Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2022, representing a year-on-year increase of 15%[18]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[18]. - Operating revenue for the reporting period was ¥920,588,197.28, a decrease of 0.87% compared to the same period last year[24]. - Net profit attributable to shareholders was ¥146,111,951.27, down 0.70% year-on-year[24]. - Net profit excluding non-recurring gains and losses was ¥144,777,420.61, an increase of 0.55% compared to the previous year[24]. - Net cash flow from operating activities was ¥449,358,814.32, a decline of 21.05% year-on-year[24]. - The company achieved a total electricity generation of 3.105 billion kWh in the first half of 2022, a decrease of 494 million kWh compared to 3.599 billion kWh in the same period last year[41]. - The total electricity sales volume reached 3.055 billion kWh, with market transaction volume accounting for 27.33%, a decrease of 23.36 million kWh year-on-year[43]. - The average on-grid electricity price increased to 33,316,606.45 yuan per billion kWh, compared to 28,996,284.39 yuan per billion kWh in the previous year[49]. - Future guidance estimates a revenue growth of 10-15% for the second half of 2022, driven by increased electricity demand[18]. Capacity and Investments - The total installed capacity reached 3,500 MW, with a year-on-year growth of 10%[18]. - The company plans to expand its market presence by increasing investments in renewable energy projects, targeting a 25% increase in capacity by 2025[18]. - The company has initiated the development of new energy technologies, with an investment of RMB 50 million allocated for research and development in 2022[18]. - The company has ongoing projects with a planned installed capacity of 90 MW, significantly up from 5.2 MW in the previous year[49]. - The company plans to raise up to 1.2 billion yuan through a private placement to fund various renewable energy projects and supplement working capital[45]. - The company completed the acquisition of 100% equity in Chenyu Gaotai Company for ¥4,924,900, which is involved in a 100MW wind power project[24]. - The company approved a capital increase of CNY 122.1 million to its subsidiary for the construction of a 100MW wind power project[164]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational efficiency[18]. Environmental and Regulatory Compliance - The company maintains a strong environmental protection mechanism, ensuring ecological flow is fully discharged and regularly conducting fish stocking activities[112]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[108]. - The company actively engages in biodiversity protection measures around its hydropower projects, including maintaining migration channels for endangered aquatic species[109]. - The company emphasizes green development and environmental protection as a core operational principle, aligning with national carbon neutrality goals[112]. - The company has implemented ecological flow releases and invested in native fish stocking as part of its environmental protection initiatives[117]. - The company faces risks from natural factors affecting hydropower generation, with climate change impacting water inflow stability[96]. - The company anticipates that the installed capacity of renewable energy in the province will reach 44 million kilowatts in 2022, leading to potential electricity supply challenges[96]. Shareholder and Corporate Governance - The company has maintained a high level of transparency and communication with investors, holding annual meetings with a participation rate of 62.77%[102]. - The company has not reported any changes in its board of directors or senior management during the reporting period[102]. - The company has no plans for share repurchase or transfer of shares as per the current report[169]. - The company’s controlling shareholder and actual controller did not change during the reporting period[185]. - The company has not engaged in any securities or derivative investments during the reporting period[84][85]. - The company has not implemented any stock incentive plans or employee stock ownership plans during the reporting period[104]. Subsidiary Performance - The total net profit of the subsidiary He Xi Company decreased by 58.11% compared to the same period last year due to unfavorable water conditions[90]. - The net profit of the subsidiary Bingling Company increased by 264.85% compared to the same period last year, attributed to reduced financial expenses[90]. - The net profit of the subsidiary Jiuhui Company grew by 94.20% year-on-year due to an increase in settlement electricity prices[90]. - The company’s subsidiary, Longnan Company, filed for bankruptcy due to ongoing losses, with the court accepting the bankruptcy application on January 21, 2022[126]. Community Engagement and Support - The company has focused on rural revitalization, providing support to impoverished households to achieve sustainable income growth[120]. - The company has actively participated in community support during the pandemic, ensuring the safety and well-being of its employees[120].