[Financial Summary and Performance Highlights](index=1&type=section&id=Financial%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) The Group reported RMB 26.47 billion in revenue and RMB 4.59 billion in profit for the period, with strong growth in power generation, electricity sales, and basic earnings per share Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (Thousand Yuan) | 26,471,527 | 21,317,030 | +24.18% | | Profit for the Period (Thousand Yuan) | 4,591,763 | 2,549,571 | +80.10% | | Profit Attributable to Equity Holders of the Group (Thousand Yuan) | 2,802,197 | 1,849,653 | +51.50% | | Basic Earnings Per Share (Yuan) | 0.21 | 0.14 | +50.00% | | Total Power Generation (MWh) | 66,842,047 | 50,442,852 | +32.51% | | Total Electricity Sales (MWh) | 64,344,154 | 48,259,373 | +33.33% | [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Profit growth was driven by all segments, with clean energy, hydropower (turning profitable), and thermal power (due to lower coal costs) showing significant increases - Clean energy generation is a key driver of profit growth, with **wind power** and **photovoltaic power** segments' profits increasing by **34.87%** and **46.47%** year-on-year, respectively[5](index=5&type=chunk) - The **hydropower** segment turned losses into profits due to abundant rainfall, with profit significantly increasing by **621.90%** year-on-year[5](index=5&type=chunk) - The **thermal power** segment's profit increased by **97.23%** year-on-year due to reduced fuel costs from lower average coal procurement prices[5](index=5&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue reached RMB 26.47 billion, with operating profit surging 66.7% to RMB 7.47 billion and profit for the period increasing 80.1% to RMB 4.59 billion Summary of Consolidated Statement of Profit or Loss | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,471,527 | 21,317,030 | +24.2% | | Fuel Costs | (7,922,234) | (8,473,766) | -6.5% | | Operating Profit | 7,466,308 | 4,478,416 | +66.7% | | Profit Before Tax | 5,468,812 | 2,979,659 | +83.5% | | Profit for the Period | 4,591,763 | 2,549,571 | +80.1% | | Profit Attributable to Ordinary Equity Holders of the Company | 2,569,879 | 1,679,854 | +53.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to RMB 5.01 billion, driven by strong profit growth and fair value gains on equity instruments - Total comprehensive income for the period was **RMB 5,009,325 thousand**, a year-on-year increase of **82.8%**, primarily due to the strong growth in profit for the period[7](index=7&type=chunk) - Other comprehensive income was **RMB 417,562 thousand**, a year-on-year increase of **119.3%**, mainly from increased fair value gains on equity instruments at fair value through other comprehensive income[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets grew to RMB 325.58 billion, total liabilities to RMB 225.31 billion, and total equity to RMB 100.27 billion, reflecting business expansion Summary of Statement of Financial Position | Indicator | As of June 30, 2024 (RMB Thousand) | As of December 31, 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 325,580,796 | 305,806,779 | +6.5% | | Total Liabilities | 225,309,682 | 210,786,067 | +6.9% | | Total Equity | 100,271,114 | 95,020,712 | +5.5% | - Non-current assets increased from **RMB 260.16 billion** to **RMB 272.75 billion**, primarily driven by an increase in property, plant and equipment[9](index=9&type=chunk) - Net current liabilities expanded from **RMB 29.53 billion** to **RMB 33.83 billion**, indicating increased liquidity pressure[11](index=11&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities increased to RMB 5.42 billion, while investing activities used RMB 14.06 billion, and financing activities generated RMB 9.16 billion, leading to a net cash increase of RMB 0.53 billion Summary of Cash Flow Statement | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 5,422,743 | 3,248,977 | | Net Cash Used in Investing Activities | (14,055,098) | (7,526,899) | | Net Cash Generated from Financing Activities | 9,160,067 | 8,183,082 | | Net Increase in Cash and Cash Equivalents | 527,712 | 3,905,160 | [Notes to the Interim Condensed Consolidated Financial Information](index=9&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Revenue and Segment Information](index=10&type=section&id=3%20Revenue%20and%20Segment%20Information) Electricity sales to grid companies account for 94% of revenue; thermal power is the largest revenue source, while wind and PV power show rapid revenue and profit growth, collectively contributing over RMB 3 billion in profit H1 2024 Revenue by Segment (RMB Thousand) | Segment | Revenue | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 11,642,580 | -0.6% | | Hydropower | 2,688,047 | +81.3% | | Wind Power | 5,872,111 | +47.6% | | Photovoltaic Power | 4,740,803 | +88.3% | | Energy Storage | 1,527,986 | -6.1% | H1 2024 Profit for the Period by Segment (RMB Thousand) | Segment | Profit for the Period | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 1,107,884 | +97.2% | | Hydropower | 766,476 | +621.9% (Turned Loss to Profit) | | Wind Power | 1,960,215 | +34.9% | | Photovoltaic Power | 1,135,216 | +46.5% | | Energy Storage | 40,063 | +14.2% | [Dividends](index=20&type=section&id=11%20Dividends) The Board resolved not to declare an interim dividend for H1 2024 but declared a special dividend post-period to celebrate the 20th listing anniversary - The Board resolved not to declare an interim dividend for the six months ended **June 30, 2024**[57](index=57&type=chunk) - On **August 22, 2024**, the Board resolved to declare a special dividend of **RMB 0.05 per ordinary share**[80](index=80&type=chunk) [Assets Held for Sale](index=22&type=section&id=13%20Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Sale) The Company plans to sell its 11% equity in Pingwei Power Generation, classifying related assets (RMB 3.8 billion) and liabilities (RMB 2.19 billion) as held for sale - The Company intends to sell an **11% equity interest** in Anhui Huainan Pingwei Power Generation Co., Ltd., with related assets and liabilities classified as held for sale[66](index=66&type=chunk) Assets and Liabilities Held for Sale (RMB Thousand) | Item | Amount | | :--- | :--- | | Assets Classified as Held for Sale | 3,802,048 | | Liabilities Classified as Held for Sale | 2,187,532 | [Business Review and Outlook](index=29&type=section&id=Business%20Review%20and%20Outlook) [Operating Performance Overview](index=29&type=section&id=Operating%20Performance%20Overview) H1 2024 saw strong performance driven by economic recovery and electricity consumption growth, with clean energy assets contributing significantly and profit attributable to ordinary equity holders increasing 53.0% - Clean energy companies acquired in **September 2023** contributed net profit of **RMB 628 million** during the reporting period[82](index=82&type=chunk) - As of **June 30, 2024**, the Group's consolidated installed capacity was **48,327.8 MW**, with clean energy accounting for **77.07%**, a significant year-on-year increase of **10.71 percentage points**[84](index=84&type=chunk) - Profit attributable to ordinary equity holders of the Company was **RMB 2,569,879,000**, a year-on-year increase of **53.0%**; basic earnings per share was **RMB 0.21**[83](index=83&type=chunk) [Business Segment Performance](index=31&type=section&id=Business%20Segment%20Performance) Total electricity sales grew 33.33%, with hydropower, wind, and PV power sales surging over 50%; clean energy on-grid tariffs declined due to grid-parity projects, while energy storage profit grew despite revenue decline H1 2024 Electricity Sales Volume | Category | Electricity Sales (MWh) | Year-on-Year Change | | :--- | :--- | :--- | | Total Electricity Sales | 64,344,154 | +33.33% | | Hydropower | 10,675,021 | +89.85% | | Wind Power | 13,147,946 | +57.54% | | Photovoltaic Power | 11,830,577 | +96.67% | | Coal Power | 26,805,724 | +0.39% | - Average on-grid tariffs for **wind power** and **photovoltaic power** decreased to **RMB 446.62/MWh** and **RMB 400.72/MWh**, respectively, mainly due to the commissioning or integration of grid-parity projects[97](index=97&type=chunk)[98](index=98&type=chunk) - Energy storage business revenue decreased by **6.1%** year-on-year, but net profit increased by **14.19%** year-on-year, mainly due to cost control and optimized procurement models[99](index=99&type=chunk)[100](index=100&type=chunk) [Financial Position Analysis](index=36&type=section&id=Financial%20Position%20Analysis) The Group maintains a stable financial position with 24.18% revenue growth, controlled operating costs, increased finance costs due to expansion, a 64% gearing ratio, and ample undrawn financing facilities - The average unit fuel cost for **thermal power** business was **RMB 274/MWh**, a year-on-year decrease of **8.01%**, mainly due to lower coal prices and optimized procurement structure[107](index=107&type=chunk) - Finance costs increased by **29.63%** year-on-year to **RMB 2.58 billion**, primarily due to increased borrowings from clean energy acquisitions in the second half of last year[114](index=114&type=chunk) - As of **June 30, 2024**, the gearing ratio (net debt/total capital) was approximately **64%**, remaining stable. The Group had undrawn financing facilities of **RMB 45.25 billion**[125](index=125&type=chunk)[138](index=138&type=chunk) - Capital expenditure in the first half was **RMB 11.50 billion**, with approximately **85% (RMB 9.78 billion)** invested in the clean energy segment[132](index=132&type=chunk) [Outlook](index=44&type=section&id=Outlook) The Group aims to become a "world-class clean energy supplier" by optimizing assets, ensuring energy security, and fostering new productive forces, further demonstrating confidence with a special dividend for its 20th listing anniversary - The Group will continue to promote high-quality transformation and development, striving to become a **"world-class clean energy supplier"**[146](index=146&type=chunk) - To celebrate its **20th listing anniversary**, the Board declared a special dividend of **RMB 0.05 per ordinary share** to thank shareholders and demonstrate confidence in the future[146](index=146&type=chunk)[147](index=147&type=chunk) [Other Corporate Information](index=45&type=section&id=Other%20Corporate%20Information) [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with the Corporate Governance Code and its internal model code for directors' securities transactions - For the six months ended **June 30, 2024**, the Company complied with all applicable provisions of the Corporate Governance Code[152](index=152&type=chunk) - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[149](index=149&type=chunk)

大家下午好我是标普信评工商企业评级部评级总监王磊非常欢迎大家参加由标普信评举办的网络研讨会今天的网络研讨会是关于电力行业的在前两个星期标普信评发布了一篇研究报告一文看懂电力行业性趋势风光发电档杆持续上升 我们通过对84家上市或者是发债的电力企业的分析认为中国电力行业在2023年展现了非常稳健的发展态势太能发电和风电装机的增速是非常显著的非化石能源装机能量首次超过了火电同时在外部因素的影响下不同类型的电力企业的吸引特点 和信用趋势呢还是有所差异的今天呢我们先请标普逊平工商企业评级部的高级分析师曹玉清给大家介绍一下我们最近关于电力行业的这个分析那么在他介绍结束之后呢如果投资人有问题我们呢也会对这些问题做逐一的解答那么首先呢我们有请曹玉清做一个详细的介绍好的谢谢王总 接下来由我给大家做这一次的分享然后我们这次的主要内容其实是围绕三个问题展开的第一个问题就是过去一年中国的电力行业发生了哪些变化然后第二个问题是各种类型的电力企业如果我们去看它过去三年的这个草稿表它们呈现出怎样不同的信用趋势然后第三个问题是 不同类型的电力企业他们在财务特点上在信用特点上有哪些差异然后最后我们也会提出关注的问题好 接下来我们看第一部分过去 ...

