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3eUG[i3FNiOj gz>V!Qq+ajgSPW"~`px$՜\[G~w}?[ DŽ5/êDK"R}Kԛ;1U׶PQMP?_JEgjc;i e *:b]=zF H-RM>]\b*(FmCmIsˑsgeK #1mHk黡6nt:k #S b(_*Re&FiH!ZTaDh\ W}D05bZ=1hbf]q,!V7RN9aÑ{S_w:c)*-*ʤf.q ø8\,j~u-Tb9K^DPk]}U}R#Cl\F8y O{>BH>d6ke`O$h bA2y)"ᵓg3((r,X@v' ;%(F!mNVJ)Ӱmͺ<=D0dNw Mޯ4tl ;6MM?jHF'ӎ17$'zqd5c0bR3` \IԺ61]mRyՑ>6~LC*L/ Aש]!#Dqtb8|G*J+e> S2q̠9p^}Rw}x &/ԆMP+:,ڠ$y@0R-)=u WNё>4ugJ muXέfuF=L9T M~Ο8{i*x(Z#e#Q1| SJńLγGTb@ CyW^/K zyKC3 }P=arIuAn/JP\sO1笥տ ˖uPnvyqIt(9f,1OgRXԄȒ.ޝ1\3e rP9f 'kkv`]/M-'|KCnW$ѸN.GhEi+"Pil7(_!)==4"n#ك2TDeG7!pen u֬^;?Xܑ{ɭ>a`rFa[/)*ym_SW#sEP>|k(*KW̫xM] endstream endobj 74 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 67 \226)Tj 0.02 Tw 13 0 0 13 56.6929 776.0055 Tm (The Company will determine the resident status of the individual H-share\ shareholders )Tj 0.018 Tw 0 -1.231 TD (based on the registered address as recorded in the register of members o\ f the Company )Tj 0.043 Tc 0.07 Tw T* [(on)12.4 ( Tuesday,)12.4 ( 9)12.4 ( June)12.4 ( 2)12.4 (0)12.3 (2)12.4 (0)12.4 ( \(the)12.4 ( \223)]TJ /T1_1 1 Tf [(Registered)12.4 ( Address)]TJ /T1_0 1 Tf [(\224\).)12.3 ( If)12.4 ( the)12.4 ( resident)12.4 ( status)12.4 ( of)12.4 ( any)18 ( )]TJ 0.067 Tc T* [(individual)12.3 ( H-share)12.3 ( shareholder)12.3 ( is)12.3 ( not)12.3 ( in)12.3 ( consistency)12.3 ( with)12.3 ( that)12.3 ( indicated)12.3 ( by)12.3 ( the)42 ( )]TJ 0.032 Tc 0.076 Tw T* [(Registered)7 ( )0.5 (Address,)7 ( )0.5 (such)7 ( )0.5 (individual)7 ( )0.5 (H-share)7 ( )0.5 (shareholder)7 ( )0.5 (shall)6.9 ( )0.5 (notify)7 ( )0.5 (the)7 ( )0.5 (Company\222s)7 ( )]TJ 0.042 Tc 0.07 Tw T* [(H)12.6 ( share)12.6 ( registrar)12.6 ( not)12.5 ( later)12.5 ( than)12.6 ( 4)12.5 (:)12.6 (3)12.5 (0)12.6 ( p.m.)12.5 ( on)12.5 ( Wednesday,)12.5 ( 3)12.6 ( June)12.6 ( 2)12.6 (0)12.5 (2)12.6 (0)12.5 (,)12.5 ( and)12.5 ( provide)17.1 ( )]TJ 0.043 Tc T* [(relevant)12.8 ( supporting)12.8 ( documents)12.7 ( to)12.8 ( the)12.7 ( Company\222s)12.8 ( H)12.8 ( share)12.8 ( 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T* (the requirements under the tax treaty notice.)Tj 0.044 Tc 0.07 Tw 0 -2.462 TD [(The)12.9 ( Company)12.8 ( assumes)12.8 ( no)12.8 ( responsibility)12.8 ( and)12.8 ( disclaims)12.9 ( all)12.9 ( liabilities)12.9 ( whatsoever)12.9 ( in)19.1 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.231 TD (relation to the tax status or tax treatment of the individual H-share sh\ areholders and for )Tj 0.024 Tc 0 Tw T* [(any claims arising from any delay in or inaccurate determination of the \ tax status or tax)-1 ( )]TJ 0.025 Tc 0.066 Tw T* (treatment of the individual H-share shareholders or any disputes over th\ e withholding )Tj 0 Tw T* (mechanism or arrangements.)Tj /T1_1 1 Tf 0 -2.462 TD (CLOSURE OF REGISTER OF MEMBERS)Tj /T1_0 1 Tf 0.028 Tc 0.08 Tw 0 -2.462 TD [(I)0.5 (n)3 ( )0.5 (o)0.6 (r)0.5 (d)0.5 (e)0.6 (r)3 ( )0.5 (t)0.5 (o)3 ( )0.5 (d)0.6 (e)0.5 (t)0.5 (e)0.6 (r)0.5 (m)0.6 (i)0.5 (n)0.5 (e)3 ( )0.5 (t)0.6 (h)0.5 (e)3 ( )0.5 (h)0.6 (o)0.5 (l)0.5 (d)0.5 (e)0.6 (r)0.5 (s)3 ( )0.6 (o)0.5 (f)3 ( )0.5 (s)0.5 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[(Limited)5 ( )0.5 (\(the)5 ( )0.5 (\223)]TJ /T1_1 1 Tf [(Southbound)5 ( )0.5 (Trading)]TJ /T1_0 1 Tf [(\224\),)5 ( )0.5 (the)5 ( )0.5 (Company)5.1 ( )0.5 (has)5 ( )0.5 (entered)5 ( )0.5 (into)5 ( )0.5 (the)5 ( )0.5 (Agreement)5 ( )]TJ 0.025 Tc 0.058 Tw T* (on Distribution of Cash Dividends of H shares for Southbound Trading \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 31.596 0 Td <0CA506700BB7>Tj /T1_0 1 Tf 0 Tc 0 Tw 3.6 0 Td (H)Tj /C0_0 1 Tf 0.872 0 Td <0670>Tj /T1_0 1 Tf 1.025 0 Td ( )Tj /C0_0 1 Tf 0.219 Tc -0.219 Tw -37.093 -1.231 Td <06700B430B24069607CE043B077C0CEF05581644>Tj /T1_0 1 Tf 0.025 Tc 0 Tw 12.116 0 Td (\) with the Shanghai Branch of China Securities Depository )Tj 0.03 Tc 0.078 Tw -12.116 -1.231 Td [(and)5 ( )0.5 (Clearing)5 ( )0.5 (Corporation)5 ( )0.5 (Limited,)4.9 ( )0.6 (pursuant)5 ( )0.5 (to)5.1 ( )0.5 (which,)5 ( )0.5 (the)5 ( )0.5 (Shanghai)5 ( )0.5 (Branch)5 ( )0.5 (of)5 ( )0.5 (China)5 ( )]TJ 0.025 Tc 0.018 Tw T* (Securities Depository and Clearing Corporation Limited, as the nominee o\ f the holders )Tj 0.047 Tw 0 -1.231 TD (of H shares for Southbound Trading, will receive all cash dividends dist\ ributed by the )Tj 0.041 Tc 0.07 Tw 0 -1.231 TD [(Company)12.1 ( and)12.1 ( distribute)12.1 ( the)12.2 ( cash)12.1 ( dividends)12.2 ( to)12.1 ( the)12.1 ( relevant)12.1 ( investors)12.1 ( of)12.1 ( H)12.1 ( shares)12.1 ( of)16 ( )]TJ 0.025 Tc 0 Tw T* (Southbound Trading through its depositary and clearing system.)Tj 0.006 Tw 0 -2.462 TD (The cash dividends for the investors of H shares of Southbound Trading w\ ill be paid in )Tj 0.071 Tw 0 -1.231 TD (Renminbi whilst that paid to holders of Domestic shares and holders of H\ shares will )Tj 0.03 Tc 0.078 Tw T* [(be)5 ( )0.6 (in)5 ( )0.5 (Renminbi)5 ( )0.5 (and)5 ( )0.5 (in)5 ( )0.5 (Hong)5 ( )0.5 (Kong)5 ( )0.5 (dollar)5 ( )0.5 (respectively.)5 ( )0.5 (Pursuant)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (Notice)5 ( )0.5 (on)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0.066 Tw T* (Tax Policies Related to the Pilot Program of the Shanghai-Hong Kong Stoc\ k Connect )Tj 0.083 Tw T* [(\()-12.5 (C)-12.5 (a)-12.5 (i)-12.5 (s)-12.5 (h)-12.5 (u)-12.5 (i )0.5 ([2014] N)-12.4 (o)-12.5 (. )0.5 (81\) )0.5 (\()]TJ /C0_0 1 Tf 0.234 Tc -0.234 Tw 11.385 0 Td <15EB05F5101C0CA506700B4303390C19037405F8029D144C029D0BB712DA05530F0A14C303DE15EB0CFC>Tj 0.225 Tc -0.225 Tw -11.385 -1.231 Td <03D707410D0406590BB7065D>Tj /T1_0 1 Tf 0 Tc 0.106 Tw 7.15 0 Td ( \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 0.839 0 Td <09CC0CFC>Tj /T1_0 1 Tf 0.025 Tc 0.081 Tw 2.375 0 Td ([2014] 81)Tj /C0_0 1 Tf 0 Tc 0 Tw 4.347 0 Td <0EEE>Tj /T1_0 1 Tf 0.025 Tc 0.081 Tw 1.15 0 Td (\)\), for dividends received by domestic individual )Tj 0.029 Tw -15.86 -1.231 Td (investors from investing in H shares listed on the Hong Kong Stock Excha\ nge through )Tj 0.004 Tw T* (Shanghai-Hong Kong Stock Connect, the company of such H shares shall wit\ hhold and )Tj 0.048 Tw T* (pay individual income tax at the rate of 20% on behalf of the investors.\ For dividends )Tj 0.044 Tc 0.07 Tw T* [(r)0.5 (e)0.5 (c)0.6 (e)0.5 (i)0.5 (v)0.5 (e)0.5 (d)13 ( )0.5 (b)0.6 (y)13 ( )0.5 (d)0.5 (o)0.5 (m)0.5 (e)0.5 (s)0.5 (t)0.6 (i)0.5 (c)13 ( )0.5 (s)0.5 (e)0.6 (c)0.5 (u)0.5 (r)0.5 (i)0.5 (t)0.5 (i)0.5 (e)0.6 (s)13 ( )0.5 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.6 (t)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (f)0.6 (u)0.5 (n)0.5 (d)0.5 (s)13 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)13 ( )0.6 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (H)13 ( )0.6 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.6 (s)13 ( )0.5 (l)0.5 (i)0.5 (s)0.5 (t)0.5 (e)0.5 (d)19.1 ( )]TJ 0.025 Tc 0.076 Tw T* (on the Hong Kong Stock Exchange through Shanghai-Hong Kong Stock Connect\ , the )Tj 0.05 Tw 0 -1.231 TD (tax payable shall be the same as that for individual investors. The comp\ any of such H )Tj 0.026 Tc 0.082 Tw 0 -1.231 TD [(shares)1 ( )0.5 (will)1 ( )0.5 (not)1 ( )0.5 (withhold)1 ( )0.6 (and)1 ( )0.5 (pay)1 ( )0.5 (the)1 ( )0.5 (income)1 ( )0.5 (tax)1 ( )0.5 (of)1 ( )0.5 (dividends)1 ( )0.5 (for)1 ( )0.5 (domestic)1 ( )0.5 (enterprise)1 ( )]TJ 0.025 Tc 0.063 Tw T* (investors and those domestic enterprise investors shall report and pay t\ he relevant tax )Tj -0.025 Tw T* (themselves.)Tj 0.06 Tw 0 -2.462 TD (The record date and the date of distribution of cash dividends and other\ arrangements )Tj 0.032 Tw 0 -1.231 TD [(for )0.5 (the )0.5 (investors )0.5 (of )0.5 (Southbound )0.5 (Trading )0.5 (will )0.5 (be )0.5 (the )0.6 (same )0.5 (as )0.5 (those )0.5 (for )0.5 (the )0.5 (holders )0.5 (of )0.5 (H )]TJ 0 Tw T* (shares of the Company.)Tj ET endstream endobj 71 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 65 \226)Tj 0.088 Tc 0.07 Tw 13 0 0 13 85.0394 776.0055 Tm [(4)63 (.)63 ( )-972.5 (To)12 ( speed)12.1 ( up)12.1 ( the)12 ( construction)12.1 ( of)12.1 ( engineering)12.1 ( projects)12.1 ( to)12 ( ensure)12.1 ( the)63 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (completion of the target task to maintain electricity price.)Tj 0.013 Tw -2.181 -2.462 Td [(5. )-1092.5 (To improve the operation and management level and push asset management \ )]TJ 0 Tw 2.181 -1.231 Td (to a new level.)Tj 0.056 Tc 0.069 Tw -2.181 -2.462 Td [(6)31 (.)31 ( )-1005.5 (T)0.5 (o)13.1 ( i)0.5 (n)0.5 (n)0.5 (o)0.6 (v)0.5 (a)0.5 (t)0.5 (e)13.1 ( t)0.5 (h)0.5 (e)13 ( s)0.5 (y)0.5 (s)0.5 (t)0.6 (e)0.5 (m)13 ( a)0.6 (n)0.5 (d)13 ( m)0.5 (e)0.6 (c)0.5 (h)0.5 (a)0.6 (n)0.5 (i)0.5 (s)0.5 (m)13 ( t)0.5 (o)13 ( s)0.5 (p)0.6 (e)0.5 (e)0.5 (d)13 ( u)0.5 (p)13 ( t)0.5 (h)0.6 (e)13 ( c)0.5 (o)0.6 (n)0.5 (s)0.5 (t)0.5 (r)0.6 (u)0.5 (c)0.5 (t)0.5 (i)0.6 (o)0.5 (n)13 ( o)0.5 (f)31 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (world-class new energy company.)Tj 0.06 Tw -2.181 -2.462 Td [(7. )-1045.5 (To insist on the leading role of cultural advancement and endeavor to ma\ ke )]TJ 0 Tw 2.181 -1.231 Td (Longyuan a harmonious and happy big family.)Tj /T1_1 1 Tf 0.096 Tc 0.07 Tw -4.361 -2.462 Td [(PURCHASE,)12.7 ( SALE)12.7 ( OR)12.7 ( REDEMPTION)12.8 ( OF)12.7 ( THE)12.7 ( COMPANY\222S)12.7 ( LISTED)71 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 TD (SECURITIES)Tj /T1_0 1 Tf 0.032 Tc 0.076 Tw 0 -2.462 TD [(Neither)7 ( )0.5 (the)7 ( )0.5 (Company)7 ( )0.5 (nor)7 ( )0.5 (any)7 ( )0.5 (of)7 ( )0.5 (its)7 ( )0.5 (subsidiaries)7 ( )0.5 (purchased,)7 ( )0.5 (sold)7 ( )0.5 (or)6.9 ( )0.6 (redeemed)7 ( )0.5 (any)7 ( )0.5 (of)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (the Company\222s listed securities during the year ended 31 December 201\ 9.)Tj /T1_1 1 Tf 0 -2.462 TD (FINAL DIVIDEND)Tj /T1_0 1 Tf 0.032 Tc 0.076 Tw 0 -2.462 TD [(The)7 ( )0.5 (Board)7 ( )0.5 (recommends)7 ( )0.5 (the)7.1 ( )0.5 (distribution)6.9 ( )0.5 (of)7 ( )0.6 (a)7 ( )0.5 (final)7 ( )0.5 (dividend)7 ( )0.5 (of)7 ( )0.5 (RMB)7 (0)7 (.)7 (1)7 (0)7 (7)7 (6)7 ( )0.5 (per)7 ( )0.5 (share)7 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 TD [(\(tax)12.1 ( inclusive\))12 ( in)12.1 ( cash)12 ( for)12.1 ( the)12.1 ( year)12.1 ( ended)12.1 ( 3)12 (1)12.1 ( December)12.1 ( 2)12.1 (0)12.1 (1)12 (9)12.1 ( to)12.1 ( shareholders)12 ( whose)13 ( )]TJ 0.05 Tc T* [(names)12.6 ( appear)12.6 ( on)12.6 ( the)12.6 ( Company\222s)12.6 ( register)12.6 ( of)12.5 ( members)12.6 ( as)12.6 ( at)12.5 ( Tuesday,)12.6 ( 9)12.6 ( June)12.6 ( 2)12.5 (0)12.6 (2)12.6 (0)12.6 (.)25 ( )]TJ 0.025 Tc 0.065 Tw T* (The abovementioned dividend will be subject to shareholders\222 approval\ at the Annual )Tj 0.055 Tw T* (General Meeting of the Company to be held on Friday, 29 May 2020, and is\ expected )Tj 0.057 Tc 0.07 Tw T* [(to)12.5 ( be)12.6 ( paid)12.5 ( on)12.6 ( Monday,)12.6 ( 1)12.6 (0)12.6 ( August)12.6 ( 2)12.6 (0)12.6 (2)12.5 (0)12.6 (.)12.5 ( Details)12.6 ( of)12.5 ( the)12.6 ( dividend)12.5 ( payment)12.5 ( will)12.5 ( be)32 ( )]TJ 0.025 Tc 0 Tw T* (announced after holding of the Annual General Meeting.)Tj 0.081 Tw 0 -2.462 TD [(Pursuant to )0.5 (the )0.5 (Enterprise Income )0.5 (Tax )0.5 (Law )0.5 (of )0.5 (the )0.5 (PRC and )0.5 (its )0.5 (implementation )0.5 (rules, )]TJ 0.02 Tw 0 -1.231 TD (which came into force on 1 January 2008 and other relevant rules, where \ the Company )Tj 0.038 Tc 0.07 Tw T* [(distributes)12.3 ( the)12.3 ( proposed)12.2 ( 2)12.2 (0)12.2 (1)12.3 (9)12.2 ( final)12.2 ( dividend)12.2 ( to)12.2 ( non-resident)12.2 ( enterprise)12.2 ( shareholders)13 ( )]TJ 0.04 Tc T* [(whose)12.6 ( names)12.6 ( appear)12.5 ( on)12.5 ( the)12.6 ( register)12.6 ( of)12.6 ( members)12.5 ( for)12.6 ( H)12.5 ( shares)12.6 ( of)12.6 ( the)12.5 ( Company,)12.5 ( it)12.6 ( is)15 ( )]TJ 0.026 Tc 0.082 Tw T* [(required)1 ( )0.5 (to)1 ( )0.5 (withhold)1 ( )0.5 (and)1 ( )0.5 (pay)1 ( )0.5 (enterprise)1.1 ( )0.5 (income)1 ( )0.5 (tax)1 ( )0.5 (at)1 ( )0.5 (the)1 ( )0.5 (rate)1.1 ( )0.5 (of)1 ( )0.5 (1)1 (0)1 (%.)1 ( )0.5 (Any)1 ( )0.5 (H)1 ( )0.5 (shares)1 ( )]TJ 0.039 Tc 0.07 Tw T* [(registered)12.6 ( in)12.6 ( the)12.6 ( name)12.7 ( of)12.6 ( non-individual)12.6 ( registered)12.6 ( shareholders,)12.6 ( including)12.6 ( HKSCC)14 ( )]TJ 0.025 Tc 0.041 Tw T* (Nominees Limited \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 8.711 0 Td [<08300CA50295032F0D101051>1020 <0080>200 <02FE0B23025B>200.1 <0081>1020 <03DE082202AE0321>]TJ /T1_0 1 Tf 0.025 Tc 0.041 Tw 15.86 0 Td (\), other nominees or trustees, )Tj 0.027 Tc 0.081 Tw -24.571 -1.231 Td [(or)2 ( )0.5 (other)2.1 ( organisations)2 ( )0.5 (or)2 ( )0.5 (groups,)2 ( will)2 ( )0.5 (be)2 ( )0.5 (treated)2 ( )0.5 (as)2 ( )0.5 (shares)2 ( being)2 ( )0.5 (held)2 ( )0.5 (by)2 ( )0.5 (non-resident)2 ( )]TJ 0.043 Tc 0.07 Tw T* [(enterprise)12.9 ( shareholders,)12.8 ( and)12.9 ( consequently)12.9 ( will)12.9 ( be)12.9 ( subject)12.8 ( to)12.8 ( the)12.9 ( withholding)12.9 ( of)12.9 ( the)18 ( )]TJ 0.022 Tc 0 Tw T* [(e)0.5 (n)0.5 (t)0.5 (e)0.5 (rp)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 ( )0.5 (in)0.5 (c)0.5 (o)0.5 (m)0.5 (e)0.5 ( )0.5 (t)0.5 (ax)0.5 (.)0.5 ( )0.5 (A)0.5 (c)0.5 (c)0.5 (o)0.5 (r)0.5 (di)0.5 (n)0.5 (g)0.5 ( )0.5 (t)0.5 (o )0.5 (r)0.5 (e)0.5 (g)0.5 (u)0.5 (l)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)0.5 (s)0.5 ( )0.5 (b)0.5 (y )0.5 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (St)0.5 (a)0.5 (t)0.5 (e)0.5 ( )0.5 (A)0.5 (d)0.5 (mi)0.5 (n)0.5 (i)0.5 (s)0.5 (t)0.5 (r)0.5 (at)0.5 (i)0.5 (o)0.5 (n)0.5 ( o)0.5 (f)0.5 ( )0.5 (T)0.5 (a)0.5 (x)0.5 (a)0.5 (t)0.5 (io)0.5 (n)-3 ( )]TJ 0.043 Tc 0.07 Tw T* [(\(Guo)12.5 ( Shui)12.5 ( Han)12.5 ( [)12.5 (2)12.5 (0)12.5 (1)12.5 (1)12.5 (])12.5 ( No.)12.5 (3)12.5 (4)12.5 (8)12.5 (\))12.5 ( and)12.5 ( relevant)12.4 ( laws)12.5 ( and)12.5 ( regulations,)12.5 ( if)12.5 ( the)12.5 ( individual)18 ( )]TJ 0.029 Tc 0.079 Tw T* [(H)0.5 (-s)0.5 (ha)0.5 (r)0.5 (e)4 ( )0.5 (s)0.5 (ha)0.5 (r)0.5 (eh)0.5 (ol)0.5 (de)0.5 (r)0.5 (s)4 ( )0.5 (a)0.5 (re)4.1 ( )0.5 (re)0.5 (s)0.5 (id)0.5 (en)0.5 (ts)4.1 ( )0.5 (of)4 ( )0.5 (H)0.5 (o)0.5 (ng)4 ( )0.5 (K)0.5 (o)0.5 (ng)4 ( )0.5 (o)0.5 (r)4 ( )0.5 (M)0.5 (ac)0.5 (a)0.5 (u)4 ( )0.5 (or)4 ( )0.5 (t)0.5 (h)0.5 (os)0.5 (e)4 ( )0.5 (c)0.5 (ou)0.5 (nt)0.5 (r)0.5 (ie)0.5 (s)4 ( )0.5 (w)0.5 (hi)0.5 (c)0.5 (h)4 ( )]TJ 0.025 Tc 0.042 Tw T* (have entered into a tax treaty with the PRC stipulating a dividend tax r\ ate of 10%, the )Tj 0.039 Tc 0.07 Tw T* [(Company)12.6 ( will)12.7 ( withhold)12.7 ( and)12.6 ( pay)12.7 ( individual)12.6 ( income)12.7 ( tax)12.7 ( at)12.6 ( the)12.6 ( rate)12.7 ( of)12.6 ( 1)12.6 (0)12.7 (%)12.6 ( on)12.7 ( behalf)14 ( )]TJ 0.044 Tc T* [(o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)0.5 (s)0.5 (e)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.5 (h)0.5 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (r)0.5 (s)0.6 (.)12.9 ( )0.6 (If)13 ( )0.6 (t)0.5 (he)13 ( )0.6 (i)0.5 (n)0.5 (di)0.5 (v)0.5 (i)0.5 (d)0.5 (u)0.5 (a)0.5 (l)13 ( )0.5 (H)0.6 (-s)0.6 (h)0.5 (a)0.5 (r)0.5 (e)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.5 (h)0.5 (o)0.5 (l)0.5 (d)0.5 (e)0.5 (r)0.5 (s)13 ( )0.5 (a)0.5 (r)0.5 (e)13 ( )0.5 (r)0.5 (e)0.6 (s)0.5 (id)0.5 (e)0.6 (nt)0.5 (s)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.5 (ho)0.5 (s)0.6 (e)19 ( )]TJ 0.025 Tc 0.052 Tw T* (countries which have entered into a tax treaty with the PRC stipulating \ a dividend tax )Tj 0.038 Tc 0.07 Tw T* [(rate)12.9 ( of)12.9 ( less)12.9 ( than)12.9 ( 1)12.9 (0)12.9 (%,)12.9 ( the)12.9 ( ind)0.5 (ividual)12.9 ( H-share)12.9 ( shareholders)12.9 ( should)12.9 ( take)12.9 ( the)12.9 ( initiative)13 ( )]TJ ET endstream endobj 70 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 64 \226)Tj 0.034 Tw 13 0 0 13 85.0394 776.3179 Tm (At present, trade frictions among countries occur frequently, the global\ economic )Tj 0.014 Tw 0 -1.231 TD (recovery faces more obstacles and challenges, economic growth in most co\ untries )Tj 0.028 Tc 0.08 Tw T* [(is)3 ( )0.5 (slowing)3 ( )0.5 (down,)3 ( )0.5 (overall)3 ( global)2.9 ( )0.6 (inflation)3 ( )0.5 (stages)3 ( )0.5 (a)3 ( )0.5 (rebound,)3 ( )0.5 (and)3 ( )0.5 (monetary)3 ( )0.5 (policy)3 ( )]TJ 0.042 Tc 0.07 Tw T* [(margins)12.7 ( are)12.7 ( tightening.)12.8 ( The)12.7 ( competitive)12.7 ( bidding)12.7 ( of)12.7 ( energy)12.7 ( industry)12.7 ( in)12.7 ( various)17 ( )]TJ 0.025 Tc 0.058 Tw T* (countries has become the mainstream, and the bid price continues to decl\ ine. All )Tj 0.045 Tc 0.07 Tw T* [(of)12.7 ( these)12.6 ( have)12.6 ( added)12.7 ( instability)12.6 ( and)12.6 ( uncertainty)12.6 ( to)12.7 ( our)12.6 ( exploration)12.6 ( of)12.7 ( overseas)20 ( )]TJ 0.054 Tc T* [(markets.)12.7 ( However,)12.7 ( peace)12.7 ( and)12.7 ( development)12.6 ( are)12.7 ( still)12.7 ( the)12.7 ( themes)12.7 ( of)12.6 ( our)12.7 ( times.)29 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 TD [(World)11 ( )0.5 (multi-polarization)11 ( )0.6 (and)10.9 ( )0.6 (economic)11 ( )0.5 (globalization)11 ( )0.5 (continue)11.1 ( )0.5 (to)11 ( )0.5 (develop)11 ( )0.5 (amid)11 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 TD [(twists)10 ( )0.5 (and)10 ( )0.5 (turns.)10 ( )0.6 (Under)10 ( )0.5 (the)10 ( )0.5 (new)10 ( )0.5 (situation,)10 ( )0.5 (the)10 ( )0.5 (installed)10 ( )0.5 (capacity)10 ( )0.5 (of)10 ( )0.6 (wind)10 ( )0.5 (power)10 ( )]TJ 0.04 Tc 0.07 Tw T* [(and)12.9 ( solar)12.9 ( energy)12.8 ( has)12.8 ( increased)12.8 ( steadily)12.8 ( and)12.9 ( will)12.8 ( gradually)12.9 ( become)12.9 ( the)12.8 ( world\222s)15 ( )]TJ 0.032 Tc 0.076 Tw T* [(main)7 ( )0.5 (energy)7 ( )0.5 (source.)7 ( )0.5 (With)7 ( )0.5 (advances)7 ( )0.5 (in)7 ( )0.5 (technologies,)7 ( )0.5 (the)7 ( )0.5 (power)7 ( )0.5 (generation)7 ( )0.5 (costs)7 ( )]TJ 0.028 Tc 0.08 Tw T* [(were)3 ( )0.5 (bought)3 ( )0.5 (down.)3 ( )0.5 (The)3 ( )0.6 (Group)3 ( )0.5 (will)3 ( )0.5 (make)3 ( )0.5 (full)3 ( )0.5 (use)3 ( )0.5 (of)3 ( )0.5 (these)3 ( )0.5 (favorable)3 ( )0.5 (conditions,)3 ( )]TJ 0.025 Tc 0.061 Tw T* (continue to actively respond to the \223Belt and Road\224 initiative, fu\ rther implement )Tj 0.026 Tw T* (the \223Go Global\224 strategy, and expand overseas markets in a pragmat\ ic and steady )Tj -0.025 Tw T* (manner.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 TD (Operation Targets of the Group in 2020)Tj /T1_0 1 Tf 0.058 Tc 0.07 Tw T* [(In)12.3 ( 2)12.3 (0)12.2 (2)12.3 (0)12.3 (,)12.3 ( the)12.3 ( business)12.3 ( guidelines)12.3 ( of)12.3 ( the)12.3 ( Group)12.3 ( are)12.3 ( as)12.3 ( follows:)12.3 ( Guided)12.3 ( by)12.3 ( Xi)33 ( )]TJ 0.04 Tc 0 -1.231 TD [(Jinping)12.2 ( Thought)12.2 ( on)12.2 ( Socialism)12.2 ( with)12.2 ( Chinese)12.2 ( Characteristics)12.2 ( for)12.2 ( a)12.2 ( New)12.2 ( Era,)12.2 ( we)15 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 TD (will fully implement the guiding principles from the 19th CPC National C\ ongress )Tj 0.054 Tc 0.07 Tw 0 -1.231 TD [(and)12.9 ( the)12.9 ( Second,)12.9 ( Third)12.8 ( and)12.9 ( Fourth)12.9 ( Plenary)12.8 ( Sessions)12.8 ( of)12.9 ( the)12.9 ( 1)12.9 (9)12.8 (th)12.8 ( CPC)12.8 ( Central)29 ( )]TJ 0.025 Tc 0.028 Tw T* (Committee, uphold overall Party leadership, adhere to the underlying pri\ nciple of )Tj 0.075 Tw T* (pursuing progress while ensuring stability, earnestly execute the Group\222\ s overall )Tj 0.034 Tc 0.074 Tw T* [(strategy)9 ( )0.5 (of)9 ( )0.5 (\223One)9 ( )0.5 (Goal,)9 ( )0.5 (Three)9 ( )0.5 (Types,)8.9 ( )0.6 (Five)9 ( )0.5 (Variations)9 ( )0.5 (and)9 ( )0.5 (Seven)9 ( )0.5 (First-classes)9 ( )0.6 (\223;)9 ( )]TJ 0.025 Tc 0.083 Tw T* [(and )0.5 (it )0.5 (will strive )0.5 (to )0.5 (the )0.5 (goal )0.5 (of )0.5 (developing )0.5 (our )0.5 (Company )0.5 (into a )0.5 (world-class )0.5 (new )]TJ 0.001 Tw T* (energy giant with global competitiveness, highlight the orientation of h\ igh-quality )Tj 0.024 Tc 0 Tw T* [(sustainable development and value creation, lay a solid foundation for n\ ew energy)-1 ( )]TJ 0.026 Tc 0.082 Tw T* [(Party)1 ( )0.5 (building)1 ( )0.5 (and)1 ( )0.5 (safe)1 ( )0.5 (production,)1.1 ( )0.5 (speed)1 ( )0.5 (up)0.9 ( )0.6 (the)1 ( )0.5 (construction)1 ( )0.5 (of)1 ( )0.5 (informatization)1 ( )]TJ 0.043 Tc 0.07 Tw T* [(and)12.2 ( intelligence,)12.2 ( develop)12.2 ( the)12.2 ( domestic)12.2 ( and)12.3 ( international)12.2 ( markets)12.2 ( and)12.2 ( build)12.2 ( up)18 ( )]TJ 0.031 Tc 0.077 Tw T* [(two)6 ( )0.5 (teams)6 ( )0.5 (of)6 ( )0.5 (high-quality)6 ( )0.5 (management)6 ( )0.5 (cadres)6 ( )0.5 (and)6.1 ( )0.5 (professional)6 ( )0.5 (talents.)6 ( )0.5 (Further,)6 ( )]TJ 0.025 Tc 0.019 Tw T* (it will stay true to original aspirations, work even harder to make new \ and greater )Tj 0 Tw T* (contributions to CHN Energy in building a world-class demonstration ente\ rprise.)Tj 0 -2.462 TD (In 2020, the Group will endeavor to achieve the following objectives:)Tj 0.016 Tw 0 -2.462 TD [(1. )-1089.5 (To emphasize the Party leadership to provide a strong political guarante\ e for )]TJ 0 Tw 2.181 -1.231 Td (building a world-class new energy company with global competitiveness.)Tj -2.181 -2.462 Td [(2. )-1105.5 (To implement comprehensively the Group\222s production safety deployment\ to )]TJ 2.181 -1.231 Td (practically launch the construction of intrinsically safe enterprises.)Tj 0.052 Tw -2.181 -2.462 Td [(3. )-1053.5 (To expand effective investment actively to enhance high-quality sustaina\ ble )]TJ 0 Tw 2.181 -1.231 Td (development potential.)Tj ET endstream endobj 69 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 63 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm [(5. )-1105.5 (Risk in fuel prices)]TJ /T1_0 1 Tf 0.044 Tc 0.07 Tw 2.181 -2.462 Td [(T)0.5 (h)0.5 (e)13.1 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.6 (h)0.5 (a)0.5 (s)13 ( )0.5 (t)0.5 (w)0.6 (o)13 ( )0.5 (c)0.5 (o)0.5 (a)0.6 (l)13 ( )0.5 (p)0.5 (o)0.5 (w)0.5 (e)0.6 (r)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 (t)0.6 (s)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (a)0.6 (n)13 ( )0.5 (i)0.5 (n)0.5 (s)0.5 (t)0.6 (a)0.5 (l)0.5 (l)0.5 (e)0.5 (d)13 ( )0.6 (c)0.5 (a)0.5 (p)0.5 (a)0.5 (c)0.6 (i)0.5 (t)0.5 (y)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (1)13 (,)13 (8)13 (7)13 (5)19 ( )]TJ 0.061 Tc 0 -1.231 TD [(MW.)12.8 ( The)12.9 ( fluctuations)12.8 ( in)12.9 ( coal)12.9 ( price)12.9 ( will)12.9 ( affect)12.8 ( the)12.9 ( operating)12.8 ( results)12.9 ( of)36.1 ( )]TJ 0.038 Tc T* [(the)12.9 ( Group\222s)12.9 ( coal)12.9 ( power)12.9 ( business.)12.9 ( At)12.9 ( present,)12.9 ( the)12.9 ( coa)0.5 (l)12.8 ( price)12.9 ( )0.5 (risk)12.9 ( is)12.9 ( )0.5 (mainly)13 ( )]TJ 0.034 Tc 0.074 Tw T* [(affected)9 ( )0.5 (by)9 ( )0.5 (the)9.1 ( policies)9 ( )0.5 (in)9 ( )0.5 (respect)9 ( )0.5 (of)9 ( )0.5 (Shenhua,)9 ( )0.5 (China)9 ( )0.6 (Coal)9 ( )0.5 (and)9 ( )0.5 (other)9 ( )0.5 (large)9.1 ( )]TJ 0.028 Tc 0.08 Tw T* [(state-owned)3 ( )0.5 (mine)3 ( )0.5 (companies)3 ( )0.5 (\(this)3 ( )0.5 (policy)3 ( )0.5 (is)3 ( )0.6 (also)3 ( )0.5 (affected)3 ( )0.5 (by)3.1 ( )0.5 (fluctuations)3 ( )0.5 (in)3 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 TD [(the)12.7 ( international)12.7 ( and)12.7 ( domestic)12.7 ( markets\).)12.8 ( The)12.7 ( Group)12.7 ( will)12.7 ( further)12.7 ( judge)12.8 ( the)13 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.231 TD [(changing )0.5 (trend )0.5 (of )0.5 (domestic )0.5 (coal )0.5 (price, )0.5 (while )0.5 (tracking )0.5 (the )0.5 (price )0.5 (performance )]TJ 0.036 Tc 0.072 Tw T* [(ratio)11 ( )0.5 (of)11 ( )0.5 (international)11 ( )0.5 (coal,)11 ( )0.5 (especially)11 ( )0.6 (Indonesian)11 ( )0.5 (coal,)11 ( )0.5 (Australian)11 ( )0.5 (coal)11 ( )0.5 (and)11 ( )]TJ 0.032 Tc 0.076 Tw T* [(coal)7 ( )0.5 (from)7 ( )0.5 (other)7 ( )0.5 (countries,)7 ( )0.5 (and)7 ( )0.5 (make)7 ( )0.5 (full)7 ( )0.5 (use)7.1 ( )0.5 (of)7 ( )0.5 (international)6.9 ( )0.6 (and)7 ( )0.5 (domestic)7 ( )]TJ 0.025 Tc 0 Tw T* (markets to pursue the Group\222s goal of the lowest coal price.)Tj /T1_1 1 Tf -4.361 -2.462 Td [(V. )-883.5 (OUTLOOK IN 2020)]TJ 2.181 -2.462 Td (Outlook for Business Environment at Home and Abroad)Tj /T1_0 1 Tf 0.049 Tw 0 -2.462 TD (At present, China is now in a crucial period of changing the development\ model, )Tj 0.072 Tw 0 -1.231 TD (optimizing the economic structure and transforming the growth drivers. I\ n 2020, )Tj 0.031 Tw T* (China will continue to accelerate the development of renewable energy in\ dustries )Tj 0.038 Tc 0.07 Tw 0 -1.231 TD [(such)12.2 ( as)12.3 ( wind)12.3 ( power)12.2 ( so)12.2 ( as)12.3 ( to)12.2 ( remain)12.2 ( the)12.3 ( overall)12.3 ( trend)12.2 ( unchanged)12.3 ( and)12.2 ( adhere)12.2 ( to)13 ( )]TJ 0.046 Tc 0 -1.231 TD [(the)12.6 ( underlying)12.6 ( principle)12.6 ( of)12.7 ( securing)12.6 ( economic)12.6 ( stability)12.6 ( amid)12.7 ( steady)12.6 ( progress,)21 ( )]TJ 0.025 Tc 0.041 Tw T* (actively promote the construction of grid parity projects, speed up the \ fulfillment )Tj 0.063 Tc 0.07 Tw T* [(o)0.5 (f)13 ( )0.5 (t)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.6 (ol)0.5 (o)0.5 (g)0.5 (i)0.5 (c)0.6 (a)0.5 (l)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (g)0.5 (r)0.5 (e)0.5 (s)0.5 (s)13 ( )0.5 (a)0.6 (nd)13 ( )0.6 (r)0.5 (e)0.5 (d)0.5 (u)0.5 (c)0.5 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (s)0.5 (u)0.5 (b)0.5 (s)0.5 (i)0.6 (d)0.5 (iz)0.6 (e)0.5 (d)13 ( )0.5 (s)0.5 (t)0.5 (r)0.5 (e)0.5 (n)0.5 (g)0.5 (t)0.5 (h)0.5 (,)13 ( )0.5 (c)0.5 (a)0.5 (r)0.6 (r)0.5 (y)13 ( )0.5 (o)0.5 (u)0.5 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)38 ( )]TJ 0.028 Tc 0.08 Tw T* [(coordination)3 ( )0.5 (between)3 ( )0.5 (project)3 ( )0.5 (construction)3 ( )0.5 (and)3 ( )0.5 (consumption)3 ( )0.5 (capacity,)3 ( )0.5 (strengthen)2.9 ( )]TJ 0.025 Tc 0.012 Tw T* (the power delivery and consumption guarantee of the project, to achieve \ the high-)Tj 0 Tw T* (quality development of wind power and photovoltaic energy.)Tj 0.047 Tc 0.07 Tw 0 -2.462 TD [(The)12.6 ( year)12.6 ( 2)12.6 (0)12.6 (2)12.6 (0)12.6 ( is)12.6 ( also)12.6 ( a)12.6 ( crucial)12.6 ( year)12.6 ( for)12.6 ( the)12.6 ( Group)12.6 ( to)12.6 ( meet)12.5 ( market)12.6 ( challenges)22 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 TD [(and)11 ( )0.5 (solve)11 ( )0.5 (development)11 ( )0.5 (problems.)11 ( )0.5 (It)11 ( )0.5 (is)11 ( )0.5 (also)11 ( )0.5 (a)11 ( )0.5 (crucial)11 ( )0.5 (year)11 ( )0.5 (to)11 ( )0.5 (lay)11 ( )0.5 (the)11 ( )0.5 (foundation)11 ( )]TJ 0.04 Tc 0.07 Tw T* [(for)12.6 ( the)12.7 ( development)12.6 ( in)12.7 ( the)12.7 ( \223Fourteenth)12.7 ( Five-Year)12.7 ( Plan\224)12.7 ( and)12.7 ( further)12.7 ( upgrading)15 ( )]TJ 0.041 Tc T* [(of)12.6 ( enterprises.)12.5 ( The)12.5 ( Group)12.5 ( will)12.5 ( strengthen)12.6 ( strategic)12.5 ( co-ordination)12.6 ( and)12.6 ( planning)15.9 ( )]TJ 0.026 Tc 0.082 Tw T* [(gui)0.5 (dance)0.5 (,)1 ( )0.5 (firm)0.5 (ly)1 ( )0.5 (est)0.5 (ablis)0.5 (h)1 ( )0.5 (the)1 ( )0.5 (c)0.5 (once)0.5 (pt)1 ( )0.5 (of)1 ( )0.5 (ne)0.5 (w)1 ( )0.5 (deve)0.5 (lopme)0.5 (nt,)1 ( )0.5 (an)0.5 (d)1 ( )0.5 (acti)0.5 (vely)1 ( )0.5 (e)0.5 (xpand)1 ( )]TJ 0.036 Tc 0.072 Tw T* [(effective)11 ( )0.5 (investment)11 ( )0.5 (to)11 ( )0.5 (enhance)11 ( )0.5 (high-quality)11 ( )0.5 (sustainable)11.1 ( )0.5 (development)11 ( )0.5 (potential)10.9 ( )]TJ 0.029 Tc 0.079 Tw T* [(in)4 ( )0.5 (accordance)4 ( )0.5 (with)3.9 ( )0.6 (the)4 ( )0.5 (development)4 ( )0.5 (ideas)4 ( )0.5 (of)4 ( )0.5 (\223coordinated)4 ( )0.5 (onshore)4 ( )0.5 (and)4 ( )0.6 (offshore)4 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 TD [(development,)12.3 ( developed)12.3 ( wind)12.3 ( and)12.3 ( PV)12.3 ( power)12.3 ( simultaneously,)12.3 ( multi-functional)19 ( )]TJ 0.038 Tc 0 -1.231 TD [(complementarity,)12.5 ( up-down)12.6 ( linkage,)12.6 ( and)12.5 ( key)12.5 ( breakthroughs\224.)12.6 ( Taking)12.6 ( advantage)13 ( )]TJ 0.045 Tc T* [(of)12.3 ( the)12.4 ( industrial)12.3 ( synergy)12.4 ( of)12.3 ( CHN)12.3 ( Energy,)12.4 ( relying)12.4 ( on)12.3 ( its)12.3 ( own)12.3 ( advantages)12.4 ( such)20 ( )]TJ 0.052 Tc T* [(as)12.1 ( wide)12.1 ( distribution)12.1 ( of)12.1 ( projects,)12.1 ( sufficient)12.1 ( funds,)12.1 ( low)12.1 ( debt)12.1 ( ratio,)12.1 ( good)12.1 ( brand)27 ( )]TJ 0.039 Tc T* [(promotion)12.8 ( and)12.8 ( strong)12.8 ( technical)12.8 ( strength,)12.8 ( it)12.8 ( will)12.8 ( adopt)12.8 ( various)12.8 ( methods)12.8 ( such)12.8 ( as)14 ( )]TJ 0.031 Tc 0.077 Tw T* [(independent)6 ( )0.5 (development)6 ( )0.5 (and)6 ( )0.5 (cooperative)6 ( )0.5 (mergers)6 ( )0.5 (and)6 ( )0.6 (acquisitions)6 ( )0.5 (to)6 ( )0.5 (speed)6 ( )0.5 (up)6 ( )]TJ 0.025 Tc 0.033 Tw T* (the advance of key projects in the early stage, actively plan large base\ projects in )Tj 0.026 Tc 0.082 Tw T* [(the)1 ( )0.6 (north)1 ( )0.5 (of)1 ( )0.5 (China,)1 ( )0.5 (reserve)1.1 ( )0.5 (offshore)1 ( )0.5 (wind)1 ( )0.5 (power)1 ( )0.5 (resources)1 ( )0.6 (in)1 ( )0.5 (an)1 ( )0.5 (orderly)1 ( )0.5 (manner)1 ( )]TJ 0.025 Tc 0 Tw T* (and vigorously promote the development of photovoltaic projects.)Tj ET endstream endobj 68 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 62 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm [(2. )-1105.5 (Climatic risk)]TJ /T1_0 1 Tf 0.03 Tw 2.181 -2.462 Td (The major climatic risk confronted by the wind power industry is the ann\ ual )Tj 0.049 Tc 0.07 Tw 0 -1.231 TD [(fluctuation)12.3 ( of)12.2 ( wind)12.3 ( resources,)12.3 ( which)12.3 ( is)12.3 ( represented)12.2 ( by)12.3 ( the)12.4 ( higher)12.3 ( power)24 ( )]TJ 0.036 Tc 0.072 Tw T* [(generation)11 ( )0.5 (in)11 ( )0.5 (years)11 ( )0.5 (of)11 ( )0.5 (high)11 ( )0.5 (wind)11 ( )0.5 (speed)11 ( )0.5 (and)11 ( )0.5 (the)11 ( )0.5 (lower)11 ( )0.5 (power)11 ( )0.5 (generation)11 ( )0.5 (in)11 ( )]TJ 0.049 Tc 0.07 Tw T* [(years)12.7 ( of)12.7 ( low)12.7 ( wind)12.7 ( speed)12.7 ( than)12.7 ( that)12.7 ( in)12.7 ( normal)12.7 ( years.)12.7 ( On)12.7 ( the)12.7 ( vast)12.7 ( territory)24 ( )]TJ 0.048 Tc T* [(of)12.9 ( the)12.9 ( PRC)12.9 ( which)12.9 ( covers)12.9 ( a)12.9 ( wide)12.9 ( span)12.9 ( of)12.9 ( areas,)12.9 ( there)12.9 ( is)12.9 ( a)12.9 ( great)12.9 ( variation)23 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 TD [(in)8 ( )0.5 (c)0.5 (limate)8.1 ( )0.5 (condi)0.5 (tions)8 ( )0.5 (i)0.5 (n)8 ( )0.5 (diffe)0.5 (rent)8 ( )0.5 (r)0.5 (egions)0.5 (.)8 ( )0.5 (To)8 ( )0.5 (be)8 ( )0.5 (s)0.5 (peci)0.5 (fic,)8 ( )0.5 (th)0.5 (e)8 ( )0.5 (reg)0.5 (ions)8 ( )0.5 (ha)0.5 (ve)8 ( )]TJ 0 -1.231 TD [(different)8 ( )0.5 (climatic)8 ( )0.5 (characteristics)8 ( )0.6 (of)8 ( )0.5 (the)8 ( )0.5 (years)8.1 ( )0.5 (of)8 ( )0.5 (high)8 ( )0.5 (and)8 ( )0.5 (low)8 ( )0.5 (wind)8 ( )0.5 (speeds)8 ( )]TJ T* [(in)8 ( )0.5 (the)8 ( )0.5 (same)8 ( )0.5 (period.)8 ( )0.5 (In)8 ( )0.5 (response)8 ( )0.5 (to)8 ( )0.5 (different)8 ( )0.5 (climate)8 ( )0.5 (conditions)8 ( )0.5 (in)8 ( )0.5 (different)8 ( )]TJ 0.045 Tc 0.07 Tw T* [(regions,)12.1 ( the)12.1 ( Group)12.2 ( carried)12.1 ( out)12.1 ( the)12.1 ( nationwide)12.2 ( dispersed)12.2 ( layout)12.1 ( to)12.1 ( reduce)20 ( )]TJ 0.027 Tc 0.081 Tw T* [(investment)2 ( )0.5 (risks.)2 ( )0.5 (As)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (end)2 ( of)2 ( )0.5 (2)2 (0)2 (1)2 (9)2 (,)2 ( )0.5 (the)2 ( )0.5 (Group)2 ( )0.5 (had)2 ( )0.5 (substantial)2 ( )0.5 (projects)2 ( )]TJ 0.028 Tc 0.08 Tw T* [(in)3 ( )0.5 (3)3 (1)3 ( )0.5 (provinces,)3 ( )0.5 (autonomous)3 ( )0.5 (regions)3.1 ( )0.5 (and)3 ( )0.5 (municipalities)3 ( )0.5 (in)3 ( )0.5 (China,)3 ( )0.5 (covering)3 ( )]TJ 0.039 Tc 0.07 Tw T* [(all)12.8 ( regions)12.8 ( except)12.7 ( for)12.7 ( Hong)12.8 ( Kong,)12.8 ( Macau)12.7 ( and)12.7 ( Taiwan)12.7 ( and)12.7 ( formulating)12.7 ( an)14 ( )]TJ 0.046 Tc T* [(increasingly)12.5 ( optimised)12.5 ( and)12.5 ( rational)12.5 ( project)12.5 ( layout.)12.5 ( In)12.5 ( the)12.5 ( future,)12.5 ( we)12.5 ( will)21 ( )]TJ 0.038 Tc T* [(f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (b)0.5 (a)0.5 (l)0.5 (a)0.5 (nc)0.6 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)13 ( )0.5 (d)0.5 (e)0.5 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)12.9 ( )0.6 (in)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (g)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (s)0.5 (u)0.5 (b)0.5 (je)0.6 (c)0.5 (t)12.9 ( )0.6 (to)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )]TJ 0.025 Tc 0 Tw T* (impact of different monsoons.