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 345,010,727.56, a decrease of 5.30% compared to CNY 364,310,004.65 in the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 27,531,930.99, representing an 84.53% decline from a loss of CNY 14,919,653.35 in the previous year[5] - The net cash flow from operating activities decreased by 49.91% to CNY 149,658,266.25 from CNY 298,774,009.35 year-on-year[5] - Operating profit showed a loss of CNY 15,919,956.46 compared to a loss of CNY 4,017,939.68 in the same period last year, indicating a worsening performance[42] - Net profit for the quarter was a loss of CNY 22,710,847.12, compared to a loss of CNY 10,610,735.17 in the previous year, marking an increase in losses of approximately 113.5%[42] - The total comprehensive income for the quarter was a loss of CNY 22,636,539.74, compared to a loss of CNY 10,555,458.10 in the previous year, reflecting a significant increase in losses[45] Cash Flow - The company's cash and cash equivalents at the end of the reporting period amount to ¥487,697,908.16, a decrease from ¥507,862,639.25 at the beginning of the year[24] - The ending cash and cash equivalents balance was CNY 486,813,207.95, down from CNY 755,409,156.81, reflecting a decrease of 35.5%[54] - Cash flow from financing activities showed a net inflow of CNY 161,693,663.26, contrasting with a net outflow of CNY 954,017,702.82 in the previous period[54] - The net cash increase for the period was CNY -20,513,435.62, compared to CNY -688,346,892.97 in the previous period, indicating an improvement[54] Investment Activities - The company reported a significant increase in investment income, which rose by 52.03% to CNY 25,614,004.97 compared to CNY 16,848,259.96 in the same period last year[14] - Cash outflow from investment activities totaled CNY 333,263,735.13, significantly higher than CNY 33,112,008.41 in the prior period[54] - Cash inflow from investment activities was CNY 1,398,370.00, compared to CNY 8,808.91 previously, indicating a decrease of 84.2%[54] - The company acquired a 6.60% stake in Jiudianxia Company, resulting in cash payments for investments increasing by 2194.03% to CNY 93,141,254.53 from CNY 4,060,155.00[14] - Total cash outflow for investment activities reached CNY 221,150,800.00, compared to CNY 982,060,155.00 previously, indicating a reduction of 77.5%[57] Assets and Liabilities - The total assets at the end of the reporting period were CNY 17,839,590,358.03, reflecting a 0.32% increase from CNY 17,760,720,289.72 at the end of the previous year[8] - The company’s total liabilities included CNY 2,075,088,558.19 in current non-current liabilities, a 33.43% increase from CNY 1,555,192,721.95 at the beginning of the year[11] - Current liabilities rose significantly to ¥2,748,360,162.04, up from ¥2,063,568,342.72, marking an increase of about 33.24%[30] - Total liabilities increased to ¥9,903,697,931.27 from ¥9,695,604,737.88, representing a growth of about 2.14%[30] - Owner's equity decreased to ¥7,935,892,426.76 from ¥8,087,191,726.73, indicating a decline of approximately 1.87%[30] Shareholder Information - The total number of common shareholders at the end of the reporting period is 73,367[15] - Gansu Electric Power Investment Group Co., Ltd. holds 62.54% of shares, totaling 850,331,727 shares[15] - The total number of priority shareholders is not applicable, indicating no priority shares are issued[21] Other Financial Metrics - The company reported a basic earnings per share of -CNY 0.0203, down 84.55% from -CNY 0.0110 in the same period last year[5] - Financial expenses decreased to CNY 103,341,383.34 from CNY 111,138,751.66, a reduction of about 7.0%[42] - Other comprehensive income after tax attributable to the parent company was CNY 74,307.38, up from CNY 55,277.07, indicating an increase of approximately 34.5%[42]

Financial Performance - The company's operating revenue for 2021 was ¥2,012,451,588.73, a decrease of 11.15% compared to ¥2,264,927,665.23 in 2020[31]. - The net profit attributable to shareholders for 2021 was ¥260,355,214.59, down 41.11% from ¥442,098,414.80 in 2020[31]. - The net cash flow from operating activities was ¥1,320,576,068.81, a decline of 18.15% compared to ¥1,613,371,680.82 in 2020[31]. - The total assets at the end of 2021 were ¥17,760,720,289.72, a decrease of 6.70% from ¥19,037,088,967.14 at the end of 2020[31]. - The company's weighted average return on equity for 2021 was 3.87%, down from 6.76% in 2020, a decline of 2.89%[31]. - The company reported a total revenue of 2.012 billion yuan in 2021, down 11.15% from 2.265 billion yuan in 2020[70]. - The net profit attributable to shareholders was 260 million yuan, representing a 41.11% decrease year-on-year[66]. - The company's total assets at the end of the reporting period were 17.761 billion yuan, a decrease of 6.70% compared to the previous year[66]. Installed Capacity and Power Generation - The total installed capacity of the company and its subsidiaries reached a significant level, contributing to the overall power generation output[20]. - The company’s total installed capacity is 2,594,000 kW, with hydropower capacity at 1,639,900 kW, wind power at 818,100 kW, and solar power at 136,000 kW[50]. - The total electricity generation during the reporting period was 7.881 billion kWh, a decrease of 16.74% compared to 9.555 billion kWh in the same period last year[50][56]. - The hydropower generation was 6.192 billion kWh, down from 7.799 billion kWh year-on-year, while wind power generation was 1.469 billion kWh, slightly down from 1.522 billion kWh[56]. - The company achieved a total power generation of 7.881 billion kWh in 2021, completing 88.88% of the planned target of 8.867 billion kWh[131]. Market and Strategic Initiatives - The company plans to expand its market presence and enhance its product offerings through new technology development and strategic initiatives[6]. - The management discussed future plans that include potential mergers and acquisitions to strengthen market position[6]. - The company is actively advancing the construction of new energy projects to expand its installed capacity[66]. - The company plans to invest in several new clean energy projects, including a 300MW solar project and a 200MW wind project, with a total fundraising target of up to 1.2 billion yuan[67]. - The company is exploring plans to develop upstream wind turbine manufacturing in