基本上前提是能拿到币啊就是凡是有这种项目还尽量去做我们理解就是收益算下来包括未来的这个什么什么电价呀这个销纳这个风险都很小这种项目会去做但是三北地区的项目尤其是光伏现在是特别特别紧张啊除非遇到那种特别好的 特别好资源的项目送出通道完善的或者说是有战略性意义的考虑的这种项目可能会去做其他的话会特别特别的严格这是第二个原则第三个原则就是主要还是以集中式的供电光伏为主现在分布式的分散式的这种光伏供电特别是光伏这种物理光伏非常的谨慎现在 主要是这个原则就是所以就是大家可以放心啊就是你看从结果上来看我们其实去年的这个封建光谷这个自建的这个指标其实就没达到我们之前给的指引啊我们去年年初给了七个GW的灯亮但实际全年做下来就做了四个GW其中很大一部分就是我们对于一些这个项目上临时这个调整了对他的这个 特杀或者说提高了收益或者有些其他的风险因素的考量所以这个大家可以放心在现在这个情况下我们肯定是会神圣至少在上述公司内做这些投资肯定是会比较谨慎的对于这个大家可以放心谢谢 好的谢谢领导下一位投资者的问题是容量电价现在经营下来的情况如何谢谢容量电价现在基本上没有问题按照现在的这个一系列的这个考核细则和结算情况上来看基本上都是百分之百 ...

Financial Performance - The company's revenue for 2023 was RMB 44,261,767 thousand, representing a growth of 1.31% from RMB 43,689,129 thousand in 2022[10]. - Net profit attributable to equity holders for 2023 was RMB 3,084,469 thousand, an increase from RMB 2,648,051 thousand in 2022[4]. - Operating profit for 2023 was RMB 8,715,187 thousand, up 14.61% from RMB 7,604,262 thousand in 2022[10]. - The total operating costs for the group were RMB 38,544,960,000, a decrease of 2.04% from RMB 39,347,562,000 in the previous year[134]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 15% year-over-year growth[66]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year[66]. - The net profit attributable to equity holders of the group for the year ended December 31, 2023, was RMB 3,084,469,000, compared to RMB 2,648,051,000 in 2022, marking an increase of approximately 16.4%[78]. Asset and Capacity Growth - The company's total assets increased by 44.65% to RMB 305,806,779 thousand in 2023 from RMB 211,404,964 thousand in 2022[10]. - The installed capacity of the company reached 45,018.8 MW in 2023, a 42.47% increase from 31,599.2 MW in 2022[9]. - The total installed capacity of the group's clean energy plants is 317.0 MW, with specific contributions from regions such as Hainan (125.0 MW) and Heilongjiang (80.0 MW)[24]. - The total installed capacity of the company's coal-fired power plants is 11,080.0 MW, with major contributions from Anhui (5,860.0 MW) and Shanxi (2,000.0 MW)[24]. - By the end of 2023, the company's consolidated installed capacity reached 45,018.8 MW, with the clean energy installed capacity ratio reaching 75.39%, exceeding the strategic target by 5 percentage points[50]. Debt and Financial Structure - The total debt of the company rose by 44.69% to RMB 168,714,840 thousand in 2023 from RMB 116,606,464 thousand in 2022[9]. - The company's debt-to-equity ratio, calculated as net debt divided by total capital, was approximately 63% as of December 31, 2023, compared to 62% in the previous year[154]. - The net cash inflow from operating activities for the year was RMB 9,903,018,000, significantly up from RMB 5,725,614,000 in the previous year[152]. - The company secured approximately RMB 11.268 billion through perpetual debt instruments from its ultimate controlling shareholder, enhancing its cash flow and financial structure[160]. Clean Energy Initiatives - The group has expanded its business to include hydropower, wind power, photovoltaic power, natural gas power, environmental protection power, energy storage, green transportation, and integrated energy services[13]. - The company aims to be a world-class green and low-carbon energy supplier, focusing on low-carbon empowerment for a better life[13]. - The company is currently constructing clean energy projects with a total capacity of 6,975.7 MW, including 5,615.9 MW from photovoltaic power and 1,329.8 MW from wind power[27]. - The company has been recognized as a benchmark enterprise in the "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission[36]. - The company launched its first overseas photovoltaic energy storage project in Mexico, marking a significant step in internationalizing its energy storage business[35]. Technological Innovation - The company launched six technological innovations at the Energy Security Technology Innovation Forum, including a "Digital Twin Energy Storage Control Platform" and "AI-Powered Energy Intelligent Operation and Maintenance" solutions[41]. - The CTB battery system developed by the company's subsidiary has received approval for commercial use, showcasing advancements in battery management and efficiency[38]. - The company has successfully launched a smart energy storage platform with a capacity of 100 MW, marking a significant achievement in energy storage technology[85]. Sustainability and ESG Commitment - The company is committed to sustainable development and innovation in the energy sector[13]. - The company has been recognized as a leader in ESG development and was listed among the "Top 100 ESG Listed Companies in China," reflecting its commitment to sustainable practices[181]. - The establishment of a "Strategic and Sustainable Development Committee" in the board aims to improve ESG governance and operational efficiency[53]. - The company aims for "zero fatalities, zero accidents" in its