证券代码：600905 证券简称：三峡能源 公告编号：2023-013 中国三峡新能源（集团）股份有限公司 关于联合中国长江电力股份有限公司召开 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： 会议召开方式：网络视频直播+电话会议+现场会议 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 网络直播地址： http://roadshow.sseinfo.com/(上证路演中心网站) https://webcast.roadshowchina.cn/cmeet/cCtjS3l0bH NENnNrR243eEprVVlyQT09(路演中直播平台) 投资者可于 2023 年 5 月 7 日(星期日)12:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ctgr_ir@ctg.com.cn 进行提问。公司将在业绩说明会上对投资 者普遍关注的问题进行回答。 中国三峡新能源（集团）股份有限公司（以下简称公司、三 峡能源 ...

Financial Performance - The company's operating revenue for Q3 2022 reached ¥5,277,014,628.02, representing a 55.45% increase compared to the same period last year[4] - Net profit attributable to shareholders was ¥1,132,975,039.01, a 36.10% increase year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥1,170,287,342.61, reflecting a 39.42% increase compared to the previous year[4] - The basic earnings per share (EPS) for the quarter was ¥0.0396, up 36.08% from ¥0.0291 in the same quarter last year[4] - In Q3 2022, the company achieved operating revenue of 5.277 billion RMB, a year-on-year increase of 55.45% due to the addition of new wind and solar power units and increased electricity sales[8] - For the first nine months of 2022, the company reported operating revenue of 17.406 billion RMB, reflecting a year-on-year growth of 48.27% driven by the same factors[8] - The net profit attributable to shareholders for Q3 2022 was 1.133 billion RMB, up 36.10% year-on-year, supported by the revenue growth and stable gross margin[8] - The net profit attributable to shareholders for the first nine months of 2022 reached 6.170 billion RMB, marking a 36.53% increase compared to the previous year[8] - The net profit excluding non-recurring gains and losses for Q3 2022 was 1.170 billion RMB, a 39.42% increase year-on-year, attributed to revenue and net profit growth[8] - The net profit excluding non-recurring gains and losses for the first nine months of 2022 was 6.157 billion RMB, reflecting a year-on-year growth of 35.45%[8] Assets and Liabilities - The total assets of the company as of the end of the reporting period were ¥254,158,819,072.48, an increase of 17.02% from the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 765,862, with the largest shareholder holding 48.92% of the shares[11] - As of September 30, 2022, the total current assets amounted to CNY 47.70 billion, an increase of 36.8% from CNY 34.88 billion on December 31, 2021[14] - The total non-current assets reached CNY 206.46 billion, representing a growth of 13.2% compared to CNY 182.32 billion at the end of 2021[16] - The total liabilities of the company were CNY 167.61 billion, up 19.2% from CNY 140.60 billion at the end of 2021[17] - The equity attributable to shareholders reached CNY 75.82 billion, an increase of 10.5% from CNY 68.83 billion year-over-year[17] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥9,580,583,262.18, a significant increase of 73.44% compared to the same period last year[4] - The net cash flow from operating activities for the first nine months of 2022 was 9.581 billion RMB, a significant increase of 73.44% year-on-year due to the ramp-up of new wind and solar projects[10] - Operating cash inflow totaled CNY 14.68 billion, up from CNY 9.05 billion year-over-year, reflecting a growth of 62.5%[22] - The net cash flow from operating activities reached CNY 9.58 billion, compared to CNY 5.52 billion last year, marking a growth of 73.5%[22] Research and Development - Research and development expenses for Q3 2022 were ¥3.70 million, up 54.0% from ¥2.40 million in Q3 2021[18] - Research and development expenses for the first three quarters amounted to ¥2,403,775.29, indicating a focus on innovation[28] Investment and Financing Activities - The company recognized government subsidies amounting to ¥38,371,881.30 during the quarter, contributing to its financial performance[6] - The company completed acquisitions of 51% stakes in two subsidiaries, which required retrospective adjustments to previous financial data[5] - The company reported a net cash outflow from operating activities of -¥39,296,827.91, contrasting with a net inflow of ¥62,192,503.49 in the previous year[31] - The cash inflow from financing activities was approximately ¥27.66 billion, down 43.7% from ¥49.25 billion in the previous year[32] - The company paid CNY 27.59 billion in debt repayments, compared to CNY 21.58 billion in the previous year, an increase of 28%[22] Other Financial Metrics - The company reported a significant increase in inventory, which rose to CNY 227.06 million from CNY 130.96 million, marking a growth of 73.3%[14] - The company’s cash and cash equivalents decreased slightly to CNY 12.84 billion from CNY 13.08 billion, a decline of 1.8%[14] - The company recorded a net increase in cash received from operating activities of ¥1.46 billion from tax refunds, compared to ¥131.21 million in the same period last year[21] - The company reported a total profit of ¥7.49 billion for Q3 2022, an increase of 41.5% compared to ¥5.30 billion in Q3 2021[19]