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(3. )-1105.5 (Risks relating to power grids)]TJ /T1_0 1 Tf 0.045 Tc 0.07 Tw 2.181 -2.462 Td [(In)12.5 ( 2)12.5 (0)12.5 (1)12.5 (9)12.4 (,)12.5 ( the)12.5 ( situation)12.5 ( of)12.4 ( nationwide)12.5 ( grid)12.5 ( curtailment)12.4 ( was)12.5 ( alleviated.)12.5 ( The)20 ( )]TJ 0.059 Tc T* [(lack)12.5 ( of)12.6 ( coordination)12.5 ( between)12.5 ( wind)12.6 ( power)12.5 ( development)12.5 ( and)12.5 ( power)12.5 ( grid)34 ( )]TJ 0.033 Tc 0.075 Tw T* [(construction,)8 ( )0.5 (and)8 ( )0.6 (the)8 ( )0.5 (insufficient)8 ( )0.5 (delivery)8 ( )0.5 (capacity)8 ( )0.5 (of)8 ( )0.5 (power)8 ( )0.5 (grid)8 ( )0.5 (will)8 ( )0.5 (still)8 ( )]TJ 0.032 Tc 0.076 Tw T* [(e)0.5 (xis)0.5 (t)7 ( )0.5 (in)7 ( )0.5 (s)0.5 (om)0.5 (e)7 ( )0.5 (ar)0.5 (ea)0.5 (s)7 ( )0.5 (in)7 ( )0.5 (t)0.5 (he)7 ( )0.5 (f)0.5 (ut)0.5 (ure)0.5 (.)7 ( )0.5 (Wi)0.5 (nd)7 ( )0.5 (p)0.5 (ow)0.5 (er)7 ( )0.5 (w)0.5 (il)0.5 (l)7 ( )0.5 (st)0.5 (ill)7 ( )0.5 (f)0.5 (ac)0.5 (e)7 ( )0.5 (in)0.5 (cr)0.5 (ea)0.5 (se)0.5 (d)7 ( )0.5 (ri)0.5 (sk)7 ( )]TJ 0.047 Tc 0.07 Tw T* [(of)12.4 ( grid)12.4 ( curtailment.)12.5 ( The)12.4 ( Group)12.4 ( will)12.4 ( continue)12.5 ( to)12.5 ( study)12.4 ( the)12.5 ( characteristics)22 ( )]TJ 0.044 Tc T* [(of)12.5 ( operation)12.5 ( and)12.5 ( absorption)12.5 ( of)12.5 ( wind)12.5 ( power,)12.6 ( judge)12.5 ( the)12.5 ( changing)12.5 ( trends)12.6 ( of)19 ( )]TJ 0.025 Tc 0.003 Tw T* (power grid, and make full use of national policies to prevent rebound ri\ sk. In )Tj 0.064 Tw T* (addition, it will enhance proactive communication with the government an\ d )Tj 0.032 Tc 0.076 Tw T* [(grid)7 ( )0.5 (companies,)7 ( )0.5 (coordinate)7.1 ( )0.5 (to)6.9 ( )0.6 (reduce)7 ( )0.5 (maintenance)7 ( )0.5 (arrangements)7 ( )0.5 (for)7 ( )0.5 (power)7 ( )]TJ 0.025 Tc 0.07 Tw T* (grid during windy periods and take the initiative to capture market shar\ e of )Tj 0 Tw T* (power generation.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(4. )-1105.5 (Risk in currency exchange rate)]TJ /T1_0 1 Tf 0.043 Tw 2.181 -2.462 Td (The business of the Group is mainly situated in mainland China where mos\ t )Tj 0.008 Tw 0 -1.231 TD [(of )0.5 (its revenue )0.5 (as well as )0.5 (expenses )0.5 (are denominated )0.5 (in Renminbi. 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Group\222s)12.4 ( foreign)12.3 ( exchange)12.4 ( management)12.4 ( principles)12.4 ( are)12.4 ( not)16 ( )]TJ 0.042 Tc T* [(involved)12.8 ( in)12.9 ( any)12.8 ( speculative)12.9 ( arbitrage)12.9 ( for)12.9 ( the)12.9 ( purpose)12.9 ( of)12.9 ( hedging)12.9 ( and)12.8 ( risk)17 ( )]TJ 0.024 Tc 0 Tw T* [(a)0.6 (v)0.5 (e)0.6 (r)0.5 (s)0.6 (i)0.5 (o)0.5 (n)0.6 (.)0.5 ( )0.5 (F)0.6 (o)0.5 (r)0.6 (e)0.5 (i)0.6 (g)0.5 (n)0.6 ( )0.5 (e)0.5 (x)0.6 (c)0.5 (h)0.6 (a)0.5 (n)0.6 (g)0.5 (e)0.6 ( )0.5 (r)0.5 (i)0.6 (s)0.5 (k)0.6 ( )0.5 (m)0.5 (a)0.6 (n)0.5 (a)0.6 (g)0.6 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.6 ( )0.5 (r)0.6 (u)0.5 (n)0.5 (s)0.6 ( )0.5 (t)0.6 (h)0.5 (r)0.6 (o)0.5 (u)0.5 (g)0.6 (h)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (w)0.6 (h)0.5 (o)0.5 (l)0.6 (e)0.5 ( )0.6 (l)0.5 (i)0.6 (f)0.5 (e)0.6 (t)0.5 (i)0.6 (m)0.5 (e)-1 ( )]TJ 0.029 Tc 0.079 Tw T* [(cycle)4 ( )0.5 (of)4 ( )0.5 (project)4 ( )0.5 (development)4 ( )0.5 (and)4 ( )0.5 (operations.)4 ( )0.5 (Once)4 ( )0.5 (foreign)4 ( )0.5 (subsidiaries)4.1 ( )0.5 (are)4 ( )]TJ 0.025 Tc 0.066 Tw T* (found to have foreign exchange risks exposure, the Group will immediatel\ y )Tj 0.053 Tw T* (analyse and put forward relevant hedging plans and shall strictly implem\ ent )Tj 0 Tw T* (them to ensure that foreign exchange risks are under control.)Tj ET endstream endobj 64 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 61 \226)Tj 13 0 0 13 85.0394 776.0055 Tm (Cash inflows from financing activities and cash outflows from financing \ activities )Tj 0 -1.231 TD (are set out in the table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0393 728.0055 Tm (Cash inflows from financing )Tj -0.025 Tw T* (activities)Tj 20.222 1.231 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 696.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td 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<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 52 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 53 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 54 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 92 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 60 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm (Major investments)Tj /T1_0 1 Tf 0 -2.462 TD (The Group made no major investment in 2019.)Tj /T1_1 1 Tf T* (Material acquisitions and disposals)Tj /T1_0 1 Tf T* (The Group did not have any material acquisitions or disposals in 2019.)Tj /T1_1 1 Tf 0 -2.462 TD (Pledged assets)Tj /T1_0 1 Tf 0.059 Tc 0.07 Tw 0 -2.462 TD [(As)12.2 ( at)12.1 ( 3)12.2 (1)12.2 ( December)12.2 ( 2)12.1 (0)12.2 (1)12.2 (9)12.2 (,)12.2 ( general)12.1 ( banking)12.2 ( facilities)12.2 ( and)12.1 ( bonds)12.2 ( amounted)12.2 ( to)34 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 TD [(RMB14,564 million are secured )0.5 (by tariff collection rights and )0.5 (equipment )0.5 (with )0.5 (net )]TJ 0 Tw T* (carrying amount of RMB2,612 million.)Tj /T1_1 1 Tf 0 -2.462 TD (Contingent liabilities/Guarantees)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw T* [(As)12.3 ( at)12.3 ( 3)12.3 (1)12.3 ( December)12.3 ( 2)12.3 (0)12.3 (1)12.3 (9)12.3 (,)12.3 ( the)12.3 ( Group)12.3 ( provided)12.3 ( a)12.3 ( guarantee)12.3 ( of)12.3 ( RMB)12.3 (1)12.3 (0)12.3 (9)12.3 ( million)17 ( )]TJ 0.049 Tc 0 -1.231 TD [(for)12.5 ( bank)12.5 ( loans)12.5 ( of)12.5 ( associates,)12.5 ( and)12.4 ( issued)12.4 ( a)12.4 ( counter-guarantee)12.5 ( of)12.5 ( no)12.4 ( more)12.5 ( than)24 ( )]TJ 0.025 Tc 0.016 Tw T* (RMB18 million to the controlling shareholder of an associate. As at 31 D\ ecember )Tj 0.058 Tw T* (2019, the bank loan balance for which the Group provided the counter-gua\ rantee )Tj 0 Tw 0 -1.231 TD (amounted to RMB9 million.)Tj /T1_1 1 Tf 0 -2.462 TD (Cash flow analysis)Tj /T1_0 1 Tf 0.027 Tw T* (As at 31 December 2019, cash at banks and on hand held by the Group amou\ nted )Tj 0.035 Tc 0.073 Tw 0 -1.231 TD [(to)10 ( )0.5 (RMB)10 (2)10 (,)10 (9)10 (0)10 (8)10 ( )0.5 (million,)10 ( )0.5 (representing)10 ( )0.5 (an)10 ( )0.5 (increase)10 ( )0.5 (of)10 ( )0.5 (RMB)10 (4)10 (7)10 ( )0.6 (million)10 ( )0.5 (as)10.1 ( )0.5 (compared)10 ( )]TJ 0.025 Tc 0.066 Tw T* (with RMB2,861 million as at 31 December 2018. The principal sources of f\ unds )Tj 0.073 Tw T* (of the Group mainly include cash inflow generated from operating activit\ ies and )Tj 0.026 Tc 0.082 Tw T* [(external)1 ( )0.5 (borrowings.)1 ( )0.5 (The)1 ( )0.5 (Group)1 ( )0.5 (mainly)1 ( )0.6 (used)1 ( )0.5 (the)1 ( )0.5 (funds)1 ( )0.5 (for)1 ( )0.5 (capital)1 ( )0.5 (turnovers)1 ( )0.5 (and)1 ( )]TJ 0.025 Tc 0 Tw T* (the construction of projects.)Tj 0.06 Tw 0 -2.462 TD (The net cash inflow of the Group\222s operating activities amounted to R\ MB12,515 )Tj 0.059 Tc 0.07 Tw 0 -1.231 TD [(million)12.3 ( in)12.3 ( 2)12.3 (0)12.2 (1)12.3 (9)12.3 (,)12.2 ( representing)12.2 ( a)12.2 ( decrease)12.3 ( of)12.2 ( RMB)12.3 (1)12.2 (,)12.3 (7)12.3 (4)12.2 (0)12.3 ( million)12.2 ( as)12.2 ( compared)34 ( )]TJ 0.051 Tc T* [(w)0.5 (i)0.5 (th)13 ( )0.5 (t)0.5 (ha)0.5 (t)13 ( )0.5 (of)13 ( )0.5 (R)0.5 (M)0.5 (B)12.9 (1)13 (4)13 (,)13 (2)12.9 (5)13 (5)13 ( )0.5 (mi)0.5 (l)0.5 (li)0.5 (o)0.5 (n)13 ( i)0.5 (n)13 ( )0.5 (2)12.9 (0)13 (1)13 (8)13 (,)12.9 ( )0.5 (m)0.5 (a)0.5 (in)0.5 (l)0.5 (y)13 ( d)0.5 (u)0.5 (e)13 ( t)0.5 (o)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (i)0.5 (nc)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)12.9 ( )0.5 (i)0.5 (n)13 ( )0.5 (tr)0.5 (a)0.5 (d)0.5 (e)26 ( )]TJ 0.025 Tc -0.025 Tw T* (receivables.)Tj 0.071 Tc 0.07 Tw 0 -2.462 TD [(The)12.8 ( net)12.8 ( cash)12.8 ( outflow)12.9 ( from)12.8 ( investing)12.8 ( activities)12.9 ( of)12.9 ( the)12.9 ( Group)12.8 ( for)12.8 ( 2)12.9 (0)12.8 (1)12.8 (9)12.9 ( was)46 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 TD (RMB10,774 million. The cash outflow for investment activities was mainly\ used )Tj 0 Tw T* (for the construction of wind power projects.)Tj 0.069 Tc 0.07 Tw 0 -2.462 TD [(The)12.4 ( net)12.4 ( cash)12.4 ( outflow)12.4 ( from)12.4 ( financing)12.4 ( activities)12.4 ( of)12.4 ( the)12.4 ( Group)12.4 ( for)12.4 ( 2)12.3 (0)12.4 (1)12.4 (9)12.4 ( was)44 ( )]TJ 0.072 Tc 0 -1.231 TD [(RMB)12.6 (1)12.6 (,)12.6 (7)12.6 (0)12.6 (0)12.6 ( million.)12.6 ( The)12.7 ( cash)12.6 ( inflow)12.6 ( from)12.6 ( financing)12.6 ( activities)12.6 ( was)12.6 ( mainly)46.9 ( )]TJ 0.025 Tc 0.026 Tw T* (generated from the issuance of corporate bonds and bank loans. The cash \ outflow )Tj 0.028 Tc 0.08 Tw T* [(for)3 ( )0.5 (financing)3 ( )0.5 (activities)3 ( )0.5 (was)3 ( )0.5 (primarily)3 ( )0.5 (used)2.9 ( )0.6 (for)3 ( )0.5 (the)3 ( )0.5 (repayment)3 ( )0.5 (of)3 ( )0.5 (borrowings)3 ( )0.5 (and)3 ( )]TJ 0.025 Tc 0 Tw T* (payments of interest of borrowings.)Tj ET endstream endobj 91 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 59 \226)Tj 0.044 Tc 0.07 Tw 13 0 0 13 85.0394 776.0055 Tm [(The)12.6 ( types)12.6 ( of)12.6 ( interest)12.6 ( rate)12.6 ( structure)12.6 ( of)12.5 ( borrowings)12.6 ( and)12.6 ( bills)12.6 ( payables)12.6 ( and)12.6 ( their)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (respective proportions are set out in the table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0393 728.0055 Tm (Borrowings and bills payables)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 696.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 664.0055 Tm (Bills payables)Tj /T1_1 1 Tf -0.025 Tw 18.365 0 Td (2,551)Tj 7.657 0 Td (3.2%)Tj /T1_0 1 Tf 7.607 0 Td (1,310)Tj 7.824 0 Td (1.7%)Tj 0 Tw -41.452 -1.231 Td (Fixed rate borrowings)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (31,702)Tj 7.657 0 Td (39.4%)Tj /T1_0 1 Tf 7.607 0 Td (32,542)Tj 7.824 0 Td (42.7%)Tj 0 Tw -40.927 -1.231 Td (Floating rate borrowings)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (46,144)Tj 7.657 0 Td (57.4%)Tj /T1_0 1 Tf 7.607 0 Td (42,439)Tj 7.824 0 Td (55.6%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 627.5955 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 628.9965 Tm ( )Tj ET q 1 0 0 1 311.8111 627.5955 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1418 628.9965 Tm ( )Tj ET q 1 0 0 1 391.1812 627.5955 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 628.9965 Tm ( )Tj ET q 1 0 0 1 470.5512 627.5955 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 628.9965 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0395 596.9965 Tm (Total)Tj 17.84 0 Td (80,397)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (76,291)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 591.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 588.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 591.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 588.0994 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 591.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1812 588.0994 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 591.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5513 588.0994 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.882 589.3329 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0395 558.9839 Tm (Capital expenditures)Tj /T1_0 1 Tf 0.065 Tw 0 -2.462 TD [(The )0.5 (capital )0.6 (expenditures )0.6 (of )0.5 (the )0.5 (Group )0.5 (amounted )0.5 (to )0.6 (RMB12,531 )0.6 (million )0.5 (in )0.5 (2019, )]TJ 0.067 Tw 0 -1.231 TD (representing an increase of 61.7% as compared with RMB7,751 million in 2\ 018, )Tj 0.059 Tc 0.07 Tw T* [(among)12.7 ( which,)12.6 ( the)12.7 ( expenditures)12.8 ( for)12.7 ( the)12.8 ( construction)12.7 ( of)12.7 ( wind)12.7 ( power)12.7 ( projects)34 ( )]TJ 0.06 Tc T* [(amounted)12.6 ( to)12.6 ( RMB)12.6 (1)12.6 (2)12.6 (,)12.6 (2)12.6 (2)12.6 (0)12.6 ( million,)12.6 ( and)12.6 ( the)12.7 ( expenditures)12.6 ( for)12.6 ( the)12.6 ( construction)35 ( )]TJ 0.046 Tc T* [(of)12.4 ( other)12.5 ( renewable)12.5 ( energy)12.5 ( projects)12.5 ( amounted)12.4 ( to)12.4 ( RMB)12.5 (4)12.5 (1)12.4 ( million.)12.5 ( The)12.4 ( sources)21 ( )]TJ 0.044 Tc 0 -1.231 TD [(of)12.4 ( funds)12.4 ( mainly)12.4 ( included)12.4 ( self-owned)12.5 ( funds,)12.4 ( the)12.4 ( borrowings)12.4 ( from)12.4 ( banks,)12.5 ( other)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (financial institutions and the proceeds from the issuance of bonds.)Tj 0.045 Tc 0.07 Tw 0 -2.462 TD [(Capital)12.9 ( expenditures)12.9 ( classified)12.8 ( by)12.9 ( use)12.9 ( and)12.9 ( proportions)12.9 ( are)12.9 ( set)12.9 ( out)12.9 ( in)12.8 ( the)12.9 ( table)20 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 TD (below:)Tj /T1_1 1 Tf 0 Tw 10.4 0 0 13 85.0395 350.9839 Tm (Capital expenditures)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0192 318.9839 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0396 286.9839 Tm (Wind power projects)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (12,220)Tj 7.657 0 Td (97.5%)Tj /T1_0 1 Tf 8.132 0 Td (7,382)Tj 7.299 0 Td (95.2%)Tj 0.02 Tc 0 Tw -40.927 -1.231 Td (Other renewable energy projects)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 19.69 0 Td (41)Tj 6.332 0 Td (0.3%)Tj /T1_0 1 Tf 8.932 0 Td (14)Tj 6.499 0 Td (0.2%)Tj -41.452 -1.231 Td (Others)Tj /T1_1 1 Tf 19.165 0 Td (270)Tj 6.857 0 Td (2.2%)Tj /T1_0 1 Tf 8.407 0 Td (355)Tj 7.024 0 Td (4.6%)Tj ET 0.5 w q 1 0 0 1 232.4412 250.5738 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7719 251.9748 Tm ( )Tj ET q 1 0 0 1 311.8112 250.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.142 251.9748 Tm ( )Tj ET q 1 0 0 1 391.1813 250.5738 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5121 251.9748 Tm ( )Tj ET q 1 0 0 1 470.5514 250.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.8821 251.9748 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0396 219.9748 Tm (Total)Tj 17.84 0 Td (12,531)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.657 0 Td (7,751)Tj 6.774 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4412 214.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4413 211.0778 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.772 212.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8113 214.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8113 211.0778 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.142 212.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1814 214.4103 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1814 211.0778 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5121 212.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5515 214.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5515 211.0778 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.8822 212.3113 Tm ( )Tj 0.025 Tc 13 0 0 13 85.0397 181.9623 Tm (Net gearing ratio)Tj /T1_0 1 Tf 0.068 Tw 0 -2.462 TD [(As )0.5 (at 31 )0.5 (December )0.5 (2019, the )0.5 (net )0.5 (gearing )0.5 (ratio )0.5 (of the )0.5 (Group, which )0.5 (is )0.5 (calculated )]TJ 0.034 Tc 0.074 Tw 0 -1.231 TD [(b)0.5 (y)9 ( )0.5 (d)0.6 (i)0.5 (v)0.6 (i)0.5 (d)0.5 (i)0.6 (n)0.5 (g)9 ( )0.5 (n)0.5 (e)0.6 (t)9 ( )0.5 (d)0.5 (e)0.6 (b)0.5 (t)9 ( )0.5 (\()0.6 (t)0.5 (h)0.6 (e)9 ( )0.5 (s)0.5 (u)0.5 (m)9 ( )0.5 (o)0.6 (f)9 ( )0.5 (t)0.5 (o)0.6 (t)0.5 (a)0.6 (l)8.9 ( )0.6 (b)0.5 (o)0.5 (r)0.6 (r)0.5 (o)0.6 (w)0.5 (i)0.6 (n)0.5 (g)0.5 (s)9 ( )0.5 (a)0.6 (n)0.5 (d)9 ( )0.5 (l)0.6 (e)0.5 (a)0.6 (s)0.5 (e)9 ( )0.5 (l)0.6 (i)0.5 (a)0.6 (b)0.5 (i)0.5 (l)0.6 (i)0.5 (t)0.6 (i)0.5 (e)0.6 (s)8.9 ( )0.6 (l)0.5 (e)0.5 (s)0.6 (s)9 ( )0.5 (c)0.5 (a)0.6 (s)0.5 (h)9 ( )]TJ 0.059 Tc 0.07 Tw T* [(and)12.4 ( cash)12.4 ( equivalents\))12.3 ( by)12.4 ( the)12.3 ( sum)12.3 ( of)12.3 ( net)12.4 ( debt)12.3 ( and)12.4 ( total)12.4 ( equity,)12.3 ( was)12.4 ( 5)12.4 (5)12.3 (.)12.4 (5)12.3 (4)12.4 (%,)34 ( )]TJ 0.025 Tc 0.039 Tw T* (representing a decrease of 0.64 percentage point from 56.18% as at 31 De\ cember )Tj 0.041 Tw T* [(2018. )0.5 (This )0.5 (was )0.5 (primarily )0.5 (due )0.5 (to )0.5 (the )0.5 (increase )0.5 (in )0.5 (total )0.6 (equity )0.6 (in )0.5 (2019 )0.5 (as )0.6 (a )0.5 (result )0.6 (of )]TJ 0 Tw 0 -1.231 TD (the increase in retained earnings this year.)Tj ET endstream endobj 90 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 58 \226)Tj 0.024 Tc 13 0 0 13 85.0394 776.3179 Tm [(million. As at 31 December 2019, the long-term liabilities with fixed in\ terest rates)-1 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.231 TD (of the Group included long-term borrowings with fixed interest rates of \ RMB358 )Tj 0.027 Tc 0.081 Tw T* [(million)2 ( )0.5 (and)2 ( )0.5 (corporate)2 ( )0.5 (bonds)2 ( )0.5 (with)2 ( )0.5 (fixed)2 ( )0.5 (interest)2 ( )0.5 (rates)2 ( )0.5 (of)2.1 ( RMB)2 (2)2 (2)2 (,)2 (0)1.9 (4)2 (0)2 ( )0.5 (million.)2 ( As)2 ( )]TJ 0.025 Tc 0.004 Tw T* (at 31 December 2019, the balance of bills payables issued by the Group a\ mounted )Tj 0 Tw T* (to RMB2,551 million.)Tj 0.013 Tw 0 -2.462 TD (Borrowings and bills payables by category and proportions are set out in\ the table )Tj -0.025 Tw 0 -1.231 TD (below:)Tj /T1_1 1 Tf 0 Tw 10.4 0 0 13 85.0393 632.3179 Tm (Borrowings and bills payables)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 600.3179 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 568.3179 Tm (Bank loans)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (46,443)Tj 7.657 0 Td (57.7%)Tj /T1_0 1 Tf 7.607 0 Td (44,684)Tj 7.824 0 Td (58.6%)Tj 0 Tw -40.927 -1.231 Td (Loans from other financial )Tj -0.025 Tw 1.008 -1.231 Td (institutions)Tj /T1_1 1 Tf 18.681 0 Td (41)Tj 6.332 0 Td (0.1%)Tj /T1_0 1 Tf 8.932 0 Td (41)Tj 6.499 0 Td (0.1%)Tj 0 Tw -41.452 -1.231 Td (Loans from fellow subsidiaries)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (568)Tj 6.857 0 Td (0.7%)Tj /T1_0 1 Tf 8.407 0 Td (482)Tj 7.024 0 Td (0.6%)Tj 0 Tw -41.452 -1.231 Td (Corporate bonds)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (30,794)Tj 7.657 0 Td (38.3%)Tj /T1_0 1 Tf 7.607 0 Td (29,774)Tj 7.824 0 Td (39.0%)Tj 0 Tw -40.927 -1.231 Td (Bills payables)Tj /T1_1 1 Tf -0.025 Tw 18.365 0 Td (2,551)Tj 7.657 0 Td (3.2%)Tj /T1_0 1 Tf 7.607 0 Td (1,310)Tj 7.824 0 Td (1.7%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 483.9078 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 485.3088 Tm ( )Tj ET q 1 0 0 1 311.8111 483.9078 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1418 485.3088 Tm ( )Tj ET q 1 0 0 1 391.1812 483.9078 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 485.3088 Tm ( )Tj ET q 1 0 0 1 470.5512 483.9078 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 485.3088 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0395 453.3088 Tm (Total)Tj 17.84 0 Td (80,397)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (76,291)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 447.7443 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 444.4117 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 445.6453 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 447.7443 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 444.4117 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 445.6453 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 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385.5121 252.2872 Tm ( )Tj ET q 1 0 0 1 470.5514 250.8862 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.8821 252.2872 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0396 220.2872 Tm (Total)Tj 17.84 0 Td (80,397)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (76,291)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4412 214.7227 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4413 211.3902 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.772 212.6237 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8113 214.7227 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8113 211.3902 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.142 212.6237 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1814 214.7227 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1814 211.3902 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5121 212.6237 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5515 214.7227 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5515 211.3902 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.8822 212.6237 Tm ( )Tj ET endstream endobj 89 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 57 \226)Tj 0.024 Tc 13 0 0 13 85.0394 776.0055 Tm [(As at 31 December 2019, current liabilities of the Group amounted to RMB\ 43,538)-1 ( )]TJ 0.074 Tc 0.07 Tw 0 -1.231 TD [(million,)12.1 ( representing)12.1 ( an)12.2 ( increase)12.2 ( of)12.1 ( RMB)12.2 (3)12.1 (,)12.2 (7)12.1 (5)12.2 (8)12.2 ( million)12.2 ( as)12.2 ( compared)12.1 ( with)49 ( )]TJ 0.064 Tc T* [(RMB)12.7 (3)12.7 (9)12.8 (,)12.6 (7)12.8 (8)12.7 (0)12.7 ( million)12.7 ( as)12.7 ( at)12.7 ( 3)12.7 (1)12.7 ( December)12.7 ( 2)12.7 (0)12.7 (1)12.7 (8)12.7 (,)12.7 ( which)12.7 ( was)12.7 ( mainly)12.7 ( due)12.8 ( to)12.7 ( the)39 ( )]TJ 0.025 Tc 0.069 Tw T* (increase in trade and bills payables and other current liabilities as a \ result of the )Tj 0 Tw T* (increase in the payment of construction and equipment for wind power pro\ jects.)Tj 0 -2.462 TD (Current liabilities by item and proportions are set out 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-0.025 Tw 10.4 0 0 13 85.0395 468.9965 Tm (Total)Tj 17.84 0 Td (43,538)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (39,780)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 463.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 460.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 461.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 463.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 460.0994 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 461.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 463.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1812 460.0994 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 461.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 463.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5513 460.0994 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.882 461.3329 Tm ( )Tj /T1_0 1 Tf 0.07 Tc 0.07 Tw 13 0 0 13 85.0395 430.9839 Tm [(As)12.6 ( at)12.6 ( 3)12.6 (1)12.7 ( December)12.6 ( 2)12.6 (0)12.7 (1)12.6 (9)12.7 (,)12.6 ( 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/T1_1 1 Tf 0.025 Tc -0.025 Tw -27.692 -2.462 Td (Total)Tj 23.856 0 Td (156,803)Tj /T1_0 1 Tf 7.632 0 Td (146,504)Tj ET 2.5 w q 1 0 0 1 351.496 111.4319 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.496 108.0994 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 109.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7086 111.4319 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7086 108.0994 cm 0 0 m 87.874 0 l S Q BT 13 0 3.4833 13 445.0393 109.3329 Tm ( )Tj ET endstream endobj 96 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 54 \226)Tj 13 0 0 13 85.0394 776.0055 Tm [(O)0.6 (p)0.5 (e)0.6 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (n)0.6 (g)0.5 ( )0.5 (p)0.6 (r)0.5 (o)0.6 (f)0.5 (i)0.6 (t)0.5 ( )0.5 (o)0.6 (f)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (c)0.6 (o)0.5 (a)0.6 (l)0.5 ( )0.5 (p)0.6 (o)0.5 (w)0.6 (e)0.6 (r)0.5 ( )0.5 (s)0.6 (e)0.5 (g)0.6 (m)0.5 (e)0.6 (n)0.5 (t)0.5 ( )0.6 (a)0.5 (n)0.6 (d)0.5 ( )0.6 (p)0.5 (r)0.5 (o)0.6 (p)0.5 (o)0.6 (r)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)0.5 ( )0.6 (a)0.5 (r)0.6 (e)0.5 ( )0.5 (s)0.6 (e)0.5 (t)0.6 ( )0.5 (o)0.5 (u)0.6 (t)0.5 ( )0.6 (i)0.5 (n)0.6 ( )0.5 (t)0.5 (h)0.6 (e)0.5 ( )0.6 (t)0.5 (a)0.6 (b)0.5 (l)0.5 (e )]TJ -0.025 Tw 0 -1.231 TD (below:)Tj /T1_1 1 Tf 0 Tw 10.4 0 0 13 85.0393 728.0055 Tm (Operating profit)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 696.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 664.0055 Tm (Sales of electricity, steam and )Tj -0.025 Tw 1.008 -1.231 Td (others)Tj /T1_1 1 Tf 18.156 0 Td (428)Tj 6.332 0 Td (75.1%)Tj /T1_0 1 Tf 8.932 0 Td (272)Tj 6.499 0 Td (71.0%)Tj 0 Tw -40.927 -1.231 Td (Coal trading business)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (142)Tj 6.332 0 Td (24.9%)Tj /T1_0 1 Tf 8.932 0 Td (111)Tj 6.499 0 Td (29.0%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 627.5955 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 628.9965 Tm ( )Tj ET q 1 0 0 1 311.811 627.5955 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 628.9965 Tm ( )Tj ET q 1 0 0 1 391.1811 627.5955 cm 0 0 m 68.032 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5118 628.9965 Tm ( )Tj ET q 1 0 0 1 470.5512 627.5955 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 464.8819 628.9965 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10.4 0 0 13 85.0395 596.9965 Tm (Coal power segment)Tj -0.025 Tw 19.165 0 Td (570)Tj 5.807 0 Td (100.0%)Tj /T1_0 1 Tf 9.457 0 Td (383)Tj 5.974 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.441 591.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.441 588.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 591.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 311.8111 588.0994 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 591.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1812 588.0994 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 589.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 591.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5513 588.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.882 589.3329 Tm ( )Tj 0.025 Tc -28.696 -2.335 Td (Other segments)Tj /T1_0 1 Tf 0.66 -2.462 Td (Operating revenue)Tj 0.056 Tc 0.07 Tw 13 0 0 13 85.0395 494.9839 Tm [(In)12.1 ( 2)12.1 (0)12.1 (1)12.1 (9)12.2 (,)12.1 ( the)12.1 ( operating)12.2 ( revenue)12.1 ( of)12.1 ( other)12.1 ( segments)12.1 ( of)12.2 ( the)12.2 ( Group)12.1 ( amounted)12.2 ( to)31 ( )]TJ 0.032 Tc 0.076 Tw T* [(RMB)7 (1)7 (,)7 (2)7 (7)7 (5)7 ( )0.5 (million,)7 ( )0.5 (representing)7 ( )0.5 (an)7 ( )0.5 (increase)7 ( )0.5 (of)7 ( )0.5 (3)7 (7)7 (.)7 (1)7 (%)7 ( )0.5 (as)7 ( )0.5 (compared)7 ( )0.5 (to)7 ( )0.5 (RMB)7 (9)7 (3)7 (0)7 ( )]TJ 0.068 Tc 0.07 Tw T* [(million)12.4 ( in)12.3 ( 2)12.4 (0)12.3 (1)12.4 (8)12.3 (,)12.3 ( which)12.3 ( was)12.3 ( mainly)12.3 ( due)12.4 ( to)12.4 ( an)12.3 ( increase)12.4 ( of)12.4 ( RMB)12.4 (3)12.3 (4)12.4 (7)12.3 ( million)43 ( )]TJ 0.049 Tc T* [(i)0.5 (n)13 ( )0.5 (re)0.6 (ve)0.5 (n)0.5 (u)0.5 (e)13 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)13 ( E)0.5 (P)0.5 (C)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (re)0.6 (d)12.9 ( )0.5 (t)0.5 (o)13 ( )0.5 (2)13 (0)13 (1)12.9 (8)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (a)13 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (u)0.5 (l)0.5 (t)12.9 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (i)0.5 (nc)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (E)0.5 (P)0.5 (C)24 ( )]TJ 0.025 Tc 0 Tw T* (services, among which the intergroup revenue increased by RMB350 million\ .)Tj 0.051 Tc 0.07 Tw 0 -2.462 TD [(Operating)12.6 ( revenue)12.6 ( of)12.6 ( other)12.6 ( segments)12.7 ( and)12.6 ( proportions)12.6 ( are)12.7 ( set)12.6 ( out)12.6 ( in)12.6 ( the)12.6 ( table)26 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 TD (below:)Tj /T1_1 1 Tf 0 Tw 10.4 0 0 13 85.0395 350.9839 Tm (Operating revenue)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0192 318.9839 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0395 286.9839 Tm (Revenue from electricity sales)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (387)Tj 6.332 0 Td (30.4%)Tj /T1_0 1 Tf 8.932 0 Td (392)Tj 6.499 0 Td (42.2%)Tj 0 Tw -40.927 -1.231 Td (Revenue from EPC)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (610)Tj 6.332 0 Td (47.8%)Tj /T1_0 1 Tf 8.932 0 Td (263)Tj 6.499 0 Td (28.3%)Tj 0 Tw -40.927 -1.231 Td (Revenue from other sales)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (245)Tj 6.332 0 Td (19.2%)Tj /T1_0 1 Tf 8.932 0 Td (200)Tj 6.499 0 Td (21.5%)Tj -40.927 -1.231 Td (Others)Tj /T1_1 1 Tf 19.69 0 Td (33)Tj 6.332 0 Td (2.6%)Tj /T1_0 1 Tf 8.932 0 Td (75)Tj 6.499 0 Td (8.0%)Tj ET 0.5 w q 1 0 0 1 232.4411 234.5738 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 235.9748 Tm ( )Tj ET q 1 0 0 1 311.8111 234.