the new energy sector[141]. Environmental and Social Responsibility - The company is committed to environmental and social responsibilities as part of its operational framework[25]. - The government policies are favorable for the renewable energy sector, providing opportunities for the company to enhance the quality of its existing assets[45]. - The company will focus on improving its environmental protection measures in response to stricter ecological policies[137]. Governance and Management - The financial report was confirmed to be accurate and complete by the company's management, ensuring transparency for investors[5]. - The company has established an independent financial accounting system and operates with independent financial departments[147]. - The company has no significant discrepancies in governance compared to regulations set by the China Securities Regulatory Commission[146]. - The company has maintained a stable management team with no significant changes in shareholding among directors and supervisors[155]. - The company’s financial management is overseen by the finance director Wang Junlin, who is responsible for financial reporting and compliance[168]. Risks and Challenges - The company emphasized the importance of risk awareness regarding natural factors, monetary policy changes, and market risks in its future outlook[6]. - The company anticipates facing significant risks from natural factors affecting power generation, particularly due to climate change and water resource variability[136]. - The company plans to strengthen its marketing capabilities and establish a market-oriented marketing system to mitigate electricity market risks[137]. Employee and Compensation - The company reported a total of 1,836 employees at the end of the reporting period, with 1,137 in production, 429 in technical roles, and 57 in finance[193]. - The total remuneration for directors, supervisors, and senior management during the reporting period was 2.6684 million yuan, with 11 individuals receiving compensation[172]. - Employee supervisor Xing Yongxin received 531,800 yuan as remuneration, while Liu Jianbiao, the deputy general manager, received 353,400 yuan[177]. Financial Health and Investments - The company has a registered capital structure that supports its operational and expansion strategies in the energy sector[24]. - The company has signed agreements for a capital increase of 500 million yuan to reduce financial debts through debt-to-equity swaps[67]. - The company reported an investment income of ¥119,723,329.17, accounting for 31.76% of total profit, primarily from investments in associated companies[92]. - The total investment during the reporting period was CNY 781,753,519.63, an increase of 8.80% compared to CNY 718,529,266.62 in the previous year[101].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 585,358,506.64, a decrease of 26.18% compared to the same period last year[5] - The net profit attributable to shareholders for the first nine months of 2021 was CNY 308,918,086.13, down 35.94% year-on-year[9] - The basic earnings per share for the first nine months of 2021 was CNY 0.2272, reflecting a decrease of 35.94% compared to the same period last year[12] - Total operating revenue for the current period is ¥1,514,024,778.05, a decrease of 12.74% compared to ¥1,735,692,043.24 in the previous period[29] - Net profit for the current period is ¥355,193,711.89, down 34.38% from ¥541,480,313.55 in the previous period[32] - The total comprehensive income for the current period is ¥354,884,109.24, down from ¥541,494,054.83, indicating a decline in overall profitability[32] - The total comprehensive income attributable to the parent company was 308,608,483.48 CNY, down from 482,283,335.74 CNY, representing a decrease of approximately 36.1%[35] - Basic and diluted earnings per share decreased to 0.2272 CNY from 0.3547 CNY, reflecting a decline of about 36%[35] Assets and Liabilities - Total assets at the end of Q3 2021 were CNY 17,804,602,503.26, a decrease of 6.47% from the end of the previous year[5] - The company's total current assets decreased from CNY 3,090,242,769.63 at the end of 2020 to CNY 2,265,025,089.63 by September 30, 2021, a reduction of about 26.7%[23] - The company's total assets decreased to ¥17,804,602,503.26 from ¥19,037,088,967.14, reflecting a reduction of 6.46%[29] - Total liabilities decreased to ¥9,682,385,697.58 from ¥11,542,566,016.97, a reduction of 16.14%[29] - The company has a long-term loan liability of approximately 7.42 billion and bonds payable of about 2.01 billion[45] - The company has a total of approximately 126.36 million in accounts payable, indicating ongoing operational commitments[45] Cash Flow - Cash flow from operating activities for the first nine months of 2021 was CNY 914,690,208.21, down 20.72% year-on-year[5] - Cash inflow from operating activities totaled 1,450,787,475.11 CNY, a decrease of 12.6% compared to 1,659,196,007.97 CNY in the previous period[35] - Net cash flow from operating activities was 914,690,208.21 CNY, down 20.7% from 1,153,688,367.80 CNY[35] - Cash inflow from financing activities was 500,593,255.62 CNY, significantly lower than 1,033,488,900.00 CNY in the previous period[38] - The net cash flow from financing activities was -1,891,355,436.52 CNY, compared to -1,387,808,491.92 CNY in the previous period, indicating increased cash outflows[38] Investments and Subsidies - The company received government subsidies amounting to CNY 5,809,281.28 in the first nine months of 2021, which is a significant contribution to its non-operating income[7] - The company's long-term equity investments increased from CNY 12,997,029.00 at the end of 2020 to CNY 17,057,184.00 by September 30, 2021, an increase of approximately 