Capacity and Generation - The company reported a total installed capacity of 10,000 MW as of June 30, 2022, with a year-on-year increase of 15%[9]. - The total electricity generation for the first half of 2022 reached 12 billion kWh, representing a 20% increase compared to the same period last year[9]. - The company has set a target for a 25% growth in electricity generation for the full year 2022, aiming for 30 billion kWh by year-end[9]. - The company added 2,104.6 MW of installed capacity in the first half of 2022, bringing the total installed capacity to 25,100.9 MW[20]. - The company's wind power installed capacity reached 15,069.8 MW, accounting for 4.40% of the national market share, an increase of 1.18 percentage points year-on-year[20]. - The offshore wind power installed capacity reached 4,575.2 MW, representing 17.16% of the national market share, an increase of 3.80 percentage points year-on-year[20]. - The solar power installed capacity reached 9,715.9 MW, with a market share of 2.89%, up by 0.34 percentage points year-on-year[20]. - The total power generation reached 24.488 billion kWh, a year-on-year increase of 46.71%[27]. Financial Performance - The company's operating revenue for the first half of 2022 was CNY 12,129,271,830.33, an increase of 45.34% compared to CNY 8,345,177,500.89 in the same period last year[15]. - Net profit attributable to shareholders was CNY 5,036,975,040.23, up 36.62% from CNY 3,686,791,174.01 year-on-year[15]. - The net cash flow from operating activities increased by 49.04%, reaching CNY 5,784,231,139.62 compared to CNY 3,881,068,060.93 in the previous year[15]. - The total assets at the end of the reporting period were CNY 249,583,609,910.58, reflecting a 14.04% increase from CNY 218,850,191,026.66 at the end of the previous year[15]. - The net assets attributable to shareholders increased by 6.45%, totaling CNY 74,708,655,261.20 compared to CNY 70,179,612,443.18 at the end of the previous year[15]. - Basic earnings per share for the first half of 2022 were CNY 0.1767, a slight increase of 0.40% from CNY 0.1760 in the same period last year[16]. - The weighted average return on equity decreased by 1.39 percentage points to 6.93% compared to 8.32% in the previous year[16]. Research and Development - Research and development efforts are being intensified, particularly in solar and wind energy technologies, to enhance efficiency and reduce costs[9]. - The company has over 180 patents and has undertaken more than 10 national and provincial-level research projects[25]. - Research and development expenses surged by 192.65% year-on-year to CNY 3.69 million, reflecting a significant increase in investment in core business R&D[31]. Market Expansion and Strategy - The company is actively pursuing market expansion strategies, focusing on renewable energy projects in both domestic and international markets[9]. - The company plans to continue expanding its renewable energy projects to enhance revenue growth in the future[15]. - The company is actively developing large-scale wind and solar power bases in desert and barren areas, focusing on integrated development of energy sources[20]. - The company has participated in market transactions in 19 provinces, indicating a shift towards market-oriented sales of renewable energy[20]. Environmental and Social Responsibility - The company is committed to sustainable development and has outlined its environmental and social responsibility initiatives in the report[9]. - The company generated 24.488 billion kWh of electricity during the reporting period, equivalent to saving approximately 7.35 million tons of standard coal and reducing carbon dioxide emissions by about 19.11 million tons[60]. - The company has established an ecological environment protection leadership group to oversee environmental protection efforts, ensuring compliance with national and industry regulations[57]. - No environmental protection violations or significant incidents occurred during the reporting period, and all monitoring values met emission standards[56]. - The company has implemented effective environmental measures during the operation phase of power plants, ensuring that major pollution sources are effectively controlled[59]. Risks and Compliance - The company has no significant risks affecting its ongoing operations, as stated in the