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1418 235.9748 Tm ( )Tj ET q 1 0 0 1 391.1812 234.5738 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 235.9748 Tm ( )Tj ET q 1 0 0 1 470.5513 234.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 235.9748 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0395 203.9748 Tm (Total)Tj 18.365 0 Td (1,275)Tj 6.607 0 Td (100.0%)Tj /T1_0 1 Tf 9.457 0 Td (930)Tj 5.974 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 198.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 195.0778 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 196.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8112 198.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8112 195.0778 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1419 196.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1813 198.4103 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1813 195.0778 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.512 196.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5514 198.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5514 195.0778 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.8821 196.3113 Tm ( )Tj ET endstream endobj 95 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 53 \226)Tj 13 0 3.4833 13 83.7052 776.0055 Tm (Operating profit)Tj 0.024 Tc 13 0 0 13 85.0394 744.0055 Tm [(In 2019, the operating prof)0.5 (it of the wind power segme)0.5 (nt of the Group amounted to)-1 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 TD [(R)0.5 (M)0.5 (B)1.1 (9)1 (,)1 (5)1 (3)1 (0)1 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.5 (n)0.5 (,)1 ( )0.5 (r)0.5 (e)0.6 (p)0.5 (r)0.5 (e)0.6 (s)0.5 (e)0.5 (n)0.5 (t)0.6 (i)0.5 (n)0.5 (g)1 ( )0.5 (a)0.5 (n)1 ( )0.5 (i)0.6 (n)0.5 (c)0.5 (r)0.5 (e)0.6 (a)0.5 (s)0.5 (e)1 ( )0.6 (o)0.5 (f)1 ( )0.5 (2)1 (.)1 (6)1 (%)1 ( )0.5 (a)0.5 (s)1 ( )0.6 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.6 (r)0.5 (e)0.5 (d)1 ( )0.5 (t)0.6 (o)1 ( )0.5 (R)0.5 (M)0.5 (B)1 (9)1 (,)1 (2)1 (9)1 (3)1 ( )]TJ 0.025 Tc 0.067 Tw T* (million in 2018, primarily due to an increase in revenue from electricit\ y sales of )Tj 0.048 Tw T* (wind power segment. The growth rate in operating profit of wind power se\ gment )Tj 0.045 Tw T* (was lower than that of the revenue from electricity sales of wind power \ segment, )Tj 0.026 Tc 0.082 Tw T* [(which)1 ( )0.5 (was)1 ( )0.5 (mainly)1 ( )0.5 (due)1 ( )0.6 (to)1 ( )0.5 (the)1 ( )0.5 (decrease)1 ( )0.5 (of)1 ( )0.5 (average)1 ( )0.5 (utilisation)1 ( )0.5 (hours)1 ( )0.5 (of)1 ( )0.5 (generation)1 ( )]TJ 0.025 Tc 0 Tw T* (equipment in 2019.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 616.0055 Tm (Coal power segment)Tj /T1_0 1 Tf 0.66 -2.462 Td (Operating revenue)Tj 0.028 Tw 13 0 0 13 85.0394 552.0055 Tm (In 2019, the operating revenue of the coal power segment of the Group am\ ounted )Tj 0.076 Tw T* (to RMB7,784 million, representing an increase of 6.4% from RMB7,314 mill\ ion )Tj 0.053 Tc 0.07 Tw T* [(in)12.7 ( 2)12.7 (0)12.8 (1)12.7 (8)12.8 (,)12.8 ( primarily)12.8 ( attributable)12.8 ( to:)12.8 ( \()12.8 (1)12.8 (\))12.7 ( a)12.8 ( year-on-year)12.8 ( increase)12.8 ( in)12.8 ( the)12.8 ( revenue)28 ( )]TJ 0.031 Tc 0.077 Tw T* [(f)0.5 (ro)0.5 (m)6 ( )0.5 (c)0.5 (o)0.5 (al)6.1 ( t)0.5 (r)0.5 (a)0.5 (di)0.5 (n)0.5 (g)6 ( )0.5 (du)0.5 (e)6 ( )0.5 (t)0.5 (o)6 ( )0.5 (t)0.5 (he)6.1 ( )0.5 (sc)0.5 (a)0.5 (l)0.5 (in)0.5 (g)6 ( )0.5 (u)0.5 (p)6 ( )0.5 (of)6 ( )0.6 (co)0.5 (a)0.5 (l)6 ( )0.5 (t)0.5 (ra)0.5 (d)0.5 (in)0.5 (g)6 ( )0.5 (v)0.5 (ol)0.5 (u)0.5 (me)6.1 ( )0.5 (in)6 ( )0.5 (2)6 (0)6 (1)6.1 (9)6 (;)6 ( )0.5 (an)0.5 (d)6 ( )0.5 (\()6 (2)6 (\))6 ( )]TJ 0.051 Tc 0.07 Tw T* [(a)12.4 ( decrease)12.4 ( in)12.4 ( revenue)12.4 ( from)12.4 ( electricity)12.4 ( sales)12.5 ( due)12.4 ( to)12.4 ( a)12.4 ( decrease)12.5 ( of)12.5 ( 4)12.5 (.)12.4 (0)12.4 (%)12.4 ( in)12.4 ( the)26.1 ( )]TJ 0.025 Tc 0 Tw T* (electricity sales volume in 2019 as compared to 2018. )Tj 0.03 Tc 0.078 Tw 0 -2.462 TD [(Operating)5 ( revenue)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (coal)4.9 ( )0.6 (power)5 ( )0.5 (segment)5 ( )0.5 (and)5 ( )0.5 (proportions)5 ( )0.5 (are)5 ( )0.5 (set)5 ( )0.5 (out)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0393 392.0055 Tm (Operating revenue)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 360.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 328.0055 Tm (Revenue from electricity sales)Tj /T1_1 1 Tf -0.025 Tw 18.365 0 Td (2,976)Tj 7.132 0 Td (38.2%)Tj /T1_0 1 Tf 8.132 0 Td (3,104)Tj 7.299 0 Td (42.4%)Tj 0 Tw -40.927 -1.231 Td (Revenue from sales of steam)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (677)Tj 6.857 0 Td (8.7%)Tj /T1_0 1 Tf 8.407 0 Td (664)Tj 7.024 0 Td (9.1%)Tj 0 Tw -41.452 -1.231 Td (Revenue from coal trading)Tj /T1_1 1 Tf -0.025 Tw 18.365 0 Td (3,657)Tj 7.132 0 Td (47.0%)Tj /T1_0 1 Tf 8.132 0 Td (3,262)Tj 7.299 0 Td (44.6%)Tj -40.927 -1.231 Td (Others)Tj /T1_1 1 Tf 19.165 0 Td (474)Tj 6.857 0 Td (6.1%)Tj /T1_0 1 Tf 8.407 0 Td (284)Tj 7.024 0 Td (3.9%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 275.5954 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 10.4 0 0 13 226.7717 276.9964 Tm ( )Tj ET q 1 0 0 1 311.8111 275.5954 cm 0 0 m 68.032 0 l S Q BT 10.4 0 0 13 306.1418 276.9964 Tm ( )Tj ET q 1 0 0 1 391.1812 275.5954 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 10.4 0 0 13 385.5119 276.9964 Tm ( )Tj ET q 1 0 0 1 470.5512 275.5954 cm 0 0 m 68.032 0 l S Q BT 10.4 0 0 13 464.882 276.9964 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -36.523 -2.462 Td (Total)Tj 18.365 0 Td (7,784)Tj 6.607 0 Td (100.0%)Tj /T1_0 1 Tf 8.657 0 Td (7,314)Tj 6.774 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 239.4318 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 236.0993 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 10.4 0 0 13 226.7718 237.3328 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 239.4318 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 236.0993 cm 0 0 m 68.031 0 l S Q BT 10.4 0 0 13 306.1418 237.3328 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 239.4318 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1812 236.0993 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 10.4 0 0 13 385.5119 237.3328 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 239.4318 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5513 236.0993 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 10.4 0 3.4833 13 464.882 237.3328 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 13 0 3.4833 13 83.7054 206.9838 Tm (Operating profit)Tj 0.031 Tc 0.077 Tw 13 0 0 13 85.0395 174.9838 Tm [(I)0.5 (n)6 ( )0.5 (2)6 (0)6 (1)6 (9)6 (,)6 ( )0.5 (t)0.5 (he)6.1 ( )0.5 (op)0.5 (e)0.5 (r)0.5 (a)0.5 (ti)0.5 (n)0.5 (g)6 ( )0.5 (pr)0.5 (o)0.5 (fi)0.5 (t)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (t)0.5 (h)0.5 (e)6 ( )0.5 (c)0.5 (oa)0.5 (l)6 ( )0.5 (p)0.5 (o)0.5 (we)0.5 (r)6 ( )0.5 (s)0.5 (e)0.5 (g)0.5 (me)0.5 (n)0.5 (t)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (t)0.5 (he)6 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (up)6 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (un)0.5 (t)0.5 (ed)6 ( )]TJ 0.025 Tc 0.074 Tw T* (to RMB570 million, representing an increase of 48.8% as compared to RMB3\ 83 )Tj 0.076 Tw T* (million in 2018, primarily due to the increase of gross profit margin in\ the sales )Tj 0.032 Tc T* [(of)7 ( )0.5 (electricity)7 ( )0.5 (and)7 ( )0.5 (steam)7 ( )0.5 (as)7 ( )0.5 (compared)7 ( )0.5 (to)6.9 ( )0.6 (2)6.9 (0)7 (1)7 (8)7 ( )0.6 (as)7 ( )0.5 (a)7.1 ( )0.5 (result)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (decrease)7 ( )0.5 (in)7 ( )0.5 (coal)7 ( )]TJ 0.025 Tc -0.025 Tw T* (price.)Tj ET endstream endobj 94 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 52 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm (Net profit)Tj /T1_0 1 Tf 0.025 Tw 0 -2.462 TD (In 2019, the net profit of the Group amounted to RMB5,320 million, repre\ senting )Tj 0.023 Tc 0 Tw 0 -1.231 TD [(an increase of 8.1% as compared to RMB4,921 million in 2018, which was m\ ainly)-2 ( )]TJ 0.025 Tc T* (due to the year-on-year increase in net profit of wind and coal power se\ gments.)Tj /T1_1 1 Tf 0 -2.462 TD (Net profit attributable to equity holders of the Company)Tj /T1_0 1 Tf 0.043 Tc 0.07 Tw 0 -2.462 TD [(In)12.3 ( 2)12.4 (0)12.3 (1)12.4 (9)12.4 (,)12.3 ( net)12.3 ( profit)12.4 ( attributable)12.4 ( to)12.3 ( equity)12.4 ( holders)12.4 ( of)12.4 ( the)12.4 ( Company)12.3 ( amounted)12.4 ( to)18 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 TD [(R)0.5 (M)0.5 (B)1.1 (4)1 (,)1 (5)1 (6)1 (7)1 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.6 (i)0.5 (o)0.5 (n)0.5 (,)1 ( )0.5 (r)0.5 (e)0.6 (p)0.5 (r)0.5 (e)0.6 (s)0.5 (e)0.5 (n)0.5 (t)0.6 (i)0.5 (n)0.5 (g)1 ( )0.5 (a)0.5 (n)1 ( )0.5 (i)0.6 (n)0.5 (c)0.5 (r)0.5 (e)0.6 (a)0.5 (s)0.5 (e)1 ( )0.6 (o)0.5 (f)1 ( )0.5 (9)1 (.)1 (6)1 (%)1 ( )0.5 (a)0.5 (s)1 ( )0.6 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.6 (r)0.5 (e)0.5 (d)1 ( )0.5 (t)0.6 (o)1 ( )0.5 (R)0.5 (M)0.5 (B)1 (4)1 (,)1 (1)1 (6)1 (6)1 ( )]TJ 0.025 Tc 0.032 Tw T* (million in 2018, mainly attributable to the increase in net profit from \ wind power )Tj 0.06 Tc 0.07 Tw T* [(segment,)12.2 ( most)12.2 ( equity)12.3 ( interests)12.3 ( of)12.3 ( which)12.3 ( were)12.3 ( held)12.3 ( by)12.3 ( equity)12.3 ( holders)12.3 ( of)12.3 ( the)35.1 ( )]TJ 0.025 Tc -0.025 Tw T* (Company.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 TD (Segment results of operations)Tj 13 0 3.4833 13 83.7052 520.0055 Tm (Wind power segment)Tj /T1_0 1 Tf 0.66 -2.462 Td (Operating revenue)Tj 0.002 Tw 13 0 0 13 85.0394 456.0055 Tm (In 2019, the operating revenue of the wind power segment of the Group am\ ounted )Tj 0.065 Tc 0.07 Tw 0 -1.231 TD [(to)12.5 ( RMB)12.4 (1)12.5 (9)12.5 (,)12.5 (0)12.5 (9)12.5 (9)12.4 ( million,)12.5 ( representing)12.5 ( an)12.5 ( increase)12.5 ( of)12.5 ( 3)12.5 (.)12.5 (7)12.4 (%)12.5 ( from)12.5 ( RMB)12.5 (1)12.4 (8)12.5 (,)12.5 (4)12.5 (2)12.5 (4)40 ( )]TJ 0.025 Tc 0.067 Tw T* (million in 2018, primarily due to an increase in revenue from electricit\ y sales as )Tj 0.02 Tw T* (a result of growing electricity sales of wind power segment caused by an\ increase )Tj 0 Tw T* (in installed capacity of wind power business.)Tj 0.077 Tw 0 -2.462 TD (Operating revenue of the wind power segment and proportions are set out \ in the )Tj 0 Tw 0 -1.231 TD (table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0393 312.0055 Tm (Operating revenue)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 280.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 248.0055 Tm (Revenue from electricity sales)Tj /T1_1 1 Tf -0.025 Tw 17.84 0 Td (18,957)Tj 7.657 0 Td (99.3%)Tj /T1_0 1 Tf 7.607 0 Td (18,399)Tj 7.824 0 Td (99.8%)Tj 0 Tw -40.927 -1.231 Td (Service concession construction )Tj -0.025 Tw 1.008 -1.231 Td (revenue)Tj /T1_1 1 Tf 18.156 0 Td (118)Tj 6.857 0 Td (0.6%)Tj /T1_0 1 Tf 8.932 0 Td (14)Tj 6.499 0 Td (0.1%)Tj -41.452 -1.231 Td (Others)Tj /T1_1 1 Tf 19.69 0 Td (24)Tj 6.332 0 Td (0.1%)Tj /T1_0 1 Tf 8.932 0 Td (11)Tj 6.499 0 Td (0.1%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 195.5954 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 196.9964 Tm ( )Tj ET q 1 0 0 1 311.8111 195.5954 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1418 196.9964 Tm ( )Tj ET q 1 0 0 1 391.1812 195.5954 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 196.9964 Tm ( )Tj ET q 1 0 0 1 470.5512 195.5954 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 196.9964 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0395 164.9964 Tm (Total)Tj 17.84 0 Td (19,099)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (18,424)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 159.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 156.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 157.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 159.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 156.0994 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 157.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 159.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1812 156.0994 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 157.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 159.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5513 156.0994 cm 0 0 m 68.032 0 l S Q BT /T1_1 1 Tf 13 0 3.4833 13 464.882 157.3329 Tm ( )Tj ET endstream endobj 93 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 51 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm (Operating profit)Tj /T1_0 1 Tf 0.091 Tc 0.07 Tw 0 -2.462 TD [(Operating)12.9 ( profit)12.8 ( of)12.9 ( the)12.9 ( Group)12.9 ( amounted)12.9 ( to)12.9 ( RMB)12.9 (9)12.9 (,)12.8 (9)12.9 (4)12.9 (6)12.9 ( million)12.9 ( in)12.9 ( 2)12.8 (0)12.9 (1)12.9 (9)12.9 (,)66 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 TD (representing an increase of RMB704 million or 7.6% as compared to RMB9,2\ 42 )Tj T* (million in 2018, which was mainly due to \(1\) an increase of RMB237 mil\ lion in )Tj 0.029 Tw T* [(operating profit from sales of electricity of wind power segment as a re\ sult )0.5 (of the )]TJ 0.024 Tc 0 Tw T* [(increase in installed capacity expansion; \(2\) an increase of RMB187 mi\ llion in the)-1 ( )]TJ 0.025 Tc 0.062 Tw 0 -1.231 TD (operating profit of coal power segment as a result of the decrease of co\ al prices; )Tj 0.006 Tw 0 -1.231 TD (and \(3\) a decrease of RMB248 million in the provision made for asset i\ mpairment )Tj 0 Tw T* (in other segments in 2019 as compared to 2018.)Tj /T1_1 1 Tf 0 -2.462 TD (Net finance expenses)Tj /T1_0 1 Tf 0.056 Tc 0.07 Tw T* [(Net)12.8 ( finance)12.8 ( expenses)12.8 ( of)12.8 ( the)12.8 ( Group)12.8 ( amounted)12.8 ( to)12.8 ( RMB)12.9 (3)12.8 (,)12.8 (4)12.8 (8)12.8 (6)12.8 ( million)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (1)12.8 (9)12.8 (,)31 ( )]TJ 0.041 Tc 0 -1.231 TD [(representing)12.5 ( a)12.4 ( decrease)12.5 ( of)12.5 ( RMB)12.5 (2)12.5 (7)12.4 ( million)12.5 ( or)12.5 ( 0)12.5 (.)12.4 (8)12.5 (%)12.5 ( as)12.5 ( compared)12.5 ( to)12.5 ( RMB)12.5 (3)12.4 (,)12.5 (5)12.5 (1)12.5 (3)16 ( )]TJ 0.056 Tc T* [(million)12.4 ( in)12.4 ( 2)12.3 (0)12.5 (1)12.4 (8)12.4 (.)12.4 ( The)12.4 ( main)12.4 ( reasons)12.4 ( are)12.4 ( as)12.4 ( follows:)12.4 ( \()12.4 (1)12.4 (\))12.4 ( the)12.5 ( interest)12.4 ( expenses)31 ( )]TJ 0.045 Tc T* [(dec)0.5 (reas)0.5 (ed)12.9 ( by)13 ( RMB)12.9 (1)12.9 (4)13 (1)12.9 ( milli)0.5 (on)12.9 ( in)12.9 ( 2)13 (0)12.9 (1)12.9 (9)12.9 ( a)0.5 (s)12.9 ( comp)0.5 (ared)13 ( to)12.9 ( 2)12.9 (0)12.9 (1)13 (8)12.9 ( as)12.9 ( )0.5 (a)12.9 ( re)0.5 (sult)12.9 ( of)13 ( the)20 ( )]TJ 0.052 Tc T* [(decrease)12.1 ( in)12.1 ( average)12.1 ( balance)12.1 ( of)12.1 ( borrowings)12.1 ( and)12.1 ( interest)12.1 ( rate;)12.1 ( \()12.1 (2)12.1 (\))12.1 ( the)12.1 ( Group\222s)27 ( )]TJ 0.03 Tc 0.078 Tw T* [(net)5 ( )0.5 (foreign)5 ( )0.5 (exchange)5 ( )0.5 (loss)5 ( )0.5 (in)5 ( )0.5 (2)5 (0)5 (1)5 (9)5 ( )0.5 (decreased)5 ( )0.5 (by)5 ( )0.5 (RMB)5 (1)5 (3)5 ( )0.5 (million)5 ( )0.5 (as)5 ( )0.5 (compared)5 ( )0.5 (to)5 ( )]TJ 0.036 Tc 0.072 Tw T* [(2)11 (0)11 (1)11 (8)11 (;)11 ( )0.5 (\()11 (3)11 (\))11 ( )0.5 (an)11 ( )0.5 (increase)11 ( )0.5 (of)11 ( )0.6 (RMB)11 (7)11 (4)11 ( )0.5 (million)11 ( )0.5 (in)11 ( )0.5 (the)11 ( )0.5 (loss)11 ( )0.5 (on)11 ( )0.5 (changes)11 ( )0.5 (in)11 ( )0.5 (fair)11 ( )0.5 (value)11.1 ( )0.5 (of)11 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 TD [(the)2 ( )0.5 (interest)2 ( )0.5 (rate)2 ( )0.5 (swap)2 ( )0.5 (contracts)2 ( )0.5 (as)2.1 ( compared)2.1 ( to)2 ( )0.5 (2)2 (0)2 (1)2 (8)2 ( )0.5 (and)2 ( )0.5 (unrealized)2 ( )0.5 (losses)2 ( )0.5 (from)2 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 TD [(holding)10 ( )0.5 (trading)10 ( )0.5 (securities)10 ( )0.5 (in)10 ( )0.5 (2)10 (0)10 (1)10 (9)10 ( )0.5 (increased)10 ( )0.5 (by)10 ( )0.5 (RMB)10 (1)10 (4)10 ( )0.5 (million)10 ( )0.5 (as)10 ( )0.5 (compared)10 ( )0.5 (to)10 ( )]TJ 0.028 Tc 0.08 Tw T* [(2)3 (0)3 (1)3 (8)3 (;)3 ( )0.5 (and)3 ( )0.5 (\()3 (4)3 (\))3 ( )0.5 (i)0.5 (nterest)3 ( )0.6 (income)3 ( )0.5 (ge)0.5 (nerated)3 ( )0.6 (from)3 ( )0.5 (fina)0.5 (ncial)3 ( )0.5 (ass)0.5 (ets)3 ( )0.5 (in)3 ( )0.5 (2)3 (0)3 (1)3 (9)3 ( )0.5 (dec)0.5 (rease)0.5 (d)3 ( )]TJ 0.025 Tc 0 Tw T* (by RMB34 million as compared to 2018.)Tj /T1_1 1 Tf 0 -2.462 TD (Share of profits less losses of associates and joint ventures)Tj /T1_0 1 Tf 0.012 Tw T* (The Group\222s share of profits less losses of associates and joint vent\ ures amounted )Tj 0.061 Tc 0.07 Tw 0 -1.231 TD [(to)12.7 ( RMB-)12.7 (1)12.6 (0)12.7 ( million)12.7 ( in)12.7 ( 2)12.7 (0)12.7 (1)12.6 (9)12.7 (,)12.7 ( representing)12.7 ( a)12.7 ( decrease)12.7 ( of)12.7 ( RMB)12.7 (1)12.7 (7)12.6 (7)12.7 ( million)12.7 ( or)36.1 ( )]TJ 0.033 Tc 0.075 Tw T* [(1)8 (0)8 (6)8 (.)8 (0)8 (%)8 ( )0.5 (as)8 ( )0.5 (compared)8 ( )0.5 (to)8 ( )0.5 (RMB)8 (1)8 (6)8.1 (7)8 ( )0.5 (million)8 ( )0.5 (in)8 ( )0.5 (2)8 (0)8 (1)8 (8)8 (,)8 ( )0.5 (which)8 ( )0.5 (was)8 ( )0.5 (mainly)8 ( )0.5 (due)8 ( )0.5 (to)8 ( )0.5 (the)8.1 ( )]TJ 0.04 Tc 0.07 Tw T* [(decrease)12.7 ( in)12.7 ( the)12.8 ( share)12.8 ( of)12.8 ( net)12.7 ( profits)12.7 ( of)12.7 ( Guodian)12.8 ( United)12.7 ( Power)12.7 ( Technology)12.7 ( Co.,)15 ( )]TJ 0.036 Tc -0.036 Tw T* (Ltd.\()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 2.266 0 Td <0A370F65144C03A50A17026204A60B9403DE082202AE0321>Tj /T1_0 1 Tf 0.036 Tc 0.072 Tw 14.625 0 Td [(\),)11 ( )0.5 (as)11 ( )0.5 (a)11 ( )0.5 (result)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (decrease)11 ( )0.5 (in)11 ( )0.5 (the)11 ( )0.5 (gross)11 ( )]TJ 0.025 Tc 0 Tw -16.891 -1.231 Td [(p)0.5 (r)0.5 (of)0.5 (i)0.5 (t)0.5 ( )0.5 (of)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( w)0.5 (i)0.5 (n)0.5 (d)0.5 ( t)0.5 (u)0.5 (r)0.5 (b)0.5 (in)0.5 (e)0.5 ( )0.5 (b)0.5 (u)0.5 (si)0.5 (n)0.5 (e)0.5 (s)0.5 (s)0.5 ( )0.5 (ow)0.5 (i)0.5 (n)0.5 (g)0.5 ( t)0.5 (o)0.5 ( )0.5 (t)0.5 (he)0.5 ( )0.5 (s)0.5 (i)0.5 (g)0.5 (ni)0.5 (f)0.5 (i)0.5 (c)0.5 (a)0.5 (nt)0.5 ( )0.5 (i)0.5 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as compared to that in 2018 as a result of the\ end of tax )Tj 0 Tw T* (exemption period for certain wind power projects.)Tj ET endstream endobj 40 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 41 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 42 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 43 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 44 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 102 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 50 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 776.0055 Tm (Personnel costs)Tj /T1_0 1 Tf 0.096 Tc 0.07 Tw 13 0 0 13 85.0394 744.0055 Tm [(Personnel)12.2 ( costs)12.2 ( of)12.2 ( the)12.2 ( Group)12.2 ( amounted)12.2 ( to)12.3 ( RMB)12.2 (2)12.2 (,)12.2 (3)12.2 (5)12.2 (2)12.2 ( 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Tc 0 Tw T* (concession projects under construction in 2019 as compared to 2018.)Tj ET endstream endobj 100 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 48 \226)Tj 0.033 Tw 13 0 0 13 85.0394 776.0055 Tm (Operating revenue of each segment and their respective proportions are s\ et out in )Tj 0 Tw 0 -1.231 TD (the table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0393 728.0055 Tm (Operating revenue)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0191 696.0055 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0394 664.0055 Tm (Electricity sales and others of )Tj 1.008 -1.231 Td (wind power segment)Tj /T1_1 1 Tf -0.025 Tw 16.831 0 Td (18,981)Tj 7.657 0 Td (68.9%)Tj /T1_0 1 Tf 7.607 0 Td (18,410)Tj 7.824 0 Td (69.7%)Tj 0 Tw -40.927 -1.231 Td (Electricity sales of coal power )Tj -0.025 Tw 1.008 -1.231 Td (segment)Tj /T1_1 1 Tf 17.356 0 Td (2,976)Tj 7.132 0 Td (10.8%)Tj /T1_0 1 Tf 8.132 0 Td (3,104)Tj 7.299 0 Td (11.7%)Tj 0 Tw -40.927 -1.231 Td (Steam sales of coal power )Tj -0.025 Tw 1.008 -1.231 Td (segment)Tj /T1_1 1 Tf 18.156 0 Td (677)Tj 6.857 0 Td (2.5%)Tj /T1_0 1 Tf 8.407 0 Td (664)Tj 7.024 0 Td (2.5%)Tj 0 Tw -41.452 -1.231 Td (Coal sales)Tj /T1_1 1 Tf -0.025 Tw 18.365 0 Td (3,657)Tj 7.132 0 Td (13.3%)Tj /T1_0 1 Tf 8.132 0 Td (3,262)Tj 7.299 0 Td (12.4%)Tj 0 Tw -40.927 -1.231 Td (Electricity sales of other )Tj 1.008 -1.231 Td (renewable energy business)Tj /T1_1 1 Tf -0.025 Tw 18.156 0 Td (387)Tj 6.857 0 Td (1.4%)Tj /T1_0 1 Tf 8.407 0 Td (392)Tj 7.024 0 Td (1.5%)Tj 0 Tw -41.452 -1.231 Td (Service concession construction )Tj -0.025 Tw 1.008 -1.231 Td (revenue)Tj /T1_1 1 Tf 18.156 0 Td (118)Tj 6.857 0 Td (0.4%)Tj /T1_0 1 Tf 8.932 0 Td (14)Tj 6.499 0 Td (0.1%)Tj -41.452 -1.231 Td (Others)Tj /T1_1 1 Tf 19.165 0 Td (745)Tj 6.857 0 Td (2.7%)Tj /T1_0 1 Tf 8.407 0 Td (542)Tj 7.024 0 Td (2.1%)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 483.5954 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7717 484.9964 Tm ( )Tj ET q 1 0 0 1 311.8111 483.5954 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1418 484.9964 Tm ( )Tj ET q 1 0 0 1 391.1812 483.5954 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 484.9964 Tm ( )Tj ET q 1 0 0 1 470.5512 483.5954 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 484.9964 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0395 452.9964 Tm (Total)Tj 17.84 0 Td (27,541)Tj 7.132 0 Td (100.0%)Tj /T1_0 1 Tf 8.132 0 Td (26,388)Tj 7.299 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 447.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4411 444.0994 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 445.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8111 447.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.8111 444.0994 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1418 445.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1812 447.4319 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 391.1812 444.0994 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.5119 445.3329 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5513 447.4319 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 470.5513 444.0994 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.882 445.3329 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.219 -2.335 Td (Other net income)Tj /T1_0 1 Tf 0.067 Tc 0.07 Tw 0 -2.462 TD [(The)12.8 ( other)12.8 ( net)12.8 ( income)12.8 ( of)12.8 ( the)12.8 ( Group)12.8 ( amounted)12.7 ( to)12.8 ( RMB)12.8 (8)12.8 (4)12.7 (3)12.8 ( million)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (1)12.7 (9)12.8 (,)42 ( )]TJ 0.052 Tc 0 -1.231 TD [(representing)12.5 ( a)12.6 ( decrease)12.5 ( of)12.5 ( 8)12.5 (.)12.6 (1)12.5 (%)12.5 ( as)12.5 ( compared)12.6 ( with)12.6 ( RMB)12.5 (9)12.5 (1)12.5 (7)12.5 ( million)12.5 ( in)12.6 ( 2)12.5 (0)12.5 (1)12.6 (8)12.5 (,)27 ( )]TJ 0.049 Tc T* [(w)0.5 (h)0.5 (i)0.5 (ch)13 ( )0.5 (w)0.5 (a)0.5 (s)13 ( )0.5 (ma)0.5 (i)0.5 (n)0.5 (l)0.5 (y)12.9 ( )0.5 (d)0.5 (u)0.5 (e)13 ( )0.5 (to)0.5 (:)13 ( )0.5 (\()13 (1)13 (\))12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (de)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)13 ( )0.5 (of)13 ( )0.5 (R)0.5 (M)0.5 (B)13 (3)12.9 (5)13 ( )0.5 (m)0.5 (i)0.5 (ll)0.5 (i)0.5 (o)0.5 (n)13 ( i)0.5 (n)13 ( )0.5 (V)0.5 (A)0.5 (T)13 ( r)0.5 (e)0.5 (f)0.5 (u)0.5 (n)0.5 (d)24 ( )]TJ 0.063 Tc 0 -1.231 TD [(amount)12.4 ( \(part)12.3 ( of)12.4 ( government)12.4 ( grants\))12.4 ( as)12.4 ( compared)12.4 ( to)12.3 ( 2)12.4 (0)12.4 (1)12.3 (8)12.4 ( as)12.4 ( a)12.3 ( result)12.4 ( of)12.4 ( the)38 ( )]TJ 0.057 Tc 0.069 Tw 0 -1.231 TD [(c)0.5 (o)0.5 (m)0.6 (b)0.5 (i)0.5 (n)0.5 (e)0.5 (d)13 ( e)0.5 (f)0.5 (f)0.5 (e)0.6 (c)0.5 (t)13 ( o)0.6 (f)13 ( t)0.5 (h)0.5 (e)13 ( d)0.5 (e)0.5 (c)0.5 (r)0.6 (e)0.5 (a)0.5 (s)0.5 (e)13.1 ( i)0.5 (n)13 ( V)0.6 (A)0.5 (T)13 ( r)0.6 (a)0.5 (t)0.5 (e)13 ( a)0.6 (n)0.5 (d)13 ( t)0.5 (h)0.6 (e)13 ( i)0.5 (n)0.5 (c)0.6 (r)0.5 (e)0.5 (a)0.5 (s)0.6 (e)13 ( i)0.5 (n)13 ( r)0.6 (e)0.5 (v)0.5 (e)0.5 (n)0.6 (u)0.5 (e)13 ( o)0.5 (f)32.1 ( )]TJ 0.056 Tc 0.07 Tw T* [(electricity)12.8 ( sales)12.9 ( of)12.9 ( wind)12.9 ( power)12.8 ( segment;)12.9 ( and)12.9 ( \()12.9 (2)12.8 (\))12.9 ( gains)12.9 ( on)12.9 ( disposal)12.8 ( of)12.8 ( assets)31 ( )]TJ 0.025 Tc 0 Tw T* (represents a decrease of RMB40 million as compared to 2018.)Tj 0.035 Tw 0 -2.462 TD (The breakdown of other net income items and their respective proportions\ are set )Tj 0 Tw 0 -1.231 TD (out in the table below:)Tj /T1_1 1 Tf 10.4 0 0 13 85.0395 206.9839 Tm (Other net income)Tj -0.025 Tw 20.222 0 Td (2019)Tj /T1_0 1 Tf 15.263 0 Td (2018)Tj /T1_1 1 Tf -18.396 -1.231 Td (Amount)Tj 6.31 0 Td (Proportion)Tj /T1_0 1 Tf 9.176 0 Td (Amount)Tj 6.532 0 Td (Proportion)Tj /T1_1 1 Tf 0 Tw 10.4 0 3.4833 13 231.0192 174.9839 Tm (\(RMB million\))Tj -0.025 Tw 12.466 0 Td (\(%\))Tj /T1_0 1 Tf 0 Tw 3.019 0 Td (\(RMB million\))Tj -0.025 Tw 12.412 0 Td (\(%\))Tj 0 Tw 10.4 0 0 13 85.0396 142.9839 Tm (Government grants)Tj /T1_1 1 Tf -0.025 Tw 19.165 0 Td (776)Tj 6.332 0 Td (92.1%)Tj /T1_0 1 Tf 8.932 0 Td (761)Tj 6.499 0 Td (83.0%)Tj -40.927 -1.231 Td (Others)Tj /T1_1 1 Tf 19.69 0 Td (67)Tj 6.332 0 Td (7.9%)Tj /T1_0 1 Tf 8.407 0 Td (156)Tj 6.499 0 Td (17.0%)Tj ET 0.5 w q 1 0 0 1 232.4411 122.5738 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7718 123.9748 Tm ( )Tj ET q 1 0 0 1 311.8112 122.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 306.1419 123.9748 Tm ( )Tj ET q 1 0 0 1 391.1813 122.5738 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.512 123.9748 Tm ( )Tj ET q 1 0 0 1 470.5514 122.5738 cm 0 0 m 68.032 0 l S Q BT 13 0 0 13 464.8821 123.9748 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10.4 0 0 13 85.0396 91.9748 Tm (Total)Tj 19.165 0 Td (843)Tj 5.807 0 Td (100.0%)Tj /T1_0 1 Tf 9.457 0 Td (917)Tj 5.974 0 Td (100.0%)Tj ET 2.5 w q 1 0 0 1 232.4411 86.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 232.4412 83.0778 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 226.7719 84.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.8112 86.4103 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 311.8112 83.0778 cm 0 0 m 68.031 0 l S Q BT 13 0 0 13 306.1419 84.