Events:

The company announced that in the six months ended June 30, 2022, revenue reached 1.339 billion yuan, an increase of 37.63 percent over the same period last year; profit attributable to equity holders was 443 million yuan, up 9.6 percent from the same period last year; and basic earnings per share were 5.01 cents. No interim interest.

As of June 30, 2022, the company held currency funds of about 4.354 billion yuan, asset-liability ratio of 70.79%, and net assets per share of 0.85 yuan.

Comments and viewpoints:

2022H1's overall performance is in line with expectations:

During the period, the company's core power generation business achieved revenue of 1.044 billion yuan, an increase of 20.29% over the same period last year, accounting for 78% of the total revenue (the same period in 2021: 89%). The profit before interest and tax of the power generation business was 704 million yuan, an increase of 7.1% over the same period last year.

Efficient operation of the power plant, steady growth of power generation:

During the period, the weighted average utilization hours of wind power plants in the first half of the period was 1321 hours, which was 31 hours higher than the same period last year and 167hours higher than the industry average; the weighted average utilization hours of photovoltaic plants was 791hours, 20 hours higher than that of the same period last year and 101hours higher than the industry average During the period, the company's equity power generation increased by 24.5% compared with the same period last year, including 16.3% year-on-year increase in wind power and 202.0% year-on-year growth in photovoltaic power generation.

The reserve of the project is abundant, and the speed of new installation is increased:

2022H1, the company has obtained wind power index 800MW in China, newly signed wind power resources 2300MW, photovoltaic resources 300MW, and signed energy storage project 720MW/1440MWh. By the end of June, the company has signed a total of effective landscape resources to be developed 30.84GW, including wind power resources about 15.65GW, photovoltaic resources about 15.20GW. It is expected that the company's net new installed capacity will exceed 1GW 5GW in 2022-2023 and the company's equity installed capacity will exceed GW by the end of 2023.

On the whole, the company's power plant operates efficiently, the power generation continues to grow steadily, the project reserve is abundant, and the new installation speed up in the next 2-3 years, and the performance growth can be expected.