risk disclosure section of the report[2]. - The company faces policy risks that could impact resource acquisition and project profitability, necessitating close monitoring of national policy changes[43]. - Compliance risks are present in project development, with potential administrative or criminal penalties for non-compliance[43]. - The company is exposed to liquidity risks due to delays in renewable energy subsidies, which could affect asset liquidity and increase debt ratios[44]. Shareholder and Corporate Governance - The company held its first extraordinary general meeting on February 23, 2022, where several resolutions were passed, including the approval of the long-term incentive plan for restricted stock[46]. - The company reported significant changes in its board and management personnel, with multiple resignations and new appointments throughout 2022[49]. - The company has received approval for its restricted stock incentive plan from the State-owned Assets Supervision and Administration Commission[53]. - The company’s major shareholders have committed to not transferring or entrusting shares for 36 months from June 10, 2021[62]. Financial Management and Investments - The company has ongoing investments in offshore wind projects, with significant capital allocated, including CNY 139.81 million for the Jiangsu Rudong H6 project[38]. - The company’s investment in subsidiaries reached CNY 59.50 billion, marking a 10.86% increase from the beginning of the period[37]. - The company reported a total of 77.774 billion RMB in deposits during the reporting period, with a year-end balance of 6.849 billion RMB[83]. - The company incurred financing lease expenses of 233 million RMB during the reporting period[77]. Debt and Liabilities - The company's debt-to-asset ratio slightly increased to 66.05% from 64.33%, reflecting a 1.72% rise[106]. - The total liabilities increased to ¥164,848,607,718.52, up from ¥140,783,088,446.32, indicating a growth of 17.14%[108]. - The company has not provided any guarantees that violate regulations[75]. Future Outlook - The company plans to continue its market expansion and product development strategies in the upcoming periods[88]. - The company aims to leverage new technologies in its product offerings to improve customer engagement and satisfaction[126]. - The company has initiated strategic measures for mergers and acquisitions to enhance its competitive position in the market[126].

Financial Performance - In 2021, the company's operating revenue reached ¥15.48 billion, a year-on-year increase of 36.85% compared to ¥11.31 billion in 2020[19]. - The net profit attributable to shareholders was ¥5.64 billion, reflecting a 56.26% increase from ¥3.61 billion in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥5.07 billion, up 45.53% from ¥3.48 billion in 2020[19]. - By the end of 2021, total assets grew by 52.34% to ¥217.20 billion from ¥142.58 billion in 2020[19]. - The net assets attributable to shareholders increased by 64.22% to ¥68.83 billion, compared to ¥41.91 billion at the end of 2020[19]. - The basic earnings per share for 2021 was ¥0.2279, a 26.26% increase from ¥0.1805 in 2020[20]. - The weighted average return on equity rose to 10.14%, an increase of 1.16 percentage points from 8.98% in 2020[20]. - The company reported a net cash flow from operating activities of ¥8.82 billion, a slight decrease of 1.77% from ¥8.98 billion in 2020[19]. - The company's operating revenue for 2021 was 15.484 billion RMB, an increase of 36.85% year-on-year, while operating costs rose to 6.440 billion RMB, up 34.52%[42]. - The net profit attributable to shareholders for 2021 was 5.642 billion RMB, reflecting a growth of 56.26% compared to the previous year[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.2122 per 10 shares, totaling approximately RMB 607.34 million (including tax) based on a total share capital of 28,620,950,000 shares as of March 31, 2022[4]. - The company distributed cash dividends totaling 1.083 billion yuan (including tax) to shareholders in 2021[26]. - The company distributed a cash dividend of 0.0379 RMB per share for the first half of 2021, totaling 1,082,840,900 RMB[127]. - For the fiscal year 2021, the company plans to distribute a cash dividend of 0.2122 RMB per share, amounting to 607,336,559 RMB based on the total share capital of 28,620,950,000 shares[127]. Risk Management - The company reported no significant risks affecting its ongoing operations during the reporting period[6]. - The company has outlined potential risks in its annual report, which investors are advised to review[6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures for providing guarantees[6]. - The company has