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1813 86.4103 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1813 83.0778 cm 0 0 m 68.031 0 l S Q BT /T1_0 1 Tf 13 0 0 13 385.512 84.3113 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5514 86.4103 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5514 83.0778 cm 0 0 m 68.031 0 l S Q BT /T1_1 1 Tf 13 0 0 13 464.8821 84.3113 Tm ( )Tj ET endstream endobj 99 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 47 \226)Tj 0.048 Tc 0.07 Tw 13 0 0 13 113.3858 776.0055 Tm [(I)0.5 (n)13.1 ( )0.6 (2)13 (0)13.1 (1)13 (9)13.1 (,)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (G)0.6 (r)0.5 (o)0.6 (u)0.5 (p)13.1 ( )0.5 (s)0.6 (t)0.6 (r)0.5 (e)0.6 (n)0.5 (g)0.6 (t)0.5 (h)0.6 (e)0.5 (n)0.6 (e)0.6 (d)13 ( )0.6 (a)0.5 (s)0.6 (s)0.6 (e)0.5 (t)13.1 ( )0.5 (m)0.6 (a)0.5 (n)0.6 (a)0.6 (g)0.5 (e)0.6 (m)0.5 (e)0.6 (n)0.5 (t)13.1 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (o)0.6 (v)0.5 (e)0.6 (r)0.5 (s)0.6 (e)0.6 (a)0.5 (s)13.1 ( )0.6 (p)0.5 (r)0.6 (o)0.5 (j)0.6 (e)0.5 (c)0.6 (t)0.5 (s)0.6 (,)23 ( )]TJ 0.045 Tc 0 -1.231 TD [(implemented)12.3 ( active)12.3 ( management)12.3 ( strategies,)12.4 ( consolidated)12.3 ( safe)12.3 ( production)20 ( )]TJ 0.049 Tc T* [(m)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (,)13 ( )0.5 (e)0.5 (f)0.5 (f)0.5 (e)0.5 (c)0.5 (t)0.5 (i)0.5 (v)0.5 (e)0.5 (l)0.5 (y)13 ( )0.5 (p)0.5 (re)0.6 (v)0.5 (e)0.5 (nt)0.5 (e)0.6 (d)12.9 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (r)0.5 (o)0.5 (l)0.5 (l)0.5 (e)0.5 (d)13 ( )0.5 (s)0.5 (a)0.5 (f)0.5 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (on)13 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (s)0.5 (,)24 ( )]TJ 0.025 Tc 0.028 Tw T* (and operated all in-service projects well. Canada Dufferin Wind Farm of \ the )Tj 0.045 Tc 0.07 Tw T* [(G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.6 (re)0.6 (c)0.5 (o)0.5 (r)0.5 (d)0.5 (e)0.5 (d)13 ( )0.5 (t)0.5 (o)0.5 (t)0.5 (a)0.6 (l)13 ( )0.5 (p)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (g)0.5 (e)0.5 (n)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (2)13 (8)13 (6)13 ( )0.5 (G)0.6 (W)0.5 (h)13 ( )0.5 (t)0.5 (h)0.5 (r)0.5 (o)0.5 (u)0.5 (g)0.5 (h)0.5 (o)0.5 (u)0.5 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (ye)0.6 (a)0.5 (r)0.5 (,)20 ( )]TJ 0.025 Tc 0.004 Tw T* (which overfulfilled the annual task; its utilisation hours reached 2,882\ hours, )Tj 0.056 Tc 0.07 Tw T* [(and)12.5 ( it)12.5 ( has)12.5 ( maintained)12.4 ( safe)12.5 ( production)12.4 ( for)12.4 ( 1)12.4 (,)12.5 (8)12.4 (5)12.5 (7)12.4 ( consecutive)12.4 ( days.)12.5 ( The)31 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 TD (Group\222s wind power projects in De Aar of South Africa recorded an ann\ ual )Tj 0.037 Tc 0.071 Tw 0 -1.231 TD [(power)12 ( )0.5 (generation)12 ( )0.5 (of)12 ( )0.5 (7)12 (8)12 (3)12 ( )0.5 (GWh,)12 ( )0.5 (the)12 ( )0.5 (project)12 ( )0.5 (utilisation)12 ( )0.5 (hours)12 ( )0.5 (reached)12 ( )0.5 (3)12 (,)12 (2)12 (0)12 (4)12 ( )]TJ 0.025 Tc 0 Tw T* (hours, and maintained its accumulated safe production for 792 days.)Tj /T1_1 1 Tf -4.361 -2.462 Td [(III. )-388.5 (RESULTS OF OPERATIONS AND ANALYSIS THEREOF)]TJ 2.18 -2.462 Td (Profit or loss and other comprehensive income)Tj /T1_0 1 Tf 0.025 Tw 0 -2.462 TD (In 2019, the net profit of the Group amounted to RMB5,320 million, repre\ senting )Tj 0.066 Tc 0.07 Tw 0 -1.231 TD [(an)12.7 ( increase)12.8 ( of)12.8 ( 8)12.7 (.)12.8 (1)12.8 (%)12.7 ( as)12.7 ( compared)12.8 ( to)12.8 ( RMB)12.7 (4)12.8 (,)12.8 (9)12.7 (2)12.8 (1)12.8 ( million)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (1)12.7 (8)12.8 (.)12.7 ( Net)12.7 ( profit)41 ( )]TJ 0.043 Tc T* [(a)0.6 (t)0.5 (t)0.5 (r)0.6 (i)0.5 (b)0.6 (u)0.5 (t)0.6 (a)0.5 (b)0.6 (l)0.5 (e)13.1 ( )0.5 (t)0.6 (o)13 ( )0.6 (e)0.5 (q)0.6 (u)0.5 (i)0.6 (t)0.5 (y)13 ( )0.6 (h)0.5 (o)0.6 (l)0.5 (d)0.6 (e)0.5 (r)0.6 (s)13 ( )0.6 (a)0.5 (m)0.6 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (e)0.6 (d)13 ( )0.6 (t)0.6 (o)13 ( )0.5 (R)0.6 (M)0.5 (B)13.1 (4)13 (,)13.1 (5)13 (6)13.1 (7)13 ( )0.6 (m)0.5 (i)0.6 (l)0.5 (l)0.5 (i)0.6 (o)0.5 (n)0.6 (,)13 ( )0.6 (r)0.5 (e)0.6 (p)0.5 (r)0.6 (e)0.5 (s)0.6 (e)0.5 (n)0.6 (t)0.5 (i)0.6 (n)0.5 (g)13.1 ( )0.5 (a)0.6 (n)18 ( )]TJ 0.025 Tc 0.078 Tw T* (increase of 9.6% as compared to RMB4,166 million in 2018. Earnings per s\ hare )Tj 0.05 Tc 0.07 Tw T* [(amounted)12.2 ( to)12.3 ( RMB)12.2 (5)12.3 (3)12.2 (.)12.3 (8)12.2 (2)12.2 ( cents,)12.2 ( representing)12.2 ( an)12.3 ( increase)12.3 ( of)12.2 ( RMB)12.2 (4)12.2 (.)12.3 (9)12.2 (9)12.3 ( cents)12.2 ( as)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (compared to RMB48.83 cents in 2018.)Tj /T1_1 1 Tf 0 -2.462 TD (Operating revenue)Tj /T1_0 1 Tf 0.04 Tc 0.07 Tw T* [(In)12.3 ( 2)12.3 (0)12.2 (1)12.2 (9)12.3 (,)12.2 ( the)12.3 ( operating)12.2 ( revenue)12.3 ( of)12.2 ( the)12.3 ( Group)12.2 ( amounted)12.2 ( to)12.2 ( RMB)12.3 (2)12.2 (7)12.3 (,)12.2 (5)12.3 (4)12.2 (1)12.2 ( million,)15 ( )]TJ 0.092 Tc 0 -1.231 TD [(representing)12.3 ( an)12.3 ( increase)12.3 ( of)12.3 ( RMB)12.3 (1)12.3 (,)12.3 (1)12.4 (5)12.3 (3)12.3 ( million)12.3 ( or)12.3 ( 4)12.3 (.)12.3 (4)12.4 (%)12.3 ( as)12.3 ( compared)12.3 ( to)67 ( )]TJ 0.025 Tc 0 Tw T* (RMB26,388 million in 2018. The increase of operating revenue mainly due \ to: \(1\) )Tj 0.043 Tw T* [(electricity )0.5 (sales )0.5 (and )0.5 (other )0.5 (revenue )0.6 (of )0.6 (wind )0.6 (power )0.5 (segment )0.5 (increased )0.5 (by )0.5 (RMB571 )]TJ 0.055 Tc 0.07 Tw T* [(million)12.1 ( or)12.1 ( 3)12.1 (.)12.1 (1)12.1 (%)12.1 ( in)12.1 ( 2)12.1 (0)12.1 (1)12.1 (9)12.1 ( as)12.1 ( compared)12.1 ( to)12.1 ( 2)12.1 (0)12.1 (1)12.1 (8)12 (,)12.1 ( mainly)12.1 ( due)12.1 ( to)12.1 ( the)12.1 ( increase)12.1 ( in)30 ( )]TJ 0.068 Tc T* [(electricity)12.2 ( sales)12.2 ( volume)12.2 ( of)12.3 ( wind)12.2 ( power)12.3 ( segment;)12.3 ( \()12.3 (2)12.3 (\))12.2 ( revenue)12.3 ( from)12.2 ( service)43 ( )]TJ 0.025 Tc 0.029 Tw T* (concession construction of wind power segment increased by RMB104 millio\ n or )Tj 0.064 Tw T* (742.9% in 2019 as compared to 2018, mainly due to the increase in constr\ uction )Tj 0.078 Tw T* (volume of service concession projects under construction; \(3\) revenue \ from coal )Tj 0.049 Tc 0.07 Tw T* [(sales)12.7 ( of)12.7 ( coal)12.7 ( power)12.8 ( segment)12.7 ( increased)12.7 ( by)12.7 ( RMB)12.7 (3)12.7 (9)12.7 (5)12.6 ( million)12.7 ( or)12.7 ( 1)12.6 (2)12.7 (.)12.7 (1)12.7 (%)12.7 ( in)12.7 ( 2)12.7 (0)12.7 (1)12.7 (9)23.9 ( )]TJ 0.041 Tc T* [(a)0.5 (s)13 ( c)0.5 (o)0.5 (m)0.5 (pa)0.5 (r)0.5 (e)0.5 (d)13 ( t)0.5 (o)13 ( )0.5 (2)12.9 (0)13 (1)13 (8)12.9 (,)13 ( )0.5 (m)0.5 (ai)0.5 (n)0.5 (l)0.5 (y)12.9 ( )0.5 (d)0.5 (ue)13 ( )0.5 (t)0.5 (o)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( i)0.5 (n)0.5 (c)0.5 (re)0.5 (a)0.5 (s)0.5 (e)13 ( i)0.5 (n)13 ( )0.5 (c)0.5 (oa)0.5 (l)13 ( )0.5 (sa)0.5 (l)0.5 (e)0.5 (s)13 ( v)0.5 (o)0.5 (lu)0.5 (m)0.5 (e)0.5 (;)12.9 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (\()13 (4)13 (\))16 ( )]TJ 0.054 Tc 0 -1.231 TD [(re)0.5 (ve)0.5 (nu)0.5 (e)12.9 ( )0.5 (fr)0.5 (om)13 ( e)0.5 (lec)0.5 (tr)0.5 (ic)0.5 (it)0.5 (y)12.9 ( s)0.5 (a)0.5 (les)13 ( o)0.5 (f)12.9 ( )0.5 (co)0.5 (al)13 ( po)0.5 (we)0.5 (r)12.9 ( )0.5 (se)0.5 (gm)0.5 (en)0.5 (t)12.9 ( d)0.5 (ec)0.5 (re)0.5 (a)0.5 (sed)13 ( b)0.5 (y)12.9 ( )0.5 (RM)0.5 (B)12.9 (1)12.9 (2)13 (8)29 ( )]TJ 0.053 Tc 0 -1.231 TD [(million)12.4 ( or)12.4 ( 4)12.3 (.)12.4 (1)12.4 (%)12.4 ( in)12.4 ( 2)12.4 (0)12.4 (1)12.3 (9)12.4 ( as)12.3 ( compared)12.4 ( to)12.3 ( 2)12.4 (0)12.3 (1)12.4 (8)12.4 (,)12.3 ( mainly)12.3 ( due)12.3 ( to)12.4 ( the)12.3 ( decrease)12.3 ( in)28 ( )]TJ 0.025 Tc 0 Tw T* (electricity sales volume.)Tj ET endstream endobj 98 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 46 \226)Tj /T1_1 1 Tf 0.063 Tc 0.07 Tw 13 0 0 13 85.0394 776.409 Tm [(6)38 (.)38 ( )-997.5 (Highlighted)12.1 ( the)12.2 ( Guidance)12.2 ( of)12.1 ( Science)12.2 ( and)12.1 ( Technology)12.1 ( to)12.2 ( help)12.2 ( build)38 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (world-leading enterprise)Tj /T1_0 1 Tf 0.066 Tc 0.07 Tw 0 -2.462 TD [(In)12.1 ( 2)12.1 (0)12.1 (1)12.1 (9)12.2 (,)12.1 ( Longyuan)12.1 ( Power)12.2 ( actively)12.1 ( adapted)12.1 ( to)12.2 ( the)12.2 ( new)12.2 ( situations)12.1 ( such)41 ( )]TJ 0.07 Tc 0 -1.231 TD [(as)12.6 ( \223scientific)12.6 ( and)12.6 ( technological)12.6 ( innovation,)12.6 ( information-driven\224,)12.6 ( set)45 ( )]TJ 0.064 Tc T* [(up)12.9 ( Department)12.9 ( of)12.8 ( Science,)12.9 ( Technology)12.9 ( and)12.8 ( Information,)12.9 ( a)12.9 ( specialized)39 ( )]TJ 0.029 Tc 0.079 Tw T* [(department,)4 ( )0.5 (restructured)4 ( )0.5 (the)4 ( )0.6 (scientific)4 ( )0.5 (and)4 ( )0.5 (technological)4 ( )0.5 (innovation)4 ( )0.5 (system)4 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 TD [(of)7 ( )0.5 (the)7.1 ( )0.5 (Company,)7 ( )0.5 (made)7 ( )0.5 (efforts)7 ( )0.6 (to)7 ( )0.5 (address)7 ( )0.5 (issues)7 ( )0.5 (including)7 ( )0.5 (the)7 ( )0.5 (research)7 ( )0.5 (and)7 ( )]TJ 0.025 Tc 0.077 Tw 0 -1.231 TD (development input sources, scientific research team building and incenti\ ves )Tj 0 Tw T* (for scientific research assessment of the Company. The situation of scie\ ntific )Tj 0.066 Tc 0.07 Tw T* [(and)12.6 ( technological)12.7 ( innovation)12.6 ( has)12.6 ( taken)12.6 ( on)12.7 ( a)12.7 ( new)12.7 ( look.)12.6 ( The)12.7 ( quality)12.7 ( of)41 ( )]TJ 0.043 Tc T* [(science)12.1 ( and)12 ( technology)12 ( awards)12 ( has)12.1 ( been)12 ( improved.)12.1 ( This)12 ( year,)12.1 ( it)12 ( has)12 ( won)18 ( )]TJ 0.046 Tc T* [(5)12.7 ( provincial)12.7 ( and)12.7 ( ministerial)12.7 ( \(industry\))12.8 ( awards)12.7 ( and)12.7 ( 4)12.7 ( group-level)12.7 ( awards.)21 ( )]TJ 0.054 Tc T* [(Of)12.6 ( which,)12.6 ( \223Key)12.5 ( Technologies)12.6 ( and)12.6 ( Engineering)12.6 ( Applications)12.6 ( for)12.5 ( Design)29 ( )]TJ 0.038 Tc T* [(and)12.8 ( Construction)12.7 ( of)12.8 ( Offshore)12.7 ( Wind)12.8 ( Power)12.8 ( Foundation)12.8 ( under)12.8 ( Complicated)13 ( )]TJ 0.062 Tc T* [(Geological)12.2 ( Conditions\224)12.2 ( won)12.2 ( the)12.2 ( second)12.3 ( prize)12.2 ( of)12.3 ( China)12.2 ( Electric)12.2 ( Power)37 ( )]TJ 0.041 Tc T* [(S)0.5 (c)0.6 (i)0.6 (e)0.5 (n)0.6 (c)0.5 (e)13.1 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (T)0.5 (e)0.6 (c)0.5 (h)0.6 (n)0.5 (o)0.6 (l)0.5 (o)0.6 (g)0.5 (y)13.1 ( )0.5 (P)0.6 (r)0.5 (o)0.6 (g)0.5 (r)0.6 (e)0.5 (s)0.6 (s)13.1 ( )0.5 (A)0.6 (w)0.5 (a)0.6 (r)0.6 (d)0.5 (.)13 ( )0.6 (D)0.6 (u)0.5 (r)0.6 (i)0.5 (n)0.6 (g)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (y)0.5 (e)0.6 (a)0.5 (r)0.6 (,)13 ( )0.6 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (G)0.6 (r)0.5 (o)0.6 (u)0.5 (p)13.1 ( )0.5 (h)0.6 (a)0.5 (s)16 ( )]TJ 0.046 Tc T* [(obtained)12.3 ( the)12.2 ( right)12.3 ( to)12.3 ( edit)12.2 ( one)12.3 ( national)12.3 ( standard)12.3 ( and)12.3 ( four)12.3 ( energy)12.3 ( industry)21 ( )]TJ 0.052 Tc T* [(standards.)12.6 ( Among)12.6 ( them,)12.6 ( the)12.7 ( \223Technical)12.6 ( Guidelines)12.6 ( for)12.6 ( Intelligent)12.5 ( Wind)27 ( )]TJ 0.025 Tc 0.049 Tw T* (Farms\224 is the first industry standard for intelligent wind farms in C\ hina and )Tj 0.054 Tw 0 -1.231 TD [(is )0.5 (the )0.5 (foundation )0.5 (standard )0.5 (in )0.5 (the )0.6 (field )0.6 (of )0.5 (intelligent )0.5 (wind )0.5 (power. )0.5 (The )0.5 (Group )]TJ 0.023 Tc 0 Tw 0 -1.231 TD [(will develop a new mode of wind farm operation management based on years\ )-2 ( )]TJ 0.025 Tc 0.028 Tw T* (of experience in the construction and management of intelligent wind far\ ms, )Tj 0.004 Tw T* (continuously reduce costs and increase efficiency, and lead the enterpri\ ses to )Tj 0 Tw T* (develop more healthily.)Tj /T1_1 1 Tf 0.089 Tc 0.07 Tw -2.181 -2.462 Td [(7)64 (.)64 ( )-971.5 (The)12.1 ( overseas)12.1 ( strategic)12.1 ( layout)12.1 ( has)12.1 ( shown)12.1 ( initial)12.1 ( results,)12.1 ( and)12.1 ( the)64 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (management of ongoing projects has been continuously strengthened)Tj /T1_0 1 Tf 0.034 Tw 0 -2.462 TD (In 2019, following the requirements of high-quality development, the Gro\ up )Tj 0.053 Tw 0 -1.231 TD (exerted greater efforts on preliminary work for and development of proje\ cts )Tj 0.052 Tc 0.07 Tw T* [(in)12.6 ( countries)12.6 ( covered)12.6 ( by)12.6 ( the)12.6 ( \223Belt)12.6 ( and)12.5 ( Road\224)12.6 ( Initiative.)12.6 ( Focusing)12.5 ( on)12.6 ( the)27 ( )]TJ 0.037 Tc 0.071 Tw T* [(major)12 ( )0.5 (development)12 ( )0.5 (line)12 ( )0.5 (of)12.1 ( \223develop)12 ( )0.5 (wind)12 ( )0.5 (and)12 ( )0.5 (PV)12 ( )0.5 (power)12 ( )0.5 (simultaneously\224,)12 ( )]TJ 0.048 Tc 0.07 Tw T* [(the)12.4 ( Group)12.4 ( continuously)12.4 ( optimized)12.4 ( the)12.4 ( development)12.4 ( mode,)12.4 ( and)12.4 ( gradually)23 ( )]TJ 0.045 Tc T* [(expanded)12.6 ( the)12.7 ( operations)12.7 ( of)12.7 ( overseas)12.7 ( businesses)12.7 ( to)12.7 ( form)12.7 ( an)12.7 ( all-round)12.7 ( and)20 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.231 TD (stereoscopic development situation. 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in wind and PV power projects.)Tj ET endstream endobj 35 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 36 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 37 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 38 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 39 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 107 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 45 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm [(4. )-1105.5 (Strengthened marketing awareness and kept electricity price level stable\ )]TJ /T1_0 1 Tf 0.034 Tc 0.074 Tw 2.181 -2.462 Td [(In)9 ( )0.5 (2)9 (0)9 (1)9 (9)9 (,)9 ( )0.5 (the)9 ( )0.5 (average)9 ( )0.5 (on-grid)9 ( )0.5 (tariffs)9 ( )0.5 (for)9 ( )0.5 (overall)9 ( )0.5 (power)9 ( )0.5 (generation)9 ( )0.5 (segments)9.1 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 TD [(of)12.5 ( the)12.5 ( Group)12.5 ( amounted)12.5 ( to)12.5 ( RMB)12.5 (4)12.5 (5)12.5 (9)12.5 ( per)12.5 ( MWh)12.5 ( \(value-added)12.5 ( tax)12.6 ( \(\223)]TJ /T1_1 1 Tf -0.046 Tw (VAT)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw [(\224)-21 (\) )]TJ 0.034 Tc 0.074 Tw T* [(exclusive\),)9 ( )0.5 (representing)9 ( )0.5 (an)9 ( )0.5 (increase)9 ( )0.5 (of)9 ( )0.5 (RMB)9 (2)9 ( )0.5 (per)9 ( )0.5 (MWh)9 ( )0.5 (as)9 ( )0.5 (compared)9 ( )0.5 (with)9 ( )]TJ 0.025 Tc 0.08 Tw T* (the average on-grid tariffs of RMB457 per MWh \(VAT exclusive\) in 2018.\ )Tj 0.049 Tw T* (The average on-grid tariffs for wind power amounted to RMB482 per MWh )Tj 0.062 Tc 0.07 Tw 0 -1.231 TD [(\(VAT)12.4 ( exclusive\),)12.4 ( remaining)12.4 ( the)12.4 ( same)12.4 ( as)12.4 ( the)12.4 ( average)12.4 ( on-grid)12.4 ( tariffs)12.4 ( of)37 ( )]TJ 0.044 Tc 0 -1.231 TD [(RMB)12.7 (4)12.8 (8)12.6 (2)12.8 ( per)12.7 ( MWh)12.7 ( \(VAT)12.8 ( exclusive\))12.7 ( in)12.7 ( 2)12.7 (0)12.7 (1)12.7 (8)12.7 (,)12.8 ( which)12.7 ( was)12.7 ( mainly)12.6 ( due)12.7 ( to)12.7 ( a)19.1 ( )]TJ 0.025 Tc 0.013 Tw T* (joint influence of the decrease in the VAT rate and the year-on-year inc\ rease )Tj 0.036 Tc 0.072 Tw T* [(i)0.5 (n)11 ( )0.5 (el)0.5 (e)0.5 (ct)0.5 (r)0.5 (ic)0.5 (i)0.5 (ty)11 ( )0.5 (s)0.5 (a)0.5 (le)0.5 (s)11 ( )0.5 (i)0.5 (n)11 ( )0.5 (th)0.5 (e)11 ( )0.5 (w)0.5 (in)0.5 (d)11 ( )0.5 (p)0.5 (ow)0.5 (e)0.5 (r)11 ( )0.5 (tr)0.5 (a)0.5 (di)0.5 (ng)11.1 ( )0.5 (ma)0.5 (r)0.5 (ke)0.5 (t)0.5 (.)11 ( )0.5 (Th)0.5 (e)11 ( )0.5 (a)0.5 (ve)0.5 (r)0.5 (ag)0.5 (e)11 ( )0.5 (o)0.5 (n-)0.5 (g)0.5 (ri)0.5 (d)11 ( )]TJ 0.048 Tc 0.07 Tw T* [(tariffs)12 ( for)12.1 ( coal)12 ( power)12.1 ( amounted)12 ( to)12.1 ( RMB)12.1 (3)12 (3)12.1 (6)12.1 ( per)12.1 ( MWh)12.1 ( \(VAT)12.1 ( exclusive\),)23 ( )]TJ 0.036 Tc 0.072 Tw T* [(representing)11 ( )0.5 (a)11 ( )0.5 (decrease)11 ( )0.5 (of)11 ( )0.5 (RMB)11 (1)11 ( )0.5 (per)11 ( )0.5 (MWh)10.9 ( )0.6 (as)11 ( )0.5 (compared)11 ( )0.5 (with)10.9 ( )0.5 (the)11 ( )0.5 (average)11 ( )]TJ 0.049 Tc 0.07 Tw T* [(on-grid)12.2 ( tariffs)12.1 ( for)12.2 ( coal)12.2 ( power)12.2 ( of)12.2 ( RMB)12.1 (3)12.2 (3)12.1 (7)12.1 ( per)12.1 ( MWh)12.1 ( \(VAT)12.1 ( exclusive\))12.2 ( in)24 ( )]TJ 0.042 Tc T* [(2)12.9 (0)12.8 (1)12.8 (8)12.9 (,)12.8 ( which)12.8 ( was)12.8 ( mainly)12.9 ( due)12.8 ( to)12.9 ( a)12.9 ( joint)12.9 ( influence)12.8 ( of)12.9 ( the)12.9 ( expansion)12.8 ( in)12.9 ( coal)17 ( )]TJ 0.025 Tc 0 Tw T* (power trading, and the decrease in the VAT rate.)Tj /T1_1 1 Tf 0.023 Tc -2.181 -2.462 Td [(5)-2 (.)-2 ( )-1107.5 (Intensified financing control and continued to improve capital utilisati\ on)-2 ( )]TJ 0.025 Tc -0.025 Tw 2.181 -1.231 Td (efficiency)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 0 -2.462 TD [(In)12.2 ( 2)12.3 (0)12.2 (1)12.3 (9)12.3 (,)12.2 ( in)12.2 ( response)12.3 ( to)12.3 ( the)12.3 ( moderately)12.3 ( loose)12.3 ( currency)12.2 ( markets,)12.3 ( the)12.3 ( Group)13 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 TD [(seize)0.5 (d)2.9 ( )0.5 (opportunities)3 ( )0.5 (to)3 ( )0.5 (intensify)3 ( )0.5 (management)3 ( )0.5 (and)3 ( )0.5 (control)3 ( )0.5 (of)2.9 ( )0.5 (financing,)3 ( )0.5 (and)3 ( )]TJ 0.021 Tc 0 Tw T* [(laid down an overall operation plan to optimize replacement and optimiza\ tion)-4 ( )]TJ 0.028 Tc 0.08 Tw T* [(o)0.5 (f)3 ( )0.5 (e)0.5 (xi)0.5 (st)0.5 (i)0.5 (ng)3 ( )0.5 (i)0.5 (n)0.5 (te)0.5 (r)0.5 (es)0.5 (t)0.5 (-b)0.5 (e)0.5 (a)0.5 (ri)0.5 (ng)3 ( )0.6 (li)0.5 (ab)0.5 (i)0.5 (li)0.5 (t)0.5 (ie)0.5 (s)0.5 (,)3 ( )0.5 (a)0.5 (nd)3 ( )0.5 (s)0.5 (a)0.5 (ve)3 ( )0.5 (f)0.5 (i)0.5 (na)0.5 (n)0.5 (c)0.5 (ia)0.5 (l)3 ( )0.5 (c)0.5 (os)0.5 (t)0.5 (s.)3 ( )0.5 (M)0.5 (e)0.5 (a)0.5 (nw)0.5 (h)0.5 (il)0.5 (e)0.5 (,)3 ( )]TJ 0.025 Tc 0.074 Tw T* (by leveraging the capital scheduling and coordination mechanism under th\ e )Tj 0.031 Tc 0.077 Tw T* [(direct)6 ( )0.5 (management)6 ( )0.5 (of)6.1 ( )0.5 (the)6.1 ( )0.5 (headquarters)6 ( )0.5 (and)6 ( )0.5 (rigid)6 ( )0.5 (capital)6 ( )0.5 (plan)6 ( )0.5 (management,)6 ( )]TJ 0.036 Tc 0.072 Tw T* [(it)11 ( )0.5 (continued)11 ( )0.5 (to)11 ( )0.5 (improve)11 ( )0.6 (capital)11 ( )0.5 (utilisation)11 ( )0.5 (efficiency)10.9 ( )0.6 (to)11 ( )0.5 (maximise)11 ( )0.5 (the)11 ( )0.5 (time)11 ( )]TJ 0.025 Tc 0.052 Tw T* (value of funds. In terms of financing, it kept a close watch on domestic\ and )Tj 0.037 Tc 0.071 Tw T* [(foreign)12 ( )0.5 (capital)12 ( )0.5 (markets)12.1 ( )0.5 (to)12 ( )0.5 (further)12 ( )0.5 (expand)12 ( )0.5 (financing)12 ( )0.5 (channels,)12 ( )0.5 (successfully)12 ( )]TJ 0.061 Tc 0.07 Tw T* [(issued)12.8 ( seven)12.8 ( tranches)12.7 ( of)12.8 ( ultra)12.8 ( short-term)12.7 ( debentures,)12.7 ( three)12.8 ( tranches)12.7 ( of)36.1 ( )]TJ 0.053 Tc T* [(medium-term)12.8 ( notes,)12.7 ( and)12.8 ( one)12.8 ( tranche)12.8 ( of)12.8 ( short-term)12.7 ( debentures,)12.8 ( enabling)28 ( )]TJ 0.028 Tc 0.08 Tw T* [(the)3 ( )0.5 (Group)3 ( )0.5 (to)3 ( )0.5 (maintain)3 ( )0.5 (an)3 ( )0.5 (advantage)3 ( )0.5 (among)3 ( )0.5 (the)3 ( )0.6 (industry)3 ( )0.5 (in)3 ( )0.5 (terms)3 ( )0.5 (of)3 ( )0.5 (capital)3 ( )]TJ 0.03 Tc 0.078 Tw T* [(cost)5 ( )0.5 (throughout)5 ( )0.5 (the)5 ( )0.5 (year.)4.9 ( )0.6 (The)5 ( )0.5 (Group)5 ( )0.5 (has)5 ( )0.5 (also)5 ( )0.5 (innovated)5 ( )0.5 (in)5 ( )0.5 (issuing)5 ( )0.5 (the)5 ( )0.5 (first)5 ( )]TJ 0.059 Tc 0.07 Tw T* [(green)12.7 ( ultra-short-term)12.7 ( debentures)12.7 ( \(poverty)12.7 ( alleviation\))12.7 ( in)12.7 ( the)12.8 ( domestic)34 ( )]TJ 0.043 Tc T* [(market,)12.7 ( demonstrated)12.7 ( the)12.7 ( Group\222s)12.7 ( responsibility)12.7 ( and)12.7 ( role)12.7 ( in)12.7 ( cultivating)12.7 ( a)18.1 ( )]TJ 0.025 Tc 0.039 Tw 0 -1.231 TD (beautiful China and helping poverty alleviation. In 2019, the Group acti\ vely )Tj 0.071 Tc 0.07 Tw 0 -1.231 TD [(revitalized)12.7 ( stock)12.6 ( assets)12.7 ( with)12.7 ( the)12.7 ( financial)12.6 ( instruments)12.6 ( traded)12.7 ( in)12.6 ( open)46 ( )]TJ 0.03 Tc 0.078 Tw T* [(markets,)5 ( )0.5 (successfully)5 ( )0.5 (registered)5 ( )0.5 (storage-based)5 ( )0.5 (renewable)5 ( )0.5 (energy)5 ( )0.5 (electricity)5 ( )]TJ 0.025 Tc 0.041 Tw T* (subsidy asset securitization products worthy of RMB10 billion, and won t\ he )Tj 0.058 Tw T* (\223outstanding issuer of fixed income product\224 award issued by the S\ henzhen )Tj 0 Tw T* (Stock Exchange, setting up a well-established corporate image.)Tj ET endstream endobj 106 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 44 \226)Tj /T1_1 1 Tf 0.049 Tc 0.07 Tw 13 0 0 13 85.0394 776.0055 Tm [(3)24 (.)24 ( )-1011.5 (Strengthened)12.2 ( project)12.2 ( node)12.2 ( control,)12.2 ( and)12.2 ( effectively)12.1 ( promoted)12.2 ( project)24 ( )]TJ 0.025 Tc -0.025 Tw 2.181 -1.231 Td (construction)Tj /T1_0 1 Tf 0.043 Tc 0.07 Tw 0 -2.462 TD [(In)12.1 ( 2)12.1 (0)12.2 (1)12.1 (9)12.2 (,)12.1 ( the)12.2 ( Group)12.2 ( embraced)12.1 ( safe)12.2 ( and)12.1 ( steady)12.1 ( project)12.2 ( construction)12.2 ( status,)18 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 TD [(p)0.5 (r)0.6 (o)0.5 (j)0.5 (e)0.6 (c)0.6 (t)10.9 ( )0.6 (q)0.5 (u)0.5 (a)0.6 (l)0.5 (i)0.5 (t)0.6 (y)11 ( )0.5 (a)0.5 (n)0.6 (d)11 ( )0.5 (e)0.5 (n)0.6 (v)0.5 (i)0.5 (r)0.6 (o)0.5 (n)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.6 (a)0.5 (l)11 ( )0.5 (p)0.6 (r)0.5 (o)0.6 (t)0.5 (e)0.5 (c)0.6 (t)0.5 (i)0.6 (o)0.5 (n)11 ( )0.5 (l)0.5 (e)0.6 (v)0.5 (e)0.6 (l)11 ( )0.5 (w)0.5 (e)0.6 (r)0.5 (e)11 ( )0.5 (s)0.6 (t)0.5 (e)0.6 (a)0.5 (d)0.5 (i)0.6 (l)0.5 (y)11 ( )0.5 (i)0.5 (m)0.6 (p)0.5 (r)0.6 (o)0.5 (v)0.5 (e)0.6 (d)11 ( )]TJ 0.054 Tc 0.07 Tw T* [(withou)0.5 (t)12.9 ( any)12.9 ( mate)0.5 (rial)12.9 ( or)12.9 ( a)0.5 (bove)12.9 ( safe)0.5 (ty,)12.9 ( quality,)13 ( environmen)0.5 (tal)12.9 ( protec)0.5 (tion)29 ( )]TJ 0.025 Tc 0 Tw T* [(a)0.6 (c)0.5 (c)0.6 (i)0.5 (d)0.6 (e)0.5 (n)0.6 (t)0.6 (s)0.5 ( )0.5 (o)0.6 (r)0.6 ( )0.5 (m)0.5 (a)0.6 (s)0.6 (s)0.5 ( )0.6 (i)0.5 (n)0.6 (c)0.5 (i)0.6 (d)0.5 (e)0.6 (n)0.5 (t)0.6 (s)0.5 ( )0.6 (a)0.6 (f)0.5 (f)0.6 (e)0.5 (c)0.6 (t)0.5 (i)0.6 (n)0.5 (g)0.6 ( )0.5 (s)0.6 (o)0.5 (c)0.6 (i)0.5 (a)0.6 (l)0.6 ( )0.5 (s)0.5 (t)0.6 (a)0.6 (b)0.5 (i)0.6 (l)0.5 (i)0.6 (t)0.5 (y)0.6 ( )0.5 (t)0.6 (h)0.5 (r)0.6 (o)0.5 (u)0.5 (g)0.6 (h)0.5 (o)0.6 (u)0.5 (t)0.6 ( )0.5 (t)0.6 (h)0.5 (e)0.6 ( )0.5 (y)0.6 (e)0.6 (a)0.5 (r)0.6 (,)0.5 ( )0.6 (a)0.5 (n)0.6 (d )]TJ 0 -1.231 TD (the project cost was controllable and under practical control.)Tj 0.026 Tw 0 -2.462 TD [(The )0.5 (Group strengthened )0.5 (the )0.5 (control of )0.5 (project )0.5 (nodes, )0.5 (planned )0.5 (ahead )0.5 (of time, )]TJ 0.049 Tc 0.07 Tw 0 -1.231 TD [(scientifically)12.4 ( organized,)12.4 ( and)12.4 ( actively)12.5 ( coordinated)12.5 ( such)12.5 ( project)12.5 ( nodes.)12.4 ( In)24 ( )]TJ 0.025 Tc 0.028 Tw T* (accelerating the implementation of key processes such as survey and desi\ gn, )Tj 0.023 Tc 0 Tw T* [(p)0.5 (ro)0.5 (j)0.5 (ec)0.5 (t)0.5 ( b)0.5 (id)0.5 (di)0.5 (n)0.5 (g,)0.5 ( f)0.5 (o)0.5 (re)0.5 (s)0.5 (t )0.5 (a)0.5 (nd)0.5 ( l)0.5 (a)0.5 (nd)0.5 ( s)0.5 (e)0.5 (iz)0.5 (u)0.5 (re)0.5 (s)0.5 (, )0.5 (a)0.5 (nd)0.5 ( )0.5 (ne)0.5 (tw)0.5 (o)0.5 (rk)0.5 ( c)0.5 (o)0.5 (n)0.5 (ne)0.5 (c)0.5 (ti)0.5 (on)0.5 ( )0.5 (pe)0.5 (rm)0.5 (i)0.5 (ss)0.5 (i)0.5 (on)0.5 (,)-2 ( )]TJ 0.062 Tc 0.07 Tw T* [(t)0.5 (he)12.9 ( )0.5 (Gr)0.5 (ou)0.5 (p)12.9 ( h)0.5 (as)13 ( f)0.5 (or)0.5 (me)0.5 (d)12.9 ( a)0.5 (n)12.9 ( )0.5 (ef)0.5 (fi)0.5 (ci)0.5 (ent)13 ( o)0.5 (pe)0.5 (ra)0.5 (ti)0.5 (on)12.9 ( )0.5 (me)0.5 (ch)0.5 (ani)0.5 (sm)13 ( w)0.5 (it)0.5 (h)12.9 ( u)0.5 (p-)0.5 (dow)0.5 (n)37 ( )]TJ 0.025 Tc 0.074 Tw T* (linkage and horizontal coordination, and the project development speed h\ as )Tj 0.037 Tc 0.071 Tw T* [(increased)12 ( significantly.)12 ( )0.5 (The)12 ( )0.5 (level)12 ( )0.5 (of)12 ( )0.5 (project)12 ( )0.5 (quality)12 ( )0.5 (management)12 ( )0.5 (has)12 ( )0.5 (been)12 ( )]TJ 0.045 Tc 0.07 Tw T* [(f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.6 (r)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (r)0.5 (o)0.5 (v)0.5 (e)0.5 (d)0.5 (.)13 ( )0.5 (T)0.6 (h)0.5 (r)0.5 (o)0.5 (u)0.5 (g)0.5 (h)13 ( )0.5 (o)0.5 (p)0.5 (t)0.5 (i)0.5 (m)0.5 (i)0.5 (z)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (d)0.6 (e)0.5 (s)0.5 (i)0.5 (g)0.5 (n)0.5 (,)13 ( )0.5 (s)0.5 (t)0.5 (r)0.5 (e)0.5 (n)0.6 (g)0.5 (t)0.5 (h)0.5 (e)0.5 (n)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (s)0.5 (u)0.5 (p)0.5 (e)0.5 (r)0.6 (vi)0.6 (s)0.5 (i)0.5 (o)0.5 (n)0.5 (,)20 ( )]TJ 0.052 Tc T* [(emphasizing)12.2 ( supervising)12.2 ( and)12.2 ( manufacturing)12.2 ( and)12.2 ( other)12.2 ( implementations,)27 ( )]TJ 0.025 Tc 0.035 Tw T* (problems have been addressed in a timely and coordinated manner to ensur\ e )Tj 0.055 Tw T* (project quality. Cost management was further strengthened and managed by\ )Tj 0.03 Tw 0 -1.231 TD (regular cost analysis, review on changes, the maximum price limit and ot\ her )Tj 0.026 Tc 0.082 Tw 0 -1.231 TD [(in-process)1.1 ( controls.)1 ( )0.5 (Drawing)1 ( )0.5 (review)1 ( )0.5 (was)1 ( )0.5 (strengthened)1 ( )0.5 (to)1 ( )0.5 (effectively)1 ( )0.5 (reduce)1 ( )]TJ 0.033 Tc 0.075 Tw T* [(engineering)8 ( )0.5 (changes)8 ( )0.5 (and)8 ( )0.5 (control)8 ( )0.5 (the)8 ( )0.5 (cost)8 ( )0.5 (within)8 ( )0.5 (the)8 ( )0.5 (scope)8 ( )0.5 (of)8 ( )0.5 (budgets.)8 ( )0.5 (The)8.1 ( )]TJ 0.025 Tc 0.08 Tw T* (environmental protection work of the project was further strengthened. T\ he )Tj 0.023 Tc 0 Tw T* [(construction start-up procedures were strictly implemented to carry out \ forest)-2 ( )]TJ 0.025 Tc 0.072 Tw T* (land and land formalities in time. The Group standardized work concernin\ g )Tj 0.033 Tc 0.075 Tw T* [(conservation)8 ( )0.5 (of)8 ( )0.5 (water)8 ( )0.5 (and)8 ( )0.5 (soil)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )0.5 (wind)8 ( )0.5 (farms,)8 ( )0.6 (strictly)8 ( )0.5 (implemented)8 ( )0.5 (the)8.1 ( )]TJ 0.037 Tc 0.071 Tw T* [(\223)0.5 (th)0.5 (re)0.5 (e-)0.5 (si)0.5 (mu)0.5 (lt)0.5 (an)0.5 (eo)0.5 (us)0.5 (ne)0.5 (ss)0.5 (\224)12 ( )0.5 (re)0.5 (q)0.5 (ui)0.5 (re)0.5 (me)0.5 (nts)12.1 ( )0.5 (fo)0.5 (r)12 ( )0.5 (co)0.5 (ns)0.5 (er)0.5 (va)0.5 (ti)0.5 (on)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (w)0.5 (at)0.5 (er)12 ( )0.5 (a)0.5 (nd)12 ( )0.5 (s)0.5 (oi)0.5 (l,)12 ( )]TJ 0.054 Tc 0.07 Tw T* [(and)12.1 ( fully)12.1 ( fulfilled)12.1 ( the)12.2 ( requirements)12.2 ( of)12.2 ( acceptance)12.1 ( check)12.1 ( and)12.1 ( putting)12.1 ( on)29 ( )]TJ 0.042 Tc T* [(record)12.8 ( in)12.8 ( relation)12.8 ( to)12.8 ( water)12.8 ( conservation)12.8 ( and)12.8 ( environmental)12.8 ( protection)12.8 ( for)17.1 ( )]TJ 0.025 Tc 0.034 Tw T* (projects already completed. The Group increased investment in environmen\ t )Tj 0.049 Tc 0.07 Tw T* [(protection,)12.4 ( completed)12.4 ( 1)12.3 (1)12.3 (6)12.4 ( environment)12.3 ( protection)12.4 ( and)12.4 ( water)12.3 ( reservation)24 ( )]TJ 0.035 Tc 0.073 Tw T* [(technical)10 ( )0.5 (reformation)10 ( )0.5 (projects,)10 ( )0.5 (aiming)10 ( )0.5 (at)10 ( )0.6 (creating)10 ( )0.5 (eco-friendly)10 ( )0.5 (wind)10 ( )0.5 (farms)10 ( )]TJ 0.025 Tc 0 Tw T* (nation-wide and achieving green and sustainable development.)Tj 0.05 Tc 0.07 Tw 0 -2.462 TD [(In)12.2 ( 2)12.2 (0)12.2 (1)12.2 (9)12.2 (,)12.2 ( the)12.2 ( Group)12.2 ( launched)12.2 ( 1)12.2 (4)12.2 ( new)12.2 ( wind)12.2 ( power)12.2 ( projects)12.2 ( with)12.2 ( installed)25 ( )]TJ 0.074 Tc 0 -1.231 TD [(capacity)12.5 ( of)12.5 ( 1)12.4 (,)12.5 (1)12.4 (1)12.5 (3)12.4 ( MW,)12.5 ( of)12.5 ( which)12.4 ( 1)12.4 (5)12.4 (2)12.5 ( MW)12.4 ( were)12.4 ( offshore)12.4 ( wind)12.4 ( power)49.1 ( )]TJ 0.025 Tc 0.038 Tw T* (projects. As at 31 December 2019, the consolidated installed capacity of\ the )Tj 0.039 Tc 0.07 Tw T* [(Group)12.6 ( was)12.6 ( 2)12.6 (2)12.6 (,)12.6 (1)12.6 (5)12.6 (7)12.6 ( MW,)12.6 ( among)12.6 ( which,)12.6 ( the)12.7 ( consolidated)12.6 ( installed)12.6 ( capacity)14 ( )]TJ 0.04 Tc 0.071 Tw T* [(of)12.1 ( )0.6 (the)12 ( )0.6 (wind)12.1 ( )0.5 (power,)12 ( )0.6 (coal)12.1 ( )0.5 (power)12 ( )0.5 (and)12 ( )0.6 (other)12 ( )0.6 (renewable)12.1 ( )0.5 (energy)12 ( )0.6 (segments)12.1 ( )0.6 (was)15 ( )]TJ 0.025 Tc 0 Tw T* (20,032 MW, 1,875 MW and 250 MW, respectively.)Tj ET endstream endobj 105 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 43 \226)Tj /T1_1 1 Tf 0.034 Tc 0.074 Tw 13 0 0 13 85.0394 776.0055 Tm [(2)9 (.)9 ( )-1022.5 (Scientifically)9 ( )0.5 (optimized)9 ( )0.5 (project)9 ( )0.5 (development)9 ( )0.5 (layout,)9 ( )0.5 (made)9 ( )0.5 (outstanding)9 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (results in early work)Tj /T1_0 1 Tf 0.048 Tw 0 -2.462 TD (In 2019, in respond to the complicated and changeable internal and exter\ nal )Tj 0.053 Tw 0 -1.231 TD (environment changes, the Group actively utilized its sound brand, suffic\ ient )Tj 0.041 Tc 0.07 Tw T* [(foreign)12.4 ( reserves,)12.4 ( low)12.4 ( debt,)12.3 ( wide)12.4 ( project)12.4 ( distributions,)12.4 ( leading)12.4 ( technology)16 ( )]TJ 0.024 Tc 0 Tw T* [(management, sufficient professionals, superior offshore wind power insta\ lled)-1 ( )]TJ 0.025 Tc 0.08 Tw 0 -1.231 TD (capacities and offshore equipment and other advantages in accordance wit\ h )Tj 0 Tw 0 -1.231 TD (the \223One, Three, Five and Seven\224 strategies \(\223)Tj /C0_0 1 Tf 0.22 Tc -0.22 Tw 19.847 0 Td <02530267029E0256>Tj /T1_0 1 Tf 0 Tc 0 Tw 4.805 0 Td (\224)Tj /C0_0 1 Tf 0.22 Tc -0.22 Tw 0.588 0 Td <12B70B2B>Tj /T1_0 1 Tf 0.025 Tc 0 Tw 2.364 0 Td (\), and relied )Tj 0.045 Tc 0.07 Tw -27.604 -1.231 Td [(on)12.7 ( the)12.8 ( large)12.7 ( scale,)12.8 ( large)12.8 ( number)12.8 ( of)12.8 ( sectors)12.8 ( and)12.7 ( great)12.8 ( influence)12.8 ( in)12.8 ( energy)20 ( )]TJ 0.032 Tc 0.076 Tw T* [(systems,)7 ( )0.5 (especially)7 ( )0.5 (in)6.9 ( )0.6 (the)7 ( )0.5 (Three)7 ( )0.5 (North)7 ( )0.5 (regions)7 ( )0.6 (of)7 ( )0.5 (CHN)7.1 ( )0.5 (Energy,)7 ( )0.5 (to)7 ( )0.5 (provide)7 ( )]TJ 0.043 Tc 0.07 Tw T* [(effective)12.6 ( means)12.6 ( for)12.6 ( early)12.6 ( development.)12.6 ( The)12.6 ( Group)12.5 ( strengthened)12.6 ( strategic)18.1 ( )]TJ T* [(coordination)12.5 ( and)12.5 ( guidance)12.5 ( in)12.4 ( planning,)12.5 ( took)12.4 ( high-quality)12.4 ( and)12.5 ( sustainable)18.1 ( )]TJ 0.078 Tc T* [(development)12.6 ( as)12.6 ( the)12.7 ( goal)12.7 ( and)12.7 ( grid-friendly)12.7 ( and)12.6 ( environment-friendly)53 ( )]TJ 0.066 Tc T* [(development)12.2 ( as)12.1 ( standards,)12.1 ( it)12.1 ( vigorously)12.1 ( reserved)12.1 ( new)12.1 ( energy)12.1 ( projects)41 ( )]TJ 0.025 Tc 0.061 Tw T* (according to the resource endowment and consumption status, and followed\ )Tj 0.066 Tc 0.07 Tw T* [(the)12.1 ( development)12.1 ( ideas)12.1 ( of)12.1 ( \223coordinated)12.1 ( onshore)12.1 ( and)12.1 ( offshore)12.1 ( projects,)41 ( )]TJ 0.083 Tc T* [(wind)12.5 ( and)12.5 ( PV)12.6 ( power)12.6 ( simultaneously,)12.6 ( multi-energy)12.5 ( complementarity,)58 ( )]TJ 0.072 Tc T* [(up-down)12.4 ( linkage)12.4 ( and)12.4 ( focused)12.3 ( breakthroughs\224.)12.4 ( The)12.4 ( Group)12.4 ( carried)12.3 ( out)47 ( )]TJ 0.06 Tc T* [(scientific)12.1 ( management)12 ( to)12 ( improve)12.1 ( the)12.1 ( system)12.1 ( construction)12.1 ( in)12 ( the)12 ( early)35 ( )]TJ 0.045 Tc 0 -1.231 TD [(development,)12.3 ( and)12.3 ( initially)12.3 ( formed)12.2 ( a)12.3 ( development)12.2 ( structure)12.3 ( of)12.2 ( innovation)20 ( )]TJ 0.062 Tc 0 -1.231 TD [(and)12.4 ( development-centered,)12.4 ( led)12.4 ( by)12.4 ( development)12.4 ( research)12.4 ( and)12.4 ( enhanced)37 ( )]TJ 0.025 Tc 0.026 Tw T* (implementation. Under the rapid changes in the current internal and exte\ rnal )Tj 0.07 Tw T* (policies, market and other environments, we changed our minds in a timel\ y )Tj 0.043 Tc T* [(manner,)12.4 ( actively)12.4 ( responded)12.4 ( to)12.3 ( the)12.4 ( changes,)12.4 ( strengthened)12.4 ( policy)12.4 ( research,)18 ( )]TJ 0.031 Tc 0.077 Tw T* [(expedited)6 ( )0.5 (the)6 ( )0.5 (processing)6 ( )0.5 (of)6 ( )0.5 (supporting)6 ( )0.5 (documents)6 ( )0.5 (for)6 ( )0.5 (project)6 ( )0.5 (development)6 ( )]TJ 0.037 Tc 0.071 Tw T* [(and)12 ( )0.5 (accelerated)12 ( )0.5 (the)12 ( )0.5 (advancement)12 ( )0.5 (of)12 ( )0.6 (key)12.1 ( )0.5 (projects)12 ( )0.5 (in)12 ( )0.5 (the)12 ( )0.5 (early)12 ( )0.5 (periods.)12 ( )0.5 (The)12 ( )]TJ 0.025 Tc 0 Tw T* (Group continuously put more efforts on photovoltaic research and follow-\ up, )Tj 0.062 Tw T* (actively coordinated with local governments and energy bureaus, paid clo\ se )Tj 0.053 Tc 0.07 Tw T* [(a)0.5 (t)0.5 (t)0.5 (e)0.6 (nt)0.6 (i)0.5 (o)0.5 (n)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (r)0.5 (e)0.5 (s)0.6 (ou)0.6 (r)0.5 (c)0.5 (e)13 ( )0.5 (a)0.5 (l)0.5 (l)0.5 (o)0.5 (c)0.6 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (,)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 (n)0.6 (e)0.5 (d)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (l)0.5 (a)0.6 (y)0.5 (ou)0.6 (t)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (a)0.5 (d)0.5 (v)0.5 (a)0.6 (nc)0.6 (e)0.5 (,)13 ( )0.5 (a)0.5 (c)0.5 (t)0.5 (i)0.6 (v)0.5 (e)0.5 (l)0.5 (y)28 ( )]TJ 0.024 Tc 0 Tw T* [(participated in bidding for resource allocation, and took multiple measu\ res in)-1 ( )]TJ 0.025 Tc T* (the same time so as to make continuously progress in photovoltaic projec\ ts.)Tj 0.083 Tc 0.07 Tw 0 -2.462 TD [(In)12.7 ( 2)12.7 (0)12.7 (1)12.7 (9)12.7 (,)12.7 ( the)12.7 ( new)12.8 ( reserves)12.7 ( of)12.7 ( the)12.8 ( Group)12.7 ( reached)12.7 ( record)12.7 ( highs)12.8 ( in)12.7 ( the)58.1 ( )]TJ 0.053 Tc 0 -1.231 TD [(\223Thirteenth)12.2 ( Five-Year\224)12.3 ( Plan)12.3 ( period.)12.3 ( The)12.4 ( annual)12.3 ( new)12.3 ( resources)12.3 ( reserves)28 ( )]TJ 0.083 Tc 0 -1.231 TD [(amounted)12.1 ( to)12.1 ( 1)12.1 (3)12.1 (.)12.1 (6)12.2 ( GW,)12.1 ( among)12.1 ( which)12.2 ( 6)12.1 ( were)12.2 ( over)12.1 ( 1)12.2 ( million)12.1 ( kW)12.2 ( and)58 ( )]TJ 0.058 Tc 0 -1.231 TD [(d)0.5 (i)0.5 (s)0.5 (t)0.5 (r)0.6 (i)0.5 (b)0.5 (u)0.5 (t)0.5 (e)0.5 (d)13 ( )0.6 (i)0.5 (n)13 ( )0.5 (u)0.5 (l)0.5 (t)0.5 (r)0.5 (a)0.6 (-)0.5 (h)0.5 (i)0.5 (g)0.5 (h)13 ( )0.5 (v)0.5 (o)0.5 (l)0.6 (t)0.5 (a)0.5 (g)0.5 (e)13 ( )0.5 (b)0.5 (a)0.6 (s)0.5 (e)0.5 (s)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (a)0.5 (r)0.5 (e)0.6 (a)0.5 (s)13 ( )0.5 (w)0.5 (i)0.6 (t)0.5 (h)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (b)0.5 (e)0.5 (s)0.5 (t)13 ( )0.5 (o)0.5 (f)0.6 (f)0.5 (s)0.5 (h)0.5 (o)0.5 (r)0.5 (e)33 ( )]TJ 0.025 Tc 0.006 Tw T* (resources like Inner Mongolia, Gansu, North Shanxi, Fujian and Guangdong\ , )Tj 0.037 Tc 0.071 Tw T* [(which)12.1 ( )0.5 (laid)11.9 ( )0.6 (a)12 ( )0.5 (solid)12 ( )0.5 (foundation)12 ( )0.5 (for)12 ( )0.5 (the)12 ( )0.5 (subsequent)12 ( )0.6 (development.)12 ( )0.5 (The)12 ( )0.5 (Group)12 ( )]TJ 0.025 Tc 0.004 Tw T* (obtained approvals for wind power projects with aggregate installed capa\ city )Tj 0.032 Tc 0.076 Tw T* [(of)7 ( )0.5 (1)7 (,)7 (4)7 (7)7 (0)7 ( )0.5 (MW,)7 ( )0.5 (including)7 ( )0.5 (new)7 ( )0.5 (approvals)7 ( )0.6 (for)7 ( )0.5 (offshore)7 ( )0.5 (projects)7 ( )0.5 (with)7 ( )0.5 (capacity)7 ( )]TJ 0.05 Tc 0.07 Tw T* [(of)12.9 ( 1)12.9 (,)12.9 (0)12.8 (0)12.9 (0)12.9 ( MW)12.9 ( in)12.9 ( Guangdong,)12.9 ( which)12.8 ( filled)12.9 ( the)12.9 ( gap)12.8 ( in)12.9 ( the)12.8 ( approval)12.9 ( of)12.8 ( the)25.1 ( )]TJ 0.035 Tc 0.073 Tw T* [(G)0.5 (ro)0.5 (up)0.5 (\222)0.5 (s)10 ( )0.5 (w)0.5 (in)0.5 (d)10 ( )0.5 (po)0.5 (w)0.5 (er)10 ( )0.6 (pr)0.5 (oj)0.5 (e)0.5 (ct)0.5 (s)10 ( )0.5 (i)0.5 (n)10 ( )0.5 (th)0.5 (e)10 ( )0.5 (S)0.5 (ou)0.5 (th)10 ( )0.6 (Ch)0.5 (in)0.5 (a)10 ( )0.5 (S)0.5 (ea)0.5 (.)10 ( )0.5 (B)0.5 (re)0.5 (a)0.5 (kt)0.5 (h)0.5 (ro)0.5 (ug)0.5 (h)0.5 (s)10 ( )0.5 (we)0.5 (r)0.5 (e)10 ( )]TJ 0.025 Tc 0.022 Tw T* (made in photovoltaic projects with 7 filed photovoltaic projects amounte\ d to )Tj 0 Tw T* (324 MW.)Tj ET endstream endobj 104 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 42 \226)Tj 13 0 0 13 113.3858 776.0055 Tm (research on informatization construction, and determined the implementat\ ion )Tj 0.045 Tw 0 -1.231 TD (plan of informatization construction in line with the Group\222s actuali\ ty, meet )Tj 0 Tw T* (management needs, and adapt to the future development.)Tj 0.038 Tc 0.07 Tw 0 -2.462 TD [(In)12.9 ( 2)12.8 (0)12.8 (1)12.8 (9)12.8 (,)12.9 ( the)12.9 ( Group)12.8 ( strictly)12.8 ( implemented)12.9 ( dual)12.8 ( controls)12.8 ( on)12.9 ( grid)12.9 ( curtailment)13 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 TD (rate and quantity. The Group further addressed grid curtailment manageme\ nt )Tj 0.05 Tc 0.07 Tw T* [(through)12.2 ( a)12.1 ( two-pronged)12.1 ( approach)12.1 ( as)12.2 ( well)12.1 ( as)12.1 ( other)12.2 ( methods.)12.1 ( Internally,)12.1 ( it)25 ( )]TJ 0.048 Tc 0 -1.231 TD [(performed)12.5 ( stringent)12.6 ( assessment)12.6 ( on)12.6 ( grid)12.5 ( curtailment,)12.5 ( deepened)12.5 ( follow-up)23 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.231 TD (analysis on grid curtailment, established the emergency response mechani\ sm )Tj 0.059 Tc 0.07 Tw T* [(on)12.2 ( grid)12.2 ( curtailment)12.2 ( management;)12.3 ( externally,)12.2 ( it)12.3 ( strengthened)12.2 ( marketing)34 ( )]TJ 0.051 Tc T* [(awareness)12.3 ( and)12.3 ( strove)12.3 ( for)12.3 ( additional)12.3 ( transactions.)12.3 ( Meanwhile,)12.3 ( the)12.3 ( Group)26 ( )]TJ 0.067 Tc T* [(actively)12.1 ( responded)12.1 ( to)12.1 ( the)12.1 ( complex)12.1 ( market)12.2 ( environment,)12.1 ( increased)12.1 ( the)42 ( )]TJ 0.029 Tc 0.079 Tw T* [(marketing)4 ( )0.5 (training,)4 ( )0.5 (accurately)4 ( )0.6 (grasped)4.1 ( )0.5 (the)4 ( )0.5 (trend)4 ( )0.5 (of)4 ( )0.6 (power)4 ( )0.5 (industry)4 ( )0.5 (policies)4 ( )]TJ 0.031 Tc 0.077 Tw T* [(and)6 ( )0.5 (put)6 ( )0.5 (various)6 ( )0.5 (marketing)6.1 ( )0.5 (methods)6 ( )0.5 (to)6 ( )0.5 (good)6 ( )0.5 (use.)6 ( )0.5 (And)6 ( )0.5 (under)6 ( )0.5 (the)6 ( )0.5 (premise)6 ( )0.5 (of)6 ( )]TJ 0.032 Tc 0.076 Tw T* [(ensuring)7 ( )0.5 (the)7 ( )0.5 (base)7 ( )0.5 (power,)7 ( )0.5 (the)7.1 ( Group)7 ( )0.5 (observed)7 ( )0.5 (the)7 ( )0.5 (principle)7.1 ( of)7 ( )0.5 (\223striving)7 ( )0.5 (for)7 ( )]TJ 0.035 Tc 0.073 Tw T* [(larger)10 ( )0.5 (capacity)10 ( )0.5 (while)10 ( )0.5 (maintaining)10 ( )0.5 (the)10.1 ( )0.5 (price\224)10.1 ( and)10 ( )0.5 (further)10 ( )0.5 (conducted)10 ( )0.5 (market)10 ( )]TJ 0.025 Tc 0 Tw T* (transactions to maximise the benefits of the Group.)Tj 0.067 Tc 0.07 Tw 0 -2.462 TD [(In)12.6 ( 2)12.7 (0)12.6 (1)12.6 (9)12.6 (,)12.6 ( the)12.6 ( Group)12.6 ( generated)12.6 ( a)12.6 ( cumulative)12.7 ( gross)12.6 ( electricity)12.6 ( output)12.6 ( of)42 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 TD [(5)5 (0)5 (,)5 (7)5 (3)5 (6)5 ( )0.5 (GWh,)5 ( )0.5 (of)5 ( )0.5 (which)5 ( )0.5 (electricity)5 ( )0.5 (generated)5 ( )0.5 (from)5 ( )0.5 (our)5.1 ( )0.5 (wind)5 ( )0.5 (power)5 ( )0.5 (segment)5 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 TD [(a)0.5 (mo)0.5 (u)0.5 (nt)0.5 (e)0.5 (d)12.9 ( )0.5 (to)13 ( )0.5 (4)12.9 (0)13 (,)13 (7)12.9 (3)13 (2)12.9 ( )0.5 (G)0.5 (W)0.5 (h,)13 ( r)0.5 (e)0.5 (pr)0.5 (e)0.5 (se)0.5 (n)0.5 (t)0.5 (in)0.5 (g)12.9 ( )0.5 (a)13 ( y)0.5 (e)0.5 (a)0.5 (r-)0.5 (on)0.5 (-)0.5 (ye)0.5 (a)0.5 (r)13 ( i)0.5 (n)0.5 (cr)0.5 (e)0.5 (as)0.5 (e)13 ( )0.5 (of)13 ( 3)13 (.)13 (0)12.9 (1)13 (%)0.5 (,)14.9 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 TD (mainly attributable to the increase in installed capacity. In 2019, the \ average )Tj 0.068 Tw T* (utilisation hours of the wind power business was 2,189 hours, decreased \ by )Tj 0.037 Tw T* (20 hours as compared with that of 2018, which was primarily attributable\ to )Tj 0 Tw T* (the year-on-year decrease in wind resources.)Tj 0.077 Tw 0 -2.462 TD (During the Reporting Period, the consolidated gross power generation fro\ m )Tj 0.029 Tc 0.079 Tw 0 -1.231 TD [(coal)4 ( )0.5 (power)4 ( )0.5 (segment)4 ( )0.5 (of)4.1 ( )0.5 (the)4 ( )0.5 (Group)4 ( )0.5 (was)4 ( )0.5 (9)4 (,)4 (5)4 (3)4 (1)4 ( )0.5 (GWh,)4 ( )0.5 (representing)4 ( )0.5 (a)4.1 ( )0.5 (decrease)4 ( )]TJ 0.025 Tc 0.035 Tw T* (of 3.92% as compared with 9,920 GWh in 2018. This was mainly due to the \ )Tj 0.041 Tc 0.07 Tw T* [(increase)12.8 ( in)12.9 ( the)12.9 ( electricity)12.8 ( from)12.9 ( outside)12.9 ( the)12.9 ( region)12.8 ( of)12.9 ( Jiangsu)12.9 ( and)12.9 ( the)12.9 ( new)16.1 ( )]TJ 0.037 Tc 0.071 Tw T* [(energy)12 ( )0.5 (installed)12 ( )0.5 (capacity)12 ( )0.5 (generation.)12 ( )0.5 (The)12 ( )0.5 (task)12 ( )0.5 (of)12 ( )0.6 (reducing)12 ( )0.5 (and)12 ( )0.5 (controlling)12 ( )]TJ 0.025 Tc 0.009 Tw T* (coal is getting heavier year by year, which squeezed the share of coal p\ ower. )Tj 0.041 Tc 0.07 Tw T* [(The)12.5 ( average)12.6 ( utilisation)12.6 ( hours)12.6 ( of)12.5 ( the)12.6 ( Group\222s)12.6 ( coal)12.6 ( power)12.5 ( segment)12.5 ( in)12.5 ( 2)12.5 (0)12.5 (1)12.6 (9)16 ( )]TJ 0.046 Tc T* [(was)12.4 ( 5)12.4 (,)12.3 (0)12.3 (8)12.4 (3)12.3 ( hours,)12.3 ( representing)12.3 ( a)12.3 ( decrease)12.3 ( of)12.4 ( 2)12.4 (0)12.3 (8)12.3 ( hours)12.3 ( as)12.4 ( compared)12.3 ( with)21 ( )]TJ 0.025 Tc 0 Tw T* (5,291 hours in 2018.)Tj ET endstream endobj 103 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 41 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.0055 Tm [(II. )-802.5 (BUSINESS REVIEW)]TJ 0.069 Tc 0.07 Tw 2.181 -2.462 Td [(1)44 (.)44 ( )-991.5 (Advanced)12.8 ( various)12.8 ( tasks)12.9 ( in)12.8 ( relation)12.8 ( to)12.8 ( production)12.8 ( safety)12.8 ( in)12.8 ( a)12.8 ( solid)44.1 ( )]TJ 0.025 Tc 0 Tw 2.18 -1.231 Td (manner, increased wind power generation steadily)Tj /T1_0 1 Tf 0.049 Tc 0.07 Tw 0 -2.462 TD [(Based)12.2 ( on)12.2 ( the)12.2 ( Safety)12.2 ( and)12.2 ( Environmental)12.1 ( Protection)12.2 ( No.)12.2 ( 1)12.2 ( Document,)12.2 ( the)24.1 ( )]TJ 0.059 Tc 0 -1.231 TD [(Group)12.8 ( carried)12.8 ( out)12.9 ( equipment)12.9 ( management)12.9 ( work)12.8 ( program,)12.9 ( continuously)34 ( )]TJ 0.07 Tc 0 -1.231 TD [(consolidated)12.3 ( the)12.4 ( foundation)12.4 ( for)12.4 ( safety)12.4 ( production,)12.4 ( fully)12.4 ( implemented)45 ( )]TJ 0.058 Tc 0 -1.231 TD [(the)12.6 ( annual)12.5 ( work)12.5 ( deployment,)12.5 ( and)12.5 ( advanced)12.5 ( various)12.6 ( tasks)12.5 ( in)12.5 ( relation)12.5 ( to)33 ( )]TJ 0.025 Tc 0 Tw T* (production safety in a solid manner in 2019.)Tj 0.063 Tc 0.07 Tw 0 -2.462 TD [(In)12.2 ( 2)12.2 (0)12.2 (1)12.2 (9)12.2 (,)12.2 ( the)12.2 ( Group)12.2 ( established)12.2 ( No.)12.2 (1)12.2 ( Document)12.2 ( to)12.3 ( lead)12.2 ( the)12.3 ( new)12.3 ( model)38 ( )]TJ 0.07 Tc 0 -1.231 TD [(of)12.6 ( the)12.6 ( overall)12.6 ( safety)12.6 ( and)12.6 ( environmental)12.6 ( protection)12.6 ( efforts)12.7 ( throughout)45 ( )]TJ 0.043 Tc T* [(the)12.7 ( whole)12.8 ( year,)12.8 ( as)12.7 ( well)12.7 ( as)12.8 ( broke)12.7 ( down)12.8 ( and)12.7 ( implemented)12.7 ( the)12.7 ( key)12.7 ( tasks.)12.7 ( It)18 ( )]TJ T* [(put)12.9 ( forward)12.8 ( the)12.9 ( safety)12.9 ( goal)12.9 ( of)12.9 ( \223Three)12.9 ( Years)12.9 ( and)12.8 ( Three)12.9 ( Levels\224)12.9 ( to)12.9 ( clarify)18 ( )]TJ T* [(specific)12.8 ( measures)12.8 ( to)12.8 ( strengthen)12.8 ( safety)12.8 ( production)12.8 ( management;)12.8 ( it)12.8 ( carried)18 ( )]TJ 0.027 Tc 0.081 Tw T* [(out)2 ( )0.5 (the)2 ( )0.5 (\223Year)2 ( )0.5 (of)2 ( )0.5 (Responsibility)2 ( )0.5 (Implementation\224)2 ( )0.5 (activity)2 ( )0.5 (in)2 ( )0.5 (a)2 ( )0.5 (solid)2 ( )0.5 (manner)2 ( )]TJ 0.043 Tc 0.07 Tw T* [(to)12.2 ( improve)12.1 ( the)12.1 ( safety)12.1 ( and)12.1 ( environmental)12.1 ( protection)12.1 ( responsibilities)12.2 ( at)12.1 ( all)18 ( )]TJ 0.045 Tc T* [(levels;)12.3 ( it)12.3 ( sorted)12.3 ( out)12.3 ( and)12.3 ( formed)12.3 ( a)12.3 ( list)12.3 ( of)12.3 ( the)12.3 ( Group\222s)12.3 ( headquarters)12.3 ( safety)20 ( )]TJ 0.025 Tc 0.071 Tw T* (production management system, newly edited and revised a number of core \ )Tj 0.024 Tc 0 Tw 0 -1.231 TD [(systems to improve the safety production system. Meanwhile, it strengthe\ ned)-1 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.231 TD (supervision and inspection, including carried out in-depth safety inspec\ tions )Tj 0.061 Tc 0.07 Tw T* [(for)12.6 ( provincial)12.6 ( companies,)12.6 ( conducted)12.6 ( safety)12.6 ( evaluations)12.6 ( to)12.6 ( wind)12.6 ( farms,)36 ( )]TJ 0.077 Tc T* [(p)0.5 (u)0.6 (t)13 ( )0.6 (k)0.5 (e)0.6 (y)13 ( )0.5 (i)0.6 (s)0.5 (s)0.6 (u)0.5 (e)0.6 (s)13 ( )0.6 (i)0.5 (n)13 ( )0.6 (t)0.5 (h)0.6 (e)13 ( )0.6 (g)0.5 (o)0.5 (v)0.6 (e)0.5 (r)0.6 (n)0.5 (a)0.6 (n)0.5 (c)0.6 (e)13 ( )0.6 (p)0.5 (l)0.5 (a)0.6 (n)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (u)0.5 (r)0.6 (g)0.5 (e)0.5 (d)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (i)0.5 (m)0.6 (p)0.5 (l)0.6 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.6 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)52.1 ( )]TJ 0.059 Tc T* [(of)12.7 ( rectification.)12.8 ( It)12.8 ( also)12.8 ( strengthened)12.8 ( risk)12.8 ( management)12.8 ( and)12.7 ( control,)12.7 ( and)34 ( )]TJ 0.064 Tc T* [(formulated)12.8 ( Activity)12.9 ( Program)12.9 ( for)12.9 ( Key)12.8 ( Anti-accident)12.9 ( Measures,)12.9 ( studied)39 ( )]TJ 0.024 Tc 0 Tw T* [(typical accidents to work out key anti-accident measures, which consolid\ ated)-1 ( )]TJ 0.045 Tc 0.07 Tw T* [(the)12.4 ( foundation)12.4 ( of)12.4 ( safety)12.4 ( management)12.4 ( on)12.5 ( the)12.5 ( site.)12.5 ( In)12.4 ( addition,)12.4 ( in)12.5 ( order)12.5 ( to)20 ( )]TJ T* [(realize)12.5 ( the)12.5 ( site)12.5 ( safety)12.5 ( rotation)12.4 ( training)12.5 ( for)12.5 ( new)12.5 ( energy)12.5 ( enterprises)12.5 ( and)12.4 ( to)20 ( )]TJ 0.043 Tc T* [(reinforce)12.3 ( the)12.2 ( safety)12.2 ( awareness)12.3 ( and)12.3 ( personal)12.2 ( ability)12.3 ( of)12.3 ( the)12.3 ( employees,)12.3 ( the)18.1 ( )]TJ 0.025 Tc 0 Tw T* (Group organized special safety trainings.)Tj 0.067 Tc 0.07 Tw 0 -2.462 TD [(In)12.9 ( 2)12.9 (0)12.9 (1)13 (9)12.8 (,)13 ( the)12.9 ( Group)13 ( carrie)0.5 (d)12.9 ( out)12.9 ( the)12.9 ( \223)0.5 (Year)12.9 ( o)0.5 (f)12.9 ( Equipment)13 ( Maintena)0.5 (nce\224)42 ( )]TJ 0.043 Tc 0 -1.231 TD [(activity,)12.6 ( which)12.5 ( promoted)12.5 ( the)12.6 ( improvement)12.6 ( on)12.6 ( equipment)12.5 ( management)12.5 ( by)18 ( )]TJ 0.05 Tc T* [(a)0.5 (dd)0.5 (i)0.5 (ng)13 ( )0.5 (po)0.5 (w)0.5 (er)13 ( )0.5 (ge)0.5 (n)0.5 (e)0.5 (ra)0.5 (t)0.5 (i)0.5 (on)13 ( a)0.5 (n)0.5 (d)12.9 ( )0.5 (t)0.5 (ak)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (pr)0.5 (o)0.5 (bl)0.5 (e)0.5 (ms)13 ( )0.5 (a)0.5 (s)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (g)0.5 (ui)0.5 (da)0.5 (n)0.5 (c)0.5 (e,)13 ( )0.5 (ce)0.5 (n)0.5 (tr)0.5 (a)0.5 (l)0.5 (ly)25 ( )]TJ 0.045 Tc 0 -1.231 TD [(arranged)12.8 ( the)12.8 ( technical)12.8 ( transformation)12.8 ( and)12.8 ( experimental)12.8 ( research)12.8 ( projects)20 ( )]TJ 0.093 Tc 0 -1.231 TD [(of)12.1 ( equipment)12.1 ( to)12.1 ( strengthen)12.1 ( equipment)12.1 ( defects)12.1 ( management,)12 ( which)68 ( )]TJ 0.052 Tc T* [(effectively)12.5 ( improved)12.6 ( the)12.5 ( health)12.5 ( and)12.6 ( operation)12.5 ( quality)12.6 ( of)12.5 ( the)12.6 ( equipment.)26.9 ( )]TJ 0.068 Tc T* [(The)12.3 ( Group)12.4 ( further)12.4 ( improved)12.3 ( the)12.3 ( management)12.4 ( system,)12.4 ( and)12.3 ( revised)12.4 ( the)43 ( )]TJ 0.025 Tc 0.066 Tw T* (management system for new project production preparation, commissioning \ )Tj 0.048 Tc 0.07 Tw T* [(and)12.7 ( acceptance,)12.8 ( project)12.8 ( handover)12.8 ( production,)12.8 ( unit)12.7 ( acceptance)12.7 ( inspection)23 ( )]TJ 0.05 Tc T* [(at)12.6 ( each)12.6 ( stage,)12.7 ( work)12.7 ( standards)12.6 ( and)12.7 ( the)12.7 ( quality)12.7 ( warranty)12.7 ( and)12.6 ( management)25 ( )]TJ 0.031 Tc 0.077 Tw T* [(r)0.5 (eq)0.5 (uir)0.5 (e)0.5 (me)0.5 (nt)0.5 (s)6 ( )0.5 (of)6 ( )0.5 (o)0.5 (ut)0.5 (s)0.5 (our)0.5 (c)0.5 (ed)6 ( )0.5 (p)0.5 (ro)0.5 (je)0.5 (ct)0.5 (s.)6 ( )0.6 (Th)0.5 (e)6 ( )0.5 (Gr)0.5 (ou)0.5 (p)6 ( )0.5 (pr)0.5 (om)0.5 (ot)0.5 (ed)6 ( )0.6 (the)6.1 ( )0.5 (co)0.5 (ns)0.5 (tr)0.5 (uc)0.5 (ti)0.5 (on)6 ( )]TJ 0.048 Tc 0.07 Tw T* [(of)12.6 ( smart)12.6 ( wind)12.6 ( farms)12.7 ( by)12.6 ( focusing)12.6 ( on)12.7 ( informatization,)12.6 ( conducted)12.6 ( in-depth)23 ( )]TJ ET endstream endobj 30 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 31 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 32 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 33 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 34 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 112 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 40 \226)Tj /T1_1 1 Tf 0.004 Tw 13 0 3.4833 13 83.7052 776.409 Tm [(\(V\) )-438.5 (The establishment of the power spot market and the reform of coal-fired \ )]TJ 0 Tw 2.51 -1.231 Td (power tariff will have a certain impact on industry revenue)Tj /T1_0 1 Tf 0.051 Tc 0.07 Tw 13 0 0 13 113.3858 728.409 Tm [(In)12.4 ( August)12.3 ( 2)12.4 (0)12.4 (1)12.4 (9)12.3 (,)12.4 ( the)12.4 ( NDRC)12.4 ( and)12.3 ( the)12.4 ( NEA)12.4 ( jointly)12.4 ( issued)12.4 ( the)12.4 ( Opinions)12.4 ( on)26 ( )]TJ 0.038 Tc 0 -1.231 TD [(S)0.5 (t)0.5 (r)0.5 (e)0.5 (n)0.5 (g)0.5 (t)0.5 (h)0.5 (e)0.5 (n)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (W)0.5 (o)0.5 (r)0.5 (k)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (he)13.1 ( )0.5 (T)0.5 (r)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (S)0.5 (p)0.5 (o)0.5 (t)13 ( )0.5 (M)0.5 (a)0.5 (r)0.5 (k)0.5 (e)0.5 (t)0.5 (\()]TJ /C0_0 1 Tf 0.409 Tc -0.409 Tw 24.816 0 Td [<0090>154 <15EB05F50B0902B70F65>]TJ 0.28 Tc -0.28 Tw -24.816 -1.231 Td [<02620B240BAC03390C1907140BA30F0A14C30288042A06590E080508>185.7 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 18.39 0 Td [(\))0.5 (,)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (r)0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (y)13 ( )]TJ 0.025 Tc 0.067 Tw -18.39 -1.231 Td (the role of the market in determining prices, establish and improve the \ spot )Tj 0 Tw T* (trading mechanism, guide the production and consumption of electricity w\ ith )Tj 0.036 Tc 0.072 Tw T* [(flexible)11 ( )0.5 (market)11 ( )0.5 (price)11 ( )0.5 (signals,)11 ( )0.5 (accelerate)11 ( )0.5 (to)11 ( )0.6 (release)11 ( )0.5 (the)11 ( )0.5 (plan)11 ( )0.5 (for)11 ( )0.5 (electricity)11 ( )]TJ 0.068 Tc 0.07 Tw T* [(generation)12.4 ( and)12.4 ( consumption,)12.5 ( stimulate)12.5 ( the)12.5 ( vitality)12.4 ( of)12.5 ( market)12.5 ( entities,)43 ( )]TJ 0.043 Tc 0 -1.231 TD [(improve)12.7 ( the)12.7 ( capacity)12.6 ( of)12.6 ( power)12.7 ( system)12.6 ( adjustment)12.6 ( and)12.6 ( promote)12.6 ( clean)12.6 ( and)18 ( )]TJ 0.067 Tc 0 -1.231 TD [(low-carbon)12.4 ( development)12.4 ( of)12.4 ( energy.)12.4 ( In)12.4 ( September)12.5 ( 2)12.4 (0)12.5 (1)12.4 (9)12.4 (,)12.4 ( the)12.5 ( executive)42 ( )]TJ 0.025 Tc 0.055 Tw T* (meeting of the State Council decided to improve the mechanism for on-gri\ d )Tj 0.051 Tw T* (tariff of coal-fired power generation. The benchmark on-grid tariff for \ coal-)Tj 0.053 Tc 0.07 Tw T* [(fired)12.2 ( power,)12.2 ( which)12.3 ( has)12.3 ( been)12.3 ( used)12.3 ( for)12.2 ( 1)12.2 (5)12.2 ( years,)12.2 ( will)12.2 ( be)12.2 ( cancelled.)12.2 ( From)28 ( )]TJ 0.062 Tc T* [(1)12.5 ( January)12.5 ( 2)12.5 (0)12.5 (2)12.5 (0)12.5 (,)12.4 ( the)12.5 ( coal-fired)12.5 ( power)12.5 ( tariff)12.5 ( linkage)12.5 ( mechanism)12.4 ( will)12.5 ( be)37 ( )]TJ 0.025 Tc 0.052 Tw T* (cancelled. The current benchmark on-grid tariff mechanism will be change\ d )Tj 0.043 Tw T* [(to )0.5 (a market-based )0.5 (mechanism )0.5 (of \223base )0.5 (price )0.5 (+ floating )0.5 (prices\224. The )0.5 (floating )]TJ 0.032 Tw T* (range is that the upward rate shall not exceed 10% \(but no upward rate \ shall )Tj 0.037 Tc 0.071 Tw T* [(be)12 ( )0.5 (adopted)12 ( )0.5 (in)12 ( )0.5 (2)12 (0)12 (2)12 (0)12 (\))12.1 ( )0.5 (and)12 ( )0.5 (downward)12 ( )0.5 (rate)12 ( )0.5 (shall)12 ( )0.6 (not)12 ( )0.5 (exceed)12 ( )0.5 (1)12 (5)12 (%)12 ( )0.6 (in)12 ( )0.5 (principle)12 ( )]TJ 0.025 Tc 0 Tw T* (which will have a certain impact on new energy trading tariff.)Tj /T1_1 1 Tf 0.083 Tc 0.07 Tw 13 0 3.4833 13 83.7052 424.409 Tm [(\()58 (V)58 (I)58 (\))58 ( )99.5 (P)0.5 (o)0.6 (s)0.5 (i)0.5 (t)0.6 (i)0.5 (v)0.6 (e)13 ( )0.6 (c)0.5 (h)0.6 (a)0.5 (n)0.5 (g)0.6 (e)0.5 (s)13.1 ( )0.5 (t)0.6 (o)0.5 (o)0.5 (k)13.1 ( )0.5 (p)0.5 (l)0.6 (a)0.5 (c)0.6 (e)13 ( )0.6 (i)0.5 (n)13 ( )0.6 (p)0.5 (h)0.6 (o)0.5 (t)0.5 (o)0.6 (v)0.5 (o)0.5 (l)0.6 (t)0.5 (a)0.6 (i)0.5 (c)13.1 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (j)0.6 (e)0.5 (c)0.6 (t)13 ( )0.6 (d)0.5 (e)0.6 (v)0.5 (e)0.6 (l)0.5 (o)0.5 (p)0.6 (m)0.5 (e)0.6 (n)0.5 (t)58 ( )]TJ 0.025 Tc -0.025 Tw 2.51 -1.231 Td (environment)Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw 13 0 0 13 113.3858 376.409 Tm [(A)0.5 (t)12.9 ( )0.5 (p)0.5 (r)0.5 (es)0.5 (e)0.5 (n)0.5 (t,)13 ( )0.5 (th)0.5 (e)13 ( c)0.5 (o)0.5 (s)0.5 (t)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (p)0.5 (ho)0.5 (t)0.5 (ov)0.5 (o)0.5 (lt)0.5 (a)0.5 (ic)13 ( )0.5 (d)0.5 (e)0.5 (ve)0.5 (l)0.5 (op)0.5 (m)0.5 (en)0.5 (t)13 ( h)0.5 (a)0.5 (s)13 ( f)0.5 (a)0.5 (ll)0.5 (e)0.5 (n)13 ( s)0.5 (h)0.5 (ar)0.5 (p)0.5 (l)0.5 (y.)13 ( )0.5 (Th)0.5 (e)22 ( )]TJ 0.077 Tc T* [(price)12.8 ( of)12.8 ( modules)12.7 ( has)12.7 ( fallen)12.7 ( below)12.8 ( RMB)12.8 (2)12.7 (/watt,)12.8 ( and)12.7 ( has)12.8 ( continued)12.8 ( to)51.9 ( )]TJ 0.052 Tc T* [(d)0.5 (e)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)0.5 (.)13 ( T)0.5 (h)0.5 (e)13 ( )0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.5 (a)0.5 (ll)13 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.5 (of)13 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (u)0.5 (n)0.5 (d)12.9 ( )0.5 (p)0.5 (h)0.5 (o)0.5 (t)0.5 (o)0.5 (vo)0.5 (l)0.5 (t)0.5 (a)0.5 (i)0.5 (c)13 ( )0.5 (po)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 (ts)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (s)0.5 (o)0.5 (m)0.5 (e)27 ( )]TJ 0.047 Tc T* [(areas)12 ( has)12.1 ( been)12 ( lower)12 ( than)12 ( RMB)12.1 (4)12 (/watt.)12.1 ( It)12.1 ( was)12.1 ( estimated)12 ( that)12.1 ( the)12.1 ( average)22 ( )]TJ 0.042 Tc T* [(construction)12.8 ( cost)12.8 ( of)12.8 ( photovoltaic)12.8 ( power)12.8 ( plants)12.8 ( put)12.8 ( into)12.8 ( operation)12.8 ( in)12.8 ( 2)12.7 (0)12.8 (1)12.8 (9)17 ( )]TJ 0.025 Tc 0.005 Tw T* (was only about half that of 2012. In Zhejiang, Shandong, Henan, Guangdon\ g )Tj 0.06 Tc 0.07 Tw T* [(and)12.1 ( other)12.2 ( provinces,)12.1 ( due)12.1 ( to)12.2 ( the)12.2 ( high)12.1 ( tariff)12.2 ( for)12.1 ( industry)12.2 ( and)12.2 ( commerce,)35 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.231 TD (distributed photovoltaics with an equivalent utilization time of about 1\ ,000\226)Tj 0.06 Tw 0 -1.231 TD (1,100 hours has been able to achieve parity on the consumption side. In \ the )Tj 0.026 Tc 0.082 Tw 0 -1.231 TD [(long)1 ( )0.5 (run,)1 ( )0.5 (new)1 ( )0.5 (energy)1 ( )0.5 (generation)1 ( )0.5 (will)1 ( )0.5 (be)1 ( )0.5 (a)1 ( )0.5 (trend)1 ( )0.5 (in)1 ( )0.5 (which)1 ( )0.5 (wind)1 ( )0.5 (power)1 ( )0.5 (keep)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (up with photovoltaic.)Tj ET endstream endobj 111 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 39 \226)Tj 0.044 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(the)12.2 ( rationality)12.1 ( of)12.2 ( technical)12.2 ( solutions)12.3 ( and)12.2 ( preferred)12.1 ( large)12.2 ( generating)12.2 ( units)19 ( )]TJ 0.043 Tc 0 -1.231 TD [(o)0.5 (f)13 ( )0.6 (5)13 ( )0.5 (M)0.5 (W)13.1 ( )0.5 (o)0.5 (r)13 ( )0.6 (m)0.5 (o)0.5 (r)0.5 (e)0.5 (.)13.1 ( )0.5 (T)0.5 (h)0.5 (e)13.1 ( )0.5 (s)0.5 (e)0.6 (t)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (t)0.5 (a)0.6 (r)0.5 (i)0.5 (f)0.5 (f)13.1 ( )0.5 (s)0.5 (c)0.5 (o)0.6 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (m)0.5 (e)0.5 (t)0.5 (h)0.6 (o)0.5 (d)13 ( )0.5 (h)0.5 (a)0.6 (s)13 ( )0.5 (l)0.5 (e)0.6 (d)13 ( )0.5 (t)0.5 (o)13 ( )0.6 (t)0.5 (h)0.5 (e)18 ( )]TJ 0.025 Tc 0.076 Tw T* (inability of development enterprises to raise their scores through low t\ ariff. )Tj 0.014 Tw T* [(The )0.5 (large-base )0.5 (delivery )0.5 (project )0.5 (paid )0.5 (more )0.5 (attention )0.5 (to )0.5 (the )0.5 (contribution )0.5 (to )0.5 (the )]TJ 0.049 Tw T* (local renewable energy industry\222s transformation and required compani\ es to )Tj 0.011 Tw T* (propose reasonable and operable plans and undertakings in peak shaving a\ nd )Tj 0.026 Tc 0.082 Tw T* [(co)0.5 (nsu)0.5 (mpt)0.5 (ion)1 ( )0.5 (gu)0.5 (ar)0.5 (ant)0.5 (ee)0.5 (,)1 ( )0.5 (or)1 ( )0.5 (se)0.5 (t)1 ( )0.5 (the)1.1 ( )0.5 (pro)0.5 (gra)0.5 (m)1 ( )0.5 (tha)0.5 (t)1 ( )0.5 (pro)0.5 (mot)0.5 (es)1 ( )0.5 (r)0.5 (ene)0.5 (wa)0.5 (ble)1 ( )0.5 (e)0.5 (ne)0.5 (rgy)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (equipment manufacturing and industrial progress to a high score item.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 632.3179 Tm [(\(IV\) )-28.5 (Tighter project management makes project development more difficult)]TJ /T1_0 1 Tf 13 0 0 13 113.3858 600.3179 Tm (With fierce market competition, local governments have tightened regulat\ ion )Tj 0.044 Tc 0.07 Tw 0 -1.231 TD [(over)12.4 ( wind)12.3 ( power)12.4 ( projects,)12.3 ( especially)12.4 ( after)12.4 ( the)12.4 ( 1)12.3 (9)12.4 (th)12.4 ( National)12.4 ( Congress)12.4 ( of)19 ( )]TJ 0.051 Tc T* [(th)0.5 (e)13 ( C)0.5 (omm)0.5 (un)0.5 (is)0.5 (t)12.9 ( )0.5 (Pa)0.5 (r)0.5 (ty)13 ( of)13 ( )0.5 (Ch)0.5 (in)0.5 (a,)13 ( a)0.5 (nd)13 ( t)0.5 (he)13 ( l)0.5 (aw)13 ( )0.5 (en)0.5 (fo)0.5 (rc)0.5 (em)0.5 (en)0.5 (t)12.9 ( )0.5 (st)0.5 (an)0.5 (da)0.5 (r)0.5 (ds)13 ( h)0.5 (av)0.5 (e)26 ( )]TJ 0.044 Tc T* [(become)12.8 ( stricter.)12.7 ( Local)12.8 ( governments)12.8 ( imposed)12.7 ( more)12.7 ( rigorous)12.7 ( requirements)19 ( )]TJ 0.036 Tc 0.072 Tw T* [(for)11 ( )0.5 (approving)11 ( )0.5 (the)11 ( )0.5 (planning,)11 ( )0.5 (environmental)11 ( )0.5 (impact)11 ( )0.5 (assessment,)11 ( )0.5 (land,)11 ( )0.5 (forest)11 ( )]TJ 0.028 Tc 0.08 Tw T* [(land)3 ( )0.5 (and)3 ( )0.5 (grid)3 ( )0.5 (con)0.5 (ne)0.5 (ction,)3 ( )0.5 (setting)3 ( )0.5 (stricte)0.5 (r)3 ( )0.5 (conditions)3 ( )0.5 (for)3 ( )0.5 (the)3 ( )0.5 (implementa)0.5 (tion)3 ( )]TJ 0.029 Tc 0.079 Tw T* [(of)4 ( )0.5 (project)4 ( )0.5 (development,)4.1 ( )0.5 (the)4 ( )0.5 (project)4 ( )0.5 (landing)4.1 ( is)4 ( )0.5 (getting)4 ( )0.5 (harder.)4 ( )0.5 (The)4 ( )0.5 (situation)4 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 TD [(of)12.6 ( environmental)12.6 ( protection)12.5 ( supervision)12.6 ( across)12.6 ( the)12.5 ( country)12.6 ( is)12.5 ( becoming)27.1 ( )]TJ 0.069 Tc 0 -1.231 TD [(stricter)0.5 (.)12.9 ( During)12.9 ( the)12.9 ( pe)0.5 (riod)12.9 ( of)12.9 ( the)12.9 ( Nationa)0.5 (l)12.9 ( People\222s)12.9 ( Cong)0.5 (ress)12.9 ( and)12.9 ( the)44 ( )]TJ 0.034 Tc 0.074 Tw T* [(Chinese)9.1 ( )0.5 (People\222s)9 ( )0.5 (Political)9.1 ( )0.5 (Consultative)9 ( )0.5 (Conference,)9 ( )0.5 (the)9 ( )0.5 (General)9 ( )0.5 (Secretary)9 ( )]TJ 0.053 Tc 0.07 Tw T* [(of)12.1 ( the)12.1 ( Communist)12.1 ( Party)12.1 ( of)12.1 ( China)12.1 ( Mr.)12.1 ( Xi)12.1 ( Jinping)12.1 ( instructed)12.1 ( to)12.1 ( maintain)28 ( )]TJ 0.031 Tc 0.077 Tw T* [(the)6 ( )0.5 (determination)6 ( )0.5 (to)6 ( )0.5 (strengthen)6 ( )0.5 (the)6.1 ( )0.5 (construction)6 ( )0.5 (of)6 ( )0.5 (ecological)6 ( )0.5 (environment)6.1 ( )]TJ 0.024 Tc 0 Tw T* [(protection, and must not break through the ecological red line and sacri\ ficing)-1 ( )]TJ 0.025 Tc 0.03 Tw T* (the environment for economic growth. In March 2019, the National Forestr\ y )Tj 0.028 Tc 0.08 Tw T* [(and)3 ( )0.5 (Grassland)3 ( )0.5 (Administration)3 ( enacted)3 ( )0.5 (the)3 ( )0.5 (Notice)3 ( )0.5 (on)3 ( )0.5 (Regulating)3.1 ( )0.5 (the)3 ( )0.5 (Use)3 ( )0.5 (of)3.1 ( )]TJ 0.025 Tc 0.048 Tw T* (Forest Lands for Construction of Wind Farm Projects \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 23.332 0 Td [<0090>200 <15EB05F50B9D11CD082C0F650C19>]TJ 0.288 Tc -0.288 Tw -23.332 -1.231 Td [<0DB0036607140BA30534035C060D03AE06590BB7065D>184.4 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 14.633 0 Td [(\))0.5 (,)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (p)0.5 (o)0.5 (s)0.5 (e)0.5 (s)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (m)0.5 (o)0.5 (s)0.5 (t)13 ( )]TJ 0.037 Tc 0.071 Tw -14.633 -1.231 Td [(stringent)12 ( )0.5 (ecological)12 ( )0.5 (protection)12 ( )0.5 (system,)12 ( )0.5 (regulate)12.1 ( )0.5 (the)12 ( )0.5 (use)12 ( )0.5 (of)12 ( )0.5 (forest)12 ( )0.5 (lands)12 ( )0.5 (for)12 ( )]TJ 0.041 Tc 0.07 Tw T* [(construction)12.7 ( of)12.7 ( wind)12.7 ( farm)12.6 ( in)12.6 ( accordance)12.6 ( with)12.6 ( the)12.7 ( law)12.6 ( and)12.6 ( strictly)12.7 ( protect)16 ( )]TJ 0.023 Tc 0 Tw T* [(forest lands with important ecological functions that are located in eco\ logical)-2 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.231 TD [(fragile)12.5 ( and)12.5 ( sensitive)12.5 ( areas.)12.6 ( Natural)12.6 ( heritage)12.5 ( sites,)12.6 ( national)12.6 ( parks,)12.6 ( nature)25 ( )]TJ 0.045 Tc 0 -1.231 TD [(reserves,)12.2 ( forest)12.2 ( parks,)12.2 ( wetland)12.2 ( parks,)12.1 ( geological)12.2 ( parks,)12.1 ( scenic)12.2 ( spots,)12.2 ( and)20 ( )]TJ 0.032 Tc 0.076 Tw T* [(other)7 ( )0.5 (areas)7 ( )0.5 (such)7 ( )0.5 (as)7 ( )0.5 (main)7 ( )0.5 (migration)7 ( )0.5 (accesses)7 ( )0.6 (and)7 ( )0.5 (migrating)7 ( )0.5 (areas)7 ( )0.5 (for)7 ( )0.5 (birds,)7 ( )]TJ 0.041 Tc 0.07 Tw T* [(as)12.2 ( well)12.2 ( as)12.2 ( coastal)12.2 ( trunk)12.2 ( shelterbelt)12.2 ( and)12.2 ( wave)12.2 ( shelterbelt,)12.2 ( are)12.2 ( construction)16 ( )]TJ 0.025 Tc 0 Tw T* (forbidden areas for wind farm projects.)Tj ET endstream endobj 110 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 38 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 776.409 Tm [(\(II\) )-361.5 (Several favorable policies support grid parity of wind power)]TJ /T1_0 1 Tf 0.045 Tc 0.07 Tw 13 0 0 13 113.3858 748.409 Tm [(The)12.1 ( state)12.1 ( has)12.1 ( successively)12.2 ( issued)12.2 ( a)12.2 ( number)12.1 ( of)12.1 ( favorable)12.1 ( policies)12.2 ( such)12.2 ( as)20 ( )]TJ 0.04 Tc 0 -1.077 TD [(the)12.3 ( Notice)12.3 ( on)12.2 ( Regulating)12.2 ( the)12.3 ( Management)12.3 ( for)12.2 ( Planning)12.3 ( Prioritised)12.2 ( Power)15.1 ( )]TJ 0.038 Tc 0 -1.077 TD [(G)0.5 (e)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (P)0.5 (u)0.5 (r)0.5 (c)0.5 (h)0.5 (a)0.5 (s)0.5 (e)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.371 Tc -0.371 Tw 11.302 0 Td [<0090>163.2 <15EB05F50B9D11CD13B4038B0CEF0F6513B4038B14850F6508070F8C104D>]TJ 0.356 Tc -0.356 Tw -11.302 -1.077 Td [<0B2306590BB7065D>167.2 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 5.907 0 Td [(\))0.5 (,)13 ( )0.5 (C)0.5 (a)0.5 (t)0.5 (a)0.5 (l)0.5 (o)0.5 (g)0.5 (u)0.5 (e)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.5 (I)0.5 (n)0.5 (d)0.5 (u)0.5 (s)0.5 (t)0.5 (r)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (R)0.5 (e)0.5 (s)0.5 (t)0.5 (r)0.5 (u)0.5 (c)0.5 (t)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)0.5 (\()]TJ /C0_0 1 Tf 0.356 Tc -0.356 Tw 17.831 0 Td [<0090>167.2 <0B2A0E380D100FF4121C12C6>]TJ 0.245 Tc -0.245 Tw -23.738 -1.077 Td [<0366>-155.9 <137D0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 3.296 0 Td [(\))0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (N)0.5 (o)0.5 (t)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (I)0.5 (m)0.5 (p)0.5 (r)0.5 (o)0.5 (v)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (T)0.5 (r)0.5 (a)0.5 (d)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (M)0.5 (e)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (i)0.5 (s)0.5 (m)13 ( )0.5 (R)0.5 (e)0.5 (l)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )]TJ 