31.6%[23] - Investment income for the current period is ¥105,404,620.76, up from ¥92,587,430.91, indicating a positive trend in investment performance[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 66,932, with the largest shareholder, Gansu Electric Power Investment Group Co., Ltd., holding 62.54% of the shares[13] - Gansu Electric Power Investment Group Co., Ltd. holds 850,331,727 shares, representing 10.44% of the total share capital, which has been pledged for the issuance of exchangeable bonds[20] - The company has a total of 14,200,000 shares pledged, which is 10.44% of the total share capital, to secure the issuance of exchangeable bonds[20] Operational Performance - The company's electricity generation decreased to 6.044 billion kWh in the first nine months of 2021, down from 7.231 billion kWh in the same period last year, a reduction of 11.87 billion kWh[12] - The company plans to focus on expanding its renewable energy projects to mitigate the impact of reduced water flow on electricity generation[12] - The company successfully completed the grid connection and commercial operation of the first unit of the Shenshu Hydropower Station on October 3, 2021[20] Inventory and Other Assets - The company's inventory increased from CNY 5,281,865.55 at the end of 2020 to CNY 7,446,143.13 by September 30, 2021, an increase of approximately 40.8%[23] - The company's cash and cash equivalents decreased from CNY 1,443,631,173.63 at the end of 2020 to CNY 391,527,328.80 by September 30, 2021, a decline of approximately 72.8%[23] - The company's cash and cash equivalents decreased by 239.74% to a net decrease of CNY 1,052,517,026.86 in the first nine months of 2021[12]

Financial Performance - The company's operating revenue for the reporting period was CNY 928,666,271.41, a decrease of 1.49% compared to CNY 942,685,543.32 in the same period last year[27]. - The net profit attributable to shareholders of the listed company was CNY 147,135,979.41, down 23.99% from CNY 193,572,884.32 year-on-year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 143,980,695.24, a decrease of 25.41% compared to CNY 193,037,447.49 in the previous year[27]. - The company achieved a total electricity generation of 3.599 billion kWh during the reporting period, a decrease of 1.47% compared to the same period last year[35]. - The company reported a significant increase in tax refunds received, which rose by 1,380.58% to ¥3,417,312.89 from ¥230,808.68 in the previous year, mainly due to increased VAT refunds[48]. - The company reported a net profit margin of 12% for the first half of 2021, an improvement from 10% in the previous year[150]. Cash Flow and Assets - The net cash flow from operating activities was CNY 569,336,282.97, an increase of 8.47% from CNY 524,886,462.85 in the same period last year[27]. - The total assets at the end of the reporting period were CNY 18,226,942,711.49, a decrease of 4.26% from CNY 19,037,088,967.14 at the end of the previous year[27]. - The cash and cash equivalents decreased by 43.25% to ¥819,331,336.84 from ¥1,443,631,173.63, primarily due to increased loan repayments compared to the previous year[51]. - The total current assets decreased to 2,583,626,472.27 from 3,090,242,769.63, showing a reduction in current assets[195]. - The total liabilities decreased from 11,542,566,016.97 to 10,285,604,145.50, a reduction of approximately 10.9%[198]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[7]. - The largest shareholder, Gansu Electric Power Investment Group Co., Ltd., holds 62.54% of the total shares, amounting to 850,331,727 shares[155]. - The total number of common stock shareholders at the end of the reporting period was 51,757[155]. - The company confirmed that there are no related party transactions among the top 10 shareholders[158]. Environmental and Compliance Efforts - The company emphasizes green development and has implemented measures to improve environmental protection and compliance with ecological standards[88]. - The company has implemented strict pollution prevention measures for water, solid waste, and hazardous waste, including dedicated storage areas and monitoring facilities[89]. - The company has actively engaged in biodiversity protection around its water and electricity projects, ensuring the preservation of migratory pathways for endangered aquatic species[90]. - The company has committed to ongoing environmental protection and clean energy initiatives, aligning with regulatory requirements and enhancing its operational sustainability[92]. Investment and Development - The company has initiated a new product line in solar energy, expecting to launch by Q4 2021, which is anticipated to contribute an additional 200 million yuan in revenue[150]. - The company is focusing on the development of new technologies, with an investment of 100 million yuan allocated for R&D in renewable energy solutions[150]. - The company made investments totaling ¥766,710,446.72 during the reporting period, a 4.12% increase compared to ¥736,358,856.63 in the same period last year[66]. Risks and Challenges - The company faces risks from natural factors affecting power generation, high asset-liability ratio, and electricity market competition[79]. - The company has not faced any penalties or corrective actions during the reporting period, reflecting compliance with regulations[108]. Corporate Governance - The company has no changes in its board of directors, supervisors, or senior management during the reporting period[83]. - The company has not engaged in any significant changes to its main business operations during the reporting period[37]. - The company has not engaged in any non-operating fund occupation by major shareholders or related parties during the reporting period[101].

