]. Financial Instruments and Risk Management - The company applies expected credit loss accounting for financial assets measured at amortized cost and those classified at fair value through other comprehensive income[154]. - The company recognizes financial assets and liabilities upon entering into financial instrument contracts, using the effective interest method for income and expense allocation[143]. - The company evaluates the transfer of financial assets based on the degree of risks and rewards retained, with three scenarios for recognition: full transfer, retention of risks and rewards, and partial transfer[151]. Shareholder Information - The total number of shares increased to 24,468,217,716 after the issuance of 1,726,358,486 new shares[73]. - The company issued 921,922,425 shares to acquire 100% equity of Sanxia Jinsijiang Yunchuan Hydropower Development Co., Ltd.[74]. - The largest shareholder, China Three Gorges Corporation, holds 460,961,213 shares, which are subject to a 36-month lock-up period[76]. Debt and Financing - The company has issued corporate bonds with a total balance of 3 billion yuan and an interest rate of 4.86%[83]. - The company has a total of 2,000,000,000 RMB in bonds issued in 2019 with an interest rate of 3.80%, maturing on September 4, 2024[86]. - The company has a loan limit of CNY 6,000,000 with Three Gorges Finance Co., Ltd., with an outstanding balance of CNY 2,470,300 as of June 30, 2023[67].

股票代码：600900 股票简称：长江电力 公告编号：2023-039 中国长江电力股份有限公司 关于召开 2023 年半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： 进门财经（https://s.comein.cn/A1edt) 电话接入：+86-4001888938（中国），+852-57006920（中国香港）， 一、会议类型 本次业绩说明会拟采用"现场会议+网络直播+电话会议"方式举 行，公司管理层将就投资者关心的发展战略、生产经营、财务状况、 投资计划等事项与投资者面对面沟通交流，并广泛听取投资者意见和 建议。 二、会议时间、地点 +1-2025524791（美国），+86-01053827720（全球），参会密码：969378 投资者可于 2023 年 9 月 1 日 12:00 前将需要了解的情况和关注的 问题发送至公司邮箱：cypc@cypc.com.cn，公司将在说明会上对投资 者普遍关注的问题进行解答。 中国长江电力股份有限公司（以下简称"公司"）拟于2023年8 ...

股票代码：600900 股票简称：长江电力 公告编号：2023-028 中国长江电力股份有限公司 关于联合中国三峡新能源（集团）股份有限公司召开 2022 年度暨 2023 年第一季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： 中国长江电力股份有限公司（以下简称"公司"或"长江电力"） 已于2023年4月28日在上海证券交易所网站（http://www.sse.com.cn） 披露公司2022年年度报告和2023年第一季度报告。 为践行国资委、证监会"鼓励具备条件的中央企业组织所控股上 1 召开时间：2023 年 5 月 8 日（星期一）15:00-17:00 召开方式：现场会议+网络视频直播+电话会议 召开地点：湖北省武汉市江岸区三阳路 88 号三阳中心 4 楼会议室 直播地址：上证路演中心 http://roadshow.sseinfo.com；路演中直播平台 https://webcast.roadshowchina.cn/cmeet/cCtjS3l0bHNENnNrR243eEp ...