0.056 Tc -3.296 -1.077 Td [(to)12.6 ( Wind)12.6 ( Power)12.5 ( Heating)12.6 ( and)12.5 ( Expanding)12.6 ( the)12.6 ( Application)12.6 ( of)12.5 ( Wind)12.5 ( Power)31 ( )]TJ 0.038 Tc 0 -1.077 TD [(H)0.5 (e)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.279 Tc -0.279 Tw 3.756 0 Td [<0090>186.5 <15EB05F504810D1B082C0F6505360E3207B415EB0F650262037405F812DA055314D2027D082C0F6505360E32>]TJ 0.394 Tc -0.394 Tw -3.756 -1.077 Td <13D0035C0659>Tj /T1_0 1 Tf 0 Tc 0 Tw 3.813 0 Td ( )Tj /C0_0 1 Tf 0.236 Tc -0.236 Tw 0.569 0 Td [<0BB7>-157.9 <065D0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 3.28 0 Td [(\))0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (N)0.5 (o)0.5 (t)0.5 (i)0.5 (c)0.5 (e)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (F)0.5 (u)0.5 (l)0.5 (l)13 ( )0.5 (L)0.5 (i)0.5 (b)0.5 (e)0.5 (r)0.5 (a)0.5 (l)0.5 (i)0.5 (z)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (G)0.5 (e)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )]TJ -7.661 -1.077 Td [(a)0.5 (n)0.5 (d)13 ( )0.5 (U)0.5 (t)0.5 (i)0.5 (l)0.5 (i)0.5 (z)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (P)0.5 (l)0.5 (a)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (O)0.5 (p)0.5 (e)0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (E)0.5 (l)0.5 (e)0.5 (c)0.5 (t)0.5 (r)0.5 (i)0.5 (c)0.5 (i)0.5 (t)0.5 (y)13 ( )0.5 (U)0.5 (s)0.5 (e)0.5 (r)0.5 (s)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.29 Tc -0.29 Tw 22.86 0 Td [<0090>183.6 <15EB05F5038C082605F30D9A0EBE>]TJ 0.33 Tc -0.33 Tw -22.86 -1.077 Td [<140405CC0F650262035C02D20CEF035C0F6508070F8C06590BB7065D>173.3 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 19.101 0 Td [(\))13 ( )0.5 (a)0.5 (i)0.5 (m)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (a)0.5 (t)13 ( )0.5 (s)0.5 (u)0.5 (p)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (th)0.6 (e)13 ( )0.5 (g)0.5 (r)0.5 (i)0.5 (d)12.9 ( )]TJ 0.039 Tc -19.101 -1.077 Td [(p)0.5 (a)0.6 (r)0.5 (i)0.5 (t)0.5 (y)13 ( )0.6 (a)0.5 (n)0.5 (d)13 ( )0.6 (l)0.5 (o)0.5 (w)0.5 (-)0.6 (p)0.5 (r)0.5 (i)0.5 (c)0.6 (e)13 ( )0.5 (g)0.6 (r)0.5 (i)0.5 (d)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.5 (w)0.6 (i)0.5 (n)0.5 (d)13.1 ( )0.5 (p)0.5 (o)0.5 (w)0.6 (e)0.5 (r)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (p)0.6 (h)0.5 (o)0.5 (t)0.5 (o)0.5 (v)0.6 (o)0.5 (l)0.5 (t)0.5 (a)0.6 (i)0.5 (c)13 ( )0.5 (p)0.5 (o)0.6 (w)0.5 (e)0.6 (r)13 ( )0.5 (t)0.5 (h)0.5 (r)0.6 (o)0.5 (u)0.5 (g)0.5 (h)14 ( )]TJ 0.025 Tc 0.034 Tw T* (multiple channels and from multiple aspects, such as reducing non-techni\ cal )Tj 0.083 Tw 0 -1.077 TD [(costs, )0.5 (ensuring )0.5 (consumption, )0.5 (giving )0.5 (priority )0.5 (to )0.5 (power generation, )0.5 (acquiring )]TJ 0.028 Tc 0.08 Tw 0 -1.077 TD [(at)3 ( )0.6 (full)3 ( )0.5 (payment,)3 ( )0.5 (launching)3 ( )0.5 (trading)3 ( )0.5 (of)3 ( )0.5 (renewable)3.1 ( )0.5 (energy)3 ( )0.5 (certificates,)3 ( )0.5 (cutting)3 ( )]TJ 0.049 Tc 0.07 Tw T* [(electricity)12.1 ( transmission)12.1 ( and)12.1 ( distribution)12 ( tariffs,)12.1 ( promoting)12 ( market-based)24 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.077 TD [(trading,)10 ( )0.5 (and)10 ( )0.5 (giving)10 ( )0.5 (financial)10 ( )0.5 (support.)10 ( )0.5 (The)10 ( )0.5 (government)9.9 ( )0.5 (work)10 ( )0.5 (reports)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.077 TD [(two)8 ( )0.5 (sessions)8 ( )0.5 (also)8 ( )0.5 (proposed)8 ( )0.5 (that)8 ( )0.5 (measures)8 ( )0.5 (such)8 ( )0.5 (as)8 ( )0.5 (restructuring,)8 ( )0.5 (promoting)8 ( )]TJ 0.025 Tc 0.07 Tw T* (consumption, reducing taxes and reducing costs which also provided polic\ y )Tj 0.042 Tw 0 -1.077 TD (support for grid parity. In May 2019, the NDRC and the NEA jointly issue\ d )Tj 0.055 Tc 0.07 Tw 0 -1.077 TD [(the)12.8 ( Notice)12.8 ( on)12.8 ( Establishing)12.8 ( and)12.8 ( Improving)12.7 ( the)12.8 ( Guarantee)12.8 ( Mechanism)12.8 ( of)30 ( )]TJ 0.038 Tc T* [(R)0.5 (e)0.5 (n)0.5 (e)0.5 (w)0.5 (a)0.5 (b)0.5 (l)0.5 (e)13 ( )0.5 (E)0.5 (n)0.5 (e)0.5 (r)0.5 (g)0.5 (y)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (C)0.6 (on)0.5 (s)0.5 (u)0.5 (m)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.406 Tc -0.406 Tw 17.801 0 Td [<0090>154.6 <15EB05F50714036D0A04038C0319038E035B0990>]TJ 0.303 Tc -0.303 Tw -17.801 -1.077 Td [<0E550F650262090A097606AD10E612DA055306590BB7065D>180.5 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 16.106 0 Td [(\))0.5 (,)13 ( )0.5 (s)0.5 (e)0.5 (t)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (u)0.5 (p)13 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (p)0.5 (o)0.5 (n)0.5 (s)0.5 (i)0.5 (bi)0.6 (l)0.5 (it)0.5 (y)13 ( )0.5 (w)0.5 (e)0.5 (i)0.6 (gh)0.5 (t)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )]TJ 0.025 Tc 0.048 Tw -16.106 -1.077 Td [(renewable )0.5 (energy )0.5 (power )0.5 (consumption )0.5 (for )0.5 (power )0.5 (consumption )0.5 (in )0.5 (accordance )]TJ 0.032 Tw T* (with provincial-level administrative regions, and establishing and impro\ ving )Tj 0.053 Tc 0.07 Tw T* [(the)12.5 ( guarantee)12.4 ( mechanism)12.4 ( of)12.4 ( renewable)12.5 ( energy)12.5 ( power)12.4 ( consumption.)12.4 ( The)28 ( )]TJ 0.071 Tc 0 -1.077 TD [(aim)12.2 ( was)12.2 ( to)12.1 ( promote)12.2 ( the)12.2 ( priority)12.2 ( consumption)12.2 ( of)12.2 ( renewable)12.2 ( energy)12.1 ( in)46 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.077 TD (provincial-level administrative regions and at the same time to promote \ the )Tj 0.04 Tc 0.07 Tw T* [(responsible)12.8 ( market)12.8 ( participants)12.7 ( of)12.8 ( various)12.8 ( types)12.7 ( to)12.8 ( take)12.7 ( the)12.7 ( responsibility)15 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.077 TD (for the consumption of renewable energy, to form a long-term development\ )Tj 0.07 Tc 0.07 Tw 0 -1.077 TD [(mechanism)12.8 ( led)12.9 ( by)12.9 ( renewable)12.8 ( energy)12.8 ( consumption)12.8 ( and)12.8 ( to)12.8 ( promote)12.8 ( the)45 ( )]TJ 0.04 Tc T* [(construction)12.9 ( of)12.8 ( cleanliness,)12.9 ( low-carbon,)12.9 ( safe)12.9 ( and)12.8 ( efficient)12.8 ( energy)12.8 ( system.)15 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.077 TD [(The)12.1 ( introduction)12 ( )0.5 (of)12 ( )0.5 (the)12.1 ( consumption)12 ( )0.5 (guarantee)12 ( )0.5 (mechanism)12 ( )0.5 (will)12 ( )0.5 (accelerate)12 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.077 TD (the increase in the proportion of renewable energy consumption, which wi\ ll )Tj 0 Tw T* (provide a great advantage for wind power and photovoltaics.)Tj /T1_1 1 Tf 13 0 3.4833 13 83.7052 258.409 Tm [(\(III\) )52.5 (Competitive allocation changes the way of obtaining resources)]TJ /T1_0 1 Tf 0.049 Tc 0.07 Tw 13 0 0 13 113.3858 230.409 Tm [(Since)12.3 ( the)12.3 ( decentralization)12.3 ( of)12.3 ( wind)12.3 ( power)12.3 ( approval)12.3 ( authority,)12.3 ( on)12.3 ( the)12.3 ( one)24 ( )]TJ 0.029 Tc 0.079 Tw T* [(hand,)4 ( )0.5 (the)4 ( )0.5 (project)4 ( )0.5 (approval)4 ( )0.5 (procedures)4.1 ( )0.5 (have)4 ( )0.5 (been)4 ( )0.5 (simplified)4 ( )0.5 (and)4.1 ( the)4 ( )0.5 (project)4 ( )]TJ 0.023 Tc 0 Tw 0 -1.077 TD [(process has been accelerated; on the other hand, the increase in the dis\ cretion)-2 ( )]TJ 0.067 Tc 0.07 Tw 0 -1.077 TD [(of)12.5 ( local)12.5 ( governments)12.5 ( has)12.5 ( led)12.5 ( to)12.5 ( more)12.5 ( diversified)12.5 ( resource)12.5 ( acquisition)42 ( )]TJ 0.049 Tc T* [(methods.)12.7 ( In)12.7 ( accordance)12.8 ( with)12.8 ( the)12.7 ( requirements)12.8 ( for)12.7 ( the)12.8 ( construction)12.8 ( work)24 ( )]TJ 0.056 Tc 0.069 Tw 0 -1.077 TD [(p)0.6 (l)0.5 (a)0.6 (n)13 ( f)0.6 (o)0.6 (r)13 ( w)0.5 (i)0.6 (n)0.5 (d)13.1 ( p)0.6 (o)0.5 (w)0.6 (e)0.5 (r)13.1 ( p)0.6 (r)0.5 (o)0.6 (j)0.5 (e)0.6 (c)0.5 (t)0.6 (s)13 ( i)0.5 (n)13.1 ( 2)13.1 (0)13 (1)13.1 (9)13 (,)13.1 ( t)0.6 (h)0.5 (e)13.1 ( p)0.6 (r)0.5 (o)0.6 (v)0.5 (i)0.5 (n)0.6 (c)0.5 (i)0.6 (a)0.6 (l)13 ( e)0.5 (n)0.6 (e)0.5 (r)0.6 (g)0.5 (y)13.1 ( a)0.6 (u)0.5 (t)0.6 (h)0.5 (o)0.6 (r)0.5 (i)0.6 (t)0.5 (i)0.6 (e)0.5 (s)31 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.077 TD [(independently)12.5 ( formulated)12.5 ( work)12.5 ( plans)12.6 ( for)12.5 ( competitive)12.5 ( allocation)12.6 ( in)12.6 ( each)27.1 ( )]TJ 0.072 Tc T* [(province.)12.5 ( Comparing)12.4 ( the)12.5 ( competitive)12.5 ( allocation)12.5 ( methods)12.5 ( of)12.5 ( different)47 ( )]TJ 0.025 Tc 0.067 Tw T* (provinces, it can be seen that for competitive allocation, the comprehen\ sive )Tj 0.013 Tw 0 -1.077 TD (strength of the enterprise was more important and it had higher requirem\ ents )Tj 0.097 Tc 0.07 Tw 0 -1.077 TD [(on)12.9 ( the)12.9 ( debt)12.9 ( capacity,)12.9 ( capital)12.9 ( flow)13 ( a)0.5 (nd)12.9 ( )0.5 (new)13 ( energy)12.8 ( grid-connected)72 ( )]TJ 0.044 Tc T* [(performance)12.2 ( of)12.1 ( bidding)12.1 ( enterprises.)12.1 ( In)12.2 ( addition)12.1 ( to)12.1 ( the)12.2 ( rigid)12.2 ( requirements)19 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.115 TD [(that)6 ( )0.5 (the)6 ( )0.5 (proportion)6 ( )0.5 (of)6.1 ( the)6.1 ( )0.5 (tariff)6.1 ( )0.5 (portion)6 ( )0.5 (accounts)6 ( )0.5 (for)6 ( )0.5 (at)6 ( )0.5 (least)6.1 ( )0.5 (4)6 (0)5.9 (%,)6 ( )0.5 (offshor)]TJ 0.025 Tc -0.025 Tw (e )Tj 0.048 Tc 0.07 Tw 0 -1.231 TD [(wind)12.7 ( power)12.7 ( projects)12.7 ( paid)12.7 ( more)12.8 ( attention)12.7 ( to)12.7 ( the)12.8 ( advanced)12.8 ( equipment)12.7 ( and)]TJ 0 Tc 0 Tw 32.732 0 Td ( )Tj ET endstream endobj 109 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 37 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.0055 Tm (Policy Environment)Tj 0.053 Tc 0.07 Tw 13 0 3.4833 13 83.7052 744.0055 Tm [(\()28 (I)28 (\))28 ( )-677.5 (Policy)12.1 ( environment)12 ( accelerates)12 ( the)12.1 ( advent)12.1 ( of)12.1 ( the)12.1 ( era)12.1 ( of)12.1 ( full)12 ( bidding)28 ( )]TJ 0.025 Tc 0 Tw 2.51 -1.231 Td (parity for wind power)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw 13 0 0 13 113.3858 696.0055 Tm [(In)12.8 ( May)12.8 ( 2)12.8 (0)12.7 (1)12.8 (8)12.8 (,)12.8 ( the)12.8 ( National)12.7 ( Energy)12.8 ( Administration)12.8 ( \(the)12.8 ( \223)]TJ /T1_1 1 Tf -0.063 Tw (NEA)Tj /T1_0 1 Tf 0.07 Tw [(\224\))12.8 ( issued)38 ( )]TJ 0 -1.231 TD [(the)12.6 ( Circular)12.5 ( on)12.6 ( the)12.5 ( 2)12.5 (0)12.6 (1)12.6 (8)12.5 ( Administrative)12.6 ( Requirements)12.6 ( of)12.6 ( Wind)12.5 ( Power)38 ( )]TJ 0.038 Tc T* [(D)0.5 (e)0.5 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (\()0.5 (N)0.5 (o)0.5 (.)13 (4)13 (7)13 (\))13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.051 Tc -0.051 Tw 9.836 0 Td [<009015EB>-195.1 <05F5>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.447 0 Td (2018)Tj /C0_0 1 Tf 0.246 Tc -0.246 Tw 2.225 0 Td <03CB0713082C0F6507140BA3104D0B2303DE15EB080504CB06590BB7>Tj 0.151 Tc -0.151 Tw -15.509 -1.231 Td <065D0091>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 1.801 0 Td (\(47)Tj /C0_0 1 Tf 0.326 Tc -0.326 Tw 1.533 0 Td <0EEE02D6>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 2.476 0 Td [(\))0.5 (\))13 ( )0.5 (,)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (e)0.5 (n)0.5 (d)0.5 (e)0.5 (d)13 ( )0.5 (n)0.5 (i)0.5 (n)0.5 (e)0.5 (-)0.5 (y)0.5 (e)0.5 (a)0.5 (r)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (n)0.5 (c)0.5 (h)0.5 (m)0.5 (a)0.5 (r)0.5 (k)13 ( )]TJ 0.025 Tc 0.027 Tw -5.81 -1.231 Td (tariff of electricity and ushered in the era of wind power bidding. In J\ anuary )Tj 0.043 Tc 0.07 Tw T* [(2)12.2 (0)12.1 (1)12.2 (9)12.1 (,)12.2 ( the)12.2 ( National)12.1 ( Development)12.1 ( and)12.2 ( Reform)12.1 ( Commission)12.1 ( \(the)12.1 ( \223)]TJ /T1_1 1 Tf -0.043 Tw (NDRC)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw [(\224)-18.3 (\) )]TJ 0.079 Tc 0.07 Tw T* [(and)12.6 ( the)12.6 ( NEA)12.6 ( jointly)12.6 ( issued)12.6 ( the)12.6 ( Notice)12.7 ( on)12.6 ( Actively)12.7 ( Promoting)12.6 ( Work)54 ( )]TJ 0.057 Tc 0 -1.231 TD [(Concerning)12.2 ( Subsidy-free)12.3 ( Grid-Parity)12.2 ( for)12.2 ( Wind)12.2 ( Power)12.2 ( and)12.2 ( Photovoltaic)32.1 ( )]TJ 0.038 Tc 0 -1.231 TD [(P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)13 ( )0.5 (\()0.5 (N)0.5 (o)0.5 (.)13 (1)13 (9)13 (\))13 ( )]TJ /C0_0 1 Tf 0.355 Tc -0.355 Tw 10.162 0 Td [<0080>830 <0090>167.1 <15EB05F513100E3D0AAA0D86082C0F65>330 <0065>167 <0388037F0CEF0F650CCC0EFE0D68>]TJ 0.334 Tc -0.334 Tw -10.162 -1.231 Td [<033B1106026A106303DE15EB0288042A06590BB7065D>172.6 <0091>809 <0080>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 16.053 0 Td (19)Tj /C0_0 1 Tf -0.475 Tc 0.475 Tw 1.175 0 Td [<0EEE>-809.1 <02D6>-636.4 <00810081>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 3.671 0 Td [(,)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (e)0.5 (l)0.5 (e)0.5 (r)0.5 (a)0.6 (te)0.6 (d)13 ( )]TJ 0.036 Tc 0.072 Tw -20.898 -1.231 Td [(the)11 ( )0.5 (transition)11 ( )0.5 (of)11 ( )0.5 (realizing)10.9 ( )0.6 (the)11 ( )0.5 (grid)11 ( )0.5 (parity)11 ( )0.5 (for)11 ( )0.5 (wind)11 ( )0.5 (power)11 ( )0.5 (and)11 ( )0.5 (photovoltaic)11 ( )]TJ 0.04 Tc 0.07 Tw T* [(power)12.3 ( projects.)12.2 ( Subsequently,)12.2 ( a)12.2 ( number)12.2 ( of)12.1 ( policies)12.2 ( related)12.1 ( to)12.2 ( grid)12.2 ( parity,)15 ( )]TJ 0.063 Tc T* [(competitive)12.4 ( allocation)12.3 ( of)12.4 ( wind)12.4 ( power)12.3 ( and)12.4 ( the)12.4 ( improvement)12.4 ( of)12.4 ( on-grid)38 ( )]TJ 0.042 Tc T* [(tariffs)12.4 ( were)12.5 ( successively)12.4 ( introduced)12.4 ( to)12.4 ( further)12.4 ( standardize)12.5 ( the)12.5 ( grid)12.4 ( parity)17 ( )]TJ 0.039 Tc T* [(and)12.2 ( competitive)12.2 ( allocation.)12.2 ( In)12.2 ( May)12.2 ( 2)12.2 (0)12.2 (1)12.2 (9)12.2 (,)12.2 ( the)12.2 ( NDRC)12.2 ( issued)12.2 ( the)12.2 ( Notice)12.2 ( on)14 ( )]TJ 0.025 Tc 0.008 Tw T* (Improving Wind Power On-grid Tariff Policy \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 19.657 0 Td [<0090>200 <15EB05F504810D1B082C0F65026A10630F651106>]TJ 0.227 Tc -0.227 Tw -19.657 -1.231 Td [<07410D0406590BB7065D>199.1 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 6.587 0 Td [(\))0.5 (,)13 ( )0.5 (a)0.5 (d)0.5 (j)0.5 (u)0.5 (s)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (a)0.5 (r)0.5 (i)0.5 (f)0.5 (f)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (w)0.5 (i)0.5 (n)0.5 (d)13 ( )0.5 (p)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)0.5 (s)13 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)13 ( )0.5 (b)0.5 (e)0.5 (n)0.5 (c)0.5 (h)0.5 (m)0.5 (a)0.5 (r)0.5 (k)13 ( )]TJ 0.053 Tc -6.587 -1.231 Td [(on-grid)12.3 ( tariffs)12.2 ( to)12.3 ( guidance)12.3 ( prices.)12.3 ( The)12.3 ( on-grid)12.3 ( tariff)12.3 ( of)12.3 ( newly)12.3 ( approved)28 ( )]TJ 0.025 Tc 0.076 Tw T* (concentrated onshore and offshore wind power projects determined through\ )Tj 0.031 Tw T* (bidding process shall not be higher than the guidance prices for the res\ ource )Tj 0.026 Tc 0.082 Tw 0 -1.231 TD [(zones)1 ( )0.6 (where)1 ( )0.5 (the)1 ( )0.5 (projects)1 ( )0.5 (locate,)1 ( )0.5 (meanwhile)1 ( )0.5 (it)1.1 ( )0.5 (stipulated)1 ( )0.5 (the)1 ( )0.6 (conditions)1 ( )0.5 (that)1 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 TD [(the)12.9 ( pr)0.5 (ojects)12.9 ( obtai)0.5 (ned)12.9 ( approva)0.5 (l)12.9 ( will)12.9 ( no)12.9 ( long)0.5 (er)12.9 ( enjoy)12.9 ( the)13 ( state)12.9 ( s)0.5 (ubsidies.)12.9 ( In)14 ( )]TJ 0.047 Tc T* [(the)12.6 ( same)12.5 ( month,)12.5 ( the)12.5 ( NEA)12.5 ( issued)12.5 ( the)12.5 ( Notice)12.5 ( on)12.5 ( the)12.5 ( Issues)12.5 ( Related)12.5 ( to)12.6 ( the)22 ( )]TJ 0.061 Tc T* [(Development)12.2 ( of)12.2 ( Wind)12.1 ( Power)12.2 ( and)12.2 ( Photovoltaic)12.2 ( Power)12.1 ( Projects)12.2 ( in)12.2 ( 2)12.1 (0)12.2 (1)12.2 (9)36 ( )]TJ 0 Tc 0 Tw T* (\()Tj /C0_0 1 Tf 0.232 Tc -0.232 Tw -0.017 0 Td [<009015EB>-158.9 <05F5>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.773 0 Td (2019)Tj /C0_0 1 Tf 0.391 Tc -0.391 Tw 2.225 0 Td [<03CB082C0F65>366 <0065>158.7 <0388037F0CEF0F650DB0036607140BA303DE15EB052B0DB006590BB7065D>158.7 <0091>]TJ /T1_0 1 Tf 0.025 Tc -0.025 Tw 26.393 0 Td (\) )Tj 0.044 Tc 0.07 Tw -32.374 -1.231 Td [(and)12.5 ( the)12.5 ( Work)12.5 ( Plan)12.5 ( for)12.5 ( the)12.5 ( Development)12.5 ( of)12.6 ( Wind)12.5 ( Power)12.5 ( Projects)12.5 ( in)12.5 ( 2)12.5 (0)12.5 (1)12.5 (9)19 ( )]TJ 0 Tc 0 Tw T* (\()Tj /C0_0 1 Tf -0.017 0 Td <0090>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 1.025 0 Td (2019)Tj /C0_0 1 Tf 0.282 Tc -0.282 Tw 2.225 0 Td [<03CB082C0F650DB0036607140BA30288042A02D908E9>186.1 <0091>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 14.564 0 Td [(\))0.5 (,)13 ( )0.5 (a)0.5 (i)0.5 (m)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (f)0.5 (u)0.5 (r)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( )0.5 (r)0.5 (e)0.5 (g)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (w)0.5 (o)0.5 (r)0.5 (k)13 ( )]TJ 0.048 Tc -17.797 -1.231 Td [(requirements)12.2 ( and)12.2 ( management)12.1 ( mechanisms)12.2 ( for)12.2 ( the)12.2 ( development)12.2 ( of)12.2 ( wind)23 ( )]TJ 0.025 Tc 0.076 Tw T* [(power )0.6 (projects, )0.5 (give )0.5 (full )0.6 (play )0.5 (to )0.6 (the )0.5 (decisive )0.6 (role )0.5 (of )0.6 (the )0.5 (market )0.6 (in )0.5 (resource )]TJ 0.032 Tc T* [(allocation,)7 ( )0.5 (guide)7 ( )0.6 (and)7 ( )0.5 (encourage)7 ( )0.5 (the)7 ( )0.5 (competition)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (wind)7 ( )0.5 (power)7 ( )0.5 (market)7 ( )]TJ 0.025 Tc 0.015 Tw T* (and promote high-quality development of the industry by actively promoti\ ng )Tj 0.04 Tc 0.07 Tw T* [(the)12.5 ( construction)12.5 ( of)12.5 ( grid)12.5 ( parity)12.5 ( projects,)12.5 ( strictly)12.5 ( standardizing)12.5 ( competitive)15 ( )]TJ 0.044 Tc T* [(allocation)12.7 ( process)12.8 ( of)12.8 ( subsidized)12.8 ( projects,)12.8 ( comprehensively)12.7 ( implementing)19 ( )]TJ 0.065 Tc T* [(the)12.3 ( capacities)12.3 ( of)12.3 ( power)12.2 ( transmission)12.2 ( and)12.2 ( consumption)12.2 ( and)12.3 ( optimizing)40 ( )]TJ 0.042 Tc T* [(i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (i)0.5 (n)0.5 (e)0.5 (s)0.5 (s)13 ( )0.5 (e)0.5 (n)0.6 (vi)0.5 (r)0.5 (o)0.5 (n)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (.)13 ( )0.5 (T)0.5 (h)0.5 (e)13 ( )0.6 (c)0.5 (u)0.5 (r)0.5 (t)0.5 (a)0.5 (i)0.5 (l)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.5 (s)0.5 (u)0.5 (r)0.5 (e)13 ( )0.5 (w)0.5 (e)0.5 (i)0.5 (g)0.5 (h)0.5 (i)0.5 (n)0.5 (g)17 ( )]TJ 0.046 Tc 0 -1.231 TD [(o)0.5 (n)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (w)0.5 (i)0.5 (n)0.5 (d)13 ( )0.5 (p)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (ma)0.5 (r)0.5 (k)0.5 (e)0.5 (t)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (C)0.5 (h)0.5 (in)0.5 (a)13 ( )0.5 (h)0.5 (a)0.5 (s)13 ( )0.5 (b)0.5 (e)0.5 (e)0.5 (n)13 ( )0.5 (e)0.5 (a)0.5 (s)0.5 (e)0.5 (d)13 ( )0.5 (s)0.5 (om)0.5 (e)0.5 (w)0.5 (h)0.5 (a)0.5 (t)0.5 (,)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)12.9 ( )0.5 (h)0.5 (i)0.5 (g)0.5 (h)21 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 TD [(levels)6.1 ( )0.5 (of)6 ( )0.5 (curtailment)6 ( )0.5 (in)6 ( )0.5 (the)6 ( )0.5 (wind)6 ( )0.5 (power)6.1 ( )0.5 (being)6 ( )0.6 (effectively)6 ( )0.5 (curbed.)6 ( )0.5 (With)6 ( )0.5 (the)6 ( )]TJ 0.025 Tc 0 Tw T* (red and orange warnings in Jilin and Heilongjiang Provinces both changed\ to )Tj 0.044 Tw T* (green, the unique wind resources in the \223Three North\224 areas ushere\ d in new )Tj 0.068 Tw T* [(development opportunities, )0.5 (providing )0.5 (a )0.5 (good )0.5 (environment )0.5 (for grid )0.5 (parity of )]TJ 0 Tw T* (wind power.)Tj ET endstream endobj 108 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 36 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.0055 Tm (MANAGEMENT DISCUSSION AND ANALYSIS)Tj /T1_0 1 Tf 0.062 Tc 0.07 Tw 0 -2.462 TD [(\(Unless)12.4 ( otherwise)12.4 ( specified,)12.4 ( the)12.5 ( following)12.4 ( information)12.5 ( disclosure)12.5 ( was)12.5 ( based)12.5 ( on)37.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (financial information prepared in accordance with IFRSs\))Tj /T1_1 1 Tf 0 -2.462 TD [(I. )-1216.5 (INDUSTRY REVIEW)]TJ 2.181 -2.462 Td (Operational Environment)Tj /T1_0 1 Tf 0.053 Tc 0.07 Tw T* [(In)12.8 ( 2)12.9 (0)12.8 (1)12.9 (9)12.9 (,)12.8 ( the)12.9 ( economy)12.9 ( of)12.9 ( China)12.9 ( remained)12.8 ( generally)12.9 ( stable,)12.9 ( and)12.8 ( the)12.9 ( structural)28 ( )]TJ 0.025 Tc 0.076 Tw 0 -1.231 TD (adjustment was steadily promoted. In the face of the complex situation i\ n which )Tj 0.045 Tc 0.07 Tw T* [(domestic)12.3 ( and)12.2 ( foreign)12.2 ( risk)12.2 ( challenges)12.2 ( have)12.3 ( risen)12.2 ( significantly,)12.2 ( all)12.3 ( departments)20 ( )]TJ 0.039 Tc T* [(in)12.4 ( various)12.4 ( regions)12.4 ( conscientiously)12.4 ( implemented)12.4 ( the)12.5 ( decisions)12.5 ( and)12.4 ( arrangement)14 ( )]TJ 0.046 Tc T* [(of)12.5 ( the)12.5 ( Party)12.5 ( Central)12.5 ( Committee)12.5 ( and)12.4 ( the)12.5 ( State)12.4 ( Council,)12.4 ( adhered)12.5 ( to)12.5 ( the)12.4 ( general)21.1 ( )]TJ T* [(pri)0.5 (nciple)13 ( of)12.9 ( s)0.5 (teady)13 ( progr)0.5 (ess)12.9 ( )0.5 (and)12.9 ( th)0.5 (e)12.9 ( ne)0.5 (w)12.9 ( co)0.5 (ncept)12.9 ( )0.5 (of)12.9 ( de)0.5 (velopm)0.5 (ent,)12.9 ( f)0.5 (ocus)0.5 (ed)12.9 ( on)21 ( )]TJ 0.025 Tc 0.054 Tw T* (the structural reform of supply side as the main line and actively promo\ ted high-)Tj 0.075 Tw T* [(quality development. )0.5 (The overall )0.5 (performance )0.5 (of the )0.5 (national economy )0.5 (has )0.5 (been )]TJ 0.052 Tc 0.07 Tw T* [(stable,)12.6 ( the)12.6 ( quality)12.6 ( of)12.6 ( development)12.6 ( has)12.6 ( been)12.6 ( steadily)12.6 ( improved,)12.5 ( and)12.6 ( the)12.6 ( main)27 ( )]TJ 0.025 Tc 0.028 Tw T* (expected goals have been well achieved, which laid a strong and solid fo\ undation )Tj 0.037 Tc 0.071 Tw T* [(for)12 ( )0.5 (building)12 ( )0.5 (a)12 ( )0.5 (moderately)12 ( )0.5 (prosperous)12 ( )0.5 (society)12 ( )0.5 (in)12 ( )0.5 (all)12 ( )0.5 (respects.)12 ( )0.5 (In)12 ( )0.5 (2)12 (0)12 (1)12 (9)12 (,)12 ( )0.5 (the)12 ( )0.5 (gross)12.1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 TD [(domestic)8.1 ( )0.5 (product)8 ( )0.5 (\(GDP\))8 ( )0.5 (for)8 ( )0.5 (the)8 ( )0.5 (year)8 ( )0.5 (recorded)8 ( )0.5 (a)8 ( )0.5 (year-on-year)8 ( )0.5 (increase)8 ( )0.5 (of)8.1 ( )0.5 (6)8 (.)8 (1)8 (%,)8 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.231 TD [(and)12.5 ( the)12.6 ( above-the-scale)12.6 ( industrial)12.5 ( added)12.5 ( value)12.6 ( across)12.5 ( the)12.6 ( country)12.6 ( recorded)12.5 ( a)26 ( )]TJ 0.05 Tc T* [(year-on-year)12.2 ( increase)12.2 ( of)12.2 ( 5)12.2 (.)12.2 (7)12.2 (%.)12.2 ( The)12.2 ( fixed)12.2 ( asset)12.1 ( investment)12.2 ( \(excluding)12.2 ( farmer)25.1 ( )]TJ 0.025 Tc 0.04 Tw T* (household\) recorded a year-on-year increase of 5.4%, and the total amou\ nt of the )Tj 0 Tw T* (retail of social consumer goods recorded a year-on-year increase of 8.0%\ .)Tj 0.047 Tw 0 -2.462 TD (In 2019, the power production growth of China slowed down slightly. Acco\ rding )Tj 0.04 Tc 0.07 Tw 0 -1.231 TD [(to)12.7 ( the)12.7 ( statistics)12.7 ( from)12.7 ( China)12.7 ( Electricity)12.7 ( Council,)12.7 ( power)12.6 ( consumption)12.7 ( across)12.6 ( the)15 ( )]TJ 0.031 Tc 0.077 Tw T* [(country)6 ( )0.5 (was)6 ( )0.5 (7)6 (,)6 (2)6 (2)6 (5)6 (.)6 (5)6 ( )0.5 (billion)6 ( )0.5 (kWh,)6 ( )0.5 (representing)6 ( )0.5 (a)6 ( )0.5 (year-on-year)6 ( )0.5 (increase)6 ( )0.5 (of)6 ( )0.5 (4)6 (.)6 (5)6 (%,)6 ( )]TJ 0.025 Tc 0.018 Tw T* [(4.0 percentage )0.5 (points lower )0.5 (than that of )0.5 (the same )0.5 (period in )0.5 (last year; )0.5 (and )0.5 (the total )]TJ 0.049 Tc 0.07 Tw T* [(power)12.3 ( generation)12.3 ( across)12.3 ( the)12.2 ( country)12.2 ( was)12.3 ( 7)12.3 (,)12.2 (3)12.3 (2)12.2 (5)12.3 (.)12.2 (3)12.3 ( billion)12.3 ( kWh,)12.3 ( representing)12.3 ( a)24 ( )]TJ 0.025 Tc 0.05 Tw T* (year-on-year increase of 4.7%, 3.7 percentage points lower than that of \ last year. )Tj 0.006 Tw T* (In particular, wind power generation amounted to 405.7 billion kWh, repr\ esenting )Tj 0.064 Tc 0.07 Tw T* [(a)12.9 ( year-on-year)12.8 ( increase)12.9 ( of)12.9 ( 1)12.8 (0)12.9 (.)12.9 (9)12.8 (%,)12.8 ( taking)12.9 ( up)12.8 ( 5)12.9 (.)12.8 (5)12.9 (%)12.9 ( of)12.8 ( the)12.9 ( nationwide)12.9 ( power)39 ( )]TJ 0.025 Tc 0.065 Tw T* (generation and up by 0.3 percentage point over last year. The average ut\ ilisation )Tj 0.038 Tw 0 -1.231 TD [(hours )0.5 (of power )0.5 (generation facilities )0.5 (across )0.5 (the )0.5 (country )0.5 (in )0.5 (2019 )0.5 (were )0.5 (3,825 hours, )]TJ 0.011 Tw 0 -1.231 TD (representing a decrease of 54 hours year-on-year, of which wind power ut\ ilisation )Tj 0.034 Tc 0.074 Tw T* [(hours)9 ( )0.5 (were)9 ( )0.5 (2)9 (,)9 (0)9 (8)9 (2)9 ( )0.5 (hours,)9 ( )0.5 (down)9 ( )0.5 (by)9.1 ( 2)9 (1)9 ( )0.6 (hours)9 ( )0.5 (year-on-year.)9 ( )0.5 (The)9 ( )0.5 (power)9 ( )0.5 (generation)9 ( )]TJ 0.055 Tc 0.07 Tw T* [(capacity)12.8 ( newly)12.8 ( added)12.8 ( through)12.8 ( infrastructure)12.8 ( construction)12.8 ( across)12.8 ( the)12.8 ( country)30 ( )]TJ 0.047 Tc T* [(a)0.5 (mo)0.5 (un)0.5 (t)0.5 (ed)13 ( )0.5 (to)13 ( 1)13 (0)13 (2)12.9 ( )0.5 (G)0.5 (W,)13 ( o)0.5 (f)13 ( w)0.5 (h)0.5 (ic)0.5 (h)12.9 ( )0.5 (c)0.5 (a)0.5 (pa)0.5 (c)0.5 (it)0.5 (y)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (w)0.5 (in)0.5 (d)12.9 ( )0.5 (p)0.5 (ow)0.5 (e)0.5 (r)12.9 ( )0.5 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-27.692 -2.335 Td (The ageing analysis of trade payables by invoice date is as follows:)Tj /T1_1 1 Tf -0.025 Tw 25.181 -2.577 Td (2019)Tj /T1_0 1 Tf 7.632 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 510.4839 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0394 475.4839 Tm (Within 1 year)Tj /T1_1 1 Tf -0.025 Tw 23.056 0 Td (3,131,458)Tj /T1_0 1 Tf 7.632 0 Td (1,699,853)Tj 0 Tw -30.688 -1.231 Td (Between 1 and 2 years)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (200,930)Tj /T1_0 1 Tf 7.632 0 Td (268,829)Tj 0 Tw -31.488 -1.231 Td (Between 2 and 3 years)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (52,764)Tj /T1_0 1 Tf 7.632 0 Td (48,695)Tj 0 Tw -32.013 -1.231 Td (Over 3 years)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (25,973)Tj /T1_0 1 Tf 7.632 0 Td (41,500)Tj ET 0.5 w q 1 0 0 1 351.4961 423.0738 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 424.4748 Tm ( )Tj ET q 1 0 0 1 450.7086 423.0738 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 424.4748 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (3,411,125)Tj /T1_0 1 Tf 7.632 0 Td (2,058,877)Tj ET 2.5 w q 1 0 0 1 351.4961 386.9101 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 383.5776 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 384.8111 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 386.9101 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 383.5776 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 384.8111 Tm ( )Tj 0.031 Tc 0.077 Tw -27.692 -2.335 Td [(As)6 ( )0.5 (at)6 ( )0.5 (3)6 (1)6 ( )0.5 (December)6 ( )0.5 (2)6 (0)6 (1)6 (9)6 ( )0.5 (and)6 ( )0.5 (2)6 (0)6 (1)6 (8)6 (,)6 ( )0.5 (all)6 ( )0.5 (trade)6 ( )0.5 (and)6 ( )0.5 (bills)6 ( )0.5 (payables)6 ( )0.5 (are)6 ( )0.5 (payable)6 ( )0.5 (and)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (expected to be settled within one year.)Tj /T1_1 1 Tf 0.856 Tw -2.18 -2.462 Td [(14 )0.5 (DIVIDENDS)]TJ -0.025 Tw 27.362 -2.577 Td (2019)Tj /T1_0 1 Tf 7.632 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 255.4621 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0394 220.4621 Tm (Final dividend proposed after the end of the )Tj 1.003 -1.346 Td (reporting period of RMB0.1076 per share )Tj 0 -1.346 TD (\(2018: RMB0.0977\))Tj /T1_1 1 Tf -0.025 Tw 22.853 0 Td (864,715)Tj /T1_0 1 Tf 7.632 0 Td (785,155)Tj ET 2.5 w q 1 0 0 1 351.4961 179.8976 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 176.5651 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 177.7986 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 179.8976 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 176.5651 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 177.7986 Tm ( )Tj 0.051 Tc 0.07 Tw -27.692 -2.335 Td [(The)12.6 ( directors)12.6 ( of)12.6 ( the)12.6 ( Company)12.6 ( resolved)12.5 ( on)12.6 ( 2)12.5 (7)12.6 ( March)12.5 ( 2)12.6 (0)12.5 (2)12.6 (0)12.5 ( that)12.5 ( a)12.5 ( dividend)12.6 ( of)26 ( )]TJ 0.039 Tc 0 -1.231 TD [(RMB)12.6 (0)12.6 (.)12.7 (1)12.6 (0)12.6 (7)12.6 (6)12.7 ( per)12.6 ( share)12.6 ( is)12.6 ( to)12.6 ( be)12.6 ( distributed)12.6 ( to)12.6 ( the)12.7 ( shareholders)12.6 ( for)12.6 ( 2)12.6 (0)12.6 (1)12.7 (9)12.6 (,)12.6 ( subject)14 ( )]TJ 0.053 Tc T* [(to)12.8 ( approval)12.7 ( of)12.8 ( the)12.8 ( shareholders)12.8 ( at)12.8 ( the)12.8 ( forthcoming)12.8 ( Annual)12.8 ( General)12.8 ( Meeting.)28 ( )]TJ 0.04 Tc T* [(The)12.7 ( final)12.7 ( dividend)12.8 ( proposed)12.7 ( after)12.7 ( the)12.8 ( end)12.7 ( of)12.7 ( the)12.8 ( reporting)12.8 ( period)12.7 ( has)12.8 ( not)12.7 ( been)15 ( )]TJ 0.025 Tc 0 Tw T* (recognised as a liability at the end of the reporting period.)Tj ET endstream endobj 116 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 34 \226)Tj 0.025 Tw 13 0 0 13 113.3858 776.3179 Tm (The Group has applied the simplified approach to the provision for expec\ ted )Tj 0.069 Tc 0.07 Tw 0 -1.231 TD [(credit)12.4 ( losses)12.3 ( prescribed)12.3 ( by)12.4 ( IFRS)12.3 ( 9)12.3 (,)12.4 ( 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Tf 7.632 0 Td (11,830)Tj 0 Tw -29.832 -1.231 Td (Impairment losses recognised)Tj /T1_1 1 Tf -0.025 Tw 22.726 0 Td (2,115)Tj /T1_0 1 Tf 7.632 0 Td (1,328)Tj 0 Tw -30.357 -1.231 Td (Reversal of impairment losses)Tj /T1_1 1 Tf -0.025 Tw 22.343 0 Td (\(2,854\))Tj /T1_0 1 Tf 0 Tc 0 Tw 9.865 0 Td (\226)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.496 627.9989 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 13 0 0 13 345.8268 629.3999 Tm ( )Tj ET q 1 0 0 1 450.7086 627.9989 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 629.3999 Tm ( )Tj 0.025 Tc -25.512 -2.462 Td (At 31 December)Tj /T1_1 1 Tf -0.025 Tw 22.201 0 Td (12,419)Tj /T1_0 1 Tf 7.632 0 Td (13,158)Tj ET 2.5 w q 1 0 0 1 351.496 591.8353 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.496 588.5028 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 589.