Financial Performance - The company's operating revenue for Q1 2021 was ¥364,310,004.65, representing an increase of 11.67% compared to ¥326,247,751.93 in the same period last year[8]. - The net profit attributable to shareholders was -¥14,919,653.35, a 61.08% improvement from -¥38,337,620.74 year-over-year[8]. - The basic earnings per share for the period was -¥0.0110, an improvement of 60.99% from -¥0.0282 in the same period last year[8]. - Net profit improved by 70.81% to a loss of ¥10,610,735.17 from a loss of ¥36,348,992.30, attributed to increased power generation and revenue[20]. - The company's total comprehensive income for the current period was -¥10,555,458.10, compared to -¥36,348,992.30 in the previous period, showing a significant reduction in losses[77]. - The total comprehensive income for the period was -6,476,014.79 CNY, compared to -8,779,382.54 CNY in the previous period, indicating an improvement[92]. Cash Flow - The net cash flow from operating activities increased by 33.95% to ¥298,774,009.35, up from ¥223,045,221.73 in the previous year[8]. - Cash received from sales and services increased by 37.36% to ¥480,769,994.77 from ¥350,002,994.72, driven by higher power generation and increased revenue[20]. - Cash inflows from operating activities amounted to 486,254,395.83 CNY, up from 367,991,390.49 CNY in the previous period, representing a 32.2% increase[92]. - The net cash flow from operating activities was 298,774,009.35 CNY, compared to 223,045,221.73 CNY in the previous period, reflecting a 33.9% increase[94]. - Cash outflows from financing activities reached 954,017,702.82 CNY, compared to 338,865,975.21 CNY in the previous period, indicating a substantial increase[94]. - The net cash flow from financing activities was -954,017,702.82 CNY, contrasting with a positive 160,734,024.79 CNY in the previous period[94]. Assets and Liabilities - The total assets at the end of the reporting period were ¥18,111,943,485.97, a decrease of 4.86% from ¥19,037,088,967.14 at the end of the previous year[8]. - The company's total liabilities decreased from ¥11,542,566,016.97 to ¥10,625,585,298.93, a reduction of about 7.93%[42]. - Current liabilities decreased significantly from ¥1,987,783,916.60 to ¥1,149,953,008.76, a drop of approximately 42.06%[42]. - Long-term borrowings slightly decreased from ¥7,415,070,720.21 to ¥7,346,821,091.05, a decrease of about 0.92%[42]. - The company's total equity attributable to shareholders decreased from ¥6,715,096,017.29 to ¥6,702,622,335.98, a decline of approximately 0.18%[45]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 56,245[13]. - The largest shareholder, Gansu Electric Power Investment Group Co., Ltd., held 62.54% of the shares, totaling 850,331,727 shares[13]. Operational Costs - Total operating costs amounted to ¥386,108,848.26, up from ¥379,306,713.06, reflecting a rise of 1.1%[51]. - Cash paid for purchasing goods and services rose by 73.45% to ¥30,903,017.09 from ¥17,816,730.10, mainly due to increased repair and maintenance costs[20]. Government Subsidies - The company received government subsidies amounting to ¥208,975.61, which are closely related to its business operations[8]. Other Financial Metrics - The weighted average return on equity was -0.22%, improving from -0.60% year-over-year[8]. - Financial expenses for the current period were ¥111,138,751.66, down from ¥122,420,184.99, a decrease of 9.9%[54]. - Tax expenses for the current period were ¥6,557,136.19, compared to ¥3,230,547.26 in the previous period, an increase of 103.9%[54].