confirmed that all board members are able to guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company is facing risks related to policy changes that may intensify industry competition and affect project development[87]. - The company is addressing potential risks from the renewable energy subsidy policy and the impact of market demand fluctuations on its electricity generation efficiency[87]. Corporate Governance - The company held 4 shareholder meetings during the reporting period, addressing significant matters such as project changes, profit distribution, and related transactions, all of which were approved[90]. - The board of directors convened 19 meetings, approving 112 important proposals, including the annual board work report[90]. - The supervisory board held 7 meetings, reviewing 19 proposals, including the annual financial settlement report[90]. - The company disclosed 77 announcements related to major events, including meeting resolutions and significant transactions, ensuring timely and accurate information dissemination[91]. - The governance structure of the company aligns with national laws and regulations, ensuring effective supervision and risk management[90]. - The board includes 9 members, with 3 independent directors, ensuring compliance with legal requirements[90]. - The company emphasizes the integration of party leadership into corporate governance, enhancing decision-making efficiency and compliance[90]. - The company plans to continue improving its governance structure and compliance management in 2022[92]. Environmental Initiatives - The company generated 33.069 billion kWh of electricity in 2021, equivalent to saving approximately 9.92 million tons of standard coal and reducing CO2 emissions by about 25.46 million tons[140]. - The comprehensive energy consumption per 10,000 yuan of output was 0.0726 tons of standard coal/10,000 yuan, a decrease of 1.04% compared to the previous year[140]. - The company has established an ecological environment protection leadership group to oversee environmental protection work, ensuring full lifecycle management of environmental protection across all business activities[138]. - The company has implemented various environmental protection management systems, including the Environmental Protection Assessment Management Measures and the Solid Waste Management Measures[139]. - The company has not experienced any major environmental violations or incidents during the reporting period, maintaining compliance with environmental standards[140]. - The company is actively involved in rural revitalization efforts, implementing the "New Energy + Rural Revitalization" model and participating in national energy initiatives[142]. - The company has completed several renewable energy projects, including a 100 MW fish-solar complementary project and an 182 MW photovoltaic project, contributing to local economic development[142]. Strategic Development - The company is focusing on enhancing energy storage capabilities to support the integration of renewable energy sources[34]. - The company is actively exploring new energy technologies, including pumped storage and hydrogen energy, to create integrated projects that enhance renewable energy development[38]. - The company plans to continue expanding its renewable energy projects, particularly in offshore wind power, which saw a significant increase in installed capacity[43]. - The company aims to deepen its offshore wind power layout during the 14th Five-Year Plan, focusing on regions such as Guangdong, Fujian, and Jiangsu, while expanding into Shandong, Liaoning, Hainan, Shanghai, Zhejiang, and Guangxi[84]. - The company is committed to increasing its investment in renewable energy development and technology innovation, with a focus on high-quality development and risk management[85]. - The company plans to enhance its resource reserve efforts and steadily advance project approvals, construction, and production, targeting breakthroughs in scale, technology, and standards[84]. - The company is focused on increasing its research and development investment to enhance its independent innovation capabilities and promote the application of innovative technologies[85]. Shareholder Commitments - The controlling shareholder, Three Gorges Group, committed to not transferring or entrusting others to manage shares for 36 months starting from June 10, 2021[146]. - Other shareholders, including Doucheng Weiye and others, committed to not transferring or entrusting others to manage shares until March 23, 2023[147]. - The company has made a long-term commitment to avoid any business activities that compete with its main operations in wind and solar power generation[148]. - The