safety production goals and has implemented various action measures to enhance safety management in emerging energy industries[173]. Market Expansion and Strategic Acquisitions - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential mergers and acquisitions[66]. - China Power acquired clean energy assets from State Power Investment Corporation for a total cash consideration of approximately RMB 10.7 billion, involving a total installed capacity of about 9,300 MW, significantly increasing the company's clean energy capacity ratio[40]. - The company is actively expanding its energy storage projects, with operations in 33 cities in China and international markets including Mexico and Chile[128]. Operational Efficiency and Cost Management - The average on-grid electricity price for coal power in 2023 was RMB 396.80 per MWh, a decrease of RMB 11.27 per MWh compared to the previous year, primarily due to structural impacts from coal power disposal[120]. - The average unit fuel cost for coal power operations was RMB 285.51 per MWh, down 12.46% from RMB 326.16 per MWh in the previous year[136]. - The group’s financial expenses were RMB 4,273,867,000, an increase of RMB 12,906,000 or 0.30% from the previous year[142]. Employee and Talent Management - As of December 31, 2023, the company employed a total of 14,254 full-time employees, an increase from 10,829 in 2022, reflecting a focus on attracting and retaining core talent to support strategic transformation and long-term development[177]. - The company emphasizes the importance of market-oriented talent recruitment and management to support green development and innovation[53].

Financial Performance - For the year ending December 31, 2023, the total revenue was RMB 44,261,767, an increase of 1.31% compared to RMB 43,689,129 in 2022[2]. - Annual profit reached RMB 4,533,955, representing a significant increase of 68.84% from RMB 2,685,338 in the previous year[2]. - The profit attributable to equity holders of the company was RMB 3,084,469, up by 16.48% from RMB 2,648,051 in 2022[2]. - The operating profit for the year was RMB 8,715,187, compared to RMB 7,604,262 in 2022[4]. - The total comprehensive income for the year was RMB 4,121,211, significantly higher than RMB 1,916,634 in the previous year[6]. - The company reported a net income of RMB 2,319,566,000 for the year 2023, compared to RMB 747,050,000 in 2022, reflecting a significant growth[31]. - The operating profit for 2023 was RMB 2,660,322,000, an increase from RMB 2,480,840,000 in 2022, reflecting a growth of approximately 7.3%[39]. - The company’s net profit was RMB 4,533,955,000, an increase of RMB 1,848,617,000 or 68.84% compared to the previous year[97]. Revenue Breakdown - Revenue from electricity sales to regional and provincial power companies was 41,637,383 thousand RMB, compared to 42,582,596 thousand RMB last year, indicating a decline of about 2.2%[19]. - Energy storage revenue amounted to 2,548,183 thousand RMB, significantly up from 896,260 thousand RMB, reflecting an increase of approximately 184.5%[19]. - The company’s total operating income from various energy sources includes 23,923,362 thousand RMB from thermal power, 3,052,804 thousand RMB from hydropower, and 8,715,553 thousand RMB from wind power[24]. - The company’s income from energy storage increased by RMB 1,651,923,000, driven by rapid market growth[98]. Assets and Liabilities - Total assets increased to RMB 305.81 billion in 2023, up from RMB 211.40 billion in 2022, representing a growth of 44.5%[7]. - Total liabilities amounted to RMB 210.79 billion in 2023, compared to RMB 142.81 billion in 2022, indicating a rise of 47.5%[9]. - The company’s equity attributable to ordinary shareholders was RMB 38.47 billion in 2023, slightly up from RMB 38.33 billion in 2022, showing a growth of 0.4%[7]. - The company reported a total of RMB 292,416,995 thousand in equity, reflecting strong performance across various segments[26]. - The company has a total debt of RMB 197,162,393 thousand, highlighting a substantial leverage position[26]. Cash Flow and Investments - Cash and cash equivalents rose to RMB 5.74 billion in 2023, compared to RMB 4.23 billion in 2022, marking an increase of 35.7%[10]. - Net cash generated from operating activities was RMB 9.90 billion in 2023, up from RMB 5.73 billion in 2022, reflecting a growth of 72.5%[10]. - The company reported a net cash outflow from investing activities of RMB 26.84 billion in 2023, compared to RMB 20.08 billion in 2022, indicating an increase in investment expenditures[10]. - The company issued perpetual bonds worth RMB 5,008,740 thousand in 2023, slightly down from RMB 5,608,720 thousand in 2022[11]. Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.132 per share, a 20.00% increase from RMB 0.11 in the previous year[2]. - The company paid dividends amounting to RMB 1,384,828 thousand in 2023, compared to RMB 556,576 thousand in 2022, which is an increase of 148.5%[11]. Operational Highlights - The total electricity generation for the year was 107,582,860 MWh, a decrease of 4.75% from 112,942,437 MWh in 2022[2]. - The clean energy segment's profit increased by approximately RMB 1.89 billion, driven by wind and solar power generation[2]. - The installed capacity of the clean energy segment reached 33,938.8 GW, accounting for about 75.4% of the total installed capacity[3]. - The company successfully turned around its thermal power segment, achieving a profit increase of approximately RMB 2.71 billion[2]. Market and Industry Trends - In 2023, the national electricity consumption increased by 6.7% year-on-year, with total electricity generation rising by 5.2%[65]. - The company aims to promote the development of "salt-solar," "fishing-solar," and "agriculture-solar" projects in Shandong Province, enhancing land value and contributing to rural revitalization[78]. - The group plans to accelerate the establishment of overseas marketing teams and actively expand marketing channels in the international energy storage market[96]. Research and Development - The company’s research and development expenses increased to RMB 306,351,000 in 2023 from RMB 228,469,000 in 2022, indicating a focus on innovation[33]. - The company is focusing on technological innovation and increasing R&D investment to enhance its position in the new energy market[69]. Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[137]. - The company is committed to enhancing its corporate governance as a part of value creation, ensuring compliance with governance standards and maintaining transparency and accountability[139].

Financial Performance - For the six months ended June 30, 2023, the net profit attributable to equity holders of the company was RMB 1,849,653,000, a significant increase of 117.64% compared to RMB 849,881,000 in 2022[16]. - The revenue for the first half of 2023 was RMB 21,317,030,000, compared to RMB 20,305,157,000 in the same period of 2022, reflecting a growth of 4.98%[12]. - The group’s operating profit for the first half of 2023 was RMB 4,478,416,000, compared to RMB 4,016,650,000 in the same period of 2022, marking an increase of 11.50%[12]. - The basic earnings per share for the first half of 2023 were approximately RMB 0.14, compared to RMB 0.07 in the same period of 2022, indicating a 100% increase[16]. - The company reported a total comprehensive income of RMB 2,740,005 for the six months, compared to RMB 748,539 in 2022, marking an increase of 265.45%[145]. - The company reported a net profit of RMB 2,549,571 thousand for the six months, with a notable profit from wind power generation at RMB 1,453,360 thousand[167]. - The company’s financial income increased to RMB 175,497 from RMB 90,833, marking a growth of 93.52%[144]. Clean Energy Development - The total installed capacity of the group as of June 30, 2023, was 32,941.2 MW, representing an increase of 801.2 MW year-on-year, with clean energy accounting for 66.36% of the total capacity, up by approximately 15.6 percentage points[17]. - The group reported a significant increase in clean energy sales and profits, with wind and solar power sales and profits rising by approximately 50% year-on-year[15]. - The company has 7,391.2 MW of clean energy projects under construction as of June 30, 2023, including large-scale wind and photovoltaic projects across multiple provinces[33]. - The company plans to enhance its asset structure through the acquisition of quality clean energy assets, which is expected to increase the proportion of clean energy installed capacity by approximately 6.9 percentage points[118]. - The company is focused on developing new energy storage projects and integrating energy solutions to meet growing demand in the market[161]. Cash and Liquidity - The cash and cash equivalents as of June 30, 2023, were RMB 8,122,121,000, representing a substantial increase of 92.10% from RMB 4,228,099,000 at the end of 2022[13]. - The net cash inflow from operating activities for the first half of 2023 was RMB 3,248,977,000, a decrease from RMB 6,625,423,000 in the same period of 2022[90]. - The company recorded a net increase in cash and cash equivalents of RMB 3,905,160,000 during the reporting period, compared to RMB 6,810,225,000 in 2022[86]. - The group’s current ratio improved to 0.78 as of June 30, 2023, from 0.67 as of December 31, 2022[83]. - The company has secured available undrawn financing of RMB 24,937,615,000 as of June 30, 2023, to mitigate funding risks[100]. Operational Highlights - The total electricity sales volume for the first half of 2023 was 48,259,373 MWh, a decrease of 9.02% from 53,045,286 MWh in 2022[9]. - The company has launched a smart operation and maintenance platform for a 100 MW energy storage power station, marking