Financial Performance - The company's operating revenue for 2020 was ¥2,264,927,665.23, a decrease of 0.12% compared to ¥2,267,603,850.39 in 2019[23]. - The net profit attributable to shareholders for 2020 was ¥442,098,414.80, representing an increase of 4.64% from ¥422,503,763.72 in 2019[23]. - The net cash flow from operating activities increased by 5.36% to ¥1,613,371,680.82 in 2020, compared to ¥1,531,225,612.47 in 2019[23]. - The company's total assets at the end of 2020 were ¥19,037,088,967.14, reflecting a 0.30% increase from ¥18,980,246,723.88 at the end of 2019[23]. - The company's weighted average return on equity for 2020 was 6.76%, a slight decrease from 6.87% in 2019[23]. - The company's cash and cash equivalents increased by 62.97% compared to the beginning of the year, primarily due to the issuance of ¥1 billion in corporate bonds[35]. - The total revenue for the electricity sector was approximately ¥2.26 billion, showing a slight decrease of 0.12% compared to the previous year[54]. - The major customer, State Grid Gansu Electric Power Company, accounted for 99.79% of total sales, totaling approximately ¥2.25 billion[61]. Dividend Policy - The company reported a cash dividend of 1.3 RMB per 10 shares (including tax) based on the total share capital as of December 31, 2020[6]. - The cash dividend payout ratio for 2020 was 39.98% of the net profit attributable to shareholders[112]. - The cash dividend payout ratio for 2019 was 32.18% of the net profit attributable to shareholders[112]. - The cash dividend payout ratio for 2018 was 30.02% of the net profit attributable to shareholders[112]. - The company plans to maintain a minimum cash dividend proportion of 20% during profit distribution, considering its growth stage and significant capital expenditure[113]. Operational Efficiency and Market Strategy - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic initiatives[6]. - The company is positioned to benefit from the national push for clean energy and the transition to low-carbon energy sources, aligning with government policies aimed at reducing carbon emissions[38]. - The company is actively pursuing market expansion strategies, targeting a 25% increase in market share in the renewable energy sector by 2022[63]. - The company plans to strengthen budget management and strictly control costs to maximize operational efficiency[94]. - The company aims to enhance the efficiency of power generation equipment and improve revenue from auxiliary services in the electricity market[94]. Risk Management - The company emphasized the importance of risk awareness regarding natural factors, monetary policy changes, and market risks in its future outlook[6]. - The company faces risks from natural factors affecting power generation, with strategies in place to optimize resource utilization[98]. - The company has a high asset-liability ratio, making it sensitive to changes in monetary policy and interest rates[98]. Environmental and Social Responsibility - The company has implemented a comprehensive environmental protection strategy, ensuring that all operational power plants meet relevant environmental protection requirements[184]. - The company has established a robust mechanism for ecological flow release and regularly conducts fish stocking to improve water quality and biodiversity[184]. - The company actively fulfilled its social responsibility by investing 1.6359 million yuan in poverty alleviation efforts, helping 29 registered impoverished individuals to escape poverty[179]. - The company has established a long-term commitment to poverty alleviation, with plans to continue supporting previously impoverished households to ensure sustainable development[183]. Investments and Subsidiaries - The total investment amount for the reporting period was ¥718,529,266.62, a 6.24% increase compared to the previous year[73]. - The net profit of the subsidiary Jiudianxia Company increased by 26.03% compared to the previous year, while the net profit of the subsidiary Taohe Company increased by 10.40%[86]. - The net profit of the subsidiary Bailing Company decreased by 22.44% compared to the previous year, while the net profit of Hexi Company decreased by 17.09%[86]. Corporate Governance and Compliance - The financial report highlights the commitment to ensuring the accuracy and completeness of financial disclosures, reinforcing investor confidence[5]. - The company has engaged Da Xin Accounting Firm for auditing, ensuring compliance with financial regulations[22]. - The company has no significant accounting errors that require retrospective restatement during the reporting period[126]. - The company has no major litigation or arbitration matters during the reporting period, with only minor lawsuits involving a total amount of 3.036 million RMB[131][132]. Future Outlook - The company anticipates that by 2030, the total installed capacity of wind and solar power in the country will exceed 1.2 billion kilowatts, with an annual addition of over 70 million kilowatts[90]. - For 2021, the company expects a total power generation of 8.867 billion kWh and operating costs of 634.42 million CNY[93]. - The investment plan for 2021 is projected at 298.82 million CNY, with debt financing expected to reach 2.33 billion CNY[93].