company has a commitment to strictly adhere to regulations regarding share reduction after the lock-up period, ensuring compliance with relevant laws and regulations[147]. - The company’s controlling shareholders will not engage in any competitive business activities within China, excluding Hubei Province[148]. - The company has established a commitment to ensure that any violation of share transfer commitments will result in the proceeds being returned to the company[147]. - The company’s shareholders have agreed to correct any violations within the timeframe required by regulatory authorities[147]. Related Party Transactions - The company has undertaken significant related party transactions, including the acquisition of shareholder loans and assets from subsidiaries[163]. - The company’s related party transactions are primarily based on cost-plus pricing methods[163]. - The company’s financial reports indicate no significant changes in related party transactions that were previously disclosed[161]. - The company has not disclosed any new related party transactions in the current reporting period[161]. Investment and Acquisitions - The company completed the acquisition of 100% equity in Pingdu Anxin Electric Investment New Energy Co., Ltd. for ¥0, with a registered capital of ¥50 million[167]. - The company purchased a 31% stake in Yongdeng Hongyang New Energy Power Co., Ltd. for ¥3,555.70 million, increasing its ownership to 51%[167]. - The company agreed to acquire a 51% stake in Xingyi Three Gorges Clean Energy Development Co., Ltd. for ¥204.0255 million, with a registered capital adjustment to ¥124 million[167]. - The company also acquired a 51% stake in Fengjie Kuizhou Three Gorges Clean Energy Development Co., Ltd. for ¥714.00 million, with a registered capital adjustment to ¥286 million[167]. - The company and its partners established Jiangsu Energy Investment Co., Ltd. with a registered capital of 500 million RMB, where the company contributed 165 million RMB, holding a 33% stake[169]. Human Resources and Management - The total number of employees at the company and its main subsidiaries is 4,420, with 248 in the parent company and 4,172 in subsidiaries[122]. - The company has a training plan aimed at developing high-quality, professional talent, focusing on youth employee selection and training[125]. - The company has implemented a salary policy that links employee performance to compensation, ensuring competitive salaries and benefits[124]. - The company has a structured remuneration decision process based on performance evaluations for senior management[103]. Compliance and Internal Control - The company has established a strict internal control management system in accordance with relevant laws and regulations, enhancing decision-making efficiency and ensuring compliance and asset safety[131]. - The company received a standard unqualified opinion in its internal control audit report, confirming effective financial reporting internal controls as of December 31, 2021[134]. - The company has no significant litigation or arbitration matters reported for the year[159]. - The company has implemented a new leasing accounting standard effective January 1, 2021, impacting financial statement disclosures[156].

Financial Performance - The company's operating revenue for Q1 2022 was ¥5,788,736,223.24, representing a year-on-year increase of 51.84%[2] - The net profit attributable to shareholders for Q1 2022 was ¥2,264,001,115.56, reflecting a growth of 51.45% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,264,282,137.70, an increase of 52.29% year-on-year[2] - The net profit for Q1 2022 reached ¥2,571,459,986.49, up 60.0% from ¥1,607,453,856.61 in the same period last year[12] - The net profit from continuing operations for the first quarter of 2022 was approximately ¥2.57 billion, an increase from ¥1.61 billion in the same period of 2021, representing a growth of 60%[13] Assets and Liabilities - The total assets at the end of Q1 2022 amounted to ¥240,315,752,305.51, which is a 10.64% increase from the end of the previous year[3] - The total assets increased to ¥240,315,752,305.51 as of March 31, 2022, compared to ¥217,196,447,956.62 at the end of 2021, reflecting a growth of 10.5%[12] - The total liabilities amounted to ¥160,427,011,853.66, an increase of 14.1% from ¥140,601,171,304.61 in the previous year[11] - The total liabilities rose to CNY 37,911,351,572.85 in Q1 2022, compared to CNY 32,428,191,546.95 in Q1 2021, reflecting an increase of approximately 16.8%[19] Cash Flow - The net cash flow from operating activities was ¥1,646,487,361.30, showing a decrease of 14.06% compared to the previous year[2] - Cash inflow from operating