Financial Performance - The net profit attributable to the parent company for 2022 is CNY 21,309,033,980.94, with a proposed distribution of dividends at CNY 8.533 per 10 shares for eligible shareholders [4]. - The company plans to distribute 100% of the net profit of CNY 20,092,277,840.10 generated from February 1, 2022, to December 31, 2022, to shareholders [4]. - The company reported a net profit of CNY 1,216,756,140.84 for the period from January 1, 2022, to January 31, 2022, which will be retained for future distribution [4]. - The net profit attributable to shareholders for 2022 was CNY 21,309,033,980.94, down 18.89% from CNY 26,272,998,503.24 in 2021 [18]. - The total profit amounted to 26.313 billion RMB, down by 6.096 billion RMB or 18.81% year-on-year [33]. - The company's operating revenue for 2022 was CNY 52,060,482,557.85, a decrease of 6.44% compared to CNY 55,646,253,991.83 in 2021 [18]. - The net cash flow from operating activities for 2022 was CNY 30,912,732,230.12, a decline of 13.49% compared to CNY 35,732,461,733.26 in 2021 [18]. - The basic earnings per share for 2022 was CNY 0.9370, representing an 18.89% decrease from CNY 1.1553 in 2021 [19]. - The total assets at the end of 2022 were CNY 327,268,285,047.33, a slight decrease of 0.39% from CNY 328,563,281,639.20 at the end of 2021 [19]. - The net assets attributable to shareholders increased by 2.44% to CNY 185,488,250,616.82 at the end of 2022, compared to CNY 181,063,819,486.27 at the end of 2021 [18]. Operational Highlights - The company achieved an annual power generation of 185.581 billion kWh, with a water-saving increase in power generation of 8.598 billion kWh, marking the best comprehensive water consumption rate since 2015 [24]. - The company successfully completed the commissioning of all remaining 10 units of the Baihetan Hydropower Station, contributing to the establishment of the world's largest clean energy corridor [24]. - The company’s total installed capacity achieved significant growth following the completion of major asset restructuring, with the restructuring plan approved by the CSRC in October 2022 [25]. - The company’s cumulative daily power generation exceeded 1 billion kWh for 48 days, effectively alleviating power supply tensions in central, eastern, and southern China [24]. - The company achieved a total installed hydropower capacity of 71.795 million kilowatts, with domestic capacity accounting for 17.34% of the national total [29]. Research and Development - The company invested a record high of 674 million yuan in R&D, resulting in the authorization of 373 patents, including 81 invention patents, a threefold increase [25]. - The company’s research and development expenses increased by 127.45% to 89.655 million RMB, compared to 39.417 million RMB in the previous year [34]. - The total research and development investment amounted to 674.02 million yuan, accounting for 1.29% of operating revenue [40]. Environmental and Social Responsibility - The company implemented 58 social responsibility projects with a total donation of 340 million yuan, focusing on comprehensive revitalization in related regions [30]. - The company invested ¥78.2187 million in environmental protection initiatives [120]. - The company produced 185.581 billion kWh of clean electricity in 2022, replacing approximately 55.9527 million tons of standard coal and reducing CO2 emissions by about 15.366 million tons compared to coal-fired power generation [124]. - The company conducted 17 ecological scheduling experiments, the highest number in its history, positively impacting the spawning quantity of the "Four Major Fish" in the Yangtze River [121]. Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, as confirmed by the audit report from Da Hua Accounting Firm [3]. - The company received an A-class evaluation for information disclosure from the Shanghai Stock Exchange, reflecting its commitment to transparency [79]. - The company has been recognized as a "Demonstration Enterprise of State-owned Enterprise Governance" by the State-owned Assets Supervision and Administration Commission [79]. - The company has established a comprehensive safety management system to address risks associated with complex operational conditions and equipment management [77]. Future Outlook and Strategic Initiatives - The company plans to focus on strategic investments in clean energy and smart integrated energy, while also promoting the construction of the "water-wind-solar-storage" energy base [75]. - The company aims to enhance its marketing strategy by integrating large hydropower with new energy and energy storage solutions [75]. - The company anticipates a tight balance in electricity supply and demand during peak periods in summer and winter [73]. - The company plans to expand its market presence by entering three new provinces in the next fiscal year [93]. Financial Management and Investments - The company has proposed to issue corporate bonds and interbank market debt financing tools to support its financial activities [82]. - The company has a total of 454,837,184 shares held by Changjiang Three Gorges Industrial Development (Beijing) Co., Ltd., a wholly-owned subsidiary, indicating internal consolidation of shares [159]. - The company has engaged multiple financial institutions for bond issuance and management, enhancing its market presence [179]. - The company has a solid track record of timely interest payments on its bonds, ensuring investor confidence [178].