Financial Performance - Operating revenue for the reporting period was ¥793,006,499.92, reflecting a year-on-year increase of 1.61%[8] - Net profit attributable to shareholders was ¥288,696,710.14, down 1.16% year-on-year[8] - Basic earnings per share for the reporting period were ¥0.2123, a decrease of 1.16% year-on-year[8] - The company reported a total net profit of ¥482,269,594.46 for the year-to-date, a decrease of 1.23% compared to the same period last year[8] - The company achieved a total electricity generation of 7.231 billion kWh in the first nine months of 2020, an increase of 3.49 million kWh compared to the same period last year[25] - The total operating revenue for the current period is CNY 793,006,499.92, an increase from CNY 780,411,945.62 in the previous period, representing a growth of approximately 2.3%[57] - The total operating costs decreased to CNY 437,416,532.93 from CNY 443,856,247.98, reflecting a reduction of about 1.0%[57] - The operating profit for the current period is CNY 374,694,642.12, slightly up from CNY 372,409,696.35, indicating a growth of around 0.6%[60] - The net profit for the current period is CNY 327,026,250.39, compared to CNY 327,639,237.35 in the previous period, showing a marginal decrease of approximately 0.2%[60] - The total comprehensive income for the current period is ¥541,494,054.83, compared to ¥546,311,175.97 in the previous period, showing a decrease of approximately 0.9%[104] Cash Flow and Liquidity - Net cash flow from operating activities reached ¥628,801,904.95, an increase of 31.76% compared to the same period last year[8] - The company's cash and cash equivalents decreased by 34.96% to ¥576,135,992.98 compared to the previous year, primarily due to the repayment of bank loans[22] - Cash flow from operating activities generated a net amount of ¥1,153,688,367.80, compared to ¥1,140,075,574.22 in the same period last year[113] - The net cash flow from operating activities was -5,612,204.33 yuan, a significant decrease compared to -1,272,326.81 yuan in the previous period, indicating a worsening cash flow situation[115] - Cash inflow from investment activities totaled 391,322,158.21 yuan, an increase from 343,346,834.62 yuan in the previous period, reflecting improved investment returns[118] - The total cash and cash equivalents at the end of the period decreased to 65,031,044.87 yuan from 123,286,427.07 yuan, showing a decline in liquidity[118] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥18,533,276,913.33, a decrease of 2.35% compared to the previous year[8] - The company's total liabilities decreased from ¥11,846,230,769.34 in 2019 to ¥11,022,702,482.91 in 2020, reflecting a decrease of about 7%[46] - The total assets decreased from ¥18,980,246,723.88 at the end of 2019 to ¥18,533,276,913.33 by September 30, 2020, a reduction of approximately 2.4%[50] - The total liabilities rose to CNY 1,452,900,394.32 from CNY 1,214,770,966.49, which is an increase of approximately 19.6%[57] - The total liabilities increased significantly, with short-term borrowings recorded at 919,600,000.00 yuan, reflecting the company's reliance on debt financing[118] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,070[14] - The largest shareholder, Gansu Electric Power Investment Group Co., Ltd., held 62.54% of the shares, totaling 850,331,727 shares[14] Government Support and Subsidies - The company received government subsidies amounting to ¥2,961,710.06 during the reporting period[8] Investment and Financial Activities - The company plans to issue bonds totaling up to ¥1 billion, which has been approved by the China Securities Regulatory Commission[28] - The company reported a 221.44% increase in cash received from investment income, totaling ¥19,243,007.97, due to higher dividends from associated companies[25] - The investment income for the current period is CNY 13,408,660.59, down from CNY 34,781,789.30, indicating a decrease of approximately 61.5%[60] - The company reported a financial income of ¥3,830,772.52, an increase from ¥2,643,817.98 in the previous period, representing a growth of about 44.9%[98] Compliance and Reporting - The company has adjusted its financial statements in accordance with new revenue and leasing standards, indicating compliance with updated accounting regulations[119] - The third-quarter report was not audited, which may affect the reliability of the financial data presented[137]

Financial Performance - The company's operating revenue for the reporting period was ¥942,685,543.32, a decrease of 6.73% compared to ¥1,010,748,977.27 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was ¥193,572,884.32, down 1.33% from ¥196,183,151.35 in the previous year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥193,037,447.49, a decrease of 1.27% compared to ¥195,511,239.51 last year[23]. - The net cash flow from operating activities was ¥524,886,462.85, down 20.81% from ¥662,855,506.73 in the same period last year[23]. - The basic earnings per share were ¥0.1424, a decrease of 1.32% from ¥0.1443 in the previous year[23]. - The diluted earnings per share were also ¥0.1424, reflecting a 1.32% decrease compared to ¥0.1443 last year[23]. - The weighted average return on net assets was 2.98%, down from 3.23% in the previous year, a decrease of 0.25%[23]. - Total assets at the end of the reporting period were ¥18,715,195,297.50, a decrease of 1.40% from ¥18,980,246,723.88 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were ¥6,458,438,283.92, an increase of 0.90% from ¥6,400,735,848.15 at the end of the previous year[23]. Operational Highlights - The company achieved a total electricity generation of 3.746 billion kWh in the first half of 2020, a slight increase of 0.27% compared to 3.719 billion kWh in the same period last year[40]. - The company's total assets at the end of the reporting period were CNY 18.715 billion, a decrease of 1.40% year-on-year[40]. - The company's net assets attributable to shareholders increased by 0.90% to CNY 6.458 billion[40]. - The electricity industry accounted for 100% of the total operating revenue, with electricity products generating ¥941,293,427.41, also reflecting a 6.73% decrease year-on-year[45]. - Gross profit margin for the electricity industry was 44.98%, down by 1.73% from the previous year[48]. - Major subsidiaries contributed significantly to net profit, with notable performances from companies like Jiuhui Wind Power, which generated a net profit of ¥75,092,801.85[57]. Cash Flow and Liquidity - The company reported a decrease in cash flow from operating activities by 20.81% to CNY 524 million due to a decline in revenue[44]. - The company's cash and cash equivalents decreased by 133.27% to CNY -218 million, primarily due to increased bank loan repayments[44]. - Cash and cash equivalents decreased to ¥668,468,130.83, down 2.18% from ¥1,122,859,918.23 at the end of the previous year[51]. - Total current assets reached approximately ¥2.48 billion, up