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The “Four Revolutions, One Cooperation" strategic thoughts on energy development put forth by Mr. Xi Jinping, the General Secretary of the Central Committee of the CPC specified the general guideline for China’s energy strategies and charted the direction for the development of the country’s energy industry. As set out in the report of the 19th CPC National Congress, China will promote a revolution in energy production and consumption, and build an energy sector that is clean, low-carbon, safe, and efficient. Currently, a new round of energy revolution featuring large-scale development of clean energy is booming, and the global energy industry is developing to become a more efficient, cleaner, safer and more sustainable industry. As China’s energy industry is now in the process of replacing traditional growth engines with new ones, the new energy industry, driven by a raft of new development strategies launched by the government, is embracing new development opportunities.

In 2018, under the leadership of the Board, the Group earnestly implemented the guidelines adopted at the working meetings held at the beginning and in the middle of  the year, adhered to the underlying principle of pursuing progress while ensuring stability and the new development philosophy, and made solid progress in improving quality and efficiency, thus maintaining a good momentum of business development.

PROFITABILITY FURTHER ENHANCED.In 2018, the Group pursued an active management strategy and strengthened its asset management, thus achieving a new high in profitability. On a consolidated basis, the Group’s operating revenue for the year amounted to operating revenue of RMB26,388 million, representing a year-on-year increase of 7.3%; net profit attributable to equity holders of the Company amounted to RMB4,166 million, representing a year-on-year increase of 8.3%; and the earnings per share amounted to RMB48.83 cents. As  at  the end of 2018, the Group’s total assets and net assets amounted to RMB146,504 million and RMB56,566 million, respectively, with a net gearing ratio of 56.18%.

LEADING IN UTILISATION HOURS OF WIND POWER.In 2018, in response to high grip curtailment rates in certain provinces and regions, the Group optimised and refined benchmarking management, strengthened power generation assessment and incentive mechanism, proactively developed fault-free wind farms, optimised the management and control of economic operation and carried out centralized management and elimination of hidden hazards of equipment, sparing no effort to cope with grid curtailment. Aggregate wind power generated in the year amounted to 39,542 million kWh, representing a year-on-year increase of 14.78%, and the utilization hours of wind power reached 2,209 hours, 114 hours higher than the industry average.

DEVELOPMENT LAYOUT FURTHER OPTIMISED.In 2018, the Group strengthened the overall planning of its preliminary work, focusing on developing high-quality wind resources in the mid-eastern, southern and southeastern coastal regions of China. During the year, wind power projects with an aggregate capacity  of 1,710 MW were approved, all of which are located in areas equipped with good power transmission lines and boasting quality wind resources.

We would like to express our sincere gratitude to our shareholders for their strong support. Looking forward to the new year, we will adhere to the new development philosophy, implement the innovation-driven development strategy and grow our Company into a world-class renewable energy giant with global competitiveness. To this end, we shall focus our efforts on the following aspects: (i) we will uphold overall Party leadership, give  top priority to the political work of the Party, ensure and deepen full and strict governance over the Party and give full play to the leading role of Party committees in charting development course, crafting overall plans and ensuring implementation of plans and polices; (ii) we will unswervingly promote high-quality development, scientifically optimise our business layout, persist in strengthening and optimizing our main business of wind power, and shift our development focus from speed and scale to quality and efficiency; (iii)we will continue to deepen reform in all areas, scientifically grasp the new opportunities brought by the reform of state-owned enterprises, focus more energy on key and difficult issues, and remove institutional barriers that restrict the development of the Company;(iv) we shall pursue innovation-driven development, focus on the development direction of the new energy industry, achieve new breakthroughs in key technologies, cultivate high- value core patents, proactively participate in industry standard formulation, and propel the transformation and upgrading of the energy industry; and (v) we will keep improving  our management standard, strengthen the development of systems, establish a sound operation mechanism and advanced management system, promote refined management, and consistently improve our work efficiency and scientific management through optimizing and reengineering our business process.

 President: Sun Jinbiao

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