activities totaled approximately ¥3.09 billion, down from ¥3.33 billion year-over-year, indicating a decrease of about 7.3%[14] - The net cash outflow from investing activities was approximately -¥6.63 billion, compared to -¥5.14 billion in the previous year, reflecting an increase in investment expenditures[15] - The net cash inflow from financing activities was approximately ¥9.14 billion, up from ¥7.15 billion in the same period last year, showing an increase of about 28%[16] - The net cash flow from operating activities was -15,110,851.75 CNY, a significant decrease from 1,190,161,459.54 CNY in Q1 2021[22] Shareholder Information - The company had a total of 893,848 common shareholders at the end of the reporting period[7] - The basic and diluted earnings per share for the first quarter of 2022 were both ¥0.0792, compared to ¥0.0747 in the same period of 2021, indicating an increase of about 6.0%[13] Investment and Expenses - Research and development expenses were ¥2,626,915.86, a substantial increase from ¥36,169.81 in the previous year, indicating a focus on innovation[12] - The company's long-term borrowings increased to CNY 16,553,788,000.00 in Q1 2022 from CNY 12,063,788,000.00 in Q1 2021, representing an increase of approximately 37.0%[19] - The company reported a financial expense of ¥1,157,894,657.97, which increased from ¥656,925,042.85, reflecting a rise of 76.3%[12] - The financial expenses for Q1 2022 were CNY 174,776,472.25, a slight decrease from CNY 185,107,402.65 in Q1 2021, showing a reduction of about 5.7%[20] Cash and Equivalents - The company's cash and cash equivalents rose to ¥17,306,091,849.45 from ¥13,077,396,049.68, marking a 32.5% increase[10] - The total cash and cash equivalents at the end of the first quarter of 2022 reached approximately ¥17.17 billion, significantly higher than ¥5.78 billion at the end of the first quarter of 2021, marking an increase of about 196%[16] - Cash and cash equivalents at the end of Q1 2022 amounted to 13,976,288,690.98 CNY, up from 1,922,398,084.95 CNY at the end of Q1 2021[23] Revenue Sources - The increase in operating revenue was primarily driven by the addition of new wind and solar power generation units and increased electricity sales[5] - Cash received from sales of goods and services was approximately ¥2.94 billion, down from ¥3.22 billion year-over-year, reflecting a decrease of about 8.7%[14] - The company received 13,123,272,070.90 CNY in loans during Q1 2022, an increase from 12,105,059,500.77 CNY in Q1 2021[23]

Financial Performance - The company's operating revenue for Q3 2021 was ¥3,262,671,500.37, representing a year-on-year increase of 32.48%[4] - The net profit attributable to shareholders for the same period was ¥723,641,803.54, a slight decrease of 1.27% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥730,598,707.08, showing a year-on-year increase of 10.63%[4] - The net profit for the first nine months of 2021 was ¥3,998,136,615.99, a year-on-year increase of 42.22%[9] - Net profit for the third quarter of 2021 was ¥4,305,585,337.44, up from ¥3,021,606,238.89 in the same quarter of 2020, reflecting a growth of approximately 42.5%[24] - Total operating revenue for the first three quarters of 2021 reached ¥11,148,009,591.46, a significant increase from ¥8,098,241,231.77 in the same period of 2020, representing a growth of approximately 37.8%[22] Assets and Liabilities - The total assets at the end of Q3 2021 reached ¥196,549,279,656.37, an increase of 37.86% from the end of the previous year[5] - The total assets as of the end of the third quarter of 2021 amounted to ¥196,549,279,656.37, compared to ¥142,576,355,736.68 at the end of the third quarter of 2020, marking an increase of about 37.8%[21] - Total liabilities reached ¥123,505,427,311.23 in the third quarter of 2021, up from ¥96,140,887,684.68 in the same period of 2020, representing an increase of approximately 28.5%[21] - The company's total current assets as of September 30, 2021, amount to approximately CNY 39.57 billion, an increase from CNY 21.04 billion in the previous year[19] - The total non-current assets as of the end of the third quarter of 2021 were ¥156,978,399,009.14, compared to ¥121,532,774,560.88 in the same period of 2020, representing an increase of about 29.2%[21] Shareholder Equity - The equity attributable to shareholders at the end of Q3 2021 was ¥67,164,889,417.86, reflecting a growth of 60.25% year-on-year[5] - The company's equity attributable to shareholders was ¥67,164,889,417.86, compared to ¥41,913,174,803.43 in the previous year, indicating a growth of around 60.5%[21] - China Three Gorges Group holds 14 billion shares, representing 49.00% of the total shares[13] Cash Flow - The net cash flow from operating activities for the first nine months of 2021 was ¥5,523,736,536.88, up 35.02% year-on-year[11] - Cash inflow from operating activities for the first three quarters of 2021 was CNY 9.05 billion, compared to CNY 6.15 billion in the same period of 2020, marking an increase of about 47.1%[26] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 5.52 billion, up from CNY 4.09 billion in the same period of 2020, indicating a growth of approximately 35.0%[26] - The company reported a net cash outflow from investing activities of approximately CNY 23.28 billion in the first three quarters of 2021, compared to CNY 16.94 billion in the same period of 2020, reflecting an increase of about 37.5%[28] - Total cash inflow from financing activities for the first three quarters of 2021 was CNY 66.17 billion, significantly higher than CNY 22.83 billion in the same period of 2020, representing an increase of approximately 189.5%[28] Operational Highlights - The company attributed the increase in operating revenue to the addition of new wind and solar power projects and increased electricity sales[9] - The company completed its initial public offering, which significantly increased its capital and cash reserves, contributing to the growth in equity and total assets[11] - Research and development expenses for the third quarter of 2021 were ¥2,401,071.41, significantly higher than ¥174,437.88 in the same quarter of 2020, showing an increase of approximately 1,276.5%[24] - Financial expenses for the third quarter of 2021 totaled ¥2,095,754,810.49, compared to ¥1,513,580,881.71 in the same period of 2020, reflecting an increase of about 38.4%[24] Other Financial Metrics - The basic earnings per share for Q3 2021 was ¥0.0253, a decrease of 30.89% compared to the same period last year[11] - Basic and diluted earnings per share for Q3 2021 were CNY 0.1699, up from CNY 0.1406 in Q3 2020, reflecting a growth of approximately 20.8%[25] - The total comprehensive income for the third quarter of 2021 was approximately CNY 4.32 billion, compared to CNY 3.10 billion in the same period of 2020, representing an increase of about 39.3%[25]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 7,885,338,091.09, an increase of 39.92% compared to the same period last year[19]. - The net profit attributable to shareholders for the same period was CNY 3,274,494,812.45, representing a growth of 57.55% year-on-year[19]. - The net cash flow from operating activities increased by 77.42% to CNY 3,879,560,210.55 compared to the previous year[19]. - The total assets at the end of the reporting period reached CNY 185,085,362,497.37, a 29.81% increase from the end of the previous year[19]. - The company's net assets attributable to shareholders increased by 61.11% to CNY 67,524,516,988.00[19]. - The basic earnings per share for the first half of 2021 was CNY 0.1563, up 50.43% from the same period last year[20]. - The company's revenue for the reporting period was 7.885 billion RMB, a 39.92% increase year-on-year, while the net profit attributable to shareholders was 3.274 billion RMB, up 57.55%[54]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.379 per 10 shares, totaling approximately RMB 1,082,840,900.00 (including tax) based on a total share capital of 28,571,000,000 shares as of June 30, 2021[5]. - The company does not plan to increase capital reserves or issue bonus shares in this profit distribution[5]. - The company has not proposed any capital reserve conversion to increase share capital or issued bonus shares in the current profit distribution plan[77]. Risk Management - There are no significant risks affecting the company's normal operations during the reporting period[7]. - The company has detailed potential risks in the management discussion section of the report[7]. - The company faces policy risks that may affect project profitability and competition in the renewable energy sector, prompting a need for strategic partnerships and resource acquisition[68]. - The company is implementing measures to mitigate compliance risks during project development, ensuring adherence to legal and environmental standards[68]. - The company is enhancing its financial management capabilities to address liquidity risks associated with delayed subsidy payments for renewable energy projects[68]. - The company is focusing on improving trading efficiency and accuracy in the electricity market to mitigate demand risks and enhance profitability[68]. Environmental and Social Responsibility - The report includes a section on environmental and social responsibility, indicating the company's commitment to sustainable practices[8]. - The company has established an ecological