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7086 591.8353 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7086 588.5028 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 589.7363 Tm ( 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The calculation refl\ ects )Tj 0.029 Tc 0.079 Tw T* [(the)4.1 ( )0.5 (probability-weighted)4 ( )0.5 (outcome,)4 ( )0.5 (the)4.1 ( )0.5 (time)4 ( )0.6 (value)4 ( )0.5 (of)4 ( )0.5 (money)4 ( )0.5 (and)4 ( )0.5 (reasonable)4 ( )]TJ 0.049 Tc 0.07 Tw T* [(and)12.5 ( supportable)12.6 ( information)12.5 ( that)12.5 ( is)12.5 ( available)12.6 ( at)12.6 ( the)12.6 ( reporting)12.5 ( date)12.6 ( about)24 ( )]TJ 0.025 Tc 0.072 Tw T* [(past )0.5 (events, current )0.5 (conditions and )0.5 (forecasts )0.5 (of )0.5 (future )0.5 (economic )0.5 (conditions. )]TJ 0.062 Tw 0 -1.231 TD [(Generally, )0.5 (trade )0.5 (receivables )0.5 (are )0.5 (written )0.5 (off )0.6 (if )0.6 (the )0.5 (Group )0.5 (is )0.5 (satisfied )0.5 (that )0.5 (the )]TJ 0 Tw 0 -1.231 TD (recovery of the amount is remote.)Tj 0.054 Tc 0.07 Tw 0 -2.462 TD [(Pursuant)12.6 ( to)12.6 ( CaiJian)12.6 ( [)12.5 (2)12.6 (0)12.6 (1)12.6 (2)12.6 (])12.5 ( No.)12.6 ( 1)12.5 (0)12.6 (2)12.6 ( Notice)12.6 ( on)12.5 ( the)12.6 ( Interim)12.5 ( Measures)12.6 ( for)29 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 TD [(Administration)2 ( )0.5 (of)2 ( )0.5 (Subsidy)2 ( )0.5 (Funds)2 ( )0.5 (for)2 ( )0.5 (Tariff)2.1 ( Premium)2 ( )0.5 (of)2 ( )0.5 (Renewable)2 ( )0.5 (Energy)2 ( )]TJ 0 Tc 0 Tw T* (\()Tj /C0_0 1 Tf 0.28 Tc -0.28 Tw 0.483 0 Td [<0319038E>0.5 <035B0990>0.5 <0E550F651106>0.5 <069D030B>0.5 <0EFE043F>0.5 <0F1F0696>0.5 <104D0B231172>0.5 <0411136C>0.5 <062C>]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 24.182 0 Td [(\))13 ( )0.5 (j)0.5 (o)0.5 (i)0.5 (n)0.5 (t)0.5 (l)0.5 (y)13 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (e)0.5 (d)13 ( )0.5 (b)0.5 (y)13 ( )]TJ 0.025 Tc 0.02 Tw -24.665 -1.231 Td (the Ministry of Finance, the National Development and Reform Commission \ )Tj 0.071 Tc 0.07 Tw T* [(and)12.3 ( the)12.3 ( National)12.3 ( Energy)12.3 ( Administration)12.2 ( in)12.3 ( March)12.3 ( 2)12.3 (0)12.3 (1)12.2 (2)12.3 (,)12.3 ( a)12.3 ( set)12.2 ( of)12.3 ( new)46 ( )]TJ 0.025 Tc T* (standardised procedures for the settlement of the aforementioned renewab\ le )Tj 0.04 Tc T* [(energy)12.7 ( tariff)12.7 ( premium)12.7 ( has)12.7 ( come)12.7 ( into)12.7 ( force)12.8 ( since)12.7 ( 2)12.7 (0)12.7 (1)12.7 (2)12.7 ( and)12.7 ( approvals)12.8 ( on)12.7 ( a)15 ( )]TJ 0.029 Tc 0.079 Tw T* [(project-by-project)4 ( )0.5 (basis)4 ( )0.5 (are)4 ( )0.5 (required)4 ( )0.5 (before)4 ( )0.5 (the)4.1 ( )0.5 (allocation)4 ( )0.5 (of)4 ( )0.5 (funds)4.1 ( )0.5 (to)4 ( )0.5 (local)4 ( )]TJ 0.062 Tc 0.07 Tw T* [(g)0.5 (r)0.5 (i)0.5 (d)13 ( c)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (i)0.5 (e)0.5 (s)0.5 (.)12.9 ( )0.5 (A)0.5 (s)13 ( )0.5 (a)0.5 (t)13 ( )0.5 (3)13 (1)13 ( )0.5 (D)0.5 (e)0.5 (c)0.5 (e)0.5 (mb)0.5 (e)0.5 (r)13 ( )0.5 (2)13 (0)13 (1)13 (9)13 (,)12.9 ( )0.5 (m)0.5 (o)0.5 (s)0.5 (t)13 ( )0.5 (o)0.5 (f)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222s)13 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (a)0.5 (t)0.5 (e)0.5 (d)37 ( )]TJ 0.025 Tc 0.033 Tw T* (projects have been approved for the tariff premium of renewable energy a\ nd )Tj 0.039 Tc 0.07 Tw 0 -1.231 TD [(c)0.5 (e)0.6 (r)0.5 (t)0.5 (a)0.5 (i)0.5 (n)13 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.6 (t)0.5 (s)13 ( )0.5 (a)0.5 (r)0.5 (e)13.1 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (c)0.5 (e)0.6 (s)0.5 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (l)0.5 (y)0.6 (i)0.5 (n)0.5 (g)13 ( )0.5 (f)0.5 (o)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (v)0.5 (a)0.6 (l)0.5 (.)13 ( )0.5 (T)0.5 (h)0.5 (e)13 ( )0.6 (t)0.5 (a)0.5 (r)0.5 (i)0.5 (f)0.5 (f)14 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 TD [(premium)8 ( )0.5 (receivables)8 ( )0.5 (are)8 ( )0.5 (settled)8.1 ( in)8 ( )0.5 (accordance)8.1 ( )0.5 (with)8 ( )0.5 (prevailing)8 ( )0.5 (government)8 ( )]TJ 0.048 Tc 0.07 Tw T* [(policies)12.1 ( and)12.1 ( prevalent)12.1 ( payment)12.1 ( trends)12.1 ( of)12.1 ( the)12.2 ( Ministry)12.1 ( of)12.1 ( Finance.)12.1 ( There)23 ( )]TJ 0.061 Tc T* [(i)0.5 (s)12.9 ( )0.5 (n)0.5 (o)12.9 ( )0.5 (d)0.5 (ue)13 ( )0.5 (d)0.5 (at)0.5 (e)13 ( )0.5 (fo)0.5 (r)13 ( s)0.5 (e)0.5 (t)0.5 (tl)0.5 (e)0.5 (m)0.5 (en)0.5 (t)0.5 (.)12.9 ( )0.5 (T)0.5 (h)0.5 (e)12.9 ( )0.5 (d)0.5 (ir)0.5 (e)0.5 (c)0.5 (to)0.5 (r)0.5 (s)13 ( a)0.5 (r)0.5 (e)13 ( o)0.5 (f)13 ( )0.5 (th)0.5 (e)13 ( o)0.5 (p)0.5 (in)0.5 (i)0.5 (on)13 ( )0.5 (th)0.5 (a)0.5 (t)13 ( t)0.5 (h)0.5 (e)36 ( )]TJ 0.038 Tc T* [(approvals)12.7 ( will)12.7 ( be)12.8 ( obtained)12.7 ( in)12.7 ( due)12.7 ( course)12.7 ( and)12.7 ( these)12.7 ( trade)12.7 ( receivables)12.7 ( from)13 ( )]TJ 0.05 Tc T* [(tariff)12.8 ( premium)12.9 ( are)12.8 ( fully)12.8 ( recoverable)12.9 ( considering)12.9 ( there)12.9 ( were)12.9 ( no)12.9 ( bad)12.9 ( debt)25 ( )]TJ 0.027 Tc 0.081 Tw T* [(experiences)2 ( with)2 ( )0.5 (the)2 ( )0.5 (grid)2 ( )0.5 (companies)1.9 ( )0.5 (in)2 ( )0.5 (the)2 ( )0.5 (past)2 ( )0.5 (and)2 ( )0.5 (such)2 ( tariff)2 ( )0.5 (premium)2 ( )0.5 (is)2 ( )]TJ 0.025 Tc 0 Tw T* (funded by the PRC government.)Tj ET endstream endobj 114 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 32 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.409 Tm [(\(a\) )-664.5 (Ageing analysis)]TJ /T1_0 1 Tf 0.02 Tw 2.181 -2.462 Td (The ageing analysis of trade and bills receivables of the Group, based o\ n the )Tj 0 Tw 0 -1.231 TD (invoice date and net of loss allowance, is as follows:)Tj /T1_1 1 Tf -0.025 Tw 23.001 -2.462 Td (2019)Tj /T1_0 1 Tf 7.632 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 680.4089 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 113.3858 648.4089 Tm (Within 1 year)Tj /T1_1 1 Tf -0.025 Tw 20.351 0 Td (16,253,651)Tj /T1_0 1 Tf 7.632 0 Td (10,399,535)Tj 0 Tw -27.982 -1.231 Td (Between 1 and 2 years)Tj /T1_1 1 Tf -0.025 Tw 21.676 0 Td (108,180)Tj /T1_0 1 Tf 7.632 0 Td (140,886)Tj 0 Tw -29.307 -1.231 Td (Between 2 and 3 years)Tj /T1_1 1 Tf -0.025 Tw 22.726 0 Td (3,339)Tj /T1_0 1 Tf 7.632 0 Td (1,103)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 611.9989 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 613.3999 Tm ( )Tj ET q 1 0 0 1 450.7086 611.9989 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 613.3999 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (16,365,170)Tj /T1_0 1 Tf 7.632 0 Td (10,541,524)Tj ET 2.5 w q 1 0 0 1 351.4961 575.8353 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 572.5028 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 573.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 575.8353 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 572.5028 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 573.7363 Tm ( )Tj 0.041 Tc 0.07 Tw -25.512 -2.335 Td [(T)0.6 (h)0.5 (e)13 ( )0.6 (G)0.5 (r)0.6 (o)0.5 (u)0.6 (p)0.5 (\222)0.6 (s)13 ( )0.5 (t)0.6 (r)0.5 (a)0.6 (d)0.5 (e)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (b)0.5 (i)0.6 (l)0.5 (l)0.6 (s)13 ( )0.6 (r)0.5 (e)0.6 (c)0.5 (e)0.6 (i)0.5 (v)0.5 (a)0.6 (b)0.5 (l)0.6 (e)0.5 (s)13.1 ( )0.5 (a)0.6 (r)0.5 (e)13.1 ( )0.5 (m)0.6 (a)0.5 (i)0.6 (n)0.5 (l)0.5 (y)13.1 ( )0.5 (w)0.6 (i)0.5 (n)0.5 (d)13.1 ( )0.5 (p)0.6 (o)0.5 (w)0.6 (e)0.5 (r)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (o)0.5 (t)0.6 (h)0.5 (e)0.6 (r)16 ( )]TJ T* [(renewable)12.5 ( energy)12.5 ( electricity)12.5 ( sales)12.5 ( receivables)12.5 ( from)12.5 ( local)12.5 ( grid)12.5 ( companies.)16 ( )]TJ 0.047 Tc T* [(Generally,)12.7 ( the)12.7 ( receivables)12.7 ( are)12.7 ( due)12.7 ( within)12.6 ( 1)12.7 (5)12.6 ( to)12.6 ( 3)12.6 (0)12.7 ( days)12.6 ( from)12.7 ( the)12.7 ( date)12.7 ( of)22 ( )]TJ 0.025 Tc 0.051 Tw T* (billing, except for the tariff premium. The collection of such tariff pr\ emium )Tj 0.038 Tc 0.07 Tw T* [(is)12.3 ( subject)12.3 ( to)12.2 ( the)12.3 ( allocation)12.2 ( of)12.3 ( funds)12.3 ( by)12.3 ( relevant)12.2 ( government)12.3 ( authorities)12.3 ( to)13 ( )]TJ 0.039 Tc 0 -1.231 TD [(local)12.2 ( grid)12.2 ( companies,)12.2 ( which)12.2 ( consequently)12.2 ( takes)12.1 ( a)12.2 ( relatively)12.1 ( long)12.2 ( time)12.2 ( for)14 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 TD (settlement.)Tj ET endstream endobj 113 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 31 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.0055 Tm [(11 )-855.5 (BASIC AND DILUTED EARNINGS PER SHARE)]TJ /T1_0 1 Tf 0.029 Tc 0.079 Tw 2.181 -2.462 Td [(The)4.1 ( )0.5 (calculation)4 ( )0.5 (of)4 ( )0.5 (basic)4 ( )0.5 (earnings)4 ( )0.5 (per)4 ( )0.6 (share)4 ( )0.5 (is)4 ( )0.5 (based)4 ( )0.5 (on)4 ( )0.5 (the)4 ( )0.5 (profit)4 ( )0.6 (attributable)4 ( )0.5 (to)4 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 TD [(ordinary)5 ( )0.6 (shareholders)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Company)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (year)5 ( )0.5 (ended)5 ( )0.5 (3)5 (1)5 ( )0.5 (December)5.1 ( )0.5 (2)5 (0)4.9 (1)5 (9)5 ( )0.5 (of)5 ( )]TJ 0.025 Tc 0.008 Tw T* [(RMB4,324,790,000 )0.5 (\(2018: )0.5 (RMB3,923,809,000\) )0.5 (and )0.5 (the )0.6 (number )0.6 (of )0.5 (shares )0.5 (in )0.6 (issue )]TJ 0.024 Tc 0 Tw T* [(d)0.5 (u)0.5 (r)0.5 (i)0.5 (n)0.5 (g)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.5 ( y)0.5 (e)0.6 (a)0.5 (r)0.5 ( )0.5 (e)0.5 (n)0.5 (d)0.5 (e)0.5 (d)0.5 ( )0.5 (3)0.5 (1 )0.5 (D)0.5 (e)0.6 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)0.5 ( )0.5 (2)0.5 (0)0.5 (1)0.5 (9 )0.5 (o)0.5 (f)0.5 ( )0.5 (8)0.5 (,)0.5 (0)0.5 (3)0.5 (6)0.5 (,)0.5 (3)0.5 (8)0.5 (9)0.5 (,)0.5 (0)0.5 (00)0.5 ( )0.5 (\()0.5 (2)0.5 (0)0.5 (1)0.5 (8)0.5 (:)0.5 ( )0.5 (8)0.5 (,)0.5 (0)0.5 (3)0.5 (6)0.5 (,)0.5 (3)0.5 (89)0.5 (,)0.5 (0)0.5 (0)0.5 (0)0.5 (\))0.5 (.)]TJ 0.025 Tc 0.02 Tw 0 -2.462 TD (There was no difference between the basic and diluted earnings per share\ as there )Tj 0 Tw 0 -1.231 TD (were no dilutive potential shares outstanding for the years presented.)Tj /T1_1 1 Tf -2.181 -2.462 Td [(12 )-855.5 (TRADE AND BILLS RECEIVABLES)]TJ -0.025 Tw 27.362 -2.462 Td (2019)Tj /T1_0 1 Tf 7.632 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 568.0055 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0394 536.0055 Tm (Amounts due from third parties)Tj /T1_1 1 Tf -0.025 Tw 22.531 0 Td (16,338,604)Tj /T1_0 1 Tf 7.632 0 Td (10,511,548)Tj 0 Tw -30.163 -1.231 Td (Amounts due from fellow subsidiaries)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (16,337)Tj /T1_0 1 Tf 7.632 0 Td (18,021)Tj 0 Tw -32.013 -1.231 Td (Amounts due from associates)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (22,648)Tj /T1_0 1 Tf 7.632 0 Td (25,113)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 499.5954 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 500.9964 Tm ( )Tj ET q 1 0 0 1 450.7086 499.5954 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 500.9964 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (16,377,589)Tj /T1_0 1 Tf 7.632 0 Td (10,554,682)Tj 0 Tw -30.163 -2.462 Td (Less: allowance for doubtful debts)Tj /T1_1 1 Tf -0.025 Tw 23.998 0 Td (\(12,419\))Tj /T1_0 1 Tf 7.632 0 Td (\(13,158\))Tj ET q 1 0 0 1 351.4961 432.586 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 433.987 Tm ( )Tj ET q 1 0 0 1 450.7086 432.586 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 433.987 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (16,365,170)Tj /T1_0 1 Tf 7.632 0 Td (10,541,524)Tj ET 2.5 w q 1 0 0 1 351.4961 396.4225 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 393.09 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 394.3235 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 396.4225 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 393.09 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 394.3235 Tm ( )Tj 0.025 Tc -27.692 -2.462 Td (Analysed into:)Tj T* (Trade receivables)Tj /T1_1 1 Tf -0.025 Tw 22.531 0 Td (15,815,619)Tj /T1_0 1 Tf 8.157 0 Td (9,793,691)Tj 0 Tw -30.688 -1.231 Td (Bills receivables)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (549,551)Tj /T1_0 1 Tf 7.632 0 Td (747,833)Tj ET 0.5 w q 1 0 0 1 351.4961 325.9134 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 327.3144 Tm ( )Tj ET q 1 0 0 1 450.7086 325.9134 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 327.3144 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (16,365,170)Tj /T1_0 1 Tf 7.632 0 Td (10,541,524)Tj ET 2.5 w q 1 0 0 1 351.4961 289.7499 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 286.4174 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 287.6509 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 289.7499 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 286.4174 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 287.6509 Tm ( )Tj ET endstream endobj 20 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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investments at fair value through )Tj 1.003 -1.231 Td (other comprehensive income/\(loss\):)Tj T* (\226 Changes in fair value recognised during )Tj 1.003 -1.231 Td (the year)Tj /T1_1 1 Tf -0.025 Tw 20.847 0 Td (205,465)Tj /T1_0 1 Tf 7.774 0 Td (\(84,675\))Tj 0 Tw -29.624 -1.5 Td (\226 Tax expense)Tj /T1_1 1 Tf -0.025 Tw 21.992 0 Td (\(52,215\))Tj /T1_0 1 Tf 7.632 0 Td (\(27,868\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4961 565.5955 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 566.9965 Tm ( )Tj ET q 1 0 0 1 450.7086 565.5955 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 566.9965 Tm ( )Tj 0.025 Tc -26.689 -3 Td (Net of tax amount)Tj /T1_1 1 Tf -0.025 Tw 22.853 0 Td (153,250)Tj /T1_0 1 Tf 7.249 0 Td (\(112,543\))Tj ET q 1 0 0 1 351.4961 523.5864 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8268 524.9874 Tm ( )Tj ET q 1 0 0 1 450.7086 523.5864 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0394 524.9874 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 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[(transaction)12.6 ( prices)12.6 ( allocated)12.6 ( to)12.6 ( the)12.7 ( remaining)12.6 ( performance)12.6 ( obligations)12.6 ( are)18.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (expected to be recognised as revenue within one year.)Tj /T1_1 1 Tf -4.361 -2.462 Td [(6 )-1380.5 (OTHER NET INCOME)]TJ -0.025 Tw 27.362 -2.462 Td (2019)Tj /T1_0 1 Tf 7.632 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 399.2963 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0393 367.2963 Tm (Government grants)Tj /T1_1 1 Tf -0.025 Tw 23.856 0 Td (775,685)Tj /T1_0 1 Tf 7.632 0 Td (761,446)Tj 0 Tw -31.488 -1.231 Td (Rental income from investment properties)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (19,501)Tj /T1_0 1 Tf 7.632 0 Td (35,945)Tj 0 Tw -32.013 -1.231 Td (Gains on disposal of plant, property and )Tj 1.003 -1.231 Td (equipment and lease prepayments)Tj /T1_1 1 Tf 0 Tc 25.753 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 5.257 0 Td (39,551)Tj -32.013 -1.231 Td (Others)Tj /T1_1 1 Tf 24.381 0 Td (48,131)Tj /T1_0 1 Tf 7.632 0 Td (80,534)Tj ET 0.5 w q 1 0 0 1 351.496 298.8862 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 300.2872 Tm ( )Tj ET q 1 0 0 1 450.7086 298.8862 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 300.2872 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.836 -2.462 Td (843,317)Tj /T1_0 1 Tf 7.632 0 Td (917,476)Tj ET 2.5 w q 1 0 0 1 351.496 262.7226 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.496 259.3901 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 260.6236 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7086 262.7226 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7086 259.3901 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 260.6236 Tm ( )Tj ET endstream endobj 151 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 24 \226)Tj 0.043 Tw 13 0 0 13 113.3858 776.3179 Tm (The following table shows the amounts of revenue recognised in the curre\ nt )Tj 0 Tw 0 -1.231 TD (reporting period that were included in the contract liabilities at the b\ eginning )Tj 0.072 Tc 0.07 Tw T* [(of)12.5 ( the)12.5 ( reporting)12.5 ( period)12.4 ( and)12.5 ( recognised)12.4 ( from)12.4 ( performance)12.5 ( obligations)47 ( )]TJ 0.025 Tc 0 Tw T* (satisfied in previous periods:)Tj /T1_1 1 Tf -0.025 Tw 24.091 -2.462 Td (2019)Tj /T1_0 1 Tf 6.541 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 680.3179 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 113.3858 648.3179 Tm (Revenue recognised that was included in )Tj 1.003 -1.231 Td (contract liabilities at the beginning of the )Tj T* (reporting period:)Tj -1.003 -1.231 Td (Types of goods and service \226 others)Tj /T1_1 1 Tf -0.025 Tw 22.241 0 Td (173,131*)Tj /T1_0 1 Tf 7.066 0 Td (95,794*)Tj ET 0 0 0 1 K 2.5 w q 1 0 0 1 379.8425 594.7534 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 591.4208 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 592.6544 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 594.7534 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 591.4208 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 592.6544 Tm ( )Tj 0.041 Tc 0.07 Tw 11 0 0 11 113.3858 565.7974 Tm [(*)16 ( )-1690.9 (Contract)12.8 ( liabilities)12.9 ( as)12.8 ( at)12.8 ( 1)12.8 ( January)12.8 ( 2)12.8 (0)12.8 (1)12.8 (9)12.8 ( with)12.8 ( a)12.9 ( total)12.8 ( amount)12.8 ( of)12.8 ( RMB)12.9 (1)12.8 (7)12.8 (3)12.8 (,)12.8 (1)12.8 (3)12.8 (1)12.8 (,)12.8 (0)12.8 (0)12.8 (0)16 ( )]TJ 0.025 Tc 0 Tw 2.577 -1.273 Td (was recognised as revenue in 2019 \(1 January 2018: RMB95,794,000\).)Tj /T1_1 1 Tf 13 0 0 13 85.0393 519.7974 Tm [(\(ii\) )-583.5 (Performance obligations)]TJ /T1_0 1 Tf 0.062 Tc 0.07 Tw 2.181 -2.462 Td [(I)0.5 (n)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (a)0.5 (b)0.5 (o)0.5 (u)0.5 (t)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.6 (ro)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)13 ( )0.5 (p)0.5 (e)0.5 (r)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (o)0.5 (b)0.5 (l)0.5 (i)0.5 (g)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (s)0.5 (u)0.5 (m)0.5 (m)0.5 (a)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 (d)37 ( )]TJ 0.025 Tc -0.025 Tw T* (below:)Tj /T1_1 1 Tf 0 Tw 13 0 3.4833 13 112.0517 439.7974 Tm (Sales of electricity, steam and coal)Tj /T1_0 1 Tf 0.056 Tw 13 0 0 13 113.3858 407.7974 Tm (The Group\222s contracts with customers for the sales of electricity, st\ eam and )Tj 0.024 Tc 0 Tw T* [(coal generally include one performance obligation. The Group has conclud\ ed)-1 ( )]TJ 0.038 Tc 0.07 Tw T* [(that)12.7 ( the)12.7 ( performance)12.6 ( obligation)12.7 ( is)12.7 ( satisfied)12.7 ( at)12.7 ( a)12.7 ( point)12.7 ( in)12.7 ( time)12.7 ( and)12.6 ( revenue)13 ( )]TJ 0.025 Tc 0 Tw T* (continues to be recognised upon transmission to the customers.)Tj /T1_1 1 Tf 13 0 3.4833 13 112.0517 327.7974 Tm (Service concession construction revenue)Tj /T1_0 1 Tf 0.075 Tc 0.07 Tw 13 0 0 13 113.3858 295.7974 Tm [(Revenue)12.5 ( from)12.5 ( the)12.6 ( provision)12.5 ( of)12.6 ( construction)12.5 ( services)12.6 ( under)12.5 ( a)12.6 ( service)50 ( )]TJ 0.048 Tc T* [(concession)12.3 ( construction)12.3 ( contract)12.4 ( is)12.4 ( recognised)12.4 ( over)12.4 ( time,)12.4 ( using)12.4 ( an)12.4 ( input)23 ( )]TJ 0.041 Tc T* [(method)12.4 ( to)12.4 ( measure)12.4 ( progress)12.4 ( towards)12.4 ( complete)12.4 ( satisfaction)12.4 ( of)12.4 ( the)12.4 ( service.)16 ( )]TJ 0.027 Tc 0.081 Tw T* [(The)2 ( )0.5 (input)1.9 ( )0.5 (method)2 ( )0.5 (recognises)2 ( )0.5 (revenue)2 ( )0.5 (based)2 ( )0.5 (on)2 ( )0.5 (the)2 ( )0.5 (proportion)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (actual)2 ( )]TJ 0.048 Tc 0.07 Tw T* [(costs)12.4 ( incurred)12.4 ( relative)12.4 ( to)12.4 ( the)12.4 ( estimated)12.4 ( total)12.4 ( costs)12.4 ( for)12.4 ( satisfaction)12.4 ( of)12.4 ( the)23 ( )]TJ 0.025 Tc 0 Tw T* (construction services.)Tj /T1_1 1 Tf 13 0 3.4833 13 112.0517 183.7973 Tm (Rendering of services)Tj /T1_0 1 Tf 0.026 Tw 13 0 0 13 113.3858 151.7973 Tm (Revenue from the rendering of services is recognised over time by refere\ nce )Tj 0.077 Tw T* (to the stage of completion of the transaction based on the progress of w\ ork )Tj -0.025 Tw T* (performed.)Tj ET endstream endobj 150 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 23 \226)Tj /T1_1 1 Tf 13 0 0 13 113.3858 776.409 Tm (For the year ended 31 December 2018)Tj /T1_0 1 Tf 11.7 0 0 13 265.1918 728.4089 Tm (Wind power)Tj 6.39 0 Td (Coal power)Tj -0.025 Tw 8.543 1.231 Td (Other )Tj -1.187 -1.231 Td (business)Tj 7.41 0 Td (Total)Tj 11.7 0 3.4833 13 275.4404 712.4089 Tm (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw 11.7 0 0 13 113.3859 680.4089 Tm (Types of goods and services)Tj /T1_0 1 Tf 0 -1.231 TD (Sales of electricity)Tj -0.025 Tw 13.446 0 Td (18,398,949)Tj 6.582 0 Td (3,104,419)Tj 6.857 0 Td (392,004)Tj 4.732 0 Td (21,895,372)Tj 0 Tw -31.617 -1.231 Td (Sales of steam)Tj 0 Tc 17.671 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (664,017)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (664,017)Tj 0 Tw -32.942 -1.231 Td (Service concession )Tj 1.114 -1.231 Td (construction revenue)Tj -0.025 Tw 14.181 0 Td (14,112)Tj 0 Tc 0 Tw 8.432 0 Td (\226)Tj 6.057 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.682 0 Td (14,112)Tj 0 Tw -33.467 -1.231 Td (Sales of coal)Tj 0 Tc 17.671 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.357 0 Td (3,261,970)Tj 0 Tc 0 Tw 9.757 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.357 0 Td (3,261,970)Tj -32.142 -1.231 Td (Others)Tj 15.296 0 Td (10,938)Tj 5.532 0 Td (283,709)Tj 6.057 0 Td (257,805)Tj 6.057 0 Td (552,452)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 266.4568 579.9989 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 581.3999 Tm ( )Tj ET q 1 0 0 1 337.3229 579.9989 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 581.3999 Tm ( )Tj ET q 1 0 0 1 408.1891 579.9989 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 581.3999 Tm ( )Tj ET q 1 0 0 1 479.0552 579.9989 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 581.3999 Tm ( )Tj 0.025 Tc -0.025 Tw 11.7 0 0 13 270.702 549.3999 Tm (18,423,999)Tj 6.582 0 Td (7,314,115)Tj 6.857 0 Td (649,809)Tj 4.732 0 Td (26,387,923)Tj ET 2.5 w q 1 0 0 1 266.4568 543.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 266.4568 540.5028 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 541.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 337.3229 543.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 337.3229 540.5028 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 541.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 408.1891 543.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 408.1891 540.5028 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 541.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 479.0552 543.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 479.0552 540.5028 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 541.7363 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 11.7 0 0 13 113.3859 509.7363 Tm (Geographic markets)Tj /T1_0 1 Tf T* (Mainland China)Tj -0.025 Tw 13.446 0 Td (17,824,280)Tj 6.582 0 Td (7,314,115)Tj 6.857 0 Td (649,809)Tj 4.732 0 Td (25,788,204)Tj -31.617 -1.231 Td (Canada)Tj 14.771 0 Td (209,237)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 6.057 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (209,237)Tj 0 Tw -32.942 -1.231 Td (South Africa)Tj -0.025 Tw 14.771 0 Td (390,482)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 6.057 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (390,482)Tj ET 0.5 w q 1 0 0 1 266.4568 457.3263 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 458.7272 Tm ( )Tj ET q 1 0 0 1 337.3229 457.3263 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 458.7272 Tm ( )Tj ET q 1 0 0 1 408.1891 457.3263 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 458.7272 Tm ( )Tj ET q 1 0 0 1 479.0552 457.3263 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 458.7272 Tm ( )Tj 0.025 Tc -0.025 Tw 11.7 0 0 13 270.702 426.7273 Tm (18,423,999)Tj 6.582 0 Td (7,314,115)Tj 6.857 0 Td (649,809)Tj 4.732 0 Td (26,387,923)Tj ET 2.5 w q 1 0 0 1 266.4568 421.1627 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 266.4568 417.8302 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 419.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 337.3229 421.1627 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 337.3229 417.8302 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 419.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 408.1891 421.1627 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 408.1891 417.8302 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 419.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 479.0552 421.1627 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 479.0552 417.8302 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 419.0637 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 11.7 0 0 13 113.3859 387.0637 Tm (Timing of revenue )Tj -0.025 Tw 1.114 -1.231 Td (recognition)Tj /T1_0 1 Tf 0 Tw -1.114 -1.231 Td (Goods transferred at a )Tj 0 Tc 11.7 0 0 13 226.6752 355.0637 Tm ( )Tj 0.025 Tc 11.7 0 0 13 126.4253 339.0637 Tm (point of time)Tj -0.025 Tw 12.331 0 Td (18,398,949)Tj 6.582 0 Td (7,181,583)Tj 6.857 0 Td (394,324)Tj 4.732 0 Td (25,974,856)Tj 0 Tw -31.617 -1.231 Td (Services transferred over )Tj -0.025 Tw 1.114 -1.231 Td (time)Tj 14.181 0 Td (25,050)Tj 5.532 0 Td (132,532)Tj 6.057 0 Td (255,485)Tj 6.057 0 Td (413,067)Tj ET 0.5 w q 1 0 0 1 266.4568 302.6537 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 304.0547 Tm ( )Tj ET q 1 0 0 1 337.3229 302.6537 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 304.0547 Tm ( )Tj ET q 1 0 0 1 408.1891 302.6537 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 304.0547 Tm ( )Tj ET q 1 0 0 1 479.0552 302.6537 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 304.0547 Tm ( )Tj 0.025 Tc -0.025 Tw 11.7 0 0 13 270.702 272.0547 Tm (18,423,999)Tj 6.582 0 Td (7,314,115)Tj 6.857 0 Td (649,809)Tj 4.732 0 Td (26,387,923)Tj ET 2.5 w q 1 0 0 1 266.4568 266.4901 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 266.4568 263.1577 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 260.7875 264.3911 Tm ( )Tj ET 2.5 w q 1 0 0 1 337.3229 266.4901 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 337.3229 263.1577 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 331.6536 264.3911 Tm ( )Tj ET 2.5 w q 1 0 0 1 408.1891 266.4901 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 408.1891 263.1577 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 402.5198 264.3911 Tm ( )Tj ET 2.5 w q 1 0 0 1 479.0552 266.4901 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 479.0552 263.1577 cm 0 0 m 59.528 0 l S Q BT 13 0 0 13 473.3859 264.3911 Tm ( )Tj ET endstream endobj 149 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 22 \226)Tj /T1_1 1 Tf 13 0 0 13 85.0394 776.409 Tm [(\(i\) )-886.5 (Disaggregated revenue information:)]TJ 2.181 -2.462 Td (For the year ended 31 December 2019)Tj 11.7 0 0 13 261.2722 696.4089 Tm (Wind power)Tj 6.447 0 Td (Coal power)Tj -0.025 Tw 8.543 1.231 Td (Other )Tj -1.077 -1.231 Td (business)Tj 7.411 0 Td (Total)Tj 11.7 0 3.4833 13 274.1535 680.4089 Tm (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj 6.057 0 Td (RMB\222000)Tj 0 Tw 11.7 0 0 13 113.3859 648.4089 Tm (Types of goods and services)Tj /T1_0 1 Tf 0 -1.231 TD (Sales of electricity)Tj /T1_1 1 Tf -0.025 Tw 13.446 0 Td (18,956,987)Tj 6.582 0 Td (2,975,830)Tj 6.857 0 Td (386,514)Tj 4.732 0 Td (22,319,331)Tj /T1_0 1 Tf 0 Tw -31.617 -1.231 Td (Sales of steam)Tj /T1_1 1 Tf 0 Tc 17.671 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (676,919)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (676,919)Tj /T1_0 1 Tf 0 Tw -32.942 -1.231 Td (Service concession )Tj 1.114 -1.231 Td (construction revenue)Tj /T1_1 1 Tf -0.025 Tw 13.656 0 Td (117,771)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 6.057 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.157 0 Td (117,771)Tj /T1_0 1 Tf 0 Tw -32.942 -1.231 Td (Sales of coal)Tj /T1_1 1 Tf 0 Tc 17.671 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.357 0 Td (3,656,575)Tj 0 Tc 0 Tw 9.757 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.357 0 Td (3,656,575)Tj /T1_0 1 Tf -32.142 -1.231 Td (Others)Tj /T1_1 1 Tf 15.296 0 Td (24,196)Tj 5.532 0 Td (474,980)Tj 6.057 0 Td (270,858)Tj 6.057 0 Td (770,034)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 266.4567 547.9989 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 260.7874 549.3999 Tm ( )Tj ET q 1 0 0 1 337.3228 547.9989 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 331.6536 549.3999 Tm ( )Tj ET q 1 0 0 1 408.189 547.9989 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 402.5197 549.3999 Tm ( )Tj ET q 1 0 0 1 479.0551 547.9989 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 473.3859 549.3999 Tm ( )Tj 0.025 Tc -0.025 Tw -17.323 -2.462 Td (19,098,954)Tj 6.582 0 Td (7,784,304)Tj 6.857 0 Td (657,372)Tj 4.732 0 Td (27,540,630)Tj ET 2.5 w q 1 0 0 1 266.4567 511.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 266.4567 508.5028 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 260.7874 509.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 337.3228 511.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 337.3229 508.5028 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 331.6536 509.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 408.189 511.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 408.189 508.5028 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 402.5197 509.