a breakthrough in core energy storage technology[30]. - The company is actively expanding its energy storage business, benefiting from the continuous optimization of domestic energy storage policies[102]. - The company has initiated a 55 MW rooftop photovoltaic and 5 MW energy storage project in Bangladesh, addressing local frequent power outages and promoting zero carbon emissions in industrial parks[27]. Investments and Acquisitions - The company has conditionally agreed to acquire equity stakes in four major clean energy generation companies from State Power Investment Corporation for RMB 8,811,044,100, to be settled in cash[82]. - The company has secured construction indicators for several new projects, including a 1,000 MW wind-solar-storage integrated project and a 2,480 MW wind-solar-storage base project in Shandong[36]. - The company made significant investments in property, plant, and equipment, with payments totaling RMB 9,021,161,000 for the first half of 2023[155]. Environmental, Social, and Governance (ESG) - The company has established a strategic and sustainable development committee to optimize its ESG management structure and integrate ESG into its corporate culture[111]. - The company has been recognized as a leader in ESG development and was listed among the "Top 100 ESG Listed Companies in China" during the review period[111]. - The company published its latest sustainability report in April 2023, identifying and analyzing climate-related risks and opportunities[112]. - The company aims for a "zero serious injury" target in its safety production management, enhancing safety training and monitoring[105]. Debt and Liabilities - The group's total debt as of June 30, 2023, was RMB 121,859,338,000, up from RMB 116,606,464,000 as of December 31, 2022[87]. - The total liabilities increased to RMB 147,774,037 from RMB 142,814,859, reflecting a rise of 3.36%[149]. - The company’s borrowings amounted to RMB 118,440,877 thousand, reflecting a high leverage position[168]. Employee and Governance - The company employed a total of 10,636 full-time employees as of June 30, 2023, a decrease from 10,928 in the previous year[108]. - The company has adopted a code of conduct for directors' securities trading, confirming full compliance during the six months ending June 30, 2023[125]. - The audit committee reviewed the accounting standards and the unaudited interim consolidated financial statements for the six months ending June 30, 2023[126].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二三年中期業績公告 中國電力國際發展有限公司（「本公司」）董事局（「董事局」）欣然公佈，本公司及 其附屬公司（統稱「本集團」或「我們」）截至二零二三年六月三十日止六個月的未經 審核中期業績。此等財務報表乃根據香港會計準則第34號「中期財務報告」所編製，已 獲本公司審核委員會（「審核委員會」）及本公司核數師安永會計師事務所審閱。 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 人民幣千元 人民幣千元 % 收入 21,317,030 20,305,157 4.98 當期利潤 2,549,571 1,430,427 78.24 本集團權益持有人應佔利潤 1,849,653 849,881 117 ...

Financial Performance - In 2022, the total electricity generation reached approximately 7,310,757 MWh, with a net profit attributable to shareholders of RMB 2,648,051 thousand, compared to a loss of RMB 256,257 thousand in 2021[4]. - The company's revenue for 2022 was RMB 43,689,129 thousand, representing a 48.93% increase from RMB 35,476,703 thousand in 2021[7]. - The operating profit for 2022 was RMB 7,604,262 thousand, up from RMB 5,105,944 thousand in 2021[9]. - The basic earnings per share for 2022 was RMB 0.22, compared to a loss of RMB 0.04 in 2021[8]. - The company's total assets increased by 20.63% to RMB 211,404,964 thousand in 2022, up from RMB 175,245,988 thousand in 2021[12]. - The company's net profit increased to RMB 2,685,338,000, representing a growth of 297.07% compared to the previous year[110]. - The company's total revenue for 2022 was RMB 43,689,129,000, a 23.15% increase from RMB 35,476,703,000 in the previous year[112]. - Operating costs for 2022 were RMB 39,347,562,000, up 23.58% from RMB 31,838,603,000 in the previous year[114]. - Financial expenses increased to RMB 4,260,961,000, a rise of 10.34% from RMB 3,861,500,000 in the previous year[122]. Clean Energy Capacity and Development - The total installed capacity of the company reached 31,599.2 MW in 2022, an increase from 28,931.9 MW in 2021, marking a growth of 9.22%[13]. - The company aims to expand its clean energy capacity, with approximately 65% of its installed capacity coming from renewable sources[2]. - As of December 31, 2022, the total installed capacity of the group is 31,599.2 MW, with clean energy capacity accounting for 20,519.2 MW, representing 64.94% of the total[22]. - The group has a total of 11,080 MW of coal power capacity, with 7,554 MW being equity capacity[28]. - The company achieved a clean energy installed capacity increase of 5.9 GW in 2022, with clean energy accounting for approximately 65% of total installed capacity[47]. - The company is focused on expanding its clean energy portfolio, with 