Financial Performance - The company's operating revenue for Q1 2023 reached ¥15,397,466,574.25, representing a 25.17% increase compared to the same period last year[4]. - Net profit attributable to shareholders was ¥3,612,922,772.00, reflecting a 16.28% growth year-over-year[4]. - Basic and diluted earnings per share both stood at ¥0.1527, marking a 16.28% increase from the previous year[5]. - The net profit for Q1 2023 was approximately CNY 3.74 billion, an increase of 18% compared to CNY 3.17 billion in Q1 2022[19]. - The total comprehensive income for Q1 2023 was CNY 3.36 billion, slightly down from CNY 3.45 billion in Q1 2022[20]. - The company's financial report for Q1 2023 is unaudited, indicating ongoing assessments of financial performance[14]. Cash Flow and Investments - The net cash flow from operating activities surged by 78.33% to ¥7,577,578,299.69, driven by increased electricity sales[5]. - Cash flow from operating activities generated a net inflow of CNY 2,600,434,797.08, significantly higher than CNY 1,302,272,637.74 in Q1 2022, marking an increase of approximately 99.7%[30]. - The company reported a significant increase in cash received from investment activities, totaling CNY 19,234,443,486.39 in Q1 2023, compared to CNY 7,422,191,398.82 in Q1 2022, marking an increase of approximately 159.5%[30]. - The net cash flow from financing activities was CNY 59.18 billion, a turnaround from a negative CNY 2.93 billion in Q1 2022[23]. - The company received CNY 69 billion in cash from borrowings in Q1 2023, compared to CNY 11 billion in Q1 2022, indicating a substantial increase in financing activities[30]. Assets and Liabilities - Total assets amounted to ¥580,000,149,231.43, showing a slight increase of 0.27% compared to the end of the previous year[5]. - Total liabilities increased to ¥384,842,291,131.02 in Q1 2023 from ¥322,436,160,281.09 in Q1 2022, showing a growth of approximately 19.4%[16]. - The total equity attributable to shareholders decreased to ¥184,778,243,903.76 in Q1 2023 from ¥227,672,206,347.94 in Q1 2022, a decline of about 18.8%[16]. - Total non-current assets amounted to ¥551,364,345,873.70, a slight decrease from ¥551,526,324,853.47[33]. - The total assets as of March 31, 2023, amounted to RMB 301,380,897,545.56, an increase from RMB 243,611,612,379.88 at the end of 2022[26]. Shareholder Information - The company reported a significant increase in the number of ordinary shareholders, totaling 258,486 by the end of the reporting period[9]. - The total number of shares held by the top ten unrestricted shareholders includes 11,882,135,174 shares held by China Three Gorges Corporation, representing 52.16% of total shares[10]. - The company’s major shareholders include Yunnan Energy Investment Group Co., Ltd. with 779,661,264 shares, representing 3.29% of total shares[10]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic initiatives[6]. - The company is currently undergoing a major asset restructuring, with the approval process completed by the State-owned Assets Supervision and Administration Commission[12]. - The company has received regulatory approval for its asset restructuring plan, which includes issuing shares and convertible bonds to acquire assets[13]. - The company's stock was suspended for trading during the restructuring planning phase, highlighting the significance of this strategic move[12]. - The company is actively engaged in due diligence, auditing, and evaluation related to its major asset restructuring efforts[12]. Research and Development - Research and development expenses increased significantly to ¥35,789,732.66 in Q1 2023 from ¥4,672,990.95 in Q1 2022, reflecting a growth of approximately 664.5%[18]. - Research and development expenses increased significantly to RMB 16,227,968.63 in Q1 2023, compared to RMB 4,672,990.95 in Q1 2022, marking an increase of approximately 247.5%[27].