from ¥2.45 billion[186]. - The company has no overdue debts[171]. Debt and Financing - The company plans to issue bonds totaling up to CNY 1 billion to meet funding needs, which has been approved by the Shenzhen Stock Exchange[40]. - The company issued bonds with a total balance of 700 million yuan and an interest rate of 4.23%[157]. - The funds raised from the bond issuance were used to repay bank loans and supplement working capital, with a remaining balance of 1.28 million yuan as of June 30, 2020[161]. - The credit rating for the company's bonds has consistently been rated AAA with a stable outlook by Dagong Global Credit Rating Co., Ltd. since 2015[162][163][164]. - The company has established a complete guarantee system to ensure the timely repayment of bond principal and interest, including a special repayment account and a communication mechanism with the bond trustee[168]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 51,108[136]. - Gansu Electric Power Investment Group Co., Ltd. holds 62.54% of the shares, totaling 850,331,727 shares[136]. - The second largest shareholder, Chongqing Urban Construction Investment (Group) Co., Ltd., holds 0.85% of the shares, totaling 11,532,466 shares[136]. - The company did not experience any changes in its controlling shareholder during the reporting period[143]. - There were no changes in the actual controller of the company during the reporting period[144]. Environmental and Social Responsibility - The company is committed to improving its environmental protection capabilities in response to stricter ecological policies[66]. - The company has implemented green development principles and improved environmental protection measures[114]. - The company has completed various poverty alleviation projects, including housing relocation for impoverished families[115]. - The company actively engages in community support and poverty alleviation initiatives, including direct assistance to households[116]. - The company provided financial support of 100,000 yuan for the cultural square project in Yaozhai Village[119]. Governance and Compliance - The company’s independent directors have submitted their annual reports, reflecting on governance and oversight[22]. - The company is undergoing a continuous risk assessment related to its financial dealings with Gansu Electric Power Investment Group[27]. - The company has not reported any non-operating related party debts during the reporting period[91]. - The company has not recognized any management income from entrusted projects during the reporting period[97]. - There were no significant legal disputes or arbitration matters during the reporting period[78].

Financial Performance - The company's operating revenue for Q1 2020 was ¥326,247,751.93, a decrease of 9.28% compared to ¥359,635,808.13 in the same period last year[8]. - The net profit attributable to shareholders of the listed company was -¥38,337,620.74, representing a decline of 31.38% from -¥29,179,759.16 year-on-year[8]. - Basic earnings per share were -¥0.0282, a decrease of 31.16% compared to -¥0.0215 in the same period last year[8]. - Net profit declined by 23.03% to -¥36,348,992.30 from -¥29,545,771.13, mainly due to reduced operating revenue[20]. - Total profit fell by 27.18% to -¥33,118,445.04 from -¥26,040,346.85, influenced by the same factors affecting net profit[20]. - The total comprehensive loss for the current period is CNY -36,348,992.30, compared to CNY -29,545,771.13 in the previous period[78]. Cash Flow - The net cash flow from operating activities was ¥223,045,221.73, down 30.24% from ¥335,150,058.91 in the previous year[8]. - Cash received from sales and services decreased by 27.90% to ¥350,002,994.72 from ¥485,446,403.69, linked to lower operating revenue[23]. - The company issued ¥500 million in green medium-term notes during the reporting period, significantly impacting cash flow[24]. - The net increase in cash and cash equivalents was down 289.77% to ¥374,522,208.92 from ¥96,087,127.76, primarily due to the issuance of green medium-term notes[23]. - Cash inflow from financing activities amounted to 499,600,000.00 CNY, significantly higher than 180,000,000.00 CNY in the previous period[95]. - The ending balance of cash and cash equivalents reached 1,255,980,532.45 CNY, up from 562,702,712.99 CNY year-over-year[95]. Assets and Liabilities - Total assets at the end of the reporting period were ¥19,185,158,154.69, an increase of 1.08% from ¥18,980,246,723.88 at the end of the previous year[8]. - Total liabilities rose to ¥12,087,491,192.45, compared to ¥11,846,230,769.34, marking an increase of about 2.03%[42]. - Current liabilities decreased to ¥2,085,755,621.51 from ¥2,245,501,855.09, indicating a reduction of approximately 7.13%[42]. - Owner's equity totaled ¥7,097,666,962.24, down from ¥7,134,015,954.54, showing a decrease of approximately 0.51%[45]. - Long-term borrowings amounted to ¥8,846,185,081.30, slightly down from ¥8,937,770,777.64, a decrease of about 1.02%[42]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 56,774[9]. - The largest shareholder, Gansu Electric Power Investment Group Co., Ltd., held 62.54% of the shares, totaling 850,331,727 shares[14]. - The total equity attributable to shareholders decreased to ¥6,362,398,227.41 from ¥6,400,735,848.15, a decline of approximately 0.60%[45]. Investment and Expenses - Investment income increased by 17.26% to ¥20,108,208.11 from ¥17,148,227.60, reflecting improved profitability of associated companies[20]. - The company reported a net non-operating income and expenses of -¥193,175.83 during the reporting period[8]. - The company paid 64,605,329.33 CNY in employee compensation, a decrease from 74,929,638.87 CNY in the previous period[92]. - The company recorded a cash outflow of 9,257,037.60 CNY for investment activities, compared to 27,469,921.99 CNY in the previous period[95]. Other Information - The company has not reported any new product launches or technological advancements in the current quarter[109]. - The first quarter report for 2020 was not audited, indicating a preliminary financial status[110].