64.94% of its total capacity being clean energy[22]. - The company has a total of 7,592.4 MW of installed capacity under construction, with 5,847.7 MW attributable capacity[30]. - New projects under preliminary work have a total installed capacity of approximately 9,400 MW, with 8,940 MW from renewable energy (wind and solar) sources[31]. Strategic Investments and Acquisitions - The company holds a 51% stake in XinYuan ZhiChu and XinYuan JingWu, indicating ongoing strategic investments in renewable energy sectors[17]. - The company completed the acquisition of 23 renewable energy project companies for a total consideration of RMB 7.453 billion, adding approximately 2.16 GW of quality assets to its portfolio[53]. - The company agreed to acquire equity interests in 16 target companies from China Power New Energy for a total adjusted consideration of RMB 5,790,593,419.82, with RMB 5,782,593,419.82 settled through the issuance of shares[129]. - The company also agreed to acquire equity interests in 10 target companies from China Power International New Energy for a cash consideration of RMB 1,670,098,862.61[129]. Market Expansion and Internationalization - The company signed a cooperation agreement for a 120 MW solar project in Mexico, marking its first step towards internationalization in the energy storage sector[36]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[73]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[68]. Technological Innovation and R&D - The company is investing 1 billion RMB in R&D for new technologies aimed at improving energy efficiency[67]. - The company is developing the first domestic pure battery-swapping container ship, contributing to China's "dual carbon" goals[33]. - The group is advancing research in integrated photovoltaic, energy storage, and distribution systems to align with low-carbon development strategies[83]. - The group has made progress in the development of colored photovoltaic technology, with the production line design and core equipment customization for a demonstration project in Tongzhou, Beijing completed[80]. Environmental, Social, and Governance (ESG) Initiatives - The company received recognition as one of the "Outstanding ESG Enterprises" for its performance in environmental, social, and governance aspects[44]. - The company has made significant progress in its strategic transformation, successfully navigating challenges posed by fluctuating resource prices and the COVID-19 pandemic[46]. - The company is committed to enhancing its ESG governance framework and aligning with domestic and international ESG standards[58]. - The company has received the 2022 Best ESG Report Award from BDO and was recognized as one of the Outstanding ESG Enterprises for 2021-2022 by the Hong Kong Economic Journal[56]. Operational Efficiency and Cost Management - The company reduced its financing costs, achieving a comprehensive financing interest rate of 3.34%, down 0.69 percentage points from the beginning of the year[55]. - The average unit fuel cost for coal power operations rose to RMB 326.16 per MWh, an increase of 17.41% from RMB 277.79 per MWh in the previous year[116]. - The company plans to enhance its digital infrastructure, allocating 500 million RMB for technology upgrades in the upcoming year[65]. - The company will optimize its employee performance reward mechanism to enhance labor productivity in new industries and projects[58]. Risk Management and Corporate Governance - The group has established a comprehensive risk management mechanism, including a risk management committee responsible for overseeing overall risk management strategies[148]. - The board consists of seven directors, including three executive directors, three non-executive directors, and one independent non-executive director[178]. - The company strictly adheres to the revised Corporate Governance Code and related listing rules effective from January 1, 2022[175]. - The board oversees the group’s risk management and internal control systems[184]. Future Outlook and Goals - The company anticipates a dual growth in energy investment and consumption due to supportive policies for green transformation and innovation[57]. - The strategic goal is to become a world-class green low-carbon energy supplier by 2035, with a focus on sustainable development in clean energy sectors[172]. - By 2025, the company aims to be a leading green low-carbon energy supplier in China, progressing towards global leadership by 2030[172].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二二年度業績公告 中國電力國際發展有限公司（「本公司」）董事局（「董事局」）公佈，本公司及其附 屬公司（統稱「本集團」或「我們」）截至二零二二年十二月三十一日止年度的經審核 財務業績。 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 變動 （經重列） 人民幣千元 人民幣千元 % 收入 43,689,129 35,476,703 23.15 年度利潤 2,685,338 676,296 297.07 本公司權益持有人應佔 利潤╱（虧損） 2,648,051 (256,257) 不適用 本公司普通股股東應佔 利潤╱（虧損） 2,480,840 (390,507) 不適用 人民幣元 人民幣元 % ...