Financial Performance - The company's operating revenue for Q3 2022 was ¥15,880,975,297.65, a decrease of 22.71% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2022 was ¥7,652,560,901.19, down 30.34% year-on-year[2]. - The basic earnings per share for Q3 2022 was ¥0.3365, reflecting a decline of 30.34% compared to the previous year[3]. - The net profit attributable to shareholders for the year-to-date was ¥18,944,132,777.16, a decrease of 3.18% compared to the same period last year[2]. - The total profit for Q3 2022 was approximately ¥23.30 billion, a decrease from ¥23.81 billion in Q3 2021, reflecting a decline of about 2.16%[18]. - The net profit attributable to shareholders of the parent company was approximately ¥18.94 billion, down from ¥19.57 billion in the previous year, representing a decrease of about 3.19%[18]. - The total comprehensive income for Q3 2022 was approximately ¥21.36 billion, compared to ¥19.52 billion in Q3 2021, indicating an increase of about 9.39%[19]. - The total profit for Q3 2022 was approximately ¥12.01 billion, a decrease from ¥16.05 billion in Q3 2021, representing a decline of about 25.5%[27]. - The net profit for Q3 2022 was approximately ¥9.86 billion, down from ¥13.27 billion in Q3 2021, reflecting a decrease of around 25.5%[27]. Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥327,021,197,372.40, a slight decrease of 0.47% from the end of the previous year[3]. - As of September 30, 2022, the total current assets amounted to ¥15,918,672,626.55, a decrease from ¥17,923,455,064.88 as of December 31, 2021, representing a decline of approximately 11.16%[12]. - The company's long-term equity investments reached ¥65,463,174,558.14, up from ¥60,716,844,608.70, which is an increase of approximately 7.5%[12]. - Total liabilities decreased to CNY 133.91 billion in Q3 2022 from CNY 138.28 billion in Q3 2021, a reduction of about 3.43%[14]. - Total liabilities reached CNY 104,725,358,547.39, up from CNY 95,859,919,847.96, indicating an increase of 9.7%[24]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥23,970,161,004.22, showing a 10.94% increase[3]. - Cash inflow from operating activities for the first nine months of 2022 was approximately ¥44.83 billion, an increase from ¥40.37 billion in the same period of 2021, reflecting a growth of about 10.83%[20]. - Cash outflow from operating activities totaled approximately ¥20.86 billion in Q3 2022, compared to ¥18.76 billion in Q3 2021, an increase of about 11.19%[22]. - The net cash flow from investing activities for the first nine months of 2022 was approximately -¥2.67 billion, an improvement from -¥4.17 billion in the same period of 2021[22]. - The company reported a net cash outflow from financing activities of approximately -¥24.75 billion in Q3 2022, compared to -¥17.73 billion in Q3 2021, indicating a worsening of about 39.54%[22]. Shareholder Information - The company reported a total of 195,579 common shareholders at the end of the reporting period[7]. - The top shareholder, China Three Gorges Corporation, holds 54.34% of the shares, with a total of 12,358,576,257 shares[8]. Asset Restructuring - The company is undergoing a major asset restructuring, with the plan approved by the State-owned Assets Supervision and Administration Commission on July 20, 2022[11]. - The restructuring plan is pending approval from the China Securities Regulatory Commission, which is necessary for implementation[11]. - The company has initiated a significant asset restructuring process, which includes issuing shares and convertible bonds to acquire assets[11]. - The company’s stock was suspended for trading on November 29, 2021, due to the announcement of the major asset restructuring[11]. Research and Development - Research and development expenses increased to CNY 21.94 million in Q3 2022 from CNY 16.55 million in Q3 2021, indicating a growth of about 32.36%[17]. - Research and development expenses increased to CNY 21,649,940.84 from CNY 16,226,713.79, reflecting a growth of 33.5%[26].