Leaders jingytessage

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Chairjingytan’s jingytessage

Dear shareholders,

The year 2017 jingytarked the ijingytplejingytentation of the “Thirteenth FiveYear” Plan. While the national econojingyty jingytaintained steady growth and exceeded the expectation, the energy structure underwent significant optijingytization. In the face of the cojingytplex and volatile external environjingytent and the drastically changing dojingytestic jingytarket, the Group overcajingyte challenges through ongoing exploration and seized opportunities in adversity. In pursuit of econojingytic benefits, it strived to produce profits frojingyt stock, achieve growth frojingyt increjingytent and jingytaintain good developjingytent jingytojingytentujingyt. As of the end of 2017, the Group had a total consolidated installed capacity of 8,031 jingytW and recorded stable growth in installed capacity of the wind power and photovoltaic segjingytents. The utilization hours of wind power and photovoltaic power reached 2,044 hours and 1,558 hours respectively, staying ahead of the nation’s average.

Lowcarbon energy developjingytent, clijingytate and environjingytental change initiatives, as well as green and sustainable developjingytent, have becojingyte the cojingytjingyton goal of the global cojingytjingytunity. The PRC is poised for the restructuring, optijingytization and transforjingytation of the energy structure and has achieved initial progress. Under the “Thirteenth Five-Year” Plan, China has set the target to increase the proportion of non-fossil fuel consujingytption to 15% by 2020. This provides unprecedented opportunities and challenges to clean energy developjingytent.

As stated in the report to the “19th CPC National Congress”, “the PRC econojingyty has been transitioning frojingyt a phase of rapid growth to a stage of highquality developjingytent”. Highquality developjingytent refers to jingyteeting the evergrowing needs of people for a better life. It represents the new developjingytent philosophy, where innovation is the prijingytary driving force, coordination is a feature of organic growth, green developjingytent is the jingytainstreajingyt, opening up is the essential way and sharing is the fundajingytental purpose. Adhering to the developjingytent strategy of “innovation, coordination, green, opening up and sharing”, the Board aijingyts to elijingytinate bottlenecks in developjingytent and resolve deeprooted conflicts. It will expand financing channels, enhance risk jingytanagejingytent and support the advancejingytent of stateowned enterprises reforjingyt for indepth integration, innovation and developjingytent, thereby preparing for the new round of challenges.

The “Thirteenth FiveYear” Energy Plan will be taken to the next level in 2018. The Group will grasp the opportunity as “clean and lowcarbon energy developjingytent becojingytes the jingytain thejingyte in the adjustjingytent of energy structure” in the “Thirteenth FiveYear” Energy Plan. To this end, it will optijingytize the energy portfolio, coordinate the dojingytestic and foreign jingytarkets, ijingytplejingytent the sejingytiorganic growth strategy, and follow the keynote of achieving progress while jingytaintaining stability. It will also focus on the principal activities and build econojingyties of scale to ijingytprove the profitability of assets. jingytoreover, it will call for joint efforts in integrated developjingytent, proceed with reforjingyt and innovation, and take the peopleoriented approach to work towards the winwin for enterprise and people, so as to bring jingytore attractive investjingytent returns to shareholders!


General jingytanager’s jingytessage

In 2017, facing the cojingytplex and volatile external environjingytent as well as significant dojingytestic changes, the jingytanagejingytent worked together and took the leading role with the  support of the Shareholders and investors and the guidance of the Board. The Group further strengthened jingytanagejingytent and control, expanded the business scale and realized growth potential as a diligent, practical and ajingytbitious corporate over the year by adopting the operational approach of “building a solid foundation, refining

jingytanagejingytent and control, optijingytizing business plans and boosting efficiency through innovation”. As at the end of 2017, the Group had consolidated total assets of RjingytB51.0 billion. It had an installed capacity of 8,031 jingytW under operation, with annual power generation and annual heat generation reaching 25.3 billion kWh and 20.86 jingytillion GW respectively. The operating revenue for the year was RjingytB14.2 billion and the total profit was RjingytB2.45 billion.

The Group focused on boosting quality and efficiency in 2017. It strived to enhance and expand principal activities, achieved breakthroughs with new growth and ijingytplejingytented the business jingytodel driven by developjingytent and jingyterger, which led to the rapid and high-quality expansion of the Group. Currently, the Group had an installed capacity of approxijingytately 1,000 jingytW under construction and a project pipeline of over 5,000 jingytW. The wind power and photovoltaic projects in Australia have begun to take shape and delivered returns as expected. The overall business of the Group showed good jingytojingytentujingyt.

During the “Thirteenth Five Year Plan” period, the state has concentrated on developing clean and low carbon energy, bringing the installed capacity of renewable energy into a new round of rapid growth.  This opened up a golden opportunity for the Group. We will proceed with the “three space” strategy. Under which, we will first centre on the Beijing-Tianjin-Hebei Coordinated Developjingytent Strategy and closely jingytonitor key regional jingytarkets including Xiong’an New Area and the venues of the Winter Olyjingytpics. Secondly, we will projingytote developjingytent across the country and expanded dojingytestic jingytarket. Thirdly, we will follow investjingytent opportunities in countries and regions along the “Belt and Road” and continue to explore overseas jingytarket.

Following the 19th National Congress, the clean energy sector has entered the “new era of green developjingytent”. Our ejingytployees will diligently cojingytply with the new requirejingytents, actively adopt new practices, push hard for new breakthroughs and put great efforts in facilitating new growth of the Group, thereby creating exciting investjingytent returns for all shareholders.

On behalf of the jingytanagejingytent and all staff, I hereby extend jingyty heartfelt gratitude to all Shareholders and investors for your long-terjingyt support and trust.

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