Financial Performance - For the six months ended June 30, 2022, the profit attributable to equity holders of the company was RMB 849,881,000, a decrease of 44.8% compared to RMB 1,541,731,000 for the same period in 2021[13]. - Revenue for the six months ended June 30, 2022, was RMB 20,305,157,000, representing a 19.68% increase from RMB 16,965,636,000 in 2021[12]. - The company reported a basic earnings per share of RMB 0.07 for the first half of 2022, down 53.33% from RMB 0.15 in 2021[12]. - In the first half of 2022, the company's net profit was RMB 1,430,427,000, a decrease of RMB 1,140,145,000 or 44.35% compared to the same period last year[44]. - The company's total comprehensive income for the period was RMB 748,539,000, a decrease of 70.5% from RMB 2,529,558,000 in the same period last year[102]. Revenue and Sales - Total electricity sales volume for the six months ended June 30, 2022, was 50,440,867 MWh, an increase of 5.16% from 53,045,286 MWh in 2021[9]. - The total electricity sales for the first half of 2022 reached 53,045,286 MWh, representing a 5.16% increase year-on-year[29]. - The group’s hydropower sales increased by 6.09% due to higher average rainfall in the river basins where the hydropower plants are located[30]. - The combined electricity sales volume of wind and solar power increased by 32.83% year-on-year, with profits rising by 9.07%[13]. - The company generated RMB 20,154,790,000 from electricity sales to regional and provincial grid companies, up from RMB 16,920,099,000, representing a 19.5% growth[127]. Capacity and Projects - The installed capacity as of June 30, 2022, was 32,140.0 MW, a 13.05% increase from 28,429.7 MW in 2021[12]. - The consolidated installed capacity of the group reached 32,140.0 MW as of June 30, 2022, an increase of 3,710.3 MW year-on-year[17]. - The group plans to acquire clean energy project companies with a total operational capacity of 2,154.83 MW, which was approved by independent shareholders on August 24, 2022[17]. - As of June 30, 2022, the total capacity of projects under construction was 6,541.6 MW, all of which are clean energy projects[26]. - The group has planned a total capacity of 56,000 MW for five major wind and solar energy base projects in regions such as Ningxia, Gansu, and Inner Mongolia, all of which have completed the proposal preparation work[27]. Financial Position - The total debt amounted to RMB 115,360,699,000, an increase of 8.91% from RMB 105,921,101,000 in 2021[12]. - The total assets of the company increased by 7.17% to RMB 187,802,826,000 from RMB 175,245,988,000 in 2021[12]. - The company's cash and cash equivalents increased significantly to RMB 8,579,462,000, up 385.64% from RMB 1,766,632,000 in 2021[12]. - The debt-to-equity ratio, calculated as net debt divided by total capital, was approximately 67% as of June 30, 2022, unchanged from December 31, 2021[65]. - As of June 30, 2022, the company's total equity was RMB 52,721,100,000, compared to RMB 51,884,797,000 at the end of 2021, reflecting a growth of approximately 1.6%[105]. Operating Costs and Expenses - Operating costs rose to RMB 16,857,356,000, an increase of 31.25% from RMB 12,843,392,000, mainly due to higher fuel costs and depreciation[49]. - The average unit fuel cost for coal power operations increased by 40.48% to RMB 331.57 per MWh, attributed to tight supply and high coal prices[51]. - Financial expenses increased by RMB 171,403,000 or 8.72% to RMB 2,137,952,000, reflecting higher interest expenses due to increased asset scale[55]. - The company reported a significant increase in fuel costs, which rose to RMB 10,244,732,000, an increase of 36.5% from RMB 7,486,534,000 in the previous year[101]. - The average on-grid electricity price for coal power increased by approximately 20% due to rising coal prices, while the average price for hydropower decreased due to a higher proportion of lower-priced market transactions[35]. Clean Energy Initiatives - Clean energy sources, including hydropower, wind power, photovoltaic power, and gas power, accounted for 16,300.0 MW, representing approximately 50.72% of the total installed capacity, up 3.62 percentage points year-on-year[17]. - The group is actively participating in competitive offshore wind power projects in Guangxi, with a planned total capacity of 2,700 MW[21]. - The group aims to become a world-class green low-carbon energy supplier, focusing on sustainable and rapid development of clean low-carbon energy[17]. - The group is developing integrated source-network-load-storage projects, with significant progress in multiple projects, including a 1,000 MW renewable energy base project in Macheng City[27]. - The company is actively pursuing clean energy development and optimizing operations to reduce carbon emissions[79]. Risk Management and Governance - The company has established a comprehensive risk management system to address various financial and operational risks[71]. - The company emphasizes strong corporate governance and has adhered to all relevant provisions of the Corporate Governance Code as of June 30, 2022[86]. - The company has implemented a robust audit and internal control system, ensuring compliance with risk management regulations[86]. - The company aims for "zero deaths, zero accidents" in operational safety, enhancing management capabilities and conducting regular safety training sessions[77]. - The company has not faced any significant accidents or regulatory penalties related to safety or environmental compliance during the reporting period[77][81]. Employee and Community Engagement - As of June 30, 2022, the company employed 10,928 full-time employees, an increase from 10,413 in the previous year[79]. - The company has adopted a new equity incentive plan to align the interests of employees and shareholders, promoting long-term stability and performance[78]. - The company conducted online meetings with over 500 investment institutions to maintain investor relations during the pandemic[89]. - The company is committed to enhancing ESG disclosures and aims for full coverage of ESG reports by 2023[76]. - The company has implemented energy-saving upgrades across multiple power plants, resulting in significant energy savings[81]. Future Outlook - In the second half of 2022, the overall electricity consumption in China is expected to grow by approximately 7% year-on-year, with an annual growth forecast of 5%-6%[82]. - The company plans to accelerate the completion of clean energy investment projects and achieve seamless asset integration, focusing on large-scale renewable energy bases in Ningxia and Inner Mongolia, as well as integrated projects in Qinghai[82]. - The company expects its wind and solar power projects to qualify for price subsidies after June 30, 2023, with receivables anticipated to be recoverable 12 months post-report date[153]. - The company is advancing the green electricity transportation project in Chaoyang City, which is expected to increase the local green electricity ratio and contribute to carbon reduction in transportation[83]. - The company is committed to exploring new energy storage demonstration projects and accelerating the development of electrochemical storage technologies and battery module production lines[83].