environment protection leadership group to oversee its environmental responsibilities[78]. - The company has implemented various environmental protection management systems, including the Environmental Protection Management System (SXXNY-G2-HB-01-2018) and the Environmental Protection Assessment Management Measures (SXXNY-G3-HB-01-2018)[80]. - The company has engaged in ecological restoration efforts, such as tree planting and monitoring bird activities, to enhance environmental protection around its facilities[80]. - The company is committed to promoting rural revitalization and has implemented assistance programs in areas such as healthcare, tourism, education, and infrastructure development[81]. - The company aims to integrate its business development with local resource endowments to promote the "new energy + rural revitalization" model[81]. Shareholder Structure and Governance - The controlling shareholder, Three Gorges Group, and shareholder Three Gorges Capital have committed to not transferring or entrusting others to manage their shares for 36 months from June 10, 2021[83]. - Other shareholders, including Doucheng Weiye and Zhuhai Ronglang, have a similar commitment until March 23, 2023, not to transfer or manage their shares[84]. - The company has made commitments regarding related party transactions and competition, ensuring compliance with long-term obligations[83]. - The company has a structured plan to address any potential conflicts of interest arising from related party transactions[83]. - The company has committed to fulfilling all public commitments made during the IPO process and will accept social supervision[90]. Investment and Project Development - The company has expanded its business to cover all 30 provinces in China, focusing on wind and solar energy development[25]. - The company aims to lead in offshore wind power and actively develops integrated energy solutions including hydropower and energy storage[25]. - The increase in revenue is primarily attributed to the growth in operational wind and solar projects and increased electricity sales[22]. - The company reported a significant increase in investment income from equity investments, contributing to the overall profit growth[22]. - The company has established a strategic development department for wind and solar energy project management, with a focus on resource acquisition and project feasibility studies[26]. - The company has signed cooperation agreements with local governments and grid companies in regions such as Jilin, Chongqing, Hunan, Fujian, and Liaoning, reserving a batch of high-quality renewable energy resources[42]. Financial Management - The company has a low financing cost, with bank loan interest rates generally 50-75 basis points below the LPR, and has issued bonds at rates lower than the industry average[46]. - The company has established a scientific investment decision-making system, ensuring project investments undergo multiple evaluation processes to enhance scientific rigor[47]. - The company has a total of 500 million shares held by Jinshi New Energy, accounting for 2.50% of the total share capital[90]. - The company has committed to compensating investors for any losses incurred due to unfulfilled commitments[90]. - The company has not reported any overdue bonds or risks related to the termination of bond trading[123]. Operational Efficiency - The company has implemented a new operation and maintenance model emphasizing remote monitoring and autonomous repairs, enhancing efficiency in energy production[29]. - The company has a two-tier marketing system for electricity sales, adapting to regional market reforms, with participation in market transactions across 17 provinces[30]. - The company has established a comprehensive training system for production and management personnel to ensure skill enhancement and operational efficiency[29]. - The company has implemented safety management measures to mitigate risks associated with production activities, including emergency response plans and network security protocols[70]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations for the next 12 months[159]. - The accounting policies comply with the requirements of the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[161]. - The group has mechanisms in place for recognizing goodwill and adjusting retained earnings during mergers and acquisitions[165]. - The company capitalizes borrowing costs directly attributable to fixed assets that take over one year to reach usable or saleable status[195]. - The group classifies financial assets based on the business model and cash flow characteristics, including those measured at amortized cost and fair value[172].