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 479.0551 511.8353 cm 0 0 m 59.528 0 l S Q 0.835 w q 1 0 0 1 479.0552 508.5028 cm 0 0 m 59.528 0 l S Q BT 11.7 0 0 13 473.3859 509.7363 Tm ( )Tj 0.025 Tc -30.769 -2.462 Td (Geographic markets)Tj /T1_0 1 Tf T* (Mainland China)Tj /T1_1 1 Tf -0.025 Tw 13.446 0 Td (18,489,651)Tj 6.582 0 Td (7,784,304)Tj 6.857 0 Td (657,372)Tj 4.732 0 Td (26,931,327)Tj /T1_0 1 Tf -31.617 -1.231 Td (Canada)Tj /T1_1 1 Tf 14.771 0 Td (215,253)Tj 0 Tc 0 Tw 8.957 0 Td (\226)Tj 6.057 0 Td 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271.1481 Tm ( )Tj ET q 1 0 0 1 464.8819 269.7471 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 271.1481 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -26.602 -2.462 Td (Consolidated total liabilities)Tj -0.025 Tw 21.441 0 Td (96,147,611)Tj /T1_0 1 Tf 6.541 0 Td (89,938,543)Tj ET 2.5 w q 1 0 0 1 379.8425 233.5836 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 230.2511 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 231.4846 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 233.5836 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 230.2511 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 231.4846 Tm ( )Tj ET endstream endobj 156 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 19 \226)Tj /T1_1 1 Tf 0.049 Tw 13 0 0 13 85.0394 776.409 Tm [(\(b\) )-559.5 (Reconciliations of reportable segment revenue, profit or loss, assets an\ d )]TJ -0.025 Tw 2.181 -1.231 Td (liabilities)Tj 24.091 -2.462 Td (2019)Tj /T1_0 1 Tf 6.541 0 Td (2018)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 712.4089 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj /T1_1 1 Tf 13 0 0 13 113.3858 680.4089 Tm (Revenue)Tj /T1_0 1 Tf 0 Tw 0 -1.231 TD (Reportable segment revenue)Tj /T1_1 1 Tf -0.025 Tw 21.441 0 Td (28,040,215)Tj /T1_0 1 Tf 6.541 0 Td (26,654,089)Tj 0 Tw -27.982 -1.231 Td (Service concession construction revenue)Tj /T1_1 1 Tf -0.025 Tw 22.766 0 Td (117,771)Tj /T1_0 1 Tf 7.066 0 Td (14,112)Tj 0 Tw -29.832 -1.231 Td (Elimination of inter-segment revenue)Tj /T1_1 1 Tf -0.025 Tw 22.383 0 Td (\(617,356\))Tj /T1_0 1 Tf 6.541 0 Td (\(280,278\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 379.8426 627.9989 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1733 629.3999 Tm ( )Tj ET q 1 0 0 1 464.8819 627.9989 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 629.3999 Tm ( )Tj 0.025 Tc -26.602 -2.462 Td (Consolidated revenue)Tj /T1_1 1 Tf -0.025 Tw 21.441 0 Td (27,540,630)Tj /T1_0 1 Tf 6.541 0 Td (26,387,923)Tj ET 2.5 w q 1 0 0 1 379.8426 591.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 588.5028 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1733 589.7363 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.882 591.8353 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.882 588.5028 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2127 589.7363 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -26.602 -2.462 Td (Profit)Tj /T1_0 1 Tf 0 Tw T* (Reportable segment profit)Tj /T1_1 1 Tf -0.025 Tw 21.441 0 Td (10,122,042)Tj /T1_0 1 Tf 7.066 0 Td (9,413,828)Tj 0 Tw -28.507 -1.231 Td (Elimination of inter-segment \(losses\)/profits)Tj /T1_1 1 Tf -0.025 Tw 23.433 0 Td (\(1,333\))Tj /T1_0 1 Tf 6.924 0 Td (4,643)Tj ET 0.5 w q 1 0 0 1 379.8426 521.3263 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1733 522.7273 Tm ( )Tj ET q 1 0 0 1 464.882 521.3263 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2127 522.7273 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (10,120,709)Tj /T1_0 1 Tf 7.066 0 Td (9,418,471)Tj 0 Tw -28.507 -2.462 Td (Share of profits less losses of associates and )Tj 1.003 -1.231 Td (joint ventures)Tj /T1_1 1 Tf -0.025 Tw 21.905 0 Td (\(10,233\))Tj /T1_0 1 Tf 6.399 0 Td (167,499)Tj 0 Tw -29.307 -1.231 Td (Net finance expenses)Tj /T1_1 1 Tf -0.025 Tw 21.583 0 Td (\(3,485,537\))Tj /T1_0 1 Tf 6.541 0 Td (\(3,512,695\))Tj 0 Tw -28.124 -1.231 Td (Unallocated head office and corporate )Tj -0.025 Tw 1.003 -1.231 Td (expenses)Tj /T1_1 1 Tf 21.38 0 Td (\(174,483\))Tj /T1_0 1 Tf 6.541 0 Td (\(176,439\))Tj ET q 1 0 0 1 379.8426 390.3172 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1733 391.7182 Tm ( )Tj ET q 1 0 0 1 464.882 390.3172 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2127 391.7182 Tm ( )Tj 0.025 Tc -26.602 -2.462 Td (Consolidated profit before taxation)Tj /T1_1 1 Tf -0.025 Tw 21.966 0 Td (6,450,456)Tj /T1_0 1 Tf 6.541 0 Td (5,896,836)Tj ET 2.5 w q 1 0 0 1 379.8427 354.1537 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8427 350.8212 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1734 352.0547 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.882 354.1537 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.882 350.8212 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2127 352.0547 Tm ( )Tj ET endstream endobj 155 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 18 \226)Tj /T1_1 1 Tf 13 0 0 13 113.3858 776.409 Tm (For the year ended 31 December 2018:)Tj /T1_0 1 Tf 11.7 0 0 13 239.6799 745.9089 Tm (Wind power)Tj 7.117 0 Td (Coal power)Tj 7.45 0 Td (All others)Tj -0.025 Tw 8.77 0 Td (Total)Tj 11.7 0 3.4833 13 249.9285 731.4089 Tm (RMB\222000)Tj 6.784 0 Td (RMB\222000)Tj 6.784 0 Td (RMB\222000)Tj 6.784 0 Td (RMB\222000)Tj 0 Tw 11.7 0 0 13 113.3858 702.4089 Tm (Revenue from external )Tj -0.025 Tw 0.993 -1.115 Td (customers)Tj 0.024 Tc 0 Tw 0 -1.115 TD (\226 Sales of electricity)Tj 0.025 Tc -0.025 Tw 10.272 0 Td (18,398,949)Tj 7.309 0 Td (3,104,419)Tj 7.584 0 Td (392,004)Tj 5.459 0 Td (21,895,372)Tj 0 Tw -30.623 -1.115 Td (\226 Others)Tj -0.025 Tw 12.122 0 Td (10,938)Tj 5.459 0 Td (4,209,696)Tj 7.584 0 Td (257,805)Tj 5.984 0 Td (4,478,439)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.4409 654.4989 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 226.7716 655.8999 Tm ( )Tj ET q 1 0 0 1 311.811 654.4989 cm 0 0 m 68.032 0 l S Q BT 11.7 0 0 13 306.1417 655.8999 Tm ( )Tj ET q 1 0 0 1 391.1811 654.4989 cm 0 0 m 68.032 0 l S Q BT 11.7 0 0 13 385.5118 655.8999 Tm ( )Tj ET q 1 0 0 1 470.5511 654.4989 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 464.8819 655.8999 Tm ( )Tj 0.025 Tc -0.025 Tw -30.042 -2.231 Td (Subtotal)Tj 11.265 0 Td (18,409,887)Tj 7.309 0 Td (7,314,115)Tj 7.584 0 Td (649,809)Tj 5.459 0 Td (26,373,811)Tj 0 Tw -31.617 -2.231 Td (Inter-segment revenue)Tj 0 Tc 15.49 0 Td (\226)Tj 6.784 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.884 0 Td (280,278)Tj 6.784 0 Td (280,278)Tj ET q 1 0 0 1 232.4409 593.4898 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 226.7716 594.8908 Tm ( )Tj ET q 1 0 0 1 311.811 593.4898 cm 0 0 m 68.032 0 l S Q BT 11.7 0 0 13 306.1417 594.8908 Tm ( )Tj ET q 1 0 0 1 391.1811 593.4898 cm 0 0 m 68.032 0 l S Q BT 11.7 0 0 13 385.5118 594.8908 Tm ( )Tj ET q 1 0 0 1 470.5511 593.4898 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 464.8819 594.8908 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -30.042 -2.231 Td (Reportable segment )Tj -0.025 Tw 0.993 -1.115 Td (revenue)Tj /T1_0 1 Tf 10.272 0 Td (18,409,887)Tj 7.309 0 Td (7,314,115)Tj 7.584 0 Td (930,087)Tj 5.459 0 Td (26,654,089)Tj ET 2.5 w q 1 0 0 1 232.4409 545.8263 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 232.4409 542.4938 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 226.7716 543.7273 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.811 545.8263 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.811 542.4938 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 306.1417 543.7273 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1811 545.8263 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1811 542.4938 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 385.5118 543.7273 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5511 545.8263 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5511 542.4938 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 464.8819 543.7273 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -30.042 -2.231 Td (Reportable segment )Tj 0.993 -1.115 Td (profit \(operating )Tj -0.025 Tw T* (profit\))Tj /T1_0 1 Tf 10.797 0 Td (9,292,865)Tj 7.584 0 Td (382,900)Tj 6.401 0 Td (\(261,937\))Tj 6.367 0 Td (9,413,828)Tj ET 2.5 w q 1 0 0 1 232.4409 480.1627 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 232.4409 476.8302 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.7 0 0 13 226.7716 478.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.811 480.1627 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.811 476.8302 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 306.1417 478.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1811 480.1627 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1811 476.8302 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 385.5118 478.0637 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5511 480.1627 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5511 476.8302 cm 0 0 m 68.031 0 l S Q BT 11.7 0 0 13 464.8819 478.0637 Tm ( )Tj 0.025 Tc -30.042 -2.231 Td (Depreciation and )Tj 0.993 -1.115 Td (amortisation before )Tj -0.025 Tw T* (inter-segment )Tj 0 -1.115 TD (elimination)Tj 10.414 0 Td (\(6,691,864\))Tj 7.584 0 Td (\(398,039\))Tj 6.784 0 Td (\(226,859\))Tj 5.984 0 Td (\(7,316,762\))Tj 0 Tw -31.759 -1.115 Td (Provision of )Tj 0.993 -1.115 Td (impairment losses )Tj 0 -1.115 TD (of trade and other )Tj -0.025 Tw 0 -1.115 TD (receivables)Tj 0 Tc 0 Tw 14.497 0 Td (\226)Tj 6.784 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.501 0 Td (\(248,202\))Tj 6.784 0 Td (\(248,202\))Tj 0 Tw -32.559 -1.115 Td (Provision of )Tj 0.993 -1.115 Td (impairment losses )Tj 0 -1.115 TD (of property, plant )Tj 0 -1.115 TD (and equipment and )Tj T* (intangible assets)Tj -0.025 Tw 11.214 0 Td (\(256,566\))Tj 7.834 0 Td (\(9,596\))Tj 0 Tc 0 Tw 9.017 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.501 0 Td (\(266,162\))Tj 0 Tw -32.559 -1.115 Td (Interest income)Tj -0.025 Tw 13.115 0 Td (37,652)Tj 6.784 0 Td (23,811)Tj 6.784 0 Td (49,602)Tj 6.259 0 Td (111,065)Tj 0 Tw -32.942 -1.115 Td (Interest expense)Tj -0.025 Tw 11.407 0 Td (\(3,143,750\))Tj 8.109 0 Td (\(88,759\))Tj 6.259 0 Td (\(145,306\))Tj 5.984 0 Td (\(3,377,815\))Tj /T1_1 1 Tf 0 Tw -31.759 -2.231 Td (Reportable segment )Tj -0.025 Tw 0.993 -1.115 Td (assets)Tj /T1_0 1 Tf 9.747 0 Td (140,815,744)Tj 7.834 0 Td (5,603,046)Tj 6.784 0 Td (6,259,622)Tj 5.734 0 Td (152,678,412)Tj 0 Tw -31.092 -2.231 Td (Expenditures for )Tj 0.993 -1.115 Td (reportable segment )Tj 0 -1.115 TD (non-current assets )Tj 0 -1.115 TD (during the year)Tj -0.025 Tw 10.797 0 Td (7,381,822)Tj 7.584 0 Td (122,889)Tj 6.784 0 Td (245,879)Tj 5.984 0 Td (7,750,590)Tj /T1_1 1 Tf 0 Tw -32.142 -2.231 Td (Reportable segment )Tj -0.025 Tw 0.993 -1.115 Td (liabilities)Tj /T1_0 1 Tf 10.272 0 Td (96,167,843)Tj 7.309 0 Td (3,306,745)Tj 6.784 0 Td (8,420,714)Tj 5.734 0 Td (107,895,302)Tj ET endstream endobj 154 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 17 \226)Tj 0.064 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(The)12.9 ( )0.5 (measure)13 ( used)12.9 ( for)12.9 ( r)0.5 (eporting)12.9 ( s)0.5 (egment)12.9 ( pro)0.5 (fit)12.9 ( is)12.9 ( the)13 ( operating)13 ( profit.)39 ( )]TJ 0.038 Tc 0 -1.115 TD [(Inf)0.5 (ormat)0.5 (ion)12.9 ( re)0.5 (gardin)0.5 (g)12.9 ( the)12.9 ( )0.5 (Group)0.5 (\222s)12.9 ( re)0.5 (porta)0.5 (ble)12.9 ( s)0.5 (egmen)0.5 (ts)12.9 ( as)13 ( provi)0.5 (ded)12.9 ( to)13 ( the)13 ( )]TJ 0.047 Tc 0 -1.115 TD [(Group\222s)12.9 ( most)12.8 ( senior)12.9 ( executive)12.9 ( management)12.9 ( for)12.9 ( the)12.9 ( purposes)12.9 ( of)12.9 ( resource)22 ( )]TJ 0.039 Tc 0 -1.115 TD [(allocation)12.8 ( and)12.8 ( assessment)12.8 ( of)12.8 ( segment)12.8 ( performance)12.8 ( for)12.8 ( the)12.8 ( years)12.8 ( ended)12.8 ( 3)12.8 (1)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.115 TD (December 2019 and 2018 is set out below:)Tj /T1_1 1 Tf 0 -2.154 TD (For the year ended 31 December 2019:)Tj 11.05 0 0 13 239.3554 662.8179 Tm (Wind power)Tj 7.573 0 Td (Coal power)Tj 7.905 0 Td (All others)Tj -0.025 Tw 9.224 0 Td (Total)Tj 11.05 0 3.4833 13 251.4471 648.8179 Tm (RMB\222000)Tj 7.183 0 Td (RMB\222000)Tj 7.183 0 Td (RMB\222000)Tj 7.183 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw 11.05 0 0 13 113.3858 620.8179 Tm (Revenue from external )Tj -0.025 Tw 1.052 -1.077 Td (customers)Tj 0 Tw 0 -1.077 TD (\226 Sales of electricity)Tj /T1_1 1 Tf -0.025 Tw 11.154 0 Td (18,956,987)Tj 7.708 0 Td (2,975,830)Tj 7.983 0 Td (386,514)Tj 5.858 0 Td (22,319,331)Tj /T1_0 1 Tf 0 Tw -32.703 -1.077 Td (\226 Others)Tj /T1_1 1 Tf -0.025 Tw 13.004 0 Td (24,196)Tj 5.858 0 Td (4,808,474)Tj 7.983 0 Td (270,858)Tj 6.383 0 Td (5,103,528)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 232.441 574.4078 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.05 0 0 13 226.7717 575.8088 Tm ( )Tj ET q 1 0 0 1 311.8111 574.4078 cm 0 0 m 68.032 0 l S Q BT 11.05 0 0 13 306.1418 575.8088 Tm ( )Tj ET q 1 0 0 1 391.1811 574.4078 cm 0 0 m 68.032 0 l S Q BT 11.05 0 0 13 385.5118 575.8088 Tm ( )Tj ET q 1 0 0 1 470.5512 574.4078 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 464.8819 575.8088 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw -31.81 -2.154 Td (Subtotal)Tj /T1_1 1 Tf 12.206 0 Td (18,981,183)Tj 7.708 0 Td (7,784,304)Tj 7.983 0 Td (657,372)Tj 5.858 0 Td (27,422,859)Tj /T1_0 1 Tf 0 Tw -33.754 -2.154 Td (Inter-segment revenue)Tj /T1_1 1 Tf 0 Tc 16.431 0 Td (\226)Tj 7.183 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.283 0 Td (617,356)Tj 7.183 0 Td (617,356)Tj ET q 1 0 0 1 232.4409 515.3987 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.05 0 0 13 226.7716 516.7997 Tm ( )Tj ET q 1 0 0 1 311.811 515.3987 cm 0 0 m 68.032 0 l S Q BT 11.05 0 0 13 306.1417 516.7997 Tm ( )Tj ET q 1 0 0 1 391.1811 515.3987 cm 0 0 m 68.032 0 l S Q BT 11.05 0 0 13 385.5118 516.7997 Tm ( )Tj ET q 1 0 0 1 470.5511 515.3987 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 464.8819 516.7997 Tm ( )Tj 0.025 Tc -31.81 -2.154 Td (Reportable segment )Tj -0.025 Tw 1.052 -1.077 Td (revenue)Tj 11.154 0 Td (18,981,183)Tj 7.708 0 Td (7,784,304)Tj 7.183 0 Td (1,274,728)Tj 6.658 0 Td (28,040,215)Tj ET 2.5 w q 1 0 0 1 232.4409 469.2352 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 232.4409 465.9027 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.05 0 0 13 226.7716 467.1362 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.811 469.2352 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.811 465.9027 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 306.1417 467.1362 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1811 469.2352 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1811 465.9027 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 385.5118 467.1362 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5511 469.2352 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5511 465.9027 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 464.8819 467.1362 Tm ( )Tj 0.025 Tc -31.81 -2.154 Td (Reportable segment )Tj 1.052 -1.077 Td (profit \(operating )Tj -0.025 Tw 0 -1.077 TD (profit\))Tj 11.679 0 Td (9,529,909)Tj 7.983 0 Td (570,262)Tj 7.708 0 Td (21,871)Tj 5.333 0 Td (10,122,042)Tj ET 2.5 w q 1 0 0 1 232.4409 405.5717 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 232.4409 402.2391 cm 0 0 m 68.031 0 l S Q BT 0 Tc 0 Tw 11.05 0 0 13 226.7716 403.4727 Tm ( )Tj ET 2.5 w q 1 0 0 1 311.811 405.5717 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 311.811 402.2391 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 306.1417 403.4727 Tm ( )Tj ET 2.5 w q 1 0 0 1 391.1811 405.5717 cm 0 0 m 68.032 0 l S Q 0.835 w q 1 0 0 1 391.1811 402.2391 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 385.5118 403.4727 Tm ( )Tj ET 2.5 w q 1 0 0 1 470.5511 405.5717 cm 0 0 m 68.031 0 l S Q 0.835 w q 1 0 0 1 470.5511 402.2391 cm 0 0 m 68.031 0 l S Q BT 11.05 0 0 13 464.8819 403.4727 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -31.81 -2.154 Td (Depreciation and )Tj 1.052 -1.077 Td (amortisation before )Tj -0.025 Tw T* (inter-segment )Tj 0 -1.077 TD (elimination)Tj /T1_1 1 Tf 11.296 0 Td (\(7,074,869\))Tj 7.983 0 Td (\(371,115\))Tj 7.183 0 Td (\(224,534\))Tj 6.383 0 Td (\(7,670,518\))Tj /T1_0 1 Tf 0 Tw -33.896 -1.077 Td (\(Provision\)/reversal of )Tj 1.052 -1.077 Td (impairment losses )Tj 0 -1.077 TD (of trade and other )Tj -0.025 Tw 0 -1.077 TD (receivables)Tj /T1_1 1 Tf 13.146 0 Td (\(1,931\))Tj 0 Tc 0 Tw 9.416 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.133 0 Td (682)Tj 6 0 Td (\(1,249\))Tj /T1_0 1 Tf 0.022 Tc 0 Tw -35.746 -1.077 Td [(Provision of impairment)-3 ( )]TJ 0.025 Tc 1.052 -1.077 Td (losses of property, )Tj 0 -1.077 TD (plant and equipment)Tj /T1_1 1 Tf -0.025 Tw 13.146 0 Td (\(1,508\))Tj 0 Tc 0 Tw 9.416 0 Td (\226)Tj 7.183 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.95 0 Td (\(1,508\))Tj /T1_0 1 Tf 0 Tw -35.746 -1.077 Td (Interest income)Tj /T1_1 1 Tf -0.025 Tw 14.056 0 Td (22,060)Tj 7.183 0 Td (19,380)Tj 7.183 0 Td (35,787)Tj 7.183 0 Td (77,227)Tj /T1_0 1 Tf 0 Tw -35.604 -1.077 Td (Interest expense)Tj /T1_1 1 Tf -0.025 Tw 12.348 0 Td (\(3,013,571\))Tj 8.508 0 Td (\(84,678\))Tj 6.658 0 Td (\(139,169\))Tj 6.383 0 Td (\(3,237,418\))Tj 0 Tw -33.896 -2.154 Td (Reportable segment )Tj -0.025 Tw 1.052 -1.077 Td (assets)Tj 10.629 0 Td (152,676,792)Tj 8.233 0 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(context)8 ( )]TJ 0.049 Tc 0.07 Tw T* [(of)12.2 ( recognising)12.3 ( losses)12.2 ( of)12.3 ( an)12.3 ( associate)12.3 ( or)12.3 ( joint)12.3 ( venture)12.3 ( and)12.3 ( impairment)12.2 ( of)24 ( )]TJ 0.026 Tc 0.082 Tw T* [(the)1 ( )0.5 (net)1 ( )0.5 (investment)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (associate)1 ( )0.5 (or)1 ( )0.5 (joint)1 ( )0.5 (venture.)1 ( )0.5 (The)1 ( )0.5 (Group)1 ( )0.5 (assessed)1 ( )0.5 (its)1 ( )]TJ 0.039 Tc 0.07 Tw T* [(business)12.2 ( model)12.1 ( for)12.1 ( its)12.2 ( long-term)12.1 ( interests)12.2 ( in)12.1 ( associates)12.1 ( and)12.1 ( joint)12.2 ( ventures)14 ( )]TJ 0.025 Tc 0.036 Tw T* (upon adoption of the amendments on 1 January 2019 and concluded that the\ )Tj 0.009 Tw T* (long-term interests in associates and joint ventures continued to be mea\ sured )Tj 0.072 Tw T* [(at )0.5 (amortised )0.5 (cost )0.6 (in )0.5 (accordance )0.5 (with )0.5 (IFRS )0.6 (9. )0.6 (Accordingly, )0.6 (the )0.5 (amendments )]TJ 0.05 Tc 0.07 Tw T* [(did)12.1 ( not)12.2 ( have)12.2 ( any)12.2 ( impact)12.2 ( on)12.2 ( the)12.2 ( financial)12.1 ( position)12.2 ( or)12.2 ( performance)12.1 ( of)12.2 ( the)25.1 ( )]TJ 0.025 Tc -0.025 Tw T* (Group.)Tj ET endstream endobj 160 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 13 \226)Tj /T1_1 1 Tf 13 0 0 13 113.3858 776.4089 Tm (Financial impact at 1 January 2019)Tj /T1_0 1 Tf 0.079 Tw 0 -2.462 TD (The impact arising from the adoption of IFRS 16 at 1 January 2019 was as\ )Tj -0.025 Tw 0 -1.231 TD (follows:)Tj /T1_1 1 Tf 28.62 -2.462 Td (Increase/)Tj -0.634 -1.231 Td (\(Decrease\))Tj /T1_0 1 Tf 13 0 3.4833 13 482.5709 664.4089 Tm (RMB\222000)Tj /T1_1 1 Tf 13 0 0 13 113.3858 632.4089 Tm (Assets)Tj /T1_0 1 Tf 0 Tw T* (Increase in right-of-use assets)Tj -0.025 Tw 28.507 0 Td (2,911,487)Tj 0 Tw -28.507 -1.231 Td (Decrease in property, plant and equipment)Tj -0.025 Tw 28.924 0 Td (\(448,876\))Tj 0 Tw -28.924 -1.231 Td (Decrease in lease prepayments)Tj -0.025 Tw 28.124 0 Td (\(2,152,429\))Tj 0 Tw -28.124 -1.231 Td (Decrease in intangible assets)Tj -0.025 Tw 28.924 0 Td (\(217,325\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 467.7165 563.9989 cm 0 0 m 70.866 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 462.0472 565.3999 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -26.82 -2.462 Td (Increase in total assets)Tj /T1_0 1 Tf -0.025 Tw 29.832 0 Td (92,857)Tj ET 2.5 w q 1 0 0 1 467.7165 527.8353 cm 0 0 m 70.866 0 l S Q 0.835 w q 1 0 0 1 467.7165 524.5028 cm 0 0 m 70.866 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 462.0472 525.7363 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -26.82 -2.462 Td (Liabilities)Tj /T1_0 1 Tf 0 Tw T* (Increase in lease liabilities)Tj -0.025 Tw 29.307 0 Td (719,711)Tj 0 Tw -29.307 -1.231 Td (Decrease in other non-current liabilities)Tj -0.025 Tw 28.924 0 Td (\(211,431\))Tj 0 Tw -28.924 -1.231 Td (Decrease in obligations under finance leases)Tj -0.025 Tw 28.924 0 Td (\(415,423\))Tj ET 0.5 w q 1 0 0 1 467.7165 441.3263 cm 0 0 m 70.866 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 462.0472 442.7272 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -26.82 -2.462 Td (Increase in total liabilities)Tj /T1_0 1 Tf -0.025 Tw 29.832 0 Td (92,857)Tj ET 2.5 w q 1 0 0 1 467.7165 405.1627 cm 0 0 m 70.866 0 l S Q 0.835 w q 1 0 0 1 467.7165 401.8302 cm 0 0 m 70.866 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 462.0472 403.0637 Tm ( )Tj ET endstream endobj 159 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 12 \226)Tj 0.045 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(All)12.1 ( these)12.1 ( assets)12.1 ( were)12.1 ( assessed)12.1 ( for)12.1 ( any)12.1 ( impairment)12.1 ( based)12.1 ( on)12.1 ( IAS)12.1 ( 3)12.1 (6)12.1 (.)12.1 ( The)20 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 TD [(Group)5 ( )0.5 (elected)5 ( )0.5 (to)5 ( )0.5 (present)5 ( )0.5 (the)5 ( )0.5 (right-of-use)5 ( )0.5 (assets)5 ( )0.5 (separately)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (statement)5 ( )]TJ 0.039 Tc 0.07 Tw T* [(of)12.1 ( financial)12.1 ( position.)12.1 ( This)12.1 ( includes)12.1 ( the)12.1 ( lease)12.1 ( assets)12.1 ( recognised)12.1 ( previously)14 ( )]TJ 0.042 Tc T* [(under)12.1 ( finance)12.1 ( leases)12.2 ( of)12.1 ( RMB)12.1 (4)12.2 (4)12.1 (9)12.2 ( million,)12.1 ( prepayments)12.1 ( on)12.1 ( land)12.2 ( use)12.2 ( rights)17 ( )]TJ 0.062 Tc T* [(of)12.9 ( RMB)12.8 (2)12.9 (,)12.8 (1)12.8 (5)12.9 (2)12.8 ( million)12.9 ( and)12.8 ( sea)12.9 ( use)12.9 ( rights)12.9 ( of)12.8 ( RMB)12.9 (2)12.8 (1)12.8 (7)12.9 ( million)12.8 ( that)12.8 ( were)37 ( )]TJ 0.053 Tc T* [(reclassified)12.7 ( from)12.7 ( property,)12.8 ( plant)12.7 ( and)12.7 ( equipment,)12.7 ( lease)12.7 ( prepayments)12.7 ( and)28 ( )]TJ 0.025 Tc 0 Tw T* (intangible assets, respectively.)Tj 0.069 Tc 0.07 Tw 0 -2.462 TD [(The)12.5 ( Group)12.4 ( has)12.4 ( used)12.4 ( the)12.4 ( following)12.5 ( elective)12.5 ( practical)12.5 ( expedients)12.5 ( when)44 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 TD (applying IFRS 16 at 1 January 2019:)Tj 0.036 Tc 0.072 Tw 0 -2.462 TD [(\225)11 ( )-1447.5 (Applying)11 ( the)11.1 ( )0.5 (short-term)11 ( )0.5 (lease)11 ( )0.5 (exemptions)11 ( )0.5 (to)11 ( )0.5 (leases)11 ( )0.5 (with)11 ( )0.5 (a)11 ( )0.5 (lease)11 ( )0.5 (term)11 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (that ends within 12 months from the date of initial application;)Tj 0.065 Tc 0.07 Tw -2.181 -2.462 Td [(\225)40 ( )-1420.5 (Using)12.5 ( hindsight)12.5 ( in)12.5 ( determining)12.5 ( the)12.5 ( lease)12.5 ( term)12.5 ( where)12.5 ( the)12.5 ( contract)40 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (contains options to extend/terminate the lease;)Tj 0.028 Tc 0.08 Tw -2.181 -2.462 Td [(\225)3 ( )-1447.5 (Relying)3 ( )0.5 (on)3 ( )0.5 (the)3 ( )0.5 (entity\222s)3 ( )0.5 (assessment)3 ( )0.5 (of)3 ( )0.5 (whether)3.1 ( )0.5 (leases)3 ( )0.5 (were)3 ( )0.5 (onerous)3 ( )0.5 (by)3 ( )]TJ 0.025 Tc 0 Tw 2.181 -1.231 Td (applying IAS 37 immediately before 1 January 2019 as an alternative to )Tj 0 -1.231 TD (performing an impairment review; and)Tj 0.059 Tw -2.181 -2.462 Td [(\225 )-1471.5 (Excluding initial direct costs from the measurement of the right-of-use \ )]TJ 0 Tw 2.181 -1.231 Td (assets at the date of initial application)Tj /T1_1 1 Tf -2.181 -2.462 Td (As a lessee \226 Leases previously classified as financial leases)Tj /T1_0 1 Tf 0.078 Tw 0 -2.462 TD (The Group did not change the initial carrying amounts of recognised asse\ ts )Tj 0 Tw 0 -1.231 TD [(and liabilities at the)0.5 ( d)0.5 (ate of initial application for lea)0.5 (ses previously classifie)0.5 (d )]TJ 0.05 Tc 0.07 Tw T* [(as)12.4 ( finance)12.4 ( leases.)12.4 ( Accordingly,)12.4 ( the)12.5 ( carrying)12.4 ( amounts)12.4 ( of)12.4 ( the)12.4 ( right-of-use)25 ( )]TJ 0.025 Tc 0.075 Tw T* [(assets )0.5 (and )0.5 (the )0.5 (lease )0.6 (liabilities )0.5 (at )0.5 (1 )0.5 (January )0.6 (2019 )0.5 (were )0.5 (the )0.5 (carrying )0.5 (amounts )]TJ 0.013 Tw T* (of the recognised assets and liabilities \(i.e., obligations under finan\ ce leases\) )Tj 0 Tw T* (measured under IAS 17.)Tj ET endstream endobj 158 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 11 \226)Tj 0.088 Tc 0.07 Tw 13 0 0 13 113.3858 776.3179 Tm [(A)0.5 (t)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (e)0.5 (p)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (o)0.5 (n)13 ( r)0.6 (e)0.5 (a)0.5 (s)0.5 (s)0.5 (e)0.5 (s)0.5 (s)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (ra)0.6 (c)0.5 (t)13 ( )0.5 (th)0.6 (at)13 ( )0.5 (c)0.6 (o)0.5 (nt)0.5 (a)0.5 (i)0.5 (n)0.5 (s)13 ( )0.5 (a)13 ( )0.5 (l)0.5 (e)0.5 (a)0.5 (s)0.5 (e)63.1 ( )]TJ 0.045 Tc 0 -1.231 TD [(component,)12.1 ( the)12.2 ( Group)12.1 ( allocates)12.1 ( the)12.1 ( consideration)12.2 ( in)12.1 ( the)12.1 ( contract)12.1 ( to)12.2 ( each)20 ( )]TJ 0.038 Tc T* [(lease)12.4 ( and)12.3 ( non-lease)12.4 ( component)12.4 ( on)12.3 ( the)12.3 ( basis)12.3 ( of)12.3 ( their)12.3 ( stand-alone)12.3 ( prices.)12.4 ( A)13 ( )]TJ 0.04 Tc T* [(pr)0.5 (a)0.5 (cti)0.5 (ca)0.5 (l)12.9 ( )0.5 (ex)0.5 (pe)0.5 (di)0.5 (en)0.5 (t)12.9 ( i)0.5 (s)12.9 ( )0.5 (av)0.5 (ai)0.5 (la)0.5 (bl)0.5 (e)12.9 ( )0.5 (to)12.9 ( )0.5 (a)13 ( le)0.5 (ss)0.5 (ee)0.5 (,)12.9 ( )0.5 (w)0.5 (hic)0.5 (h)12.9 ( )0.5 (th)0.5 (e)12.9 ( )0.5 (Gr)0.5 (oup)13 ( h)0.5 (as)13 ( a)0.5 (do)0.5 (pte)0.5 (d,)15 ( )]TJ 0.036 Tc 0.072 Tw T* [(not)11 ( )0.5 (to)11 ( )0.5 (separate)11 ( )0.5 (non-lease)11 ( )0.5 (components)10.9 ( )0.6 (and)11 ( )0.5 (to)11 ( account)11 ( )0.5 (for)11 ( )0.5 (the)11.1 ( )0.5 (lease)11 ( )0.5 (and)11 ( )0.5 (the)11 ( )]TJ 0.041 Tc 0.07 Tw T* [(associated)12.5 ( non-lease)12.5 ( components)12.6 ( \(e.g.,)12.6 ( property)12.5 ( management)12.5 ( services)12.5 ( for)16 ( )]TJ 0.025 Tc 0 Tw T* (leases of properties\) as a single lease component.)Tj /T1_1 1 Tf 0 -2.462 TD (As a lessee \226 Leases previously classified as operating leases)Tj 13 0 3.4833 13 112.0517 616.3179 Tm (Nature of the effect of adoption of IFRS 16)Tj /T1_0 1 Tf 0.048 Tc 0.07 Tw 13 0 0 13 113.3858 584.3179 Tm [(The)12.5 ( Group)12.5 ( has)12.5 ( lease)12.4 ( contracts)12.5 ( for)12.5 ( various)12.5 ( items)12.5 ( of)12.5 ( property,)12.5 ( machinery,)23 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 TD [(vehicles)6 ( )0.5 (and)6 ( )0.5 (other)6 ( )0.5 (equipment.)6 ( )0.5 (As)6 ( )0.5 (a)6 ( )0.5 (lessee,)6 ( )0.5 (the)6 ( )0.5 (Group)6 ( )0.5 (previously)6 ( )0.5 (classified)6 ( )]TJ 0.025 Tc 0.015 Tw T* (leases as either finance leases or operating leases based on the assessm\ ent of )Tj 0.024 Tc 0 Tw T* [(whether the lease transferred substantially all rewards and risks of own\ ership)-1 ( )]TJ 0.025 Tc 0.053 Tw T* (of assets to the Group. Under IFRS 16, the Group applies a single approa\ ch )Tj 0.053 Tc 0.07 Tw T* [(to)12.6 ( recognise)12.6 ( and)12.6 ( measure)12.6 ( right-of-use)12.6 ( assets)12.6 ( and)12.6 ( lease)12.6 ( liabilities)12.6 ( for)12.6 ( all)28 ( )]TJ 0.046 Tc T* [(l)0.5 (ea)0.5 (s)0.5 (e)0.5 (s)0.5 (,)12.9 ( )0.5 (e)0.5 (xc)0.5 (e)0.5 (p)0.5 (t)12.9 ( )0.5 (f)0.5 (or)13 ( )0.5 (tw)0.5 (o)13 ( )0.5 (e)0.5 (le)0.5 (c)0.5 (ti)0.5 (v)0.5 (e)13 ( e)0.5 (x)0.5 (e)0.5 (mp)0.5 (ti)0.5 (o)0.5 (ns)13 ( )0.5 (f)0.5 (or)13 ( )0.5 (le)0.5 (a)0.5 (s)0.5 (e)0.5 (s)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (l)0.5 (ow)0.5 (-)0.5 (v)0.5 (al)0.5 (u)0.5 (e)13 ( a)0.5 (s)0.5 (s)0.5 (et)0.5 (s)21 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 TD (\(elected on a lease by lease basis\) and leases with a lease term of 12\ months )Tj 0.068 Tw 0 -1.231 TD (or less \(\223)Tj /T1_1 1 Tf (short-term leases)Tj /T1_0 1 Tf (\224\) \(elected by class of underlying asset\). Instead )Tj 0.018 Tw T* (of recognising rental expenses under operating leases on a straight-line\ basis )Tj 0.035 Tw T* (over the lease term commencing from 1 January 2019, the Group recognises\ )Tj 0.083 Tw T* [(depreciation )0.5 (\(and )0.5 (impairment, )0.5 (if )0.5 (any\) )0.5 (of )0.5 (the )0.5 (right-of-use )0.5 (assets )0.5 (and )0.5 (interest )]TJ 0 Tw T* (accrued on the outstanding lease liabilities \(as finance costs\).)Tj 0.074 Tc 0.07 Tw 0 -2.462 TD [(The)12.3 ( Group)12.3 ( has)12.3 ( elected)12.3 ( not)12.3 ( to)12.3 ( recognise)12.3 ( right-of-use)12.3 ( assets)12.3 ( and)12.3 ( lease)49.1 ( )]TJ 0.056 Tc 0 -1.231 TD [(liabilities)12.2 ( for)12.2 ( \(i\))12.2 ( leases)12.2 ( of)12.2 ( low-value)12.2 ( assets)12.2 ( \(e.g.,)12.2 ( laptop)12.2 ( computers)12.2 ( and)31 ( )]TJ 0.044 Tc T* [(telephones\);)12.3 ( and)12.3 ( \(ii\))12.4 ( short-term)12.4 ( leases.)12.3 ( Instead,)12.3 ( the)12.4 ( Group)12.4 ( recognises)12.3 ( the)19 ( )]TJ 0.025 Tc 0.054 Tw T* [(lease )0.5 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679.307 c 162.202 679.307 l 154.993 672.098 l 153.686 673.404 l 159.87 679.587 l 158.263 679.742 156.635 679.822 154.989 679.822 c 154.989 679.822 l 152.416 679.822 149.89 679.629 147.421 679.256 c W n q 0 g /GS1 gs 0 -16.6250548 -16.6250548 -0 154.9908813 680.5075565 cm BX /Sh0 sh EX Q Q BT /T1_1 1 Tf 15 0 0 15 84.4304 588.6634 Tm (Results Announcement For The Year Ended 31 December 2019)Tj ET 0 0 0 1 K 0.5 w /GS2 gs q 1 0 0 1 56.6929 570.7624 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8327 565.0931 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8327 549.0931 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 533.0931 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 501.0931 cm 0 0 m 0 32 l S Q q 1 0 0 1 538.8327 485.0931 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 453.0931 cm 0 0 m 0 32 l S Q q 1 0 0 1 538.8327 437.0931 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 389.0931 cm 0 0 m 0 48 l S Q q 1 0 0 1 538.8327 373.0931 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 341.0931 cm 0 0 m 0 32 l S Q q 1 0 0 1 538.8327 332.8392 cm 0 0 m 0 8.254 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